# EDGAR Filing Document

**Accession Number:** 0001047304
**File Stem:** 0001099263-25-004507
**Filing Date:** 2025-11
**Character Count:** 4431151
**Document Hash:** 69f28a6d677a28a08efc3063d8b4c1ce
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001099263-25-004507.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001099263-25-004507

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PIMCO VARIABLE INSURANCE TRUST
- **CENTRAL INDEX KEY:** 0001047304

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08399
- **FILM NUMBER:** 251528412

**BUSINESS ADDRESS:**
- **STREET 1:** 650 NEWPORT CENTER DRIVE
- **CITY:** NEWPORT BEACH
- **STATE:** CA
- **ZIP:** 92660
- **BUSINESS PHONE:** 9497204721

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

## Series and Classes Contracts Data

### PIMCO Total Return Portfolio (Series ID: S000009665)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000026489 | Administrative | VPVTRDV         |
| C000026490 | Institutional  | VPVTRIV         |
| C000030985 | Advisor        | VPVTRVV         |

## Nport-Ex

<br> Schedule of Investments PIMCO All Asset Portfolio September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** |
|  | SHARES | MARKET<br>VALUE<br>(000s) |
| **INVESTMENTS IN AFFILIATES 100.1%** |  |  |
| **MUTUAL FUNDS (a) 99.5%** |  |  |
| **PIMCO All Asset: Multi-RAE PLUS Fund** | 3353698 | $39741 |
| **PIMCO All Asset: Multi-Real Fund** | 3680910 | 33570 |
| **PIMCO Emerging Markets Currency and Short-Term Investments Fund** | 1148206 | 8749 |
| **PIMCO Emerging Markets Local Currency and Bond Fund** | 2199903 | 13727 |
| **PIMCO Extended Duration Fund** | 217276 | 2838 |
| **PIMCO High Yield Fund** | 871007 | 7107 |
| **PIMCO High Yield Spectrum Fund** | 239572 | 2250 |
| **PIMCO Income Fund** | 232163 | 2526 |
| **PIMCO International Bond Fund (U.S. Dollar-Hedged)** | 505587 | 5015 |
| **PIMCO Investment Grade Credit Bond Fund** | 127692 | 1177 |
| **PIMCO Long Duration Total Return Fund** | 451189 | 3294 |
| **PIMCO Long-Term Real Return Fund** | 114573 | 1353 |
| **PIMCO Long-Term U.S. Government Fund** | 296029 | 4192 |
| **PIMCO Low Duration Fund** | 1629181 | 15233 |
| **PIMCO RAE Emerging Markets Fund** | 508616 | 6098 |
| **PIMCO RAE Fundamental Advantage PLUS Fund** | 802939 | 6303 |
| **PIMCO RAE International Fund** | 253805 | 2350 |
| **PIMCO RAE PLUS EMG Fund** | 232383 | 1820 |
| **PIMCO RAE PLUS International Fund** | 216106 | 1794 |
| **PIMCO RAE U.S. Fund** | 116591 | 1769 |
| **PIMCO RAE U.S. Small Fund** | 241618 | 2825 |
| **PIMCO RAE Worldwide Long/Short PLUS Fund** | 840244 | 6218 |
| **PIMCO Real Return Fund** | 193203 | 2019 |
| **PIMCO RealEstateRealReturn Strategy Fund** | 115213 | 3161 |
| **PIMCO Total Return Fund** | 1895958 | 16703 |
| **PIMCO TRENDS Managed Futures Strategy Fund** | 808860 | 8202 |
| Total Mutual Funds (Cost $182,228) |  | 200034 |
| **SHORT-TERM INSTRUMENTS 0.6%** |  |  |
| **MUTUAL FUNDS 0.6%** |  |  |
| **PIMCO Government Money Market Fund**<br> 4.290%(a)(b) | 1202574 | 1203 |
| Total Short-Term Instruments (Cost $1,203) |  | 1203 |
| Total Investments in Affiliates (Cost $183,431) |  | 201237 |
| Total Investments 100.1% (Cost $183,431) |  | $201237 |
| Other Assets and Liabilities, net (0.1)% |  | (219) |
| Net Assets 100.0% |  | $201018 |

---

------

<br> Schedule of Investments PIMCO All Asset Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  |
| **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** |
| **¤** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **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.** | **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.** | **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.** |
| **(a)** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** |
| **(b)** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** |
| **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** |
| **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: |
| Category and Subcategory | Category and Subcategory | Level 1 | Level 3 | Fair Value<br>at 09/30/2025 |
| Mutual Funds | Mutual Funds | $200034 | $0 | $200034 |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| Mutual Funds | Mutual Funds | 1203 | 0 | 1203 |
| Total Investments | Total Investments | $201237 | $0 | $201237 |
| **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** |

---

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Notes to Financial Statements

**1** **. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS**

**(a) Investment Valuation Policies** The net asset value ("NAV") of the Portfolio'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 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, the Portfolio'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 Portfolio 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 Portfolio may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The 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, the Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that the 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 the 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 Portfolio 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 Pacific Investment Management Company LLC ("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 Investment Company Act of 1940, as amended (the "Act"). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees has designated PIMCO as the valuation designee ("Valuation Designee") for the Portfolio to perform the fair value determination relating to all Portfolio investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of portfolio investments. The Valuation Designee may value portfolio securities for which market quotations are not readily available and other Portfolio assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, exchange-traded funds ("ETFs"), exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Portfolio's assets that are invested in one or more open-end management investment companies (other than ETFs), the 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, 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 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. The 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 the 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 the 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 the 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 the 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 the Portfolio may transact.

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 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 the 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 the Portfolio may differ from the value that would be realized if the securities were sold. The Portfolio's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the " Frequent or Excessive Purchases, Exchanges and Redemptions " section in the Portfolio's prospectus.

Under certain circumstances, the per share NAV of a class of the Portfolio'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 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:

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Notes to Financial Statements (Cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

• Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the 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 ofthe Portfolio'sassets 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 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.

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

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indexes, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices,indexes, reference rates and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

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Notes to Financial Statements (Cont.)

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.

**2. FEDERAL INCOME TAX MATTERS**

The 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.

The 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 Portfolio's tax positions for all open tax years. As of September 30, 2025, the Portfolio 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 Portfolio files U.S. federal, state and local tax returns as required. The Portfolio'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.

Shares of the Portfolio currently are sold to segregated asset accounts ("Separate Accounts") of insurance companies that fund variable annuity contracts and variable life insurance policies ("Variable Contracts"). Please refer to the prospectus for the Separate Account and Variable Contract for information regarding Federal income tax treatment of distributions to the Separate Account.

**3. INVESTMENTS IN AFFILIATES**

The Portfolio invests under normal circumstances substantially all or a significant portion of its assets in the least expensive class of shares of any actively managed or smart beta funds (including mutual funds or exchange-traded funds) of PIMCO Funds, PIMCO ETF Trust or PIMCO Equity Series, each an affiliated open-end investment company (collectively, "Underlying PIMCO Funds"). The Underlying PIMCO Funds are considered to be affiliated with the Portfolio. The 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 Portfolio. A copy of each affiliate fund's shareholder report is available at the U.S. Securities and Exchange Commission ("SEC") website at www.sec.gov, on the Portfolio's website at www.pimco.com, or upon request, as applicable. The table below shows the Portfolio's transactions in and earnings from investments in the affiliated funds for the period ended September 30, 2025 (amounts in thousands<sup>†</sup>):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying PIMCO Funds** | | | | | **Change in** | | | **Realized Net** |
| **Underlying PIMCO Funds** | | | | | **Unrealized** | | | **Capital** |
| **Underlying PIMCO Funds** | | | | | **Appreciation** | | | **Gain** |
| **Underlying PIMCO Funds** | <br>**Market Value**<br>**12/31/2024** | <br>**Purchases at**<br>**Cost** | <br>**Proceeds from**<br>**Sales** | <br>**Net**<br>**Realized**<br>**Gain (Loss)** | **(Depreciation)** | <br>**Market Value**<br>**9/30/2025** | <br>**Dividend**<br>**Income<sup>(1)</sup>** | **Distributions<sup>(1)</sup>** |
| PIMCO All Asset: Multi-RAE PLUS Fund | $37402 | $2702 | $(6456) | $370 | $5723 | $39741 | $1764 | $0 |
| PIMCO All Asset: Multi-Real Fund | 30113 | 18189 | (16695) | (603) | 2566 | 33570 | 1610 | 0 |
| PIMCO Emerging Markets Currency and Short-Term Investments Fund | 5691 | 3748 | (1220) | (21) | 551 | 8749 | 425 | 0 |
| PIMCO Emerging Markets Local Currency and Bond Fund | 7899 | 6031 | (1371) | (13) | 1181 | 13727 | 586 | 0 |
| PIMCO Extended Duration Fund | 2715 | 1319 | (1285) | (54) | 143 | 2838 | 62 | 0 |
| PIMCO Government Money Market Fund | 1179 | 24497 | (24473) | 0 | 0 | 1203 | 34 | 0 |
| PIMCO High Yield Fund | 7765 | 1608 | (2377) | 4 | 107 | 7107 | 311 | 0 |
| PIMCO High Yield Spectrum Fund | 0 | 2285 | (68) | 0 | 33 | 2250 | 69 | 0 |
| PIMCO Income Fund | 2549 | 1021 | (1126) | (2) | 84 | 2526 | 116 | 0 |
| PIMCO International Bond Fund (U.S. Dollar-Hedged) | 9780 | 390 | (5131) | 174 | (198) | 5015 | 235 | 0 |
| PIMCO Investment Grade Credit Bond Fund | 1203 | 42 | (111) | (5) | 48 | 1177 | 42 | 0 |
| PIMCO Long Duration Total Return Fund | 3028 | 1395 | (1258) | (7) | 136 | 3294 | 100 | 0 |
| PIMCO Long-Term Real Return Fund | 1717 | 375 | (747) | (43) | 51 | 1353 | 68 | 0 |
| PIMCO Long-Term U.S. Government Fund | 4078 | 1899 | (1917) | (71) | 203 | 4192 | 108 | 0 |
| PIMCO Low Duration Fund | 23126 | 13698 | (21791) | 122 | 78 | 15233 | 638 | 0 |
| PIMCO RAE Emerging Markets Fund | 6528 | 718 | (2219) | 150 | 921 | 6098 | 0 | 0 |
| PIMCO RAE Fundamental Advantage PLUS Fund | 6689 | 463 | (1038) | (32) | 221 | 6303 | 112 | 0 |
| PIMCO RAE International Fund | 2241 | 476 | (932) | 50 | 515 | 2350 | 0 | 0 |
| PIMCO RAE PLUS EMG Fund | 1659 | 90 | (166) | 11 | 226 | 1820 | 90 | 0 |
| PIMCO RAE PLUS International Fund | 1549 | 95 | (156) | (16) | 322 | 1794 | 94 | 0 |
| PIMCO RAE US Fund | 2481 | 0 | (980) | (75) | 343 | 1769 | 0 | 0 |
| PIMCO RAE US Small Fund | 1715 | 1549 | (553) | (21) | 135 | 2825 | 0 | 0 |
| PIMCO RAE Worldwide Long/Short PLUS Fund | 6894 | 772 | (1386) | (41) | (21) | 6218 | 451 | 0 |
| PIMCO Real Return Fund | 2636 | 470 | (1191) | 11 | 93 | 2019 | 66 | 0 |
| PIMCO RealEstateRealReturn Strategy Fund | 2630 | 667 | (290) | (15) | 169 | 3161 | 63 | 0 |
| PIMCO Total Return Fund | 16299 | 9639 | (9798) | (42) | 605 | 16703 | 526 | 0 |

---

------

Notes to Financial Statements (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| PIMCO TRENDS Managed Futures Strategy Fund | 7625 | 1985 | (1255) | (86) | (67) | 8202 | 0 | 0 |
| **Totals** | $**197191** | $**96123** | $**(105990)** | $**(255)** | $**14168** | $**201237** | $**7570** | $**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.

------

---

| | | |
|:---|:---|:---|
| **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** | (Unaudited) |
| **Currency Abbreviations:** | **Currency Abbreviations:** |  |
| **USD (or $)** | United States Dollar |  |
| **Other Abbreviations:** | **Other Abbreviations:** |  |
| **TBA** | To-Be-Announced |  |

---

------

<br> Schedule of Investments PIMCO Balanced Allocation Portfolio September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(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 65.7% ¤** |  |  |
| **CORPORATE BONDS & NOTES 4.0%** |  |  |
| **BANKING & FINANCE 2.8%** |  |  |
| **American Express Co.**<br>5.850% due 11/05/2027 | $300 | $311 |
| **Bank of America Corp.**<br>1.658% due 03/11/2027 •  | 200 | 198 |
| **Barclays PLC**<br>4.972% due 05/16/2029 •  | 200 | 203 |
| **Blackstone Holdings Finance Co. LLC**<br>5.900% due 11/03/2027 | 200 | 207 |
| **Broadstone Net Lease LLC**<br>2.600% due 09/15/2031 | 100 | 87 |
| **Brookfield Finance, Inc.**<br>4.850% due 03/29/2029 | 100 | 102 |
| **Capital One Financial Corp.**<br>4.500% due 01/30/2026 | 100 | 100 |
| **Carlyle Finance Subsidiary LLC**<br>3.500% due 09/19/2029 | 100 | 97 |
| **Corebridge Financial, Inc.**<br>3.850% due 04/05/2029 | 200 | 197 |
| **Credit Suisse AG AT1 Claim** | 400 | 52 |
| **Deutsche Bank AG**<br>3.035% due 05/28/2032 •  | 200 | 183 |
| **Goldman Sachs Group, Inc.**<br>3.691% due 06/05/2028 •  | 400 | 397 |
| **HSBC Holdings PLC**<br>4.583% due 06/19/2029 •  | 200 | 201 |
| **JPMorgan Chase & Co.**<br>3.782% due 02/01/2028 •  | 300 | 299 |
| **LXP Industrial Trust**<br>2.375% due 10/01/2031 | 300 | 261 |
| **Mitsubishi UFJ Financial Group, Inc.**<br>2.757% due 09/13/2026 | 200 | 198 |
| **Morgan Stanley** |  |  |
| 5.338% (SOFRRATE + 1.020%) due 04/13/2028 ~ | 200 | 201 |
| 5.652% due 04/13/2028 •  | 100 | 102 |
| **NatWest Group PLC**<br>1.642% due 06/14/2027 •  | 200 | 196 |
| **Realty Income Corp.** |  |  |
| 3.100% due 12/15/2029 | 100 | 96 |
| 4.000% due 07/15/2029 | 100 | 99 |
| **Sabra Health Care LP**<br>3.900% due 10/15/2029 | 100 | 97 |
| **Wells Fargo & Co.** |  |  |
| 3.196% due 06/17/2027 •  | 100 | 99 |
| 4.150% due 01/24/2029 | 200 | 200 |
|  |  | 4183 |
| **INDUSTRIALS 1.1%** |  |  |
| **Air Canada Pass-Through Trust**<br>3.750% due 06/15/2029 | 57 | 55 |
| **American Airlines Pass-Through Trust**<br>3.500% due 08/15/2033 | 140 | 129 |
| **Beignet**<br>6.850% due 06/01/2049 «(a) | 600 | 600 |
| **British Airways Pass-Through Trust**<br>3.300% due 06/15/2034 | 220 | 208 |
| **Broadcom, Inc.**<br>3.187% due 11/15/2036 | 100 | 85 |
| **Choice Hotels International, Inc.**<br>3.700% due 12/01/2029 | 100 | 96 |
| **Energy Transfer LP**<br>3.900% due 07/15/2026 | 100 | 100 |
| **Nissan Motor Co. Ltd.**<br>4.345% due 09/17/2027 | 300 | 295 |

---

------

<br> Schedule of Investments PIMCO Balanced Allocation Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Penske** **Truck Leasing Co. LP/PTL Finance Corp.**<br>4.450% due 01/29/2026 | 100 | 100 |
|  |  | 1668 |
| **UTILITIES 0.1%** |  |  |
| **ONEOK, Inc.**<br>4.550% due 07/15/2028 | 100 | 101 |
| Total Corporate Bonds & Notes (Cost $6,067) |  | 5952 |
| **U.S. GOVERNMENT AGENCIES 6.9%** |  |  |
| **Federal Home Loan Mortgage Corp.**<br>2.500% due 09/01/2051 | 920 | 776 |
| **Federal National Mortgage Association** |  |  |
| 2.500% due 12/01/2051 | 455 | 384 |
| 4.000% due 10/01/2042 | 67 | 66 |
| 4.500% due 07/01/2053 - 12/01/2053 | 1959 | 1906 |
| **Federal National Mortgage Association REMICS** |  |  |
| 4.860% due 11/25/2046 •  | 78 | 77 |
| 4.910% due 07/25/2046 •  | 26 | 26 |
| 4.930% due 09/25/2046 •  | 29 | 29 |
| **Uniform Mortgage-Backed Security, TBA** |  |  |
| 3.000% due 11/01/2055 | 2600 | 2284 |
| 4.000% due 11/01/2055 | 3400 | 3204 |
| 4.500% due 10/01/2055 | 1400 | 1358 |
| Total U.S. Government Agencies (Cost $9,975) |  | 10110 |
| **U.S. TREASURY OBLIGATIONS 11.4%** |  |  |
| **U.S. Treasury Bonds** |  |  |
| 1.750% due 08/15/2041 | 1100 | 747 |
| 1.875% due 02/15/2041 | 600 | 422 |
| 2.000% due 11/15/2041 | 2000 | 1405 |
| 2.250% due 05/15/2041 | 3400 | 2521 |
| 2.375% due 02/15/2042 | 200 | 148 |
| 2.375% due 05/15/2051 | 2200 | 1416 |
| 4.125% due 08/15/2044 | 1300 | 1207 |
| **U.S. Treasury Inflation Protected Securities** **(b)** |  |  |
| 1.750% due 01/15/2034 | 1576 | 1584 |
| 2.125% due 01/15/2035 | 819 | 843 |
| **U.S. Treasury Notes** |  |  |
| 0.375% due 09/30/2027 | 100 | 94 |
| 0.500% due 10/31/2027 | 100 | 94 |
| 0.625% due 11/30/2027 | 300 | 282 |
| 0.750% due 01/31/2028 | 1400 | 1311 |
| 3.500% due 09/30/2029 | 2000 | 1986 |
| 4.000% due 06/30/2028 | 1800 | 1818 |
| 4.125% due 10/31/2027 | 900 | 909 |
| Total U.S. Treasury Obligations (Cost $19,875) |  | 16787 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3%** |  |  |
| **Banc of America Funding Trust**<br>4.482% due 08/27/2036 ~ | 67 | 64 |
| **Bank**<br>4.165% due 05/15/2061 ~ | 53 | 52 |
| **Citigroup Mortgage Loan Trust, Inc.**<br>5.059% due 07/25/2037 ~ | 30 | 27 |
| **Deutsche Alt-B Securities, Inc. Mortgage Loan Trust**<br>6.500% due 10/25/2036 þ | 24 | 21 |
| **Grifonas Finance No. 1 PLC**<br>2.344% due 08/28/2039 •  | 10 | 12 |
| **Lehman XS Trust**<br>4.672% due 07/25/2047 •  | $170 | 167 |
| **Morgan Stanley Capital I Trust**<br>3.912% due 09/09/2032 | 100 | 91 |
| Total Non-Agency Mortgage-Backed Securities (Cost $435) |  | 434 |
| **ASSET-BACKED SECURITIES 1.2%** |  |  |
| **CMBS OTHER 0.1%** |  |  |
| **PFP Ltd.**<br>6.050% due 09/17/2039 •  | 136 | 136 |
| **HOME EQUITY OTHER 1.0%** |  |  |
| **CIT Mortgage Loan Trust**<br>6.522% due 10/25/2037 •  | 68 | 69 |
| **Countrywide Asset-Backed Certificates Trust** |  |  |
| 4.472% due 06/25/2047 •  | 91 | 81 |
| 4.732% due 05/25/2037 •  | 434 | 403 |
| **Fremont Home Loan Trust**<br>4.572% due 10/25/2036 •  | 340 | 136 |

---

------

<br> Schedule of Investments PIMCO Balanced Allocation Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **GSAMP** **Trust**<br>5.052% due 07/25/2045 •  | 33 | 33 |
| **JP Morgan Mortgage Acquisition Corp.**<br>4.857% due 05/25/2035 •  | 74 | 74 |
| **Long Beach Mortgage Loan Trust**<br>5.322% due 06/25/2035 •  | 151 | 148 |
| **Morgan Stanley ABS Capital I, Inc. Trust**<br>4.402% due 10/25/2036 •  | 112 | 100 |
| **Option One Mortgage Loan Trust**<br>5.037% due 08/25/2035 •  | 61 | 60 |
| **Structured Asset Investment Loan Trust**<br>4.617% due 07/25/2036 •  | 496 | 288 |
|  |  | 1392 |
| **OTHER ABS 0.1%** |  |  |
| **ECMC Group Student Loan Trust**<br>5.221% due 02/27/2068 •  | 37 | 37 |
| **Vibrant CLO XI Ltd.**<br>5.707% due 07/20/2032 •  | 144 | 144 |
|  |  | 181 |
| Total Asset-Backed Securities (Cost $1,790) |  | 1709 |
| **SOVEREIGN ISSUES 0.2%** |  |  |
| **Cassa Depositi e Prestiti SpA**<br>5.875% due 04/30/2029 | 300 | 317 |
| Total Sovereign Issues (Cost $298) |  | 317 |
| **SHORT-TERM INSTRUMENTS 41.7%** |  |  |
| **REPURCHASE AGREEMENTS (d) 41.7%** |  | 61400 |
| Total Short-Term Instruments (Cost $61,400) |  | 61400 |
| Total Investments in Securities (Cost $99,840) |  | 96709 |
|  | SHARES |  |
| **INVESTMENTS IN AFFILIATES 35.0%** |  |  |
| **MUTUAL FUNDS (c) 14.3%** |  |  |
| **PIMCO Income Fund** | 1421366 | 15465 |
| **PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund** | 112600 | 5591 |
| Total Mutual Funds (Cost $22,088) |  | 21056 |
| **SHORT-TERM INSTRUMENTS 20.7%** |  |  |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 20.7%** |  |  |
| **PIMCO Short-Term Floating NAV Portfolio III** | 3123025 | 30415 |
| Total Short-Term Instruments (Cost $30,383) |  | 30415 |
| Total Investments in Affiliates (Cost $52,471) |  | 51471 |
| Total Investments 100.7% (Cost $152,311) |  | $148180 |
| **Financial Derivative Instruments** **(e)(f)** **0.2**%(Cost or Premiums, net $97) |  | 339 |
| Other Assets and Liabilities, net (0.9)% |  | (1426) |
| Net Assets 100.0% |  | $147093 |

---

------

<br> Schedule of Investments PIMCO Balanced Allocation Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  |
| **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** |
| **¤** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** |
| **«** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** |
| **(b)** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** |
| **(c)** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** |
| **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** |
| **(d)** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** |
| Counterparty | Maturity<br>Date |  | Principal<br>Amount | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | Collateral<br>(Received) | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 10/01/2025 | $ | $61400 | &nbsp;&nbsp; U.S. Treasury Notes 4.125% due 03/31/2029 - 10/31/2029 | &nbsp;&nbsp; U.S. Treasury Notes 4.125% due 03/31/2029 - 10/31/2029 | &nbsp;&nbsp; U.S. Treasury Notes 4.125% due 03/31/2029 - 10/31/2029 | (62664) | (62664) | 61400 | 61407 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |  | **(62664)** | **(62664)** | **61400** | **61407** |
| <sup>(1)</sup> | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. |
| **(e)** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** |
| **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** |
| **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** |
|  |  |  |  |  |  |  |  | <u>Variation</u><u>Margin</u><sup>(1)</sup> | <u>Variation</u><u>Margin</u><sup>(1)</sup> | <u>Variation</u><u>Margin</u><sup>(1)</sup> |
| Description | Description |  | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Liability |
| E-Mini S&P 500 Index December Futures | E-Mini S&P 500 Index December Futures | E-Mini S&P 500 Index December Futures | 12/2025 | 153 | 51551 | $629 | 629 | 193 | 193 | 0 |
| Mini MSCI EAFE Index December Futures | Mini MSCI EAFE Index December Futures | Mini MSCI EAFE Index December Futures | 12/2025 | 264 | 36766 | (115) | (115) | 141 | 141 | 0 |
| U.S. Treasury 2-Year Note December Futures | U.S. Treasury 2-Year Note December Futures | U.S. Treasury 2-Year Note December Futures | 12/2025 | 12 | 2501 | 2 | 2 | 1 | 1 | 0 |
| U.S. Treasury 5-Year Note December Futures | U.S. Treasury 5-Year Note December Futures | U.S. Treasury 5-Year Note December Futures | 12/2025 | 101 | 11029 | 26 | 26 | 4 | 4 | 0 |
| U.S. Treasury 10-Year Note December Futures | U.S. Treasury 10-Year Note December Futures | U.S. Treasury 10-Year Note December Futures | 12/2025 | 65 | 7313 | 21 | 21 | 0 | 0 | (1) |
| U.S. Treasury Ultra Long-Term Bond December Futures | U.S. Treasury Ultra Long-Term Bond December Futures | U.S. Treasury Ultra Long-Term Bond December Futures | 12/2025 | 8 | 961 | 26 | 26 | 0 | 0 | (5) |
|  |  |  |  |  |  | 589 | $ | 339 | $ | (6) |
| **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** |
|  |  |  |  |  |  |  |  | <u>Variation</u><u>Margin</u><sup>(1)</sup> | <u>Variation</u><u>Margin</u><sup>(1)</sup> | <u>Variation</u><u>Margin</u><sup>(1)</sup> |
| Description | Description |  | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Liability |
| U.S. Ultra Treasury 10-Year Note December Futures | U.S. Ultra Treasury 10-Year Note December Futures | U.S. Ultra Treasury 10-Year Note December Futures | 12/2025 | 34 | (3913) | $(44) | (44) | 2 | 2 | 0 |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **545** | **$** | **341** | **$** | **(6)** |
| **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** |
| **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** |
|  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Pay/<br>Receive<br>Floating Rate | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Market<br>Value | Asset | Liability |
| Receive | Annual | 02/14/2030 | 02/14/2030 | 2100 | $33 | (44) | (11) | (11) | 0 | $(1) |
| Receive<sup>(2)</sup> | Annual | 02/28/2030 | 02/28/2030 | 2201 | (13) | 13 | 0 | 0 | 0 | (1) |

---

------

<br> Schedule of Investments PIMCO Balanced Allocation Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 4.012 | Annual | 02/14/2035 | 1100 | 1100 | 1100 |  | 0 | 0 |  | (31) | (31) |  | (31) |  | 0 | 0 |  | 0 |
| Receive<sup>(2)</sup> | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 05/15/2035 | 1131 | 1131 | 1131 |  | (20) | (20) |  | 13 | 13 |  | (7) |  | 0 | 0 |  | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 02/12/2055 | 600 | 600 | 600 |  | 97 | 97 |  | 6 | 6 |  | 103 |  | 2 | 2 |  | 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** | **$** | $**97** | **97** | **97** | $**(43)** | **(43)** | **(43)** | $**54** | **54** | $**2** | **2** | **2** | $**(2)** | **(2)** |
| **Cash of $5,349 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $5,349 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $5,349 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $5,349 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $5,349 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $5,349 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $5,349 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $5,349 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $5,349 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $5,349 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $5,349 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $5,349 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $5,349 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $5,349 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $5,349 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $5,349 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $5,349 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $5,349 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $5,349 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $5,349 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $5,349 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $5,349 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** |
| Unsettled variation margin asset of $4 for closed futures is outstanding at period end. | Unsettled variation margin asset of $4 for closed futures is outstanding at period end. | Unsettled variation margin asset of $4 for closed futures is outstanding at period end. | Unsettled variation margin asset of $4 for closed futures is outstanding at period end. | Unsettled variation margin asset of $4 for closed futures is outstanding at period end. | Unsettled variation margin asset of $4 for closed futures is outstanding at period end. | Unsettled variation margin asset of $4 for closed futures is outstanding at period end. | Unsettled variation margin asset of $4 for closed futures is outstanding at period end. | Unsettled variation margin asset of $4 for closed futures is outstanding at period end. | Unsettled variation margin asset of $4 for closed futures is outstanding at period end. | Unsettled variation margin asset of $4 for closed futures is outstanding at period end. | Unsettled variation margin asset of $4 for closed futures is outstanding at period end. | Unsettled variation margin asset of $4 for closed futures is outstanding at period end. | Unsettled variation margin asset of $4 for closed futures is outstanding at period end. | Unsettled variation margin asset of $4 for closed futures is outstanding at period end. | Unsettled variation margin asset of $4 for closed futures is outstanding at period end. | Unsettled variation margin asset of $4 for closed futures is outstanding at period end. | Unsettled variation margin asset of $4 for closed futures is outstanding at period end. | Unsettled variation margin asset of $4 for closed futures is outstanding at period end. | Unsettled variation margin asset of $4 for closed futures is outstanding at period end. | Unsettled variation margin asset of $4 for closed futures is outstanding at period end. | Unsettled variation margin asset of $4 for closed futures is outstanding at period end. |
| This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. |
| **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** |
| **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** |
|  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | Settlement<br>Month | Settlement<br>Month | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Delivered | Currency to<br>be Delivered | Currency to<br>be Delivered |  | Currency to<br>be Received | Currency to<br>be Received | Currency to<br>be Received | Currency to<br>be Received |  | Asset | Asset | Asset | Asset | Liability | Liability | Liability |
| &nbsp;&nbsp;&nbsp;&nbsp; AZD | &nbsp;&nbsp;&nbsp;&nbsp; AZD | 10/2025 | 10/2025 | 10/2025 | 36 | 36 | 36 | 36 | $ | $42 | 42 | 42 | 42 | $ | 0 | 0 | 0 | 0 | $0 | 0 | 0 |
|  |  | 10/2025 | 10/2025 | 10/2025 | $13 | 13 | 13 | 13 | CAD | 19 | 19 | 19 | 19 |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  | 11/2025 | 11/2025 | 11/2025 | 19 | 19 | 19 | 19 | $ | $13 | 13 | 13 | 13 |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BRC | &nbsp;&nbsp;&nbsp;&nbsp; BRC | 11/2025 | 11/2025 | 11/2025 | $11 | 11 | 11 | 11 | TRY | 472 | 472 | 472 | 472 |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPM | &nbsp;&nbsp;&nbsp;&nbsp; JPM | 10/2025 | 10/2025 | 10/2025 | 19 | 19 | 19 | 19 | $ | $14 | 14 | 14 | 14 |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOG | &nbsp;&nbsp;&nbsp;&nbsp; SOG | 10/2025 | 10/2025 | 10/2025 | $42 | 42 | 42 | 42 | EUR | 36 | 36 | 36 | 36 |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  | 11/2025 | 11/2025 | 11/2025 | 36 | 36 | 36 | 36 | $ | $42 | 42 | 42 | 42 |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **$** | **$** | **0** | **0** | **0** | **$** | **0** | **0** | **0** |
| **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** |
| **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: |  |  |
| Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Level 1 | Level 1 | Level 1 | Level 1 | Level 2 | Level 2 | Level 2 | Level 3 | Level 3 | Level 3 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 |  |  |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **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** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |  |  |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | 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 |  |  |
| Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | $0 | 0 | 0 | 0 | $ | 4183 | 4183 | $ | 0 | 0 | $ | $4183 | 4183 |  |  |
| Industrials | Industrials | Industrials | Industrials | Industrials | Industrials | Industrials | 0 | 0 | 0 | 0 |  | 1068 | 1068 |  | 600 | 600 |  | 1668 | 1668 |  |  |
| Utilities | Utilities | Utilities | Utilities | Utilities | Utilities | Utilities | 0 | 0 | 0 | 0 |  | 101 | 101 |  | 0 | 0 |  | 101 | 101 |  |  |
| U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | 0 | 0 | 0 | 0 |  | 10110 | 10110 |  | 0 | 0 |  | 10110 | 10110 |  |  |
| U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | 0 | 0 | 0 | 0 |  | 16787 | 16787 |  | 0 | 0 |  | 16787 | 16787 |  |  |
| Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | 0 | 0 | 0 | 0 |  | 434 | 434 |  | 0 | 0 |  | 434 | 434 |  |  |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |  |  |
| CMBS Other | CMBS Other | CMBS Other | CMBS Other | CMBS Other | CMBS Other | CMBS Other | 0 | 0 | 0 | 0 |  | 136 | 136 |  | 0 | 0 |  | 136 | 136 |  |  |
| Home Equity Other | Home Equity Other | Home Equity Other | Home Equity Other | Home Equity Other | Home Equity Other | Home Equity Other | 0 | 0 | 0 | 0 |  | 1392 | 1392 |  | 0 | 0 |  | 1392 | 1392 |  |  |
| Other ABS | Other ABS | Other ABS | Other ABS | Other ABS | Other ABS | Other ABS | 0 | 0 | 0 | 0 |  | 181 | 181 |  | 0 | 0 |  | 181 | 181 |  |  |
| Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | 0 | 0 | 0 | 0 |  | 317 | 317 |  | 0 | 0 |  | 317 | 317 |  |  |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |  |  |
| Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | 0 | 0 | 0 | 0 |  | 61400 | 61400 |  | 0 | 0 |  | 61400 | 61400 |  |  |
|  |  |  |  |  |  |  | $0 | 0 | 0 | 0 | $ | 96109 | 96109 | $ | 600 | 600 | $ | $96709 | 96709 |  |  |
| **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** | **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** |  |  |
| Mutual Funds | Mutual Funds | Mutual Funds | Mutual Funds | Mutual Funds | Mutual Funds | Mutual Funds | 21056 | 21056 | 21056 | 21056 |  | 0 | 0 |  | 0 | 0 |  | 21056 | 21056 |  |  |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |  |  |
| Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | 30415 | 30415 | 30415 | 30415 |  | 0 | 0 |  | 0 | 0 |  | 30415 | 30415 |  |  |
|  |  |  |  |  |  |  | $51471 | 51471 | 51471 | 51471 | $ | 0 | 0 | $ | 0 | 0 | $ | $51471 | 51471 |  |  |
| Total Investments | Total Investments | Total Investments | Total Investments | Total Investments | Total Investments | Total Investments | $51471 | 51471 | 51471 | 51471 | $ | 96109 | 96109 | $ | 600 | 600 | $ | $148180 | 148180 |  |  |
| **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** | **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** |  |  |
| Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | $334 | 334 | 334 | 334 | $ | 9 | 9 | $ | 0 | 0 | $ | $343 | 343 |  |  |
| **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** | **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** | **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 | $0 | 0 | 0 | 0 | $ | (8) | (8) | $ | 0 | 0 | $ | $(8) | (8) |  |  |
| Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | $334 | 334 | 334 | 334 | $ | 1 | 1 | $ | 0 | 0 | $ | $335 | 335 |  |  |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | $51805 | 51805 | 51805 | 51805 | $ | 96110 | 96110 | $ | 600 | 600 | $ | $148515 | 148515 |  |  |
| **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** |

---

------

Notes to Financial Statements

**1** **. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS**

**(a) Investment Valuation Policies** The net asset value ("NAV") of the Portfolio'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 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, the Portfolio'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 Portfolio 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 Portfolio may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The 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, the Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that the 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 the 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 Portfolio 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 Pacific Investment Management Company LLC ("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 Investment Company Act of 1940, as amended (the "Act"). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees has designated PIMCO as the valuation designee ("Valuation Designee") for the Portfolio to perform the fair value determination relating to all Portfolio investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of portfolio investments. The Valuation Designee may value portfolio securities for which market quotations are not readily available and other Portfolio assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, exchange-traded funds ("ETFs"), exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Portfolio's assets that are invested in one or more open-end management investment companies (other than ETFs), the 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, 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 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. The 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 the 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 the 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 the 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 the 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 the Portfolio may transact.

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 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 the 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 the Portfolio may differ from the value that would be realized if the securities were sold. The Portfolio's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the " Frequent or Excessive Purchases, Exchanges and Redemptions " section in the Portfolio's prospectus.

Under certain circumstances, the per share NAV of a class of the Portfolio'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 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:

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Notes to Financial Statements (Cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

• Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the 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 ofthe Portfolio'sassets 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 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.

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

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indexes, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are

------

Notes to Financial Statements (Cont.)

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.

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.

**2. FEDERAL INCOME TAX MATTERS**

The 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.

The 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 Portfolio's tax positions for all open tax years. As of September 30, 2025, the Portfolio 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 Portfolio files U.S. federal, state and local tax returns as required. The Portfolio'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.

Shares of the Portfolio currently are sold to segregated asset accounts ("Separate Accounts") of insurance companies that fund variable annuity contracts and variable life insurance policies ("Variable Contracts"). Please refer to the prospectus for the Separate Account and Variable Contract for information regarding Federal income tax treatment of distributions to the Separate Account.

**3. INVESTMENTS IN AFFILIATES**

The Portfolio may invest in a combination of affiliated and unaffiliated Funds, which may or may not be registered under the Act. The Portfolio may invest in Institutional Class or Class M shares of any funds of the PIMCO Funds and PIMCO Equity Series, affiliated open-end investment companies, except funds of funds ("Underlying PIMCO Funds"), other affiliated funds, including funds of PIMCO ETF Trust, and unaffiliated funds, which may or may not be registered under the Act (collectively, "Acquired Funds"). The Portfolio may invest in such funds to the extent permitted under the Act. The 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 Portfolio. A copy of each Acquired Fund's shareholder report is available at the U.S. Securities and Exchange Commission ("SEC") website at www.sec.gov, and a copy of each affiliate fund's shareholder report is available on the Portfolio's website at www.pimco.com, or upon request, as applicable. The table below shows the Portfolio's transactions in and earnings from investments in the affiliated funds for the period ended September 30, 2025 (amounts in thousands<sup>†</sup>):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying PIMCO Funds** | **Market Value<br>12/31/2024** | **Purchases at<br>Cost** | **Proceeds from<br>Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>09/30/2025** | **Dividend<br>Income**<sup>(1)</sup> | **Realized Net<br>Capital<br>Gain<br>Distributions**<sup>(1)</sup> |
| PIMCO Income Fund | $14280 | $687 | $0 | $0 | $498 | $15465 | $688 | $0 |
| PIMCO Mortgage-Backed Securities Active Exchange-Traded <br> Fund | 0 | 5590 | 0 | 0 | 1 | 5591 | 0 | 0 |
| PIMCO Short-Term Floating NAV Portfolio III | 28064 | 99456 | (97100) | (6) | 1 | 30415 | 960 | 0 |
| **Totals** | $**42344** | $**105733** | $**(97100)** | $**(6)** | $**500** | $**51471** | $**1648** | $**0** |

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<sup>†</sup> A zero balance may reflect actual amounts rounding to less than one thousand.

<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund, unless otherwise advised on IRS Form 1099-DIV.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** |  | (Unaudited) |
| **Counterparty Abbreviations:** | **Counterparty Abbreviations:** |  |  |  |  |
| **AZD** | Australia and New Zealand Banking Group | **BRC** | Barclays Bank PLC | **SOG** | Societe Generale Paris |
| **BOS** | BofA Securities, Inc. | **JPM** | JP Morgan Chase Bank N.A. |  |  |
| **Currency Abbreviations:** | **Currency Abbreviations:** |  |  |  |  |
| **CAD** | Canadian Dollar | **TRY** | Turkish New Lira | **USD (or $)** | United States Dollar |
| **EUR** | Euro |  |  |  |  |
| **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** |  |  |  |  |
| **EAFE** | Europe, Australasia, and Far East <br> Stock Index | **S&P 500** | Standard & Poor's 500 Index | **SOFR** | Secured Overnight Financing Rate |
| **Other Abbreviations:** | **Other Abbreviations:** |  |  |  |  |
| **ABS** | Asset-Backed Security | **MSCI** | Morgan Stanley Capital International | **REMIC** | Real Estate Mortgage Investment Conduit |
| **CLO** | Collateralized Loan Obligation | **OIS** | Overnight Index Swap | **TBA** | To-Be-Announced |
| **CMBS** | Collateralized Mortgage-Backed Security |  |  |  |  |

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<br> Consolidated Schedule of Investments PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(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 185.9% ¤** |  |  |
| **CORPORATE BONDS & NOTES 0.5%** |  |  |
| **BANKING & FINANCE 0.1%** |  |  |
| **UBS Group AG** |  |  |
| 0.650% due 01/14/2028 •  | 100 | $115 |
| 7.750% due 03/01/2029 •  | 100 | 131 |
|  |  | 246 |
| **INDUSTRIALS 0.4%** |  |  |
| **Beignet**<br>6.850% due 06/01/2049 «(a) | $2000 | 2000 |
| Total Corporate Bonds & Notes (Cost $2,209) |  | 2246 |
| **U.S. GOVERNMENT AGENCIES 18.0%** |  |  |
| **Federal Home Loan Mortgage Corp.** |  |  |
| 6.195% due 09/01/2036 •  | 10 | 10 |
| 6.417% due 07/01/2036 •  | 30 | 31 |
| 6.430% due 01/01/2034 •  | 1 | 1 |
| 6.460% due 10/01/2036 •  | 11 | 11 |
| **Federal Home Loan Mortgage Corp. REMICS** |  |  |
| 4.810% due 07/15/2044 •  | 100 | 98 |
| 5.296% due 11/25/2054 •  | 1730 | 1733 |
| 5.306% due 04/25/2055 •  | 1564 | 1567 |
| 5.356% due 02/25/2055 •  | 1620 | 1624 |
| 5.506% due 03/25/2055 •  | 915 | 919 |
| 5.556% due 02/25/2055 •  | 1608 | 1617 |
| **Federal Home Loan Mortgage Corp. STRIPS**<br>4.937% due 09/15/2042 •  | 206 | 203 |
| **Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates** |  |  |
| 5.353% due 02/25/2045 •  | 16 | 16 |
| **Federal National Mortgage Association** |  |  |
| 5.421% due 10/01/2044 •  | 1 | 1 |
| 6.090% due 01/01/2036 •  | 8 | 8 |
| 6.405% due 11/01/2035 •  | 3 | 3 |
| 6.526% due 11/01/2034 •  | 3 | 4 |
| 6.529% due 07/01/2035 •  | 3 | 3 |
| **Federal National Mortgage Association REMICS** |  |  |
| 5.306% due 03/25/2055 •  | 1727 | 1734 |
| 5.386% due 06/25/2055 •  | 1843 | 1855 |
| 5.556% due 12/25/2053 - 07/25/2055 •  | 2737 | 2751 |
| 6.373% due 05/25/2035 ~ | 4 | 4 |
| **Federal National Mortgage Association Trust**<br>4.821% due 05/25/2042 •  | 1 | 1 |
| **Government National Mortgage Association**<br>3.500% due 12/20/2052 - 10/20/2054 | 10914 | 9969 |
| **Government National Mortgage Association REMICS** |  |  |
| 4.920% due 10/01/2055 « | 4100 | 4100 |
| 4.927% due 08/20/2068 •  | 285 | 286 |
| 5.539% due 06/20/2055 •  | 3959 | 3974 |
| 5.592% due 04/20/2067 •  | 124 | 126 |
| **U.S. Small Business Administration**<br>5.510% due 11/01/2027 | 17 | 18 |
| **Uniform Mortgage-Backed Security, TBA** |  |  |
| 4.500% due 10/01/2055 - 11/01/2055 | 24900 | 24147 |
| 5.500% due 11/01/2055 | 3300 | 3325 |
| 6.000% due 11/01/2055 | 9500 | 9704 |
| 6.500% due 11/01/2055 | 2900 | 2999 |
| Total U.S. Government Agencies (Cost $72,694) |  | 72842 |
| **U.S. TREASURY OBLIGATIONS 103.9%** |  |  |
| **U.S. Treasury Inflation Protected Securities** **(d)** |  |  |
| 0.625% due 02/15/2043 (g)(k) | 211 | 160 |
| 1.000% due 02/15/2046 | 2863 | 2210 |
| 1.375% due 02/15/2044 | 139 | 119 |
| 1.750% due 01/15/2028 | 9519 | 9678 |
| 2.125% due 02/15/2040 (g)(k) | 344 | 347 |
| 2.125% due 02/15/2054 (k) | 105 | 97 |
| 2.500% due 01/15/2029 | 2467 | 2579 |
| 3.875% due 04/15/2029 | 147 | 161 |
| 3.875% due 04/15/2029 (k) | 741 | 810 |

---

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<br> Consolidated Schedule of Investments PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 0.125% due 07/15/2026 (g) | 40591 | 40452 |
| 0.125% due 10/15/2026 | 6774 | 6737 |
| 0.125% due 04/15/2027 (i) | 21738 | 21441 |
| 0.125% due 01/15/2030 | 20214 | 19305 |
| 0.125% due 07/15/2030 (k) | 10055 | 9563 |
| 0.250% due 07/15/2029 | 18185 | 17646 |
| 0.375% due 01/15/2027 | 25823 | 25628 |
| 0.375% due 07/15/2027 | 16877 | 16765 |
| 0.500% due 01/15/2028 (g) | 26489 | 26187 |
| 0.625% due 07/15/2032 (k) | 111 | 105 |
| 0.750% due 07/15/2028 | 5765 | 5740 |
| 0.875% due 01/15/2029 | 18934 | 18794 |
| 1.250% due 04/15/2028 (g) | 32309 | 32438 |
| 1.375% due 07/15/2033 | 2340 | 2305 |
| 1.625% due 10/15/2027 (g) | 26989 | 27428 |
| 1.625% due 10/15/2029 (g) | 31928 | 32569 |
| 1.625% due 04/15/2030 (g) | 30545 | 31023 |
| 1.750% due 01/15/2034 | 2312 | 2324 |
| 1.875% due 07/15/2034 (g) | 5250 | 5329 |
| 1.875% due 07/15/2035 (g) | 1006 | 1014 |
| 2.125% due 04/15/2029 (g) | 28720 | 29652 |
| 2.125% due 01/15/2035 (g) | 2457 | 2530 |
| 2.375% due 10/15/2028 (g) | 29003 | 30216 |
| Total U.S. Treasury Obligations (Cost $416,069) |  | 421352 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.6%** |  |  |
| **Alliance Bancorp Trust**<br>4.752% due 07/25/2037 •  | 103 | 91 |
| **Banc of America Mortgage Trust** |  |  |
| 5.333% due 06/25/2035 ~ | 8 | 8 |
| 5.533% due 11/25/2035 ~ | 5 | 4 |
| **Bear Stearns ARM Trust** |  |  |
| 4.225% due 07/25/2036 ~ | 14 | 12 |
| 4.807% due 03/25/2035 ~ | 18 | 16 |
| 6.841% due 01/25/2035 ~ | 25 | 26 |
| **CHL Mortgage Pass-Through Trust**<br>4.747% due 10/20/2035 ~ | 609 | 576 |
| **Citigroup Mortgage Loan Trust, Inc.**<br>4.487% due 09/25/2037 ~ | 81 | 75 |
| **Countrywide Alternative Loan Trust** |  |  |
| 4.445% due 12/20/2046 •  | 461 | 406 |
| 4.512% due 06/25/2036 •  | 252 | 238 |
| 5.000% due 07/25/2035 | 35 | 19 |
| 6.000% due 02/25/2037 | 116 | 44 |
| **CSMC Trust** |  |  |
| 4.422% due 09/29/2036 •  | 22 | 22 |
| 4.886% due 10/26/2036 ~ | 23 | 21 |
| **Eurosail-U.K. PLC**<br>5.055% due 06/13/2045 •  | 48 | 64 |
| **First Horizon Alternative Mortgage Securities Trust** |  |  |
| 5.856% due 06/25/2034 ~ | $2 | 2 |
| 6.000% due 02/25/2037 | 37 | 13 |
| **GreenPoint Mortgage Funding Trust** |  |  |
| 4.632% due 09/25/2046 •  | 58 | 54 |
| 4.812% due 11/25/2045 •  | 3 | 3 |
| **GSR Mortgage Loan Trust**<br>6.625% due 01/25/2035 ~ | 4 | 4 |
| **HarborView Mortgage Loan Trust**<br>4.728% due 03/19/2036 •  | 15 | 14 |
| **IndyMac INDA Mortgage Loan Trust**<br>5.062% due 11/25/2035 ~ | 3 | 3 |
| **JP Morgan Mortgage Trust** |  |  |
| 5.583% due 02/25/2035 ~ | 10 | 9 |
| 5.913% due 07/25/2035 ~ | 3 | 3 |
| 6.037% due 08/25/2035 ~ | 9 | 8 |
| **MASTR Adjustable Rate Mortgages Trust**<br>5.578% due 11/21/2034 ~ | 4 | 4 |
| **Mellon Residential Funding Corp. Mortgage Pass-Through Certificates**<br>5.005% due 09/15/2030 •  | 6 | 5 |
| **New Residential Mortgage Loan Trust**<br>2.750% due 07/25/2059 ~ | 377 | 365 |
| **RALI Trust** |  |  |
| 5.139% due 10/25/2037 ~ | 18 | 15 |
| 5.513% due 09/25/2045 •  | 35 | 30 |
| **Residential Asset Securitization Trust**<br>4.672% due 05/25/2035 •  | 47 | 28 |
| **Sequoia Mortgage Trust**<br>4.650% due 07/20/2036 •  | 35 | 30 |
| **Structured Adjustable Rate Mortgage Loan Trust** |  |  |
| 5.553% due 01/25/2035 •  | 4 | 4 |
| 6.336% due 02/25/2034 ~ | 2 | 2 |
| **Structured Asset Mortgage Investments II Trust** |  |  |
| 4.692% due 04/25/2036 •  | 2 | 2 |

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<br> Consolidated Schedule of Investments PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 4.908% due 10/19/2034 •  | 3 | 3 |
| **WaMu Mortgage Pass-Through Certificates Trust** |  |  |
| 4.923% due 05/25/2047 •  | 78 | 69 |
| 5.051% due 12/25/2035 ~ | 22 | 20 |
| **Washington Mutual Mortgage Pass-Through Certificates WMALT Trust**<br>6.500% due 08/25/2035 | 9 | 8 |
| Total Non-Agency Mortgage-Backed Securities (Cost $2,391) |  | 2320 |
| **ASSET-BACKED SECURITIES 7.4%** |  |  |
| **CMBS OTHER 0.5%** |  |  |
| **Arbor Realty Commercial Real Estate Notes Ltd.**<br>5.822% due 01/15/2037 •  | 594 | 595 |
| **LoanCore Issuer Ltd.**<br>5.931% due 01/17/2037 •  | 374 | 375 |
| **MF1 LLC**<br>6.284% due 06/19/2037 •  | 601 | 601 |
| **TRTX Issuer Ltd.**<br>5.793% due 02/15/2039 •  | 326 | 327 |
|  |  | 1898 |
| **HOME EQUITY OTHER 0.9%** |  |  |
| **ABFC Trust**<br>4.552% due 10/25/2036 •  | 547 | 509 |
| **Argent Mortgage Loan Trust**<br>4.752% due 05/25/2035 •  | 47 | 43 |
| **Argent Securities Trust** |  |  |
| 4.572% due 07/25/2036 •  | 200 | 181 |
| 4.592% due 05/25/2036 •  | 538 | 129 |
| **CIT Mortgage Loan Trust**<br>6.522% due 10/25/2037 •  | 409 | 414 |
| **Citigroup Mortgage Loan Trust, Inc.**<br>4.732% due 12/25/2036 •  | 33 | 22 |
| **Countrywide Asset-Backed Certificates** |  |  |
| 4.772% due 03/25/2037 •  | 69 | 68 |
| 5.472% due 10/25/2035 •  | 5 | 5 |
| **Countrywide Asset-Backed Certificates Trust** |  |  |
| 4.462% due 11/25/2037 •  | 349 | 334 |
| 5.012% due 08/25/2047 •  | 73 | 72 |
| **Credit-Based Asset Servicing & Securitization LLC** |  |  |
| 4.392% due 07/25/2037 •  | 7 | 5 |
| 4.492% due 07/25/2037 •  | 31 | 21 |
| **Ellington Loan Acquisition Trust**<br>5.372% due 05/25/2037 •  | 13 | 12 |
| **Fremont Home Loan Trust**<br>4.542% due 10/25/2036 •  | 71 | 65 |
| **GSAA Trust**<br>6.720% due 03/25/2046 þ | 35 | 18 |
| **GSAMP Trust** |  |  |
| 4.342% due 12/25/2036 •  | 40 | 20 |
| 5.247% due 03/25/2035 •  | 61 | 58 |
| **Home Equity Asset Trust**<br>4.947% due 02/25/2036 •  | 165 | 162 |
| **JP Morgan Mortgage Acquisition Trust**<br>4.482% due 10/25/2036 •  | 7 | 7 |
| **Long Beach Mortgage Loan Trust**<br>4.512% due 08/25/2036 •  | 451 | 180 |
| **MASTR Asset-Backed Securities Trust**<br>4.572% due 10/25/2036 •  | 158 | 52 |
| **Morgan Stanley Mortgage Loan Trust** |  |  |
| 6.000% due 02/25/2037 ~ | 40 | 22 |
| 6.410% due 11/25/2036 þ | 659 | 143 |
| **New Century Home Equity Loan Trust**<br>5.037% due 02/25/2035 •  | 62 | 60 |
| **Renaissance Home Equity Loan Trust**<br>5.372% due 09/25/2037 •  | 871 | 351 |
| **Residential Asset Securities Corporation Trust** |  |  |
| 4.732% due 06/25/2036 •  | 120 | 119 |
| 4.767% due 04/25/2036 •  | 18 | 18 |
| **Saxon Asset Securities Trust**<br>4.582% due 09/25/2037 •  | 65 | 63 |
| **Securitized Asset-Backed Receivables LLC Trust** |  |  |
| 4.572% due 07/25/2036 •  | 260 | 103 |
| 4.592% due 07/25/2036 •  | 126 | 42 |

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<br> Consolidated Schedule of Investments PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Soundview** **Home Loan Trust**<br>4.472% due 06/25/2037 •  | 494 | 340 |
|  |  | 3638 |
| **WHOLE LOAN COLLATERAL 0.6%** |  |  |
| **Citigroup Mortgage Loan Trust, Inc.**<br>4.767% due 10/25/2036 •  | 400 | 394 |
| **IndyMac INDB Mortgage Loan Trust**<br>4.412% due 07/25/2036 •  | 211 | 66 |
| **Lehman XS Trust** |  |  |
| 4.379% due 06/25/2036 þ | 70 | 69 |
| 4.592% due 05/25/2036 •  | 60 | 53 |
| 6.572% due 12/25/2037 •  | 274 | 274 |
| **Securitized Asset-Backed Receivables LLC Trust** |  |  |
| 4.712% due 10/25/2036 •  | 3625 | 1211 |
| 4.772% due 05/25/2036 •  | 407 | 220 |
|  |  | 2287 |
| **OTHER ABS 5.4%** |  |  |
| **Arbour CLO VI DAC**<br>3.186% due 11/15/2037 •  | 1000 | 1177 |
| **Atlas Senior Loan Fund XIII**<br>5.674% due 04/22/2031 •  | $81 | 81 |
| **Barings CLO Ltd.**<br>5.577% due 01/20/2031 •  | 94 | 94 |
| **BlackRock European CLO VII DAC**<br>2.646% due 10/15/2031 •  | 265 | 311 |
| **Carlyle Euro CLO DAC**<br>2.726% due 01/15/2031 •  | 339 | 398 |
| **Carlyle Global Market Strategies Euro CLO Ltd.**<br>2.786% due 11/15/2031 •  | 285 | 335 |
| **CarVal CLO III Ltd.**<br>5.315% due 07/20/2032 •  | $1924 | 1926 |
| **CIFC European Funding CLO III DAC**<br>3.076% due 01/15/2034 •  | 1000 | 1175 |
| **CVC Cordatus Loan Fund VII DAC**<br>2.644% due 09/15/2031 •  | 227 | 266 |
| **CVC Cordatus Loan Fund XI DAC**<br>2.676% due 10/15/2031 •  | 385 | 452 |
| **Dryden 52 Euro CLO DAC**<br>2.896% due 05/15/2034 •  | 254 | 298 |
| **Dryden 69 Euro CLO DAC**<br>3.001% due 10/18/2034 •  | 1900 | 2230 |
| **Dryden XXVI Senior Loan Fund**<br>5.479% due 04/15/2029 •  | $69 | 69 |
| **Elevation CLO Ltd.**<br>5.448% due 07/25/2034 •  | 500 | 501 |
| **Elmwood CLO 15 Ltd.**<br>5.408% due 04/22/2035 •  | 1500 | 1506 |
| **Euro-Galaxy III CLO DAC**<br>2.564% due 04/24/2034 •  | 498 | 584 |
| **LCM 26 Ltd.**<br>5.657% due 01/20/2031 •  | $2 | 2 |
| **LCM 29 Ltd.**<br>5.649% due 04/15/2031 •  | 268 | 268 |
| **LCM XVII LP**<br>5.709% due 10/15/2031 •  | 124 | 124 |
| **Madison Park Euro Funding XIII DAC**<br>2.776% due 01/15/2032 •  | 691 | 811 |
| **Madison Park Funding XLIX Ltd.**<br>5.375% due 10/19/2034 •  | $1600 | 1603 |
| **Madison Park Funding XXIII Ltd.**<br>5.545% due 07/27/2031 •  | 542 | 543 |
| **Oak Hill European Credit Partners VII DAC**<br>2.764% due 10/20/2031 •  | 107 | 125 |
| **OCP Euro CLO DAC**<br>3.300% due 10/20/2039 •  | 600 | 707 |
| **Palmer Square European Loan Funding DAC**<br>2.746% due 10/15/2031 •  | 157 | 184 |
| **Romark CLO - IV Ltd.**<br>0.000% due 07/10/2034 •(a) | $2000 | 2000 |
| **SLM Student Loan Trust**<br>5.152% due 10/25/2064 •  | 202 | 202 |
| **St. Paul's CLO II DAC**<br>2.919% due 10/25/2035 •  | 500 | 587 |
| **Steele Creek CLO Ltd.**<br>5.589% due 04/15/2031 •  | $362 | 362 |
| **Tikehau CLO V DAC**<br>3.253% due 10/15/2038 •  | 500 | 586 |
| **Venture 36 CLO Ltd.**<br>5.717% due 04/20/2032 •  | $420 | 421 |

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<br> Consolidated Schedule of Investments PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Venture** **XXIX CLO Ltd.**<br>5.463% due 09/07/2030 •  | 55 | 55 |
| **Verdelite Static CLO Ltd.**<br>5.455% due 07/20/2032 •  | 1584 | 1586 |
| **Voya CLO Ltd.**<br>5.559% due 06/07/2030 •  | 43 | 43 |
| **Voya Euro CLO II DAC**<br>2.986% due 07/15/2035 •  | 400 | 470 |
|  |  | 22082 |
| Total Asset-Backed Securities (Cost $30,736) |  | 29905 |
| **SOVEREIGN ISSUES 6.5%** |  |  |
| **Brazil Letras do Tesouro Nacional**<br>0.000% due 04/01/2026 (c) | 47100 | 8267 |
| **Canada Government Real Return Bonds**<br>4.250% due 12/01/2026 (d) | 1126 | 844 |
| **French Republic Government Bonds OAT** |  |  |
| 0.100% due 03/01/2026 (d) | 2811 | 3288 |
| 0.100% due 07/25/2031 (d) | 3183 | 3543 |
| **Italy Buoni Poliennali Del Tesoro** |  |  |
| 0.400% due 05/15/2030 (d) | 745 | 851 |
| 1.800% due 05/15/2036 (d) | 311 | 363 |
| **Japan Government CPI-Linked Bonds** |  |  |
| 0.100% due 03/10/2028 (d) | 382640 | 2631 |
| 0.100% due 03/10/2029 (d) | 963482 | 6652 |
| **Mexico Udibonos**<br>4.000% due 08/24/2034 (d) | 145 | 8 |
| Total Sovereign Issues (Cost $27,767) |  | 26447 |
|  | SHARES |  |
| **PREFERRED SECURITIES 0.1%** |  |  |
| **BANKING & FINANCE 0.1%** |  |  |
| **Bank of America Corp.**<br>5.875% due 03/15/2028 •(e) | 230000 | 233 |
| Total Preferred Securities (Cost $230) |  | 233 |
|  | PRINCIPAL<br>AMOUNT<br>(000s) |  |
| **SHORT-TERM INSTRUMENTS 48.9%** |  |  |
| **REPURCHASE AGREEMENTS (f) 48.3%** |  | 195700 |
| **U.S. TREASURY BILLS 0.6%** |  |  |
| 4.062% due 10/21/2025 - 01/13/2026 (b)(c) | $2429 | 2410 |
| Total Short-Term Instruments (Cost $198,110) |  | 198110 |
| Total Investments in Securities (Cost $750,206) |  | 753455 |
|  | SHARES |  |
| **INVESTMENTS IN AFFILIATES 1.2%** |  |  |
| **SHORT-TERM INSTRUMENTS 1.2%** |  |  |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.2%** |  |  |
| **PIMCO Short-Term Floating NAV Portfolio III** | 499895 | 4868 |
| Total Short-Term Instruments (Cost $4,868) |  | 4868 |
| Total Investments in Affiliates (Cost $4,868) |  | 4868 |
| Total Investments 187.1% (Cost $755,074) |  | $758323 |
| **Financial Derivative Instruments** **(h)(j)** **(0.0)**%(Cost or Premiums, net $1,344) |  | (144) |
| Other Assets and Liabilities, net (87.1)% |  | (352775) |
| Net Assets 100.0% |  | $405404 |

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<br> Consolidated Schedule of Investments PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  |
| **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** |
| **¤** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** |
| **«** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** |
| **(b)** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** |
| **(c)** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** |
| **(d)** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** |
| **(e)** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** |
| **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** |
| **(f)** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** |
| Counterparty | Lending<br>Rate | Maturity<br>Date | Principal<br>Amount | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | Collateral<br>(Received) | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 4.290% | 10/01/2025 | 47500 | &nbsp;&nbsp; U.S. Treasury Notes 1.250% - 1.500% due 12/31/2026 - 01/31/2027 | &nbsp;&nbsp; U.S. Treasury Notes 1.250% - 1.500% due 12/31/2026 - 01/31/2027 | &nbsp;&nbsp; U.S. Treasury Notes 1.250% - 1.500% due 12/31/2026 - 01/31/2027 | $(48466) | (48466) | 47500 | 47506 |
|  | 4.450 | 10/01/2025 | 50000 | &nbsp;&nbsp; U.S. Treasury Notes 4.000% due 07/31/2032 | &nbsp;&nbsp; U.S. Treasury Notes 4.000% due 07/31/2032 | &nbsp;&nbsp; U.S. Treasury Notes 4.000% due 07/31/2032 | (50955) | (50955) | 50000 | 50006 |
| SAL | 4.180 | 10/02/2025 | 89900 | &nbsp;&nbsp; U.S. Treasury Notes 2.750% due 04/30/2027 | &nbsp;&nbsp; U.S. Treasury Notes 2.750% due 04/30/2027 | &nbsp;&nbsp; U.S. Treasury Notes 2.750% due 04/30/2027 | (91770) | (91770) | 89900 | 89900 |
|  | 4.210 | 10/02/2025 | 100 | &nbsp;&nbsp; U.S. Treasury Notes 4.625% due 06/15/2027 | &nbsp;&nbsp; U.S. Treasury Notes 4.625% due 06/15/2027 | &nbsp;&nbsp; U.S. Treasury Notes 4.625% due 06/15/2027 | (102) | (102) | 100 | 100 |
|  | 4.230 | 10/01/2025 | 8200 | &nbsp;&nbsp; U.S. Treasury Notes 4.625% due 03/15/2026 | &nbsp;&nbsp; U.S. Treasury Notes 4.625% due 03/15/2026 | &nbsp;&nbsp; U.S. Treasury Notes 4.625% due 03/15/2026 | (8371) | (8371) | 8200 | 8201 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |  |  | $**(199664)** | **(199664)** | **195700** | **195713** |
| **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** |
| Counterparty | Counterparty | Counterparty | Borrowing Rate<sup>(2)</sup> | Borrowing Rate<sup>(2)</sup> | Borrowing Date | Maturity Date | Amount<br>Borrowed<sup>(2)</sup> | Amount<br>Borrowed<sup>(2)</sup> | Amount<br>Borrowed<sup>(2)</sup> | Payable for<br>Sale-Buyback<br>Transactions<sup>(3)</sup> |
| BCY | BCY | BCY | 4.250% | 4.250% | 09/24/2025 | 10/01/2025 | $(1022) | (1022) | (1022) | (1022) |
|  |  |  | 4.270 | 4.270 | 09/23/2025 | 10/20/2025 | (1687) | (1687) | (1687) | (1688) |
|  |  |  | 4.280 | 4.280 | 10/01/2025 | 10/06/2025 | (10057) | (10057) | (10057) | (10057) |
|  |  |  | 4.360 | 4.360 | 09/24/2025 | 10/01/2025 | (185437) | (185437) | (185437) | (185595) |
|  |  |  | 4.400 | 4.400 | 10/01/2025 | 10/02/2025 | (172052) | (172052) | (172052) | (172052) |
| BPS | BPS | BPS | 4.260 | 4.260 | 09/18/2025 | 10/16/2025 | (747) | (747) | (747) | (748) |
| TDM | TDM | TDM | 4.270 | 4.270 | 09/22/2025 | 10/20/2025 | (12869) | (12869) | (12869) | (12883) |
| **Total Sale-Buyback Transactions** | **Total Sale-Buyback Transactions** | **Total Sale-Buyback Transactions** |  |  |  |  |  |  |  | **(384045)** |
| **(g)** | **Securities with an aggregate market value of $381,206 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $381,206 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $381,206 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $381,206 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $381,206 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $381,206 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $381,206 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $381,206 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $381,206 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $381,206 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** |
| <sup>(1)</sup> | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. |
| <sup>(2)</sup> | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(190052) at a weighted average interest rate of 4.390%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(190052) at a weighted average interest rate of 4.390%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(190052) at a weighted average interest rate of 4.390%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(190052) at a weighted average interest rate of 4.390%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(190052) at a weighted average interest rate of 4.390%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(190052) at a weighted average interest rate of 4.390%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(190052) at a weighted average interest rate of 4.390%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(190052) at a weighted average interest rate of 4.390%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(190052) at a weighted average interest rate of 4.390%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(190052) at a weighted average interest rate of 4.390%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. |
| <sup>(3)</sup> | Payable for sale-buyback transactions includes $(61) of deferred price drop. | Payable for sale-buyback transactions includes $(61) of deferred price drop. | Payable for sale-buyback transactions includes $(61) of deferred price drop. | Payable for sale-buyback transactions includes $(61) of deferred price drop. | Payable for sale-buyback transactions includes $(61) of deferred price drop. | Payable for sale-buyback transactions includes $(61) of deferred price drop. | Payable for sale-buyback transactions includes $(61) of deferred price drop. | Payable for sale-buyback transactions includes $(61) of deferred price drop. | Payable for sale-buyback transactions includes $(61) of deferred price drop. | Payable for sale-buyback transactions includes $(61) of deferred price drop. |
| **(h)** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** |
| **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** |
| **COMMODITY OPTIONS** | **COMMODITY OPTIONS** | **COMMODITY OPTIONS** | **COMMODITY OPTIONS** | **COMMODITY OPTIONS** | **COMMODITY OPTIONS** | **COMMODITY OPTIONS** | **COMMODITY OPTIONS** | **COMMODITY OPTIONS** | **COMMODITY OPTIONS** | **COMMODITY OPTIONS** |
| Description | Description | Description | Description | Strike<br>Price | Expiration<br>Date | Notional Amount | Notional Amount | Cost | Cost | Market<br>Value |
| Put - NYMEX Crude Oil December 2025 Futures | Put - NYMEX Crude Oil December 2025 Futures | Put - NYMEX Crude Oil December 2025 Futures | Put - NYMEX Crude Oil December 2025 Futures | $55.000 | 11/17/2025 | $9 | 9 | 9 | 9 | 6 |
| Put - NYMEX Crude Oil June 2026 Futures | Put - NYMEX Crude Oil June 2026 Futures | Put - NYMEX Crude Oil June 2026 Futures | Put - NYMEX Crude Oil June 2026 Futures | 58.000 | 05/14/2026 | 21 | 21 | 94 | 94 | 92 |
|  |  |  |  |  |  |  | $ | $103 | 103 | 98 |

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<br> Consolidated Schedule of Investments PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FUTURE** **STYLED COMMODITY OPTIONS** | **FUTURE** **STYLED COMMODITY OPTIONS** | **FUTURE** **STYLED COMMODITY OPTIONS** | **FUTURE** **STYLED COMMODITY OPTIONS** | **FUTURE** **STYLED COMMODITY OPTIONS** | **FUTURE** **STYLED COMMODITY OPTIONS** | **FUTURE** **STYLED COMMODITY OPTIONS** | **FUTURE** **STYLED COMMODITY OPTIONS** | **FUTURE** **STYLED COMMODITY OPTIONS** | **FUTURE** **STYLED COMMODITY OPTIONS** | **FUTURE** **STYLED COMMODITY OPTIONS** |
| Description | Description | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional Amount | Cost |  | Market<br>Value |
| Call - CME California Carbon Allowances December 2025 Futures | Call - CME California Carbon Allowances December 2025 Futures | Call - CME California Carbon Allowances December 2025 Futures | $40.000 | 40.000 | 12/15/2025 | 13 | 13 | 5 | $ | 2 |
| **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **$** | **108** | **$** | **100** |
| **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** |
| **COMMODITY OPTIONS** | **COMMODITY OPTIONS** | **COMMODITY OPTIONS** | **COMMODITY OPTIONS** | **COMMODITY OPTIONS** | **COMMODITY OPTIONS** | **COMMODITY OPTIONS** | **COMMODITY OPTIONS** | **COMMODITY OPTIONS** | **COMMODITY OPTIONS** | **COMMODITY OPTIONS** |
| Description | Description | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional Amount | Premiums<br>(Received) |  | Market<br>Value |
| Call - NYMEX Crude Oil December 2025 Futures | Call - NYMEX Crude Oil December 2025 Futures | Call - NYMEX Crude Oil December 2025 Futures | $72.000 | 72.000 | 11/17/2025 | 9 | 9 | (6) | $ | (4) |
| Call - NYMEX Crude Oil June 2026 Futures | Call - NYMEX Crude Oil June 2026 Futures | Call - NYMEX Crude Oil June 2026 Futures | 66.000 | 66.000 | 05/14/2026 | 21 | 21 | (84) |  | (78) |
| **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **$** | **(90)** | **$** | **(82)** |
| **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** |
| **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** |
|  |  |  |  |  |  |  |  | <u>Variation Margin</u><sup>(1)</sup> | <u>Variation Margin</u><sup>(1)</sup> | <u>Variation Margin</u><sup>(1)</sup> |
| Description | Expiration<br>Month | # of<br>Contracts | # of<br>Contracts | Notional<br>Amount | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Liability |
| Arabica Coffee March Futures | 03/2026 | 2 | 2 | $269 | 269 | $6 | 6 | $3 | 3 | $0 |
| Brent Crude April Futures | 02/2026 | 26 | 26 | 1692 | 1692 | (36) | (36) | 0 | 0 | (26) |
| Brent Crude December Futures | 10/2026 | 17 | 17 | 1102 | 1102 | 20 | 20 | 0 | 0 | (13) |
| Brent Crude June Futures | 04/2026 | 19 | 19 | 1235 | 1235 | (20) | (20) | 0 | 0 | (18) |
| Brent Crude March Futures | 01/2026 | 4 | 4 | 261 | 261 | (6) | (6) | 0 | 0 | (4) |
| California Carbon Allowance December Futures | 12/2025 | 82 | 82 | 2549 | 2549 | 324 | 324 | 9 | 9 | 0 |
| California Carbon Allowance Vintage December Futures | 12/2026 | 332 | 332 | 10893 | 10893 | 369 | 369 | 36 | 36 | 0 |
| Carbon Emissions December Futures | 12/2025 | 8 | 8 | 711 | 711 | 13 | 13 | 8 | 8 | (10) |
| Cocoa December Futures | 12/2025 | 4 | 4 | 270 | 270 | (28) | (28) | 0 | 0 | (10) |
| Copper December Futures | 12/2025 | 4 | 4 | 486 | 486 | (81) | (81) | 0 | 0 | (4) |
| Euro-BTP Future December Futures | 12/2025 | 50 | 50 | 7035 | 7035 | 64 | 64 | 22 | 22 | 0 |
| Euro-Bund December Futures | 12/2025 | 2 | 2 | 302 | 302 | 2 | 2 | 1 | 1 | 0 |
| Euro-Schatz December Futures | 12/2025 | 183 | 183 | 22985 | 22985 | (22) | (22) | 4 | 4 | 0 |
| Gas Oil February Futures | 02/2026 | 10 | 10 | 659 | 659 | (20) | (20) | 0 | 0 | (5) |
| Gas Oil March Futures | 03/2026 | 3 | 3 | 196 | 196 | 1 | 1 | 0 | 0 | (1) |
| Gold 100 oz. December Futures | 12/2025 | 3 | 3 | 1162 | 1162 | 30 | 30 | 5 | 5 | 0 |
| Hard Red Winter Wheat December Futures | 12/2025 | 44 | 44 | 1095 | 1095 | (85) | (85) | 0 | 0 | (23) |
| Henry Hub Natural Gas April Futures | 03/2031 | 1 | 1 | 7 | 7 | (1) | (1) | 0 | 0 | 0 |
| Henry Hub Natural Gas August Futures | 07/2031 | 1 | 1 | 8 | 8 | 0 | 0 | 0 | 0 | 0 |
| Henry Hub Natural Gas December Futures | 11/2031 | 1 | 1 | 10 | 10 | 1 | 1 | 0 | 0 | 0 |
| Henry Hub Natural Gas February Futures | 01/2031 | 1 | 1 | 10 | 10 | 2 | 2 | 0 | 0 | 0 |
| Henry Hub Natural Gas January Futures | 12/2030 | 1 | 1 | 11 | 11 | 2 | 2 | 0 | 0 | 0 |
| Henry Hub Natural Gas July Futures | 06/2031 | 1 | 1 | 8 | 8 | 0 | 0 | 0 | 0 | 0 |
| Henry Hub Natural Gas June Futures | 05/2031 | 1 | 1 | 8 | 8 | (1) | (1) | 0 | 0 | 0 |
| Henry Hub Natural Gas March Futures | 02/2031 | 1 | 1 | 9 | 9 | 0 | 0 | 0 | 0 | 0 |
| Henry Hub Natural Gas May Futures | 04/2031 | 1 | 1 | 8 | 8 | (1) | (1) | 0 | 0 | 0 |
| Henry Hub Natural Gas November Futures | 10/2031 | 1 | 1 | 9 | 9 | 0 | 0 | 0 | 0 | 0 |
| Henry Hub Natural Gas October Futures | 09/2031 | 1 | 1 | 8 | 8 | 0 | 0 | 0 | 0 | 0 |
| Henry Hub Natural Gas September Futures | 08/2031 | 1 | 1 | 8 | 8 | 0 | 0 | 0 | 0 | 0 |
| Iron Ore January Futures | 01/2026 | 103 | 103 | 1040 | 1040 | (18) | (18) | 5 | 5 | 0 |
| Iron Ore November Futures | 11/2025 | 35 | 35 | 363 | 363 | (1) | (1) | 2 | 2 | 0 |
| Iron Ore October Futures | 10/2025 | 4 | 4 | 41 | 41 | 0 | 0 | 0 | 0 | 0 |
| Live Cattle December Futures | 12/2025 | 10 | 10 | 939 | 939 | 9 | 9 | 4 | 4 | 0 |
| LME Nickel January Futures | 01/2026 | 4 | 4 | 367 | 367 | (2) | (2) | 1 | 1 | (2) |
| LME Zinc January Futures | 01/2026 | 3 | 3 | 222 | 222 | 4 | 4 | 4 | 4 | (1) |
| LME Zinc November Futures | 11/2025 | 1 | 1 | 74 | 74 | 4 | 4 | 4 | 4 | 0 |
| Mont Belvieu Ethane (OPIS) February Futures | 02/2026 | 1 | 1 | 12 | 12 | 0 | 0 | 0 | 0 | 0 |
| Mont Belvieu Ethane (OPIS) January Futures | 01/2026 | 1 | 1 | 11 | 11 | 0 | 0 | 0 | 0 | 0 |
| Natural Gas April Futures | 03/2027 | 6 | 6 | 209 | 209 | 7 | 7 | 0 | 0 | 0 |
| Natural Gas December Futures | 11/2025 | 56 | 56 | 2173 | 2173 | (449) | (449) | 0 | 0 | (2) |
| Natural Gas November Futures | 10/2025 | 11 | 11 | 363 | 363 | 4 | 4 | 3 | 3 | 0 |
| New York Harbor March Futures | 02/2026 | 3 | 3 | 283 | 283 | (2) | (2) | 0 | 0 | (3) |
| Palladium December Futures | 12/2025 | 1 | 1 | 129 | 129 | 9 | 9 | 0 | 0 | 0 |
| Platinum January Futures | 01/2026 | 3 | 3 | 241 | 241 | 27 | 27 | 1 | 1 | (3) |
| RBOB Gasoline December Futures | 11/2025 | 3 | 3 | 236 | 236 | 1 | 1 | 1 | 1 | 0 |
| Soybean January Futures | 01/2026 | 22 | 22 | 1122 | 1122 | (34) | (34) | 0 | 0 | (11) |
| Soybean Meal January Futures | 01/2026 | 73 | 73 | 2029 | 2029 | (55) | (55) | 0 | 0 | (13) |
| U.S. Treasury 5-Year Note December Futures | 12/2025 | 249 | 249 | 27190 | 27190 | 29 | 29 | 10 | 10 | 0 |
| U.S. Treasury 10-Year Note December Futures | 12/2025 | 19 | 19 | 2138 | 2138 | (10) | (10) | 0 | 0 | 0 |
| U.S. Treasury Ultra Long-Term Bond December Futures | 12/2025 | 146 | 146 | 17529 | 17529 | 301 | 301 | 0 | 0 | (82) |
| U.S. Ultra Treasury 10-Year Note December Futures | 12/2025 | 32 | 32 | 3683 | 3683 | (9) | (9) | 0 | 0 | (2) |
| Wheat July Futures | 07/2026 | 4 | 4 | 110 | 110 | (2) | (2) | 0 | 0 | (2) |
| WTI Crude April Futures | 03/2026 | 12 | 12 | 735 | 735 | (49) | (49) | 0 | 0 | (12) |

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------

<br> Consolidated Schedule of Investments PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| WTI Crude December Futures | WTI Crude December Futures | 11/2025 | 3 | 186 | (4) | 0 | 0 | (3) |
| WTI Crude December Futures | WTI Crude December Futures | 11/2026 | 13 | 793 | (56) | 0 | 0 | (10) |
| WTI Crude June Futures | WTI Crude June Futures | 05/2026 | 4 | 245 | (1) | 0 | 0 | (1) |
| WTI Crude March Futures | WTI Crude March Futures | 02/2026 | 9 | 552 | (9) | 0 | 0 | (5) |
| WTI Crude May Futures | WTI Crude May Futures | 04/2026 | 8 | 490 | (4) | 0 | 0 | (8) |
|  |  |  |  |  | $ | 123 | $ | (274) |
| **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** |
|  |  |  |  |  |  | <u>Variation Margin</u><sup>(1)</sup> | <u>Variation Margin</u><sup>(1)</sup> | <u>Variation Margin</u><sup>(1)</sup> |
| Description | Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Liability |
| Arabica Coffee December Futures | Arabica Coffee December Futures | 12/2025 | 2 | (281) | (71) | 0 | 0 | (2) |
| Brent Crude August Futures | Brent Crude August Futures | 06/2026 | 8 | (519) | 8 | 7 | 7 | 0 |
| Brent Crude December Futures | Brent Crude December Futures | 10/2025 | 12 | (792) | 17 | 13 | 13 | 0 |
| Brent Crude December Futures | Brent Crude December Futures | 10/2027 | 16 | (1048) | (10) | 8 | 8 | 0 |
| Brent Crude February Futures | Brent Crude February Futures | 12/2025 | 3 | (196) | 6 | 3 | 3 | 0 |
| Brent Crude July Futures | Brent Crude July Futures | 05/2026 | 7 | (455) | 7 | 6 | 6 | 0 |
| Brent Crude October Futures | Brent Crude October Futures | 08/2026 | 3 | (194) | 5 | 3 | 3 | 0 |
| Corn December Futures | Corn December Futures | 12/2025 | 87 | (1807) | 9 | 26 | 26 | 0 |
| Corn December Futures | Corn December Futures | 12/2026 | 17 | (390) | 2 | 2 | 2 | 0 |
| Corn March Futures | Corn March Futures | 03/2026 | 19 | (410) | 1 | 6 | 6 | 0 |
| Euro-Bobl December Futures | Euro-Bobl December Futures | 12/2025 | 2 | (277) | 0 | 0 | 0 | 0 |
| Euro-Buxl 30-Year Bond December Futures | Euro-Buxl 30-Year Bond December Futures | 12/2025 | 18 | (2419) | (55) | 5 | 5 | (22) |
| Euro-Oat December Futures | Euro-Oat December Futures | 12/2025 | 134 | (19091) | (148) | 0 | 0 | (46) |
| Gas Oil December Futures | Gas Oil December Futures | 12/2025 | 8 | (539) | (22) | 4 | 4 | 0 |
| Gas Oil May Futures | Gas Oil May Futures | 05/2026 | 5 | (321) | 9 | 2 | 2 | 0 |
| Gas Oil November Futures | Gas Oil November Futures | 11/2025 | 5 | (344) | 14 | 3 | 3 | 0 |
| Hard Red Winter Wheat March Futures | Hard Red Winter Wheat March Futures | 03/2026 | 18 | (467) | 33 | 9 | 9 | 0 |
| Hard Red Winter Wheat May Futures | Hard Red Winter Wheat May Futures | 05/2026 | 2 | (53) | 2 | 1 | 1 | 0 |
| Henry Hub Natural Gas February Futures | Henry Hub Natural Gas February Futures | 01/2026 | 1 | (10) | 2 | 0 | 0 | 0 |
| Henry Hub Natural Gas January Futures | Henry Hub Natural Gas January Futures | 12/2025 | 1 | (10) | 2 | 0 | 0 | 0 |
| Lean Hogs December Futures | Lean Hogs December Futures | 12/2025 | 20 | (710) | (36) | 13 | 13 | 0 |
| LME Aluminum January Futures | LME Aluminum January Futures | 01/2026 | 3 | (201) | (2) | 1 | 1 | (3) |
| LME Lead January Futures | LME Lead January Futures | 01/2026 | 2 | (100) | 0 | 0 | 0 | 0 |
| Natural Gas December Futures | Natural Gas December Futures | 11/2025 | 15 | (418) | 17 | 15 | 15 | 0 |
| Natural Gas December Futures | Natural Gas December Futures | 11/2025 | 10 | (348) | 17 | 19 | 19 | 0 |
| Natural Gas January Futures | Natural Gas January Futures | 12/2025 | 75 | (3133) | 560 | 10 | 10 | 0 |
| Natural Gas January Futures | Natural Gas January Futures | 12/2026 | 6 | (287) | 5 | 1 | 1 | 0 |
| Natural Gas March Futures | Natural Gas March Futures | 02/2026 | 5 | (181) | (2) | 1 | 1 | 0 |
| New York Harbor December Futures | New York Harbor December Futures | 11/2025 | 3 | (290) | (1) | 0 | 0 | (1) |
| Silver December Futures | Silver December Futures | 12/2025 | 5 | (1166) | (46) | 9 | 9 | 0 |
| SNG KEROS vs. SNG GA February Futures | SNG KEROS vs. SNG GA February Futures | 02/2026 | 1 | 1 | 0 | 0 | 0 | 0 |
| SNG KEROS vs. SNG GA January Futures | SNG KEROS vs. SNG GA January Futures | 01/2026 | 1 | 0 | 0 | 0 | 0 | 0 |
| SNG KEROS vs. SNG GA March Futures | SNG KEROS vs. SNG GA March Futures | 03/2026 | 1 | 1 | 0 | 0 | 0 | 0 |
| SNG KEROS vs. SNG GA November Futures | SNG KEROS vs. SNG GA November Futures | 11/2025 | 1 | 1 | 0 | 0 | 0 | 0 |
| Soybean March Futures | Soybean March Futures | 03/2026 | 3 | (155) | 0 | 0 | 0 | 0 |
| Soybean Meal March Futures | Soybean Meal March Futures | 03/2026 | 14 | (399) | 19 | 2 | 2 | 0 |
| Soybean November Futures | Soybean November Futures | 11/2026 | 1 | (53) | 0 | 1 | 1 | 0 |
| Soybean Oil January Futures | Soybean Oil January Futures | 01/2026 | 6 | (179) | 7 | 1 | 1 | 0 |
| Sugar No. 11 March Futures | Sugar No. 11 March Futures | 02/2026 | 21 | (390) | 19 | 0 | 0 | (4) |
| U.S. Treasury 2-Year Note December Futures | U.S. Treasury 2-Year Note December Futures | 12/2025 | 274 | (57101) | (80) | 0 | 0 | (25) |
| U.S. Treasury Long-Term Bond December Futures | U.S. Treasury Long-Term Bond December Futures | 12/2025 | 216 | (25184) | (469) | 54 | 54 | 0 |
| Wheat December Futures | Wheat December Futures | 12/2025 | 45 | (1143) | 87 | 26 | 26 | 0 |
| Wheat March Futures | Wheat March Futures | 03/2026 | 10 | (264) | 11 | 5 | 5 | 0 |
| WTI Crude August Futures | WTI Crude August Futures | 07/2026 | 6 | (367) | 22 | 5 | 5 | 0 |
| WTI Crude December Futures | WTI Crude December Futures | 11/2025 | 9 | (558) | 11 | 6 | 6 | 0 |
| WTI Crude December Futures | WTI Crude December Futures | 11/2026 | 1 | (61) | (2) | 1 | 1 | 0 |
| WTI Crude December Futures | WTI Crude December Futures | 11/2027 | 15 | (924) | (14) | 7 | 7 | 0 |
| WTI Crude February Futures | WTI Crude February Futures | 01/2026 | 10 | (615) | 5 | 10 | 10 | 0 |
| WTI Crude January Futures | WTI Crude January Futures | 12/2025 | 4 | (247) | 2 | 4 | 4 | 0 |
| WTI Crude July Futures | WTI Crude July Futures | 06/2026 | 6 | (367) | 8 | 5 | 5 | 0 |
| WTI Crude June Futures | WTI Crude June Futures | 05/2026 | 2 | (122) | 1 | 2 | 2 | 0 |
| WTI Crude November Futures | WTI Crude November Futures | 10/2025 | 6 | (374) | 13 | 7 | 7 | 0 |
| WTI Crude October Futures | WTI Crude October Futures | 09/2026 | 8 | (488) | 9 | 6 | 6 | 0 |
| WTI Crude September Futures | WTI Crude September Futures | 08/2026 | 4 | (244) | 3 | 3 | 3 | 0 |
|  |  |  |  |  | $ | 312 | $ | (103) |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **$** | **435** | **$** | **(377)** |
| **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** |
| **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** |
|  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Pay/<br>Receive<br>Floating Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/<br>(Received) | Market<br>Value | Asset | Asset | Liability |
| Pay | Annual | 09/17/2030 | 16600 | $(86) | (96) | $23 | 23 | $0 |

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------

<br> Consolidated Schedule of Investments PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.300 | Semi-Annual | 09/20/2027 | 195330 | 5 | 13 | 18 | 0 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.550 | Annual | 09/14/2028 | 640000 | (26) | 90 | 64 | 2 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.500 | Annual | 12/15/2031 | 309000 | 27 | 68 | 95 | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 12/20/2025 | $5220 | (9) | 14 | 5 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.300 | Semi-Annual | 11/15/2028 | 1500 | (104) | 49 | (55) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.340 | Semi-Annual | 11/21/2028 | 1590 | (108) | 53 | (55) | 1 | 0 |
| Receive<sup>(2)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 02/28/2030 | 6700 | (1) | 9 | 8 | 0 | (4) |
| Receive<sup>(2)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.325 | Annual | 02/28/2030 | 12800 | (99) | 101 | 2 | 0 | (7) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 700 | (1) | (10) | (11) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2034 | 1550 | 69 | (25) | 44 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.285 | Semi-Annual | 11/15/2053 | 1850 | 445 | 161 | 606 | 5 | 0 |
| Receive<sup>(2)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 11/15/2053 | 8658 | (218) | (9) | (227) | 25 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.237 | Semi-Annual | 11/21/2053 | 1400 | 350 | 120 | 470 | 4 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.865 | Annual | 02/13/2054 | 6700 | 506 | 798 | 1304 | 18 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 2300 | 61 | 122 | 183 | 7 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.120 | Annual | 09/03/2027 | 11300 | 0 | 8 | 8 | 0 | (3) |
| Pay<sup>(2)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/18/2036 | 21100 | 4 | 26 | 30 | 71 | 0 |
| Receive | 6-Month EUR-EURIBOR | 0.190 | Annual | 11/04/2052 | 900 | 426 | 127 | 553 | 0 | (4) |
| Receive | 6-Month EUR-EURIBOR | 0.195 | Annual | 11/04/2052 | 950 | 449 | 133 | 582 | 0 | (4) |
| Receive | 6-Month EUR-EURIBOR | 0.197 | Annual | 11/08/2052 | 1800 | 850 | 253 | 1103 | 0 | (8) |
| Receive<sup>(2)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 | 2450 | (37) | (8) | (45) | 0 | (19) |
| Receive | CPTFEMU | 3.000 | Maturity | 05/15/2027 | 1100 | 23 | (1) | 22 | 0 | (2) |
| Receive | CPTFEMU | 3.130 | Maturity | 05/15/2027 | 100 | 1 | 0 | 1 | 0 | 0 |
| Receive | CPTFEMU | 1.636 | Maturity | 06/15/2027 | 2200 | 0 | 10 | 10 | 0 | (3) |
| Pay | CPTFEMU | 1.380 | Maturity | 03/15/2031 | 130 | (28) | 0 | (28) | 1 | 0 |
| Receive | CPTFEMU | 2.720 | Maturity | 06/15/2032 | 140 | (1) | (4) | (5) | 0 | (1) |
| Receive | CPTFEMU | 2.049 | Maturity | 08/15/2034 | 3500 | (1) | (45) | (46) | 0 | (13) |
| Receive | CPTFEMU | 2.034 | Maturity | 09/15/2034 | 1200 | (2) | (11) | (13) | 0 | (5) |
| Pay | CPTFEMU | 2.487 | Maturity | 05/15/2037 | 80 | (3) | 4 | 1 | 1 | 0 |
| Pay | CPTFEMU | 1.945 | Maturity | 11/15/2048 | 100 | (23) | 8 | (15) | 1 | 0 |
| Pay | CPTFEMU | 2.580 | Maturity | 03/15/2052 | 200 | (9) | 19 | 10 | 1 | 0 |
| Pay | CPTFEMU | 2.590 | Maturity | 03/15/2052 | 700 | (28) | 64 | 36 | 5 | 0 |
| Pay | CPTFEMU | 2.550 | Maturity | 04/15/2052 | 200 | (8) | 18 | 10 | 1 | 0 |
| Pay | CPTFEMU | 2.421 | Maturity | 05/15/2052 | 230 | (19) | 21 | 2 | 1 | 0 |
| Pay | CPTFEMU | 2.590 | Maturity | 12/15/2052 | 700 | 22 | 58 | 80 | 5 | 0 |
| Pay | CPTFEMU | 2.680 | Maturity | 04/15/2053 | 600 | 46 | 47 | 93 | 4 | 0 |
| Pay | CPTFEMU | 2.700 | Maturity | 04/15/2053 | 400 | 34 | 31 | 65 | 3 | 0 |
| Pay | CPTFEMU | 2.763 | Maturity | 09/15/2053 | 300 | 32 | 24 | 56 | 2 | 0 |
| Pay | CPTFEMU | 2.682 | Maturity | 10/15/2053 | 200 | 16 | 15 | 31 | 1 | 0 |
| Pay | CPTFEMU | 2.736 | Maturity | 10/15/2053 | 400 | 40 | 30 | 70 | 3 | 0 |
| Pay | CPURNSA | 2.700 | Maturity | 01/14/2026 | $3100 | 0 | (13) | (13) | 0 | (1) |
| Pay | CPURNSA | 2.820 | Maturity | 02/05/2026 | 1800 | 0 | (6) | (6) | 0 | 0 |
| Pay | CPURNSA | 2.842 | Maturity | 02/13/2026 | 2000 | 0 | (6) | (6) | 0 | 0 |
| Pay | CPURNSA | 3.042 | Maturity | 02/21/2026 | 2000 | 0 | (2) | (2) | 0 | 0 |
| Pay | CPURNSA | 3.323 | Maturity | 04/23/2026 | 400 | 0 | 1 | 1 | 0 | 0 |
| Receive | CPURNSA | 2.703 | Maturity | 05/25/2026 | 130 | 10 | 3 | 13 | 0 | 0 |
| Pay | CPURNSA | 3.300 | Maturity | 06/04/2026 | 1900 | 0 | 1 | 1 | 0 | 0 |
| Pay | CPURNSA | 0.000 | Maturity | 08/01/2026 | 2700 | 0 | 3 | 3 | 1 | 0 |
| Pay | CPURNSA | 0.000 | Maturity | 08/27/2026 | 2600 | 0 | 5 | 5 | 1 | 0 |
| Pay | CPURNSA | 2.101 | Maturity | 07/20/2027 | 1800 | (215) | (57) | (272) | 1 | 0 |
| Pay | CPURNSA | 2.080 | Maturity | 07/25/2027 | 1300 | (158) | (42) | (200) | 1 | 0 |
| Pay | CPURNSA | 2.122 | Maturity | 08/01/2027 | 1900 | (223) | (61) | (284) | 1 | 0 |
| Receive | CPURNSA | 1.793 | Maturity | 08/24/2027 | 600 | 89 | 20 | 109 | 0 | 0 |
| Receive | CPURNSA | 1.797 | Maturity | 08/25/2027 | 300 | 44 | 10 | 54 | 0 | 0 |
| Receive | CPURNSA | 1.890 | Maturity | 08/27/2027 | 300 | 42 | 10 | 52 | 0 | 0 |
| Pay | CPURNSA | 2.180 | Maturity | 09/20/2027 | 650 | (74) | (20) | (94) | 0 | 0 |
| Pay | CPURNSA | 2.150 | Maturity | 09/25/2027 | 600 | (70) | (19) | (89) | 0 | 0 |
| Pay | CPURNSA | 2.155 | Maturity | 10/17/2027 | 1400 | (163) | (44) | (207) | 1 | 0 |
| Pay | CPURNSA | 2.335 | Maturity | 02/05/2028 | 2010 | (184) | (59) | (243) | 2 | 0 |
| Pay | CPURNSA | 2.352 | Maturity | 05/09/2028 | 630 | (55) | (18) | (73) | 0 | 0 |

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<br> Consolidated Schedule of Investments PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay | Pay | CPURNSA | CPURNSA | 2.360 | Maturity | Maturity | 05/09/2028 |  | 950 |  | (83) |  | (27) |  | (110) |  | 0 | 0 |  | 0 |
| Pay | Pay | CPURNSA | CPURNSA | 2.364 | Maturity | Maturity | 05/10/2028 |  | 960 |  | (83) |  | (28) |  | (111) |  | 0 | 0 |  | 0 |
| Pay | Pay | CPURNSA | CPURNSA | 2.370 | Maturity | Maturity | 06/06/2028 |  | 1800 |  | (158) |  | (51) |  | (209) |  | 1 | 1 |  | 0 |
| Receive | Receive | CPURNSA | CPURNSA | 2.573 | Maturity | Maturity | 08/26/2028 |  | 1100 |  | 68 |  | 28 |  | 96 |  | 0 | 0 |  | 0 |
| Receive | Receive | CPURNSA | CPURNSA | 2.645 | Maturity | Maturity | 09/10/2028 |  | 500 |  | 27 |  | 12 |  | 39 |  | 0 | 0 |  | 0 |
| Pay | Pay | CPURNSA | CPURNSA | 2.165 | Maturity | Maturity | 04/16/2029 |  | 1100 |  | (127) |  | (32) |  | (159) |  | 0 | 0 |  | 0 |
| Pay | Pay | CPURNSA | CPURNSA | 1.954 | Maturity | Maturity | 06/03/2029 |  | 400 |  | (54) |  | (12) |  | (66) |  | 0 | 0 |  | 0 |
| Pay | Pay | CPURNSA | CPURNSA | 1.997 | Maturity | Maturity | 07/25/2029 |  | 2800 |  | (359) |  | (82) |  | (441) |  | 0 | 0 |  | 0 |
| Receive | Receive | CPURNSA | CPURNSA | 2.311 | Maturity | Maturity | 02/24/2031 |  | 8300 |  | 896 |  | 210 |  | 1106 |  | 3 | 3 |  | 0 |
| Pay | Pay | FRCPXTOB | FRCPXTOB | 1.910 | Maturity | Maturity | 01/15/2038 | EUR | 390 |  | (47) |  | 32 |  | (15) |  | 2 | 2 |  | 0 |
| Receive | Receive | UKRPI | UKRPI | 0.000 | Maturity | Maturity | 09/15/2027 | GBP | 1500 |  | 0 |  | (2) |  | (2) |  | 0 | 0 |  | (2) |
| Pay | Pay | UKRPI | UKRPI | 3.500 | Maturity | Maturity | 08/15/2034 |  | 1600 |  | 9 |  | 21 |  | 30 |  | 6 | 6 |  | 0 |
| Pay | Pay | UKRPI | UKRPI | 3.466 | Maturity | Maturity | 09/15/2034 |  | 700 |  | 0 |  | 10 |  | 10 |  | 2 | 2 |  | 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** | **Total Swap Agreements** | **$** | $**1727** | **1727** | $**2156** | **2156** | $**3883** | **3883** | $**210** | **210** | **210** | $**(76)** | **(76)** |
| **(i)** | **Securities with an aggregate market value of $2,432 and cash of $3,005 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $2,432 and cash of $3,005 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $2,432 and cash of $3,005 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $2,432 and cash of $3,005 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $2,432 and cash of $3,005 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $2,432 and cash of $3,005 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $2,432 and cash of $3,005 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $2,432 and cash of $3,005 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $2,432 and cash of $3,005 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $2,432 and cash of $3,005 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $2,432 and cash of $3,005 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $2,432 and cash of $3,005 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $2,432 and cash of $3,005 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $2,432 and cash of $3,005 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $2,432 and cash of $3,005 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $2,432 and cash of $3,005 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $2,432 and cash of $3,005 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $2,432 and cash of $3,005 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $2,432 and cash of $3,005 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $2,432 and cash of $3,005 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** |
| <sup>(1)</sup> | Unsettled variation margin asset of $25 and liability of $(38) for closed futures is outstanding at period end. | Unsettled variation margin asset of $25 and liability of $(38) for closed futures is outstanding at period end. | Unsettled variation margin asset of $25 and liability of $(38) for closed futures is outstanding at period end. | Unsettled variation margin asset of $25 and liability of $(38) for closed futures is outstanding at period end. | Unsettled variation margin asset of $25 and liability of $(38) for closed futures is outstanding at period end. | Unsettled variation margin asset of $25 and liability of $(38) for closed futures is outstanding at period end. | Unsettled variation margin asset of $25 and liability of $(38) for closed futures is outstanding at period end. | Unsettled variation margin asset of $25 and liability of $(38) for closed futures is outstanding at period end. | Unsettled variation margin asset of $25 and liability of $(38) for closed futures is outstanding at period end. | Unsettled variation margin asset of $25 and liability of $(38) for closed futures is outstanding at period end. | Unsettled variation margin asset of $25 and liability of $(38) for closed futures is outstanding at period end. | Unsettled variation margin asset of $25 and liability of $(38) for closed futures is outstanding at period end. | Unsettled variation margin asset of $25 and liability of $(38) for closed futures is outstanding at period end. | Unsettled variation margin asset of $25 and liability of $(38) for closed futures is outstanding at period end. | Unsettled variation margin asset of $25 and liability of $(38) for closed futures is outstanding at period end. | Unsettled variation margin asset of $25 and liability of $(38) for closed futures is outstanding at period end. | Unsettled variation margin asset of $25 and liability of $(38) for closed futures is outstanding at period end. | Unsettled variation margin asset of $25 and liability of $(38) for closed futures is outstanding at period end. | Unsettled variation margin asset of $25 and liability of $(38) for closed futures is outstanding at period end. | Unsettled variation margin asset of $25 and liability of $(38) for closed futures is outstanding at period end. |
| <sup>(2)</sup> | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. |
| **(j)** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** |
| **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** |
|  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | Settlement<br>Month | Settlement<br>Month | Settlement<br>Month |  | Currency to<br>be Delivered | Currency to<br>be Delivered | Currency to<br>be Delivered |  | Currency to<br>be Received | Currency to<br>be Received | Currency to<br>be Received | Asset | Asset | Asset | Asset | Liability | Liability | Liability |
| &nbsp;&nbsp;&nbsp;&nbsp; AZD | &nbsp;&nbsp;&nbsp;&nbsp; AZD | &nbsp;&nbsp;&nbsp;&nbsp; AZD | 10/2025 | 10/2025 | 10/2025 | EUR | 15270 | 15270 | 15270 | $ | $17810 | 17810 | 17810 | 0 | 0 | 0 | 0 | $(118) | (118) | (118) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | $ | $4170 | 4170 | 4170 | CAD | 5802 | 5802 | 5802 | 0 | 0 | 0 | 0 | (1) | (1) | (1) |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | CAD | 5792 | 5792 | 5792 | $ | $4170 | 4170 | 4170 | 1 | 1 | 1 | 1 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOA | &nbsp;&nbsp;&nbsp;&nbsp; BOA | &nbsp;&nbsp;&nbsp;&nbsp; BOA | 10/2025 | 10/2025 | 10/2025 | JPY | 2171 | 2171 | 2171 |  | 15 | 15 | 15 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | $ | $263 | 263 | 263 | EUR | 225 | 225 | 225 | 1 | 1 | 1 | 1 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 150 | 150 | 150 | ILS | 505 | 505 | 505 | 2 | 2 | 2 | 2 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 332 | 332 | 332 | INR | 29331 | 29331 | 29331 | 0 | 0 | 0 | 0 | (2) | (2) | (2) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 126 | 126 | 126 | JPY | 18900 | 18900 | 18900 | 2 | 2 | 2 | 2 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 181 | 181 | 181 | KRW | 250072 | 250072 | 250072 | 0 | 0 | 0 | 0 | (2) | (2) | (2) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 194 | 194 | 194 | NZD | 336 | 336 | 336 | 1 | 1 | 1 | 1 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 50 | 50 | 50 | PLN | 180 | 180 | 180 | 0 | 0 | 0 | 0 | (1) | (1) | (1) |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | JPY | 18835 | 18835 | 18835 | $ | $126 | 126 | 126 | 0 | 0 | 0 | 0 | (2) | (2) | (2) |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | NZD | 336 | 336 | 336 |  | 194 | 194 | 194 | 0 | 0 | 0 | 0 | (1) | (1) | (1) |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | $ | $60 | 60 | 60 | ILS | 199 | 199 | 199 | 1 | 1 | 1 | 1 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BPS | &nbsp;&nbsp;&nbsp;&nbsp; BPS | &nbsp;&nbsp;&nbsp;&nbsp; BPS | 10/2025 | 10/2025 | 10/2025 | BRL | 10600 | 10600 | 10600 | $ | $1768 | 1768 | 1768 | 0 | 0 | 0 | 0 | (223) | (223) | (223) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | CNH | 4616 | 4616 | 4616 |  | 648 | 648 | 648 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | IDR | 14683615 | 14683615 | 14683615 |  | 888 | 888 | 888 | 9 | 9 | 9 | 9 | (1) | (1) | (1) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | INR | 21314 | 21314 | 21314 |  | 242 | 242 | 242 | 2 | 2 | 2 | 2 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | TWD | 48695 | 48695 | 48695 |  | 1619 | 1619 | 1619 | 21 | 21 | 21 | 21 | (1) | (1) | (1) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | $ | $1959 | 1959 | 1959 | BRL | 10600 | 10600 | 10600 | 33 | 33 | 33 | 33 | (1) | (1) | (1) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 1102 | 1102 | 1102 | IDR | 18191567 | 18191567 | 18191567 | 0 | 0 | 0 | 0 | (11) | (11) | (11) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 147 | 147 | 147 | JPY | 21897 | 21897 | 21897 | 1 | 1 | 1 | 1 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 907 | 907 | 907 | KRW | 1253208 | 1253208 | 1253208 | 0 | 0 | 0 | 0 | (14) | (14) | (14) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 386 | 386 | 386 | PLN | 1404 | 1404 | 1404 | 1 | 1 | 1 | 1 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | IDR | 2506705 | 2506705 | 2506705 | $ | $150 | 150 | 150 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | INR | 15132 | 15132 | 15132 |  | 170 | 170 | 170 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | JPY | 21820 | 21820 | 21820 |  | 147 | 147 | 147 | 0 | 0 | 0 | 0 | (1) | (1) | (1) |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | KRW | 140182 | 140182 | 140182 |  | 100 | 100 | 100 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | $ | $37 | 37 | 37 | BRL | 200 | 200 | 200 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 |  | 180 | 180 | 180 | ILS | 605 | 605 | 605 | 3 | 3 | 3 | 3 | 0 | 0 | 0 |
|  |  |  | 12/2025 | 12/2025 | 12/2025 | TWD | 4266 | 4266 | 4266 | $ | $142 | 142 | 142 | 1 | 1 | 1 | 1 | 0 | 0 | 0 |
|  |  |  | 12/2025 | 12/2025 | 12/2025 | $ | $230 | 230 | 230 | IDR | 3873380 | 3873380 | 3873380 | 2 | 2 | 2 | 2 | 0 | 0 | 0 |
|  |  |  | 04/2026 | 04/2026 | 04/2026 | BRL | 4800 | 4800 | 4800 | $ | $840 | 840 | 840 | 0 | 0 | 0 | 0 | (23) | (23) | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp; BRC | &nbsp;&nbsp;&nbsp;&nbsp; BRC | &nbsp;&nbsp;&nbsp;&nbsp; BRC | 10/2025 | 10/2025 | 10/2025 | CHF | 1000 | 1000 | 1000 |  | 1253 | 1253 | 1253 | 0 | 0 | 0 | 0 | (3) | (3) | (3) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | GBP | 245 | 245 | 245 |  | 331 | 331 | 331 | 1 | 1 | 1 | 1 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | $ | $1343 | 1343 | 1343 | CHF | 1077 | 1077 | 1077 | 10 | 10 | 10 | 10 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 2 | 2 | 2 | NOK | 19 | 19 | 19 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 516 | 516 | 516 | PLN | 1885 | 1885 | 1885 | 3 | 3 | 3 | 3 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 585 | 585 | 585 | ZAR | 10315 | 10315 | 10315 | 12 | 12 | 12 | 12 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | NOK | 19 | 19 | 19 | $ | $2 | 2 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | $ | $1253 | 1253 | 1253 | CHF | 996 | 996 | 996 | 3 | 3 | 3 | 3 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 |  | 331 | 331 | 331 | GBP | 245 | 245 | 245 | 0 | 0 | 0 | 0 | (1) | (1) | (1) |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | ZAR | 1797 | 1797 | 1797 | $ | $102 | 102 | 102 | 0 | 0 | 0 | 0 | (2) | (2) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; BSH | &nbsp;&nbsp;&nbsp;&nbsp; BSH | &nbsp;&nbsp;&nbsp;&nbsp; BSH | 10/2025 | 10/2025 | 10/2025 | BRL | 8300 | 8300 | 8300 |  | 1561 | 1561 | 1561 | 1 | 1 | 1 | 1 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | $ | $1526 | 1526 | 1526 | BRL | 8300 | 8300 | 8300 | 33 | 33 | 33 | 33 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 57 | 57 | 57 | NZD | 99 | 99 | 99 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | NZD | 99 | 99 | 99 | $ | $57 | 57 | 57 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 04/2026 | 04/2026 | 04/2026 | BRL | 8900 | 8900 | 8900 |  | 1567 | 1567 | 1567 | 0 | 0 | 0 | 0 | (34) | (34) | (34) |
| &nbsp;&nbsp;&nbsp;&nbsp; CBK | &nbsp;&nbsp;&nbsp;&nbsp; CBK | &nbsp;&nbsp;&nbsp;&nbsp; CBK | 10/2025 | 10/2025 | 10/2025 | AUD | 216 | 216 | 216 |  | 141 | 141 | 141 | 0 | 0 | 0 | 0 | (2) | (2) | (2) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | CNH | 1875 | 1875 | 1875 |  | 264 | 264 | 264 | 1 | 1 | 1 | 1 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | IDR | 9119174 | 9119174 | 9119174 |  | 551 | 551 | 551 | 6 | 6 | 6 | 6 | (1) | (1) | (1) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | INR | 28966 | 28966 | 28966 |  | 326 | 326 | 326 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | NOK | 148 | 148 | 148 |  | 15 | 15 | 15 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | SGD | 1647 | 1647 | 1647 |  | 1283 | 1283 | 1283 | 6 | 6 | 6 | 6 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | THB | 2556 | 2556 | 2556 |  | 79 | 79 | 79 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |

---

------

<br> Consolidated Schedule of Investments PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 10/2025 | 59851 | 2020 | 53 | 0 |
|  | 10/2025 | $546 | 462 | 0 | (3) |
|  | 10/2025 | 328 | 5392164 | 0 | (5) |
|  | 10/2025 | 1412 | 124040 | 0 | (17) |
|  | 10/2025 | 187 | 1870 | 0 | 0 |
|  | 10/2025 | 384 | 3645 | 3 | 0 |
|  | 10/2025 | 697 | 21211 | 1 | (1) |
|  | 10/2025 | 4645 | $268 | 0 | (1) |
|  | 11/2025 | 1869 | 187 | 0 | 0 |
|  | 11/2025 | $91 | 307 | 1 | 0 |
|  | 11/2025 | 326 | 29023 | 0 | 0 |
|  | 12/2025 | 13787 | $456 | 1 | 0 |
|  | 12/2025 | $4036 | 22664 | 162 | 0 |
|  | 12/2025 | 238 | 4000227 | 1 | 0 |
|  | 01/2026 | 7269 | $241 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; DUB | 10/2025 | 9892 | 1391 | 3 | 0 |
|  | 10/2025 | 5256082 | 321 | 6 | 0 |
|  | 10/2025 | 47021 | 529 | 1 | 0 |
|  | 10/2025 | 339655 | 245 | 3 | 0 |
|  | 10/2025 | $377 | 1287 | 12 | 0 |
|  | 10/2025 | 679 | 60039 | 0 | (4) |
|  | 11/2025 | 1287 | $377 | 0 | (12) |
|  | 11/2025 | 3538 | 40 | 0 | 0 |
|  | 11/2025 | $529 | 47115 | 0 | 0 |
|  | 11/2025 | 2043 | $116 | 0 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; FAR | 10/2025 | 4355 | 2825 | 0 | (57) |
|  | 10/2025 | 179 | 225 | 0 | 0 |
|  | 10/2025 | 4313 | 607 | 2 | 0 |
|  | 10/2025 | 862521 | 5867 | 35 | 0 |
|  | 10/2025 | $3125 | 4787 | 42 | 0 |
|  | 10/2025 | 1341 | 118255 | 0 | (11) |
|  | 10/2025 | 797 | 2911 | 4 | 0 |
|  | 10/2025 | 4793 | 6173 | 0 | (8) |
|  | 11/2025 | 4787 | $3127 | 0 | (42) |
|  | 11/2025 | 6158 | 4793 | 7 | 0 |
|  | 11/2025 | $225 | 179 | 0 | 0 |
|  | 12/2025 | 1509 | $79 | 0 | (2) |
|  | 12/2025 | $742 | 14063 | 20 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; GLM | 10/2025 | 18800 | $3086 | 0 | (446) |
|  | 10/2025 | 29 | 37 | 0 | 0 |
|  | 10/2025 | 340 | 48 | 0 | 0 |
|  | 10/2025 | 3924585 | 235 | 0 | 0 |
|  | 10/2025 | 355 | 277 | 1 | 0 |
|  | 10/2025 | $3469 | 18800 | 64 | (1) |
|  | 10/2025 | 329 | 5441283 | 0 | (3) |
|  | 10/2025 | 384 | 33699 | 0 | (5) |
|  | 11/2025 | 30 | 101 | 0 | 0 |
|  | 12/2025 | 374 | $20 | 0 | (1) |
|  | 12/2025 | $230 | 3841102 | 0 | 0 |
|  | 04/2026 | 24000 | $4192 | 0 | (126) |
| &nbsp;&nbsp;&nbsp;&nbsp; IND | 10/2025 | 216 | 141 | 0 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; JPM | 10/2025 | 104 | 19 | 0 | 0 |
|  | 10/2025 | 5795 | 4193 | 29 | 0 |
|  | 10/2025 | 827 | 967 | 0 | (4) |
|  | 10/2025 | 10480521 | 628 | 0 | 0 |
|  | 10/2025 | 587874 | 424 | 5 | 0 |
|  | 10/2025 | 304 | 237 | 1 | 0 |
|  | 10/2025 | $20 | 104 | 0 | 0 |
|  | 10/2025 | 981 | 16303500 | 0 | (4) |
|  | 10/2025 | 160 | 536 | 2 | 0 |
|  | 10/2025 | 340 | 1249 | 4 | 0 |
|  | 10/2025 | 78 | 2364 | 0 | 0 |
|  | 10/2025 | 131 | 2326 | 3 | 0 |
|  | 11/2025 | 1927 | $109 | 0 | (2) |
|  | 04/2026 | 9400 | 1586 | 0 | (105) |
| &nbsp;&nbsp;&nbsp;&nbsp; MBC | 10/2025 | 32 | 40 | 0 | 0 |
|  | 10/2025 | 5034 | 708 | 2 | 0 |
|  | 10/2025 | 143 | 170 | 2 | 0 |
|  | 10/2025 | 355 | 478 | 1 | 0 |
|  | 10/2025 | 520299 | 32 | 0 | 0 |
|  | 10/2025 | 1544 | 11 | 0 | 0 |
|  | 10/2025 | 1466651 | 1052 | 7 | 0 |
|  | 10/2025 | 3957 | 413 | 0 | (8) |
|  | 10/2025 | 3869 | 3019 | 20 | 0 |
|  | 10/2025 | 6032 | 187 | 1 | 0 |
|  | 10/2025 | $208 | 164 | 0 | (2) |
|  | 10/2025 | 529 | 3768 | 0 | 0 |
|  | 10/2025 | 73 | 10852 | 0 | 0 |
|  | 10/2025 | 716 | 999430 | 0 | (4) |
|  | 10/2025 | 2 | 19 | 0 | 0 |
|  | 10/2025 | 130 | 4209 | 0 | 0 |
|  | 11/2025 | 3760 | $529 | 0 | 0 |
|  | 11/2025 | 116 | 137 | 0 | 0 |
|  | 11/2025 | 18553 | 125 | 0 | 0 |

---

------

<br> Consolidated Schedule of Investments PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 11/2025 | 11/2025 | NOK | 19 |  | 2 | 2 | 2 |  | 0 | 0 | 0 |  | 0 |
|  |  | 11/2025 | 11/2025 | $ | 478 | GBP | 355 | 355 | 355 |  | 0 | 0 | 0 |  | (1) |
|  |  | 11/2025 | 11/2025 |  | 208 | INR | 18527 | 18527 | 18527 |  | 0 | 0 | 0 |  | 0 |
|  |  | 12/2025 | 12/2025 |  | 101 | MXN | 1912 | 1912 | 1912 |  | 3 | 3 | 3 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; MYI | &nbsp;&nbsp;&nbsp;&nbsp; MYI | 10/2025 | 10/2025 | BRL | 400 | $ | 65 | 65 | 65 |  | 0 | 0 | 0 |  | (10) |
|  |  | 10/2025 | 10/2025 | CNH | 5082 |  | 714 | 714 | 714 |  | 1 | 1 | 1 |  | 0 |
|  |  | 10/2025 | 10/2025 | IDR | 2104798 |  | 128 | 128 | 128 |  | 2 | 2 | 2 |  | 0 |
|  |  | 10/2025 | 10/2025 | JPY | 9600 |  | 65 | 65 | 65 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 | $ | 75 | BRL | 400 | 400 | 400 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 |  | 2773 | JPY | 413994 | 413994 | 413994 |  | 26 | 26 | 26 |  | 0 |
|  |  | 10/2025 | 10/2025 |  | 210 | PLN | 762 | 762 | 762 |  | 0 | 0 | 0 |  | (1) |
|  |  | 10/2025 | 10/2025 |  | 397 | TWD | 11953 | 11953 | 11953 |  | 0 | 0 | 0 |  | (4) |
|  |  | 11/2025 | 11/2025 | JPY | 412562 | $ | 2773 | 2773 | 2773 |  | 0 | 0 | 0 |  | (26) |
|  |  | 12/2025 | 12/2025 | TWD | 11875 |  | 397 | 397 | 397 |  | 5 | 5 | 5 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; NGF | &nbsp;&nbsp;&nbsp;&nbsp; NGF | 10/2025 | 10/2025 | KRW | 778656 |  | 560 | 560 | 560 |  | 5 | 5 | 5 |  | 0 |
|  |  | 10/2025 | 10/2025 | $ | 295 | IDR | 4887126 | 4887126 | 4887126 |  | 0 | 0 | 0 |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; SCX | &nbsp;&nbsp;&nbsp;&nbsp; SCX | 10/2025 | 10/2025 | CNH | 3696 | $ | 520 | 520 | 520 |  | 1 | 1 | 1 |  | 0 |
|  |  | 10/2025 | 10/2025 | IDR | 4738625 |  | 284 | 284 | 284 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 | INR | 33379 |  | 375 | 375 | 375 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 | JPY | 49153 |  | 334 | 334 | 334 |  | 2 | 2 | 2 |  | 0 |
|  |  | 10/2025 | 10/2025 | TWD | 35447 |  | 1196 | 1196 | 1196 |  | 32 | 32 | 32 |  | 0 |
|  |  | 10/2025 | 10/2025 | $ | 330 | IDR | 5422046 | 5422046 | 5422046 |  | 0 | 0 | 0 |  | (5) |
|  |  | 10/2025 | 10/2025 |  | 661 | INR | 58368 | 58368 | 58368 |  | 0 | 0 | 0 |  | (5) |
|  |  | 11/2025 | 11/2025 | JPY | 89 | $ | 1 | 1 | 1 |  | 0 | 0 | 0 |  | 0 |
|  |  | 11/2025 | 11/2025 | $ | 336 | INR | 29903 | 29903 | 29903 |  | 0 | 0 | 0 |  | 0 |
|  |  | 12/2025 | 12/2025 |  | 284 | IDR | 4750602 | 4750602 | 4750602 |  | 0 | 0 | 0 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOG | &nbsp;&nbsp;&nbsp;&nbsp; SOG | 10/2025 | 10/2025 | BRL | 1179 | $ | 221 | 221 | 221 |  | 0 | 0 | 0 |  | (1) |
|  |  | 10/2025 | 10/2025 | JPY | 450092 |  | 3061 | 3061 | 3061 |  | 17 | 17 | 17 |  | 0 |
|  |  | 10/2025 | 10/2025 | NZD | 435 |  | 253 | 253 | 253 |  | 1 | 1 | 1 |  | 0 |
|  |  | 10/2025 | 10/2025 | $ | 222 | BRL | 1179 | 1179 | 1179 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 |  | 18291 | EUR | 15553 | 15553 | 15553 |  | 0 | 0 | 0 |  | (31) |
|  |  | 10/2025 | 10/2025 |  | 6059 | JPY | 901575 | 901575 | 901575 |  | 38 | 38 | 38 |  | 0 |
|  |  | 11/2025 | 11/2025 | EUR | 15553 | $ | 18327 | 18327 | 18327 |  | 31 | 31 | 31 |  | 0 |
|  |  | 11/2025 | 11/2025 | JPY | 898457 |  | 6059 | 6059 | 6059 |  | 0 | 0 | 0 |  | (38) |
|  |  | 12/2025 | 12/2025 | $ | 221 | BRL | 1195 | 1195 | 1195 |  | 1 | 1 | 1 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; SSB | &nbsp;&nbsp;&nbsp;&nbsp; SSB | 10/2025 | 10/2025 |  | 975 | GBP | 723 | 723 | 723 |  | 0 | 0 | 0 |  | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp; UAG | &nbsp;&nbsp;&nbsp;&nbsp; UAG | 10/2025 | 10/2025 | ILS | 2458 |  | 737 | 737 | 737 |  | 0 | 0 | 0 |  | (5) |
|  |  | 10/2025 | 10/2025 | NOK | 1824 |  | 179 | 179 | 179 |  | 0 | 0 | 0 |  | (4) |
|  |  | 10/2025 | 10/2025 | $ | 38 | ILS | 129 | 129 | 129 |  | 1 | 1 | 1 |  | 0 |
|  |  | 10/2025 | 10/2025 |  | 15 | INR | 1362 | 1362 | 1362 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 |  | 210 | PLN | 761 | 761 | 761 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 |  | 130 | THB | 4207 | 4207 | 4207 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 |  | 269 | ZAR | 4644 | 4644 | 4644 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 | ZAR | 4647 | $ | 269 | 269 | 269 |  | 0 | 0 | 0 |  | 0 |
|  |  | 11/2025 | 11/2025 | ILS | 129 |  | 38 | 38 | 38 |  | 0 | 0 | 0 |  | (1) |
|  |  | 11/2025 | 11/2025 | ZAR | 1954 |  | 111 | 111 | 111 |  | 0 | 0 | 0 |  | (2) |
| **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** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | $**822** | **822** | **822** | **$** | $**(1462)** | **(1462)** |
| **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** |
| **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** |
| Counterparty | Description | Description | Initial<br>Index | &nbsp;&nbsp;&nbsp;&nbsp; Floating<br>Rate | &nbsp;&nbsp;&nbsp;&nbsp; Floating<br>Rate | &nbsp;&nbsp;&nbsp;&nbsp; Floating<br>Rate | &nbsp;&nbsp;&nbsp;&nbsp; Floating<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Notional<br>Amount<sup>(1)</sup> | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Premiums<br>(Received) |  | Market<br>Value |
| GLM | Cap - OTC CPALEMU | Cap - OTC CPALEMU | 100.151 | &nbsp;&nbsp;&nbsp;&nbsp; Maximum of [(Final Index/Initial Index - 1) - 3.000%] or 0 | &nbsp;&nbsp;&nbsp;&nbsp; Maximum of [(Final Index/Initial Index - 1) - 3.000%] or 0 | &nbsp;&nbsp;&nbsp;&nbsp; Maximum of [(Final Index/Initial Index - 1) - 3.000%] or 0 | &nbsp;&nbsp;&nbsp;&nbsp; Maximum of [(Final Index/Initial Index - 1) - 3.000%] or 0 | 06/22/2035 | 1200 | 1200 | 1200 | $(55) | (55) | $ | $(27) |
| **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** |
| Counterparty | Description | Description | Floating Rate<br>Index | Floating Rate<br>Index | Exercise<br>Rate | Exercise<br>Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Notional<br>Amount<sup>(1)</sup> | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Premiums<br>(Received) |  | Market<br>Value |
| BRC | Call - OTC 2-Year Interest Rate Swap | Call - OTC 2-Year Interest Rate Swap | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 2.440% | 2.440% | 2.440% | 01/25/2027 | 1400 | 1400 | 1400 | $(13) | (13) | $ | $(9) |
|  | Put - OTC 2-Year Interest Rate Swap | Put - OTC 2-Year Interest Rate Swap | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 2.440 | 2.440 | 2.440 | 01/25/2027 | 1400 | 1400 | 1400 | (12) | (12) |  | (6) |
| GLM | Call - OTC 2-Year Interest Rate Swap | Call - OTC 2-Year Interest Rate Swap | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 2.350 | 2.350 | 2.350 | 01/07/2027 | 12500 | 12500 | 12500 | (113) | (113) |  | (67) |
|  | Put - OTC 2-Year Interest Rate Swap | Put - OTC 2-Year Interest Rate Swap | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 2.350 | 2.350 | 2.350 | 01/07/2027 | 12500 | 12500 | 12500 | (113) | (113) |  | (67) |
|  | Call - OTC 2-Year Interest Rate Swap | Call - OTC 2-Year Interest Rate Swap | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 2.500 | 2.500 | 2.500 | 01/14/2027 | 5000 | 5000 | 5000 | (46) | (46) |  | (36) |
|  | Put - OTC 2-Year Interest Rate Swap | Put - OTC 2-Year Interest Rate Swap | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 2.500 | 2.500 | 2.500 | 01/14/2027 | 5000 | 5000 | 5000 | (46) | (46) |  | (20) |
|  |  |  |  |  |  |  |  |  |  |  |  | $(343) | (343) | $ | $(205) |
| **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | $**(398)** | **(398)** | **$** | $**(232)** |

---

------

<br> Consolidated Schedule of Investments PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 0 | 5 | 13 | 14 | 26 | 38 | 39 | 46 | 54 | 60 | 75 | 79 | 82 | 108 | 134 | 146 | 157 | 172 | 178 | 190 | 200 |
| **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** |
| **COMMODITY FORWARD SWAPS** | **COMMODITY FORWARD SWAPS** | **COMMODITY FORWARD SWAPS** | **COMMODITY FORWARD SWAPS** | **COMMODITY FORWARD SWAPS** | **COMMODITY FORWARD SWAPS** | **COMMODITY FORWARD SWAPS** | **COMMODITY FORWARD SWAPS** | **COMMODITY FORWARD SWAPS** | **COMMODITY FORWARD SWAPS** | **COMMODITY FORWARD SWAPS** | **COMMODITY FORWARD SWAPS** | **COMMODITY FORWARD SWAPS** | **COMMODITY FORWARD SWAPS** | **COMMODITY FORWARD SWAPS** | **COMMODITY FORWARD SWAPS** | **COMMODITY FORWARD SWAPS** | **COMMODITY FORWARD SWAPS** | **COMMODITY FORWARD SWAPS** | **COMMODITY FORWARD SWAPS** | **COMMODITY FORWARD SWAPS** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Swap Agreements, at Value</u> | <u>Swap Agreements, at Value</u> | <u>Swap Agreements, at Value</u> |
| &nbsp;&nbsp; Counterparty | &nbsp;&nbsp; Counterparty | Pay/Receive | Underlying Reference Commodity | Underlying Reference Commodity | Underlying Reference Commodity | Fixed Price<br>Per Unit | Fixed Price<br>Per Unit | Fixed Price<br>Per Unit | Payment<br>Frequency | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date | # of<br>Units | Premiums<br>Paid/(Received) | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Liability |
| &nbsp;&nbsp; BPS | &nbsp;&nbsp; BPS | Pay | NAPGASFO Index | NAPGASFO Index | NAPGASFO Index | $ | 13.871 | 13.871 | Maturity | Maturity | 10/31/2025 | 10/31/2025 | 1000 | $0 | 0 | $3 | 3 | $3 | 3 | $0 |
|  |  | Receive | NAPGASFO Index | NAPGASFO Index | NAPGASFO Index |  | 5.880 | 5.880 | Maturity | Maturity | 12/31/2025 | 12/31/2025 | 3000 | (1) | (1) | 12 | 12 | 11 | 11 | 0 |
|  |  | Receive | NAPGASFO Index | NAPGASFO Index | NAPGASFO Index |  | 7.860 | 7.860 | Maturity | Maturity | 12/31/2025 | 12/31/2025 | 3000 | 0 | 0 | 6 | 6 | 6 | 6 | 0 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1) | $ | 21 | $ | 20 | $ | 0 |
| **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Swap Agreements, at Value</u><sup>(4)</sup> | <u>Swap Agreements, at Value</u><sup>(4)</sup> | <u>Swap Agreements, at Value</u><sup>(4)</sup> |
| Counterparty | Index/Tranches | Index/Tranches | Index/Tranches | Index/Tranches | Index/Tranches | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) |  | Unrealized<br>Appreciation/<br>(Depreciation) |  | Asset |  | Liability |
| DUB | CMBX.NA.AAA.8 Index | CMBX.NA.AAA.8 Index | CMBX.NA.AAA.8 Index | CMBX.NA.AAA.8 Index | CMBX.NA.AAA.8 Index | CMBX.NA.AAA.8 Index | 0.500% | Monthly | Monthly | 10/17/2057 | 10/17/2057 | 10/17/2057 | 12 | (1) | $ | 1 | $ | 0 | $ | 0 |
| GST | CMBX.NA.AAA.8 Index | CMBX.NA.AAA.8 Index | CMBX.NA.AAA.8 Index | CMBX.NA.AAA.8 Index | CMBX.NA.AAA.8 Index | CMBX.NA.AAA.8 Index | 0.500 | Monthly | Monthly | 10/17/2057 | 10/17/2057 | 10/17/2057 | 5 | 0 |  | 0 |  | 0 |  | 0 |
| SAL | CMBX.NA.AAA.12 Index | CMBX.NA.AAA.12 Index | CMBX.NA.AAA.12 Index | CMBX.NA.AAA.12 Index | CMBX.NA.AAA.12 Index | CMBX.NA.AAA.12 Index | 0.500 | Monthly | Monthly | 08/17/2061 | 08/17/2061 | 08/17/2061 | 400 | (1) |  | 3 |  | 2 |  | 0 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2) | (2) | 4 | $ | 2 | 2 | 0 |
| **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Swap Agreements, at Value</u> | <u>Swap Agreements, at Value</u> | <u>Swap Agreements, at Value</u> |
| &nbsp;&nbsp; Counterparty | &nbsp;&nbsp; Counterparty | Pay/Receive<sup>(5)</sup> | Underlying<br>Reference | # of Units | &nbsp;&nbsp; Financing Rate | &nbsp;&nbsp; Financing Rate | &nbsp;&nbsp; Financing Rate | &nbsp;&nbsp; Financing Rate | &nbsp;&nbsp; Financing Rate | Payment<br>Frequency | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) |  | Asset | Asset | Liability |
| &nbsp;&nbsp; BPS | &nbsp;&nbsp; BPS | BCOMF1NTC Index | BCOMF1NTC Index | 17434 | &nbsp;&nbsp; 0.120% | &nbsp;&nbsp; 0.120% | &nbsp;&nbsp; 0.120% | &nbsp;&nbsp; 0.120% | &nbsp;&nbsp; 0.120% | Monthly | Monthly | 03/16/2026 | $2220 | 0 | 0 | (1) | $ | 0 | 0 | (1) |
|  |  | BCOMF1TC Index | BCOMF1TC Index | 140482 | &nbsp;&nbsp; 4.000% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 4.000% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 4.000% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 4.000% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 4.000% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | Monthly | 03/16/2026 | 15807 | 0 | 0 | (14) |  | 0 | 0 | (14) |
|  |  | BCOMTR Index | BCOMTR Index | 182433 | &nbsp;&nbsp; 3.980% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 3.980% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 3.980% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 3.980% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 3.980% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | Monthly | 03/16/2026 | 47562 | 0 | 0 | (28) |  | 0 | 0 | (28) |
| &nbsp;&nbsp; CBK | &nbsp;&nbsp; CBK | BCOMF1TC Index | BCOMF1TC Index | 421 | &nbsp;&nbsp; 4.000% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 4.000% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 4.000% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 4.000% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 4.000% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | Monthly | 05/15/2026 | 54 | 0 | 0 | 0 |  | 0 | 0 | 0 |
|  |  | BCOMTR Index | BCOMTR Index | 7319 | &nbsp;&nbsp; 3.980% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 3.980% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 3.980% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 3.980% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 3.980% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | Monthly | 05/15/2026 | 1908 | 0 | 0 | (1) |  | 0 | 0 | (1) |
|  |  | CIXBSTR3 Index | CIXBSTR3 Index | 118366 | &nbsp;&nbsp; 4.010% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 4.010% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 4.010% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 4.010% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 4.010% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | Monthly | 05/15/2026 | 33916 | 0 | 0 | (13) |  | 0 | 0 | (13) |
| &nbsp;&nbsp; CIB | &nbsp;&nbsp; CIB | BCOMTR Index | BCOMTR Index | 11132 | &nbsp;&nbsp; 3.980% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 3.980% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 3.980% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 3.980% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 3.980% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | Monthly | 06/15/2026 | 2902 | 0 | 0 | (2) |  | 0 | 0 | (2) |
| &nbsp;&nbsp; GST | &nbsp;&nbsp; GST | SPGCINP Index | SPGCINP Index | 721 | &nbsp;&nbsp; (0.070%) | &nbsp;&nbsp; (0.070%) | &nbsp;&nbsp; (0.070%) | &nbsp;&nbsp; (0.070%) | &nbsp;&nbsp; (0.070%) | Monthly | Monthly | 01/15/2026 | 157 | 0 | 0 | 0 |  | 0 | 0 | 0 |
|  |  | BCOMF1NTC Index | BCOMF1NTC Index | 1176 | &nbsp;&nbsp; 4.060% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 4.060% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 4.060% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 4.060% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 4.060% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | Monthly | 04/15/2026 | 423 | 0 | 0 | (1) |  | 0 | 0 | (1) |
|  |  | BCOMF1TC Index | BCOMF1TC Index | 102940 | &nbsp;&nbsp; 4.000% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 4.000% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 4.000% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 4.000% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 4.000% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | Monthly | 04/15/2026 | 42915 | 0 | 0 | (39) |  | 0 | 0 | (39) |
|  |  | BCOMTR Index | BCOMTR Index | 19697 | &nbsp;&nbsp; 3.990% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 3.990% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 3.990% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 3.990% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 3.990% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | Monthly | 04/15/2026 | 5135 | 0 | 0 | (3) |  | 0 | 0 | (3) |
|  |  | CMDSKEWLS Index | CMDSKEWLS Index | 11165 | &nbsp;&nbsp; 0.250% | &nbsp;&nbsp; 0.250% | &nbsp;&nbsp; 0.250% | &nbsp;&nbsp; 0.250% | &nbsp;&nbsp; 0.250% | Monthly | Monthly | 04/15/2026 | 4827 | 0 | 0 | 286 |  | 286 | 286 | 0 |
| &nbsp;&nbsp; JPM | &nbsp;&nbsp; JPM | JMABFNJ2 Index | JMABFNJ2 Index | 35936 | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 0.000% | Monthly | Monthly | 01/30/2026 | 3761 | 0 | 0 | 0 |  | 0 | 0 | 0 |
|  |  | BCOMF1TC Index | BCOMF1TC Index | 21991 | &nbsp;&nbsp; 4.010% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 4.010% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 4.010% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 4.010% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 4.010% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | Monthly | 07/15/2026 | 4795 | 0 | 0 | (4) |  | 0 | 0 | (4) |
|  |  | JMABNIC5 Index | JMABNIC5 Index | 61603 | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 0.000% | Monthly | Monthly | 07/15/2026 | 11600 | 0 | 0 | 0 |  | 0 | 0 | 0 |
| &nbsp;&nbsp; MAC | &nbsp;&nbsp; MAC | BCOMTR Index | BCOMTR Index | 12979 | &nbsp;&nbsp; 3.990% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 3.990% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 3.990% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 3.990% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 3.990% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | Monthly | 08/17/2026 | 3384 | 0 | 0 | (2) |  | 0 | 0 | (2) |
|  |  | PIMCODB Index | PIMCODB Index | 200698 | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 0.000% | Monthly | Monthly | 08/17/2026 | 41046 | 0 | 0 | 281 |  | 281 | 281 | 0 |

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<br> Consolidated Schedule of Investments PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 0 | 3 | 6 | 13 | 14 | 26 | 40 | 45 | 59 | 72 | 95 | 102 | 115 | 134 | 147 | 157 | 161 | 178 | 191 | 200 |
| &nbsp;&nbsp; MEI | &nbsp;&nbsp; MEI | Receive | BCOMTR Index | BCOMTR Index | 36 | &nbsp;&nbsp; 3.980% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 3.980% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 3.980% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 09/15/2026 |  | 9 | 0 |  | 0 | 0 | 0 |  | 0 |
|  |  | Receive | BCOMTR2 Index | BCOMTR2 Index | 292026 | &nbsp;&nbsp; 3.980% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 3.980% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 3.980% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 09/15/2026 |  | 57489 | 0 |  | (12) | (12) | 0 |  | (12) |
| &nbsp;&nbsp; MYC | &nbsp;&nbsp; MYC | Receive | BCOMTR Index | BCOMTR Index | 201811 | &nbsp;&nbsp; 3.970% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 3.970% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 3.970% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 10/15/2026 |  | 52614 | 0 |  | (32) | (32) | 0 |  | (32) |
|  |  | Receive | BCOMTR1 Index | BCOMTR1 Index | 102417 | &nbsp;&nbsp; 4.010% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 4.010% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 4.010% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 10/15/2026 |  | 77562 | 0 |  | (48) | (48) | 0 |  | (48) |
| &nbsp;&nbsp; RBC | &nbsp;&nbsp; RBC | Receive | RBCAEC0T Index | RBCAEC0T Index | 50266 | &nbsp;&nbsp; 3.960% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 3.960% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 3.960% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 11/16/2026 |  | 4458 | 0 |  | (3) | (3) | 0 |  | (3) |
| &nbsp;&nbsp; SOG | &nbsp;&nbsp; SOG | Receive | BCOMTR Index | BCOMTR Index | 10441 | &nbsp;&nbsp; 3.960% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 3.960% (3-Month U.S. Treasury Bill rate plus a specified spread) | &nbsp;&nbsp; 3.960% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 12/15/2026 |  | 2722 | 0 |  | (2) | (2) | 0 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  | 0 | $ | 362 | 362 | 567 | $ | (205) |
| **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Swap Agreements, at Value</u> | <u>Swap Agreements, at Value</u> | <u>Swap Agreements, at Value</u> |
| &nbsp;&nbsp; Counterparty | &nbsp;&nbsp; Counterparty | Pay/Receive<sup>(5)</sup> | Pay/Receive<sup>(5)</sup> | Underlying<br>Reference | # of Shares | # of Shares | &nbsp;&nbsp; Financing Rate | &nbsp;&nbsp; Financing Rate | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date | Notional<br>Amount | Premiums Paid/(Received) |  | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset |  | Liability |
| &nbsp;&nbsp; MYC | &nbsp;&nbsp; MYC | Receive | Receive | U.S. Treasury Inflation Protected Securities | N/A | N/A | &nbsp;&nbsp; 4.330% | &nbsp;&nbsp; 4.330% | Maturity | 10/09/2025 | $ | 35000 | $0 | 0 | $(133) | (133) | $0 | 0 | $(133) |
| **VOLATILITY SWAPS** | **VOLATILITY SWAPS** | **VOLATILITY SWAPS** | **VOLATILITY SWAPS** | **VOLATILITY SWAPS** | **VOLATILITY SWAPS** | **VOLATILITY SWAPS** | **VOLATILITY SWAPS** | **VOLATILITY SWAPS** | **VOLATILITY SWAPS** | **VOLATILITY SWAPS** | **VOLATILITY SWAPS** | **VOLATILITY SWAPS** | **VOLATILITY SWAPS** | **VOLATILITY SWAPS** | **VOLATILITY SWAPS** | **VOLATILITY SWAPS** | **VOLATILITY SWAPS** | **VOLATILITY SWAPS** | **VOLATILITY SWAPS** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Swap Agreements, at Value</u> | <u>Swap Agreements, at Value</u> | <u>Swap Agreements, at Value</u> |
| &nbsp;&nbsp; Counterparty | &nbsp;&nbsp; Counterparty | Pay/Receive<br>Volatility | Pay/Receive<br>Volatility | Reference Entity | Reference Entity | Volatility<br>Strike | Volatility<br>Strike | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Liability |
| &nbsp;&nbsp; JPM | &nbsp;&nbsp; JPM | Pay | Pay | GOLDLNPM Index<sup>(6)</sup> | GOLDLNPM Index<sup>(6)</sup> |  | 4.203% | Maturity | 10/22/2025 | 10/22/2025 | $10168 | 10168 | $0 | 0 | $126 | 126 | $126 | 126 | $0 |
|  |  | Pay | Pay | GOLDLNPM Index<sup>(6)</sup> | GOLDLNPM Index<sup>(6)</sup> |  | 6.325 | Maturity | 04/10/2026 | 04/10/2026 | 4453 | 4453 | 0 | 0 | 154 | 154 | 154 | 154 | 0 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $0 | 0 | $280 | 280 | $280 | 280 | $0 |
| **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **(3)** | **$** | **534** | **534** | **869** | **$** | **(338)** |
| **(k)** | **Securities with an aggregate market value of $611 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $611 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $611 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $611 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $611 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $611 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $611 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $611 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $611 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $611 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $611 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $611 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $611 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $611 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $611 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $611 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $611 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $611 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $611 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** |
| <sup>(1)</sup> | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
| <sup>(5)</sup> | Receive represents that the 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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>(6)</sup> | Variance Swap | Variance Swap | Variance Swap | Variance Swap | Variance Swap | Variance Swap | Variance Swap | Variance Swap | Variance Swap | Variance Swap | Variance Swap | Variance Swap | Variance Swap | Variance Swap | Variance Swap | Variance Swap | Variance Swap | Variance Swap | Variance Swap |
| **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** |
| **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: |  |
| Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Level 1 | Level 1 | Level 2 | Level 2 | Level 2 | Level 3 | Level 3 | Level 3 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 |  |

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<br> Consolidated Schedule of Investments PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | | |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |  |  |
| Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | $0 | 0 | 0 | $246 | 246 | $0 | 0 | $ | 246 |  |  |
| Industrials | Industrials | Industrials | Industrials | Industrials | Industrials | 0 | 0 | 0 | 0 | 0 | 2000 | 2000 |  | 2000 |  |  |
| U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | 0 | 0 | 0 | 68742 | 68742 | 4100 | 4100 |  | 72842 |  |  |
| U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | 0 | 0 | 0 | 421352 | 421352 | 0 | 0 |  | 421352 |  |  |
| Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | 0 | 0 | 0 | 2320 | 2320 | 0 | 0 |  | 2320 |  |  |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |  |  |
| CMBS Other | CMBS Other | CMBS Other | CMBS Other | CMBS Other | CMBS Other | 0 | 0 | 0 | 1898 | 1898 | 0 | 0 |  | 1898 |  |  |
| Home Equity Other | Home Equity Other | Home Equity Other | Home Equity Other | Home Equity Other | Home Equity Other | 0 | 0 | 0 | 3638 | 3638 | 0 | 0 |  | 3638 |  |  |
| Whole Loan Collateral | Whole Loan Collateral | Whole Loan Collateral | Whole Loan Collateral | Whole Loan Collateral | Whole Loan Collateral | 0 | 0 | 0 | 2287 | 2287 | 0 | 0 |  | 2287 |  |  |
| Other ABS | Other ABS | Other ABS | Other ABS | Other ABS | Other ABS | 0 | 0 | 0 | 22082 | 22082 | 0 | 0 |  | 22082 |  |  |
| Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | 0 | 0 | 0 | 26447 | 26447 | 0 | 0 |  | 26447 |  |  |
| Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |  |  |
| Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | 0 | 0 | 0 | 233 | 233 | 0 | 0 |  | 233 |  |  |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |  |  |
| Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | 0 | 0 | 0 | 195700 | 195700 | 0 | 0 |  | 195700 |  |  |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | 0 | 0 | 0 | 2410 | 2410 | 0 | 0 |  | 2410 |  |  |
|  |  |  |  |  |  | $0 | 0 | 0 | $747355 | 747355 | $6100 | 6100 | $ | 753455 |  |  |
| **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** | **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 | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |  |  |
| Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | $4868 | 4868 | 4868 | $0 | 0 | $0 | 0 | $ | 4868 |  |  |
| Total Investments | Total Investments | Total Investments | Total Investments | Total Investments | Total Investments | $4868 | 4868 | 4868 | $747355 | 747355 | $6100 | 6100 | $ | 758323 |  |  |
| **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** | **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 | 471 | 471 | 471 | 274 | 274 | 0 | 0 |  | 745 |  |  |
| Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | 0 | 0 | 0 | 1691 | 1691 | 0 | 0 |  | 1691 |  |  |
|  |  |  |  |  |  | $471 | 471 | 471 | $1965 | 1965 | $0 | 0 | $ | 2436 |  |  |
| **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** | **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** | **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 | (350) | (350) | (350) | (185) | (185) | 0 | 0 |  | (535) |  |  |
| Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | 0 | 0 | 0 | (2032) | (2032) | 0 | 0 |  | (2032) |  |  |
|  |  |  |  |  |  | $(350) | (350) | (350) | $(2217) | (2217) | $0 | 0 | $ | (2567) |  |  |
| Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | $121 | 121 | 121 | $(252) | (252) | $0 | 0 | $ | (131) |  |  |
| Totals | Totals | Totals | Totals | Totals | Totals | $4989 | 4989 | 4989 | $747103 | 747103 | $6100 | 6100 | $ | 758192 |  |  |
| **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** |
| Category and Subcategory | Beginning<br>Balance<br>at 12/31/2024 | Net<br>Purchases | Net<br>Sales/Settlements | Net<br>Sales/Settlements | Accrued<br>Discounts/<br>(Premiums) | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Transfers into<br>Level 3 | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(1)</sup> | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(1)</sup> |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
| Corporate Bonds & Notes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Industrials | $0 | 2000 | $ | $0 | $ | 0 | $0 | $ | 0 | $0 | 0 | $0 | 0 | 2000 | $ | 0 |
| U.S. Government Agencies | 0 | 4100 |  | 0 |  | 0 | 0 |  | 0 | 0 | 0 | 0 | 0 | 4100 |  | 0 |
| Totals | 0 | 6100 | $ | $0 | $ | 0 | $0 | $ | 0 | $0 | 0 | $0 | 0 | 6100 | $ | 0 |
| <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** |
|  |  |  |  |  |  |  |  |  |  |  |  |  | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | Input Value(s) | Input Value(s) | Weighted Average | Weighted 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** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| Industrials | Industrials | $2000 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | 100.000 | 100.000 |  |  |
| U.S. Government Agencies | U.S. Government Agencies | 4100 | 4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | 100.000 | 100.000 |  |  |
| Total | Total | $6100 | 6100 |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. |

---

------

Notes to Financial Statements

**1** **. BASIS FOR CONSOLIDATION**

The Commodity Subsidiary, a Cayman Islands exempted company, was incorporated on July 21, 2006, as a wholly owned subsidiary acting as an investment vehicle for the Portfolio in order to effect certain investments for the Portfolio consistent with the Portfolio's investment objectives and policies as specified in its prospectus and statement of additional information. The Portfolio's investment portfolio has been consolidated and includes the portfolio holdings of the Portfolio and the Commodity Subsidiary. The consolidated financial statements include the accounts of the Portfolio and the Commodity Subsidiary. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the Portfolio and the Commodity Subsidiary, comprising the entire issued share capital of the Commodity Subsidiary, with the intent that the Portfolio will remain the sole shareholder and retain all rights. Under the Memorandum and Articles of Association, shares issued by the Commodity Subsidiary confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Commodity Subsidiary and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Commodity Subsidiary. The net assets of the Commodity Subsidiary as of period end represented 27.7% of the Portfolio's consolidated net assets.

**2. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS**

**(a) Investment Valuation Policies** The net asset value ("NAV") of the Portfolio'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 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, the Portfolio'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 Portfolio 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 Portfolio may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The 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, the Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that the 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 the 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 Portfolio 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 Pacific Investment Management Company LLC ("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 Investment Company Act of 1940, as amended (the "Act"). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees has designated PIMCO as the valuation designee ("Valuation Designee") for the Portfolio to perform the fair value determination relating to all Portfolio investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of portfolio investments. The Valuation Designee may value portfolio securities for which market quotations are not readily available and other Portfolio assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, exchange-traded funds ("ETFs"), exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Portfolio's assets that are invested in one or more open-end management investment companies (other than ETFs), the 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, 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 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. The 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 the 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 the 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 the 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 the 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 the Portfolio may transact.

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 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 the Portfolio could

------

Notes to Financial Statements (Cont.)

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 Portfolio may differ from the value that would be realized if the securities were sold. The Portfolio's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the " Frequent or Excessive Purchases, Exchanges and Redemptions " section in the Portfolio's prospectus.

Under certain circumstances, the per share NAV of a class of the Portfolio'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 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:

• Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

• Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Consolidated Schedule of Investments for the 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 ofthe Portfolio'sassets 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 Consolidated Schedule of Investments for the 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.

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.

------

Notes to Financial Statements (Cont.)

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indexes, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Securities may be valued based on purchase prices of privately negotiated transactions. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

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.

**3. FEDERAL INCOME TAX MATTERS**

The 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.

The 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 Portfolio's tax positions for all open tax years. As of September 30, 2025, the Portfolio 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 Portfolio files U.S. federal, state and local tax returns as required. The Portfolio'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.

One of the requirements for favorable tax treatment as a regulated investment company under the Code is that the Portfolio derive at least 90% of its gross income from certain qualifying sources of income. The IRS has issued a revenue ruling which holds that income derived from commodity index-linked derivatives, if earned directly by the Portfolio, is not qualifying income under Subchapter M of the Code. As such, the Portfolio's ability to utilize direct investments in commodity-linked swaps as part of its investment strategy is limited to a maximum of 10% of its gross income. However, in a subsequent revenue ruling, the IRS provides that income from alternative investment instruments (such as certain commodity index-linked notes) that create commodity exposure may be considered qualifying income under the Code. The IRS has issued private letter rulings in which the IRS specifically concluded that income derived from an investment in a subsidiary that provides commodity-linked exposure through its investments will constitute qualifying income.

The Portfolio will continue to seek to gain exposure to the commodity markets primarily through investments in the Commodity Subsidiary and perhaps through commodity-linked notes. The Commodity Subsidiary will be treated as a controlled foreign corporation. As a result, the Portfolio with the Commodity Subsidiary will be required to include in gross income for U.S. federal income tax purposes all of the Commodity Subsidiary's "subpart F income," whether or not such income is distributed by the Commodity Subsidiary. It is expected that all of the Commodity Subsidiary's income and realized gains and mark-to-market gains will be "subpart F income." The Portfolio's recognition of the Commodity Subsidiary's "subpart F income" will increase the Portfolio's tax basis in the Commodity Subsidiary. Distributions by the Commodity Subsidiary to the Portfolio will be tax-free, to the extent of its previously undistributed "subpart F income," and will correspondingly reduce the Portfolio's tax basis in the Commodity Subsidiary. "Subpart F income" is generally treated by the Portfolio as ordinary income, regardless of the character of the Commodity Subsidiary's underlying income or gains.

If a net loss is realized by the Commodity Subsidiary, such loss is not generally available to offset the income earned by the Commodity Subsidiary's parent Portfolio, and such loss cannot be carried forward to offset taxable income of the parent Portfolio or the Commodity Subsidiary in future periods.

Under IRS regulations, income derived from a controlled foreign corporation will be considered qualifying income if distributed to the Portfolio or if the Portfolio's income from in the subsidiary is derived with respect to the Portfolio's business of investing in securities. A subsidiary may pay such a distribution at any time. An IRS revenue procedure states that the IRS will not in the future issue private letter rulings that would require a determination of whether an asset (such as a commodity index-linked note) is a "security" under the Act.

There can be no assurance that the IRS will not change its position with respect to some or all of these conclusions or that future legislation will not adversely impact the tax treatment of the Portfolio's commodity-linked investments. If the IRS were to change or reverse its position, or if future legislation adversely affected the tax treatment of the Portfolio's commodity-linked investments, there would likely be a significant adverse impact on the Portfolio, including the possibility of failing to qualify as a regulated investment company. If the Portfolio did not qualify as a regulated investment company for any taxable year, its taxable income would be subject to tax at the Portfolio level at regular corporate tax rates (without reduction for distributions to shareholders) and to a further tax at the shareholder level when such income is distributed. Furthermore, the tax treatment of the Portfolio's investments in its Subsidiary may otherwise be adversely affected by future legislation, court decisions, Treasury Regulations and/or guidance issued by the IRS. Such developments could affect the character, timing and/or amount of the Portfolio's taxable income or any distributions made by the Portfolio or result in the inability of the Portfolio to operate as described in the Portfolio's prospectus.

------

Notes to Financial Statements (Cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. INVESTMENTS IN AFFILIATES**

The 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 Portfolio. A copy of each affiliate fund's shareholder report is available at the U.S. Securities and Exchange Commission ("SEC") website at www.sec.gov, on the Portfolio's website at www.pimco.com, or upon request, as applicable. The table below shows the Portfolio's transactions in and earnings from investments in the affiliated funds for the period ended September 30, 2025 (amounts in thousands<sup>†</sup>):

**Investment in PIMCO Short-Term Floating NAV Portfolio III**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Market Value<br>12/31/2024** | **Purchases at<br>Cost** | **Proceeds from<br>Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>09/30/2025** | **Dividend<br>Income**<sup>(1)</sup> | **Realized Net<br>Capital<br>Gain<br>Distributions**<sup>(1)</sup> |
| $189 | $353606 | $(348900) | $(27) | $0 | $4868 | $106 | $0 |

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<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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** | **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 |
| **BCY** | Barclays Capital, Inc. | **GLM** | Goldman Sachs Bank USA | **NGF** | Nomura Global Financial Products, Inc. |
| **BOA** | Bank of America N.A. | **GST** | Goldman Sachs International | **RBC** | Royal Bank of Canada |
| **BOS** | BofA Securities, Inc. | **IND** | Crédit Agricole Corporate and Investment Bank <br> S.A. | **SAL** | Citigroup Global Markets, Inc. |
| **BPS** | BNP Paribas S.A. | **JPM** | JP Morgan Chase Bank N.A. | **SCX** | Standard Chartered Bank, London |
| **BRC** | Barclays Bank PLC | **MAC** | Macquarie Bank Limited | **SOG** | Societe Generale Paris |
| **BSH** | Banco Santander S.A. - New York Branch | **MBC** | HSBC Bank Plc | **SSB** | State Street Bank and Trust Co. |
| **CBK** | Citibank N.A. | **MEI** | Merrill Lynch International | **TDM** | TD Securities (USA) LLC |
| **CIB** | Canadian Imperial Bank of Commerce | **MYC** | Morgan Stanley Capital Services LLC | **UAG** | UBS AG Stamford |
| **DUB** | Deutsche Bank AG |  |  |  |  |
| **Currency Abbreviations:** | **Currency Abbreviations:** |  |  |  |  |
| **AUD** | Australian Dollar | **ILS** | Israeli Shekel | **PLN** | Polish Zloty |
| **BRL** | Brazilian Real | **INR** | Indian Rupee | **SEK** | Swedish Krona |
| **CAD** | Canadian Dollar | **JPY** | Japanese Yen | **SGD** | Singapore Dollar |
| **CHF** | Swiss Franc | **KRW** | South Korean Won | **THB** | Thai Baht |
| **CNH** | Chinese Renminbi (Offshore) | **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 |
| **IDR** | Indonesian Rupiah |  |  |  |  |
| **Exchange Abbreviations:** | **Exchange Abbreviations:** |  |  |  |  |
| **CME** | Chicago Mercantile Exchange | **NYMEX** | New York Mercantile Exchange | **OTC** | Over the Counter |
| **LME** | London Metal Exchange |  |  |  |  |
| **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** |  |  |  |  |
| **BCOMF1NTC** | Bloomberg Commodity Index 1-Month Forward Total Return Custom Index | **CPALEMU** | Euro Area All Items Non-Seasonally Adjusted <br> Index | **OPIS** | Oil Price Information Service |
| **BCOMF1TC** | Bloomberg Commodity Index 1-Month Forward Total Return | **CPI** | Consumer Price Index | **PIMCODB** | PIMCO Custom Commodity Basket |
| **BCOMTR** | Bloomberg Commodity Index Total Return | **CPTFEMU** | Eurozone HICP ex-Tobacco Index | **RBCAEC0T** | Custom Commodity Forward Index |
| **BCOMTR1** | Bloomberg Custom Commodity Index | **CPURNSA** | Consumer Price All Urban Non-Seasonally <br> Adjusted Index | **SNG GA** | Singapore Gasoil (Platts) |
| **BCOMTR2** | Bloomberg Custom Commodity Index | **FRCPXTOB** | France Consumer Price ex-Tobacco Index | **SNG KEROS** | Singapore Jet Kerosene (Platts) |
| **Bobl** | Bundesobligation, the German word <br> for federal government bond | **GOLDLNPM** | London Gold Market Fixing Ltd. PM | **SOFR** | Secured Overnight Financing Rate |
| **Brent** | Brent Crude | **JMABFNJ2** | J.P. Morgan Custom Commodity Index | **SONIO** | Sterling Overnight Interbank Average Rate |
| **CIXBSTR3** | Custom Commodity Index | **JMABNIC5** | J.P. Morgan Custom Commodity Index | **SPGCINP** | S&P GSCI Industrial Metals ER |
| **CMBX** | Commercial Mortgage-Backed Index | **MUTKCALM** | Tokyo Overnight Average Rate | **UKRPI** | United Kingdom Retail Prices Index |
| **CMDSKEWLS** | CBEO SKEW Index is an index derived from the price of S&P 500 tail risk | **NAPGASFO** | Naphtha Fuel Oil Spread |  |  |
| **Other Abbreviations:** | **Other Abbreviations:** |  |  |  |  |
| **ABS** | Asset-Backed Security | **EURIBOR** | Euro Interbank Offered Rate | **RBOB** | Reformulated Blendstock for Oxygenate Blending |
| **BTP** | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | **Oat** | Obligations Assimilables du Trésor | **REMIC** | Real Estate Mortgage Investment Conduit |
| **CLO** | Collateralized Loan Obligation | **OIS** | Overnight Index Swap | **TBA** | To-Be-Announced |
| **CMBS** | Collateralized Mortgage-Backed Security | **oz.** | Ounce | **WTI** | West Texas Intermediate |
| **DAC** | Designated Activity Company |  |  |  |  |

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<br> Schedule of Investments PIMCO Dynamic Bond Portfolio September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(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 145.7% ¤** |  |  |
| **LOAN PARTICIPATIONS AND ASSIGNMENTS 1.0%** |  |  |
| **Charter Communications Operating LLC**<br>6.541% (TSFR3M + 2.250%) due 12/15/2031 ~ | $182 | $183 |
| **LifePoint Health, Inc.**<br>8.068% (TSFR3M + 3.750%) due 05/19/2031 ~ | 422 | 422 |
| **MI Windows & Doors LLC**<br>6.913% (TSFR1M + 2.750%) due 03/28/2031 ~ | 99 | 99 |
| **Modena Buyer LLC**<br>8.808% (TSFR3M + 4.500%) due 07/01/2031 ~ | 99 | 98 |
| **X Corp.**<br>9.500% due 10/26/2029 | 100 | 100 |
| Total Loan Participations and Assignments (Cost $899) |  | 902 |
| **CORPORATE BONDS & NOTES 16.4%** |  |  |
| **BANKING & FINANCE 9.2%** |  |  |
| **Ally Financial, Inc.**<br>6.848% due 01/03/2030 •  | 100 | 106 |
| **American Assets Trust LP**<br>3.375% due 02/01/2031 | 200 | 182 |
| **American Honda Finance Corp.**<br>4.985% due 08/13/2027 •  | 200 | 201 |
| **Athene Global Funding**<br>3.026% (EUR003M + 1.000%) due 02/23/2027 ~ | 100 | 118 |
| **Avolon Holdings Funding Ltd.** |  |  |
| 2.528% due 11/18/2027 | $18 | 17 |
| 4.950% due 01/15/2028 | 100 | 101 |
| 4.950% due 10/15/2032 | 200 | 198 |
| **Banca Monte dei Paschi di Siena SpA**<br>7.708% due 01/18/2028 •  | 100 | 129 |
| **Barclays PLC** |  |  |
| 4.375% due 01/12/2026 | $300 | 300 |
| 7.437% due 11/02/2033 •  | 200 | 230 |
| **BGC Group, Inc.**<br>6.150% due 04/02/2030 | 50 | 51 |
| **Blue Owl Finance LLC**<br>6.250% due 04/18/2034 | 100 | 105 |
| **BNP Paribas SA** |  |  |
| 1.904% due 09/30/2028 •  | 200 | 191 |
| 3.052% due 01/13/2031 •  | 200 | 188 |
| **BPCE SA**<br>7.003% due 10/19/2034 •  | 250 | 279 |
| **Cantor Fitzgerald LP**<br>7.200% due 12/12/2028 | 200 | 214 |
| **Capital One Financial Corp.**<br>6.183% due 01/30/2036 •  | 100 | 104 |
| **Cooperatieve Rabobank UA**<br>5.500% due 10/05/2026 | 300 | 305 |
| **F&G Global Funding**<br>5.875% due 01/16/2030 | 100 | 104 |
| **Fairfax Financial Holdings Ltd.**<br>4.625% due 04/29/2030 | 100 | 100 |
| **Ford Motor Credit Co. LLC**<br>5.800% due 03/05/2027 | 200 | 202 |
| **Goldman Sachs Group, Inc.** |  |  |
| 3.615% due 03/15/2028 •  | 100 | 99 |
| 3.691% due 06/05/2028 •  | 400 | 397 |
| 4.937% due 04/23/2028 •  | 100 | 101 |
| **ING Groep NV**<br>5.550% due 03/19/2035 •  | 200 | 208 |
| **Jane Street Group/JSG Finance, Inc.**<br>6.750% due 05/01/2033 | 100 | 104 |
| **JPMorgan Chase & Co.** |  |  |
| 2.947% due 02/24/2028 •  | 200 | 197 |
| 5.299% due 07/24/2029 •  | 200 | 206 |
| **JPMorgan Chase Bank NA**<br>5.110% due 12/08/2026 | 250 | 253 |
| **Kennedy Wilson Europe Real Estate Ltd.**<br>3.250% due 11/12/2025 | 63 | 74 |
| **Lloyds Banking Group PLC**<br>5.462% due 01/05/2028 •  | $200 | 203 |

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<br> Schedule of Investments PIMCO Dynamic Bond Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| **Mitsubishi** **UFJ Financial Group, Inc.**<br>5.242% due 04/19/2029 •  | 200 | 206 |
| **Morgan Stanley** |  |  |
| 5.123% due 02/01/2029 •  | 200 | 204 |
| 5.230% due 01/15/2031 •  | 200 | 207 |
| **Nationwide Building Society**<br>4.302% due 03/08/2029 •  | 500 | 500 |
| **NatWest Group PLC**<br>4.892% due 05/18/2029 •  | 200 | 203 |
| **Santander U.K. Group Holdings PLC**<br>4.320% due 09/22/2029 •  | 200 | 200 |
| **Sumitomo Mitsui Financial Group, Inc.**<br>5.454% due 01/15/2032 | 200 | 209 |
| **UBS Group AG** |  |  |
| 6.327% due 12/22/2027 •  | 250 | 256 |
| 7.750% due 03/01/2029 •  | 200 | 262 |
| **VICI Properties LP**<br>4.950% due 02/15/2030 | $200 | 202 |
| **Wells Fargo & Co.** |  |  |
| 1.000% due 02/02/2027 | 100 | 115 |
| 3.584% due 05/22/2028 •  | $200 | 198 |
| **Wells Fargo Bank NA**<br>5.254% due 12/11/2026 | 200 | 203 |
|  |  | 8232 |
| **INDUSTRIALS 5.8%** |  |  |
| **AbbVie, Inc.**<br>4.950% due 03/15/2031 | 200 | 207 |
| **Alaska Airlines Pass-Through Trust**<br>4.800% due 02/15/2029 | 182 | 183 |
| **American Airlines Pass-Through Trust**<br>3.000% due 04/15/2030 | 239 | 230 |
| **Ashtead Capital, Inc.**<br>5.950% due 10/15/2033 | 200 | 211 |
| **Beignet**<br>6.850% due 06/01/2049 «(b) | 900 | 900 |
| **Boeing Co.**<br>6.298% due 05/01/2029 | 100 | 106 |
| **Broadcom, Inc.**<br>5.050% due 04/15/2030 | 200 | 207 |
| **Coty, Inc.**<br>5.000% due 04/15/2026 | 74 | 74 |
| **Flora Food Management BV**<br>6.875% due 07/02/2029 | 100 | 118 |
| **Flutter Treasury DAC**<br>6.125% due 06/04/2031 | 100 | 136 |
| **Frontier Communications Holdings LLC**<br>8.750% due 05/15/2030 | $100 | 104 |
| **Hilton Domestic Operating Co., Inc.**<br>3.750% due 05/01/2029 | 100 | 96 |
| **Hyundai Capital America**<br>4.900% due 06/23/2028 | 200 | 203 |
| **International Distribution Services PLC**<br>7.375% due 09/14/2030 | 100 | 144 |
| **Intralot Capital Luxembourg SA**<br>6.750% due 10/15/2031 | 100 | 118 |
| **Las Vegas Sands Corp.**<br>5.625% due 06/15/2028 | $100 | 102 |
| **Nissan Motor Co. Ltd.**<br>4.345% due 09/17/2027 | 500 | 491 |
| **Petroleos Mexicanos**<br>5.950% due 01/28/2031 | 100 | 97 |
| **T-Mobile USA, Inc.**<br>3.875% due 04/15/2030 | 300 | 294 |
| **Thames Water Super Senior Issuer PLC**<br>9.750% due 10/10/2027 | 10 | 16 |
| **Thames Water Utilities Finance PLC**<br>4.375% due 07/03/2036 | 100 | 94 |
| **Thames Water Utilities Ltd.**<br>0.000% due 03/22/2027 (d) | 1 | 1 |
| **United Airlines Pass-Through Trust**<br>5.875% due 04/15/2029 | $37 | 38 |
| **United Airlines, Inc.**<br>4.625% due 04/15/2029 | 300 | 296 |
| **Venture Global Calcasieu Pass LLC**<br>3.875% due 11/01/2033 | 100 | 90 |
| **Viper Energy Partners LLC** |  |  |
| 4.900% due 08/01/2030 | 50 | 50 |
| 5.700% due 08/01/2035 | 100 | 102 |
| **Virgin Media Secured Finance PLC**<br>5.250% due 05/15/2029 | 100 | 132 |
| **Vmed O2 U.K. Financing I PLC**<br>7.750% due 04/15/2032 | $200 | 210 |

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<br> Schedule of Investments PIMCO Dynamic Bond Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| **Volkswagen** **Group of America Finance LLC**<br>5.050% due 03/27/2028 | 200 | 203 |
|  |  | 5253 |
| **UTILITIES 1.4%** |  |  |
| **BP Capital Markets BV**<br>3.360% due 09/12/2031 | 200 | 238 |
| **Dominion Energy, Inc.**<br>5.000% due 06/15/2030 | $50 | 51 |
| **Edison International**<br>6.250% due 03/15/2030 | 100 | 104 |
| **EPH Financing International AS**<br>6.651% due 11/13/2028 | 100 | 128 |
| **Georgia Power Co.**<br>4.700% due 05/15/2032 | $100 | 101 |
| **Pacific Gas & Electric Co.** |  |  |
| 3.150% due 01/01/2026 | 200 | 200 |
| 4.200% due 03/01/2029 | 200 | 198 |
| 6.150% due 01/15/2033 | 100 | 106 |
| **Southern California Gas Co.**<br>2.950% due 04/15/2027 | 100 | 99 |
|  |  | 1225 |
| Total Corporate Bonds & Notes (Cost $14,426) |  | 14710 |
| **MUNICIPAL BONDS & NOTES 0.1%** |  |  |
| **WEST VIRGINIA 0.1%** |  |  |
| **Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007**<br>0.000% due 06/01/2047 (d) | 1000 | 93 |
| Total Municipal Bonds & Notes (Cost $136) |  | 93 |
| **U.S. GOVERNMENT AGENCIES 55.0%** |  |  |
| **Federal Home Loan Mortgage Corp.** |  |  |
| 5.000% due 02/01/2053 | 331 | 330 |
| 6.000% due 04/01/2055 | 575 | 598 |
| **Federal Home Loan Mortgage Corp. REMICS** |  |  |
| 1.663% due 07/15/2047 •(a) | 331 | 41 |
| 2.000% due 01/25/2051 (a) | 907 | 91 |
| **Government National Mortgage Association REMICS**<br>4.000% due 11/20/2050 - 03/20/2051 •  | 201 | 182 |
| **Government National Mortgage Association, TBA** |  |  |
| 5.000% due 11/01/2055 | 4400 | 4372 |
| 6.000% due 10/01/2055 - 11/01/2055 | 3700 | 3764 |
| **Uniform Mortgage-Backed Security, TBA** |  |  |
| 3.000% due 11/01/2055 | 2500 | 2196 |
| 3.500% due 11/01/2055 | 2100 | 1918 |
| 4.000% due 10/01/2055 - 11/01/2055 | 4300 | 4052 |
| 4.500% due 10/01/2055 | 3700 | 3589 |
| 5.000% due 10/01/2055 - 11/01/2055 | 13100 | 12985 |
| 5.500% due 11/01/2055 | 2600 | 2620 |
| 6.000% due 10/01/2055 - 11/01/2055 | 10500 | 10725 |
| 6.500% due 11/01/2055 | 1800 | 1861 |
| Total U.S. Government Agencies (Cost $49,392) |  | 49324 |
| **U.S. TREASURY OBLIGATIONS 11.7%** |  |  |
| **U.S. Treasury Inflation Protected Securities** **(f)** |  |  |
| 2.375% due 01/15/2027 | 16 | 16 |
| 0.625% due 07/15/2032 | 1779 | 1684 |
| 1.125% due 01/15/2033 | 1844 | 1787 |
| 1.750% due 01/15/2034 | 420 | 423 |
| 1.875% due 07/15/2034 | 1853 | 1881 |
| **U.S. Treasury Notes** |  |  |
| 0.500% due 02/28/2026 (i)(k) | 1000 | 986 |
| 4.250% due 11/15/2034 | 3700 | 3743 |
| Total U.S. Treasury Obligations (Cost $10,324) |  | 10520 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 4.8%** |  |  |
| **American Home Mortgage Assets Trust**<br>4.692% due 06/25/2037 •  | 290 | 285 |
| **Banc of America Funding Trust** |  |  |
| 4.570% due 02/20/2047 •  | 231 | 223 |
| 4.630% due 07/20/2036 •  | 168 | 167 |
| **Banc of America Mortgage Trust**<br>5.333% due 06/25/2035 ~ | 17 | 16 |
| **BCAP LLC Trust**<br>5.250% due 06/26/2036 | 305 | 105 |
| **Bear Stearns ARM Trust** |  |  |
| 4.005% due 11/25/2034 ~ | 241 | 213 |
| 6.582% due 01/25/2035 ~ | 2 | 2 |

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<br> Schedule of Investments PIMCO Dynamic Bond Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| **CBA** **Commercial Small Balance Commercial Mortgage**<br>4.772% due 06/25/2038 •  | 327 | 266 |
| **CHL Mortgage Pass-Through Trust**<br>4.241% due 02/20/2036 ~ | 127 | 115 |
| **Countrywide Alternative Loan Trust** |  |  |
| 4.430% due 02/20/2047 •  | 120 | 97 |
| 5.500% due 04/25/2035 | 403 | 277 |
| 6.000% due 02/25/2037 | 273 | 109 |
| 6.500% due 11/25/2037 | 371 | 162 |
| **Deutsche Alt-A Securities, Inc. Mortgage Loan Trust**<br>4.932% due 08/25/2037 •  | 235 | 190 |
| **DSLA Mortgage Loan Trust**<br>4.438% due 10/19/2036 •  | 263 | 240 |
| **First Horizon Alternative Mortgage Securities Trust** |  |  |
| 4.347% due 01/25/2036 ~ | 91 | 44 |
| 5.120% due 06/25/2036 ~ | 59 | 47 |
| 5.856% due 06/25/2034 ~ | 35 | 35 |
| **First Horizon Mortgage Pass-Through Trust**<br>4.634% due 11/25/2037 ~ | 350 | 136 |
| **GSMPS Mortgage Loan Trust**<br>8.000% due 01/25/2035 | 192 | 198 |
| **HarborView Mortgage Loan Trust**<br>5.068% due 11/19/2034 •  | 13 | 12 |
| **IndyMac INDX Mortgage Loan Trust** |  |  |
| 3.377% due 08/25/2037 ~ | 163 | 114 |
| 4.954% due 10/25/2034 ~ | 10 | 10 |
| **Lehman XS Trust**<br>4.722% due 08/25/2046 •  | 176 | 181 |
| **Mortgage Equity Conversion Asset Trust**<br>4.110% due 05/25/2042 •  | 109 | 98 |
| **New Residential Mortgage Loan Trust**<br>4.500% due 05/25/2058 ~ | 131 | 128 |
| **RALI Trust**<br>6.196% due 09/25/2037 ~ | 515 | 341 |
| **Thornburg Mortgage Securities Trust** |  |  |
| 5.522% due 06/25/2037 •  | 11 | 10 |
| 5.583% due 06/25/2037 •  | 107 | 92 |
| **Towd Point Mortgage Trust**<br>2.900% due 10/25/2059 ~ | 278 | 267 |
| **WaMu Mortgage Pass-Through Certificates Trust**<br>4.732% due 04/25/2045 •  | 14 | 14 |
| **Washington Mutual Mortgage Pass-Through Certificates WMALT Trust**<br>5.722% due 09/25/2035 •  | 164 | 143 |
| Total Non-Agency Mortgage-Backed Securities (Cost $5,153) |  | 4337 |
| **ASSET-BACKED SECURITIES 11.7%** |  |  |
| **CMBS OTHER 0.2%** |  |  |
| **Arbor Realty Commercial Real Estate Notes Ltd.**<br>5.615% due 11/15/2036 •  | 128 | 128 |
| **MF1 Ltd.**<br>5.330% due 10/16/2036 •  | 84 | 84 |
|  |  | 212 |
| **HOME EQUITY OTHER 4.2%** |  |  |
| **Countrywide Asset-Backed Certificates Trust** |  |  |
| 4.423% due 07/25/2036 þ | 202 | 193 |
| 4.532% due 12/25/2036 •  | 183 | 170 |
| 4.552% due 06/25/2047 •  | 278 | 252 |
| 4.632% due 11/25/2047 •  | 1 | 5 |
| 4.692% due 05/25/2047 •  | 885 | 826 |
| **GSAA Home Equity Trust**<br>5.985% due 06/25/2036 ~ | 851 | 190 |
| **GSAMP Trust**<br>4.672% due 11/25/2036 •  | 667 | 312 |
| **HSI Asset Securitization Corp. Trust** |  |  |
| 4.492% due 12/25/2036 •  | 1690 | 421 |
| 4.712% due 12/25/2036 •  | 475 | 113 |
| **Morgan Stanley ABS Capital I, Inc. Trust** |  |  |
| 4.412% due 11/25/2036 •  | 128 | 61 |
| 4.422% due 10/25/2036 •  | 316 | 165 |
| 4.522% due 07/25/2036 •  | 203 | 186 |
| 4.572% due 07/25/2036 •  | 575 | 209 |
| **Morgan Stanley Capital I, Inc. Trust** |  |  |
| 4.632% due 03/25/2036 •  | 10 | 8 |
| 4.852% due 01/25/2036 •  | 86 | 84 |
| **Nomura Home Equity Loan, Inc. Home Equity Loan Trust**<br>5.072% due 02/25/2037 •  | 1728 | 479 |

---

------

<br> Schedule of Investments PIMCO Dynamic Bond Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Securitized** **Asset-Backed Receivables LLC Trust**<br>5.037% due 02/25/2034 •  | 54 | 54 |
|  |  | 3728 |
| **WHOLE LOAN COLLATERAL 0.3%** |  |  |
| **Securitized Asset-Backed Receivables LLC Trust**<br>4.932% due 08/25/2035 •  | 315 | 240 |
| **OTHER ABS 7.0%** |  |  |
| **ARES XLIV CLO Ltd.**<br>5.424% due 04/15/2034 •  | 500 | 501 |
| **Belle Haven ABS CDO Ltd.**<br>7.860% due 11/03/2044 •  | 475 | 124 |
| **Carlyle Global Market Strategies CLO Ltd.**<br>5.545% due 07/20/2032 •  | 276 | 277 |
| **Invesco CLO Ltd.**<br>5.441% due 07/20/2035 •  | 500 | 502 |
| **KKR CLO 12 Ltd.**<br>5.714% due 10/15/2030 •  | 50 | 50 |
| **KKR CLO 36 Ltd.**<br>5.321% due 10/15/2034 •  | 500 | 500 |
| **Marble Point CLO XXII Ltd.**<br>5.538% due 07/25/2034 •  | 500 | 501 |
| **Northwoods Capital 25 Ltd.**<br>4.862% due 07/20/2034 •  | 500 | 500 |
| **Palmer Square European Loan Funding DAC**<br>0.000% due 07/15/2035 «•(b) | 500 | 587 |
| **Rockford Tower CLO Ltd.**<br>5.475% due 07/20/2035 •  | $500 | 502 |
| **Romark CLO - IV Ltd.**<br>0.000% due 07/10/2034 •(b) | 500 | 500 |
| **Sierra Madre Funding Ltd.** |  |  |
| 4.718% due 09/07/2039 •  | 212 | 118 |
| 4.738% due 09/07/2039 •  | 1139 | 640 |
| **Symphony CLO XXXII Ltd.**<br>5.419% due 10/23/2035 •  | 500 | 502 |
| **Triaxx Prime CDO Ltd.**<br>4.590% due 10/02/2039 •  | 56 | 1 |
| **Wind River CLO Ltd.**<br>5.122% due 07/20/2034 •  | 500 | 500 |
|  |  | 6305 |
| Total Asset-Backed Securities (Cost $12,904) |  | 10485 |
| **SOVEREIGN ISSUES 18.3%** |  |  |
| **Brazil Letras do Tesouro Nacional**<br>0.000% due 04/01/2026 (d) | 18300 | 3212 |
| **Colombia TES** |  |  |
| 6.500% due 01/22/2031 (f) | 2446689 | 628 |
| 11.750% due 01/24/2035 | 1791300 | 455 |
| **Dominican Republic International Bonds**<br>10.750% due 06/01/2036 | 11900 | 207 |
| **Egypt Government Bonds**<br>21.954% due 03/04/2028 | 6700 | 140 |
| **Israel Government International Bonds**<br>5.375% due 03/12/2029 | $400 | 412 |
| **Japan Government Forty Year Bonds**<br>2.200% due 03/20/2064 | 49000 | 254 |
| **Japan Government Thirty Year Bonds**<br>2.300% due 12/20/2054 | 60000 | 346 |
| **Japan Government Twenty Year Bonds**<br>2.000% due 12/20/2044 | 100000 | 620 |
| **Mexico Government International Bonds**<br>6.350% due 02/09/2035 | $200 | 212 |
| **Mexico Udibonos**<br>4.000% due 11/30/2028 (f) | 770 | 42 |
| **Peru Government Bonds** |  |  |
| 6.850% due 08/12/2035 | 100 | 30 |
| 7.300% due 08/12/2033 | 2900 | 931 |
| **Peru Government International Bonds** |  |  |
| 5.400% due 08/12/2034 | 1400 | 391 |
| 6.150% due 08/12/2032 | 4600 | 1405 |
| 6.900% due 08/12/2037 | 1400 | 422 |
| 6.950% due 08/12/2031 | 4721 | 1506 |
| **Republic of Colombia**<br>1.000% due 09/18/2030 ~ | 2216300 | 500 |
| **Republic of Colombia**<br>1.000% due 04/28/2028 ~ | 3191400 | 748 |
| **Republic of South Africa Government Bonds** |  |  |
| 7.000% due 02/28/2031 | 21800 | 1197 |
| 8.000% due 01/31/2030 | 11500 | 668 |
| 8.250% due 03/31/2032 | 3500 | 200 |
| 8.500% due 01/31/2037 | 9100 | 486 |

---

------

<br> Schedule of Investments PIMCO Dynamic Bond Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 8.875% due 02/28/2035 | 7400 | 421 |
| 9.000% due 01/31/2040 | 8200 | 435 |
| **Republic of South Africa Government International Bonds**<br>4.850% due 09/30/2029 | $200 | 198 |
| **Romania Government International Bonds**<br>1.750% due 07/13/2030 | 100 | 103 |
| **Turkiye Government International Bonds**<br>7.625% due 05/15/2034 | $200 | 213 |
| Total Sovereign Issues (Cost $15,368) |  | 16382 |
|  | SHARES |  |
| **PREFERRED SECURITIES 0.1%** |  |  |
| **BANKING & FINANCE 0.1%** |  |  |
| **Nationwide Building Society**<br>10.250% ~ | 250 | 44 |
| Total Preferred Securities (Cost $53) |  | 44 |
|  | PRINCIPAL<br>AMOUNT<br>(000s) |  |
| **SHORT-TERM INSTRUMENTS 26.6%** |  |  |
| **COMMERCIAL PAPER 1.9%** |  |  |
| **Air Lease Corp.**<br>4.570% due 10/14/2025 | $250 | 250 |
| **Alimentation Couche-Tard, Inc.**<br>4.560% due 10/03/2025 | 250 | 250 |
| **AutoNation, Inc.**<br>4.550% due 10/08/2025 (b) | 250 | 250 |
| **Canadian Natural Resources Ltd.**<br>4.450% due 10/22/2025 | 250 | 249 |
| **Crown Castle, Inc.**<br>4.610% due 10/23/2025 | 250 | 249 |
| **HA Sustainable Infrastructure Capital, Inc.**<br>4.620% due 10/01/2025 | 250 | 250 |
| **Oracle Corp.**<br>4.330% due 11/19/2025 | 250 | 248 |
|  |  | 1746 |
| **REPURCHASE AGREEMENTS (g) 14.7%** |  | 13200 |
| **SHORT-TERM NOTES 1.5%** |  |  |
| **Federal Home Loan Bank Discount Notes**<br>3.905% due 12/24/2025 (d)(e) | 1400 | 1387 |
| **NIGERIA TREASURY BILLS 0.3%** |  |  |
| 31.362% due 06/11/2026 - 06/29/2026 ~(c)(d) | 511168 | 301 |
| **U.S. TREASURY BILLS 8.2%** |  |  |
| 4.098% due 10/14/2025 - 01/27/2026 (c)(d)(k) | $7400 | 7363 |
| Total Short-Term Instruments (Cost $23,971) |  | 23997 |
| Total Investments in Securities (Cost $132,626) |  | 130794 |
|  | SHARES |  |
| **INVESTMENTS IN AFFILIATES 16.8%** |  |  |
| **SHORT-TERM INSTRUMENTS 16.8%** |  |  |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 16.8%** |  |  |
| **PIMCO Short-Term Floating NAV Portfolio III** | 1544202 | 15039 |
| Total Short-Term Instruments (Cost $15,023) |  | 15039 |
| Total Investments in Affiliates (Cost $15,023) |  | 15039 |
| Total Investments 162.5% (Cost $147,649) |  | $145833 |
| **Financial Derivative Instruments** **(h)(j)** **0.1**%(Cost or Premiums, net $1,280) |  | 103 |

---

------

<br> Schedule of Investments PIMCO Dynamic Bond Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| Other Assets and Liabilities, net (62.6)% | (56177) |
| Net Assets 100.0% | $89759 |

---

------

<br> Schedule of Investments PIMCO Dynamic Bond Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 0 | 23 | 42 | 70 | 91 | 92 | 112 | 139 | 148 | 156 | 164 | 179 | 196 | 203 |
| **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  |
| **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** |
| **¤** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** |
| **«** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** |
| **(b)** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** |
| **(c)** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** |
| **(d)** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** |
| **(e)** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** |
| **(f)** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** |
| **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** |
| **(g)** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** |
| Counterparty | Maturity<br>Date | Principal<br>Amount | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | Collateral<br>(Received) | Collateral<br>(Received) | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value |  | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BPS | 10/01/2025 | 7800 | &nbsp;&nbsp; U.S. Treasury Notes 4.125% due 10/31/2031 | &nbsp;&nbsp; U.S. Treasury Notes 4.125% due 10/31/2031 | &nbsp;&nbsp; U.S. Treasury Notes 4.125% due 10/31/2031 | &nbsp;&nbsp; U.S. Treasury Notes 4.125% due 10/31/2031 | &nbsp;&nbsp; U.S. Treasury Notes 4.125% due 10/31/2031 | $(7960) | (7960) | (7960) | 7800 | $ | $7801 |
| BRC | 10/02/2025 | 5400 | &nbsp;&nbsp; U.S. Treasury Inflation-Indexed Notes 0.125% due 01/15/2032 | &nbsp;&nbsp; U.S. Treasury Inflation-Indexed Notes 0.125% due 01/15/2032 | &nbsp;&nbsp; U.S. Treasury Inflation-Indexed Notes 0.125% due 01/15/2032 | &nbsp;&nbsp; U.S. Treasury Inflation-Indexed Notes 0.125% due 01/15/2032 | &nbsp;&nbsp; U.S. Treasury Inflation-Indexed Notes 0.125% due 01/15/2032 | (5509) | (5509) | (5509) | 5400 |  | 5400 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |  |  |  |  | $**(13469)** | **(13469)** | **(13469)** | **13200** | **$** | $**13201** |
| **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** |
| Description | Description | Description | Description | Description | Coupon | Maturity<br>Date | Principal<br>Amount | Principal<br>Amount | Principal<br>Amount | Proceeds | Proceeds | Payable for<br>Short Sales | Payable for<br>Short Sales |
| U.S. Government Agencies (2.2)% | U.S. Government Agencies (2.2)% | U.S. Government Agencies (2.2)% | U.S. Government Agencies (2.2)% | U.S. Government Agencies (2.2)% | U.S. Government Agencies (2.2)% | U.S. Government Agencies (2.2)% | U.S. Government Agencies (2.2)% | U.S. Government Agencies (2.2)% | U.S. Government Agencies (2.2)% | U.S. Government Agencies (2.2)% | U.S. Government Agencies (2.2)% | U.S. Government Agencies (2.2)% | U.S. Government Agencies (2.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association, TBA | 4.000% | 10/01/2055 | $200 | 200 | 200 | $ | (190) | $ | $(188) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 11/01/2055 | 2200 | 2200 | 2200 |  | (1773) |  | (1774) |
| **Total Short Sales (2.2)%** | **Total Short Sales (2.2)%** | **Total Short Sales (2.2)%** | **Total Short Sales (2.2)%** | **Total Short Sales (2.2)%** |  |  |  |  |  | **$** | **(1963)** | **$** | $**(1962)** |
| <sup>(1)</sup> | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. |
| **(h)** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** |
| **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** |
| **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** |
| Description | Description | Description | Strike<br>Price | Expiration<br>Date | Expiration<br>Date | # of<br>Contracts | Notional Amount | Notional Amount | Premiums<br>(Received) | Premiums<br>(Received) | Premiums<br>(Received) | Market<br>Value | Market<br>Value |
| Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | 111.500 | 10/24/2025 | 10/24/2025 | 7 | 7 | 7 | (1) | (1) | (1) | (1) | (1) |
| Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | 113.500 | 10/24/2025 | 10/24/2025 | 3 | 3 | 3 | (1) | (1) | (1) | (1) | (1) |
| Put - EUREX Euro-Bund October 2025 Futures | Put - EUREX Euro-Bund October 2025 Futures | Put - EUREX Euro-Bund October 2025 Futures | 127.500 | 10/24/2025 | 10/24/2025 | 2 | 2 | 2 | (1) | (1) | (1) | (1) | (1) |
| Call - EUREX Euro-Bund October 2025 Futures | Call - EUREX Euro-Bund October 2025 Futures | Call - EUREX Euro-Bund October 2025 Futures | 129.500 | 10/24/2025 | 10/24/2025 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 |
| Call - EUREX Euro-Bund October 2025 Futures | Call - EUREX Euro-Bund October 2025 Futures | Call - EUREX Euro-Bund October 2025 Futures | 130.500 | 10/24/2025 | 10/24/2025 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 |
|  |  |  |  |  |  |  |  | $ | $(3) | (3) | (3) | $(3) | (3) |
| **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** |
| Description | Description | Description | Strike<br>Price | Expiration<br>Date | Expiration<br>Date | # of<br>Contracts | Notional Amount | Notional Amount | Premiums<br>(Received) | Premiums<br>(Received) | Premiums<br>(Received) | Market<br>Value | Market<br>Value |
| Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | $111.000 | 10/24/2025 | 10/24/2025 | 2 | 2 | 2 | 0 | 0 | 0 | 0 | 0 |
| Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | 114.000 | 10/24/2025 | 10/24/2025 | 6 | 6 | 6 | (2) | (2) | (2) | (1) | (1) |
|  |  |  |  |  |  |  |  | $ | $(2) | (2) | (2) | $(1) | (1) |
| **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **$** | $**(5)** | **(5)** | **(5)** | $**(4)** | **(4)** |

---

------

<br> Schedule of Investments PIMCO Dynamic Bond Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 0 | 6 | 15 | 22 | 33 | 37 | 47 | 58 | 87 | 123 | 143 | 152 | 166 | 175 | 187 | 204 |
| **FUTURES** **CONTRACTS:** | **FUTURES** **CONTRACTS:** | **FUTURES** **CONTRACTS:** | **FUTURES** **CONTRACTS:** | **FUTURES** **CONTRACTS:** | **FUTURES** **CONTRACTS:** | **FUTURES** **CONTRACTS:** | **FUTURES** **CONTRACTS:** | **FUTURES** **CONTRACTS:** | **FUTURES** **CONTRACTS:** | **FUTURES** **CONTRACTS:** | **FUTURES** **CONTRACTS:** | **FUTURES** **CONTRACTS:** | **FUTURES** **CONTRACTS:** | **FUTURES** **CONTRACTS:** | **FUTURES** **CONTRACTS:** |
| **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** |
|  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Description | Description | Description | Description |  | Expiration<br>Month | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Asset | Liability |
| 3-Month SOFR Active Contract December Futures | 3-Month SOFR Active Contract December Futures | 3-Month SOFR Active Contract December Futures | 3-Month SOFR Active Contract December Futures | 3-Month SOFR Active Contract December Futures | 03/2026 | 03/2026 | 10 | 2408 | $(8) | (8) | (8) | 1 | 1 | 1 | 0 |
| 3-Month SOFR Active Contract June Futures | 3-Month SOFR Active Contract June Futures | 3-Month SOFR Active Contract June Futures | 3-Month SOFR Active Contract June Futures | 3-Month SOFR Active Contract June Futures | 09/2026 | 09/2026 | 10 | 2418 | (1) | (1) | (1) | 1 | 1 | 1 | 0 |
| 3-Month SOFR Active Contract March Futures | 3-Month SOFR Active Contract March Futures | 3-Month SOFR Active Contract March Futures | 3-Month SOFR Active Contract March Futures | 3-Month SOFR Active Contract March Futures | 06/2026 | 06/2026 | 10 | 2413 | (5) | (5) | (5) | 1 | 1 | 1 | 0 |
| 3-Month SOFR Active Contract September Futures | 3-Month SOFR Active Contract September Futures | 3-Month SOFR Active Contract September Futures | 3-Month SOFR Active Contract September Futures | 3-Month SOFR Active Contract September Futures | 12/2025 | 12/2025 | 10 | 2399 | (14) | (14) | (14) | 0 | 0 | 0 | 0 |
| Canada Government 10-Year Bond December Futures | Canada Government 10-Year Bond December Futures | Canada Government 10-Year Bond December Futures | Canada Government 10-Year Bond December Futures | Canada Government 10-Year Bond December Futures | 12/2025 | 12/2025 | 8 | 704 | 15 | 15 | 15 | 3 | 3 | 3 | 0 |
| Long Guilt December Futures | Long Guilt December Futures | Long Guilt December Futures | Long Guilt December Futures | Long Guilt December Futures | 12/2025 | 12/2025 | 6 | 733 | 4 | 4 | 4 | 3 | 3 | 3 | 0 |
| U.S. Treasury 2-Year Note December Futures | U.S. Treasury 2-Year Note December Futures | U.S. Treasury 2-Year Note December Futures | U.S. Treasury 2-Year Note December Futures | U.S. Treasury 2-Year Note December Futures | 12/2025 | 12/2025 | 146 | 30426 | 17 | 17 | 17 | 16 | 16 | 16 | 0 |
| U.S. Treasury 5-Year Note December Futures | U.S. Treasury 5-Year Note December Futures | U.S. Treasury 5-Year Note December Futures | U.S. Treasury 5-Year Note December Futures | U.S. Treasury 5-Year Note December Futures | 12/2025 | 12/2025 | 234 | 25552 | 26 | 26 | 26 | 9 | 9 | 9 | 0 |
| U.S. Treasury 10-Year Note December Futures | U.S. Treasury 10-Year Note December Futures | U.S. Treasury 10-Year Note December Futures | U.S. Treasury 10-Year Note December Futures | U.S. Treasury 10-Year Note December Futures | 12/2025 | 12/2025 | 28 | 3150 | (14) | (14) | (14) | 0 | 0 | 0 | (1) |
|  |  |  |  |  |  |  |  |  | 20 | 20 | $ | 34 | 34 | $ | (1) |
| **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** |
|  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Description | Description | Description | Description |  | Expiration<br>Month | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Asset | Liability |
| Euro-Bobl December Futures | Euro-Bobl December Futures | Euro-Bobl December Futures | Euro-Bobl December Futures | Euro-Bobl December Futures | 12/2025 | 12/2025 | 5 | (692) | $0 | 0 | 0 | 0 | 0 | 0 | (1) |
| Euro-Bund December Futures | Euro-Bund December Futures | Euro-Bund December Futures | Euro-Bund December Futures | Euro-Bund December Futures | 12/2025 | 12/2025 | 7 | (1057) | (6) | (6) | (6) | 0 | 0 | 0 | (3) |
| Euro-Schatz December Futures | Euro-Schatz December Futures | Euro-Schatz December Futures | Euro-Schatz December Futures | Euro-Schatz December Futures | 12/2025 | 12/2025 | 6 | (754) | 1 | 1 | 1 | 0 | 0 | 0 | 0 |
| Japan Government 10-Year Bond December Futures | Japan Government 10-Year Bond December Futures | Japan Government 10-Year Bond December Futures | Japan Government 10-Year Bond December Futures | Japan Government 10-Year Bond December Futures | 12/2025 | 12/2025 | 4 | (3673) | 34 | 34 | 34 | 3 | 3 | 3 | (3) |
| U.S. Treasury Long-Term Bond December Futures | U.S. Treasury Long-Term Bond December Futures | U.S. Treasury Long-Term Bond December Futures | U.S. Treasury Long-Term Bond December Futures | U.S. Treasury Long-Term Bond December Futures | 12/2025 | 12/2025 | 5 | (583) | (13) | (13) | (13) | 2 | 2 | 2 | 0 |
| U.S. Treasury Ultra Long-Term Bond December Futures | U.S. Treasury Ultra Long-Term Bond December Futures | U.S. Treasury Ultra Long-Term Bond December Futures | U.S. Treasury Ultra Long-Term Bond December Futures | U.S. Treasury Ultra Long-Term Bond December Futures | 12/2025 | 12/2025 | 18 | (2161) | (53) | (53) | (53) | 10 | 10 | 10 | 0 |
| U.S. Ultra Treasury 10-Year Note December Futures | U.S. Ultra Treasury 10-Year Note December Futures | U.S. Ultra Treasury 10-Year Note December Futures | U.S. Ultra Treasury 10-Year Note December Futures | U.S. Ultra Treasury 10-Year Note December Futures | 12/2025 | 12/2025 | 163 | (18758) | (173) | (173) | (173) | 10 | 10 | 10 | 0 |
|  |  |  |  |  |  |  |  |  | (210) | (210) | $ | 25 | 25 | $ | (7) |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **(190)** | **(190)** | **$** | **59** | **59** | **$** | **(8)** |
| **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** |
| **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Market<br>Value<sup>(5)</sup> | Market<br>Value<sup>(5)</sup> | Asset | Asset | Liability |
| AT&T, Inc. | 1.000% | Quarterly | 06/20/2026 | 0.237 | 0.237 | % | $100 | 2 | (1) | 1 | 1 | 1 | 0 | 0 | 0 |
| General Electric Co. | 1.000 | Quarterly | 06/20/2026 | 0.065 | 0.065 |  | 400 | 5 | (2) | 3 | 3 | 3 | 0 | 0 | 0 |
| Goldman Sachs Group, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.271 | 0.271 |  | 50 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Morgan Stanley | 1.000 | Quarterly | 12/20/2025 | 0.227 | 0.227 |  | 100 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  |  |  |  |  |  | $7 | (3) | $4 | 4 | 4 | $0 | 0 | $0 |
| **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Index/Tranches | Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date |  | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Market<br>Value<sup>(5)</sup> | Market<br>Value<sup>(5)</sup> | Asset | Asset | Liability |
| CDX.HY-41 5-Year Index | CDX.HY-41 5-Year Index | (5.000)% | Quarterly | 12/20/2028 | 12/20/2028 | $ | 1059 | (63) | (21) | (84) | (84) | (84) | 0 | 0 | (1) |
| **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Index/Tranches | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date |  | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Market<br>Value<sup>(5)</sup> | Market<br>Value<sup>(5)</sup> | Asset | Asset | Liability |
| CDX.IG-45 5-Year Index | CDX.IG-45 5-Year Index | 1.000% | Quarterly | 12/20/2030 | 12/20/2030 | $ | 10100 | 225 | 7 | 232 | 232 | 232 | 1 | 1 | 0 |

---

------

<br> Schedule of Investments PIMCO Dynamic Bond Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 0 | 4 | 16 | 24 | 34 | 57 | 88 | 117 | 144 | 166 | 176 | 205 |
| **INTEREST** **RATE SWAPS** | **INTEREST** **RATE SWAPS** | **INTEREST** **RATE SWAPS** | **INTEREST** **RATE SWAPS** | **INTEREST** **RATE SWAPS** | **INTEREST** **RATE SWAPS** | **INTEREST** **RATE SWAPS** | **INTEREST** **RATE SWAPS** | **INTEREST** **RATE SWAPS** | **INTEREST** **RATE SWAPS** | **INTEREST** **RATE SWAPS** | **INTEREST** **RATE SWAPS** |
|  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Pay/<br>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 | Market<br>Value | Asset | Liability |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | 4700 | $(24) | $(3) | $(27) | (27) | $7 | $0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 02/10/2026 | $9000 | 10 | 3 | 13 | 13 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.250 | Semi-Annual | 06/20/2028 | 4790 | 166 | (20) | 146 | 146 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 910 | 2 | (11) | (9) | (9) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.545 | Annual | 10/31/2030 | 200 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.582 | Annual | 10/31/2030 | 2400 | 0 | (2) | (2) | (2) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.589 | Annual | 10/31/2030 | 5000 | 0 | (5) | (5) | (5) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 10/31/2030 | 1600 | 0 | (2) | (2) | (2) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.601 | Annual | 10/31/2030 | 1400 | 0 | (2) | (2) | (2) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.623 | Annual | 10/31/2030 | 400 | 0 | (1) | (1) | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.664 | Annual | 10/31/2030 | 300 | 0 | (2) | (2) | (2) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.677 | Annual | 10/31/2030 | 200 | 0 | (1) | (1) | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.689 | Annual | 10/31/2030 | 1100 | 0 | (7) | (7) | (7) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 10/31/2030 | 500 | 0 | (3) | (3) | (3) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.722 | Annual | 10/31/2030 | 1100 | 0 | (9) | (9) | (9) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 10/31/2030 | 700 | 0 | (6) | (6) | (6) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.739 | Annual | 10/31/2030 | 300 | 0 | (3) | (3) | (3) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 1400 | (2) | (14) | (16) | (16) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 3700 | (1) | (59) | (60) | (60) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 | 50 | 0 | (1) | (1) | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 100 | 0 | (2) | (2) | (2) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 100 | 0 | (2) | (2) | (2) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 | 100 | 0 | (2) | (2) | (2) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 100 | 0 | (2) | (2) | (2) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 100 | 0 | (3) | (3) | (3) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 50 | 0 | (1) | (1) | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.551 | Annual | 09/17/2035 | 100 | 0 | 1 | 1 | 1 | 0 | 0 |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.800 | Annual | 07/14/2044 | 100 | 0 | 4 | 4 | 4 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 12/21/2052 | 700 | 146 | 128 | 274 | 274 | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.999 | Annual | 07/03/2053 | 60 | 3 | 17 | 20 | 20 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.842 | Annual | 09/19/2053 | 200 | 66 | 6 | 72 | 72 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.874 | Annual | 09/19/2053 | 300 | 97 | 9 | 106 | 106 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.060 | Semi-Annual | 10/27/2053 | 100 | 6 | 31 | 37 | 37 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2055 | 1400 | 198 | (24) | 174 | 174 | 4 | 0 |
| Pay | 1-Year BRL-CDI | 10.768 | Maturity | 01/04/2027 | 21300 | 0 | (206) | (206) | (206) | 0 | (1) |
| Pay | 1-Year BRL-CDI | 11.496 | Maturity | 01/04/2027 | 2300 | 0 | (16) | (16) | (16) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 11.566 | Maturity | 01/04/2027 | 12700 | 0 | (84) | (84) | (84) | 0 | 0 |
| Receive | 1-Year BRL-CDI | 11.691 | Maturity | 01/04/2027 | 23700 | 0 | 147 | 147 | 147 | 1 | 0 |
| Pay | 1-Year BRL-CDI | 13.927 | Maturity | 01/04/2027 | 8300 | 0 | (7) | (7) | (7) | 0 | (2) |
| Receive | 1-Year BRL-CDI | 14.020 | Maturity | 01/04/2027 | 11100 | 0 | 5 | 5 | 5 | 0 | 0 |
| Pay | 1-Year BRL-CDI | 13.175 | Maturity | 01/02/2029 | 10600 | 0 | (5) | (5) | (5) | 1 | 0 |
| Pay | 1-Year BRL-CDI | 13.291 | Maturity | 01/02/2029 | 900 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pay | 1-Year BRL-CDI | 13.354 | Maturity | 01/02/2029 | 33300 | 8 | (5) | 3 | 3 | 4 | 0 |

---

------

<br> Schedule of Investments PIMCO Dynamic Bond Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 0 | 3 | 4 | 14 | 16 | 24 | 32 | 45 | 49 | 76 | 86 | 93 | 115 | 128 | 142 | 144 | 174 | 176 | 190 | 203 | 205 |
| Receive | Receive | 1-Year BRL-CDI | 1-Year BRL-CDI | 13.545 | Maturity | Maturity | 01/02/2029 |  | 12400 |  | 0 |  | (11) |  | (11) |  | 0 | 0 |  | (1) |
| Receive | Receive | 3-Month COP-IBR Compounded-OIS | 3-Month COP-IBR Compounded-OIS | 8.500 | Quarterly | Quarterly | 04/28/2028 | COP | 2739300 |  | 0 |  | 0 |  | 0 |  | 0 | 0 |  | 0 |
| Receive | Receive | 3-Month COP-IBR Compounded-OIS | 3-Month COP-IBR Compounded-OIS | 8.750 | Quarterly | Quarterly | 09/18/2030 |  | 1728700 |  | 0 |  | (1) |  | (1) |  | 0 | 0 |  | 0 |
| Pay | Pay | 6-Month AUD-BBR-BBSW | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | Semi-Annual | 09/18/2034 | AUD | 6300 |  | 46 |  | 56 |  | 102 |  | 19 | 19 |  | 0 |
| Pay | Pay | 6-Month AUD-BBR-BBSW | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | Semi-Annual | 06/18/2035 |  | 5850 |  | 90 |  | 0 |  | 90 |  | 20 | 20 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 0.700 | Annual | Annual | 04/11/2027 | EUR | 100 |  | (1) |  | (2) |  | (3) |  | 0 | 0 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 0.650 | Annual | Annual | 04/12/2027 |  | 200 |  | (1) |  | (6) |  | (7) |  | 0 | 0 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 0.650 | Annual | Annual | 05/11/2027 |  | 200 |  | (2) |  | (5) |  | (7) |  | 0 | 0 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 1.000 | Annual | Annual | 05/18/2027 |  | 100 |  | 0 |  | (3) |  | (3) |  | 0 | 0 |  | 0 |
| Pay<sup>(6)</sup> | Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 2.500 | Annual | Annual | 03/18/2031 |  | 470 |  | 2 |  | (1) |  | 1 |  | 1 | 1 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 2.415 | Annual | Annual | 07/09/2035 |  | 1700 |  | 0 |  | (11) |  | (11) |  | 6 | 6 |  | 0 |
| Receive<sup>(6)</sup> | Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 2.750 | Annual | Annual | 03/18/2036 |  | 600 |  | 1 |  | (2) |  | (1) |  | 0 | 0 |  | (2) |
| Receive | Receive | CAONREPO | CAONREPO | 3.500 | Semi-Annual | Semi-Annual | 06/01/2032 | CAD | 1000 |  | (14) |  | (25) |  | (39) |  | 0 | 0 |  | (2) |
|  |  |  |  |  |  |  |  |  | $ | $796 | 796 | $(170) | (170) | $626 | 626 | $67 | 67 | 67 | $(19) | (19) |
| **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **$** | $**965** | **965** | $**(187)** | **(187)** | $**778** | **778** | $**68** | **68** | **68** | $**(20)** | **(20)** |
| **(i)** | **Securities with an aggregate market value of $472 and cash of $1,643 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $472 and cash of $1,643 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $472 and cash of $1,643 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $472 and cash of $1,643 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $472 and cash of $1,643 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $472 and cash of $1,643 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $472 and cash of $1,643 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $472 and cash of $1,643 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $472 and cash of $1,643 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $472 and cash of $1,643 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $472 and cash of $1,643 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $472 and cash of $1,643 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $472 and cash of $1,643 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $472 and cash of $1,643 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $472 and cash of $1,643 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $472 and cash of $1,643 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $472 and cash of $1,643 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $472 and cash of $1,643 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $472 and cash of $1,643 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $472 and cash of $1,643 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** |
| <sup>(1)</sup> | If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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> | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
| <sup>(3)</sup> | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
| <sup>(4)</sup> | The maximum potential amount the 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. |
| **(j)** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** |
| **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** |
|  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | Settlement<br>Month | Settlement<br>Month | Settlement<br>Month |  | Currency to<br>be Delivered | Currency to<br>be Delivered | Currency to<br>be Delivered |  | Currency to<br>be Received | Currency to<br>be Received | Currency to<br>be Received | Asset | Asset | Asset | Asset | Liability | Liability | Liability |
| &nbsp;&nbsp;&nbsp;&nbsp; AZD | &nbsp;&nbsp;&nbsp;&nbsp; AZD | &nbsp;&nbsp;&nbsp;&nbsp; AZD | 10/2025 | 10/2025 | 10/2025 | EUR | 855 | 855 | 855 | $ | $997 | 997 | 997 | 0 | 0 | 0 | 0 | $(7) | (7) | (7) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | $ | $23 | 23 | 23 | AUD | 34 | 34 | 34 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 1004 | 1004 | 1004 | CAD | 1396 | 1396 | 1396 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | AUD | 35 | 35 | 35 | $ | $23 | 23 | 23 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | CAD | 1394 | 1394 | 1394 |  | 1004 | 1004 | 1004 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOA | &nbsp;&nbsp;&nbsp;&nbsp; BOA | &nbsp;&nbsp;&nbsp;&nbsp; BOA | 10/2025 | 10/2025 | 10/2025 | $ | $25 | 25 | 25 | INR | 2219 | 2219 | 2219 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 5 | 5 | 5 | JPY | 701 | 701 | 701 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 16 | 16 | 16 | NZD | 29 | 29 | 29 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 531 | 531 | 531 | PLN | 1923 | 1923 | 1923 | 0 | 0 | 0 | 0 | (2) | (2) | (2) |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | BRL | 1045 | 1045 | 1045 | $ | $187 | 187 | 187 | 0 | 0 | 0 | 0 | (7) | (7) | (7) |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | DOP | 959 | 959 | 959 |  | 15 | 15 | 15 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | EUR | 101 | 101 | 101 |  | 119 | 119 | 119 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | JPY | 699 | 699 | 699 |  | 5 | 5 | 5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | NZD | 29 | 29 | 29 |  | 16 | 16 | 16 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | $ | $20 | 20 | 20 | ILS | 66 | 66 | 66 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | ZAR | 674 | 674 | 674 | $ | $39 | 39 | 39 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 08/2026 | 08/2026 | 08/2026 | $ | $52 | 52 | 52 | ZAR | 945 | 945 | 945 | 1 | 1 | 1 | 1 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BPS | &nbsp;&nbsp;&nbsp;&nbsp; BPS | &nbsp;&nbsp;&nbsp;&nbsp; BPS | 10/2025 | 10/2025 | 10/2025 | BRL | 6400 | 6400 | 6400 | $ | $1072 | 1072 | 1072 | 0 | 0 | 0 | 0 | (131) | (131) | (131) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | IDR | 1097567 | 1097567 | 1097567 |  | 66 | 66 | 66 | 1 | 1 | 1 | 1 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | INR | 4004 | 4004 | 4004 |  | 45 | 45 | 45 | 1 | 1 | 1 | 1 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | PLN | 296 | 296 | 296 |  | 81 | 81 | 81 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | TWD | 31802 | 31802 | 31802 |  | 1051 | 1051 | 1051 | 7 | 7 | 7 | 7 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | $ | $1190 | 1190 | 1190 | BRL | 6400 | 6400 | 6400 | 13 | 13 | 13 | 13 | (1) | (1) | (1) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 5 | 5 | 5 | CNH | 37 | 37 | 37 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 196 | 196 | 196 | IDR | 3214870 | 3214870 | 3214870 | 0 | 0 | 0 | 0 | (3) | (3) | (3) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 450 | 450 | 450 | INR | 39813 | 39813 | 39813 | 0 | 0 | 0 | 0 | (3) | (3) | (3) |

---

------

<br> Schedule of Investments PIMCO Dynamic Bond Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 10/2025 | 5 | 813 | 0 | 0 |
|  | 10/2025 | 107 | 147294 | 0 | (2) |
|  | 10/2025 | 40 | 144 | 0 | 0 |
|  | 11/2025 | 668455 | $40 | 0 | 0 |
|  | 11/2025 | 4450 | 50 | 0 | 0 |
|  | 11/2025 | 810 | 5 | 0 | 0 |
|  | 11/2025 | 42054 | 30 | 0 | 0 |
|  | 11/2025 | $19 | 100 | 0 | 0 |
|  | 12/2025 | 16 | 276086 | 0 | 0 |
|  | 04/2026 | 2700 | $473 | 0 | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp; BRC | 10/2025 | 283 | 355 | 0 | (1) |
|  | 10/2025 | 275 | 7 | 0 | 0 |
|  | 10/2025 | $35 | 28 | 0 | 0 |
|  | 10/2025 | 76 | 279 | 0 | 0 |
|  | 10/2025 | 319 | 13753 | 7 | 0 |
|  | 11/2025 | 93 | $62 | 0 | 0 |
|  | 11/2025 | $355 | 282 | 1 | 0 |
|  | 11/2025 | 519 | 22631 | 6 | 0 |
|  | 11/2025 | 6528 | $371 | 0 | (6) |
|  | 12/2025 | $92 | 1694 | 0 | 0 |
|  | 12/2025 | 7 | 290 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BSH | 10/2025 | 4700 | $884 | 1 | 0 |
|  | 10/2025 | $864 | 4700 | 19 | 0 |
|  | 11/2025 | 1965 | $535 | 0 | (30) |
|  | 12/2025 | 2739 | 770 | 0 | (18) |
|  | 01/2026 | 1617 | 452 | 0 | (13) |
|  | 01/2026 | $120 | 425 | 2 | 0 |
|  | 02/2026 | 1045 | $299 | 0 | (1) |
|  | 03/2026 | 666 | 191 | 0 | 0 |
|  | 04/2026 | 5100 | 898 | 0 | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp; CBK | 10/2025 | 1391 | 925 | 5 | (1) |
|  | 10/2025 | 10289 | 1935 | 1 | 0 |
|  | 10/2025 | 942 | 682 | 5 | 0 |
|  | 10/2025 | 2405 | 339 | 1 | 0 |
|  | 10/2025 | 101 | 118 | 0 | 0 |
|  | 10/2025 | 320 | 432 | 2 | 0 |
|  | 10/2025 | 284316 | 17 | 0 | 0 |
|  | 10/2025 | 32283 | 363 | 0 | 0 |
|  | 10/2025 | 25 | 20 | 0 | 0 |
|  | 10/2025 | 499 | 17 | 0 | 0 |
|  | 10/2025 | $1882 | 10289 | 51 | 0 |
|  | 10/2025 | 363 | 309 | 0 | (1) |
|  | 10/2025 | 392 | 288 | 0 | (4) |
|  | 10/2025 | 107 | 9384 | 0 | (1) |
|  | 10/2025 | 4 | 125 | 0 | 0 |
|  | 10/2025 | 1619 | $93 | 0 | 0 |
|  | 11/2025 | $363 | 32350 | 0 | 0 |
|  | 12/2025 | 124 | $4 | 0 | 0 |
|  | 12/2025 | $17 | 285122 | 0 | 0 |
|  | 12/2025 | 85 | 305 | 3 | 0 |
|  | 01/2026 | 1668 | $467 | 0 | (12) |
|  | 02/2026 | 678 | 185 | 0 | (10) |
|  | 03/2026 | 1867 | 529 | 0 | (7) |
|  | 05/2026 | 2646 | 746 | 0 | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp; DUB | 10/2025 | 4515 | 51 | 0 | 0 |
|  | 10/2025 | 424 | 331 | 2 | 0 |
|  | 10/2025 | $11 | 80 | 0 | 0 |
|  | 10/2025 | 48 | 4275 | 0 | 0 |
|  | 10/2025 | 17 | 23931 | 0 | 0 |
|  | 11/2025 | 51 | 4524 | 0 | 0 |
|  | 11/2025 | 15764 | $901 | 0 | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp; FAR | 10/2025 | 51 | 64 | 0 | 0 |
|  | 10/2025 | 32612 | 222 | 1 | 0 |
|  | 10/2025 | 171 | 47 | 0 | 0 |
|  | 10/2025 | $822 | 1263 | 13 | 0 |
|  | 10/2025 | 5 | 35 | 0 | 0 |
|  | 10/2025 | 101 | 8946 | 0 | (1) |
|  | 10/2025 | 85 | 311 | 1 | 0 |
|  | 10/2025 | 1761 | 2269 | 0 | (3) |
|  | 11/2025 | 765 | $500 | 0 | (7) |
|  | 11/2025 | 2228 | 607 | 0 | (34) |
|  | 11/2025 | 2263 | 1761 | 3 | 0 |
|  | 11/2025 | $64 | 51 | 0 | 0 |
|  | 12/2025 | 4431 | $234 | 0 | (6) |
|  | 12/2025 | $710 | 13522 | 23 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; GLM | 10/2025 | 11511 | $1912 | 0 | (251) |
|  | 10/2025 | 7271 | 1023 | 3 | 0 |
|  | 10/2025 | 273135 | 16 | 0 | 0 |
|  | 10/2025 | 735968 | 525 | 2 | (2) |
|  | 10/2025 | 1271 | 992 | 7 | 0 |
|  | 10/2025 | 9191 | 304 | 2 | 0 |
|  | 10/2025 | $2121 | 11511 | 42 | 0 |
|  | 10/2025 | 202 | 3329502 | 0 | (3) |
|  | 10/2025 | 912 | 80604 | 0 | (5) |
|  | 10/2025 | 261 | 368150 | 2 | 0 |
|  | 10/2025 | 133 | 484 | 0 | 0 |

---

------

<br> Schedule of Investments PIMCO Dynamic Bond Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 10/2025 | 2 | 2 | THB | 66 | 66 |  | 0 | 0 | 0 |  | 0 |
|  |  | 11/2025 | 101 | 101 | TRY | 4382 | 4382 |  | 1 | 1 | 1 |  | 0 |
|  |  | 12/2025 | 16 | 16 | IDR | 273790 | 273790 |  | 0 | 0 | 0 |  | 0 |
|  |  | 01/2026 | 1669 | 1669 | $ | $27 | 27 |  | 1 | 1 | 1 |  | 0 |
|  |  | 03/2026 | 519 | 519 |  | 8 | 8 |  | 0 | 0 | 0 |  | 0 |
|  |  | 04/2026 | 10500 | 10500 |  | 1851 | 1851 |  | 0 | 0 | 0 |  | (38) |
| &nbsp;&nbsp;&nbsp;&nbsp; JPM | &nbsp;&nbsp;&nbsp;&nbsp; JPM | 10/2025 | 137 | 137 |  | 99 | 99 |  | 1 | 1 | 1 |  | 0 |
|  |  | 10/2025 | 88501 | 88501 |  | 997 | 997 |  | 1 | 1 | 1 |  | 0 |
|  |  | 10/2025 | $30 | 30 | KRW | 41423 | 41423 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 50 | 50 | PLN | 185 | 185 |  | 1 | 1 | 1 |  | 0 |
|  |  | 10/2025 | 80 | 80 | TRY | 3427 | 3427 |  | 2 | 2 | 2 |  | 0 |
|  |  | 11/2025 | 100 | 100 | $ | $30 | 30 |  | 0 | 0 | 0 |  | 0 |
|  |  | 11/2025 | $997 | 997 | INR | 88679 | 88679 |  | 0 | 0 | 0 |  | (1) |
|  |  | 11/2025 | 13959 | 13959 | $ | $796 | 796 |  | 0 | 0 | 0 |  | (9) |
|  |  | 12/2025 | 4444433 | 4444433 |  | 1124 | 1124 |  | 2 | 2 | 2 |  | 0 |
|  |  | 12/2025 | $151 | 151 | MXN | 2806 | 2806 |  | 1 | 1 | 1 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; MBC | &nbsp;&nbsp;&nbsp;&nbsp; MBC | 10/2025 | 42 | 42 | $ | $50 | 50 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 146514 | 146514 |  | 105 | 105 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 225 | 225 |  | 23 | 23 |  | 0 | 0 | 0 |  | (1) |
|  |  | 10/2025 | 549 | 549 |  | 428 | 428 |  | 3 | 3 | 3 |  | 0 |
|  |  | 10/2025 | $386 | 386 | CHF | 306 | 306 |  | 0 | 0 | 0 |  | (1) |
|  |  | 10/2025 | 149 | 149 | CNH | 1062 | 1062 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 144 | 144 | EUR | 123 | 123 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 187 | 187 | GBP | 138 | 138 |  | 0 | 0 | 0 |  | (2) |
|  |  | 10/2025 | 3 | 3 | JPY | 403 | 403 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 128 | 128 | KRW | 179393 | 179393 |  | 0 | 0 | 0 |  | (1) |
|  |  | 11/2025 | 1019 | 1019 | $ | $143 | 143 |  | 0 | 0 | 0 |  | 0 |
|  |  | 11/2025 | 401 | 401 |  | 3 | 3 |  | 0 | 0 | 0 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; MYI | &nbsp;&nbsp;&nbsp;&nbsp; MYI | 10/2025 | 363 | 363 |  | 2 | 2 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 161 | 161 |  | 44 | 44 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | $6 | 6 | CNH | 41 | 41 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 103 | 103 | JPY | 15365 | 15365 |  | 1 | 1 | 1 |  | 0 |
|  |  | 10/2025 | 3 | 3 | TWD | 100 | 100 |  | 0 | 0 | 0 |  | 0 |
|  |  | 11/2025 | 15312 | 15312 | $ | $103 | 103 |  | 0 | 0 | 0 |  | (1) |
|  |  | 12/2025 | 100 | 100 |  | 3 | 3 |  | 0 | 0 | 0 |  | 0 |
|  |  | 12/2025 | $224 | 224 | MXN | 4219 | 4219 |  | 5 | 5 | 5 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; NGF | &nbsp;&nbsp;&nbsp;&nbsp; NGF | 10/2025 | 39 | 39 | KRW | 54864 | 54864 |  | 0 | 0 | 0 |  | 0 |
|  |  | 11/2025 | 30 | 30 | TRY | 1304 | 1304 |  | 0 | 0 | 0 |  | 0 |
|  |  | 12/2025 | 760 | 760 |  | 33328 | 33328 |  | 2 | 2 | 2 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCX | &nbsp;&nbsp;&nbsp;&nbsp; SCX | 10/2025 | 341 | 341 | $ | $64 | 64 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 219916 | 219916 |  | 13 | 13 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 2875 | 2875 |  | 32 | 32 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 1042 | 1042 |  | 7 | 7 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 378 | 378 |  | 13 | 13 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | $64 | 64 | BRL | 341 | 341 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 581 | 581 | GBP | 434 | 434 |  | 3 | 3 | 3 |  | 0 |
|  |  | 10/2025 | 47 | 47 | INR | 4149 | 4149 |  | 0 | 0 | 0 |  | 0 |
|  |  | 11/2025 | 434 | 434 | $ | $581 | 581 |  | 0 | 0 | 0 |  | (3) |
|  |  | 11/2025 | $32 | 32 | INR | 2881 | 2881 |  | 0 | 0 | 0 |  | 0 |
|  |  | 12/2025 | 64 | 64 | BRL | 346 | 346 |  | 0 | 0 | 0 |  | 0 |
|  |  | 12/2025 | 13 | 13 | IDR | 220472 | 220472 |  | 0 | 0 | 0 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOG | &nbsp;&nbsp;&nbsp;&nbsp; SOG | 10/2025 | 11686 | 11686 | $ | $2190 | 2190 |  | 0 | 0 | 0 |  | (6) |
|  |  | 10/2025 | 17018 | 17018 |  | 116 | 116 |  | 1 | 1 | 1 |  | 0 |
|  |  | 10/2025 | 37 | 37 |  | 21 | 21 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | $2197 | 2197 | BRL | 11686 | 11686 |  | 0 | 0 | 0 |  | (2) |
|  |  | 10/2025 | 547 | 547 | EUR | 465 | 465 |  | 0 | 0 | 0 |  | (1) |
|  |  | 10/2025 | 225 | 225 | JPY | 33461 | 33461 |  | 1 | 1 | 1 |  | 0 |
|  |  | 11/2025 | 465 | 465 | $ | $548 | 548 |  | 1 | 1 | 1 |  | 0 |
|  |  | 11/2025 | 33345 | 33345 |  | 225 | 225 |  | 0 | 0 | 0 |  | (2) |
|  |  | 12/2025 | $2190 | 2190 | BRL | 11853 | 11853 |  | 6 | 6 | 6 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; SSB | &nbsp;&nbsp;&nbsp;&nbsp; SSB | 10/2025 | 540 | 540 | $ | $728 | 728 |  | 2 | 2 | 2 |  | 0 |
|  |  | 10/2025 | $95 | 95 | INR | 8395 | 8395 |  | 0 | 0 | 0 |  | (1) |
|  |  | 11/2025 | 195 | 195 | $ | $53 | 53 |  | 0 | 0 | 0 |  | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp; UAG | &nbsp;&nbsp;&nbsp;&nbsp; UAG | 10/2025 | 316 | 316 |  | 229 | 229 |  | 2 | 2 | 2 |  | 0 |
|  |  | 10/2025 | 161 | 161 |  | 44 | 44 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | $94 | 94 | ZAR | 1619 | 1619 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 1620 | 1620 | $ | $94 | 94 |  | 0 | 0 | 0 |  | 0 |
|  |  | 11/2025 | 7101 | 7101 |  | 403 | 403 |  | 0 | 0 | 0 |  | (7) |
| **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** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | $**265** | **265** | **265** | **$** | $**(704)** | **(704)** |
| **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** |
| **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** |
| Counterparty | Description | Description | Description |  |  | Strike<br>Price | Notional<br>Amount<sup>(1)</sup> | Notional<br>Amount<sup>(1)</sup> | Notional<br>Amount<sup>(1)</sup> | Cost | Cost |  | Market<br>Value |
| BOA | Put - OTC USD versus BRL | Put - OTC USD versus BRL | Put - OTC USD versus BRL | BRL | BRL | 5.500 | 347 | 347 | 347 | $6 | 6 | $ | $11 |
|  | Put - OTC USD versus ZAR | Put - OTC USD versus ZAR | Put - OTC USD versus ZAR | ZAR | ZAR | 18.000 | 521 | 521 | 521 | 25 | 25 |  | 28 |
|  |  |  |  |  |  |  |  |  |  | $31 | 31 | $ | $39 |

---

------

<br> Schedule of Investments PIMCO Dynamic Bond Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **INTEREST** **RATE SWAPTIONS** | **INTEREST** **RATE SWAPTIONS** | **INTEREST** **RATE SWAPTIONS** | **INTEREST** **RATE SWAPTIONS** | **INTEREST** **RATE SWAPTIONS** | **INTEREST** **RATE SWAPTIONS** | **INTEREST** **RATE SWAPTIONS** | **INTEREST** **RATE SWAPTIONS** | **INTEREST** **RATE SWAPTIONS** | **INTEREST** **RATE SWAPTIONS** | **INTEREST** **RATE SWAPTIONS** |
| Counterparty | Description | Floating Rate<br>Index | Pay/Receive<br>Floating Rate | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Pay | Pay | 4.470% | 06/04/2035 | 06/04/2035 | 300 | $27 | $26 |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Receive | Receive | 4.470 | 06/04/2035 | 06/04/2035 | 300 | 27 | 25 |
|  | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Pay | Pay | 3.255 | 08/16/2039 | 08/16/2039 | 1000 | 96 | 70 |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Receive | Receive | 3.255 | 08/16/2039 | 08/16/2039 | 1000 | 96 | 119 |
| DUB | Put - OTC 1-Year Interest Rate Swap | 3-Month USD-SOFR | Receive | Receive | 3.757 | 09/18/2026 | 09/18/2026 | 11800 | 9 | 10 |
| JPM | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Pay | Pay | 3.808 | 07/31/2034 | 07/31/2034 | 500 | 44 | 31 |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Receive | Receive | 3.808 | 07/31/2034 | 07/31/2034 | 500 | 44 | 49 |
| MYC | Put - OTC 1-Year Interest Rate Swap | 3-Month USD-SOFR | Receive | Receive | 3.757 | 09/18/2026 | 09/18/2026 | 10200 | 8 | 9 |
|  | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Pay | Pay | 3.800 | 07/12/2034 | 07/12/2034 | 1000 | 86 | 61 |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Receive | Receive | 3.800 | 07/12/2034 | 07/12/2034 | 1000 | 86 | 98 |
|  |  |  |  |  |  |  |  |  | $523 | $498 |
| **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | $**554** | $**537** |
| **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** |
| **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** |
| Counterparty | Description | Description | Description |  | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Put - OTC USD versus BRL | Put - OTC USD versus BRL | Put - OTC USD versus BRL | BRL | 5.250 | 5.250 | 11/24/2025 | 347 | $(1) | $(2) |
|  | Call - OTC USD versus BRL | Call - OTC USD versus BRL | Call - OTC USD versus BRL |  | 5.800 | 5.800 | 11/24/2025 | 347 | (5) | (1) |
|  | Put - OTC USD versus ZAR | Put - OTC USD versus ZAR | Put - OTC USD versus ZAR | ZAR | 17.000 | 17.000 | 08/19/2026 | 1042 | (25) | (27) |
|  |  |  |  |  |  |  |  |  | $(31) | $(30) |
| **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** |
| Counterparty | Description | Floating Rate<br>Index | Pay/Receive<br>Floating Rate | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Receive | Receive | 3.575% | 10/02/2025 | 10/02/2025 | 100 | $0 | $0 |
|  | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Receive | Receive | 3.325 | 10/14/2025 | 10/14/2025 | 200 | (1) | 0 |
|  | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Receive | Receive | 3.375 | 10/14/2025 | 10/14/2025 | 100 | 0 | 0 |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Pay | Pay | 3.625 | 10/14/2025 | 10/14/2025 | 200 | (1) | (1) |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Pay | Pay | 3.675 | 10/14/2025 | 10/14/2025 | 100 | 0 | (1) |
| BPS | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Receive | Receive | 3.375 | 10/14/2025 | 10/14/2025 | 100 | 0 | 0 |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Pay | Pay | 3.675 | 10/14/2025 | 10/14/2025 | 100 | 0 | (1) |
| BRC | Call - OTC 10-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Receive | Receive | 2.550 | 10/17/2025 | 10/17/2025 | 100 | 0 | 0 |
|  | Put - OTC 10-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Pay | Pay | 2.750 | 10/17/2025 | 10/17/2025 | 100 | 0 | 0 |
| CBK | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Receive | Receive | 3.385 | 10/10/2025 | 10/10/2025 | 100 | 0 | 0 |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Pay | Pay | 3.685 | 10/10/2025 | 10/10/2025 | 100 | 0 | 0 |
| DUB | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Receive | Receive | 3.506 | 10/06/2025 | 10/06/2025 | 100 | (1) | 0 |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Pay | Pay | 3.806 | 10/06/2025 | 10/06/2025 | 100 | (1) | 0 |
| GLM | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Receive | Receive | 3.398 | 10/06/2025 | 10/06/2025 | 500 | (2) | 0 |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Pay | Pay | 3.698 | 10/06/2025 | 10/06/2025 | 500 | (2) | (1) |
| MYC | Call - OTC 10-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Receive | Receive | 2.550 | 10/06/2025 | 10/06/2025 | 100 | 0 | 0 |
|  | Put - OTC 10-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Pay | Pay | 2.790 | 10/06/2025 | 10/06/2025 | 100 | 0 | 0 |
| UAG | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Receive | Receive | 3.507 | 10/06/2025 | 10/06/2025 | 100 | 0 | 0 |

---

------

<br> Schedule of Investments PIMCO Dynamic Bond Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 2 | 3 | 8 | 44 | 59 | 71 | 80 | 96 | 107 | 124 | 140 | 147 | 158 | 163 | 183 | 196 | 198 | 208 |
|  |  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Pay | Pay | 3.807 | 10/06/2025 | 10/06/2025 |  | 100 |  | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  |  |  |  |  |  |  |  |  | $ | (8) | (8) | (8) | $(4) | (4) | (4) |
| **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **$** | **(39)** | **(39)** | **(39)** | $**(34)** | **(34)** | **(34)** |
| **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** |
| **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Swap Agreements, at Value</u><sup>(4)</sup> | <u>Swap Agreements, at Value</u><sup>(4)</sup> | <u>Swap Agreements, at Value</u><sup>(4)</sup> | <u>Swap Agreements, at Value</u><sup>(4)</sup> |
| Counterparty | Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> |  | Premiums<br>Paid/(Received) | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset |  | Liability |
| BRC | BRC | ABX.HE.AAA.6-2 Index « | 0.110% | Monthly | Monthly | 05/25/2046 | 05/25/2046 | 327 | $ | (90) | (90) | 64 | 64 | 0 | 0 | $ | (26) |
| MYC | MYC | ABX.HE.AAA.6-2 Index « | 0.110 | Monthly | Monthly | 05/25/2046 | 05/25/2046 | 389 |  | (105) | (105) | 75 | 75 | 0 | 0 |  | (30) |
| **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **(195)** | **(195)** | $**139** | **139** | $**0** | **0** | **0** | $**(56)** |
| **(k)** | **Securities with an aggregate market value of $346 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $346 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $346 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $346 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $346 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $346 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $346 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $346 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $346 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $346 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $346 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $346 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $346 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $346 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $346 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $346 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $346 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** |
| <sup>(1)</sup> | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. |
| **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** |
| **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: |  |
| Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Level 1 | Level 1 | Level 1 | Level 2 | Level 2 | Level 3 | Level 3 | Level 3 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 |  |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **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** | **Investments in Securities, at Value** |  |
| Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | $0 | 0 | 0 | $902 | 902 | $0 | 0 | 0 | $ | 902 | 902 | 902 |  |
| 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 | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |  |
| Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | 0 | 0 | 0 | 8232 | 8232 | 0 | 0 | 0 |  | 8232 | 8232 | 8232 |  |
| Industrials | Industrials | Industrials | Industrials | Industrials | 0 | 0 | 0 | 4353 | 4353 | 900 | 900 | 900 |  | 5253 | 5253 | 5253 |  |
| Utilities | Utilities | Utilities | Utilities | Utilities | 0 | 0 | 0 | 1225 | 1225 | 0 | 0 | 0 |  | 1225 | 1225 | 1225 |  |
| Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |  |
| West Virginia | West Virginia | West Virginia | West Virginia | West Virginia | 0 | 0 | 0 | 93 | 93 | 0 | 0 | 0 |  | 93 | 93 | 93 |  |
| U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | 0 | 0 | 0 | 49324 | 49324 | 0 | 0 | 0 |  | 49324 | 49324 | 49324 |  |
| U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | 0 | 0 | 0 | 10520 | 10520 | 0 | 0 | 0 |  | 10520 | 10520 | 10520 |  |
| Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | 0 | 0 | 0 | 4337 | 4337 | 0 | 0 | 0 |  | 4337 | 4337 | 4337 |  |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |  |
| CMBS Other | CMBS Other | CMBS Other | CMBS Other | CMBS Other | 0 | 0 | 0 | 212 | 212 | 0 | 0 | 0 |  | 212 | 212 | 212 |  |
| Home Equity Other | Home Equity Other | Home Equity Other | Home Equity Other | Home Equity Other | 0 | 0 | 0 | 3728 | 3728 | 0 | 0 | 0 |  | 3728 | 3728 | 3728 |  |
| Whole Loan Collateral | Whole Loan Collateral | Whole Loan Collateral | Whole Loan Collateral | Whole Loan Collateral | 0 | 0 | 0 | 240 | 240 | 0 | 0 | 0 |  | 240 | 240 | 240 |  |
| Other ABS | Other ABS | Other ABS | Other ABS | Other ABS | 0 | 0 | 0 | 5718 | 5718 | 587 | 587 | 587 |  | 6305 | 6305 | 6305 |  |
| Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | 0 | 0 | 0 | 16382 | 16382 | 0 | 0 | 0 |  | 16382 | 16382 | 16382 |  |
| Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |  |
| Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | 0 | 0 | 0 | 44 | 44 | 0 | 0 | 0 |  | 44 | 44 | 44 |  |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |  |
| Commercial Paper | Commercial Paper | Commercial Paper | Commercial Paper | Commercial Paper | 0 | 0 | 0 | 1746 | 1746 | 0 | 0 | 0 |  | 1746 | 1746 | 1746 |  |
| Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | 0 | 0 | 0 | 13200 | 13200 | 0 | 0 | 0 |  | 13200 | 13200 | 13200 |  |
| Short-Term Notes | Short-Term Notes | Short-Term Notes | Short-Term Notes | Short-Term Notes | 0 | 0 | 0 | 1387 | 1387 | 0 | 0 | 0 |  | 1387 | 1387 | 1387 |  |
| Nigeria Treasury Bills | Nigeria Treasury Bills | Nigeria Treasury Bills | Nigeria Treasury Bills | Nigeria Treasury Bills | 0 | 0 | 0 | 301 | 301 | 0 | 0 | 0 |  | 301 | 301 | 301 |  |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | 0 | 0 | 0 | 7363 | 7363 | 0 | 0 | 0 |  | 7363 | 7363 | 7363 |  |
|  |  |  |  |  | $0 | 0 | 0 | $129307 | 129307 | $1487 | 1487 | 1487 | $ | 130794 | 130794 | 130794 |  |
| **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** | **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** |  |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |  |
| Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | $15039 | 15039 | 15039 | $0 | 0 | $0 | 0 | 0 | $ | 15039 | 15039 | 15039 |  |
| Total Investments | Total Investments | Total Investments | Total Investments | Total Investments | $15039 | 15039 | 15039 | $129307 | 129307 | $1487 | 1487 | 1487 | $ | 145833 | 145833 | 145833 |  |
| **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** | **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** | **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** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** |  |
| U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | $0 | 0 | 0 | $(1962) | (1962) | $0 | 0 | 0 | $ | (1962) | (1962) | (1962) |  |
| **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** | **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 | 9 | 9 | 9 | 118 | 118 | 0 | 0 | 0 |  | 127 | 127 | 127 |  |
| Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | 0 | 0 | 0 | 802 | 802 | 0 | 0 | 0 |  | 802 | 802 | 802 |  |
|  |  |  |  |  | $9 | 9 | 9 | $920 | 920 | $0 | 0 | 0 | $ | 929 | 929 | 929 |  |
| **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** | **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** | **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 | (8) | (8) | (8) | (24) | (24) | 0 | 0 | 0 |  | (32) | (32) | (32) |  |

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<br> Schedule of Investments PIMCO Dynamic Bond Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 1 | 3 | 12 | 19 | 28 | 39 | 41 | 61 | 71 | 78 | 85 | 95 | 107 | 120 | 127 | 140 | 151 | 165 | 181 | 197 | 202 | 206 |
| Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | 0 | 0 | 0 | 0 | (738) | (738) | (738) | (56) | (56) |  | (794) | (794) |  |  |
|  |  |  |  |  |  |  |  | $(8) | (8) | (8) | (8) | $(762) | (762) | (762) | $(56) | (56) | $ | (826) | (826) |  |  |
| Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | $1 | 1 | 1 | 1 | $158 | 158 | 158 | $(56) | (56) | $ | 103 | 103 |  |  |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $15040 | 15040 | 15040 | 15040 | $127503 | 127503 | 127503 | $1431 | 1431 | $ | 143974 | 143974 |  |  |
| **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** |
| Category and Subcategory | Category and Subcategory | Beginning<br>Balance<br>at 12/31/2024 | Net<br>Purchases<sup>(1)</sup> | Net<br>Purchases<sup>(1)</sup> | Net<br>Sales/Settlements<sup>(1)</sup> | Net<br>Sales/Settlements<sup>(1)</sup> | Accrued<br>Discounts/<br>(Premiums) | Accrued<br>Discounts/<br>(Premiums) | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Transfers into<br>Level 3 | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(2)</sup> | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(2)</sup> | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(2)</sup> |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **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** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
| Corporate Bonds & Notes | Corporate Bonds & Notes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Industrials | Industrials | $34 | $ | 900 | $ | $(35) | $ | 0 | $ | $0 | $ | 1 | $ | $0 | 0 | $0 | 0 | 900 | $ | $ | 0 |
| Asset-Backed Securities | Asset-Backed Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Other ABS | Other ABS | 0 |  | 585 |  | 0 |  | 0 |  | 0 |  | 2 |  | 0 | 0 | 0 | 0 | 587 |  |  | 2 |
|  |  | 34 | $ | 1485 | $ | $(35) | $ | 0 | $ | $0 | $ | 3 | $ | $0 | 0 | $0 | 0 | 1487 | $ | $ | 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** | **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** | **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** | **Financial Derivative Instruments** **- Liabilities** |
| Over the counter | Over the counter | (62) | $ | 2 | $ | $(1) | $ | 0 | $ | $14 | $ | (9) | $ | $0 | 0 | $0 | 0 | (56) | $ | $ | 0 |
| Totals | Totals | (28) | $ | 1487 | $ | $(36) | $ | 0 | $ | $14 | $ | (6) | $ | $0 | 0 | $0 | 0 | 1431 | $ | $ | 2 |
| <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | Input Value(s) | Input Value(s) | Input Value(s) | Weighted Average | Weighted 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** | **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** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | 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 |
| Industrials | Industrials | Industrials | Industrials | $900 | 900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | 100.000 | 100.000 | 100.000 |  |  |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| Other ABS | Other ABS | Other ABS | Other ABS | 587 | 587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | 100.000 | 100.000 | 100.000 |  |  |
| **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** | **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** | **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** | **Financial Derivative Instruments** **- Liabilities** |
| Over the counter | Over the counter | Over the counter | Over the counter | $(56) | (56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | 92.000 | 92.000 | 92.000 |  |  |
| Total | Total | Total | Total | $1431 | 1431 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <sup>(1)</sup> | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. |
| <sup>(2)</sup> | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. |

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------

Notes to Financial Statements

**1** **. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS**

**(a) Investment Valuation Policies** The net asset value ("NAV") of the Portfolio'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 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, the Portfolio'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 Portfolio 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 Portfolio may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The 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, the Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that the 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 the 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 Portfolio 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 Pacific Investment Management Company LLC ("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 Investment Company Act of 1940, as amended (the "Act"). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees has designated PIMCO as the valuation designee ("Valuation Designee") for the Portfolio to perform the fair value determination relating to all Portfolio investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of portfolio investments. The Valuation Designee may value portfolio securities for which market quotations are not readily available and other Portfolio assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, exchange-traded funds ("ETFs"), exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Portfolio's assets that are invested in one or more open-end management investment companies (other than ETFs), the 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, 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 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. The 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 the 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 the 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 the 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 the 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 the Portfolio may transact.

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 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 the 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 the Portfolio may differ from the value that would be realized if the securities were sold. The Portfolio's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the " Frequent or Excessive Purchases, Exchanges and Redemptions " section in the Portfolio's prospectus.

Under certain circumstances, the per share NAV of a class of the Portfolio'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 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:

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Notes to Financial Statements (Cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

• Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for 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 ofthe Portfolio'sassets 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 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.

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

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indexes, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are

------

Notes to Financial Statements (Cont.)

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.

<br>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.

**2. FEDERAL INCOME TAX MATTERS**

The 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.

The 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 Portfolio's tax positions for all open tax years. As of September 30, 2025, the Portfolio 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 Portfolio files U.S. federal, state and local tax returns as required. The Portfolio'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.

Shares of the Portfolio currently are sold to segregated asset accounts ("Separate Accounts") of insurance companies that fund variable annuity contracts and variable life insurance policies ("Variable Contracts"). Please refer to the prospectus for the Separate Account and Variable Contract for information regarding Federal income tax treatment of distributions to the Separate Account.

**3. INVESTMENTS IN AFFILIATES**

The 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 Portfolio. A copy of each affiliate fund's shareholder report is available at the U.S. Securities and Exchange Commission ("SEC") website at www.sec.gov, on the Portfolio's website at www.pimco.com, or upon request, as applicable. The table below shows the Portfolio's transactions in and earnings from investments in the affiliated funds for the period ended September 30, 2025 (amounts in thousands<sup>†</sup>):

**Investment in PIMCO Short-Term Floating NAV Portfolio III**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Market Value<br>12/31/2024** | **Purchases at<br>Cost** | **Proceeds from<br>Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>09/30/2025** | **Dividend<br>Income**<sup>(1)</sup> | **Realized Net<br>Capital<br>Gain<br>Distributions**<sup>(1)</sup> |
| $14550 | $53089 | $(52600) | $(2) | $2 | $15039 | $592 | $0 |

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<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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** |  | (Unaudited) |
| **Counterparty Abbreviations:** | **Counterparty Abbreviations:** |  |  |  |  |
| **AZD** | Australia and New Zealand Banking Group | **DUB** | Deutsche Bank AG | **MYI** | Morgan Stanley & Co. International PLC |
| **BOA** | Bank of America N.A. | **FAR** | Wells Fargo Bank National Association | **NGF** | Nomura Global Financial Products, Inc. |
| **BPS** | BNP Paribas S.A. | **GLM** | Goldman Sachs Bank USA | **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 | **MBC** | HSBC Bank Plc | **SSB** | State Street Bank and Trust Co. |
| **CBK** | Citibank N.A. | **MYC** | Morgan Stanley Capital Services LLC | **UAG** | UBS AG Stamford |
| **Currency Abbreviations:** | **Currency Abbreviations:** |  |  |  |  |
| **AUD** | Australian Dollar | **GBP** | British Pound | **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 |
| **CNH** | Chinese Renminbi (Offshore) | **JPY** | Japanese Yen | **THB** | Thai Baht |
| **COP** | Colombian Peso | **KRW** | South Korean Won | **TRY** | Turkish New Lira |
| **DOP** | Dominican Peso | **MXN** | Mexican Peso | **TWD** | Taiwanese Dollar |
| **EGP** | Egyptian Pound | **NGN** | Nigerian Naira | **USD (or $)** | United States Dollar |
| **EUR** | Euro | **NZD** | New Zealand Dollar | **ZAR** | South African Rand |
| **Exchange Abbreviations:** | **Exchange Abbreviations:** |  |  |  |  |
| **CBOT** | Chicago Board of Trade | **EUREX** | Eurex Exchange | **OTC** | Over the Counter |
| **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** |  |  |  |  |
| **ABX.HE** | Asset-Backed Securities Index - Home Equity | **CDX.IG** | Credit Derivatives Index - Investment Grade | **SONIO** | Sterling Overnight Interbank Average Rate |
| **Bobl** | Bundesobligation, the German word for federal government bond | **EUR003M** | 3 Month EUR Swap Rate | **TSFR1M** | Term SOFR 1-Month |
| **CAONREPO** | Canadian Overnight Repo Rate Average | **IBR** | Indicador Bancario de Referencia | **TSFR3M** | Term SOFR 3-Month |
| **CDX.HY** | Credit Derivatives Index - High Yield | **SOFR** | Secured Overnight Financing Rate |  |  |
| **Other Abbreviations:** | **Other Abbreviations:** |  |  |  |  |
| **ABS** | Asset-Backed Security | **BRL-CDI** | Brazil Interbank Deposit Rate | **DAC** | Designated Activity Company |
| **ALT** | Alternate Loan Trust | **CDO** | Collateralized Debt Obligation | **EURIBOR** | Euro Interbank Offered Rate |
| **BBR** | Bank Bill Rate | **CLO** | Collateralized Loan Obligation | **OIS** | Overnight Index Swap |
| **BBSW** | Bank Bill Swap Reference Rate | **CMBS** | Collateralized Mortgage-Backed Security | **TBA** | To-Be-Announced |

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<br> Schedule of Investments PIMCO Emerging Markets Bond Portfolio September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(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 101.0% ¤** |  |  |
| **ALBANIA 0.1%** |  |  |
| **SOVEREIGN ISSUES 0.1%** |  |  |
| **Albania Government International Bonds**<br>3.500% due 11/23/2031 | 200 | $230 |
| Total Albania (Cost $224) |  | 230 |
| **ANGOLA 0.5%** |  |  |
| **SOVEREIGN ISSUES 0.5%** |  |  |
| **Angola Government International Bonds** |  |  |
| 8.250% due 05/09/2028 | $200 | 202 |
| 8.750% due 04/14/2032 | 400 | 383 |
| 9.375% due 05/08/2048 | 200 | 172 |
| 9.500% due 11/12/2025 | 300 | 301 |
| Total Angola (Cost $1,002) |  | 1058 |
| **ARGENTINA 2.6%** |  |  |
| **SOVEREIGN ISSUES 2.6%** |  |  |
| **Argentina Republic Government International Bonds** |  |  |
| 0.750% due 07/09/2030 þ | $996 | 675 |
| 1.000% due 07/09/2029 | 359 | 261 |
| 3.500% due 07/09/2041 þ | 3727 | 1815 |
| 4.125% due 07/09/2035 þ | 1776 | 936 |
| 4.125% due 07/09/2046 þ | 296 | 156 |
| 5.000% due 01/09/2038 þ(k) | 2292 | 1293 |
| **Provincia de Buenos Aires/Government Bonds**<br>6.625% due 09/01/2037 þ | 131 | 77 |
| Total Argentina (Cost $5,341) |  | 5213 |
| **ARMENIA 0.4%** |  |  |
| **SOVEREIGN ISSUES 0.4%** |  |  |
| **Republic of Armenia International Bonds** |  |  |
| 3.600% due 02/02/2031 | $500 | 452 |
| 3.950% due 09/26/2029 | 300 | 282 |
| Total Armenia (Cost $791) |  | 734 |
| **AZERBAIJAN 0.7%** |  |  |
| **CORPORATE BONDS & NOTES 0.7%** |  |  |
| **Southern Gas Corridor CJSC**<br>6.875% due 03/24/2026 | $1400 | 1418 |
| Total Azerbaijan (Cost $1,407) |  | 1418 |
| **BAHRAIN 0.3%** |  |  |
| **SOVEREIGN ISSUES 0.3%** |  |  |
| **Bahrain Government International Bonds** |  |  |
| 4.250% due 01/25/2028 | $300 | 295 |
| 7.500% due 09/20/2047 (k) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321 |
| Total Bahrain (Cost $581) |  | 616 |
| **BERMUDA 0.2%** |  |  |
| **CORPORATE BONDS & NOTES 0.2%** |  |  |
| **Star Energy Geothermal Darajat II/Star Energy Geothermal Salak**<br>4.850% due 10/14/2038 | $400 | 383 |

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<br> Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| Total Bermuda (Cost $400) |  | <br> 383 |
| **BRAZIL 6.4%** |  |  |
| **CORPORATE BONDS & NOTES 1.7%** |  |  |
| **Banco do Brasil SA**<br>8.500% due 07/29/2026 | 16000 | 880 |
| **Brazil Minas SPE via State of Minas Gerais**<br>5.333% due 02/15/2028 | $1290 | 1292 |
| **CSN Inova Ventures**<br>6.750% due 01/28/2028 | 500 | 486 |
| **Unigel Luxembourg SA (11.000% Cash or 12.000% PIK)**<br>11.000% due 12/31/2028 (b) | 314 | 58 |
| **Unigel Luxembourg SA (13.500% Cash or 15.000% PIK)**<br>13.500% due 12/31/2027 (b) | 149 | 114 |
| **Vale SA**<br>0.000% due 12/29/2049 ~(i) | 10380 | 700 |
|  |  | 3530 |
| **SOVEREIGN ISSUES 4.7%** |  |  |
| **Brazil Government International Bonds** |  |  |
| 7.125% due 05/13/2054 | $96 | 98 |
| 7.250% due 01/12/2056 | 803 | 813 |
| **Brazil Letras do Tesouro Nacional**<br>0.000% due 04/01/2026 (f) | 44400 | 7793 |
| **Brazil Notas do Tesouro Nacional**<br>6.000% due 08/15/2050 | 4548 | 741 |
|  |  | 9445 |
| Total Brazil (Cost $13,412) |  | 12975 |
| **BULGARIA 0.4%** |  |  |
| **SOVEREIGN ISSUES 0.4%** |  |  |
| **Bulgaria Government International Bonds** |  |  |
| 3.625% due 09/05/2032 | 400 | 484 |
| 5.000% due 03/05/2037 | $400 | 401 |
| Total Bulgaria (Cost $843) |  | 885 |
| **CAMEROON 0.4%** |  |  |
| **SOVEREIGN ISSUES 0.4%** |  |  |
| **Republic of Cameroon International Bonds** |  |  |
| 5.950% due 07/07/2032 | 550 | 531 |
| 9.500% due 11/19/2025 | $67 | 66 |
| 9.500% due 07/31/2031 | 200 | 193 |
| Total Cameroon (Cost $859) |  | 790 |
| **CANADA 0.2%** |  |  |
| **CORPORATE BONDS & NOTES 0.2%** |  |  |
| **Ivanhoe Mines Ltd.**<br>7.875% due 01/23/2030 | $300 | 310 |
| Total Canada (Cost $300) |  | 310 |
| **CAYMAN ISLANDS 2.9%** |  |  |
| **ASSET-BACKED SECURITIES 0.1%** |  |  |
| **IFC Emerging Markets Securitization Ltd.**<br>5.454% due 12/31/2035 •  | $250 | 250 |
| **CONVERTIBLE BONDS & NOTES 0.0%** |  |  |
| **Kaisa Group Holdings Ltd.** |  |  |
| 0.000% due 12/31/2025 (f) | 18 | 1 |
| 0.000% due 12/31/2026 (f) | 24 | 1 |
| 0.000% due 12/31/2027 (f) | 30 | 1 |
| 0.000% due 12/31/2028 (f) | 47 | 1 |
| 0.000% due 12/31/2029 (f) | 47 | 1 |
| 0.000% due 12/31/2030 (f) | 59 | 1 |
| 0.000% due 12/31/2031 (f) | 59 | 1 |

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<br> Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| 0.000% due 12/31/2032 (f) | 112 | 3 |
|  |  | 10 |
| **CORPORATE BONDS & NOTES 2.5%** |  |  |
| **Bioceanico Sovereign Certificate Ltd.**<br>0.000% due 06/05/2034 (f) | 444 | 364 |
| **Energuate Trust 2 0**<br>6.350% due 09/15/2035 | 200 | 202 |
| **FWD Group Holdings Ltd.** |  |  |
| 5.252% due 09/22/2030 | 200 | 201 |
| 5.836% due 09/22/2035 | 200 | 203 |
| **Gaci First Investment Co.**<br>4.875% due 02/14/2035 | 1400 | 1398 |
| **ICD Funding Ltd.**<br>3.223% due 04/28/2026 | 200 | 199 |
| **Interoceanica IV Finance Ltd.**<br>0.000% due 11/30/2025 (f) | 13 | 13 |
| **Interoceanica V Finance Ltd.** |  |  |
| 0.000% due 05/15/2030 (f) | 422 | 354 |
| 7.860% due 05/15/2030 | 185 | 192 |
| **Kaisa Group Holdings Ltd.**<br>5.000% due 11/30/2027 ^«(c) | 1 | 0 |
| **Kaisa Group Holdings Ltd. (5.250% Cash or 6.250% PIK)**<br>5.250% due 12/28/2028 (b) | 36 | 1 |
| **Kaisa Group Holdings Ltd. (5.500% Cash or 6.500% PIK)**<br>5.500% due 12/28/2029 (b) | 59 | 1 |
| **Kaisa Group Holdings Ltd. (5.750% Cash or 6.750% PIK)**<br>5.750% due 12/28/2030 (b) | 71 | 1 |
| **Kaisa Group Holdings Ltd. (6.000% Cash or 7.000% PIK)**<br>6.000% due 12/28/2031 (b) | 107 | 1 |
| **Kaisa Group Holdings Ltd. (6.250% Cash or 7.250% PIK)**<br>6.250% due 12/28/2032 (b) | 100 | 2 |
| **Kaisa Group Holdings Ltd. (6.721% Cash or 7.721% PIK)**<br>6.721% due 12/28/2028 (b) | 24 | 1 |
| **Kona Spc Ltd.**<br>5.718% due 09/15/2026 «•  | 1000 | 1174 |
| **Lima Metro Line 2 Finance Ltd.**<br>5.875% due 07/05/2034 | $78 | 80 |
| **Montego Bay Airport Revenue Finance Ltd.**<br>6.600% due 06/15/2035 | 200 | 205 |
| **Poinsettia Finance Ltd. SARL**<br>6.625% due 06/17/2031 | 517 | 508 |
| **Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK)**<br>5.000% due 09/30/2049 ^(b)(c) | 31 | 5 |
| **Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK)**<br>5.250% due 09/30/2027 ^(b)(c) | 31 | 5 |
| **Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK)**<br>5.500% due 09/30/2027 ^(b)(c) | 62 | 9 |
| **Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK)**<br>5.750% due 09/30/2028 ^(b)(c) | 93 | 14 |
| **Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK)**<br>6.000% due 09/30/2029 ^(b)(c) | 94 | 14 |
| **Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK)**<br>6.250% due 09/30/2030 ^(b)(c) | 44 | 7 |
|  |  | 5154 |
| **SOVEREIGN ISSUES 0.3%** |  |  |
| **KSA Ijarah Sukuk Ltd.**<br>4.875% due 09/09/2035 | 600 | 604 |
| Total Cayman Islands (Cost $5,919) |  | 6018 |
| **CHILE 2.5%** |  |  |
| **CORPORATE BONDS & NOTES 1.9%** |  |  |
| **Banco del Estado de Chile**<br>7.950% due 05/02/2029 •(i)(j) | $300 | 321 |
| **Corp. Nacional del Cobre de Chile** |  |  |
| 3.700% due 01/30/2050 | 300 | 213 |
| 4.250% due 07/17/2042 | 200 | 166 |
| 4.875% due 11/04/2044 | 600 | 524 |
| 6.300% due 09/08/2053 | 300 | 308 |
| 6.330% due 01/13/2035 | 300 | 321 |
| 6.780% due 01/13/2055 | 500 | 538 |
| **Empresa de los Ferrocarriles del Estado** |  |  |
| 3.068% due 08/18/2050 | 200 | 127 |
| 3.830% due 09/14/2061 | 200 | 137 |
| **Empresa de Transporte de Pasajeros Metro SA**<br>3.650% due 05/07/2030 | 200 | 196 |
| **Empresa Nacional del Petroleo** |  |  |
| 5.950% due 07/30/2034 | 200 | 211 |
| 6.150% due 05/10/2033 | 200 | 212 |

---

------

<br> Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Engie** **Energia Chile SA**<br>6.375% due 04/17/2034 | 200 | 214 |
| **GNL Quintero SA**<br>4.634% due 07/31/2029 | 282 | 283 |
|  |  | 3771 |
| **SOVEREIGN ISSUES 0.6%** |  |  |
| **Chile Government International Bonds** |  |  |
| 3.100% due 05/07/2041 (k) | 300 | 229 |
| 3.250% due 09/21/2071 | 800 | 499 |
| 4.340% due 03/07/2042 | 600 | 532 |
|  |  | 1260 |
| Total Chile (Cost $5,631) |  | 5031 |
| **COLOMBIA 3.7%** |  |  |
| **CORPORATE BONDS & NOTES 1.1%** |  |  |
| **Banco Davivienda SA**<br>8.125% due 07/02/2035 •(j) | $400 | 416 |
| **Ecopetrol SA** |  |  |
| 5.875% due 05/28/2045 | 200 | 153 |
| 5.875% due 11/02/2051 | 200 | 148 |
| 6.875% due 04/29/2030 | 200 | 205 |
| 7.375% due 09/18/2043 | 200 | 185 |
| 7.750% due 02/01/2032 | 200 | 207 |
| 8.375% due 01/19/2036 | 800 | 827 |
|  |  | 2141 |
| **SOVEREIGN ISSUES 2.6%** |  |  |
| **Colombia Government International Bonds** |  |  |
| 3.250% due 04/22/2032 | 800 | 678 |
| 3.875% due 03/22/2026 | 703 | 827 |
| 5.000% due 06/15/2045 | $390 | 294 |
| 6.125% due 01/18/2041 | 400 | 359 |
| 7.375% due 04/25/2030 | 200 | 213 |
| 7.500% due 02/02/2034 | 500 | 527 |
| 8.000% due 11/14/2035 | 300 | 323 |
| 8.375% due 11/07/2054 | 300 | 318 |
| 8.500% due 04/25/2035 | 800 | 887 |
| 8.750% due 11/14/2053 | 700 | 769 |
|  |  | 5195 |
| Total Colombia (Cost $7,289) |  | 7336 |
| **CZECH REPUBLIC 0.2%** |  |  |
| **CORPORATE BONDS & NOTES 0.2%** |  |  |
| **Czechoslovak Group AS**<br>5.250% due 01/10/2031 | 100 | 122 |
| **EPH Financing International AS**<br>6.651% due 11/13/2028 | 300 | 383 |
| Total Czech Republic (Cost $451) |  | 505 |
| **DOMINICAN REPUBLIC 2.5%** |  |  |
| **SOVEREIGN ISSUES 2.5%** |  |  |
| **Dominican Republic International Bonds** |  |  |
| 4.875% due 09/23/2032 | $700 | 670 |
| 5.300% due 01/21/2041 | 200 | 181 |
| 5.500% due 02/22/2029 | 200 | 205 |
| 5.875% due 01/30/2060 | 600 | 534 |
| 6.000% due 07/19/2028 | 200 | 207 |
| 6.000% due 02/22/2033 | 500 | 512 |
| 6.500% due 02/15/2048 | 300 | 300 |
| 6.600% due 06/01/2036 | 150 | 157 |
| 6.950% due 03/15/2037 | 400 | 428 |
| 7.150% due 02/24/2055 | 400 | 426 |
| 8.625% due 04/20/2027 | 200 | 209 |
| 10.500% due 03/15/2037 | 8000 | 138 |
| 10.750% due 06/01/2036 | 20100 | 350 |
| 11.250% due 09/15/2035 | 12800 | 227 |
| 13.625% due 02/10/2034 | 23800 | 465 |

---

------

<br> Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Total Dominican Republic (Cost $5,043) |  | <br> 5009 |
| **ECUADOR 1.2%** |  |  |
| **SOVEREIGN ISSUES 1.2%** |  |  |
| **Ecuador Government International Bonds** |  |  |
| 0.000% due 07/31/2030 (f) | $749 | 578 |
| 5.000% due 07/31/2040 þ | 495 | 327 |
| 6.900% due 07/31/2030 þ | 392 | 349 |
| 6.900% due 07/31/2035 þ | 1507 | 1130 |
| **Ecuador Social Bonds SARL**<br>0.000% due 01/30/2035 (f) | 40 | 29 |
| Total Ecuador (Cost $2,012) |  | 2413 |
| **EGYPT 2.0%** |  |  |
| **SOVEREIGN ISSUES 2.0%** |  |  |
| **Egypt Government International Bonds** |  |  |
| 4.750% due 04/16/2026 | 300 | 353 |
| 6.375% due 04/11/2031 | 900 | 1015 |
| 7.300% due 09/30/2033 (k) | $300 | 284 |
| 7.625% due 05/29/2032 | 1300 | 1284 |
| 8.500% due 01/31/2047 | 200 | 177 |
| 8.625% due 02/04/2030 | 200 | 213 |
| 8.875% due 05/29/2050 | 400 | 362 |
| 9.450% due 02/04/2033 (k) | 400 | 428 |
| Total Egypt (Cost $3,339) |  | 4116 |
| **EL SALVADOR 0.7%** |  |  |
| **CORPORATE BONDS & NOTES 0.3%** |  |  |
| **Comision Ejecutiva Hidroelectrica del Rio Lempa**<br>8.650% due 01/24/2033 | $500 | 523 |
| **SOVEREIGN ISSUES 0.4%** |  |  |
| **El Salvador Government International Bonds** |  |  |
| 8.250% due 04/10/2032 | 30 | 32 |
| 9.250% due 04/17/2030 | 300 | 328 |
| 9.650% due 11/21/2054 | 500 | 543 |
|  |  | 903 |
| Total El Salvador (Cost $1,305) |  | 1426 |
| **GERMANY 0.6%** |  |  |
| **LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6%** |  |  |
| **Stepstone Group MidCo 2 GmbH**<br>6.673% (EUR006M + 4.500%) due 04/26/2032 ~ | 1000 | 1158 |
| Total Germany (Cost $1,048) |  | 1158 |
| **GHANA 0.6%** |  |  |
| **SOVEREIGN ISSUES 0.6%** |  |  |
| **Ghana Government International Bonds** |  |  |
| 0.000% due 07/03/2026 (f) | $48 | 46 |
| 1.500% due 01/03/2037 | 700 | 348 |
| 5.000% due 07/03/2029 þ | 822 | 803 |
| Total Ghana (Cost $1,078) |  | 1197 |
| **GUATEMALA 1.2%** |  |  |
| **SOVEREIGN ISSUES 1.2%** |  |  |
| **Guatemala Government Bonds** |  |  |
| 4.375% due 06/05/2027 | $200 | 199 |
| 4.500% due 05/03/2026 | 400 | 399 |
| 4.650% due 10/07/2041 | 200 | 172 |
| 4.875% due 02/13/2028 | 410 | 412 |
| 6.050% due 08/06/2031 | 200 | 208 |
| 6.125% due 06/01/2050 | 300 | 291 |
| 6.250% due 08/15/2036 | 300 | 310 |
| 6.600% due 06/13/2036 | 200 | 212 |
| 6.875% due 08/15/2055 | 200 | 210 |

---

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<br> Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Total Guatemala (Cost $2,389) |  | <br> 2413 |
| **HONG KONG 0.3%** |  |  |
| **CORPORATE BONDS & NOTES 0.3%** |  |  |
| **Fortune Star BVI Ltd.** |  |  |
| 3.950% due 10/02/2026 | 300 | 351 |
| 5.050% due 01/27/2027 | $300 | 297 |
| Total Hong Kong (Cost $575) |  | 648 |
| **HUNGARY 2.1%** |  |  |
| **CORPORATE BONDS & NOTES 0.1%** |  |  |
| **MVM Energetika Zrt**<br>7.500% due 06/09/2028 | $200 | 213 |
| **SOVEREIGN ISSUES 2.0%** |  |  |
| **Hungary Government International Bonds** |  |  |
| 2.125% due 09/22/2031 | 250 | 215 |
| 5.250% due 06/16/2029 | 500 | 512 |
| 5.375% due 09/26/2030 | 300 | 309 |
| 5.500% due 06/16/2034 | 200 | 204 |
| 5.500% due 03/26/2036 | 600 | 606 |
| 6.000% due 09/26/2035 | 200 | 209 |
| 6.125% due 05/22/2028 | 200 | 209 |
| 6.250% due 09/22/2032 | 200 | 215 |
| 6.750% due 09/25/2052 | 400 | 434 |
| 6.750% due 09/23/2055 | 300 | 319 |
| 7.625% due 03/29/2041 | 100 | 119 |
| **Magyar Export-Import Bank Zrt**<br>6.125% due 12/04/2027 | 200 | 207 |
| **MFB Magyar Fejlesztesi Bank Zrt**<br>6.500% due 06/29/2028 | 500 | 525 |
|  |  | 4083 |
| Total Hungary (Cost $4,126) |  | 4296 |
| **INDIA 0.4%** |  |  |
| **CORPORATE BONDS & NOTES 0.2%** |  |  |
| **Adani Transmission Step-One Ltd.**<br>4.250% due 05/21/2036 | $139 | 126 |
| **IIFL Finance Ltd.**<br>8.750% due 07/24/2028 | 300 | 306 |
|  |  | 432 |
| **SOVEREIGN ISSUES 0.2%** |  |  |
| **Export-Import Bank of India**<br>3.250% due 01/15/2030 | 500 | 477 |
| Total India (Cost $938) |  | 909 |
| **INDONESIA 3.5%** |  |  |
| **CORPORATE BONDS & NOTES 3.0%** |  |  |
| **Freeport Indonesia PT**<br>5.315% due 04/14/2032 | $400 | 405 |
| **Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT**<br>5.450% due 05/15/2030 | 800 | 826 |
| **Pertamina Hulu Energi PT**<br>5.250% due 05/21/2030 | 500 | 511 |
| **Pertamina Persero PT** |  |  |
| 1.400% due 02/09/2026 | 500 | 494 |
| 6.000% due 05/03/2042 | 500 | 514 |
| 6.450% due 05/30/2044 | 1500 | 1616 |
| **Perusahaan Perseroan Persero PT Perusahaan Listrik Negara** |  |  |
| 4.000% due 06/30/2050 | 800 | 592 |
| 4.125% due 05/15/2027 | 200 | 200 |
| 4.375% due 02/05/2050 | 200 | 161 |
| 5.250% due 05/15/2047 | 400 | 367 |
| 6.250% due 01/25/2049 | 400 | 412 |
|  |  | 6098 |
| **SOVEREIGN ISSUES 0.5%** |  |  |
| **Indonesia Government International Bonds** |  |  |
| 3.875% due 01/15/2033 | 300 | 358 |
| 4.125% due 01/15/2037 | 300 | 355 |
| 5.650% due 01/11/2053 | $200 | 203 |

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<br> Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Perusahaan** **Penerbit SBSN Indonesia III**<br>5.650% due 11/25/2054 | 200 | 200 |
|  |  | 1116 |
| Total Indonesia (Cost $7,362) |  | 7214 |
| **IRELAND 1.4%** |  |  |
| **CORPORATE BONDS & NOTES 0.1%** |  |  |
| **CIMA Finance DAC**<br>2.950% due 09/05/2029 | $253 | 237 |
| **LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5%** |  |  |
| **Panama Government International Bonds**<br>3.837% (EUR006M + 1.750%) due 03/05/2027 «~ | 900 | 1058 |
| **SOVEREIGN ISSUES 0.8%** |  |  |
| **Avenir Issuer III Ireland DAC**<br>6.000% due 03/22/2027 | $184 | 183 |
| **Avenir Issuer IV Ireland DAC**<br>6.000% due 12/30/2027 | 735 | 715 |
| **Republic of Angola Via Avenir Issuer II Ireland DAC**<br>6.927% due 02/19/2027 | 692 | 675 |
|  |  | 1573 |
| Total Ireland (Cost $2,768) |  | 2868 |
| **ISLE OF MAN 0.1%** |  |  |
| **CORPORATE BONDS & NOTES 0.1%** |  |  |
| **AngloGold Ashanti Holdings PLC**<br>6.500% due 04/15/2040 | $100 | 106 |
| Total Isle of Man (Cost $103) |  | 106 |
| **ISRAEL 0.6%** |  |  |
| **CORPORATE BONDS & NOTES 0.2%** |  |  |
| **ICL Group Ltd.**<br>6.375% due 05/31/2038 | $200 | 209 |
| **Israel Electric Corp. Ltd.**<br>3.750% due 02/22/2032 | 300 | 278 |
|  |  | 487 |
| **SOVEREIGN ISSUES 0.4%** |  |  |
| **Israel Government International Bonds** |  |  |
| 5.375% due 03/12/2029 | 100 | 103 |
| 5.375% due 02/19/2030 | 500 | 516 |
| 5.625% due 02/19/2035 | 200 | 207 |
|  |  | 826 |
| Total Israel (Cost $1,274) |  | 1313 |
| **ITALY 0.1%** |  |  |
| **SOVEREIGN ISSUES 0.1%** |  |  |
| **Cassa Depositi e Prestiti SpA**<br>5.875% due 04/30/2029 | $200 | 211 |
| Total Italy (Cost $199) |  | 211 |
| **IVORY COAST 1.6%** |  |  |
| **LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6%** |  |  |
| **Republic of Cote d'Ivoire**<br>5.153% (EUR006M + 3.050%) due 03/09/2026 «~ | 1000 | 1172 |
| **SOVEREIGN ISSUES 1.0%** |  |  |
| **Ivory Coast Government International Bonds** |  |  |
| 4.875% due 01/30/2032 | 349 | 392 |
| 5.250% due 03/22/2030 | 263 | 308 |
| 5.750% due 12/31/2032 þ | $447 | 443 |
| 5.875% due 10/17/2031 | 200 | 234 |
| 6.625% due 03/22/2048 | 400 | 403 |

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<br> Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 8.250% due 01/30/2037 | $200 | 209 |
|  |  | 1989 |
| Total Ivory Coast (Cost $2,975) |  | 3161 |
| **JAMAICA 0.1%** |  |  |
| **CORPORATE BONDS & NOTES 0.1%** |  |  |
| **TransJamaican Highway Ltd.**<br>5.750% due 10/10/2036 | $170 | 161 |
| Total Jamaica (Cost $170) |  | 161 |
| **JORDAN 0.4%** |  |  |
| **SOVEREIGN ISSUES 0.4%** |  |  |
| **Jordan Government International Bonds** |  |  |
| 5.750% due 01/31/2027 | $200 | 201 |
| 7.375% due 10/10/2047 | 300 | 288 |
| 7.500% due 01/13/2029 | 200 | 209 |
| 7.750% due 01/15/2028 | 200 | 209 |
| Total Jordan (Cost $919) |  | 907 |
| **KAZAKHSTAN 0.7%** |  |  |
| **CORPORATE BONDS & NOTES 0.5%** |  |  |
| **KazMunayGas National Co. JSC** |  |  |
| 5.750% due 04/19/2047 | $500 | 467 |
| 6.375% due 10/24/2048 | 200 | 199 |
| **Tengizchevroil Finance Co. International Ltd.**<br>3.250% due 08/15/2030 | 400 | 369 |
|  |  | 1035 |
| **SOVEREIGN ISSUES 0.2%** |  |  |
| **Development Bank of Kazakhstan JSC**<br>5.500% due 04/15/2027 | 500 | 508 |
| Total Kazakhstan (Cost $1,478) |  | 1543 |
| **KENYA 0.7%** |  |  |
| **SOVEREIGN ISSUES 0.7%** |  |  |
| **Republic of Kenya Government International Bonds** |  |  |
| 6.300% due 01/23/2034 | $200 | 177 |
| 7.250% due 02/28/2028 | 400 | 411 |
| 9.500% due 03/05/2036 | 200 | 206 |
| 9.750% due 02/16/2031 | 600 | 642 |
| Total Kenya (Cost $1,385) |  | 1436 |
| **KUWAIT 0.5%** |  |  |
| **SOVEREIGN ISSUES 0.5%** |  |  |
| **Kuwait International Bonds**<br>4.652% due 10/09/2035 (a) | $1000 | 1000 |
| Total Kuwait (Cost $1,000) |  | 1000 |
| **LATVIA 0.3%** |  |  |
| **SOVEREIGN ISSUES 0.3%** |  |  |
| **Latvia Government International Bonds**<br>5.125% due 07/30/2034 | $500 | 516 |
| Total Latvia (Cost $496) |  | 516 |
| **LEBANON 0.0%** |  |  |
| **SOVEREIGN ISSUES 0.0%** |  |  |
| **Lebanon Government International Bonds**<br>8.250% due 05/17/2034 ^(c) | $300 | 68 |

---

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<br> Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Total Lebanon (Cost $19) |  | <br> 68 |
| **LUXEMBOURG 2.9%** |  |  |
|  | SHARES |  |
| **COMMON STOCKS 0.1%** |  |  |
| **Foresea Holdings SA** **«** | 9903 | 215 |
|  | PRINCIPAL<br>AMOUNT<br>(000s) |  |
| **CORPORATE BONDS & NOTES 1.5%** |  |  |
| **Chile Electricity Lux MPC II SARL** |  |  |
| 5.580% due 10/20/2035 | $391 | 404 |
| 5.672% due 10/20/2035 | 200 | 207 |
| **FORESEA Holding SA**<br>7.500% due 06/15/2030 | 123 | 121 |
| **Greensaif Pipelines Bidco SARL** |  |  |
| 5.853% due 02/23/2036 | 300 | 315 |
| 6.103% due 08/23/2042 | 300 | 316 |
| 6.129% due 02/23/2038 | 300 | 320 |
| 6.510% due 02/23/2042 | 300 | 326 |
| **PRIO Luxembourg Holding SARL**<br>6.125% due 06/09/2026 | 300 | 300 |
| **Raizen Fuels Finance SA**<br>6.250% due 07/08/2032 | 500 | 488 |
| **Saavi Energia SARL**<br>8.875% due 02/10/2035 | 300 | 323 |
|  |  | 3120 |
| **SOVEREIGN ISSUES 1.3%** |  |  |
| **Eagle Funding Luxco SARL**<br>5.500% due 08/17/2030 | 2500 | 2540 |
| Total Luxembourg (Cost $5,607) |  | 5875 |
| **MACEDONIA 0.3%** |  |  |
| **SOVEREIGN ISSUES 0.3%** |  |  |
| **North Macedonia Government International Bonds**<br>6.960% due 03/13/2027 | 500 | 612 |
| Total Macedonia (Cost $532) |  | 612 |
| **MALAYSIA 0.4%** |  |  |
| **CORPORATE BONDS & NOTES 0.3%** |  |  |
| **Petronas Capital Ltd.** |  |  |
| 3.404% due 04/28/2061 | $300 | 207 |
| 4.800% due 04/21/2060 | 300 | 274 |
| 5.848% due 04/03/2055 | 200 | 212 |
|  |  | 693 |
| **SOVEREIGN ISSUES 0.1%** |  |  |
| **Export-Import Bank of Malaysia Bhd.**<br>4.250% due 06/06/2029 | 300 | 296 |
| Total Malaysia (Cost $1,071) |  | 989 |
| **MEXICO 7.1%** |  |  |
|  | SHARES |  |
| **COMMON STOCKS 0.0%** |  |  |
| **Desarrolladora Homex SAB de CV** **«(d)** | 17978 | 0 |

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<br> Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Hipotecaria** **Su Casita SA** **«(d)** | 5259 | 0 |
|  |  | 0 |
|  | PRINCIPAL<br>AMOUNT<br>(000s) |  |
| **CORPORATE BONDS & NOTES 3.8%** |  |  |
| **Banco Mercantil del Norte SA**<br>6.625% due 01/24/2032 •(i)(j) | $400 | 391 |
| **Banco Nacional de Comercio Exterior SNC**<br>5.875% due 05/07/2030 | 300 | 312 |
| **Comision Federal de Electricidad**<br>6.264% due 02/15/2052 | 200 | 188 |
| **FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple**<br>7.250% due 01/31/2041 | 198 | 212 |
| **Industrias Penoles SAB de CV**<br>4.750% due 08/06/2050 | 400 | 334 |
| **Petroleos Mexicanos** |  |  |
| 6.625% due 06/15/2038 | 400 | 362 |
| 6.750% due 09/21/2047 | 460 | 380 |
| 6.950% due 01/28/2060 | 1400 | 1152 |
| 7.690% due 01/23/2050 | 4600 | 4185 |
| **Trust Fibra Uno**<br>6.390% due 01/15/2050 | 200 | 185 |
|  |  | 7701 |
| **SOVEREIGN ISSUES 3.3%** |  |  |
| **Mexico Government International Bonds** |  |  |
| 3.750% due 04/19/2071 | 500 | 305 |
| 3.771% due 05/24/2061 | 2044 | 1293 |
| 5.000% due 04/27/2051 (k) | 900 | 741 |
| 5.125% due 03/19/2038 | 200 | 239 |
| 5.375% due 03/22/2033 | $300 | 300 |
| 5.625% due 09/22/2035 | 300 | 299 |
| 5.750% due 10/12/2110 | 1200 | 1030 |
| 5.850% due 07/02/2032 | 300 | 310 |
| 6.400% due 05/07/2054 | 200 | 196 |
| 6.625% due 01/29/2038 | 300 | 316 |
| 6.875% due 05/13/2037 | 400 | 433 |
| 7.375% due 05/13/2055 | 700 | 770 |
| **Mexico Udibonos** |  |  |
| 3.000% due 12/03/2026 (h) | 6841 | 371 |
| 4.000% due 11/30/2028 (h) | 1710 | 93 |
|  |  | 6696 |
| Total Mexico (Cost $16,452) |  | 14397 |
| **MONGOLIA 0.1%** |  |  |
| **SOVEREIGN ISSUES 0.1%** |  |  |
| **Mongolia Government International Bonds**<br>7.875% due 06/05/2029 | $200 | 212 |
| Total Mongolia (Cost $199) |  | 212 |
| **MOROCCO 0.4%** |  |  |
| **CORPORATE BONDS & NOTES 0.3%** |  |  |
| **OCP SA** |  |  |
| 5.125% due 06/23/2051 | $500 | 418 |
| 6.700% due 03/01/2036 | 200 | 215 |
|  |  | 633 |
| **SOVEREIGN ISSUES 0.1%** |  |  |
| **Morocco Government International Bonds**<br>4.000% due 12/15/2050 | 200 | 147 |
| Total Morocco (Cost $851) |  | 780 |
| **NAMIBIA 0.1%** |  |  |
| **SOVEREIGN ISSUES 0.1%** |  |  |
| **Namibia International Bonds**<br>5.250% due 10/29/2025 | $300 | 298 |

---

------

<br> Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Total Namibia (Cost $300) |  | <br> 298 |
| **NETHERLANDS 1.3%** |  |  |
|  | SHARES |  |
| **COMMON STOCKS 0.0%** |  |  |
| **Stichting Administratiekantoor** **«(d)** | 1222 | 0 |
|  | PRINCIPAL<br>AMOUNT<br>(000s) |  |
| **CORPORATE BONDS & NOTES 1.3%** |  |  |
| **Metinvest BV**<br>8.500% due 04/23/2026 | $400 | 354 |
| **Mong Duong Finance Holdings BV**<br>5.125% due 05/07/2029 | 271 | 269 |
| **NE Property BV**<br>1.875% due 10/09/2026 | 400 | 467 |
| **Prosus NV** |  |  |
| 1.539% due 08/03/2028 | 200 | 227 |
| 2.031% due 08/03/2032 | 100 | 106 |
| 3.257% due 01/19/2027 | $200 | 197 |
| 3.680% due 01/21/2030 | 200 | 192 |
| 4.027% due 08/03/2050 | 200 | 140 |
| **Unigel Netherlands Holding Corp. BV (15.000% Cash or 15.000% PIK)**<br>15.000% due 12/31/2044 (b) | 263 | 8 |
| **Yinson Bergenia Production BV**<br>8.498% due 01/31/2045 | 400 | 430 |
| **Yinson Boronia Production BV**<br>8.947% due 07/31/2042 | 294 | 328 |
|  |  | 2718 |
| Total Netherlands (Cost $2,816) |  | 2718 |
| **NIGERIA 1.5%** |  |  |
| **CORPORATE BONDS & NOTES 0.4%** |  |  |
| **BOI Finance BV**<br>7.500% due 02/16/2027 | 600 | 725 |
| **SOVEREIGN ISSUES 1.1%** |  |  |
| **Nigeria Government International Bonds** |  |  |
| 6.500% due 11/28/2027 | $600 | 603 |
| 7.375% due 09/28/2033 | 200 | 190 |
| 7.875% due 02/16/2032 | 600 | 597 |
| 8.250% due 09/28/2051 | 200 | 181 |
| 8.747% due 01/21/2031 | 200 | 208 |
| 9.625% due 06/09/2031 | 200 | 216 |
| 10.375% due 12/09/2034 | 300 | 334 |
|  |  | 2329 |
| Total Nigeria (Cost $2,950) |  | 3054 |
| **OMAN 1.1%** |  |  |
| **SOVEREIGN ISSUES 1.1%** |  |  |
| **Oman Government International Bonds** |  |  |
| 5.625% due 01/17/2028 | $600 | 616 |
| 6.000% due 08/01/2029 | 600 | 633 |
| 6.500% due 03/08/2047 | 300 | 324 |
| 7.000% due 01/25/2051 | 500 | 565 |
| Total Oman (Cost $1,949) |  | 2138 |
| **PAKISTAN 0.6%** |  |  |
| **SOVEREIGN ISSUES 0.6%** |  |  |
| **Pakistan Government International Bonds** |  |  |
| 6.000% due 04/08/2026 | $500 | 499 |
| 6.875% due 12/05/2027 | 400 | 402 |
| 8.875% due 04/08/2051 | 300 | 277 |

---

------

<br> Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Total Pakistan (Cost $1,174) |  | <br> 1178 |
| **PANAMA 1.3%** |  |  |
| **CORPORATE BONDS & NOTES 0.3%** |  |  |
| **Aeropuerto Internacional de Tocumen SA**<br>5.125% due 08/11/2061 | $300 | 240 |
| **Banco General SA**<br>5.250% due 05/07/2031 •(i)(j) | 400 | 377 |
|  |  | 617 |
| **SOVEREIGN ISSUES 1.0%** |  |  |
| **Panama Government International Bonds** |  |  |
| 4.300% due 04/29/2053 | 300 | 220 |
| 4.500% due 04/01/2056 | 900 | 660 |
| 4.500% due 01/19/2063 | 300 | 219 |
| 6.853% due 03/28/2054 | 600 | 610 |
| 7.875% due 03/01/2057 | 200 | 226 |
|  |  | 1935 |
| Total Panama (Cost $2,933) |  | 2552 |
| **PARAGUAY 0.6%** |  |  |
| **SOVEREIGN ISSUES 0.6%** |  |  |
| **Paraguay Government International Bonds** |  |  |
| 4.700% due 03/27/2027 | $143 | 144 |
| 6.100% due 08/11/2044 | 200 | 206 |
| 6.650% due 03/04/2055 | 200 | 213 |
| 7.900% due 02/09/2031 | 3116000 | 429 |
| 8.500% due 03/04/2035 | 1502000 | 205 |
| Total Paraguay (Cost $1,159) |  | 1197 |
| **PERU 2.7%** |  |  |
| **CORPORATE BONDS & NOTES 2.0%** |  |  |
| **Banco de Credito del Peru SA**<br>5.850% due 01/11/2029 | $500 | 524 |
| **Credicorp Capital Sociedad Titulizadora SA** |  |  |
| 9.700% due 03/05/2045 | 2200 | 672 |
| 10.100% due 12/15/2043 | 1700 | 527 |
| **InRetail Consumer**<br>3.250% due 03/22/2028 | $500 | 487 |
| **Kallpa Generacion SA**<br>5.875% due 01/30/2032 | 200 | 210 |
| **Niagara Energy SAC**<br>5.746% due 10/03/2034 | 300 | 309 |
| **Petroleos del Peru SA** |  |  |
| 4.750% due 06/19/2032 | 600 | 522 |
| 5.625% due 06/19/2047 | 1000 | 740 |
|  |  | 3991 |
| **SOVEREIGN ISSUES 0.7%** |  |  |
| **Peru Government International Bonds** |  |  |
| 3.230% due 07/28/2121 | 200 | 112 |
| 3.300% due 03/11/2041 | 200 | 156 |
| 5.500% due 03/30/2036 | 300 | 306 |
| 5.875% due 08/08/2054 | 370 | 373 |
| 6.200% due 06/30/2055 | 300 | 312 |
| 6.900% due 08/12/2037 | 200 | 60 |
| 6.950% due 08/12/2031 | 561 | 179 |
|  |  | 1498 |
| Total Peru (Cost $5,456) |  | 5489 |
| **PHILIPPINES 1.5%** |  |  |
| **CORPORATE BONDS & NOTES 0.3%** |  |  |
| **San Miguel Global Power Holdings Corp.**<br>8.125% due 12/02/2029 •(i) | $500 | 509 |
| **SOVEREIGN ISSUES 1.2%** |  |  |
| **Philippines Government International Bonds** |  |  |
| 2.650% due 12/10/2045 | 200 | 135 |
| 2.950% due 05/05/2045 | 400 | 287 |
| 3.700% due 03/01/2041 | 1000 | 853 |

---

------

<br> Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 9.500% due 02/02/2030 | 900 | 1087 |
|  |  | 2362 |
| Total Philippines (Cost $3,253) |  | 2871 |
| **POLAND 1.2%** |  |  |
| **CORPORATE BONDS & NOTES 0.1%** |  |  |
| **ORLEN SA**<br>6.000% due 01/30/2035 | $200 | 209 |
| **SOVEREIGN ISSUES 1.1%** |  |  |
| **Bank Gospodarstwa Krajowego** |  |  |
| 5.750% due 07/09/2034 | 400 | 422 |
| 6.250% due 07/09/2054 | 400 | 418 |
| **Republic of Poland Government International Bonds** |  |  |
| 5.375% due 02/12/2035 | 400 | 416 |
| 5.500% due 04/04/2053 | 650 | 632 |
| 5.500% due 03/18/2054 | 400 | 388 |
|  |  | 2276 |
| Total Poland (Cost $2,425) |  | 2485 |
| **QATAR 0.4%** |  |  |
| **CORPORATE BONDS & NOTES 0.4%** |  |  |
| **Nakilat, Inc.**<br>6.067% due 12/31/2033 | $74 | 78 |
| **QatarEnergy**<br>3.300% due 07/12/2051 | 1000 | 706 |
| Total Qatar (Cost $922) |  | 784 |
| **REPUBLIC OF KOREA 0.1%** |  |  |
| **SOVEREIGN ISSUES 0.1%** |  |  |
| **Korea Gas Corp.**<br>3.500% due 10/21/2029 | $200 | 194 |
| Total Republic of Korea (Cost $193) |  | 194 |
| **ROMANIA 2.1%** |  |  |
| **SOVEREIGN ISSUES 2.1%** |  |  |
| **Romania Government International Bonds** |  |  |
| 2.625% due 12/02/2040 | 300 | 226 |
| 2.750% due 04/14/2041 | 100 | 76 |
| 2.875% due 04/13/2042 | 400 | 302 |
| 3.000% due 02/27/2027 | $1100 | 1075 |
| 3.500% due 04/03/2034 | 200 | 201 |
| 5.250% due 03/10/2030 | 500 | 605 |
| 5.250% due 05/30/2032 | 100 | 117 |
| 5.625% due 05/30/2037 | 500 | 562 |
| 6.375% due 09/18/2033 | 300 | 370 |
| 6.750% due 07/11/2039 | 300 | 359 |
| 7.625% due 01/17/2053 | $300 | 321 |
| Total Romania (Cost $4,304) |  | 4214 |
| **RUSSIA 0.1%** |  |  |
| **SOVEREIGN ISSUES 0.1%** |  |  |
| **Russia Foreign Bonds - Eurobond**<br>5.625% due 04/04/2042 | $300 | 210 |
| Total Russia (Cost $294) |  | 210 |
| **SAUDI ARABIA 3.7%** |  |  |
| **CORPORATE BONDS & NOTES 1.2%** |  |  |
| **Saudi Arabian Oil Co.** |  |  |
| 3.500% due 11/24/2070 | $300 | 195 |
| 4.250% due 04/16/2039 | 1000 | 912 |
| 5.250% due 07/17/2034 | 400 | 412 |
| 5.875% due 07/17/2064 | 400 | 395 |

---

------

<br> Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 6.375% due 06/02/2055 | 500 | 533 |
|  |  | 2447 |
| **SOVEREIGN ISSUES 2.5%** |  |  |
| **Saudi Government International Bonds** |  |  |
| 3.450% due 02/02/2061 | 200 | 131 |
| 3.750% due 01/21/2055 | 400 | 290 |
| 4.500% due 10/26/2046 (k) | 3800 | 3300 |
| 5.000% due 01/16/2034 (k) | 600 | 615 |
| 5.375% due 01/13/2031 | 200 | 210 |
| 5.625% due 01/13/2035 | 500 | 534 |
|  |  | 5080 |
| Total Saudi Arabia (Cost $8,423) |  | 7527 |
| **SENEGAL 0.7%** |  |  |
| **SOVEREIGN ISSUES 0.7%** |  |  |
| **Senegal Government International Bonds** |  |  |
| 4.750% due 03/13/2028 | 300 | 308 |
| 5.375% due 06/08/2037 | 200 | 154 |
| 6.250% due 05/23/2033 | $300 | 218 |
| 7.750% due 06/10/2031 | 800 | 648 |
| Total Senegal (Cost $1,625) |  | 1328 |
| **SERBIA 0.4%** |  |  |
| **SOVEREIGN ISSUES 0.4%** |  |  |
| **Serbia International Bonds** |  |  |
| 1.650% due 03/03/2033 | 500 | 490 |
| 6.000% due 06/12/2034 | $400 | 418 |
| Total Serbia (Cost $989) |  | 908 |
| **SINGAPORE 0.2%** |  |  |
| **CORPORATE BONDS & NOTES 0.2%** |  |  |
| **Flex Ltd.**<br>4.875% due 06/15/2029 | $100 | 101 |
| **Yinson Production Financial Services Pte. Ltd.**<br>9.625% due 05/03/2029 | 200 | 212 |
| Total Singapore (Cost $300) |  | 313 |
| **SLOVENIA 0.4%** |  |  |
| **SOVEREIGN ISSUES 0.4%** |  |  |
| **Slovenia Government International Bonds**<br>5.000% due 09/19/2033 | $700 | 724 |
| Total Slovenia (Cost $695) |  | 724 |
| **SOUTH AFRICA 2.3%** |  |  |
| **CORPORATE BONDS & NOTES 0.4%** |  |  |
| **Eskom Holdings**<br>8.450% due 08/10/2028 | $500 | 536 |
| **Sasol Financing USA LLC**<br>8.750% due 05/03/2029 | 300 | 312 |
|  |  | 848 |
| **SOVEREIGN ISSUES 1.9%** |  |  |
| **Republic of South Africa Government Bonds** |  |  |
| 8.500% due 01/31/2037 | 3900 | 208 |
| 8.875% due 02/28/2035 | 25300 | 1439 |
| **Republic of South Africa Government International Bonds** |  |  |
| 4.850% due 09/30/2029 | $400 | 396 |
| 5.000% due 10/12/2046 | 300 | 225 |
| 5.750% due 09/30/2049 | 600 | 481 |
| 5.875% due 04/20/2032 | 200 | 203 |
| 7.100% due 11/19/2036 | 300 | 313 |
| 7.300% due 04/20/2052 | 300 | 289 |

---

------

<br> Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 7.950% due 11/19/2054 | 300 | 306 |
|  |  | 3860 |
| Total South Africa (Cost $4,676) |  | 4708 |
| **SOUTH KOREA 0.7%** |  |  |
| **CORPORATE BONDS & NOTES 0.5%** |  |  |
| **LG Chem Ltd.**<br>1.375% due 07/07/2026 (k) | $400 | 391 |
| **SK Hynix, Inc.**<br>6.500% due 01/17/2033 | 600 | 662 |
|  |  | 1053 |
| **SOVEREIGN ISSUES 0.2%** |  |  |
| **Korea National Oil Corp.**<br>4.875% due 04/03/2029 | 400 | 409 |
| Total South Korea (Cost $1,432) |  | 1462 |
| **SPAIN 0.1%** |  |  |
| **CORPORATE BONDS & NOTES 0.1%** |  |  |
| **EnfraGen Energia Sur SAU/EnfraGen Chile SpA/EnfraGen Spain SAU**<br>8.499% due 06/30/2032 | $200 | 211 |
| Total Spain (Cost $200) |  | 211 |
| **SRI LANKA 0.6%** |  |  |
| **SOVEREIGN ISSUES 0.6%** |  |  |
| **Sri Lanka Government International Bonds** |  |  |
| 3.100% due 01/15/2030 þ | $259 | 243 |
| 3.350% due 03/15/2033 þ | 308 | 265 |
| 3.600% due 06/15/2035 þ | 43 | 32 |
| 3.600% due 05/15/2036 þ | 238 | 211 |
| 3.600% due 02/15/2038 þ | 276 | 247 |
| 4.000% due 04/15/2028 | 248 | 238 |
| Total Sri Lanka (Cost $1,052) |  | 1236 |
| **SUPRANATIONAL 0.5%** |  |  |
| **CORPORATE BONDS & NOTES 0.5%** |  |  |
| **African Development Bank**<br>5.875% due 05/07/2035 •(i)(j) | $500 | 501 |
| **African Export-Import Bank**<br>2.634% due 05/17/2026 | 600 | 593 |
| Total Supranational (Cost $1,101) |  | 1094 |
| **THAILAND 0.2%** |  |  |
| **CORPORATE BONDS & NOTES 0.2%** |  |  |
| **GC Treasury Center Co. Ltd.** |  |  |
| 6.500% due 09/10/2030 •(i) | $200 | 203 |
| 7.125% due 06/10/2035 •(i) | 200 | 207 |
| Total Thailand (Cost $400) |  | 410 |
| **TRINIDAD AND TOBAGO 0.4%** |  |  |
| **CORPORATE BONDS & NOTES 0.2%** |  |  |
| **National Gas Co. of Trinidad & Tobago Ltd.**<br>6.050% due 01/15/2036 | $200 | 185 |
| **Trinidad Generation UnLtd.**<br>7.750% due 06/16/2033 | 200 | 210 |
|  |  | 395 |
| **SOVEREIGN ISSUES 0.2%** |  |  |
| **Trinidad & Tobago Government International Bonds**<br>5.950% due 01/14/2031 | 300 | 307 |

---

------

<br> Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Total Trinidad and Tobago (Cost $679) |  | <br> 702 |
| **TURKEY 5.9%** |  |  |
| **CORPORATE BONDS & NOTES 0.5%** |  |  |
| **Turkcell Iletisim Hizmetleri AS**<br>7.450% due 01/24/2030 | $400 | 417 |
| **Turkish Airlines Pass-Through Trust**<br>4.200% due 09/15/2028 | 269 | 265 |
| **Turkiye Vakiflar Bankasi TAO**<br>7.250% due 07/31/2030 | 300 | 307 |
|  |  | 989 |
| **LOAN PARTICIPATIONS AND ASSIGNMENTS 1.2%** |  |  |
| **SOCAR Turkey Enerji AS**<br>5.535% (EUR006M + 3.450%) due 08/11/2026 «~ | 1000 | 1177 |
| **Turkiye Vakiflar Bankasi TAO**<br>5.014% (EUR003M + 3.000%) due 12/15/2028 «~ | 1000 | 1179 |
|  |  | 2356 |
| **SOVEREIGN ISSUES 4.2%** |  |  |
| **Hazine Mustesarligi Varlik Kiralama AS**<br>6.750% due 09/01/2030 | $400 | 415 |
| **Republic of Turkiye**<br>6.500% due 01/03/2035 | 200 | 197 |
| **Turkiye Government Bonds** |  |  |
| 40.314% (BISTREFI) due 06/16/2027 ~ | 19400 | 469 |
| 42.493% (BISTREFI) due 05/20/2026 ~ | 1400 | 34 |
| 42.493% (BISTREFI) due 08/19/2026 ~ | 3300 | 80 |
| 42.493% (BISTREFI) due 05/17/2028 ~ | 32200 | 762 |
| **Turkiye Government International Bonds** |  |  |
| 4.875% due 04/16/2043 | $700 | 521 |
| 5.750% due 05/11/2047 | 1400 | 1113 |
| 5.875% due 06/26/2031 | 500 | 493 |
| 6.000% due 01/14/2041 | 600 | 525 |
| 6.875% due 03/17/2036 | 1200 | 1210 |
| 7.125% due 02/12/2032 | 500 | 518 |
| 7.125% due 07/17/2032 | 200 | 207 |
| 7.625% due 05/15/2034 | 500 | 531 |
| 9.125% due 07/13/2030 | 700 | 793 |
| **Turkiye Ihracat Kredi Bankasi AS** |  |  |
| 6.875% due 07/03/2028 | 200 | 204 |
| 7.500% due 02/06/2028 | 400 | 414 |
|  |  | 8486 |
| Total Turkey (Cost $12,192) |  | 11831 |
| **UGANDA 0.1%** |  |  |
| **SOVEREIGN ISSUES 0.1%** |  |  |
| **Republic of Uganda Government Bonds** |  |  |
| 14.375% due 02/03/2033 | 342000 | 90 |
| 15.000% due 06/18/2043 | 662800 | 164 |
| 15.800% due 06/23/2039 | 42000 | 11 |
| Total Uganda (Cost $244) |  | 265 |
| **UKRAINE 0.8%** |  |  |
| **SOVEREIGN ISSUES 0.8%** |  |  |
| **Ukraine Government International Bonds** |  |  |
| 0.000% due 02/01/2030 þ(g) | $118 | 62 |
| 0.000% due 02/01/2034 þ(g) | 440 | 183 |
| 0.000% due 02/01/2035 þ(g) | 371 | 181 |
| 0.000% due 02/01/2036 þ(g) | 153 | 75 |
| 0.000% due 08/01/2041 ~ | 120 | 96 |
| 4.500% due 02/01/2029 þ | 200 | 137 |
| 4.500% due 02/01/2034 þ | 1038 | 583 |
| 4.500% due 02/01/2035 þ | 401 | 221 |
| 4.500% due 02/01/2036 þ | 337 | 183 |
| Total Ukraine (Cost $1,533) |  | 1721 |
| **UNITED ARAB EMIRATES 2.5%** |  |  |
| **CORPORATE BONDS & NOTES 1.6%** |  |  |
| **Abu Dhabi Developmental Holding Co. PJSC** |  |  |
| 5.250% due 10/02/2054 | $400 | 393 |
| 5.375% due 05/08/2029 | 200 | 208 |

---

------

<br> Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 5.500% due 05/08/2034 | 200 | 212 |
| **Adnoc Murban Rsc Ltd.**<br>5.125% due 09/11/2054 | 1000 | 950 |
| **DAE Sukuk Difc Ltd.**<br>3.750% due 02/15/2026 | 200 | 199 |
| **DP World Ltd.**<br>6.850% due 07/02/2037 | 400 | 460 |
| **MDGH GMTN RSC Ltd.**<br>5.084% due 05/22/2053 | 200 | 188 |
| **NBK SPC Ltd.**<br>1.625% due 09/15/2027 •  | 700 | 682 |
|  |  | 3292 |
| **SOVEREIGN ISSUES 0.9%** |  |  |
| **Abu Dhabi Government International Bonds** |  |  |
| 3.125% due 09/30/2049 | 1200 | 873 |
| 3.875% due 04/16/2050 | 200 | 164 |
| 5.500% due 04/30/2054 | 400 | 419 |
| **Finance Department Government of Sharjah**<br>4.375% due 03/10/2051 | 400 | 293 |
|  |  | 1749 |
| Total United Arab Emirates (Cost $5,112) |  | 5041 |
| **UNITED KINGDOM 2.0%** |  |  |
| **CORPORATE BONDS & NOTES 1.8%** |  |  |
| **Barclays PLC**<br>3.250% due 02/12/2027 | 100 | 132 |
| **HSBC Holdings PLC** |  |  |
| 4.041% due 03/13/2028 •  | $200 | 200 |
| 5.210% due 08/11/2028 •  | 200 | 204 |
| **NAK Naftogaz Ukraine via Kondor Finance PLC**<br>7.125% due 07/19/2026 | 116 | 118 |
| **Panama Infrastructure Receivable Purchaser PLC**<br>0.000% due 04/05/2032 (f) | $2800 | 2110 |
| **Standard Chartered Bank** |  |  |
| 0.000% due 11/03/2025 «(f) | 55500 | 179 |
| 0.000% due 12/01/2025 «(f) | 63300 | 204 |
| **Vedanta Resources Finance II PLC** |  |  |
| 9.125% due 10/15/2032 (a) | $400 | 400 |
| 9.475% due 07/24/2030 | 200 | 202 |
|  |  | 3749 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.2%** |  |  |
| **Canada Square Funding 6 PLC**<br>4.913% due 01/17/2059 •  | 141 | 190 |
| **Rochester Financing No. 3 PLC**<br>4.686% due 12/18/2044 •  | 109 | 147 |
| **Tower Bridge Funding PLC**<br>4.706% due 12/20/2063 •  | 43 | 57 |
|  |  | 394 |
| Total United Kingdom (Cost $3,787) |  | 4143 |
| **UNITED STATES 7.1%** |  |  |
| **ASSET-BACKED SECURITIES 1.4%** |  |  |
| **C-BASS Trust**<br>3.110% due 01/25/2037 þ | $544 | 152 |
| **Countrywide Asset-Backed Certificates Trust** |  |  |
| 4.752% due 02/25/2037 •  | 158 | 155 |
| 5.397% due 11/25/2035 •  | 248 | 246 |
| **Morgan Stanley ABS Capital I, Inc. Trust** |  |  |
| 5.037% due 01/25/2035 •  | 69 | 71 |
| 5.067% due 03/25/2034 •  | 259 | 276 |
| **Park Place Securities, Inc. Asset-Backed Pass-Through Certificates**<br>5.052% due 09/25/2035 •  | 500 | 461 |
| **Soundview Home Loan Trust**<br>5.172% due 10/25/2037 •  | 106 | 83 |
| **Wells Fargo Home Equity Asset-Backed Securities Trust**<br>4.912% due 03/25/2037 •  | 1500 | 1425 |
|  |  | 2869 |
| **CORPORATE BONDS & NOTES 1.0%** |  |  |
| **Beignet**<br>6.850% due 06/01/2049 «(a) | 1000 | 1000 |
| **Credit Suisse AG AT1 Claim** | 200 | 26 |
| **DAE Funding LLC**<br>3.375% due 03/20/2028 | 200 | 194 |

---

------

<br> Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Rio** **Oil Finance Trust** |  |  |
| 8.200% due 04/06/2028 | 258 | 267 |
| 9.750% due 01/06/2027 | 217 | 225 |
| **Rutas 2 & 7 Finance Ltd.**<br>0.000% due 09/30/2036 (f) | 537 | 409 |
|  |  | 2121 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 1.5%** |  |  |
| **Banc of America Mortgage Trust**<br>5.046% due 02/25/2036 ~ | 1 | 1 |
| **BCAP LLC Trust**<br>4.148% due 05/26/2037 ~ | 473 | 424 |
| **Bear Stearns ARM Trust** |  |  |
| 4.208% due 05/25/2047 ~ | 5 | 4 |
| **Benchmark Mortgage Trust**<br>3.666% due 01/15/2051 ~ | 1000 | 985 |
| **Citigroup Mortgage Loan Trust, Inc.** |  |  |
| 4.487% due 09/25/2037 ~ | 9 | 9 |
| **CitiMortgage Alternative Loan Trust**<br>4.922% due 10/25/2036 •  | 63 | 49 |
| **Countrywide Alternative Loan Trust**<br>4.622% due 05/25/2036 •  | 112 | 42 |
| **GSR Mortgage Loan Trust**<br>4.668% due 01/25/2036 ~ | 1 | 1 |
| **IndyMac INDA Mortgage Loan Trust**<br>3.431% due 11/25/2037 ~ | 53 | 43 |
| **IndyMac INDX Mortgage Loan Trust** |  |  |
| 4.632% due 02/25/2037 •  | 123 | 118 |
| 4.912% due 07/25/2045 •  | 62 | 48 |
| **Lehman XS Trust** |  |  |
| 4.652% due 09/25/2046 •  | 90 | 81 |
| 4.772% due 08/25/2037 •  | 107 | 105 |
| **Morgan Stanley Mortgage Loan Trust**<br>6.035% due 06/25/2036 ~ | 1 | 1 |
| **SG Residential Mortgage Trust**<br>5.353% due 08/25/2062 þ | 827 | 828 |
| **STARM Mortgage Loan Trust**<br>4.567% due 10/25/2037 ~ | 30 | 26 |
| **WaMu Mortgage Pass-Through Certificates Trust** |  |  |
| 4.200% due 02/25/2037 ~ | 10 | 9 |
| 4.577% due 03/25/2036 ~ | 84 | 76 |
| **Washington Mutual Mortgage Pass-Through Certificates WMALT Trust**<br>4.903% due 02/25/2047 •  | 111 | 103 |
|  |  | 2953 |
| **U.S. GOVERNMENT AGENCIES 1.6%** |  |  |
| **Federal National Mortgage Association**<br>4.000% due 07/01/2048 | 22 | 21 |
| **Uniform Mortgage-Backed Security, TBA** |  |  |
| 3.500% due 11/01/2055 | 350 | 320 |
| 4.000% due 11/01/2055 | 500 | 471 |
| 4.500% due 10/01/2055 | 750 | 727 |
| 5.000% due 11/01/2055 | 800 | 793 |
| 5.500% due 11/01/2055 | 950 | 957 |
|  |  | 3289 |
| **U.S. TREASURY OBLIGATIONS 1.6%** |  |  |
| **U.S. Treasury Bonds** |  |  |
| 3.250% due 05/15/2042 (n) | 100 | 84 |
| 4.625% due 05/15/2054 (n) | 50 | 49 |
| 4.750% due 11/15/2043 (n) | 2700 | 2730 |
| **U.S. Treasury Notes** |  |  |
| 4.375% due 11/30/2030 (n) | 400 | 411 |
|  |  | 3274 |
| Total United States (Cost $14,549) |  | 14506 |
| **URUGUAY 0.2%** |  |  |
| **SOVEREIGN ISSUES 0.2%** |  |  |
| **Uruguay Government International Bonds** |  |  |
| 5.100% due 06/18/2050 | $300 | 285 |
| 5.442% due 02/14/2037 | 200 | 209 |
| Total Uruguay (Cost $481) |  | 494 |
| **UZBEKISTAN 0.6%** |  |  |
| **CORPORATE BONDS & NOTES 0.4%** |  |  |
| **Uzbek Industrial & Construction Bank ATB** |  |  |
| 8.950% due 07/24/2029 | $200 | 217 |

---

------

<br> Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 21.000% due 07/24/2027 | 2980000 | 259 |
| **Uzbekneftegaz JSC**<br>4.750% due 11/16/2028 | $400 | 382 |
|  |  | 858 |
| **SOVEREIGN ISSUES 0.2%** |  |  |
| **Republic of Uzbekistan International Bonds**<br>3.900% due 10/19/2031 | 400 | 368 |
| Total Uzbekistan (Cost $1,123) |  | 1226 |
| **VENEZUELA 0.8%** |  |  |
| **CORPORATE BONDS & NOTES 0.4%** |  |  |
| **Petroleos de Venezuela SA** |  |  |
| 5.375% due 04/12/2027 ^(c) | $150 | 24 |
| 5.500% due 04/12/2037 ^(c) | 3250 | 530 |
| 6.000% due 11/15/2026 ^(c) | 1200 | 196 |
|  |  | 750 |
| **SOVEREIGN ISSUES 0.4%** |  |  |
| **Venezuela Government International Bonds** |  |  |
| 7.650% due 04/21/2035 ^(c) | 100 | 21 |
| 7.750% due 10/13/2029 ^(c) | 2140 | 405 |
| 9.250% due 09/15/2027 ^(c) | 1190 | 290 |
| 9.250% due 05/07/2028 ^(c) | 180 | 42 |
| 9.375% due 01/13/2034 ^(c) | 40 | 11 |
| 11.950% due 08/05/2031 ^(c) | 560 | 135 |
|  |  | 904 |
| Total Venezuela (Cost $4,734) |  | 1654 |
| **ZAMBIA 0.1%** |  |  |
| **SOVEREIGN ISSUES 0.1%** |  |  |
| **Zambia Government International Bonds**<br>0.500% due 12/31/2053 | $200 | 135 |
| Total Zambia (Cost $136) |  | 135 |
| **SHORT-TERM INSTRUMENTS 1.8%** |  |  |
| **NIGERIA TREASURY BILLS 1.4%** |  |  |
| 29.239% due 10/07/2025 - 06/29/2026 ~(e)(f) | 4436741 | 2789 |
| **U.S. TREASURY BILLS 0.4%** |  |  |
| 4.308% due 10/21/2025 (e)(f)(n) | $836 | 834 |
| Total Short-Term Instruments (Cost $3,432) |  | 3623 |
| Total Investments in Securities (Cost $210,186) |  | 205100 |
|  | SHARES |  |
| **INVESTMENTS IN AFFILIATES 2.0%** |  |  |
| **SHORT-TERM INSTRUMENTS 2.0%** |  |  |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.0%** |  |  |
| **PIMCO Short-Term Floating NAV Portfolio III** | 407375 | 3967 |
| Total Short-Term Instruments (Cost $3,966) |  | 3967 |
| Total Investments in Affiliates (Cost $3,966) |  | 3967 |
| Total Investments 103.0% (Cost $214,152) |  | $209067 |
| **Financial Derivative Instruments** **(l)(m)** **(0.6)**%(Cost or Premiums, net $(277)) |  | (1288) |
| Other Assets and Liabilities, net (2.4)% |  | (4872) |
| Net Assets 100.0% |  | $202907 |

---

------

<br> Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  |
| **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** |
| **¤** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** |
| **^** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** |
| **«** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** |
| **(b)** | **Payment in-kind security.** | **Payment in-kind security.** | **Payment in-kind security.** | **Payment in-kind security.** | **Payment in-kind security.** | **Payment in-kind security.** | **Payment in-kind security.** | **Payment in-kind security.** | **Payment in-kind security.** | **Payment in-kind security.** |
| **(c)** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** |
| **(d)** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** |
| **(e)** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** |
| **(f)** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** |
| **(g)** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** |
| **(h)** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** |
| **(i)** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** |
| **(j)** | **Contingent convertible security.** | **Contingent convertible security.** | **Contingent convertible security.** | **Contingent convertible security.** | **Contingent convertible security.** | **Contingent convertible security.** | **Contingent convertible security.** | **Contingent convertible security.** | **Contingent convertible security.** | **Contingent convertible security.** |
| **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** |
| **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** |
| Counterparty | Counterparty | Counterparty | Borrowing Rate<sup>(1)</sup> | Settlement Date | Settlement Date | Maturity Date | Maturity Date | Amount<br>Borrowed<sup>(1)</sup> | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
| BPS | BPS | BPS | 3.950% | 09/24/2025 | 09/24/2025 | TBD<sup>(2)</sup> | TBD<sup>(2)</sup> | (321) | (321) | (322) |
|  |  |  | 4.300 | 09/19/2025 | 09/19/2025 | TBD<sup>(2)</sup> | TBD<sup>(2)</sup> | (372) | (372) | (373) |
|  |  |  | 4.330 | 09/19/2025 | 09/19/2025 | TBD<sup>(2)</sup> | TBD<sup>(2)</sup> | (579) | (579) | (580) |
| BRC | BRC | BRC | 4.300 | 09/19/2025 | 09/19/2025 | TBD<sup>(2)</sup> | TBD<sup>(2)</sup> | (2336) | (2336) | (2339) |
| MYI | MYI | MYI | 3.500 | 09/19/2025 | 09/19/2025 | TBD<sup>(2)</sup> | TBD<sup>(2)</sup> | (435) | (435) | (435) |
|  |  |  | 3.900 | 09/19/2025 | 09/19/2025 | TBD<sup>(2)</sup> | TBD<sup>(2)</sup> | (297) | (297) | (297) |
|  |  |  | 3.950 | 09/19/2025 | 09/19/2025 | TBD<sup>(2)</sup> | TBD<sup>(2)</sup> | (156) | (156) | (156) |
| NOM | NOM | NOM | 4.070 | 09/19/2025 | 09/19/2025 | TBD<sup>(2)</sup> | TBD<sup>(2)</sup> | (664) | (664) | (665) |
| SCX | SCX | SCX | 4.000 | 09/19/2025 | 09/19/2025 | TBD<sup>(2)</sup> | TBD<sup>(2)</sup> | (1101) | (1101) | (1102) |
| **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** |  |  |  |  |  |  |  | **(6269)** |
| **(k)** | **Securities with an aggregate market value of $6,744 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $6,744 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $6,744 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $6,744 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $6,744 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $6,744 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $6,744 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $6,744 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $6,744 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $6,744 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** |
| <sup>(1)</sup> | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(7697) at a weighted average interest rate of 4.388%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(7697) at a weighted average interest rate of 4.388%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(7697) at a weighted average interest rate of 4.388%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(7697) at a weighted average interest rate of 4.388%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(7697) at a weighted average interest rate of 4.388%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(7697) at a weighted average interest rate of 4.388%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(7697) at a weighted average interest rate of 4.388%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(7697) at a weighted average interest rate of 4.388%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(7697) at a weighted average interest rate of 4.388%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(7697) at a weighted average interest rate of 4.388%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. |
| <sup>(2)</sup> | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. |
| **(l)** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** |
| **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** |
| **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** |
|  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Description | Description | Expiration<br>Month | # of<br>Contracts | # of<br>Contracts | Notional<br>Amount | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| Euro-BTP Future December Futures | Euro-BTP Future December Futures | 12/2025 | 2 | 2 | $281 | 281 | $3 | 3 | $1 | $0 |
| U.S. Treasury 2-Year Note December Futures | U.S. Treasury 2-Year Note December Futures | 12/2025 | 34 | 34 | 7086 | 7086 | 5 | 5 | 4 | 0 |
| U.S. Treasury 5-Year Note December Futures | U.S. Treasury 5-Year Note December Futures | 12/2025 | 177 | 177 | 19328 | 19328 | 20 | 20 | 7 | 0 |
| U.S. Treasury 10-Year Note December Futures | U.S. Treasury 10-Year Note December Futures | 12/2025 | 371 | 371 | 41738 | 41738 | 246 | 246 | 0 | (6) |

---

------

<br> Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| U.S. Treasury Ultra Long-Term Bond December Futures | U.S. Treasury Ultra Long-Term Bond December Futures | U.S. Treasury Ultra Long-Term Bond December Futures | U.S. Treasury Ultra Long-Term Bond December Futures | U.S. Treasury Ultra Long-Term Bond December Futures | U.S. Treasury Ultra Long-Term Bond December Futures | U.S. Treasury Ultra Long-Term Bond December Futures | U.S. Treasury Ultra Long-Term Bond December Futures | 12/2025 | 10 |  | 1201 | 32 | 32 | 32 | 0 | 0 | 0 | (6) |
|  |  |  |  |  |  |  |  |  |  |  |  | 306 | 306 | $ | 12 | 12 | $ | (12) |
| **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Description | Description | Description | Description | Description | Description |  |  | Expiration<br>Month | # of<br>Contracts |  | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Asset | Liability |
| Euro-Bund December Futures | Euro-Bund December Futures | Euro-Bund December Futures | Euro-Bund December Futures | Euro-Bund December Futures | Euro-Bund December Futures | Euro-Bund December Futures | Euro-Bund December Futures | 12/2025 | 5 | $ | (755) | $(1) | (1) | (1) | 0 | 0 | 0 | (2) |
| Euro-Schatz December Futures | Euro-Schatz December Futures | Euro-Schatz December Futures | Euro-Schatz December Futures | Euro-Schatz December Futures | Euro-Schatz December Futures | Euro-Schatz December Futures | Euro-Schatz December Futures | 12/2025 | 9 |  | (1130) | 1 | 1 | 1 | 0 | 0 | 0 | 0 |
|  |  |  |  |  |  |  |  |  |  |  |  | 0 | 0 | $ | 0 | 0 | $ | (2) |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **306** | **306** | **$** | **12** | **12** | **$** | **(14)** |
| **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** |
| **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Index/Tranches | Index/Tranches | Fixed<br>(Pay) Rate | Fixed<br>(Pay) Rate | Payment<br>Frequency | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Market<br>Value<sup>(4)</sup> | Market<br>Value<sup>(4)</sup> | Asset | Asset | Liability |
| CDX.EM-38 5-Year Index | CDX.EM-38 5-Year Index | (1.000)% | (1.000)% | Quarterly | Quarterly | 12/20/2027 | 12/20/2027 | 12/20/2027 | 1000 | 1000 | 57 | (60) | (3) | (3) | (3) | 0 | 0 | 0 |
| CDX.EM-39 5-Year Index | CDX.EM-39 5-Year Index | (1.000) | (1.000) | Quarterly | Quarterly | 06/20/2028 | 06/20/2028 | 06/20/2028 | 900 | 900 | 56 | (57) | (1) | (1) | (1) | 0 | 0 | 0 |
| CDX.EM-42 5-Year Index | CDX.EM-42 5-Year Index | (1.000) | (1.000) | Quarterly | Quarterly | 12/20/2029 | 12/20/2029 | 12/20/2029 | 1900 | 1900 | 44 | (28) | 16 | 16 | 16 | 1 | 1 | 0 |
|  |  |  |  |  |  |  |  |  |  |  | 157 | (145) | 12 | 12 | 12 | 1 | 1 | 0 |
| **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Index/Tranches | Index/Tranches | Fixed<br>Receive Rate | Fixed<br>Receive Rate | Payment<br>Frequency | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Market<br>Value<sup>(4)</sup> | Market<br>Value<sup>(4)</sup> | Asset | Asset | Liability |
| CDX.EM-44 5-Year Index | CDX.EM-44 5-Year Index | 1.000% | 1.000% | Quarterly | Quarterly | 12/20/2030 | 12/20/2030 | 12/20/2030 | 100 | 100 | (2) | 0 | (2) | (2) | (2) | 0 | 0 | 0 |
| **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Pay/<br>Receive<br>Floating Rate | Floating Rate Index | Floating Rate Index | Fixed Rate | Fixed Rate | Payment<br>Frequency | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Market<br>Value | Market<br>Value | Asset | Asset | Liability |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1.500% | 1.500% | Semi-Annual | Semi-Annual | 06/21/2027 | 06/21/2027 | $5700 | 5700 | $212 | (405) | $(193) | (193) | (193) | $2 | 2 | $0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1.500 | 1.500 | Semi-Annual | Semi-Annual | 12/15/2028 | 12/15/2028 | 400 | 400 | 2 | (27) | (25) | (25) | (25) | 0 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.750 | 3.750 | Annual | Annual | 06/20/2029 | 06/20/2029 | 1500 | 1500 | (44) | 62 | 18 | 18 | 18 | 1 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.750 | 3.750 | Annual | Annual | 12/18/2029 | 12/18/2029 | 3625 | 3625 | (17) | 53 | 36 | 36 | 36 | 2 | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.750 | 3.750 | Annual | Annual | 12/18/2029 | 12/18/2029 | 2920 | 2920 | (94) | 65 | (29) | (29) | (29) | 0 | 0 | (2) |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.300 | 3.300 | Annual | Annual | 02/28/2030 | 02/28/2030 | 5552 | 5552 | (8) | 14 | 6 | 6 | 6 | 0 | 0 | (3) |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.325 | 3.325 | Annual | Annual | 02/28/2030 | 02/28/2030 | 5315 | 5315 | (32) | 33 | 1 | 1 | 1 | 0 | 0 | (3) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.000 | 3.000 | Annual | Annual | 03/19/2030 | 03/19/2030 | 3300 | 3300 | (174) | 99 | (75) | (75) | (75) | 2 | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.500 | 3.500 | Annual | Annual | 12/20/2030 | 12/20/2030 | 8200 | 8200 | 230 | (211) | 19 | 19 | 19 | 0 | 0 | (3) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1.750 | 1.750 | Semi-Annual | Semi-Annual | 12/15/2031 | 12/15/2031 | 200 | 200 | 3 | (24) | (21) | (21) | (21) | 0 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.730 | 3.730 | Annual | Annual | 08/03/2033 | 08/03/2033 | 200 | 200 | (1) | 3 | 2 | 2 | 2 | 0 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.735 | 3.735 | Annual | Annual | 08/07/2033 | 08/07/2033 | 200 | 200 | (1) | 4 | 3 | 3 | 3 | 0 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 4.165 | 4.165 | Annual | Annual | 09/27/2033 | 09/27/2033 | 400 | 400 | (2) | 18 | 16 | 16 | 16 | 0 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 4.155 | 4.155 | Annual | Annual | 10/02/2033 | 10/02/2033 | 300 | 300 | (1) | 13 | 12 | 12 | 12 | 0 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 4.170 | 4.170 | Annual | Annual | 10/03/2033 | 10/03/2033 | 400 | 400 | (2) | 18 | 16 | 16 | 16 | 0 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 4.030 | 4.030 | Annual | Annual | 10/04/2033 | 10/04/2033 | 100 | 100 | 0 | 3 | 3 | 3 | 3 | 0 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 4.175 | 4.175 | Annual | Annual | 10/10/2033 | 10/10/2033 | 300 | 300 | (1) | 13 | 12 | 12 | 12 | 0 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 4.150 | 4.150 | Annual | Annual | 10/12/2033 | 10/12/2033 | 300 | 300 | (1) | 13 | 12 | 12 | 12 | 0 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 4.220 | 4.220 | Annual | Annual | 10/20/2033 | 10/20/2033 | 200 | 200 | (1) | 10 | 9 | 9 | 9 | 0 | 0 | 0 |

---

------

<br> Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay | Pay | 1-Day USD-SOFR Compounded-OIS | 4.230 | Annual | 10/23/2033 |  | 200 |  | (1) |  | 10 |  | 9 |  | 0 |  | 0 |
| Pay | Pay | 1-Day USD-SOFR Compounded-OIS | 4.255 | Annual | 10/23/2033 |  | 100 |  | 0 |  | 5 |  | 5 |  | 0 |  | 0 |
| Pay | Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 |  | 680 |  | (37) |  | 29 |  | (8) |  | 0 |  | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 03/20/2034 |  | 2900 |  | (123) |  | (18) |  | (141) |  | 0 |  | (1) |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 |  | 1500 |  | 8 |  | (23) |  | (15) |  | 0 |  | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 |  | 700 |  | (11) |  | 7 |  | (4) |  | 0 |  | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 |  | 800 |  | 58 |  | (28) |  | 30 |  | 0 |  | 0 |
| Receive<sup>(5)</sup> | Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2035 |  | 1000 |  | (7) |  | 0 |  | (7) |  | 0 |  | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2036 |  | 400 |  | (1) |  | 0 |  | (1) |  | 0 |  | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2039 |  | 100 |  | 6 |  | (5) |  | 1 |  | 0 |  | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2039 |  | 500 |  | (2) |  | 10 |  | 8 |  | 1 |  | 0 |
| Pay | Pay | 1-Day USD-SOFR Compounded-OIS | 3.830 | Annual | 10/12/2053 |  | 100 |  | (1) |  | (2) |  | (3) |  | 0 |  | 0 |
| Pay | Pay | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 10/17/2053 |  | 200 |  | (1) |  | (3) |  | (4) |  | 0 |  | (1) |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 |  | 1300 |  | (10) |  | 120 |  | 110 |  | 4 |  | 0 |
| Receive | Receive | 1-Year BRL-CDI | 11.253 | Maturity | 01/04/2027 | BRL | 6400 |  | 0 |  | 51 |  | 51 |  | 0 |  | 0 |
| Pay | Pay | 1-Year BRL-CDI | 11.550 | Maturity | 01/04/2027 |  | 400 |  | 0 |  | (3) |  | (3) |  | 0 |  | 0 |
| Pay | Pay | 1-Year BRL-CDI | 11.570 | Maturity | 01/04/2027 |  | 5700 |  | 0 |  | (37) |  | (37) |  | 0 |  | 0 |
| Receive | Receive | 1-Year BRL-CDI | 13.055 | Maturity | 01/04/2027 |  | 2200 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |
| Pay | Pay | 3-Month PLN-WIBOR | 4.855 | Annual | 02/10/2030 | PLN | 5400 |  | 7 |  | 73 |  | 80 |  | 4 |  | 0 |
| Receive | Receive | 3-Month PLN-WIBOR | 4.075 | Annual | 04/11/2030 |  | 5400 |  | 0 |  | 12 |  | 12 |  | 0 |  | (4) |
| Receive | Receive | 6-Month CLP-CHILIBOR | 5.511 | Semi-Annual | 11/13/2033 | CLP | 623400 |  | 0 |  | (20) |  | (20) |  | 0 |  | 0 |
| Pay | Pay | 6-Month CLP-CHILIBOR | 4.855 | Semi-Annual | 12/18/2033 |  | 600000 |  | 0 |  | (11) |  | (11) |  | 0 |  | 0 |
| Pay | Pay | 6-Month CZK-PRIBOR | 4.250 | Annual | 04/18/2029 | CZK | 12400 |  | 15 |  | (5) |  | 10 |  | 0 |  | 0 |
| Pay | Pay | 6-Month CZK-PRIBOR | 3.530 | Annual | 07/15/2029 |  | 56100 |  | 0 |  | (30) |  | (30) |  | 0 |  | 0 |
| Pay | Pay | 6-Month CZK-PRIBOR | 3.080 | Annual | 10/03/2029 |  | 34000 |  | 0 |  | (27) |  | (27) |  | 0 |  | 0 |
| Receive | Receive | 6-Month CZK-PRIBOR | 3.325 | Annual | 05/09/2030 |  | 51000 |  | 0 |  | 62 |  | 62 |  | 0 |  | (1) |
| Receive | Receive | 6-Month CZK-PRIBOR | 3.363 | Annual | 05/29/2030 |  | 40900 |  | 19 |  | 27 |  | 46 |  | 0 |  | (1) |
| Pay | Pay | 6-Month EUR-EURIBOR | 3.370 | Annual | 10/09/2028 | EUR | 300 |  | (1) |  | 20 |  | 19 |  | 0 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 3.450 | Annual | 10/20/2028 |  | 300 |  | (1) |  | 21 |  | 20 |  | 0 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 2.818 | Annual | 06/26/2029 |  | 1100 |  | 33 |  | (6) |  | 27 |  | 1 |  | 0 |
| Pay<sup>(5)</sup> | Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/18/2031 |  | 800 |  | 4 |  | (2) |  | 2 |  | 2 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 3.300 | Annual | 10/03/2033 |  | 300 |  | (1) |  | 27 |  | 26 |  | 1 |  | 0 |
| Receive<sup>(5)</sup> | Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/18/2036 |  | 6100 |  | 14 |  | (23) |  | (9) |  | 0 |  | (20) |
| Receive<sup>(5)</sup> | Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 |  | 40 |  | (1) |  | 0 |  | (1) |  | 0 |  | 0 |
| Pay | Pay | 6-Month HUF-BBR | 5.955 | Annual | 05/08/2030 | HUF | 912000 |  | 0 |  | (40) |  | (40) |  | 0 |  | (2) |
|  |  |  |  |  |  |  |  | $34 | 34 | $(55) | (55) | $(21) | (21) | $20 | 20 | $(41) | (41) |
| **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | $**189** | **189** | $**(200)** | **(200)** | $**(11)** | **(11)** | $**21** | **21** | $**(41)** | **(41)** |
| **Cash of $2,446 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $2,446 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $2,446 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $2,446 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $2,446 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $2,446 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $2,446 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $2,446 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $2,446 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $2,446 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $2,446 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $2,446 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $2,446 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $2,446 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $2,446 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $2,446 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $2,446 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $2,446 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** |
| <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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. |
| **(m)** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** |

---

------

<br> Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **FORWARD** **FOREIGN CURRENCY CONTRACTS:** | **FORWARD** **FOREIGN CURRENCY CONTRACTS:** | **FORWARD** **FOREIGN CURRENCY CONTRACTS:** | **FORWARD** **FOREIGN CURRENCY CONTRACTS:** | **FORWARD** **FOREIGN CURRENCY CONTRACTS:** | **FORWARD** **FOREIGN CURRENCY CONTRACTS:** | **FORWARD** **FOREIGN CURRENCY CONTRACTS:** |
|  |  |  |  | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Currency to<br>be Received | Asset | Liability |
| &nbsp;&nbsp;&nbsp;&nbsp; AZD | 10/2025 | 14914 | $17395 | 17395 | $0 | $(115) |
|  | 10/2025 | $196 | 272 | 272 | 0 | 0 |
|  | 11/2025 | 272 | $196 | 196 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOA | 10/2025 | 2033 | 14 | 14 | 0 | 0 |
|  | 10/2025 | $86 | 12687 | 12687 | 0 | (1) |
|  | 10/2025 | 21 | 36 | 36 | 0 | 0 |
|  | 10/2025 | 55 | 204 | 204 | 4 | 0 |
|  | 11/2025 | 8117 | $127 | 127 | 0 | (2) |
|  | 11/2025 | 36 | 21 | 21 | 0 | 0 |
|  | 11/2025 | $14 | 2026 | 2026 | 0 | 0 |
|  | 02/2026 | 12624 | $264 | 264 | 0 | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp; BPS | 10/2025 | 28100 | 4692 | 4692 | 0 | (588) |
|  | 10/2025 | 2356 | 16 | 16 | 0 | 0 |
|  | 10/2025 | 4866 | 114 | 114 | 0 | (2) |
|  | 10/2025 | 1332 | 45 | 45 | 1 | 0 |
|  | 10/2025 | $5252 | 28100 | 28100 | 31 | (3) |
|  | 10/2025 | 26 | 186 | 186 | 0 | 0 |
|  | 10/2025 | 85 | 309 | 309 | 0 | 0 |
|  | 11/2025 | 1638 | $38 | 38 | 0 | 0 |
|  | 11/2025 | $56 | 300 | 300 | 0 | 0 |
|  | 11/2025 | 16 | 2348 | 2348 | 0 | 0 |
|  | 12/2025 | 27293 | $82 | 82 | 1 | 0 |
|  | 12/2025 | $1474 | 28001 | 28001 | 43 | 0 |
|  | 04/2026 | 6500 | $1138 | 1138 | 0 | (31) |
|  | 05/2026 | $184 | 56 | 56 | 0 | 0 |
|  | 06/2026 | 272 | 83 | 83 | 1 | 0 |
|  | 07/2026 | 119 | 36 | 36 | 1 | 0 |
|  | 06/2027 | 70 | 21 | 21 | 0 | 0 |
|  | 05/2029 | 280 | $964 | 964 | 36 | 0 |
|  | 07/2029 | 62 | 214 | 214 | 8 | 0 |
|  | 05/2030 | 170 | 585 | 585 | 20 | 0 |
|  | 08/2030 | 24 | 82 | 82 | 1 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BRC | 10/2025 | 91 | 113 | 113 | 0 | (1) |
|  | 10/2025 | 59 | 16 | 16 | 0 | 0 |
|  | 10/2025 | $96 | 77 | 77 | 0 | 0 |
|  | 10/2025 | 110 | 4709 | 4709 | 2 | 0 |
|  | 11/2025 | 77 | $96 | 96 | 0 | 0 |
|  | 11/2025 | 3297 | 75 | 75 | 0 | (2) |
|  | 11/2025 | $59 | 2572 | 2572 | 1 | 0 |
|  | 11/2025 | 3765 | $214 | 214 | 0 | (4) |
|  | 12/2025 | $75 | 314 | 314 | 0 | 0 |
|  | 02/2026 | 264 | 12638 | 12638 | 11 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BSH | 10/2025 | 11600 | $2181 | 2181 | 2 | 0 |
|  | 10/2025 | $2133 | 11600 | 11600 | 46 | 0 |
|  | 10/2025 | 103 | 89 | 89 | 1 | 0 |
|  | 10/2025 | 6 | 11 | 11 | 0 | 0 |
|  | 11/2025 | 11 | $6 | 6 | 0 | 0 |
|  | 11/2025 | $109 | 401 | 401 | 7 | 0 |
|  | 12/2025 | 128 | 457 | 457 | 3 | 0 |
|  | 02/2026 | 1710 | $489 | 489 | 0 | (2) |
|  | 04/2026 | 12500 | 2201 | 2201 | 0 | (48) |
| &nbsp;&nbsp;&nbsp;&nbsp; CBK | 10/2025 | 5022 | 909 | 909 | 0 | (35) |
|  | 10/2025 | 695 | 818 | 818 | 2 | 0 |
|  | 10/2025 | 4420 | 149 | 149 | 4 | 0 |
|  | 10/2025 | $944 | 5022 | 5022 | 0 | (1) |
|  | 10/2025 | 49 | 1565 | 1565 | 0 | 0 |
|  | 10/2025 | 35 | 1058 | 1058 | 0 | 0 |
|  | 10/2025 | 934 | $54 | 54 | 0 | 0 |
|  | 12/2025 | 953 | 266 | 266 | 0 | (8) |
|  | 12/2025 | 1052 | 35 | 35 | 0 | 0 |
|  | 12/2025 | $438 | 24993 | 24993 | 66 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; DUB | 10/2025 | 1404 | $25 | 25 | 0 | (4) |
|  | 10/2025 | 14321 | 10 | 10 | 0 | 0 |
|  | 10/2025 | $56 | 398 | 398 | 0 | 0 |
|  | 10/2025 | 269 | 919 | 919 | 9 | 0 |
|  | 10/2025 | 15 | 8462 | 8462 | 0 | 0 |
|  | 11/2025 | 918 | $269 | 269 | 0 | (8) |
|  | 11/2025 | 20332 | 69 | 69 | 0 | (3) |
|  | 11/2025 | $136 | 75519 | 75519 | 0 | 0 |
|  | 11/2025 | 9092 | $519 | 519 | 0 | (5) |
|  | 12/2025 | 253318 | 68 | 68 | 0 | (4) |
|  | 12/2025 | $269 | 14415 | 14415 | 22 | 0 |
|  | 12/2025 | 236 | 129793 | 129793 | 0 | (5) |
|  | 03/2026 | 169 | 97536 | 97536 | 0 | (2) |
|  | 09/2026 | 27266 | $92 | 92 | 0 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; FAR | 10/2025 | 369 | 239 | 239 | 0 | (5) |
|  | 10/2025 | 66 | 18 | 18 | 0 | 0 |
|  | 10/2025 | $241 | 369 | 369 | 3 | 0 |
|  | 10/2025 | 17 | 14 | 14 | 0 | 0 |

---

------

<br> Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 10/2025 | 24 | 173 |  | 0 |  | 0 |
|  | 10/2025 | 49 | 179 |  | 0 |  | 0 |
|  | 10/2025 | 58 | 75 |  | 0 |  | 0 |
|  | 11/2025 | 369 | $241 |  | 0 |  | (3) |
|  | 11/2025 | 14 | 17 |  | 0 |  | 0 |
|  | 11/2025 | 75 | 58 |  | 0 |  | 0 |
|  | 12/2025 | 69808 | 3684 |  | 0 |  | (97) |
| &nbsp;&nbsp;&nbsp;&nbsp; GLM | 10/2025 | 35500 | 5827 |  | 0 |  | (843) |
|  | 10/2025 | $6583 | 35500 |  | 90 |  | (2) |
|  | 10/2025 | 2 | 14 |  | 0 |  | 0 |
|  | 11/2025 | 26601 | $422 |  | 5 |  | (6) |
|  | 12/2025 | $21 | 1062 |  | 1 |  | 0 |
|  | 12/2025 | 73 | 40886 |  | 0 |  | (1) |
|  | 01/2026 | 31271 | $506 |  | 12 |  | 0 |
|  | 03/2026 | 13102 | 207 |  | 2 |  | 0 |
|  | 03/2026 | $958 | 62322 |  | 20 |  | 0 |
|  | 04/2026 | 25400 | $4478 |  | 1 |  | (92) |
| &nbsp;&nbsp;&nbsp;&nbsp; JPM | 10/2025 | 22000 | 4136 |  | 3 |  | 0 |
|  | 10/2025 | 272 | 197 |  | 1 |  | 0 |
|  | 10/2025 | 24789 | 18 |  | 0 |  | 0 |
|  | 10/2025 | 39 | 11 |  | 0 |  | 0 |
|  | 10/2025 | $3942 | 22000 |  | 191 |  | 0 |
|  | 11/2025 | 39664 | $134 |  | 0 |  | (6) |
|  | 11/2025 | 8051 | 459 |  | 0 |  | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp; MBC | 10/2025 | 143 | 20 |  | 0 |  | 0 |
|  | 10/2025 | 1420 | 1671 |  | 4 |  | 0 |
|  | 10/2025 | 1168 | 8 |  | 0 |  | 0 |
|  | 10/2025 | 19685 | 14 |  | 0 |  | 0 |
|  | 10/2025 | 75 | 58 |  | 0 |  | 0 |
|  | 10/2025 | $28 | 202 |  | 0 |  | 0 |
|  | 10/2025 | 62 | 9020 |  | 0 |  | (1) |
|  | 10/2025 | 115 | 3692 |  | 0 |  | (1) |
|  | 11/2025 | 20 | 143 |  | 0 |  | 0 |
|  | 11/2025 | 8 | 1164 |  | 0 |  | 0 |
|  | 12/2025 | 140 | 7103 |  | 4 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; MYI | 10/2025 | 44541 | $298 |  | 0 |  | (3) |
|  | 10/2025 | $29 | 204 |  | 0 |  | 0 |
|  | 10/2025 | 46 | 167 |  | 0 |  | 0 |
|  | 10/2025 | 28 | 849 |  | 0 |  | 0 |
|  | 11/2025 | 298 | 44387 |  | 3 |  | 0 |
|  | 12/2025 | 1174 | $57 |  | 0 |  | 0 |
|  | 12/2025 | 843 | 28 |  | 0 |  | 0 |
|  | 12/2025 | $1118 | 21092 |  | 24 |  | 0 |
|  | 10/2026 | 257 | 460 |  | 3 |  | 0 |
|  | 10/2027 | 515 | 947 |  | 0 |  | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp; NGF | 10/2025 | 32831 | $24 |  | 0 |  | 0 |
|  | 11/2025 | 6693 | 154 |  | 0 |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; SCX | 10/2025 | 818 | 154 |  | 0 |  | 0 |
|  | 10/2025 | 2683 | 91 |  | 2 |  | 0 |
|  | 10/2025 | $154 | 818 |  | 0 |  | 0 |
|  | 10/2025 | 21 | 149 |  | 0 |  | 0 |
|  | 10/2025 | 435 | 325 |  | 2 |  | 0 |
|  | 10/2025 | 860 | 126237 |  | 0 |  | (6) |
|  | 10/2025 | 134 | 234485 |  | 24 |  | 0 |
|  | 11/2025 | 325 | $435 |  | 0 |  | (2) |
|  | 11/2025 | 22808 | 79 |  | 0 |  | (2) |
|  | 12/2025 | 271 | 13 |  | 0 |  | 0 |
|  | 12/2025 | 26060 | 91 |  | 0 |  | (1) |
|  | 12/2025 | 253325 | 68 |  | 0 |  | (4) |
|  | 12/2025 | $154 | 830 |  | 0 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOG | 10/2025 | 6139 | $1154 |  | 1 |  | 0 |
|  | 10/2025 | 97000 | 652 |  | 0 |  | (4) |
|  | 10/2025 | 46 | 27 |  | 0 |  | 0 |
|  | 10/2025 | $1150 | 6139 |  | 3 |  | 0 |
|  | 10/2025 | 19922 | 16940 |  | 0 |  | (33) |
|  | 11/2025 | 16940 | $19962 |  | 33 |  | 0 |
|  | 11/2025 | $652 | 96664 |  | 4 |  | 0 |
|  | 12/2025 | 6227 | $1150 |  | 0 |  | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp; SSB | 10/2025 | 325 | 438 |  | 1 |  | 0 |
|  | 12/2025 | 2932 | 793 |  | 0 |  | (50) |
| &nbsp;&nbsp;&nbsp;&nbsp; UAG | 10/2025 | 1011 | 303 |  | 0 |  | (2) |
|  | 10/2025 | $27 | 92 |  | 1 |  | 0 |
|  | 10/2025 | 46 | 167 |  | 0 |  | 0 |
|  | 10/2025 | 54 | 934 |  | 0 |  | 0 |
|  | 10/2025 | 934 | $54 |  | 0 |  | 0 |
|  | 11/2025 | 92 | 27 |  | 0 |  | (1) |
|  | 11/2025 | $75 | 3525 |  | 7 |  | 0 |
|  | 11/2025 | 4095 | $232 |  | 0 |  | (4) |
|  | 12/2025 | 19384 | 59 |  | 1 |  | 0 |
|  | 12/2025 | 854 | 15 |  | 0 |  | 0 |
| **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | $**769** | **769** | $**(2070)** | **(2070)** |

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------

<br> Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **PURCHASED** **OPTIONS:** | **PURCHASED** **OPTIONS:** | **PURCHASED** **OPTIONS:** | **PURCHASED** **OPTIONS:** | **PURCHASED** **OPTIONS:** | **PURCHASED** **OPTIONS:** | **PURCHASED** **OPTIONS:** | **PURCHASED** **OPTIONS:** | **PURCHASED** **OPTIONS:** | **PURCHASED** **OPTIONS:** | **PURCHASED** **OPTIONS:** | **PURCHASED** **OPTIONS:** | **PURCHASED** **OPTIONS:** | **PURCHASED** **OPTIONS:** | **PURCHASED** **OPTIONS:** | **PURCHASED** **OPTIONS:** |
| **CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES** | **CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES** | **CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES** | **CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES** | **CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES** | **CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES** | **CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES** | **CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES** | **CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES** | **CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES** | **CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES** | **CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES** | **CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES** | **CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES** | **CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES** | **CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES** |
| Counterparty | Counterparty | Description | Description | Buy/Sell<br>Protection | Buy/Sell<br>Protection | Exercise<br>Rate | Exercise<br>Rate | Expiration<br>Date | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> |  | Cost | Cost | Market<br>Value | Market<br>Value |
| GST | GST | Put - OTC CDX.IG-44 5-Year Index | Put - OTC CDX.IG-44 5-Year Index | Buy | Buy | 0.700% | 0.700% | 10/15/2025 | 10/15/2025 | 26500 | $ | 50 | 50 | $1 | 1 |
|  |  | Put - OTC CDX.IG-44 5-Year Index | Put - OTC CDX.IG-44 5-Year Index | Buy | Buy | 0.700 | 0.700 | 11/19/2025 | 11/19/2025 | 14792 |  | 16 | 16 | 3 | 3 |
| **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **$** | **66** | **66** | $**4** | **4** |
| **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** |
| **CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES** | **CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES** | **CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES** | **CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES** | **CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES** | **CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES** | **CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES** | **CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES** | **CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES** | **CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES** | **CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES** | **CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES** | **CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES** | **CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES** | **CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES** | **CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES** |
| Counterparty | Counterparty | Description | Description | Buy/Sell<br>Protection | Buy/Sell<br>Protection | Exercise<br>Rate | Exercise<br>Rate | Expiration<br>Date | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> |  | Premiums<br>(Received) | Premiums<br>(Received) | Market<br>Value | Market<br>Value |
| GST | GST | Put - OTC CDX.IG-44 5-Year Index | Put - OTC CDX.IG-44 5-Year Index | Sell | Sell | 0.850% | 0.850% | 10/15/2025 | 10/15/2025 | 42600 | $ | (51) | (51) | $(1) | (1) |
|  |  | Put - OTC CDX.IG-44 5-Year Index | Put - OTC CDX.IG-44 5-Year Index | Sell | Sell | 0.850 | 0.850 | 11/19/2025 | 11/19/2025 | 24407 |  | (16) | (16) | (3) | (3) |
|  |  |  |  |  |  |  |  |  |  |  | $ | (67) | (67) | $(4) | (4) |
| **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** |
| Counterparty | Counterparty | Description | Description | Description | Description |  | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> |  | Premiums<br>(Received) | Premiums<br>(Received) | Market<br>Value | Market<br>Value |
| BOA | BOA | Put - OTC USD versus TRY | Put - OTC USD versus TRY | Put - OTC USD versus TRY | Put - OTC USD versus TRY | TRY | 43.000 | 43.000 | 01/12/2026 | 3954 | $ | (89) | (89) | $(13) | (13) |
|  |  | Call - OTC USD versus TRY | Call - OTC USD versus TRY | Call - OTC USD versus TRY | Call - OTC USD versus TRY |  | 56.500 | 56.500 | 01/12/2026 | 1546 |  | (62) | (62) | (17) | (17) |
|  |  | Call - OTC USD versus TRY | Call - OTC USD versus TRY | Call - OTC USD versus TRY | Call - OTC USD versus TRY |  | 56.750 | 56.750 | 02/03/2026 | 1935 |  | (69) | (69) | (28) | (28) |
| UAG | UAG | Put - OTC USD versus TRY | Put - OTC USD versus TRY | Put - OTC USD versus TRY | Put - OTC USD versus TRY |  | 41.600 | 41.600 | 11/12/2025 | 440 |  | (17) | (17) | 0 | 0 |
|  |  | Call - OTC USD versus TRY | Call - OTC USD versus TRY | Call - OTC USD versus TRY | Call - OTC USD versus TRY |  | 56.900 | 56.900 | 11/12/2025 | 440 |  | (12) | (12) | (2) | (2) |
|  |  |  |  |  |  |  |  |  |  |  | $ | (249) | (249) | $(60) | (60) |
| **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **$** | **(316)** | **(316)** | $**(64)** | **(64)** |
| **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** |
| **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Swap Agreements, at Value</u><sup>(6)</sup> | <u>Swap Agreements, at Value</u><sup>(6)</sup> | <u>Swap Agreements, at Value</u><sup>(6)</sup> |
| Counterparty | Reference Entity | Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Liability |
| BOA | Mexico Government International Bonds | Mexico Government International Bonds | (1.000)% | Quarterly | 06/20/2035 | 06/20/2035 | 1.611% | 1.611% | $200 | $14 | 14 | $(4) | $10 | 10 | $0 |
|  | Oman Government International Bonds | Oman Government International Bonds | (1.000) | Quarterly | 12/20/2027 | 12/20/2027 | 0.303 | 0.303 | 100 | 3 | 3 | (4) | 0 | 0 | (1) |
|  | Panama Government International Bonds | Panama Government International Bonds | (1.000) | Quarterly | 06/20/2029 | 06/20/2029 | 1.044 | 1.044 | 200 | 5 | 5 | (5) | 0 | 0 | 0 |
| BPS | Oman Government International Bonds | Oman Government International Bonds | (1.000) | Quarterly | 12/20/2027 | 12/20/2027 | 0.303 | 0.303 | 100 | 3 | 3 | (5) | 0 | 0 | (2) |
| BRC | Mexico Government International Bonds | Mexico Government International Bonds | (1.000) | Quarterly | 06/20/2035 | 06/20/2035 | 1.611 | 1.611 | 200 | 13 | 13 | (4) | 9 | 9 | 0 |
|  | Saudi Arabia Government International Bonds | Saudi Arabia Government International Bonds | (1.000) | Quarterly | 06/20/2034 | 06/20/2034 | 0.963 | 0.963 | 2200 | (24) | (24) | 18 | 0 | 0 | (6) |
| CBK | Mexico Government International Bonds | Mexico Government International Bonds | (1.000) | Quarterly | 06/20/2035 | 06/20/2035 | 1.611 | 1.611 | 100 | 7 | 7 | (2) | 5 | 5 | 0 |
| GST | Mexico Government International Bonds | Mexico Government International Bonds | (1.000) | Quarterly | 06/20/2035 | 06/20/2035 | 1.611 | 1.611 | 100 | 7 | 7 | (2) | 5 | 5 | 0 |
|  | Saudi Arabia Government International Bonds | Saudi Arabia Government International Bonds | (1.000) | Quarterly | 06/20/2034 | 06/20/2034 | 0.963 | 0.963 | 700 | (8) | (8) | 6 | 0 | 0 | (2) |
| MYC | Saudi Arabia Government International Bonds | Saudi Arabia Government International Bonds | (1.000) | Quarterly | 06/20/2034 | 06/20/2034 | 0.963 | 0.963 | 1200 | (14) | (14) | 10 | 0 | 0 | (4) |
|  |  |  |  |  |  |  |  |  |  | $6 | 6 | $8 | $29 | 29 | $(15) |
| **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(3)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Swap Agreements, at Value</u><sup>(6)</sup> | <u>Swap Agreements, at Value</u><sup>(6)</sup> | <u>Swap Agreements, at Value</u><sup>(6)</sup> |
| Counterparty | Reference Entity | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Liability |
| BOA | Argentine Republic Government International Bond | Argentine Republic Government International Bond | 5.000% | Quarterly | 06/20/2027 | 06/20/2027 | N/A | N/A | $300 | $(39) | (39) | $0 | $0 | 0 | $(39) |
|  | Brazil Government International Bonds | Brazil Government International Bonds | 1.000 | Quarterly | 06/20/2035 | 06/20/2035 | 2.228 | 2.228 | 200 | (28) | (28) | 10 | 0 | 0 | (18) |
|  | Chile Government International Bonds | Chile Government International Bonds | 1.000 | Quarterly | 12/20/2025 | 12/20/2025 | 0.138 | 0.138 | 1000 | 25 | 25 | (23) | 2 | 2 | 0 |

---

------

<br> Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Chile Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.195 | 100 | 1 | 0 | 1 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2025 | 0.606 | 800 | (21) | 22 | 1 | 0 |
| BPS | Brazil Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 0.583 | 200 | (15) | 17 | 2 | 0 |
|  | Chile Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 0.242 | 1000 | (5) | 22 | 17 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2025 | 0.194 | 470 | 2 | (1) | 1 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.210 | 1000 | 6 | 0 | 6 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.289 | 300 | 0 | 3 | 3 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 0.406 | 400 | 1 | 4 | 5 | 0 |
|  | Peru Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.194 | 600 | 4 | 0 | 4 | 0 |
|  | Romania Government International Bonds | 1.000 | Quarterly | 12/20/2025 | 0.593 | 1025 | 2 | (1) | 1 | 0 |
|  | Serbia Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 0.793 | 200 | (18) | 19 | 1 | 0 |
| BRC | Benin Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 1.079 | 200 | (7) | 7 | 0 | 0 |
|  | Chile Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.149 | 1000 | 17 | (11) | 6 | 0 |
|  | Cote D'ivoire Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 1.244 | 100 | (3) | 3 | 0 | 0 |
|  | Nigeria Government International Bonds | 1.000 | Quarterly | 12/20/2029 | 3.778 | 300 | (44) | 14 | 0 | (30) |
|  | Saudi Arabia Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 0.634 | 4100 | 58 | 8 | 66 | 0 |
|  | Turkiye Government International Bonds | 1.000 | Quarterly | 12/20/2025 | 0.632 | 600 | 0 | 1 | 1 | 0 |
|  | Turkiye Government International Bonds | 1.000 | Quarterly | 12/20/2029 | 2.201 | 100 | (7) | 2 | 0 | (5) |
| CBK | Benin Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 1.079 | 25 | (1) | 1 | 0 | 0 |
|  | Cote D'ivoire Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 1.244 | 150 | (5) | 5 | 0 | 0 |
|  | Cote D'ivoire Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 3.133 | 100 | (13) | 4 | 0 | (9) |
|  | Peru Government International Bonds | 1.000 | Quarterly | 12/20/2025 | 0.186 | 600 | 7 | (6) | 1 | 0 |
| DUB | Nigeria Government International Bonds | 1.000 | Quarterly | 12/20/2029 | 3.778 | 200 | (33) | 13 | 0 | (20) |
|  | Petroleos Mexicanos « | 4.750 | Monthly | 07/06/2026 | —◆ | 588 | 0 | 7 | 7 | 0 |
|  | Petroleos Mexicanos « | 4.850 | Monthly | 07/06/2026 | —◆ | 1059 | 0 | 14 | 14 | 0 |
|  | Turkiye Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 2.389 | 100 | (10) | 4 | 0 | (6) |
| GLM | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2029 | 0.644 | 400 | (2) | 7 | 5 | 0 |
| GST | Indonesia Government International Bonds | 1.000 | Quarterly | 12/20/2030 | 0.819 | 3600 | 29 | 3 | 32 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 12/20/2025 | 0.299 | 900 | 1 | 1 | 2 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.309 | 200 | 0 | 1 | 1 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2028 | 0.543 | 100 | (1) | 2 | 1 | 0 |
|  | Peru Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.194 | 1500 | 7 | 2 | 9 | 0 |
|  | Saudi Arabia Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 0.634 | 3600 | 53 | 5 | 58 | 0 |
| JPM | Cote D'ivoire Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 3.133 | 50 | (6) | 2 | 0 | (4) |
|  | Poland Government International Bonds | 1.000 | Quarterly | 06/20/2028 | 0.386 | 100 | 0 | 2 | 2 | 0 |
|  | Saudi Arabia Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 0.634 | 300 | 5 | 0 | 5 | 0 |
|  | State Oil Company of Azerbaijan | 5.000 | Quarterly | 06/20/2026 | 1.611 | 100 | 1 | 1 | 2 | 0 |
|  | Turkiye Government International Bonds | 1.000 | Quarterly | 12/20/2029 | 2.201 | 500 | (34) | 11 | 0 | (23) |
| MYC | Argentine Republic Government International Bonds | 5.000 | Quarterly | 06/20/2027 | 15.081 | 100 | (21) | 6 | 0 | (15) |
|  | Chile Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.195 | 700 | 4 | 3 | 7 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.365 | 200 | (1) | 3 | 2 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2028 | 0.487 | 100 | (2) | 3 | 1 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2028 | 0.543 | 500 | (5) | 12 | 7 | 0 |
|  | Nigeria Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 3.938 | 20 | (5) | 3 | 0 | (2) |
|  | Panama Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 1.295 | 200 | (9) | 6 | 0 | (3) |
|  | Peru Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.194 | 1800 | 3 | 8 | 11 | 0 |

---

------

<br> Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Qatar Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.103 | 300 | 4 | (1) | (1) | 3 | 0 |
|  | Turkiye Government International Bonds | 1.000 | Quarterly | 12/20/2028 | 1.840 | 1300 | (117) | 85 | 85 | 0 | (32) |
|  |  |  |  |  |  |  | $(222) | $303 | 303 | $287 | $(206) |
| **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | $**(216)** | $**311** | **311** | $**316** | $**(221)** |
| **(n)** | **Securities with an aggregate market value of $1,870 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,870 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,870 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,870 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,870 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,870 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,870 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,870 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,870 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,870 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,870 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** |
| <sup>◆</sup> | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | 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. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. |
| <sup>(2)</sup> | If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
| <sup>(3)</sup> | If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
| <sup>(4)</sup> | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
| <sup>(5)</sup> | The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
| <sup>(6)</sup> | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. |
| **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** |
| **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: |  |
| Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Level 1 | Level 2 | Level 2 | Level 3 | Level 3 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 |  |

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<br> Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** |
| Albania | Albania | Albania |
| Sovereign Issues | $230 | $230 |
| Angola | Angola | Angola |
| Sovereign Issues | 1058 | 1058 |
| Argentina | Argentina | Argentina |
| Sovereign Issues | 5213 | 5213 |
| Armenia | Armenia | Armenia |
| Sovereign Issues | 734 | 734 |
| Azerbaijan | Azerbaijan | Azerbaijan |
| Corporate Bonds & Notes | 1418 | 1418 |
| Bahrain | Bahrain | Bahrain |
| Sovereign Issues | 616 | 616 |
| Bermuda | Bermuda | Bermuda |
| Corporate Bonds & Notes | 383 | 383 |
| Brazil | Brazil | Brazil |
| Corporate Bonds & Notes | 3530 | 3530 |
| Sovereign Issues | 9445 | 9445 |
| Bulgaria | Bulgaria | Bulgaria |
| Sovereign Issues | 885 | 885 |
| Cameroon | Cameroon | Cameroon |
| Sovereign Issues | 790 | 790 |
| Canada | Canada | Canada |
| Corporate Bonds & Notes | 310 | 310 |
| Cayman Islands | Cayman Islands | Cayman Islands |
| Asset-Backed Securities | 250 | 250 |
| Convertible Bonds & Notes | 10 | 10 |
| Corporate Bonds & Notes | 3980 | 5154 |
| Sovereign Issues | 604 | 604 |
| Chile | Chile | Chile |
| Corporate Bonds & Notes | 3771 | 3771 |
| Sovereign Issues | 1260 | 1260 |
| Colombia | Colombia | Colombia |
| Corporate Bonds & Notes | 2141 | 2141 |
| Sovereign Issues | 5195 | 5195 |
| Czech Republic | Czech Republic | Czech Republic |
| Corporate Bonds & Notes | 505 | 505 |
| Dominican Republic | Dominican Republic | Dominican Republic |
| Sovereign Issues | 5009 | 5009 |
| Ecuador | Ecuador | Ecuador |
| Sovereign Issues | 2413 | 2413 |
| Egypt | Egypt | Egypt |
| Sovereign Issues | 4116 | 4116 |
| El Salvador | El Salvador | El Salvador |
| Corporate Bonds & Notes | 523 | 523 |
| Sovereign Issues | 903 | 903 |
| Germany | Germany | Germany |
| Loan Participations and Assignments | 1158 | 1158 |
| Ghana | Ghana | Ghana |
| Sovereign Issues | 1197 | 1197 |
| Guatemala | Guatemala | Guatemala |
| Sovereign Issues | 2413 | 2413 |
| Hong Kong | Hong Kong | Hong Kong |
| Corporate Bonds & Notes | 648 | 648 |
| Hungary | Hungary | Hungary |
| Corporate Bonds & Notes | 213 | 213 |
| Sovereign Issues | 4083 | 4083 |
| India | India | India |
| Corporate Bonds & Notes | 432 | 432 |
| Sovereign Issues | 477 | 477 |
| Indonesia | Indonesia | Indonesia |
| Corporate Bonds & Notes | 6098 | 6098 |
| Sovereign Issues | 1116 | 1116 |
| Ireland | Ireland | Ireland |
| Corporate Bonds & Notes | 237 | 237 |
| Loan Participations and Assignments | 0 | 1058 |
| Sovereign Issues | 1573 | 1573 |
| Isle of Man | Isle of Man | Isle of Man |
| Corporate Bonds & Notes | 106 | 106 |
| Israel | Israel | Israel |
| Corporate Bonds & Notes | 487 | 487 |
| Sovereign Issues | 826 | 826 |
| Italy | Italy | Italy |
| Sovereign Issues | 211 | 211 |
| Ivory Coast | Ivory Coast | Ivory Coast |
| Loan Participations and Assignments | 0 | 1172 |
| Sovereign Issues | 1989 | 1989 |
| Jamaica | Jamaica | Jamaica |
| Corporate Bonds & Notes | 161 | 161 |
| Jordan | Jordan | Jordan |
| Sovereign Issues | 907 | 907 |
| Kazakhstan | Kazakhstan | Kazakhstan |
| Corporate Bonds & Notes | 1035 | 1035 |
| Sovereign Issues | 508 | 508 |
| Kenya | Kenya | Kenya |
| Sovereign Issues | 1436 | 1436 |

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<br> Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| Kuwait | Kuwait | Kuwait | Kuwait | Kuwait |
| Sovereign Issues | 1000 | 0 | 0 | 1000 |
| Latvia | Latvia | Latvia | Latvia | Latvia |
| Sovereign Issues | 0 | 516 | 0 | 516 |
| Lebanon | Lebanon | Lebanon | Lebanon | Lebanon |
| Sovereign Issues | 0 | 68 | 0 | 68 |
| Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| Common Stocks | 0 | 0 | 215 | 215 |
| Corporate Bonds & Notes | 0 | 3120 | 0 | 3120 |
| Sovereign Issues | 0 | 2540 | 0 | 2540 |
| Macedonia | Macedonia | Macedonia | Macedonia | Macedonia |
| Sovereign Issues | 0 | 612 | 0 | 612 |
| Malaysia | Malaysia | Malaysia | Malaysia | Malaysia |
| Corporate Bonds & Notes | 0 | 693 | 0 | 693 |
| Sovereign Issues | 0 | 296 | 0 | 296 |
| Mexico | Mexico | Mexico | Mexico | Mexico |
| Corporate Bonds & Notes | 0 | 7701 | 0 | 7701 |
| Sovereign Issues | 0 | 6696 | 0 | 6696 |
| Mongolia | Mongolia | Mongolia | Mongolia | Mongolia |
| Sovereign Issues | 0 | 212 | 0 | 212 |
| Morocco | Morocco | Morocco | Morocco | Morocco |
| Corporate Bonds & Notes | 0 | 633 | 0 | 633 |
| Sovereign Issues | 0 | 147 | 0 | 147 |
| Namibia | Namibia | Namibia | Namibia | Namibia |
| Sovereign Issues | 0 | 298 | 0 | 298 |
| Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| Corporate Bonds & Notes | 0 | 2718 | 0 | 2718 |
| Nigeria | Nigeria | Nigeria | Nigeria | Nigeria |
| Corporate Bonds & Notes | 0 | 725 | 0 | 725 |
| Sovereign Issues | 0 | 2329 | 0 | 2329 |
| Oman | Oman | Oman | Oman | Oman |
| Sovereign Issues | 0 | 2138 | 0 | 2138 |
| Pakistan | Pakistan | Pakistan | Pakistan | Pakistan |
| Sovereign Issues | 0 | 1178 | 0 | 1178 |
| Panama | Panama | Panama | Panama | Panama |
| Corporate Bonds & Notes | 0 | 617 | 0 | 617 |
| Sovereign Issues | 0 | 1935 | 0 | 1935 |
| Paraguay | Paraguay | Paraguay | Paraguay | Paraguay |
| Sovereign Issues | 0 | 1197 | 0 | 1197 |
| Peru | Peru | Peru | Peru | Peru |
| Corporate Bonds & Notes | 0 | 3991 | 0 | 3991 |
| Sovereign Issues | 0 | 1498 | 0 | 1498 |
| Philippines | Philippines | Philippines | Philippines | Philippines |
| Corporate Bonds & Notes | 0 | 509 | 0 | 509 |
| Sovereign Issues | 0 | 2362 | 0 | 2362 |
| Poland | Poland | Poland | Poland | Poland |
| Corporate Bonds & Notes | 0 | 209 | 0 | 209 |
| Sovereign Issues | 0 | 2276 | 0 | 2276 |
| Qatar | Qatar | Qatar | Qatar | Qatar |
| Corporate Bonds & Notes | 0 | 784 | 0 | 784 |
| Republic of Korea | Republic of Korea | Republic of Korea | Republic of Korea | Republic of Korea |
| Sovereign Issues | 0 | 194 | 0 | 194 |
| Romania | Romania | Romania | Romania | Romania |
| Sovereign Issues | 0 | 4214 | 0 | 4214 |
| Russia | Russia | Russia | Russia | Russia |
| Sovereign Issues | 0 | 210 | 0 | 210 |
| Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia |
| Corporate Bonds & Notes | 0 | 2447 | 0 | 2447 |
| Sovereign Issues | 0 | 5080 | 0 | 5080 |
| Senegal | Senegal | Senegal | Senegal | Senegal |
| Sovereign Issues | 0 | 1328 | 0 | 1328 |
| Serbia | Serbia | Serbia | Serbia | Serbia |
| Sovereign Issues | 0 | 908 | 0 | 908 |
| Singapore | Singapore | Singapore | Singapore | Singapore |
| Corporate Bonds & Notes | 0 | 313 | 0 | 313 |
| Slovenia | Slovenia | Slovenia | Slovenia | Slovenia |
| Sovereign Issues | 0 | 724 | 0 | 724 |
| South Africa | South Africa | South Africa | South Africa | South Africa |
| Corporate Bonds & Notes | 0 | 848 | 0 | 848 |
| Sovereign Issues | 0 | 3860 | 0 | 3860 |
| South Korea | South Korea | South Korea | South Korea | South Korea |
| Corporate Bonds & Notes | 0 | 1053 | 0 | 1053 |
| Sovereign Issues | 0 | 409 | 0 | 409 |
| Spain | Spain | Spain | Spain | Spain |
| Corporate Bonds & Notes | 0 | 211 | 0 | 211 |
| Sri Lanka | Sri Lanka | Sri Lanka | Sri Lanka | Sri Lanka |
| Sovereign Issues | 0 | 1236 | 0 | 1236 |
| Supranational | Supranational | Supranational | Supranational | Supranational |
| Corporate Bonds & Notes | 0 | 1094 | 0 | 1094 |
| Thailand | Thailand | Thailand | Thailand | Thailand |
| Corporate Bonds & Notes | 0 | 410 | 0 | 410 |
| Trinidad and Tobago | Trinidad and Tobago | Trinidad and Tobago | Trinidad and Tobago | Trinidad and Tobago |
| Corporate Bonds & Notes | 0 | 395 | 0 | 395 |
| Sovereign Issues | 0 | 307 | 0 | 307 |
| Turkey | Turkey | Turkey | Turkey | Turkey |
| Corporate Bonds & Notes | 0 | 989 | 0 | 989 |

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<br> Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | 0 | 0 | 0 | 0 | 0 | 2356 | 2356 |  | 2356 |  |
| Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | 0 | 0 | 0 | 8486 | 8486 | 0 | 0 |  | 8486 |  |
| Uganda | Uganda | Uganda | Uganda | Uganda | Uganda | Uganda | Uganda | Uganda | Uganda | Uganda | Uganda | Uganda | Uganda |  |
| Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | 0 | 0 | 0 | 265 | 265 | 0 | 0 |  | 265 |  |
| Ukraine | Ukraine | Ukraine | Ukraine | Ukraine | Ukraine | Ukraine | Ukraine | Ukraine | Ukraine | Ukraine | Ukraine | Ukraine | Ukraine |  |
| Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | 0 | 0 | 0 | 1721 | 1721 | 0 | 0 |  | 1721 |  |
| United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates |  |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | 0 | 0 | 0 | 3292 | 3292 | 0 | 0 |  | 3292 |  |
| Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | 0 | 0 | 0 | 1749 | 1749 | 0 | 0 |  | 1749 |  |
| United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |  |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | 400 | 400 | 400 | 2966 | 2966 | 383 | 383 |  | 3749 |  |
| Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | 0 | 0 | 0 | 394 | 394 | 0 | 0 |  | 394 |  |
| United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States |  |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | 0 | 0 | 0 | 2869 | 2869 | 0 | 0 |  | 2869 |  |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | 0 | 0 | 0 | 1121 | 1121 | 1000 | 1000 |  | 2121 |  |
| Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | 0 | 0 | 0 | 2953 | 2953 | 0 | 0 |  | 2953 |  |
| U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | 0 | 0 | 0 | 3289 | 3289 | 0 | 0 |  | 3289 |  |
| U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | 0 | 0 | 0 | 3274 | 3274 | 0 | 0 |  | 3274 |  |
| Uruguay | Uruguay | Uruguay | Uruguay | Uruguay | Uruguay | Uruguay | Uruguay | Uruguay | Uruguay | Uruguay | Uruguay | Uruguay | Uruguay |  |
| Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | 0 | 0 | 0 | 494 | 494 | 0 | 0 |  | 494 |  |
| Uzbekistan | Uzbekistan | Uzbekistan | Uzbekistan | Uzbekistan | Uzbekistan | Uzbekistan | Uzbekistan | Uzbekistan | Uzbekistan | Uzbekistan | Uzbekistan | Uzbekistan | Uzbekistan |  |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | 0 | 0 | 0 | 858 | 858 | 0 | 0 |  | 858 |  |
| Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | 0 | 0 | 0 | 368 | 368 | 0 | 0 |  | 368 |  |
| Venezuela | Venezuela | Venezuela | Venezuela | Venezuela | Venezuela | Venezuela | Venezuela | Venezuela | Venezuela | Venezuela | Venezuela | Venezuela | Venezuela |  |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | 0 | 0 | 0 | 750 | 750 | 0 | 0 |  | 750 |  |
| Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | 0 | 0 | 0 | 904 | 904 | 0 | 0 |  | 904 |  |
| Zambia | Zambia | Zambia | Zambia | Zambia | Zambia | Zambia | Zambia | Zambia | Zambia | Zambia | Zambia | Zambia | Zambia |  |
| Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | 0 | 0 | 0 | 135 | 135 | 0 | 0 |  | 135 |  |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |  |
| Nigeria Treasury Bills | Nigeria Treasury Bills | Nigeria Treasury Bills | Nigeria Treasury Bills | Nigeria Treasury Bills | 0 | 0 | 0 | 2789 | 2789 | 0 | 0 |  | 2789 |  |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | 0 | 0 | 0 | 834 | 834 | 0 | 0 |  | 834 |  |
|  |  |  |  |  | $1400 | 1400 | 1400 | $196342 | 196342 | $7358 | 7358 | $ | 205100 |  |
| **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** | **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 | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |  |
| Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | $3967 | 3967 | 3967 | $0 | 0 | $0 | 0 | $ | 3967 |  |
| Total Investments | Total Investments | Total Investments | Total Investments | Total Investments | $5367 | 5367 | 5367 | $196342 | 196342 | $7358 | 7358 | $ | 209067 |  |
| **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** | **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 | 1 | 1 | 1 | 32 | 32 | 0 | 0 |  | 33 |  |
| Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | 0 | 0 | 0 | 1068 | 1068 | 21 | 21 |  | 1089 |  |
|  |  |  |  |  | $1 | 1 | 1 | $1100 | 1100 | $21 | 21 | $ | 1122 |  |
| **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** | **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 | (2) | (2) | (2) | (53) | (53) | 0 | 0 |  | (55) |  |
| Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | (39) | (39) | (39) | (2316) | (2316) | 0 | 0 |  | (2355) |  |
|  |  |  |  |  | $(41) | (41) | (41) | $(2369) | (2369) | $0 | 0 | $ | (2410) |  |
| Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | $(40) | (40) | (40) | $(1269) | (1269) | $21 | 21 | $ | (1288) |  |
| Totals | Totals | Totals | Totals | Totals | $5327 | 5327 | 5327 | $195073 | 195073 | $7379 | 7379 | $ | 207779 |  |
| **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** |
| Category and Subcategory | Beginning<br>Balance<br>at 12/31/2024 | Net<br>Purchases<sup>(1)</sup> | Net<br>Sales/Settlements<sup>(1)</sup> | Accrued<br>Discounts/<br>(Premiums) | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Transfers into<br>Level 3 | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(2)</sup> |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
| Cayman Islands |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Corporate Bonds & Notes | $0 | $1170 | $0 | $ | 0 | $0 | $ | 4 | $0 | 0 | $0 | 0 | $1174 | $4 |
| Ireland |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Loan Participations and Assignments | 0 | 969 | 0 |  | 1 | 0 |  | 88 | 0 | 0 | 0 | 0 | 1058 | 88 |
| Sovereign Issues | 287 | 0 | (112) |  | 3 | 3 |  | 2 | 0 | 0 | (183) | (183) | 0 | 0 |
| Ivory Coast |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Loan Participations and Assignments | 1034 | 0 | 0 |  | 1 | 0 |  | 137 | 0 | 0 | 0 | 0 | 1172 | 137 |
| Luxembourg |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Common Stocks | 249 | 0 | 0 |  | 0 | 0 |  | (34) | 0 | 0 | 0 | 0 | 215 | (34) |
| Mexico | 0 | 0 | 0 |  | 0 | 0 |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Netherlands |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Common Stocks | 0 | 1 | 0 |  | 0 | 0 |  | (1) | 0 | 0 | 0 | 0 | 0 | 0 |
| Turkey |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

------

<br> Schedule of Investments PIMCO Emerging Markets Bond Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Loan Participations and Assignments | Loan Participations and Assignments |  | 1058 | 0 |  |  | 0 | (1) | 0 | 122 | 1177 | 0 | 0 |  | 2356 |  | 122 |
| United Kingdom | United Kingdom |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Corporate Bonds & Notes | Corporate Bonds & Notes |  | 719 | 0 |  |  | (404) | 99 | (9) | (22) | 0 | 0 | 0 |  | 383 |  | (30) |
| United States | United States |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Asset-Backed Securities | Asset-Backed Securities |  | 196 | 0 |  |  | (196) | 0 | 0 | 0 | 0 | 0 | 0 |  | 0 |  | 0 |
| Corporate Bonds & Notes | Corporate Bonds & Notes |  | 0 | 1000 |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 |  | 1000 |  | 0 |
|  |  | $3543 | 3543 | 3140 | $ | $ | $(712) | $103 | $(6) | $296 | $1177 | $(183) | (183) | $ | 7358 | $ | 287 |
| **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** | **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 | $0 | 0 | 6 | $ | $ | $0 | $0 | $(1) | $16 | $0 | $0 | 0 | $ | 21 | $ | 16 |
| Totals | Totals | $3543 | 3543 | 3146 | $ | $ | $(712) | $103 | $(7) | $312 | $1177 | $(183) | (183) | $ | 7379 | $ | 303 |
| <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** |
|  |  |  |  |  |  |  |  |  |  |  |  |  | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | Ending<br>Balance<br>at 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | Input Value(s) | Input Value(s) | Input Value(s) | Weighted Average | Weighted 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** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
| Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | $1174 | 1174 | 1174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | 100.000 | 100.000 | 100.000 |  |  |
| Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland |
| Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | 1058 | 1058 | 1058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | 3.832 | 3.832 | 3.832 |  |  |
| Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast |
| Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | 1172 | 1172 | 1172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | 5.531 | 5.531 | 5.531 |  |  |
| Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| Common Stocks | Common Stocks | Common Stocks | Common Stocks | 215 | 215 | 215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | $21.667 | 21.667 | 21.667 |  |  |
| Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey |
| Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | 1179 | 1179 | 1179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | 4.794 | 4.794 | 4.794 |  |  |
|  |  |  |  | 1177 | 1177 | 1177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Party Vendor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Party Vendor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Party Vendor | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | 100.250 | 100.250 | 100.250 |  |  |
| United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | 383 | 383 | 383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Valuation Techniques<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Valuation Techniques<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Valuation Techniques<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | - | - | - |  |  |
| United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | 1000 | 1000 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | 100.000 | 100.000 | 100.000 |  |  |
| **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** | **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 | 21 | 21 | 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | 0.939 – 0.978 | 0.939 – 0.978 | 0.939 – 0.978 | 0.964 | 0.964 |
| Total | Total | Total | Total | $7379 | 7379 | 7379 |  |  |  |  |  |  |  |  |  |  |  |
| <sup>(1)</sup> | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. |
| <sup>(2)</sup> | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. |
| <sup>(3)</sup> | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Portfolio. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Portfolio. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Portfolio. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Portfolio. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Portfolio. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Portfolio. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Portfolio. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Portfolio. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Portfolio. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Portfolio. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Portfolio. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Portfolio. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Portfolio. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Portfolio. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Portfolio. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Portfolio. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Portfolio. |

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------

Notes to Financial Statements

**1** **. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS**

**(a) Investment Valuation Policies** The net asset value ("NAV") of the Portfolio'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 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, the Portfolio'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 Portfolio 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 Portfolio may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The 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, the Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that the 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 the 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 Portfolio 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 Pacific Investment Management Company LLC ("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 Investment Company Act of 1940, as amended (the "Act"). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees has designated PIMCO as the valuation designee ("Valuation Designee") for the Portfolio to perform the fair value determination relating to all Portfolio investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of portfolio investments. The Valuation Designee may value portfolio securities for which market quotations are not readily available and other Portfolio assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, exchange-traded funds ("ETFs"), exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Portfolio's assets that are invested in one or more open-end management investment companies (other than ETFs), the 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, 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 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. The 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 the 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 the 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 the 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 the 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 the Portfolio may transact.

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 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 the 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 the Portfolio may differ from the value that would be realized if the securities were sold. The Portfolio's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the " Frequent or Excessive Purchases, Exchanges and Redemptions " section in the Portfolio's prospectus.

Under certain circumstances, the per share NAV of a class of the Portfolio'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 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:

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Notes to Financial Statements (Cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

• Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the 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 ofthe Portfolio'sassets 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 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.

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

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indexes, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

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Notes to Financial Statements (Cont.)

If third-party evaluated vendor pricing is not available or not deemed to be indicative of fair value,the Adviser may elect toobtainBroker 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.

**2. FEDERAL INCOME TAX MATTERS**

The 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.

The 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 Portfolio's tax positions for all open tax years. As of September 30, 2025, the Portfolio 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 Portfolio files U.S. federal, state and local tax returns as required. The Portfolio'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.

Shares of the Portfolio currently are sold to segregated asset accounts ("Separate Accounts") of insurance companies that fund variable annuity contracts and variable life insurance policies ("Variable Contracts"). Please refer to the prospectus for the Separate Account and Variable Contract for information regarding Federal income tax treatment of distributions to the Separate Account.

**3. INVESTMENTS IN AFFILIATES**

The 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 Portfolio. A copy of each affiliate fund's shareholder report is available at the U.S. Securities and Exchange Commission ("SEC") website at www.sec.gov, on the Portfolio's website at www.pimco.com, or upon request, as applicable. The table below shows the Portfolio's transactions in and earnings from investments in the affiliated funds for the period ended September 30, 2025 (amounts in thousands<sup>†</sup>):

**Investment in PIMCO Short-Term Floating NAV Portfolio III**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Market Value<br>12/31/2024** | **Purchases at<br>Cost** | **Proceeds from<br>Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>09/30/2025** | **Dividend<br>Income**<sup>(1)</sup> | **Realized Net<br>Capital<br>Gain<br>Distributions**<sup>(1)</sup> |
| $171 | $53094 | $(49300) | $1 | $1 | $3967 | $94 | $0 |

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<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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** |  | (Unaudited) |
| **Counterparty Abbreviations:** | **Counterparty Abbreviations:** |  |  |  |  |
| **AZD** | Australia and New Zealand Banking Group | **FAR** | Wells Fargo Bank National Association | **NGF** | Nomura Global Financial Products, Inc. |
| **BOA** | Bank of America N.A. | **GLM** | Goldman Sachs Bank USA | **NOM** | Nomura Securities International, Inc. |
| **BPS** | BNP Paribas S.A. | **GST** | Goldman Sachs International | **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 | **MBC** | HSBC Bank Plc | **SSB** | State Street Bank and Trust Co. |
| **CBK** | Citibank N.A. | **MYC** | Morgan Stanley Capital Services LLC | **UAG** | UBS AG Stamford |
| **DUB** | Deutsche Bank AG | **MYI** | Morgan Stanley & Co. International PLC |  |  |
| **Currency Abbreviations:** | **Currency Abbreviations:** |  |  |  |  |
| **AUD** | Australian Dollar | **HUF** | Hungarian Forint | **PKR** | Pakistani Rupee |
| **AZN** | Azerbaijani Manat | **ILS** | Israeli Shekel | **PLN** | Polish Zloty |
| **BRL** | Brazilian Real | **JPY** | Japanese Yen | **PYG** | Paraguayan Guarani |
| **CAD** | Canadian Dollar | **KRW** | South Korean Won | **SGD** | Singapore Dollar |
| **CHF** | Swiss Franc | **KWD** | Kuwaiti Dinar | **THB** | Thai Baht |
| **CLP** | Chilean Peso | **KZT** | Kazakhstani Tenge | **TRY** | Turkish New Lira |
| **CNH** | Chinese Renminbi (Offshore) | **MXN** | Mexican Peso | **TWD** | Taiwanese Dollar |
| **CZK** | Czech Koruna | **MYR** | Malaysian Ringgit | **UGX** | Ugandan Shilling |
| **DOP** | Dominican Peso | **NGN** | Nigerian Naira | **USD (or $)** | United States Dollar |
| **EGP** | Egyptian Pound | **NZD** | New Zealand Dollar | **UZS** | Uzbekistani Sum |
| **EUR** | Euro | **PEN** | Peruvian New Sol | **ZAR** | South African Rand |
| **GBP** | British Pound | **PHP** | Philippine Peso |  |  |
| **Exchange Abbreviations:** | **Exchange Abbreviations:** |  |  |  |  |
| **OTC** | Over the Counter |  |  |  |  |
| **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** |  |  |  |  |
| **BISTREFI** | Turkish Lira Overnight Reference Rate | **CDX.IG** | Credit Derivatives Index - Investment Grade | **EUR006M** | 6 Month EUR Swap Rate |
| **CDX.EM** | Credit Derivatives Index - Emerging <br> Markets | **EUR003M** | 3 Month EUR Swap Rate | **SOFR** | Secured Overnight Financing Rate |
| **Other Abbreviations:** | **Other Abbreviations:** |  |  |  |  |
| **ABS** | Asset-Backed Security | **DAC** | Designated Activity Company | **PRIBOR** | Prague Interbank Offered Rate |
| **BBR** | Bank Bill Rate | **EURIBOR** | Euro Interbank Offered Rate | **TBA** | To-Be-Announced |
| **BRL-CDI** | Brazil Interbank Deposit Rate | **JSC** | Joint Stock Company | **TBD** | To-Be-Determined |
| **BTP** | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | **OIS** | Overnight Index Swap | **WIBOR** | Warsaw Interbank Offered Rate |
| **CHILIBOR** | Chile Interbank Offered Rate | **PIK** | Payment-in-Kind |  |  |

---

------

<br> Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(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 144.5% ¤** |  |  |
| **ARGENTINA 0.0%** |  |  |
| **SOVEREIGN ISSUES 0.0%** |  |  |
| **Argentina Bonar Bonds** |  |  |
| 0.750% due 07/09/2030 þ | $54 | $28 |
| 4.125% due 07/09/2035 þ | 44 | 21 |
| Total Argentina (Cost $57) |  | 49 |
| **AUSTRALIA 1.7%** |  |  |
| **SOVEREIGN ISSUES 1.7%** |  |  |
| **Australia Government Bonds** |  |  |
| 1.750% due 06/21/2051 | 50 | 18 |
| 2.500% due 05/21/2030 | 400 | 251 |
| **New South Wales Treasury Corp.** |  |  |
| 1.750% due 03/20/2034 | 400 | 210 |
| 2.000% due 03/08/2033 | 200 | 111 |
| **Queensland Treasury Corp.** |  |  |
| 1.500% due 08/20/2032 | 500 | 273 |
| 1.750% due 07/20/2034 | 300 | 155 |
| 2.000% due 08/22/2033 | 1200 | 656 |
| **Treasury Corp. of Victoria** |  |  |
| 2.000% due 09/17/2035 | 300 | 152 |
| 2.250% due 09/15/2033 | 500 | 278 |
| 4.250% due 12/20/2032 | 300 | 196 |
| Total Australia (Cost $2,254) |  | 2300 |
| **BRAZIL 1.8%** |  |  |
| **SOVEREIGN ISSUES 1.8%** |  |  |
| **Brazil Letras do Tesouro Nacional**<br>0.000% due 04/01/2026 (d) | 13900 | 2440 |
| Total Brazil (Cost $2,406) |  | 2440 |
| **BULGARIA 0.3%** |  |  |
| **SOVEREIGN ISSUES 0.3%** |  |  |
| **Bulgaria Government International Bonds** |  |  |
| 3.375% due 07/18/2035 | 200 | 231 |
| 4.125% due 07/18/2045 | 200 | 227 |
| Total Bulgaria (Cost $455) |  | 458 |
| **CANADA 2.2%** |  |  |
| **CORPORATE BONDS & NOTES 1.2%** |  |  |
| **Air Canada Pass-Through Trust**<br>3.300% due 07/15/2031 | $64 | 61 |
| **Canadian Imperial Bank of Commerce**<br>4.876% due 01/14/2030 | 900 | 932 |
| **Fairfax Financial Holdings Ltd.**<br>2.750% due 03/29/2028 | 100 | 117 |
| **Toronto-Dominion Bank**<br>4.814% due 07/16/2027 | $500 | 509 |
|  |  | 1619 |
| **SOVEREIGN ISSUES 1.0%** |  |  |
| **Canada Government Real Return Bonds**<br>1.500% due 12/01/2044 (f) | 143 | 101 |
| **Province of British Columbia**<br>4.150% due 06/18/2034 | 200 | 150 |
| **Province of Ontario**<br>3.650% due 06/02/2033 | 600 | 439 |
| **Province of Quebec** |  |  |
| 3.600% due 09/01/2033 | 700 | 510 |

---

------

<br> Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 4.450% due 09/01/2034 | 200 | 153 |
|  |  | 1353 |
| Total Canada (Cost $2,891) |  | 2972 |
| **CAYMAN ISLANDS 3.0%** |  |  |
| **ASSET-BACKED SECURITIES 2.7%** |  |  |
| **Arbor Realty Commercial Real Estate Notes Ltd.**<br>5.822% due 01/15/2037 •  | $148 | 149 |
| **BDS Ltd.**<br>5.600% due 12/16/2036 •  | 183 | 184 |
| **Carlyle Global Market Strategies CLO Ltd.**<br>5.545% due 07/20/2032 •  | 276 | 277 |
| **CIFC Funding Ltd.**<br>5.530% due 10/24/2030 •  | 131 | 131 |
| **ICG U.S. CLO Ltd.**<br>5.475% due 10/20/2034 •  | 500 | 500 |
| **KREF Ltd.**<br>5.584% due 02/17/2039 •  | 167 | 168 |
| **LCM 30 Ltd.**<br>5.667% due 04/20/2031 •  | 223 | 223 |
| **MF1 Ltd.**<br>5.484% due 02/19/2037 •  | 216 | 216 |
| **Northwoods Capital XII-B Ltd.**<br>5.228% due 06/15/2031 •  | 268 | 268 |
| **OFSI BSL X Ltd.**<br>5.595% due 04/20/2034 •  | 500 | 500 |
| **Starwood Ltd.** |  |  |
| 5.450% due 04/18/2038 •  | 224 | 225 |
| 5.722% due 11/15/2038 •  | 159 | 159 |
| **Trinitas CLO VI Ltd.**<br>0.000% due 01/25/2034 •(b) | 400 | 400 |
| **TRTX Issuer Ltd.**<br>5.793% due 02/15/2039 •  | 244 | 245 |
| **Voya CLO Ltd.**<br>5.491% due 04/17/2030 •  | 27 | 27 |
|  |  | 3672 |
| **CORPORATE BONDS & NOTES 0.1%** |  |  |
| **Avolon Holdings Funding Ltd.**<br>2.528% due 11/18/2027 | 124 | 119 |
| **SOVEREIGN ISSUES 0.2%** |  |  |
| **KSA Sukuk Ltd.**<br>5.268% due 10/25/2028 | 200 | 206 |
| Total Cayman Islands (Cost $3,991) |  | 3997 |
| **CHILE 0.2%** |  |  |
| **SOVEREIGN ISSUES 0.2%** |  |  |
| **Chile Government International Bonds**<br>4.850% due 01/22/2029 | $200 | 205 |
| Total Chile (Cost $200) |  | 205 |
| **DENMARK 0.1%** |  |  |
| **CORPORATE BONDS & NOTES 0.1%** |  |  |
| **Nordea Kredit Realkreditaktieselskab** |  |  |
| 1.500% due 10/01/2053 | 539 | 69 |
| **Realkredit Danmark AS** |  |  |
| 1.500% due 10/01/2053 | 269 | 35 |
| Total Denmark (Cost $123) |  | 104 |
| **FRANCE 7.0%** |  |  |
| **CORPORATE BONDS & NOTES 0.2%** |  |  |
| **Credit Agricole SA**<br>6.316% due 10/03/2029 •  | $300 | 316 |
| **SOVEREIGN ISSUES 6.8%** |  |  |
| **French Republic Government Bonds OAT** |  |  |
| 0.750% due 02/25/2028 | 800 | 907 |
| 2.750% due 10/25/2027 | 800 | 950 |
| 2.750% due 02/25/2030 | 4300 | 5070 |

---

------

<br> Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **UNEDIC** **ASSEO**<br>0.875% due 05/25/2028 | 2000 | 2260 |
|  |  | 9187 |
| Total France (Cost $8,506) |  | 9503 |
| **GERMANY 1.2%** |  |  |
| **CORPORATE BONDS & NOTES 1.2%** |  |  |
| **Deutsche Bank AG** |  |  |
| 3.035% due 05/28/2032 •  | $150 | 137 |
| 3.547% due 09/18/2031 •  | 200 | 190 |
| **Kreditanstalt fuer Wiederaufbau**<br>0.000% due 12/15/2027 (d) | 1200 | 1344 |
| Total Germany (Cost $1,548) |  | 1671 |
| **IRELAND 2.9%** |  |  |
| **ASSET-BACKED SECURITIES 2.9%** |  |  |
| **Accunia European CLO I DAC**<br>2.976% due 07/15/2030 •  | 27 | 32 |
| **BBAM European CLO I DAC**<br>2.865% due 07/22/2034 •  | 500 | 588 |
| **CVC Cordatus Loan Fund XI DAC**<br>2.676% due 10/15/2031 •  | 120 | 141 |
| **CVC Cordatus Opportunity Loan Fund-R DAC**<br>2.876% due 08/15/2033 •  | 461 | 542 |
| **Grosvenor Place CLO DAC**<br>3.266% due 01/15/2039 •  | 500 | 589 |
| **Harvest CLO XXI DAC**<br>1.040% due 07/15/2031 | 270 | 312 |
| **Hayfin Emerald CLO XIV DAC**<br>3.205% due 01/22/2039 •  | 600 | 706 |
| **Jubilee CLO DAC**<br>2.676% due 04/15/2031 •  | 237 | 278 |
| **Man GLG Euro CLO V DAC**<br>2.704% due 12/15/2031 •  | 89 | 105 |
| **Rockford Tower Europe CLO DAC**<br>2.904% due 01/24/2035 •  | 600 | 704 |
| Total Ireland (Cost $3,748) |  | 3997 |
| **ISRAEL 1.0%** |  |  |
| **SOVEREIGN ISSUES 1.0%** |  |  |
| **Israel Government International Bonds** |  |  |
| 5.375% due 03/12/2029 | $200 | 206 |
| 5.375% due 02/19/2030 | 700 | 723 |
| 5.500% due 03/12/2034 | 200 | 206 |
| 5.750% due 03/12/2054 | 200 | 189 |
| Total Israel (Cost $1,285) |  | 1324 |
| **ITALY 2.4%** |  |  |
| **CORPORATE BONDS & NOTES 0.3%** |  |  |
| **Banca Monte dei Paschi di Siena SpA**<br>0.875% due 10/08/2027 | 300 | 348 |
| **SOVEREIGN ISSUES 2.1%** |  |  |
| **Cassa Depositi e Prestiti SpA**<br>5.750% due 05/05/2026 | $200 | 202 |
| **Italy Buoni Poliennali Del Tesoro**<br>2.100% due 08/26/2027 | 2300 | 2694 |
|  |  | 2896 |
| Total Italy (Cost $3,254) |  | 3244 |
| **JAPAN 7.1%** |  |  |
| **CORPORATE BONDS & NOTES 0.4%** |  |  |
| **Mitsubishi UFJ Financial Group, Inc.**<br>4.527% due 09/12/2031 •  | $200 | 201 |

---

------

<br> Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Sumitomo** **Mitsui Financial Group, Inc.**<br>5.520% due 01/13/2028 | 300 | 309 |
|  |  | 510 |
| **SOVEREIGN ISSUES 6.7%** |  |  |
| **Development Bank of Japan, Inc.** |  |  |
| 2.125% due 09/01/2026 | 500 | 587 |
| 4.000% due 08/28/2027 | $300 | 301 |
| **Japan Finance Organization for Municipalities**<br>2.375% due 09/08/2027 | 2300 | 2701 |
| **Japan Government CPI-Linked Bonds**<br>0.100% due 03/10/2028 (f) | 195848 | 1347 |
| **Japan Government Five Year Bonds**<br>0.400% due 06/20/2029 | 110000 | 724 |
| **Japan Government Forty Year Bonds**<br>2.200% due 03/20/2064 | 60000 | 311 |
| **Japan Government Thirty Year Bonds** |  |  |
| 0.700% due 06/20/2051 | 14000 | 56 |
| 2.200% due 06/20/2054 | 56000 | 316 |
| 2.300% due 12/20/2054 | 213000 | 1229 |
| **Japan Government Twenty Year Bonds** |  |  |
| 0.400% due 06/20/2040 | 140000 | 735 |
| 2.000% due 12/20/2044 | 80000 | 496 |
| 2.400% due 03/20/2045 | 47000 | 310 |
|  |  | 9113 |
| Total Japan (Cost $10,090) |  | 9623 |
| **JERSEY, CHANNEL ISLANDS 0.3%** |  |  |
| **ASSET-BACKED SECURITIES 0.3%** |  |  |
| **Verdelite Static CLO Ltd.**<br>5.455% due 07/20/2032 •  | $396 | 396 |
| Total Jersey, Channel Islands (Cost $396) |  | 396 |
| **KUWAIT 0.5%** |  |  |
| **SOVEREIGN ISSUES 0.5%** |  |  |
| **Kuwait International Bonds** |  |  |
| 4.016% due 10/09/2028 (b) | $300 | 300 |
| 4.136% due 10/09/2030 (b) | 200 | 200 |
| 4.652% due 10/09/2035 (b) | 200 | 200 |
| Total Kuwait (Cost $700) |  | 700 |
| **LUXEMBOURG 0.6%** |  |  |
| **SOVEREIGN ISSUES 0.6%** |  |  |
| **Eagle Funding Luxco SARL**<br>5.500% due 08/17/2030 | $800 | 813 |
| Total Luxembourg (Cost $798) |  | 813 |
| **MALAYSIA 0.1%** |  |  |
| **SOVEREIGN ISSUES 0.1%** |  |  |
| **Malaysia Government Bonds**<br>2.632% due 04/15/2031 | 700 | 161 |
| Total Malaysia (Cost $150) |  | 161 |
| **NETHERLANDS 0.2%** |  |  |
| **CORPORATE BONDS & NOTES 0.2%** |  |  |
| **ABN AMRO Bank NV**<br>5.515% due 12/03/2035 •  | $300 | 312 |
| Total Netherlands (Cost $300) |  | 312 |
| **NORWAY 0.1%** |  |  |
| **SOVEREIGN ISSUES 0.1%** |  |  |
| **Kommunalbanken AS**<br>1.900% due 01/19/2027 | 300 | 194 |

---

------

<br> Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Total Norway (Cost $219) |  | <br> 194 |
| **PERU 1.7%** |  |  |
| **SOVEREIGN ISSUES 1.7%** |  |  |
| **Peru Government Bonds** |  |  |
| 6.850% due 08/12/2035 | 300 | 91 |
| 7.300% due 08/12/2033 | 4500 | 1445 |
| 7.600% due 08/12/2039 | 1400 | 442 |
| **Peru Government International Bonds** |  |  |
| 6.150% due 08/12/2032 | 100 | 31 |
| 6.900% due 08/12/2037 | 1200 | 362 |
| Total Peru (Cost $2,145) |  | 2371 |
| **POLAND 0.3%** |  |  |
| **SOVEREIGN ISSUES 0.3%** |  |  |
| **Republic of Poland Government International Bonds** |  |  |
| 4.875% due 02/12/2030 | $100 | 103 |
| 5.125% due 09/18/2034 | 200 | 205 |
| 5.375% due 02/12/2035 | 100 | 104 |
| Total Poland (Cost $398) |  | 412 |
| **QATAR 0.1%** |  |  |
| **CORPORATE BONDS & NOTES 0.1%** |  |  |
| **QatarEnergy**<br>2.250% due 07/12/2031 | $200 | 180 |
| Total Qatar (Cost $199) |  | 180 |
| **ROMANIA 1.0%** |  |  |
| **SOVEREIGN ISSUES 1.0%** |  |  |
| **Romania Government International Bonds** |  |  |
| 1.750% due 07/13/2030 | 200 | 207 |
| 2.000% due 01/28/2032 | 100 | 97 |
| 2.000% due 04/14/2033 | 100 | 92 |
| 2.124% due 07/16/2031 | 100 | 100 |
| 2.750% due 04/14/2041 | 100 | 76 |
| 2.875% due 04/13/2042 | 100 | 76 |
| 5.000% due 09/27/2026 | 300 | 361 |
| 5.250% due 03/10/2030 | 100 | 121 |
| 5.250% due 05/30/2032 | 100 | 117 |
| 5.625% due 05/30/2037 | 100 | 112 |
| Total Romania (Cost $1,434) |  | 1359 |
| **SAUDI ARABIA 2.1%** |  |  |
| **CORPORATE BONDS & NOTES 0.2%** |  |  |
| **Saudi Arabian Oil Co.**<br>6.375% due 06/02/2055 | $200 | 213 |
| **SOVEREIGN ISSUES 1.9%** |  |  |
| **Saudi Government International Bonds** |  |  |
| 3.375% due 03/05/2032 | 300 | 356 |
| 3.750% due 03/05/2037 | 100 | 116 |
| 4.750% due 01/18/2028 | $300 | 304 |
| 4.750% due 01/16/2030 | 1100 | 1125 |
| 5.125% due 01/13/2028 | 400 | 409 |
| 5.375% due 01/13/2031 | 200 | 210 |
|  |  | 2520 |
| Total Saudi Arabia (Cost $2,608) |  | 2733 |
| **SERBIA 0.1%** |  |  |
| **SOVEREIGN ISSUES 0.1%** |  |  |
| **Serbia International Bonds** |  |  |
| 1.000% due 09/23/2028 | 100 | 109 |
| 2.050% due 09/23/2036 | 100 | 92 |

---

------

<br> Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Total Serbia (Cost $231) |  | <br> 201 |
| **SINGAPORE 0.6%** |  |  |
| **SOVEREIGN ISSUES 0.6%** |  |  |
| **Singapore Government Bonds** |  |  |
| 2.375% due 07/01/2039 | 117 | 95 |
| 3.250% due 06/01/2054 | 777 | 758 |
| Total Singapore (Cost $665) |  | 853 |
| **SOUTH AFRICA 2.5%** |  |  |
| **SOVEREIGN ISSUES 2.5%** |  |  |
| **Republic of South Africa Government Bonds** |  |  |
| 6.250% due 03/31/2036 | 1700 | 78 |
| 8.000% due 01/31/2030 | 13000 | 756 |
| 8.750% due 02/28/2048 | 1800 | 90 |
| 8.875% due 02/28/2035 | 43900 | 2497 |
| Total South Africa (Cost $3,226) |  | 3421 |
| **SOUTH KOREA 0.2%** |  |  |
| **SOVEREIGN ISSUES 0.2%** |  |  |
| **Korea Housing Finance Corp.**<br>5.375% due 11/15/2026 | $300 | 305 |
| Total South Korea (Cost $300) |  | 305 |
| **SPAIN 4.7%** |  |  |
| **SOVEREIGN ISSUES 4.7%** |  |  |
| **Autonomous Community of Catalonia**<br>4.220% due 04/26/2035 | 100 | 120 |
| **Spain Government Bonds** |  |  |
| 0.000% due 01/31/2028 (d) | 1650 | 1843 |
| 2.400% due 05/31/2028 | 1050 | 1238 |
| 3.150% due 04/30/2035 | 200 | 234 |
| 3.450% due 10/31/2034 | 2490 | 2993 |
| Total Spain (Cost $6,112) |  | 6428 |
| **SUPRANATIONAL 0.7%** |  |  |
| **SOVEREIGN ISSUES 0.7%** |  |  |
| **European Union**<br>3.750% due 10/12/2045 | 800 | 930 |
| Total Supranational (Cost $932) |  | 930 |
| **SWITZERLAND 1.0%** |  |  |
| **CORPORATE BONDS & NOTES 1.0%** |  |  |
| **UBS Group AG** |  |  |
| 6.442% due 08/11/2028 •  | $300 | 312 |
| 6.537% due 08/12/2033 •  | 600 | 662 |
| 9.016% due 11/15/2033 •  | 300 | 376 |
| Total Switzerland (Cost $1,192) |  | 1350 |
| **UNITED ARAB EMIRATES 0.5%** |  |  |
| **CORPORATE BONDS & NOTES 0.2%** |  |  |
| **Abu Dhabi Developmental Holding Co. PJSC**<br>4.500% due 05/06/2030 | $200 | 203 |
| **SOVEREIGN ISSUES 0.3%** |  |  |
| **Abu Dhabi Government International Bonds**<br>5.500% due 04/30/2054 | 400 | 419 |
| Total United Arab Emirates (Cost $592) |  | 622 |
| **UNITED KINGDOM 3.9%** |  |  |
| **CORPORATE BONDS & NOTES 1.6%** |  |  |
| **HSBC Holdings PLC** |  |  |
| 3.973% due 05/22/2030 •  | $100 | 99 |
| 4.041% due 03/13/2028 •  | 200 | 200 |

---

------

<br> Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 4.787% due 03/10/2032 •  | 200 | 252 |
| **NatWest Group PLC**<br>4.892% due 05/18/2029 •  | $400 | 406 |
| **Santander U.K. Group Holdings PLC**<br>6.534% due 01/10/2029 •  | 300 | 314 |
| **Standard Chartered PLC** |  |  |
| 2.608% due 01/12/2028 •  | 200 | 196 |
| 2.678% due 06/29/2032 •  | 300 | 268 |
| **Vmed O2 U.K. Financing I PLC**<br>5.625% due 04/15/2032 | 400 | 483 |
|  |  | 2218 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 1.0%** |  |  |
| **Eurohome U.K. Mortgages PLC**<br>4.255% due 06/15/2044 •  | 49 | 66 |
| **Eurosail-U.K. PLC**<br>5.055% due 06/13/2045 •  | 72 | 97 |
| **Towd Point Mortgage Funding - Granite 6 PLC**<br>4.978% due 07/20/2053 •  | 360 | 486 |
| **Tower Bridge Funding PLC**<br>4.777% due 12/20/2066 •  | 489 | 659 |
|  |  | 1308 |
| **SOVEREIGN ISSUES 1.3%** |  |  |
| **U.K. Gilts** |  |  |
| 4.375% due 07/31/2054 | 500 | 563 |
| 5.375% due 01/31/2056 | 900 | 1189 |
|  |  | 1752 |
| Total United Kingdom (Cost $5,277) |  | 5278 |
| **UNITED STATES 90.1%** |  |  |
| **ASSET-BACKED SECURITIES 3.1%** |  |  |
| **ACE Securities Corp. Home Equity Loan Trust**<br>5.172% due 08/25/2035 •  | $336 | 334 |
| **C-BASS Trust**<br>4.392% due 11/25/2036 •  | 12 | 5 |
| **Citigroup Mortgage Loan Trust, Inc.**<br>5.262% due 07/25/2035 •  | 439 | 424 |
| **Conseco Finance Securitizations Corp.**<br>7.490% due 07/01/2031 þ | 193 | 196 |
| **Countrywide Asset-Backed Certificates**<br>4.672% due 08/25/2034 •  | 53 | 53 |
| **Countrywide Asset-Backed Certificates Trust** |  |  |
| 4.712% due 06/25/2047 •  | 435 | 421 |
| 5.012% due 08/25/2047 •  | 41 | 40 |
| **GSAMP Trust**<br>4.772% due 05/25/2046 •  | 307 | 296 |
| **Morgan Stanley ABS Capital I, Inc. Trust** |  |  |
| 4.382% due 03/25/2037 •  | 727 | 310 |
| 4.772% due 08/25/2036 •  | 1653 | 830 |
| **NovaStar Mortgage Funding Trust**<br>4.812% due 05/25/2036 •  | 500 | 487 |
| **Renaissance Home Equity Loan Trust**<br>5.294% due 01/25/2037 þ | 454 | 136 |
| **Securitized Asset-Backed Receivables LLC Trust**<br>4.372% due 12/25/2036 •  | 4 | 2 |
| **SMB Private Education Loan Trust** |  |  |
| 1.290% due 07/15/2053 | 93 | 89 |
| 5.365% due 07/15/2053 •  | 23 | 23 |
| 5.822% due 02/16/2055 •  | 152 | 154 |
| **Soundview Home Loan Trust**<br>4.772% due 11/25/2036 •  | 376 | 358 |
| **Terwin Mortgage Trust**<br>5.212% due 11/25/2033 •  | 7 | 7 |
| **Washington Mutual Asset-Backed Certificates WMABS Trust**<br>3.845% due 10/25/2036 •  | 28 | 10 |
|  |  | 4175 |
| **CORPORATE BONDS & NOTES 5.0%** |  |  |
| **Athene Global Funding**<br>5.516% due 03/25/2027 | 200 | 204 |
| **Bank of America Corp.**<br>5.511% due 01/24/2036 •  | 300 | 314 |
| **Bayer U.S. Finance II LLC**<br>4.250% due 12/15/2025 | 200 | 200 |
| **Beignet**<br>6.850% due 06/01/2049 «(b) | 1400 | 1400 |
| **Boeing Co.**<br>6.259% due 05/01/2027 | 100 | 103 |

---

------

<br> Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **British** **Airways Pass-Through Trust**<br>3.350% due 12/15/2030 | 42 | 40 |
| **Charter Communications Operating LLC/Charter Communications Operating Capital**<br>3.500% due 03/01/2042 | 100 | 72 |
| **GA Global Funding Trust**<br>2.250% due 01/06/2027 | 150 | 146 |
| **GLP Capital LP/GLP Financing II, Inc.**<br>5.300% due 01/15/2029 | 200 | 204 |
| **JPMorgan Chase & Co.** |  |  |
| 4.505% due 10/22/2028 •  | 400 | 404 |
| 5.140% due 01/24/2031 •  | 400 | 413 |
| **Kraton Corp.**<br>5.000% due 07/15/2027 | 300 | 305 |
| **Morgan Stanley** |  |  |
| 2.674% (EUR003M + 0.650%) due 03/19/2027 ~ | 400 | 471 |
| 5.652% due 04/13/2028 •  | $500 | 511 |
| **Morgan Stanley Bank NA**<br>5.504% due 05/26/2028 •  | 300 | 307 |
| **Pacific Gas & Electric Co.**<br>4.000% due 12/01/2046 | 100 | 75 |
| **PacifiCorp**<br>5.100% due 02/15/2029 | 150 | 154 |
| **Philip Morris International, Inc.**<br>5.125% due 02/13/2031 | 150 | 155 |
| **Wells Fargo & Co.** |  |  |
| 5.211% due 12/03/2035 •  | 400 | 409 |
| 5.244% due 01/24/2031 •  | 500 | 517 |
| 5.499% due 01/23/2035 •  | 300 | 313 |
|  |  | 6717 |
| **MUNICIPAL BONDS & NOTES 0.1%** |  |  |
| **Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2022**<br>4.145% due 02/01/2033 | 100 | 100 |
| **Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023**<br>5.102% due 04/01/2035 | 88 | 91 |
|  |  | 191 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 8.5%** |  |  |
| **Adjustable Rate Mortgage Trust**<br>5.450% due 09/25/2035 ~ | 2 | 2 |
| **American Home Mortgage Assets Trust** |  |  |
| 4.462% due 05/25/2046 •  | 82 | 73 |
| 4.482% due 10/25/2046 •  | 208 | 104 |
| **Angel Oak Mortgage Trust**<br>5.985% due 01/25/2069 þ | 373 | 377 |
| **Banc of America Funding Trust** |  |  |
| 4.376% due 10/20/2046 ~ | 38 | 32 |
| 5.500% due 01/25/2036 | 10 | 10 |
| 6.063% due 02/20/2036 ~ | 23 | 22 |
| **Bayview MSR Opportunity Master Fund Trust**<br>3.000% due 11/25/2051 ~ | 218 | 189 |
| **BCAP LLC Trust** |  |  |
| 4.612% due 01/25/2037 •  | 82 | 77 |
| 5.250% due 04/26/2037 | 283 | 157 |
| **Bear Stearns ALT-A Trust** |  |  |
| 4.164% due 08/25/2036 ~ | 92 | 42 |
| 4.838% due 09/25/2035 ~ | 43 | 23 |
| 4.850% due 11/25/2035 ~ | 37 | 29 |
| **Bear Stearns ARM Trust** |  |  |
| 4.000% due 05/25/2034 ~ | 1 | 1 |
| 4.208% due 05/25/2047 ~ | 54 | 49 |
| 5.033% due 08/25/2033 ~ | 2 | 2 |
| 5.862% due 10/25/2033 ~ | 1 | 1 |
| 5.912% due 11/25/2034 ~ | 1 | 1 |
| 6.896% due 05/25/2034 ~ | 3 | 3 |
| **Bear Stearns Structured Products, Inc. Trust**<br>3.965% due 12/26/2046 ~ | 29 | 23 |
| **BX Commercial Mortgage Trust**<br>4.994% due 10/15/2036 •  | 119 | 119 |
| **Chase Mortgage Finance Trust**<br>4.933% due 07/25/2037 ~ | 9 | 7 |
| **Chevy Chase Funding LLC Mortgage-Backed Certificates**<br>4.452% due 07/25/2036 •  | 141 | 133 |
| **CHL Mortgage Pass-Through Trust** |  |  |
| 3.850% due 05/25/2047 ~ | 38 | 32 |
| 4.732% due 05/25/2035 •  | 21 | 19 |
| 4.812% due 04/25/2046 •  | 900 | 259 |
| 4.852% due 04/25/2035 •  | 1 | 1 |
| 4.872% due 03/25/2035 •  | 278 | 158 |
| 4.892% due 02/25/2035 •  | 164 | 153 |
| 4.912% due 03/25/2035 •  | 22 | 19 |
| 4.932% due 02/25/2035 •  | 2 | 2 |
| 5.032% due 09/25/2034 •  | 1 | 1 |
| 5.097% due 11/25/2034 ~ | 3 | 3 |

---

------

<br> Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 5.500% due 10/25/2035 | 30 | 15 |
| 6.248% due 02/20/2036 •  | 115 | 108 |
| **Citigroup Mortgage Loan Trust, Inc.** |  |  |
| 2.500% due 05/25/2051 ~ | 661 | 549 |
| 6.190% due 09/25/2035 •  | 1 | 1 |
| 6.560% due 10/25/2035 •  | 72 | 70 |
| **Countrywide Alternative Loan Trust** |  |  |
| 4.445% due 12/20/2046 •  | 138 | 122 |
| 4.622% due 05/25/2037 •  | 33 | 10 |
| 4.670% due 03/20/2046 •  | 41 | 39 |
| 4.670% due 07/20/2046 •  | 78 | 66 |
| 4.832% due 02/25/2037 •  | 48 | 40 |
| 4.856% due 11/25/2035 ~ | 66 | 62 |
| 5.250% due 06/25/2035 | 6 | 4 |
| 5.653% due 11/25/2035 •  | 7 | 7 |
| 6.000% due 04/25/2037 | 38 | 16 |
| 6.193% due 11/25/2035 •  | 7 | 7 |
| 6.250% due 08/25/2037 | 16 | 7 |
| 6.500% due 06/25/2036 | 88 | 40 |
| **CSMC Trust** |  |  |
| 2.500% due 07/25/2056 ~ | 69 | 58 |
| 6.500% due 07/26/2036 | 103 | 22 |
| **Deutsche Alt-B Securities, Inc. Mortgage Loan Trust**<br>6.386% due 10/25/2036 þ | 73 | 63 |
| **GCAT Trust** |  |  |
| 3.000% due 04/25/2052 ~ | 323 | 279 |
| 4.250% due 05/25/2067 ~ | 504 | 483 |
| **GreenPoint Mortgage Funding Trust**<br>4.812% due 11/25/2045 •  | 3 | 3 |
| **GS Mortgage-Backed Securities Trust**<br>2.500% due 12/25/2051 ~ | 75 | 62 |
| **GSR Mortgage Loan Trust** |  |  |
| 4.844% due 06/25/2034 ~ | 1 | 1 |
| 5.191% due 09/25/2035 ~ | 20 | 19 |
| 5.880% due 03/25/2033 •  | 1 | 1 |
| **HarborView Mortgage Loan Trust**<br>5.003% due 12/19/2036 •  | 46 | 43 |
| **IndyMac INDX Mortgage Loan Trust**<br>4.049% due 09/25/2035 ~ | 66 | 54 |
| **JP Morgan Mortgage Trust** |  |  |
| 3.000% due 01/25/2052 ~ | 508 | 440 |
| 3.000% due 03/25/2052 ~ | 475 | 413 |
| 3.000% due 04/25/2052 ~ | 489 | 426 |
| 3.000% due 05/25/2052 ~ | 726 | 630 |
| 4.471% due 01/25/2037 ~ | 48 | 38 |
| 5.583% due 02/25/2035 ~ | 1 | 1 |
| 5.945% due 11/25/2033 ~ | 1 | 1 |
| **Luminent Mortgage Trust**<br>4.992% due 04/25/2036 •  | 142 | 126 |
| **Manhattan West Mortgage Trust**<br>2.130% due 09/10/2039 | 400 | 381 |
| **MASTR Adjustable Rate Mortgages Trust**<br>5.859% due 05/25/2034 ~ | 107 | 104 |
| **MASTR Alternative Loan Trust**<br>4.672% due 03/25/2036 •  | 44 | 4 |
| **Mellon Residential Funding Corp. Mortgage Pass-Through Trust**<br>4.705% due 12/15/2030 •  | 1 | 1 |
| **Merrill Lynch Mortgage Investors Trust** |  |  |
| 4.692% due 02/25/2036 •  | 14 | 14 |
| 6.054% due 02/25/2033 ~ | 2 | 1 |
| **Merrill Lynch Mortgage-Backed Securities Trust**<br>4.360% due 04/25/2037 ~ | 3 | 2 |
| **MFA Trust**<br>6.105% due 12/25/2068 þ | 317 | 320 |
| **New Residential Mortgage Loan Trust** |  |  |
| 2.750% due 07/25/2059 ~ | 174 | 168 |
| 2.750% due 11/25/2059 ~ | 156 | 150 |
| **Nomura Asset Acceptance Corp. Alternative Loan Trust**<br>4.350% due 10/25/2035 ~ | 4 | 3 |
| **NYO Commercial Mortgage Trust**<br>5.360% due 11/15/2038 •  | 400 | 399 |
| **OBX Trust**<br>4.922% due 06/25/2057 •  | 50 | 49 |
| **One New York Plaza Trust**<br>5.215% due 01/15/2036 •  | 500 | 492 |
| **PMT Loan Trust**<br>2.500% due 07/25/2051 ~ | 300 | 250 |
| **PRPM Trust**<br>6.221% due 11/25/2068 þ | 350 | 353 |
| **RALI Trust** |  |  |
| 4.692% due 04/25/2046 •  | 117 | 29 |
| 6.000% due 12/25/2036 | 111 | 93 |
| **RFMSI Trust**<br>5.500% due 11/25/2035 | 20 | 16 |
| **Structured Adjustable Rate Mortgage Loan Trust** |  |  |
| 6.336% due 02/25/2034 ~ | 1 | 1 |

---

------

<br> Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Structured** **Asset Mortgage Investments II Trust** |  |  |
| 4.652% due 07/25/2046 •  | 153 | 108 |
| 4.692% due 05/25/2036 •  | 28 | 19 |
| 4.712% due 05/25/2036 •  | 140 | 116 |
| 4.712% due 09/25/2047 •  | 125 | 112 |
| 4.748% due 07/19/2035 •  | 13 | 13 |
| 4.832% due 02/25/2036 •  | 111 | 93 |
| 4.948% due 03/19/2034 •  | 1 | 1 |
| **Structured Asset Securities Corp.**<br>4.552% due 01/25/2036 •  | 60 | 50 |
| **Suntrust Alternative Loan Trust**<br>4.922% due 12/25/2035 •  | 106 | 92 |
| **Towd Point Mortgage Trust** |  |  |
| 1.636% due 04/25/2060 ~ | 174 | 159 |
| 2.710% due 01/25/2060 ~ | 115 | 112 |
| 2.900% due 10/25/2059 ~ | 528 | 508 |
| 4.541% due 10/27/2064 ~ | 596 | 598 |
| **WaMu Mortgage Pass-Through Certificates Trust** |  |  |
| 3.714% due 01/25/2037 ~ | 8 | 7 |
| 4.009% due 06/25/2037 ~ | 20 | 18 |
| 4.159% due 09/25/2036 ~ | 27 | 24 |
| 4.161% due 12/25/2036 ~ | 12 | 11 |
| 4.357% due 12/25/2036 ~ | 2 | 2 |
| 4.812% due 12/25/2045 •  | 8 | 8 |
| 4.853% due 02/25/2047 •  | 114 | 106 |
| 4.892% due 01/25/2045 •  | 1 | 1 |
| 4.912% due 01/25/2045 •  | 1 | 1 |
| 5.201% due 07/25/2046 •  | 67 | 61 |
| 5.553% due 08/25/2042 •  | 1 | 1 |
| 5.644% due 02/25/2033 ~ | 15 | 14 |
| 5.771% due 06/25/2033 ~ | 1 | 1 |
| 6.187% due 03/25/2034 ~ | 4 | 4 |
| **Washington Mutual Mortgage Pass-Through Certificates WMALT Trust**<br>5.093% due 07/25/2046 •  | 28 | 17 |
|  |  | 11536 |
| **U.S. GOVERNMENT AGENCIES 62.6%** |  |  |
| **Federal Home Loan Mortgage Corp.** |  |  |
| 2.500% due 02/01/2051 | 199 | 168 |
| 3.000% due 03/01/2045 | 136 | 124 |
| 3.500% due 10/01/2039 | 35 | 34 |
| 6.000% due 04/01/2054 - 08/01/2054 | 8668 | 8908 |
| 6.500% due 12/01/2053 | 226 | 234 |
| 6.771% due 04/01/2037 •  | 8 | 8 |
| **Federal Home Loan Mortgage Corp. Reference REMICS**<br>6.000% due 04/15/2036 | 63 | 67 |
| **Federal Home Loan Mortgage Corp. REMICS** |  |  |
| 1.815% due 01/15/2038 ~(a) | 57 | 3 |
| 4.810% due 01/15/2038 •  | 57 | 56 |
| 5.296% due 11/25/2054 •  | 546 | 547 |
| 5.306% due 03/25/2055 •  | 446 | 444 |
| 5.336% due 08/25/2055 •  | 294 | 296 |
| 5.756% due 03/25/2055 •  | 678 | 684 |
| **Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates** |  |  |
| 4.751% due 09/25/2031 •  | 3 | 3 |
| 5.353% due 10/25/2044 •  | 10 | 9 |
| **Federal National Mortgage Association** |  |  |
| 3.000% due 08/01/2042 - 03/01/2060 | 437 | 385 |
| 3.500% due 10/01/2034 - 01/01/2059 | 514 | 473 |
| 4.000% due 06/01/2050 | 98 | 93 |
| 6.000% due 01/01/2054 - 09/01/2054 | 6617 | 6792 |
| 6.007% due 12/01/2034 •  | 1 | 1 |
| 6.526% due 11/01/2034 •  | 4 | 4 |
| **Federal National Mortgage Association REMICS** |  |  |
| 4.871% due 06/25/2036 •  | 5 | 5 |
| **Federal National Mortgage Association REMICS Trust**<br>6.000% due 07/25/2044 | 6 | 7 |
| **Government National Mortgage Association** |  |  |
| 3.000% due 12/20/2052 | 425 | 380 |
| 3.500% due 10/20/2052 - 07/20/2055 | 6726 | 6139 |
| 6.000% due 09/20/2038 | 1 | 1 |
| **Government National Mortgage Association REMICS** |  |  |
| 3.000% due 07/20/2046 | 2 | 2 |
| 5.179% due 04/20/2074 •  | 478 | 478 |
| **Government National Mortgage Association, TBA** |  |  |
| 2.500% due 11/01/2055 | 600 | 517 |
| 3.000% due 11/01/2055 | 3800 | 3393 |
| 3.500% due 11/01/2055 | 500 | 456 |
| 6.500% due 11/01/2055 | 4500 | 4622 |
| **Uniform Mortgage-Backed Security, TBA** |  |  |
| 3.000% due 10/01/2055 | 1100 | 966 |
| 4.000% due 11/01/2055 | 600 | 565 |
| 5.000% due 11/01/2055 | 24900 | 24681 |

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------

<br> Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 6.500% due 10/01/2055 | 22600 | 23358 |
|  |  | 84903 |
| **U.S. TREASURY OBLIGATIONS 10.8%** |  |  |
| **U.S. Treasury Bonds** |  |  |
| 1.875% due 02/15/2041 (l) | 300 | 211 |
| 2.250% due 08/15/2049 | 400 | 255 |
| 2.375% due 11/15/2049 | 300 | 196 |
| 3.000% due 02/15/2048 | 400 | 302 |
| 3.000% due 08/15/2048 | 175 | 132 |
| 3.375% due 11/15/2048 (l) | 1400 | 1125 |
| 4.125% due 08/15/2044 (h) | 3650 | 3389 |
| 4.500% due 11/15/2054 (h) | 3100 | 2986 |
| 4.625% due 02/15/2055 (h) | 2000 | 1967 |
| **U.S. Treasury Inflation Protected Securities** **(f)** |  |  |
| 1.750% due 01/15/2028 (j) | 2159 | 2195 |
| 3.875% due 04/15/2029 | 314 | 344 |
| 0.125% due 10/15/2025 | 124 | 124 |
| 0.125% due 07/15/2031 | 362 | 338 |
| 0.125% due 01/15/2032 | 117 | 107 |
| 0.625% due 07/15/2032 | 111 | 105 |
| 1.125% due 01/15/2033 | 868 | 841 |
|  |  | 14617 |
| Total United States (Cost $124,366) |  | 122139 |
| **SHORT-TERM INSTRUMENTS 2.3%** |  |  |
| **COMMERCIAL PAPER 1.1%** |  |  |
| **Air Lease Corp.**<br>4.560% due 10/07/2025 | $250 | 250 |
| **AMETEK, Inc.**<br>4.570% due 11/20/2025 | 350 | 348 |
| **Crown Castle, Inc.**<br>4.620% due 10/23/2025 | 250 | 249 |
| **HCA, Inc.**<br>4.650% due 10/17/2025 | 250 | 250 |
| **Targa Resources Corp.**<br>4.380% due 10/17/2025 | 400 | 399 |
|  |  | 1496 |
| **REPURCHASE AGREEMENTS (g) 0.6%** |  | 800 |
| **NIGERIA TREASURY BILLS 0.6%** |  |  |
| 31.499% due 11/04/2025 - 06/29/2026 (c)(d) | 1285770 | 762 |
| **SOUTH AFRICA TREASURY BILLS 0.0%** |  |  |
| 7.505% due 06/17/2026 (d)(e) | 1200 | 66 |
| Total Short-Term Instruments (Cost $3,056) |  | 3124 |
| Total Investments in Securities (Cost $196,104) |  | 196169 |
|  | SHARES |  |
| **INVESTMENTS IN AFFILIATES 0.3%** |  |  |
| **SHORT-TERM INSTRUMENTS 0.3%** |  |  |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.3%** |  |  |
| **PIMCO Short-Term Floating NAV Portfolio III** | 35775 | 348 |
| Total Short-Term Instruments (Cost $348) |  | 348 |
| Total Investments in Affiliates (Cost $348) |  | 348 |
| Total Investments 144.8% (Cost $196,452) |  | $196517 |
| **Financial Derivative Instruments** **(i)(k)** **(0.2)**%(Cost or Premiums, net $2,518) |  | (208) |
| Other Assets and Liabilities, net (44.6)% |  | (60584) |
| Net Assets 100.0% |  | $135725 |

---

------

<br> Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  |
| **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** |
| **¤** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** |
| **«** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** |
| **(b)** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** |
| **(c)** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** |
| **(d)** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** |
| **(e)** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** |
| **(f)** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** |
| **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** |
| **(g)** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** |
| Counterparty | Maturity<br>Date | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | Collateral<br>(Received) | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BRC | TBD<sup>(2)</sup> | &nbsp;&nbsp; France Government International Bonds 3.000% due 06/25/2049 | &nbsp;&nbsp; France Government International Bonds 3.000% due 06/25/2049 | &nbsp;&nbsp; France Government International Bonds 3.000% due 06/25/2049 | &nbsp;&nbsp; France Government International Bonds 3.000% due 06/25/2049 | &nbsp;&nbsp; France Government International Bonds 3.000% due 06/25/2049 | &nbsp;&nbsp; France Government International Bonds 3.000% due 06/25/2049 | &nbsp;&nbsp; France Government International Bonds 3.000% due 06/25/2049 | (250) | (250) | 300 | 300 | $302 |
| MEI | TBD<sup>(2)</sup> | &nbsp;&nbsp; France Government International Bonds 3.000% due 06/25/2049 | &nbsp;&nbsp; France Government International Bonds 3.000% due 06/25/2049 | &nbsp;&nbsp; France Government International Bonds 3.000% due 06/25/2049 | &nbsp;&nbsp; France Government International Bonds 3.000% due 06/25/2049 | &nbsp;&nbsp; France Government International Bonds 3.000% due 06/25/2049 | &nbsp;&nbsp; France Government International Bonds 3.000% due 06/25/2049 | &nbsp;&nbsp; France Government International Bonds 3.000% due 06/25/2049 | (416) | (416) | 500 | 500 | 502 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |  |  |  |  |  | **(666)** | **(666)** | **800** | **800** | $**804** |
| **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** |
| Counterparty | Counterparty | Borrowing Rate<sup>(3)</sup> | Settlement Date | Settlement Date | Maturity Date | Maturity Date | Maturity Date |  | Amount<br>Borrowed<sup>(3)</sup> | Amount<br>Borrowed<sup>(3)</sup> | Amount<br>Borrowed<sup>(3)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Reverse<br>Repurchase<br>Agreements |
| BSN | BSN | 4.380% | 09/25/2025 | 09/25/2025 | 10/02/2025 | 10/02/2025 | 10/02/2025 | $ | (1024) | (1024) | (1024) | (1025) | (1025) |
| CIB | CIB | 4.270 | 09/18/2025 | 09/18/2025 | 10/09/2025 | 10/09/2025 | 10/09/2025 |  | (5067) | (5067) | (5067) | (5075) | (5075) |
| DEU | DEU | 4.340 | 09/24/2025 | 09/24/2025 | 10/01/2025 | 10/01/2025 | 10/01/2025 |  | (93) | (93) | (93) | (93) | (93) |
| **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** |  |  |  |  |  |  |  |  |  |  | **(6193)** | **(6193)** |
| **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** |
| Description | Description | Description | Description | Coupon | Coupon | Maturity<br>Date | Principal<br>Amount | Principal<br>Amount | Principal<br>Amount | Proceeds | Proceeds | Proceeds | Payable for<br>Short Sales |
| France (0.6)% | France (0.6)% | France (0.6)% | France (0.6)% | France (0.6)% | France (0.6)% | France (0.6)% | France (0.6)% | France (0.6)% | France (0.6)% | France (0.6)% | France (0.6)% | France (0.6)% | France (0.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.6)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.6)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.6)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.6)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.6)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.6)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.6)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.6)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.6)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.6)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.6)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.6)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.6)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; French Republic Government Bonds OAT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; French Republic Government Bonds OAT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; French Republic Government Bonds OAT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; French Republic Government Bonds OAT | 3.000% | 3.000% | 06/25/2049 | EUR | 800 | 800 | $ | (799) | (799) | $(782) |
|  | Total France | Total France | Total France | Total France | Total France |  |  |  |  |  | (799) | (799) | (782) |
| United States (13.8)% | United States (13.8)% | United States (13.8)% | United States (13.8)% | United States (13.8)% | United States (13.8)% | United States (13.8)% | United States (13.8)% | United States (13.8)% | United States (13.8)% | United States (13.8)% | United States (13.8)% | United States (13.8)% | United States (13.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (13.8)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (13.8)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (13.8)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (13.8)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (13.8)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (13.8)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (13.8)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (13.8)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (13.8)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (13.8)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (13.8)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (13.8)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (13.8)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (13.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, TBA | 2.000% | 2.000% | 11/01/2055 | $ | $12200 | 12200 |  | (9832) | (9832) | (9837) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 2.000 | 10/01/2040 |  | 2300 | 2300 |  | (2131) | (2131) | (2114) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 2.500 | 10/01/2055 |  | 800 | 800 |  | (660) | (660) | (674) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 3.500 | 11/01/2055 |  | 800 | 800 |  | (734) | (734) | (731) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.500 | 4.500 | 10/01/2055 |  | 200 | 200 |  | (189) | (189) | (194) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.500 | 5.500 | 11/01/2055 |  | 660 | 660 |  | (666) | (666) | (665) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 6.000 | 6.000 | 11/01/2055 |  | 4500 | 4500 |  | (4598) | (4598) | (4597) |
|  | Total United States | Total United States | Total United States | Total United States | Total United States |  |  |  |  |  | (18810) | (18810) | (18812) |
| **Total Short Sales (14.4)%** | **Total Short Sales (14.4)%** | **Total Short Sales (14.4)%** | **Total Short Sales (14.4)%** |  |  |  |  |  |  | **$** | **(19609)** | **(19609)** | $**(19594)** |
| **(h)** | **Securities with an aggregate market value of $6,066 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $6,066 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $6,066 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $6,066 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $6,066 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $6,066 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $6,066 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $6,066 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $6,066 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $6,066 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $6,066 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $6,066 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $6,066 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** |
| <sup>(1)</sup> | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. |

---

------

<br> Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <sup>(</sup><sup>2)</sup> | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. |
| <sup>(3)</sup> | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6787) at a weighted average interest rate of 4.422%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6787) at a weighted average interest rate of 4.422%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6787) at a weighted average interest rate of 4.422%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6787) at a weighted average interest rate of 4.422%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6787) at a weighted average interest rate of 4.422%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6787) at a weighted average interest rate of 4.422%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6787) at a weighted average interest rate of 4.422%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6787) at a weighted average interest rate of 4.422%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6787) at a weighted average interest rate of 4.422%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6787) at a weighted average interest rate of 4.422%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6787) at a weighted average interest rate of 4.422%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6787) at a weighted average interest rate of 4.422%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6787) at a weighted average interest rate of 4.422%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6787) at a weighted average interest rate of 4.422%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. |
| **(i)** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** |
| **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** |
| **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** |
| Description | Description | Description | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | # of<br>Contracts | Notional Amount | Notional Amount | Premiums<br>(Received) | Premiums<br>(Received) |  | Market<br>Value |
| Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | 111.500 | 111.500 | 10/24/2025 | 6 | 6 | $ | 6 | (1) | (1) | $ | (1) |
| Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | 113.500 | 113.500 | 10/24/2025 | 6 | 6 |  | 6 | (1) | (1) |  | (1) |
| Put - EUREX Euro-Bund October 2025 Futures | Put - EUREX Euro-Bund October 2025 Futures | Put - EUREX Euro-Bund October 2025 Futures | Put - EUREX Euro-Bund October 2025 Futures | 127.500 | 127.500 | 10/24/2025 | 2 | 2 |  | 2 | (1) | (1) |  | (1) |
| Call - EUREX Euro-Bund October 2025 Futures | Call - EUREX Euro-Bund October 2025 Futures | Call - EUREX Euro-Bund October 2025 Futures | Call - EUREX Euro-Bund October 2025 Futures | 129.500 | 129.500 | 10/24/2025 | 1 | 1 |  | 1 | 0 | 0 |  | 0 |
| Call - EUREX Euro-Bund October 2025 Futures | Call - EUREX Euro-Bund October 2025 Futures | Call - EUREX Euro-Bund October 2025 Futures | Call - EUREX Euro-Bund October 2025 Futures | 130.500 | 130.500 | 10/24/2025 | 1 | 1 |  | 1 | (1) | (1) |  | 0 |
|  |  |  |  |  |  |  |  |  |  | $ | (4) | (4) | $ | (3) |
| **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** |
| Description | Description | Description | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Expiration<br>Date | # of<br>Contracts | Notional Amount | Notional Amount | Premiums<br>(Received) | Premiums<br>(Received) |  | Market<br>Value |
| Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | $111.000 | 111.000 | 10/24/2025 | 10/24/2025 | 6 | $6 | 6 | (1) | (1) | $ | (1) |
| Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | 114.000 | 114.000 | 10/24/2025 | 10/24/2025 | 6 | 6 | 6 | (2) | (2) |  | (1) |
|  |  |  |  |  |  |  |  |  |  | $ | (3) | (3) | $ | (2) |
| **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **$** | **(7)** | **(7)** | **$** | **(5)** |
| **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** |
| **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** |
|  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Description | Description | Expiration<br>Month | # of<br>Contracts | # of<br>Contracts | Notional<br>Amount | Notional<br>Amount |  | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Asset | Liability |
| Australia Government 3-Year Bond December Futures | Australia Government 3-Year Bond December Futures | 12/2025 | 7 | 7 | 495 | 495 |  | $(2) | (2) | (2) | 1 | 1 | 1 | 0 |
| Euro-BTP Future December Futures | Euro-BTP Future December Futures | 12/2025 | 53 | 53 | 7457 | 7457 |  | 69 | 69 | 69 | 24 | 24 | 24 | 0 |
| Long Guilt December Futures | Long Guilt December Futures | 12/2025 | 26 | 26 | 3176 | 3176 |  | 8 | 8 | 8 | 14 | 14 | 14 | (1) |
| U.S. Treasury 5-Year Note December Futures | U.S. Treasury 5-Year Note December Futures | 12/2025 | 116 | 116 | 12667 | 12667 |  | 5 | 5 | 5 | 4 | 4 | 4 | 0 |
| U.S. Treasury 10-Year Note December Futures | U.S. Treasury 10-Year Note December Futures | 12/2025 | 42 | 42 | 4725 | 4725 |  | 39 | 39 | 39 | 0 | 0 | 0 | (1) |
| U.S. Ultra Treasury 10-Year Note December Futures | U.S. Ultra Treasury 10-Year Note December Futures | 12/2025 | 63 | 63 | 7250 | 7250 |  | 70 | 70 | 70 | 0 | 0 | 0 | (4) |
|  |  |  |  |  |  |  |  | 189 | 189 | $ | 43 | 43 | 43 | (6) |
| **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** |
|  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Description | Description | Expiration<br>Month | # of<br>Contracts | # of<br>Contracts | Notional<br>Amount | Notional<br>Amount |  | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Asset | Liability |
| Australia Government 10-Year Bond December Futures | Australia Government 10-Year Bond December Futures | 12/2025 | 110 | 110 | (8251) | (8251) |  | $14 | 14 | 14 | 0 | 0 | 0 | (57) |
| Canada Government 5-Year Bond December Futures | Canada Government 5-Year Bond December Futures | 12/2025 | 11 | 11 | (911) | (911) |  | (11) | (11) | (11) | 0 | 0 | 0 | (2) |
| Canada Government 10-Year Bond December Futures | Canada Government 10-Year Bond December Futures | 12/2025 | 4 | 4 | (352) | (352) |  | (7) | (7) | (7) | 0 | 0 | 0 | (2) |
| Euro-Bobl December Futures | Euro-Bobl December Futures | 12/2025 | 49 | 49 | (6777) | (6777) |  | (2) | (2) | (2) | 0 | 0 | 0 | (9) |
| Euro-Bund December Futures | Euro-Bund December Futures | 12/2025 | 55 | 55 | (8302) | (8302) |  | (49) | (49) | (49) | 2 | 2 | 2 | (22) |
| Euro-Buxl 30-Year Bond December Futures | Euro-Buxl 30-Year Bond December Futures | 12/2025 | 2 | 2 | (269) | (269) |  | (6) | (6) | (6) | 1 | 1 | 1 | (3) |
| Euro-Oat December Futures | Euro-Oat December Futures | 12/2025 | 83 | 83 | (11825) | (11825) |  | (108) | (108) | (108) | 0 | 0 | 0 | (28) |
| Euro-Schatz December Futures | Euro-Schatz December Futures | 12/2025 | 98 | 98 | (12309) | (12309) |  | 14 | 14 | 14 | 0 | 0 | 0 | (2) |
| Japan Government 10-Year Bond December Futures | Japan Government 10-Year Bond December Futures | 12/2025 | 30 | 30 | (27546) | (27546) |  | 261 | 261 | 261 | 22 | 22 | 22 | (22) |
| U.S. Treasury Ultra Long-Term Bond December Futures | U.S. Treasury Ultra Long-Term Bond December Futures | 12/2025 | 19 | 19 | (2281) | (2281) |  | (56) | (56) | (56) | 10 | 10 | 10 | 0 |
|  |  |  |  |  |  |  |  | 50 | 50 | $ | 35 | 35 | 35 | (147) |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** |  | **239** | **239** | **$** | **78** | **78** | **78** | **(153)** |
| **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** |
| **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> |
|  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u><sup>(5)</sup> | <u>Variation Margin</u><sup>(5)</sup> | <u>Variation Margin</u><sup>(5)</sup> | <u>Variation Margin</u><sup>(5)</sup> |
| Index/Tranches | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/<br>(Received) | Premiums<br>Paid/<br>(Received) |  | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Market<br>Value<sup>(4)</sup> | Asset | Asset | Liability |
| CDX.IG-43 10-Year Index | Quarterly | 12/20/2034 | $1800 | 1800 | $(10) | (10) | $ | (12) | (12) | (22) | (22) | $0 | 0 | $(1) |
| CDX.IG-44 10-Year Index | Quarterly | 06/20/2035 | 7500 | 7500 | (12) | (12) |  | (61) | (61) | (73) | (73) | 0 | 0 | (1) |
|  |  |  |  |  | $(22) | (22) | $ | (73) | (73) | (95) | (95) | $0 | 0 | $(2) |

---

------

<br> Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 0 | 4 | 12 | 19 | 23 | 32 | 35 | 58 | 88 | 116 | 143 | 165 | 173 | 189 | 200 |
| **CREDIT** **DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT** **DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT** **DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT** **DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT** **DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT** **DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT** **DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT** **DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT** **DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT** **DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT** **DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT** **DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT** **DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT** **DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT** **DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> |
|  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u><sup>(5)</sup> | <u>Variation Margin</u><sup>(5)</sup> | <u>Variation Margin</u><sup>(5)</sup> | <u>Variation Margin</u><sup>(5)</sup> |
| Index/Tranches | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Market<br>Value<sup>(4)</sup> | Asset |  | Liability |
| CDX.IG-43 5-Year Index | CDX.IG-43 5-Year Index | 1.000% | Quarterly | Quarterly | 12/20/2029 | 12/20/2029 | 300 | 6 | 1 | 7 | 7 | 0 | $ | 0 |
| CDX.IG-44 5-Year Index | CDX.IG-44 5-Year Index | 1.000 | Quarterly | Quarterly | 06/20/2030 | 06/20/2030 | 52200 | 1021 | 180 | 1201 | 1201 | 4 |  | 0 |
| CDX.IG-45 5-Year Index | CDX.IG-45 5-Year Index | 1.000 | Quarterly | Quarterly | 12/20/2030 | 12/20/2030 | 27600 | 622 | 12 | 634 | 634 | 5 |  | 0 |
|  |  |  |  |  |  |  |  | 1649 | 193 | 1842 | 1842 | 9 | $ | 0 |
| **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** |
|  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u><sup>(5)</sup> | <u>Variation Margin</u><sup>(5)</sup> | <u>Variation Margin</u><sup>(5)</sup> | <u>Variation Margin</u><sup>(5)</sup> |
| Pay/<br>Receive<br>Floating Rate | Floating Rate Index | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Market<br>Value | Asset | Asset | Liability |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 1-Day GBP-SONIO Compounded-OIS | 3.000% | Annual | Annual | 06/17/2027 | 7500 | $(27) | $(135) | $(162) | (162) | $1 | 1 | $0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | Annual | 09/17/2027 | 300 | 2 | 0 | 2 | 2 | 0 | 0 | 0 |
| Pay<sup>(6)</sup> | 1-Day GBP-SONIO Compounded-OIS | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | Annual | 03/17/2028 | 13700 | 42 | 57 | 99 | 99 | 8 | 8 | 0 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | Annual | 09/17/2030 | 600 | (3) | 0 | (3) | (3) | 1 | 1 | 0 |
| Pay<sup>(6)</sup> | 1-Day GBP-SONIO Compounded-OIS | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | Annual | 03/18/2031 | 7800 | 16 | (65) | (49) | (49) | 13 | 13 | 0 |
| Receive<sup>(6)</sup> | 1-Day GBP-SONIO Compounded-OIS | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | Annual | 03/18/2036 | 100 | 1 | 1 | 2 | 2 | 0 | 0 | 0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | Annual | 09/17/2055 | 100 | 4 | (1) | 3 | 3 | 0 | 0 | (1) |
| Receive<sup>(6)</sup> | 1-Day GBP-SONIO Compounded-OIS | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | Annual | 03/18/2056 | 400 | 7 | 6 | 13 | 13 | 0 | 0 | (3) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 0.600 | Annual | Annual | 12/18/2029 | 40000 | 0 | (6) | (6) | (6) | 0 | 0 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | Annual | 03/19/2032 | 739200 | (13) | (60) | (73) | (73) | 0 | 0 | (6) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | Annual | 09/18/2034 | 356000 | (5) | (83) | (88) | (88) | 0 | 0 | (4) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | Annual | 12/18/2034 | 20000 | 1 | (6) | (5) | (5) | 0 | 0 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | Annual | 03/19/2035 | 560000 | (60) | (87) | (147) | (147) | 0 | 0 | (7) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | Annual | 06/18/2035 | 190000 | 23 | (48) | (25) | (25) | 0 | 0 | (3) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | Annual | 09/17/2035 | 660150 | (44) | (59) | (103) | (103) | 0 | 0 | (9) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 0.400 | Semi-Annual | Semi-Annual | 06/19/2039 | 480000 | 262 | 308 | 570 | 570 | 7 | 7 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | Annual | 06/19/2044 | 530000 | (252) | (362) | (614) | (614) | 0 | 0 | (8) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 2.000 | Annual | Annual | 06/18/2055 | 14800 | (2) | 12 | 10 | 10 | 0 | 0 | 0 |
| Receive | 1-Day SGD-SIBCSORA Compounded-OIS | 1-Day SGD-SIBCSORA Compounded-OIS | 1.500 | Semi-Annual | Semi-Annual | 09/17/2030 | 8700 | (36) | 40 | 4 | 4 | 0 | 0 | (16) |
| Receive | 1-Day SGD-SIBCSORA Compounded-OIS | 1-Day SGD-SIBCSORA Compounded-OIS | 2.000 | Semi-Annual | Semi-Annual | 09/17/2035 | 1800 | 1 | (28) | (27) | (27) | 0 | 0 | (5) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | Annual | 12/20/2025 | $43 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 4.020 | Annual | Annual | 05/15/2026 | 1200 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | Annual | 06/20/2026 | 700 | 10 | (10) | 0 | 0 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | Annual | 08/15/2026 | 1300 | 0 | (2) | (2) | (2) | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 2.965 | Annual | Annual | 11/30/2026 | 4600 | 1 | 89 | 90 | 90 | 0 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | Annual | 12/18/2026 | 3400 | 23 | (12) | 11 | 11 | 0 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | Annual | 03/19/2027 | 28150 | 587 | (176) | 411 | 411 | 0 | 0 | (7) |

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<br> Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 0 | 4 | 15 | 23 | 35 | 52 | 58 | 88 | 116 | 143 | 173 | 200 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2027 |  | 1400 | (10) | 1 | (9) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2027 |  | 9800 | 54 | 9 | 63 | 4 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.981 | Annual | 11/30/2027 |  | 2400 | 0 | 21 | 21 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.851 | Annual | 02/28/2029 |  | 700 | 0 | (9) | (9) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.862 | Annual | 02/28/2029 |  | 500 | 0 | (7) | (7) | 0 | 0 |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 02/28/2030 |  | 4670 | (7) | 12 | 5 | 0 | (2) |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.325 | Annual | 02/28/2030 |  | 4469 | (27) | 28 | 1 | 0 | (2) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2030 |  | 1400 | 23 | 0 | 23 | 1 | 0 |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 |  | 3300 | (55) | (3) | (58) | 0 | (2) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.695 | Annual | 11/15/2031 |  | 3400 | (6) | (405) | (411) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.100 | Annual | 11/15/2032 |  | 9160 | (48) | (292) | (340) | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.525 | Annual | 09/04/2034 |  | 500 | (2) | 5 | 3 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 |  | 2600 | 18 | (32) | (14) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 |  | 4750 | 294 | (120) | 174 | 0 | 0 |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 05/15/2035 |  | 2475 | (28) | 12 | (16) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 |  | 1500 | 82 | (29) | 53 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 |  | 2400 | (47) | 28 | (19) | 0 | 0 |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2035 |  | 1780 | (10) | (4) | (14) | 0 | 0 |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 11/15/2053 |  | 1698 | (43) | (2) | (45) | 5 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 12/20/2053 |  | 1070 | 136 | 1 | 137 | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.931 | Annual | 11/15/2054 |  | 700 | 0 | 3 | 3 | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.955 | Annual | 11/15/2054 |  | 200 | 0 | 0 | 0 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.998 | Annual | 11/15/2054 |  | 200 | 0 | (2) | (2) | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.117 | Annual | 11/15/2054 |  | 540 | 0 | (16) | (16) | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.130 | Annual | 11/15/2054 |  | 260 | 0 | (8) | (8) | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.765 | Annual | 02/15/2055 |  | 800 | 0 | 27 | 27 | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.804 | Annual | 02/15/2055 |  | 200 | 0 | 5 | 5 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.806 | Annual | 02/15/2055 |  | 200 | 0 | 5 | 5 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.861 | Annual | 02/15/2055 |  | 200 | 0 | 3 | 3 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.773 | Annual | 03/04/2055 |  | 500 | 0 | 16 | 16 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2055 |  | 980 | 123 | 0 | 123 | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 06/25/2055 |  | 246 | 1 | (1) | 0 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.065 | Annual | 06/26/2055 |  | 142 | (2) | (1) | (3) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.960 | Annual | 06/27/2055 |  | 315 | 0 | (1) | (1) | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 09/17/2055 |  | 200 | 20 | (5) | 15 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.005 | Annual | 09/29/2055 |  | 84 | (1) | 0 | (1) | 0 | 0 |
| Pay<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2055 |  | 220 | (7) | 0 | (7) | 0 | (1) |
| Pay<sup>(6)</sup> | 3-Month KRW-KORIBOR | 2.750 | Quarterly | 03/18/2036 | KRW | 25170 | 0 | 0 | 0 | 0 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 1.750 | Semi-Annual | 03/16/2027 | AUD | 1000 | (3) | (15) | (18) | 0 | 0 |
| Pay<sup>(6)</sup> | 6-Month AUD-BBR-BBSW | 3.500 | Semi-Annual | 03/18/2031 |  | 26000 | (148) | (177) | (325) | 36 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/19/2035 |  | 900 | 0 | 2 | 2 | 3 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/19/2035 |  | 2700 | 9 | 32 | 41 | 9 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 |  | 300 | 2 | 3 | 5 | 1 | 0 |

---

------

<br> Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 0 | 3 | 4 | 14 | 15 | 23 | 34 | 49 | 52 | 79 | 87 | 94 | 115 | 127 | 142 | 143 | 172 | 187 | 199 | 200 |
| Pay | Pay | 6-Month AUD-BBR-BBSW | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | Semi-Annual | 09/17/2035 |  | 6700 |  | 42 |  | (39) |  | 3 |  | 23 |  | 0 |
| Pay | Pay | 6-Month AUD-BBR-BBSW | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | Semi-Annual | 09/17/2035 |  | 1300 |  | 21 |  | (3) |  | 18 |  | 4 |  | 0 |
| Pay<sup>(6)</sup> | Pay<sup>(6)</sup> | 6-Month AUD-BBR-BBSW | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | Semi-Annual | 03/18/2036 |  | 1300 |  | 1 |  | (5) |  | (4) |  | 5 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 3.000 | Annual | Annual | 03/19/2027 | EUR | 5170 |  | 36 |  | 133 |  | 169 |  | 1 |  | 0 |
| Pay<sup>(6)</sup> | Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 2.000 | Annual | Annual | 03/18/2028 |  | 6000 |  | (23) |  | (5) |  | (28) |  | 2 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 1.795 | Annual | Annual | 10/11/2029 |  | 900 |  | 0 |  | (14) |  | (14) |  | 1 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 1.923 | Annual | Annual | 10/11/2029 |  | 2000 |  | 0 |  | (18) |  | (18) |  | 2 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 2.028 | Annual | Annual | 10/11/2029 |  | 3200 |  | 0 |  | (19) |  | (19) |  | 3 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 2.343 | Annual | Annual | 01/10/2030 |  | 3800 |  | 4 |  | 53 |  | 57 |  | 4 |  | 0 |
| Receive<sup>(6)</sup> | Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 2.500 | Annual | Annual | 03/18/2031 |  | 1590 |  | (3) |  | (2) |  | (5) |  | 0 |  | (3) |
| Pay<sup>(6)</sup> | Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 2.750 | Annual | Annual | 03/18/2036 |  | 2870 |  | (13) |  | 17 |  | 4 |  | 10 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 2.250 | Annual | Annual | 09/21/2037 |  | 440 |  | 21 |  | (49) |  | (28) |  | 2 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 0.451 | Annual | Annual | 05/27/2050 |  | 200 |  | (14) |  | (91) |  | (105) |  | 1 |  | 0 |
| Receive | Receive | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 0.064 | Annual | Annual | 11/17/2052 |  | 100 |  | 0 |  | 64 |  | 64 |  | 0 |  | (1) |
| Receive<sup>(6)</sup> | Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 2.213 | Annual | Annual | 03/12/2055 |  | 4100 |  | 61 |  | 236 |  | 297 |  | 0 |  | (10) |
| Receive<sup>(6)</sup> | Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 3.000 | Annual | Annual | 03/18/2056 |  | 950 |  | (16) |  | (1) |  | (17) |  | 0 |  | (8) |
| Pay | Pay | 6-Month PLN-WIBOR | 6-Month PLN-WIBOR | 2.585 | Annual | Annual | 10/14/2029 | PLN | 1200 |  | 0 |  | (18) |  | (18) |  | 1 |  | 0 |
| Pay | Pay | CAONREPO | CAONREPO | 3.500 | Annual | Annual | 12/18/2025 | CAD | 4500 |  | (9) |  | 31 |  | 22 |  | 0 |  | 0 |
| Pay | Pay | CAONREPO | CAONREPO | 3.898 | Annual | Annual | 06/19/2026 |  | 5400 |  | (1) |  | 56 |  | 55 |  | 0 |  | 0 |
| Pay | Pay | CAONREPO | CAONREPO | 3.925 | Annual | Annual | 06/19/2026 |  | 5100 |  | 0 |  | 52 |  | 52 |  | 0 |  | 0 |
| Pay | Pay | CAONREPO | CAONREPO | 3.250 | Semi-Annual | Semi-Annual | 06/21/2028 |  | 2000 |  | (9) |  | 44 |  | 35 |  | 1 |  | 0 |
| Pay | Pay | CAONREPO | CAONREPO | 1.250 | Semi-Annual | Semi-Annual | 06/16/2031 |  | 100 |  | (10) |  | 5 |  | (5) |  | 0 |  | 0 |
| Pay | Pay | CAONREPO | CAONREPO | 3.500 | Semi-Annual | Semi-Annual | 06/19/2034 |  | 900 |  | 29 |  | 8 |  | 37 |  | 2 |  | 0 |
| Pay | Pay | CAONREPO | CAONREPO | 3.000 | Semi-Annual | Semi-Annual | 09/17/2035 |  | 3900 |  | (11) |  | 43 |  | 32 |  | 11 |  | 0 |
| Receive | Receive | CAONREPO | CAONREPO | 3.250 | Semi-Annual | Semi-Annual | 06/21/2053 |  | 900 |  | 9 |  | (15) |  | (6) |  | 0 |  | (5) |
|  |  |  |  |  |  |  |  |  | $ | $971 | 971 | $(1080) | (1080) | $(109) | (109) | $188 | 188 | $(106) | (106) |
| **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **$** | $**2598** | **2598** | $**(960)** | **(960)** | $**1638** | **1638** | $**197** | **197** | $**(108)** | **(108)** |
| **(j)** | **Securities with an aggregate market value of $1,008 and cash of $4,155 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,008 and cash of $4,155 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,008 and cash of $4,155 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,008 and cash of $4,155 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,008 and cash of $4,155 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,008 and cash of $4,155 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,008 and cash of $4,155 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,008 and cash of $4,155 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,008 and cash of $4,155 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,008 and cash of $4,155 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,008 and cash of $4,155 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,008 and cash of $4,155 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,008 and cash of $4,155 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,008 and cash of $4,155 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,008 and cash of $4,155 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,008 and cash of $4,155 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,008 and cash of $4,155 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,008 and cash of $4,155 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,008 and cash of $4,155 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** |
| <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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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> | Unsettled variation margin asset of $4 and liability of $(4) for closed swap agreements is outstanding at period end. | Unsettled variation margin asset of $4 and liability of $(4) for closed swap agreements is outstanding at period end. | Unsettled variation margin asset of $4 and liability of $(4) for closed swap agreements is outstanding at period end. | Unsettled variation margin asset of $4 and liability of $(4) for closed swap agreements is outstanding at period end. | Unsettled variation margin asset of $4 and liability of $(4) for closed swap agreements is outstanding at period end. | Unsettled variation margin asset of $4 and liability of $(4) for closed swap agreements is outstanding at period end. | Unsettled variation margin asset of $4 and liability of $(4) for closed swap agreements is outstanding at period end. | Unsettled variation margin asset of $4 and liability of $(4) for closed swap agreements is outstanding at period end. | Unsettled variation margin asset of $4 and liability of $(4) for closed swap agreements is outstanding at period end. | Unsettled variation margin asset of $4 and liability of $(4) for closed swap agreements is outstanding at period end. | Unsettled variation margin asset of $4 and liability of $(4) for closed swap agreements is outstanding at period end. | Unsettled variation margin asset of $4 and liability of $(4) for closed swap agreements is outstanding at period end. | Unsettled variation margin asset of $4 and liability of $(4) for closed swap agreements is outstanding at period end. | Unsettled variation margin asset of $4 and liability of $(4) for closed swap agreements is outstanding at period end. | Unsettled variation margin asset of $4 and liability of $(4) for closed swap agreements is outstanding at period end. | Unsettled variation margin asset of $4 and liability of $(4) for closed swap agreements is outstanding at period end. | Unsettled variation margin asset of $4 and liability of $(4) for closed swap agreements is outstanding at period end. | Unsettled variation margin asset of $4 and liability of $(4) for closed swap agreements is outstanding at period end. | Unsettled variation margin asset of $4 and liability of $(4) for closed swap agreements is outstanding at period end. |
| <sup>(6)</sup> | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. |
| **(k)** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** |
| **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** |
|  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | Settlement<br>Month | Settlement<br>Month | Settlement<br>Month |  | Currency to<br>be Delivered | Currency to<br>be Delivered | Currency to<br>be Delivered |  | Currency to<br>be Received | Currency to<br>be Received | Currency to<br>be Received | Asset | Asset | Asset | Liability | Liability | Liability |
| &nbsp;&nbsp;&nbsp;&nbsp; AZD | &nbsp;&nbsp;&nbsp;&nbsp; AZD | &nbsp;&nbsp;&nbsp;&nbsp; AZD | 10/2025 | 10/2025 | 10/2025 | NZD | 134 | 134 | 134 | $ | $78 | 78 | 78 | 1 | 1 | 1 | $0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | $ | $33 | 33 | 33 | AUD | 50 | 50 | 50 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 491 | 491 | 491 | CAD | 683 | 683 | 683 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 1842 | 1842 | 1842 | EUR | 1580 | 1580 | 1580 | 12 | 12 | 12 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | AUD | 50 | 50 | 50 | $ | $33 | 33 | 33 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | CAD | 682 | 682 | 682 |  | 491 | 491 | 491 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | $ | $78 | 78 | 78 | NZD | 134 | 134 | 134 | 0 | 0 | 0 | (1) | (1) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; BOA | &nbsp;&nbsp;&nbsp;&nbsp; BOA | &nbsp;&nbsp;&nbsp;&nbsp; BOA | 10/2025 | 10/2025 | 10/2025 | CNH | 64 | 64 | 64 | $ | $9 | 9 | 9 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | JPY | 24679 | 24679 | 24679 |  | 166 | 166 | 166 | 0 | 0 | 0 | (2) | (2) | (2) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | NZD | 94 | 94 | 94 |  | 54 | 54 | 54 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | PEN | 108 | 108 | 108 |  | 31 | 31 | 31 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | $ | $145 | 145 | 145 | EUR | 124 | 124 | 124 | 0 | 0 | 0 | 0 | 0 | 0 |

---

------

<br> Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 10/2025 | 100 | 337 | 2 | 0 |
|  | 10/2025 | 225 | 19917 | 0 | (1) |
|  | 10/2025 | 161 | 222287 | 0 | (2) |
|  | 10/2025 | 40 | 144 | 0 | 0 |
|  | 10/2025 | 242 | 1044 | 0 | (1) |
|  | 11/2025 | 50 | 166 | 1 | 0 |
|  | 11/2025 | 114 | 17000 | 2 | 0 |
|  | 11/2025 | 54 | 94 | 0 | 0 |
|  | 11/2025 | 17149 | $983 | 0 | (6) |
|  | 12/2025 | $9 | 386 | 0 | 0 |
|  | 03/2026 | 636 | 26 | 0 | 0 |
|  | 03/2026 | 73 | 1790 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BPS | 10/2025 | 3700 | $608 | 0 | (87) |
|  | 10/2025 | 142 | 723 | 0 | 0 |
|  | 10/2025 | 553 | $653 | 4 | 0 |
|  | 10/2025 | 13553621 | 818 | 7 | (2) |
|  | 10/2025 | 18531 | 210 | 2 | 0 |
|  | 10/2025 | 19763 | 133 | 0 | (1) |
|  | 10/2025 | 93 | 54 | 1 | 0 |
|  | 10/2025 | 3338 | 78 | 0 | (2) |
|  | 10/2025 | 33846 | 1127 | 17 | (1) |
|  | 10/2025 | $677 | 3700 | 19 | 0 |
|  | 10/2025 | 1021 | 7270 | 0 | 0 |
|  | 10/2025 | 128 | 914 | 0 | 0 |
|  | 10/2025 | 124 | 106 | 0 | 0 |
|  | 10/2025 | 1052 | 17368623 | 0 | (11) |
|  | 10/2025 | 1066 | 1473849 | 0 | (15) |
|  | 10/2025 | 570 | 2075 | 1 | 0 |
|  | 10/2025 | 161 | 4859 | 0 | (1) |
|  | 11/2025 | 2172478 | $130 | 0 | 0 |
|  | 11/2025 | 12461 | 140 | 0 | 0 |
|  | 11/2025 | 112145 | 80 | 0 | 0 |
|  | 11/2025 | $19 | 100 | 0 | 0 |
|  | 11/2025 | 414 | 2933 | 0 | (1) |
|  | 11/2025 | 150 | 504 | 2 | 0 |
|  | 11/2025 | 133 | 19695 | 1 | 0 |
|  | 11/2025 | 54 | 93 | 0 | (1) |
|  | 12/2025 | 191 | $27 | 0 | 0 |
|  | 12/2025 | 3657 | 122 | 1 | 0 |
|  | 12/2025 | $27 | 191 | 0 | 0 |
|  | 12/2025 | 148 | 49262 | 0 | (1) |
|  | 12/2025 | 274 | 4618189 | 2 | 0 |
|  | 03/2026 | 1153 | 47 | 0 | 0 |
|  | 04/2026 | 1900 | $333 | 0 | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp; BRC | 10/2025 | 432 | 81 | 0 | 0 |
|  | 10/2025 | 1273 | 1595 | 0 | (4) |
|  | 10/2025 | 937 | 1266 | 5 | 0 |
|  | 10/2025 | 12 | 1 | 0 | 0 |
|  | 10/2025 | $81 | 432 | 0 | 0 |
|  | 10/2025 | 1786 | 1432 | 13 | 0 |
|  | 10/2025 | 159 | 118 | 0 | (1) |
|  | 10/2025 | 323 | 1180 | 2 | 0 |
|  | 10/2025 | 633 | 27201 | 15 | 0 |
|  | 11/2025 | 136 | $90 | 0 | 0 |
|  | 11/2025 | $1595 | 1268 | 4 | 0 |
|  | 11/2025 | 1266 | 937 | 0 | (5) |
|  | 11/2025 | 1 | 12 | 0 | 0 |
|  | 11/2025 | 1218 | 53128 | 9 | 0 |
|  | 11/2025 | 3039 | $173 | 0 | (3) |
|  | 12/2025 | 3025 | 69 | 0 | 0 |
|  | 12/2025 | $370 | 1550 | 0 | (1) |
|  | 12/2025 | 226 | 10007 | 3 | 0 |
|  | 01/2026 | 225 | 1156 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BSH | 10/2025 | 3700 | $696 | 1 | 0 |
|  | 10/2025 | 165 | 192 | 0 | (2) |
|  | 10/2025 | 28 | 16 | 0 | 0 |
|  | 10/2025 | $680 | 3700 | 15 | 0 |
|  | 11/2025 | 2596 | $706 | 0 | (40) |
|  | 11/2025 | $16 | 28 | 0 | 0 |
|  | 12/2025 | 1561 | $430 | 0 | (19) |
|  | 12/2025 | $243 | 864 | 6 | 0 |
|  | 02/2026 | 288 | $82 | 0 | 0 |
|  | 04/2026 | 3900 | 686 | 0 | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp; CBK | 10/2025 | 379 | 247 | 0 | (4) |
|  | 10/2025 | 58 | 42 | 0 | 0 |
|  | 10/2025 | 64 | 9 | 0 | 0 |
|  | 10/2025 | 64 | 9 | 0 | 0 |
|  | 10/2025 | 9084615 | 548 | 5 | (1) |
|  | 10/2025 | 24973 | 281 | 0 | 0 |
|  | 10/2025 | 11300 | 77 | 1 | 0 |
|  | 10/2025 | 1172 | 117 | 0 | 0 |
|  | 10/2025 | 574 | 164 | 0 | (1) |
|  | 10/2025 | 4226 | 3300 | 24 | 0 |
|  | 10/2025 | 40642 | 1371 | 36 | 0 |
|  | 10/2025 | $300 | 2135 | 0 | (1) |
|  | 10/2025 | 531 | 3772 | 1 | 0 |

---

------

<br> Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 10/2025 | 64 | 408 | 1 | 0 |
|  | 10/2025 | 911 | 780 | 5 | 0 |
|  | 10/2025 | 280 | 4605358 | 0 | (4) |
|  | 10/2025 | 959 | 84227 | 0 | (12) |
|  | 10/2025 | 253 | 37000 | 0 | (3) |
|  | 10/2025 | 261 | 2475 | 2 | 0 |
|  | 10/2025 | 94 | 3028 | 0 | 0 |
|  | 10/2025 | 520 | 15840 | 0 | (1) |
|  | 10/2025 | 754 | $43 | 0 | 0 |
|  | 11/2025 | $279 | 1979 | 0 | (1) |
|  | 11/2025 | 154 | 642581 | 9 | 0 |
|  | 11/2025 | 111 | 373 | 1 | 0 |
|  | 11/2025 | 281 | 25022 | 0 | 0 |
|  | 11/2025 | 117 | 1172 | 0 | 0 |
|  | 11/2025 | 2379 | $137 | 0 | 0 |
|  | 12/2025 | 298 | 42 | 0 | 0 |
|  | 12/2025 | 28860 | 951 | 1 | (3) |
|  | 12/2025 | $4238 | 23801 | 170 | 0 |
|  | 12/2025 | 68 | 480 | 0 | 0 |
|  | 12/2025 | 284 | 4769436 | 1 | 0 |
|  | 12/2025 | 11 | 6167 | 0 | 0 |
|  | 12/2025 | 4 | 164 | 0 | 0 |
|  | 01/2026 | 312 | $44 | 0 | 0 |
|  | 01/2026 | 20000 | 147 | 11 | 0 |
|  | 01/2026 | 6058 | 201 | 0 | 0 |
|  | 01/2026 | $44 | 311 | 0 | 0 |
|  | 02/2026 | 616 | $168 | 0 | (9) |
|  | 03/2026 | 6889 | 889 | 1 | 0 |
|  | 03/2026 | 2416 | 686 | 0 | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp; CIB | 10/2025 | $76 | 6702 | 0 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; DUB | 10/2025 | 277 | 1413 | 1 | 0 |
|  | 10/2025 | 4434819 | $271 | 5 | 0 |
|  | 10/2025 | 40562 | 457 | 0 | 0 |
|  | 10/2025 | $2191 | 15578 | 0 | (5) |
|  | 10/2025 | 449 | 7330512 | 0 | (10) |
|  | 10/2025 | 170 | 579 | 5 | 0 |
|  | 10/2025 | 474 | 41901 | 0 | (3) |
|  | 10/2025 | 85 | 117587 | 0 | (1) |
|  | 10/2025 | 36 | 20031 | 0 | 0 |
|  | 11/2025 | 579 | $170 | 0 | (5) |
|  | 11/2025 | 3538 | 40 | 0 | 0 |
|  | 11/2025 | $104 | 733 | 0 | 0 |
|  | 11/2025 | 457 | 40642 | 0 | 0 |
|  | 11/2025 | 23 | 12820 | 0 | 0 |
|  | 11/2025 | 7339 | $419 | 0 | (4) |
|  | 12/2025 | $26 | 1337 | 1 | 0 |
|  | 12/2025 | 127 | 67506 | 0 | (7) |
|  | 03/2026 | 29 | 16742 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; FAR | 10/2025 | 4838 | $3138 | 0 | (63) |
|  | 10/2025 | 228 | 286 | 0 | 0 |
|  | 10/2025 | 106 | 124 | 0 | (1) |
|  | 10/2025 | 65 | 38 | 0 | 0 |
|  | 10/2025 | 2337 | 77 | 0 | 0 |
|  | 10/2025 | $3317 | 5080 | 45 | 0 |
|  | 10/2025 | 957 | 6792 | 0 | (3) |
|  | 10/2025 | 910 | 80298 | 0 | (7) |
|  | 10/2025 | 5669 | 833453 | 0 | (34) |
|  | 10/2025 | 689 | 2514 | 3 | 0 |
|  | 10/2025 | 6772 | 8722 | 0 | (11) |
|  | 11/2025 | 5080 | $3319 | 0 | (45) |
|  | 11/2025 | 647 | 176 | 0 | (10) |
|  | 11/2025 | 8700 | 6772 | 10 | 0 |
|  | 11/2025 | $286 | 227 | 0 | 0 |
|  | 11/2025 | 124 | 106 | 1 | 0 |
|  | 11/2025 | 38 | 65 | 0 | 0 |
|  | 12/2025 | 1999 | 37910 | 55 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; GLM | 10/2025 | 9600 | $1569 | 0 | (234) |
|  | 10/2025 | 30 | 37 | 0 | 0 |
|  | 10/2025 | 4645954 | 279 | 0 | 0 |
|  | 10/2025 | 241 | 71 | 0 | (2) |
|  | 10/2025 | 1049 | 206 | 0 | 0 |
|  | 10/2025 | $1775 | 9600 | 29 | (1) |
|  | 10/2025 | 75 | 535 | 0 | 0 |
|  | 10/2025 | 281 | 4647302 | 0 | (3) |
|  | 10/2025 | 261 | 22882 | 0 | (3) |
|  | 10/2025 | 60 | 260 | 0 | 0 |
|  | 11/2025 | 144 | 740 | 1 | 0 |
|  | 11/2025 | $134 | 946 | 0 | 0 |
|  | 11/2025 | 30 | 101 | 0 | 0 |
|  | 11/2025 | 258 | 11283 | 2 | 0 |
|  | 11/2025 | 1579 | $91 | 0 | 0 |
|  | 12/2025 | 1885 | 339 | 0 | (10) |
|  | 12/2025 | 187 | 10 | 0 | 0 |
|  | 12/2025 | 283 | 81 | 0 | (1) |
|  | 12/2025 | 1119 | 24 | 0 | (1) |
|  | 12/2025 | $24 | 1214 | 1 | 0 |

---

------

<br> Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 12/2025 | 274 | 4579692 | 0 | 0 |
|  | 01/2026 | 206 | 1060 | 0 | 0 |
|  | 01/2026 | 40000 | $297 | 24 | 0 |
|  | 04/2026 | 8100 | 1428 | 0 | (29) |
| &nbsp;&nbsp;&nbsp;&nbsp; IND | 10/2025 | 255 | 167 | 0 | (2) |
|  | 10/2025 | 444 | 69 | 0 | 0 |
|  | 11/2025 | $69 | 443 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPM | 10/2025 | 2688 | $505 | 0 | 0 |
|  | 10/2025 | 624 | 452 | 3 | 0 |
|  | 10/2025 | 237 | 33 | 0 | 0 |
|  | 10/2025 | 308 | 48 | 0 | 0 |
|  | 10/2025 | 19350 | 48 | 0 | (2) |
|  | 10/2025 | 8761315 | $525 | 0 | 0 |
|  | 10/2025 | 373911 | 269 | 3 | 0 |
|  | 10/2025 | 70 | 20 | 0 | 0 |
|  | 10/2025 | 335 | 261 | 1 | 0 |
|  | 10/2025 | $136 | 206 | 0 | 0 |
|  | 10/2025 | 493 | 2688 | 12 | 0 |
|  | 10/2025 | 336 | 286 | 1 | (1) |
|  | 10/2025 | 149 | 111 | 0 | 0 |
|  | 10/2025 | 827 | 13734713 | 0 | (4) |
|  | 10/2025 | 110 | 369 | 2 | 0 |
|  | 10/2025 | 147 | 203519 | 0 | (2) |
|  | 10/2025 | 27 | 14905 | 0 | 0 |
|  | 10/2025 | 213 | 782 | 2 | 0 |
|  | 11/2025 | 24217 | 60 | 0 | (2) |
|  | 11/2025 | $48 | 307 | 0 | 0 |
|  | 11/2025 | 6499 | $371 | 0 | (4) |
|  | 12/2025 | 19351 | 58 | 0 | 0 |
|  | 06/2026 | 1200 | 68 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; MBC | 10/2025 | 33 | 41 | 0 | 0 |
|  | 10/2025 | 5870 | 824 | 0 | 0 |
|  | 10/2025 | 33 | 166 | 0 | 0 |
|  | 10/2025 | 581 | $688 | 6 | 0 |
|  | 10/2025 | 1358 | 1830 | 5 | (1) |
|  | 10/2025 | 437084 | 27 | 0 | 0 |
|  | 10/2025 | 15212 | 103 | 0 | 0 |
|  | 10/2025 | 1248694 | 895 | 5 | 0 |
|  | 10/2025 | 12 | 1 | 0 | 0 |
|  | 10/2025 | 4163 | 3249 | 21 | 0 |
|  | 10/2025 | 2 | 0 | 0 | 0 |
|  | 10/2025 | $167 | 131 | 0 | (2) |
|  | 10/2025 | 1189 | 8453 | 0 | (3) |
|  | 10/2025 | 1540 | 1308 | 0 | (4) |
|  | 10/2025 | 974 | 1358806 | 0 | (6) |
|  | 10/2025 | 136 | 231 | 0 | (2) |
|  | 10/2025 | 289 | 2772 | 5 | 0 |
|  | 10/2025 | 332 | 10704 | 0 | (1) |
|  | 11/2025 | 824 | 5856 | 0 | 0 |
|  | 11/2025 | 1831 | 1358 | 1 | (5) |
|  | 11/2025 | 30 | 100 | 0 | 0 |
|  | 11/2025 | 113 | 16746 | 0 | 0 |
|  | 11/2025 | 1 | 12 | 0 | 0 |
|  | 12/2025 | 9 | 475 | 0 | 0 |
|  | 01/2026 | 389 | $55 | 0 | 0 |
|  | 01/2026 | $55 | 388 | 0 | 0 |
|  | 03/2026 | 868 | $112 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; MYI | 10/2025 | 1753993 | 107 | 1 | 0 |
|  | 10/2025 | 373662 | 2503 | 0 | (24) |
|  | 10/2025 | $1125 | 8003 | 0 | (1) |
|  | 10/2025 | 9 | 63 | 0 | 0 |
|  | 10/2025 | 63 | 9277 | 0 | 0 |
|  | 10/2025 | 311 | 1125 | 0 | (1) |
|  | 10/2025 | 268 | 8063 | 0 | (3) |
|  | 11/2025 | 97 | 688 | 0 | 0 |
|  | 11/2025 | 2503 | 372369 | 24 | 0 |
|  | 12/2025 | 2246 | 89 | 0 | (4) |
|  | 12/2025 | 154 | 3791 | 1 | 0 |
|  | 12/2025 | 8010 | $268 | 3 | 0 |
|  | 12/2025 | $68 | 1410 | 0 | 0 |
|  | 02/2026 | 1239 | 50 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; NGF | 10/2025 | $252 | 4174011 | 0 | (2) |
|  | 10/2025 | 133 | 184501 | 0 | (1) |
|  | 10/2025 | 136 | 5879 | 2 | 0 |
|  | 12/2025 | 214 | 9363 | 1 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCX | 10/2025 | 290 | $55 | 0 | 0 |
|  | 10/2025 | 471 | 631 | 0 | (3) |
|  | 10/2025 | 5060660 | 303 | 0 | 0 |
|  | 10/2025 | 29266 | 329 | 0 | 0 |
|  | 10/2025 | 75819 | 516 | 4 | 0 |
|  | 10/2025 | 220 | 63 | 0 | (1) |
|  | 10/2025 | 27606 | 930 | 23 | 0 |
|  | 10/2025 | $55 | 290 | 0 | 0 |
|  | 10/2025 | 819 | 5820 | 0 | (2) |
|  | 10/2025 | 54 | 344 | 1 | 0 |
|  | 10/2025 | 282 | 4630875 | 0 | (4) |

---

------

<br> Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 10/2025 | 1259 | 1259 | 111131 | 111131 | 111131 |  | 0 | 0 | 0 |  | (9) |
|  |  | 10/2025 | 181 | 181 | 26622 | 26622 | 26622 |  | 0 | 0 | 0 |  | (1) |
|  |  | 10/2025 | 111 | 111 | 3315 | 3315 | 3315 |  | 0 | 0 | 0 |  | (2) |
|  |  | 11/2025 | 24 | 24 | 171 | 171 | 171 |  | 0 | 0 | 0 |  | 0 |
|  |  | 11/2025 | 631 | 631 | 471 | 471 | 471 |  | 4 | 4 | 4 |  | 0 |
|  |  | 11/2025 | 289 | 289 | 25781 | 25781 | 25781 |  | 0 | 0 | 0 |  | 0 |
|  |  | 11/2025 | 1 | 1 | 81 | 81 | 81 |  | 0 | 0 | 0 |  | 0 |
|  |  | 12/2025 | 55 | 55 | 294 | 294 | 294 |  | 0 | 0 | 0 |  | 0 |
|  |  | 12/2025 | 51 | 51 | 362 | 362 | 362 |  | 0 | 0 | 0 |  | 0 |
|  |  | 12/2025 | 16 | 16 | 325 | 325 | 325 |  | 0 | 0 | 0 |  | 0 |
|  |  | 12/2025 | 303 | 303 | 5073451 | 5073451 | 5073451 |  | 0 | 0 | 0 |  | 0 |
|  |  | 01/2026 | 602 | 602 | $85 | 85 | 85 |  | 0 | 0 | 0 |  | 0 |
|  |  | 01/2026 | $85 | 85 | 601 | 601 | 601 |  | 0 | 0 | 0 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOG | &nbsp;&nbsp;&nbsp;&nbsp; SOG | 10/2025 | 3617 | 3617 | $678 | 678 | 678 |  | 0 | 0 | 0 |  | (2) |
|  |  | 10/2025 | 2779 | 2779 | 3268 | 3268 | 3268 |  | 5 | 5 | 5 |  | 0 |
|  |  | 10/2025 | 813741 | 813741 | 5469 | 5469 | 5469 |  | 0 | 0 | 0 |  | (34) |
|  |  | 10/2025 | 5278 | 5278 | 559 | 559 | 559 |  | 0 | 0 | 0 |  | (2) |
|  |  | 10/2025 | $680 | 680 | 3617 | 3617 | 3617 |  | 0 | 0 | 0 |  | (1) |
|  |  | 10/2025 | 2957 | 2957 | 434923 | 434923 | 434923 |  | 0 | 0 | 0 |  | (17) |
|  |  | 10/2025 | 106 | 106 | 183 | 183 | 183 |  | 0 | 0 | 0 |  | (1) |
|  |  | 10/2025 | 56 | 56 | 244 | 244 | 244 |  | 0 | 0 | 0 |  | 0 |
|  |  | 11/2025 | 639254 | 639254 | $157 | 157 | 157 |  | 0 | 0 | 0 |  | (5) |
|  |  | 11/2025 | 575 | 575 | 2943 | 2943 | 2943 |  | 2 | 2 | 2 |  | 0 |
|  |  | 11/2025 | $3274 | 3274 | 2779 | 2779 | 2779 |  | 0 | 0 | 0 |  | (5) |
|  |  | 11/2025 | 5469 | 5469 | 810927 | 810927 | 810927 |  | 34 | 34 | 34 |  | 0 |
|  |  | 11/2025 | 559 | 559 | 5267 | 5267 | 5267 |  | 2 | 2 | 2 |  | 0 |
|  |  | 12/2025 | 138 | 138 | 707 | 707 | 707 |  | 0 | 0 | 0 |  | 0 |
|  |  | 12/2025 | $678 | 678 | 3668 | 3668 | 3668 |  | 2 | 2 | 2 |  | 0 |
|  |  | 03/2026 | 86 | 86 | 83011 | 83011 | 83011 |  | 1 | 1 | 1 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; SSB | &nbsp;&nbsp;&nbsp;&nbsp; SSB | 10/2025 | 3420 | 3420 | 2538 | 2538 | 2538 |  | 0 | 0 | 0 |  | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp; UAG | &nbsp;&nbsp;&nbsp;&nbsp; UAG | 10/2025 | 1103 | 1103 | $331 | 331 | 331 |  | 0 | 0 | 0 |  | (2) |
|  |  | 10/2025 | 1288 | 1288 | 40 | 40 | 40 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | $17 | 17 | 58 | 58 | 58 |  | 1 | 1 | 1 |  | 0 |
|  |  | 10/2025 | 10 | 10 | 925 | 925 | 925 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 121 | 121 | 1236 | 1236 | 1236 |  | 2 | 2 | 2 |  | 0 |
|  |  | 10/2025 | 338 | 338 | 1224 | 1224 | 1224 |  | 0 | 0 | 0 |  | (1) |
|  |  | 10/2025 | 110 | 110 | 3560 | 3560 | 3560 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 44 | 44 | 754 | 754 | 754 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 754 | 754 | $44 | 44 | 44 |  | 0 | 0 | 0 |  | 0 |
|  |  | 11/2025 | 58 | 58 | 17 | 17 | 17 |  | 0 | 0 | 0 |  | (1) |
|  |  | 11/2025 | 3306 | 3306 | 187 | 187 | 187 |  | 0 | 0 | 0 |  | (3) |
|  |  | 12/2025 | 89 | 89 | 2246 | 2246 | 2246 |  | 4 | 4 | 4 |  | 0 |
|  |  | 12/2025 | 751 | 751 | $16 | 16 | 16 |  | 0 | 0 | 0 |  | (1) |
|  |  | 12/2025 | $106 | 106 | 34986 | 34986 | 34986 |  | 0 | 0 | 0 |  | (1) |
| **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** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | $**784** | **784** | **784** | **$** | $**(959)** | **(959)** |
| **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** |
| **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** |
| Counterparty | Description | Description | Description |  | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Notional<br>Amount<sup>(1)</sup> | Notional<br>Amount<sup>(1)</sup> | Cost | Cost |  | Market<br>Value |
| BOA | Put - OTC EUR versus CZK | Put - OTC EUR versus CZK | Put - OTC EUR versus CZK | CZK | 24.200 | 03/11/2026 | 198 | 198 | 198 | $1 | 1 | $ | $1 |
|  | Put - OTC EUR versus HUF | Put - OTC EUR versus HUF | Put - OTC EUR versus HUF | HUF | 390.000 | 12/11/2025 | 115 | 115 | 115 | 1 | 1 |  | 1 |
|  | Put - OTC EUR versus HUF | Put - OTC EUR versus HUF | Put - OTC EUR versus HUF |  | 387.000 | 12/17/2025 | 327 | 327 | 327 | 2 | 2 |  | 2 |
|  | Put - OTC USD versus BRL | Put - OTC USD versus BRL | Put - OTC USD versus BRL | BRL | 5.470 | 11/18/2025 | 300 | 300 | 300 | 5 | 5 |  | 8 |
|  | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 475 | 475 | 475 | 1 | 1 |  | 1 |
|  | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 745 | 745 | 745 | 1 | 1 |  | 1 |
| BPS | Put - OTC EUR versus USD | Put - OTC EUR versus USD | Put - OTC EUR versus USD | $ | 1.122 | 10/14/2025 | 15 | 15 | 15 | 2 | 2 |  | 0 |
| BRC | Put - OTC EUR versus USD | Put - OTC EUR versus USD | Put - OTC EUR versus USD |  | 1.132 | 10/10/2025 | 932 | 932 | 932 | 3 | 3 |  | 0 |
|  | Call - OTC USD versus SEK | Call - OTC USD versus SEK | Call - OTC USD versus SEK | SEK | 10.200 | 11/26/2025 | 272 | 272 | 272 | 2 | 2 |  | 0 |
| GLM | Put - OTC AUD versus USD | Put - OTC AUD versus USD | Put - OTC AUD versus USD | $ | 0.625 | 10/08/2025 | 344 | 344 | 344 | 1 | 1 |  | 0 |
|  | Put - OTC EUR versus USD | Put - OTC EUR versus USD | Put - OTC EUR versus USD |  | 1.129 | 10/14/2025 | 289 | 289 | 289 | 1 | 1 |  | 0 |
|  | Put - OTC EUR versus USD | Put - OTC EUR versus USD | Put - OTC EUR versus USD |  | 1.100 | 12/17/2025 | 33 | 33 | 33 | 4 | 4 |  | 1 |
|  | Put - OTC USD versus BRL | Put - OTC USD versus BRL | Put - OTC USD versus BRL | BRL | 5.475 | 12/10/2025 | 519 | 519 | 519 | 8 | 8 |  | 14 |
|  | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 116 | 116 | 116 | 0 | 0 |  | 0 |
| JPM | Put - OTC EUR versus CZK | Put - OTC EUR versus CZK | Put - OTC EUR versus CZK | CZK | 24.200 | 03/05/2026 | 561 | 561 | 561 | 2 | 2 |  | 3 |
|  | Put - OTC EUR versus HUF | Put - OTC EUR versus HUF | Put - OTC EUR versus HUF | HUF | 393.000 | 11/12/2025 | 251 | 251 | 251 | 1 | 1 |  | 3 |
|  | Put - OTC EUR versus HUF | Put - OTC EUR versus HUF | Put - OTC EUR versus HUF |  | 386.000 | 12/16/2025 | 202 | 202 | 202 | 1 | 1 |  | 1 |
| MBC | Put - OTC AUD versus USD | Put - OTC AUD versus USD | Put - OTC AUD versus USD | $ | 0.618 | 10/10/2025 | 604 | 604 | 604 | 2 | 2 |  | 0 |
|  | Put - OTC EUR versus USD | Put - OTC EUR versus USD | Put - OTC EUR versus USD |  | 1.098 | 12/23/2025 | 34 | 34 | 34 | 4 | 4 |  | 1 |
|  | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 427 | 427 | 427 | 1 | 1 |  | 0 |
|  | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 222 | 222 | 222 | 0 | 0 |  | 0 |
| MYI | Put - OTC EUR versus CZK | Put - OTC EUR versus CZK | Put - OTC EUR versus CZK | CZK | 24.200 | 02/10/2026 | 210 | 210 | 210 | 1 | 1 |  | 1 |
|  | Put - OTC EUR versus CZK | Put - OTC EUR versus CZK | Put - OTC EUR versus CZK |  | 24.250 | 02/13/2026 | 352 | 352 | 352 | 1 | 1 |  | 2 |
|  | Put - OTC EUR versus CZK | Put - OTC EUR versus CZK | Put - OTC EUR versus CZK |  | 24.100 | 03/13/2026 | 508 | 508 | 508 | 2 | 2 |  | 2 |
|  | Put - OTC EUR versus USD | Put - OTC EUR versus USD | Put - OTC EUR versus USD | $ | 1.145 | 10/08/2025 | 703 | 703 | 703 | 4 | 4 |  | 0 |
|  | Put - OTC EUR versus USD | Put - OTC EUR versus USD | Put - OTC EUR versus USD |  | 1.110 | 11/24/2025 | 849 | 849 | 849 | 4 | 4 |  | 0 |
|  | Put - OTC USD versus BRL | Put - OTC USD versus BRL | Put - OTC USD versus BRL | BRL | 5.480 | 11/07/2025 | 700 | 700 | 700 | 13 | 13 |  | 19 |
|  | Call - OTC USD versus SEK | Call - OTC USD versus SEK | Call - OTC USD versus SEK | SEK | 10.125 | 10/14/2025 | 66 | 66 | 66 | 0 | 0 |  | 0 |
| **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | $**68** | **68** | **$** | $**61** |

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<br> Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 5 | 7 | 28 | 30 | 43 | 56 | 59 | 76 | 77 | 85 | 97 | 109 | 133 | 146 | 157 | 180 | 192 | 203 |
| **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** |
| **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** |
| Counterparty | Description | Description | Description | Description | Description | Description |  |  | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> |  | Premiums<br>(Received) | Premiums<br>(Received) | Market<br>Value | Market<br>Value |
| BOA | Put - OTC USD versus BRL | Put - OTC USD versus BRL | Put - OTC USD versus BRL | Put - OTC USD versus BRL | Put - OTC USD versus BRL | Put - OTC USD versus BRL | BRL | BRL | 5.250 | 5.250 | 11/18/2025 | 300 | $ | (1) | (1) | $(2) | (2) |
|  | Call - OTC USD versus BRL | Call - OTC USD versus BRL | Call - OTC USD versus BRL | Call - OTC USD versus BRL | Call - OTC USD versus BRL | Call - OTC USD versus BRL |  |  | 5.800 | 5.800 | 11/18/2025 | 300 |  | (3) | (3) | (1) | (1) |
|  | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | HKD | HKD | 7.850 | 7.850 | 08/14/2026 | 475 |  | 0 | 0 | 0 | 0 |
|  | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD |  |  | 7.850 | 7.850 | 08/24/2026 | 745 |  | 0 | 0 | (1) | (1) |
| GLM | Put - OTC USD versus BRL | Put - OTC USD versus BRL | Put - OTC USD versus BRL | Put - OTC USD versus BRL | Put - OTC USD versus BRL | Put - OTC USD versus BRL | BRL | BRL | 5.275 | 5.275 | 12/10/2025 | 519 |  | (3) | (3) | (4) | (4) |
|  | Call - OTC USD versus BRL | Call - OTC USD versus BRL | Call - OTC USD versus BRL | Call - OTC USD versus BRL | Call - OTC USD versus BRL | Call - OTC USD versus BRL |  |  | 5.800 | 5.800 | 12/10/2025 | 519 |  | (6) | (6) | (3) | (3) |
|  | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | HKD | HKD | 7.850 | 7.850 | 08/14/2026 | 116 |  | 0 | 0 | 0 | 0 |
| MBC | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD |  |  | 7.850 | 7.850 | 08/14/2026 | 427 |  | 0 | 0 | 0 | 0 |
|  | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD |  |  | 7.850 | 7.850 | 08/24/2026 | 222 |  | 0 | 0 | 0 | 0 |
| MYI | Put - OTC USD versus BRL | Put - OTC USD versus BRL | Put - OTC USD versus BRL | Put - OTC USD versus BRL | Put - OTC USD versus BRL | Put - OTC USD versus BRL | BRL | BRL | 5.220 | 5.220 | 11/07/2025 | 700 |  | (3) | (3) | (2) | (2) |
|  | Call - OTC USD versus BRL | Call - OTC USD versus BRL | Call - OTC USD versus BRL | Call - OTC USD versus BRL | Call - OTC USD versus BRL | Call - OTC USD versus BRL |  |  | 5.770 | 5.770 | 11/07/2025 | 700 |  | (8) | (8) | (1) | (1) |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (24) | (24) | $(14) | (14) |
| **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** |
| Counterparty | Description | Floating Rate<br>Index | Floating Rate<br>Index | Floating Rate<br>Index | Pay/Receive<br>Floating Rate | Pay/Receive<br>Floating Rate | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Exercise<br>Rate | Expiration<br>Date | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> |  | Premiums<br>(Received) | Premiums<br>(Received) | Market<br>Value | Market<br>Value |
| BOA | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | Receive | Receive | 3.575% | 3.575% | 10/02/2025 | 10/02/2025 | 600 | $ | (2) | (2) | $0 | 0 |
|  | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | Receive | Receive | 3.325 | 3.325 | 10/14/2025 | 10/14/2025 | 300 |  | (1) | (1) | 0 | 0 |
|  | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | Receive | Receive | 3.375 | 3.375 | 10/14/2025 | 10/14/2025 | 500 |  | (1) | (1) | 0 | 0 |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Pay | Pay | Pay | 3.625 | 3.625 | 10/14/2025 | 10/14/2025 | 300 |  | (1) | (1) | (2) | (2) |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Pay | Pay | Pay | 3.675 | 3.675 | 10/14/2025 | 10/14/2025 | 500 |  | (1) | (1) | (2) | (2) |
| DUB | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | Receive | Receive | 3.506 | 3.506 | 10/06/2025 | 10/06/2025 | 200 |  | (1) | (1) | 0 | 0 |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Pay | Pay | Pay | 3.806 | 3.806 | 10/06/2025 | 10/06/2025 | 200 |  | (1) | (1) | 0 | 0 |
| MYC | Call - OTC 10-Year Interest Rate Swap | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | Receive | Receive | Receive | 2.550 | 2.550 | 10/06/2025 | 10/06/2025 | 100 |  | 0 | 0 | 0 | 0 |
|  | Put - OTC 10-Year Interest Rate Swap | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | Pay | Pay | Pay | 2.790 | 2.790 | 10/06/2025 | 10/06/2025 | 100 |  | 0 | 0 | 0 | 0 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (8) | (8) | $(4) | (4) |
| **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **$** | **(32)** | **(32)** | $**(18)** | **(18)** |
| **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** |
| **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Swap Agreements, at Value</u><sup>(6)</sup> | <u>Swap Agreements, at Value</u><sup>(6)</sup> | <u>Swap Agreements, at Value</u><sup>(6)</sup> |
| Reference Entity | Reference Entity | Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Liability |
| South Korea Government International Bonds | South Korea Government International Bonds | South Korea Government International Bonds | (1.000)% | Quarterly | Quarterly | 12/20/2029 | 12/20/2029 | 12/20/2029 | 0.219% | 0.219% | $200 | $(7) | (7) | $1 | $0 | 0 | $(6) |
| South Korea Government International Bonds | South Korea Government International Bonds | South Korea Government International Bonds | (1.000) | Quarterly | Quarterly | 12/20/2030 | 12/20/2030 | 12/20/2030 | N/A | N/A | 400 | (14) | (14) | (1) | 0 | 0 | (15) |
| South Korea Government International Bonds | South Korea Government International Bonds | South Korea Government International Bonds | (1.000) | Quarterly | Quarterly | 12/20/2030 | 12/20/2030 | 12/20/2030 | 0.248 | 0.248 | 100 | (4) | (4) | 0 | 0 | 0 | (4) |
|  |  |  |  |  |  |  |  |  |  |  |  | $(25) | (25) | $0 | $0 | 0 | $(25) |
| **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(3)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Swap Agreements, at Value</u><sup>(6)</sup> | <u>Swap Agreements, at Value</u><sup>(6)</sup> | <u>Swap Agreements, at Value</u><sup>(6)</sup> |
| Reference Entity | Reference Entity | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Liability |
| Petroleos Mexicanos « | Petroleos Mexicanos « | Petroleos Mexicanos « | 4.750% | Monthly | Monthly | 07/06/2026 | 07/06/2026 | 07/06/2026 | —◆ | —◆ | $294 | $0 | 0 | $4 | $4 | 4 | $0 |

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------

<br> Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 0 | 3 | 6 | 16 | 33 | 47 | 72 | 103 | 133 | 148 | 157 | 162 | 180 | 194 | 203 |
| **CROSS** **-CURRENCY SWAPS** | **CROSS** **-CURRENCY SWAPS** | **CROSS** **-CURRENCY SWAPS** | **CROSS** **-CURRENCY SWAPS** | **CROSS** **-CURRENCY SWAPS** | **CROSS** **-CURRENCY SWAPS** | **CROSS** **-CURRENCY SWAPS** | **CROSS** **-CURRENCY SWAPS** | **CROSS** **-CURRENCY SWAPS** | **CROSS** **-CURRENCY SWAPS** | **CROSS** **-CURRENCY SWAPS** | **CROSS** **-CURRENCY SWAPS** | **CROSS** **-CURRENCY SWAPS** | **CROSS** **-CURRENCY SWAPS** | **CROSS** **-CURRENCY SWAPS** |
|  |  |  |  |  |  |  |  |  |  |  |  | <u>Swap Agreements, at Value</u> | <u>Swap Agreements, at Value</u> | <u>Swap Agreements, at Value</u> |
| &nbsp;&nbsp; Counterparty | &nbsp;&nbsp; Counterparty | Receive | Pay | Payment<br>Frequency | Maturity<br>Date<sup>(7)</sup> | Notional Amount<br>of Currency<br>Received | <br> Notional Amount<br>of Currency<br>Delivered | Upfront Payable/(Receiv<br> able) |  | Unrealized<br>Appreciation/(<br> Depreciation) | Unrealized<br>Appreciation/(<br> Depreciation) | Asset |  | Liability |
| &nbsp;&nbsp; CBK | &nbsp;&nbsp; CBK | 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 | 12/17/2026 | $7429 | 1100000 | 15 | $ | 7 | 7 | 7427 | $ | (7405) |
| &nbsp;&nbsp; GLM | &nbsp;&nbsp; GLM | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.425% 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 | 09/16/2031 | 2721 | 400000 | 3 |  | 2 | 2 | 2720 |  | (2715) |
| &nbsp;&nbsp; GST | &nbsp;&nbsp; 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 | 8118 | 1285000 | (102) |  | 11 | 11 | 8115 |  | (8206) |
|  |  |  |  |  |  |  |  | (84) | $ | 20 | 20 | 18262 | $ | (18326) |
| **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | $**(109)** | **(109)** | $**24** | **24** | $**18266** | **18266** | $**(18351)** |
| **(l)** | **Securities with an aggregate market value of $20 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $20 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $20 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $20 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $20 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $20 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $20 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $20 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $20 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $20 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $20 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $20 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $20 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $20 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** |
| ◆ | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | 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. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. |
| <sup>(2)</sup> | If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
| <sup>(3)</sup> | If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
| <sup>(4)</sup> | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
| <sup>(5)</sup> | The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
| <sup>(6)</sup> | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. | At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. | At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. | At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. | At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. | At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. | At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. | At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. | At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. | At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. | At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. | At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. | At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. |
| **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** |
| **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: |  |
| Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Level 1 | Level 2 | Level 3 | Level 3 | Level 3 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 |  |

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<br> Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.) September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** |
| Argentina | Argentina | Argentina |
| Sovereign Issues | $49 | $49 |
| Australia | Australia | Australia |
| Sovereign Issues | 2300 | 2300 |
| Brazil | Brazil | Brazil |
| Sovereign Issues | 2440 | 2440 |
| Bulgaria | Bulgaria | Bulgaria |
| Sovereign Issues | 458 | 458 |
| Canada | Canada | Canada |
| Corporate Bonds & Notes | 1619 | 1619 |
| Sovereign Issues | 1353 | 1353 |
| Cayman Islands | Cayman Islands | Cayman Islands |
| Asset-Backed Securities | 3272 | 3672 |
| Corporate Bonds & Notes | 119 | 119 |
| Sovereign Issues | 206 | 206 |
| Chile | Chile | Chile |
| Sovereign Issues | 205 | 205 |
| Denmark | Denmark | Denmark |
| Corporate Bonds & Notes | 104 | 104 |
| France | France | France |
| Corporate Bonds & Notes | 316 | 316 |
| Sovereign Issues | 9187 | 9187 |
| Germany | Germany | Germany |
| Corporate Bonds & Notes | 1671 | 1671 |
| Ireland | Ireland | Ireland |
| Asset-Backed Securities | 3997 | 3997 |
| Israel | Israel | Israel |
| Sovereign Issues | 1324 | 1324 |
| Italy | Italy | Italy |
| Corporate Bonds & Notes | 348 | 348 |
| Sovereign Issues | 2896 | 2896 |
| Japan | Japan | Japan |
| Corporate Bonds & Notes | 510 | 510 |
| Sovereign Issues | 9113 | 9113 |
| Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands |
| Asset-Backed Securities | 396 | 396 |
| Kuwait | Kuwait | Kuwait |
| Sovereign Issues | 0 | 700 |
| Luxembourg | Luxembourg | Luxembourg |
| Sovereign Issues | 813 | 813 |
| Malaysia | Malaysia | Malaysia |
| Sovereign Issues | 161 | 161 |
| Netherlands | Netherlands | Netherlands |
| Corporate Bonds & Notes | 312 | 312 |
| Norway | Norway | Norway |
| Sovereign Issues | 194 | 194 |
| Peru | Peru | Peru |
| Sovereign Issues | 2371 | 2371 |
| Poland | Poland | Poland |
| Sovereign Issues | 412 | 412 |
| Qatar | Qatar | Qatar |
| Corporate Bonds & Notes | 180 | 180 |
| Romania | Romania | Romania |
| Sovereign Issues | 1359 | 1359 |
| Saudi Arabia | Saudi Arabia | Saudi Arabia |
| Corporate Bonds & Notes | 213 | 213 |
| Sovereign Issues | 2520 | 2520 |
| Serbia | Serbia | Serbia |
| Sovereign Issues | 201 | 201 |
| Singapore | Singapore | Singapore |
| Sovereign Issues | 853 | 853 |
| South Africa | South Africa | South Africa |
| Sovereign Issues | 3421 | 3421 |
| South Korea | South Korea | South Korea |
| Sovereign Issues | 305 | 305 |
| Spain | Spain | Spain |
| Sovereign Issues | 6428 | 6428 |
| Supranational | Supranational | Supranational |
| Sovereign Issues | 930 | 930 |
| Switzerland | Switzerland | Switzerland |
| Corporate Bonds & Notes | 1350 | 1350 |
| United Arab Emirates | United Arab Emirates | United Arab Emirates |
| Corporate Bonds & Notes | 203 | 203 |
| Sovereign Issues | 419 | 419 |
| United Kingdom | United Kingdom | United Kingdom |
| Corporate Bonds & Notes | 2218 | 2218 |
| Non-Agency Mortgage-Backed Securities | 1308 | 1308 |
| Sovereign Issues | 1752 | 1752 |
| United States | United States | United States |
| Asset-Backed Securities | 4175 | 4175 |
| Corporate Bonds & Notes | 5317 | 6717 |
| Municipal Bonds & Notes | 191 | 191 |
| Non-Agency Mortgage-Backed Securities | 11536 | 11536 |
| U.S. Government Agencies | 84903 | 84903 |
| U.S. Treasury Obligations | 14617 | 14617 |

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<br> Schedule of Investments PIMCO Global Bond Opportunities Portfolio (Unhedged) (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 1 | 20 | 27 | 41 | 61 | 73 | 96 | 107 | 126 | 140 | 150 | 170 | 178 | 193 | 198 | 201 |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |  |  |
|  | Commercial Paper | Commercial Paper | Commercial Paper | Commercial Paper | 0 | 0 | 1496 | 1496 | 0 | 0 |  | 1496 | 1496 |  |  |
|  | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | 0 | 0 | 800 | 800 | 0 | 0 |  | 800 | 800 |  |  |
|  | Nigeria Treasury Bills | Nigeria Treasury Bills | Nigeria Treasury Bills | Nigeria Treasury Bills | 0 | 0 | 762 | 762 | 0 | 0 |  | 762 | 762 |  |  |
|  | South Africa Treasury Bills | South Africa Treasury Bills | South Africa Treasury Bills | South Africa Treasury Bills | 0 | 0 | 66 | 66 | 0 | 0 |  | 66 | 66 |  |  |
|  |  |  |  |  | $1100 | 1100 | $193669 | 193669 | $1400 | 1400 | $ | 196169 | 196169 |  |  |
| **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** | **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 | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |  |  |
|  | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | $348 | 348 | $0 | 0 | $0 | 0 | $ | 348 | 348 |  |  |
| Total Investments | Total Investments | Total Investments | Total Investments | Total Investments | $1448 | 1448 | $193669 | 193669 | $1400 | 1400 | $ | 196517 | 196517 |  |  |
| **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** | **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** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** |  |  |
| France | France | France | France | France | France | France | France | France | France | France | France | France | France |  |  |
|  | Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | 0 | 0 | (782) | (782) | 0 | 0 |  | (782) | (782) |  |  |
| United States | United States | United States | United States | United States |  |  |  |  |  |  |  |  |  |  |  |
|  | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | 0 | 0 | (18812) | (18812) | 0 | 0 |  | (18812) | (18812) |  |  |
|  |  |  |  |  | $0 | 0 | $(19594) | (19594) | $0 | 0 | $ | (19594) | (19594) |  |  |
| **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** | **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 | 64 | 64 | 211 | 211 | 0 | 0 |  | 275 | 275 |  |  |
| Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | 0 | 0 | 19107 | 19107 | 4 | 4 |  | 19111 | 19111 |  |  |
|  |  |  |  |  | $64 | 64 | $19318 | 19318 | $4 | 4 | $ | 19386 | 19386 |  |  |
| **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** | **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 | (149) | (149) | (117) | (117) | 0 | 0 |  | (266) | (266) |  |  |
| Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | (15) | (15) | (19313) | (19313) | 0 | 0 |  | (19328) | (19328) |  |  |
|  |  |  |  |  | $(164) | (164) | $(19430) | (19430) | $0 | 0 | $ | (19594) | (19594) |  |  |
| Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | $(100) | (100) | $(112) | (112) | $4 | 4 | $ | (208) | (208) |  |  |
| Totals | Totals | Totals | Totals | Totals | $1348 | 1348 | $173963 | 173963 | $1404 | 1404 | $ | 176715 | 176715 |  |  |
| **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** |
| Category and Subcategory | Net<br>Purchases<sup>(1)</sup> | Net<br>Purchases<sup>(1)</sup> | Net<br>Sales/Settlements<sup>(1)</sup> | Accrued<br>Discounts/<br>(Premiums) | Accrued<br>Discounts/<br>(Premiums) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Transfers into<br>Level 3 | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(2)</sup> | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(2)</sup> | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(2)</sup> |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **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** | **Investments in Securities, at Value** |
| United States |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Corporate Bonds & Notes | $ | 1400 | $ | $ | 0 | $ | 0 | $0 | 0 | $0 | $ | 1400 | $ | $ | 0 |
|  | $ | 1400 | $ | $ | 0 | $ | 0 | $0 | 0 | $0 | $ | 1400 | $ | $ | 0 |
| **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** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** |
| Over the counter | $ | 1 | $ | $ | 0 | $ | 3 | $0 | 0 | $0 | $ | 4 | $ | $ | 3 |
| Totals | $ | 1401 | $ | $ | 0 | $ | 3 | $0 | 0 | $0 | $ | 1404 | $ | $ | 3 |
| <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** |
|  |  |  |  |  |  |  |  |  |  |  | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | Input Value(s) | Input Value(s) | Input Value(s) | Weighted Average | Weighted 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** | **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** |
| United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States |
| Corporate Bonds & Notes | Corporate Bonds & Notes | $1400 | 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | 100.000 | 100.000 | 100.000 |  |  |
| **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** | **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 | $4 | 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | 0.939 | 0.939 | 0.939 |  |  |
| Total | Total | $1404 | 1404 |  |  |  |  |  |  |  |  |  |  |  |  |
| <sup>(1)</sup> | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. |
| <sup>(2)</sup> | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. |

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------

Notes to Financial Statements

**1** **. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS**

**(a) Investment Valuation Policies** The net asset value ("NAV") of the Portfolio'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 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, the Portfolio'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 Portfolio 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 Portfolio may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The 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, the Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that the 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 the 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 Portfolio 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 Pacific Investment Management Company LLC ("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 Investment Company Act of 1940, as amended (the "Act"). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees has designated PIMCO as the valuation designee ("Valuation Designee") for the Portfolio to perform the fair value determination relating to all Portfolio investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of portfolio investments. The Valuation Designee may value portfolio securities for which market quotations are not readily available and other Portfolio assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, exchange-traded funds ("ETFs"), exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Portfolio's assets that are invested in one or more open-end management investment companies (other than ETFs), the 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, 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 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. The 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 the 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 the 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 the 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 the 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 the Portfolio may transact.

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 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 the 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 the Portfolio may differ from the value that would be realized if the securities were sold. The Portfolio's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the " Frequent or Excessive Purchases, Exchanges and Redemptions " section in the Portfolio's prospectus.

Under certain circumstances, the per share NAV of a class of the Portfolio'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 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:

------

Notes to Financial Statements (Cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

• Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the 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 ofthe Portfolio'sassets 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 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.

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

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indexes, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are

------

Notes to Financial Statements (Cont.)

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.

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.

**2. FEDERAL INCOME TAX MATTERS**

The 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.

The 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 Portfolio's tax positions for all open tax years. As of September 30, 2025, the Portfolio 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 Portfolio files U.S. federal, state and local tax returns as required. The Portfolio'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.

Shares of the Portfolio currently are sold to segregated asset accounts ("Separate Accounts") of insurance companies that fund variable annuity contracts and variable life insurance policies ("Variable Contracts"). Please refer to the prospectus for the Separate Account and Variable Contract for information regarding Federal income tax treatment of distributions to the Separate Account.

**3. INVESTMENTS IN AFFILIATES**

The 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 and rules thereunder. 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 Portfolio. A copy of each affiliate fund's shareholder report is available at the U.S. Securities and Exchange Commission ("SEC") website at www.sec.gov, on the Portfolio's website at www.pimco.com, or upon request, as applicable. The table below shows the Portfolio's transactions in and earnings from investments in the affiliated funds for the period ended September 30, 2025 (amounts in thousands<sup>†</sup>):

**Investment in PIMCO Short-Term Floating NAV Portfolio III**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Market Value<br>12/31/2024** | **Purchases at<br>Cost** | **Proceeds from<br>Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>09/30/2025** | **Dividend<br>Income**<sup>(1)</sup> | **Realized Net<br>Capital<br>Gain<br>Distributions**<sup>(1)</sup> |
| $1623 | $51925 | $(53200) | $0 | $0 | $348 | $27 | $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.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** |  | (Unaudited) |
| **Counterparty Abbreviations:** | **Counterparty Abbreviations:** |  |  |  |  |
| **AZD** | Australia and New Zealand Banking Group | **DEU** | Deutsche Bank Securities, Inc. | **MEI** | Merrill Lynch International |
| **BOA** | Bank of America N.A. | **DUB** | Deutsche Bank AG | **MYC** | Morgan Stanley Capital Services LLC |
| **BPS** | BNP Paribas S.A. | **FAR** | Wells Fargo Bank National Association | **MYI** | Morgan Stanley & Co. International PLC |
| **BRC** | Barclays Bank PLC | **GLM** | Goldman Sachs Bank USA | **NGF** | Nomura Global Financial Products, Inc. |
| **BSH** | Banco Santander S.A. - New York Branch | **GST** | Goldman Sachs International | **SCX** | Standard Chartered Bank, London |
| **BSN** | The Bank of Nova Scotia - Toronto | **IND** | Crédit Agricole Corporate and Investment Bank <br> S.A. | **SOG** | Societe Generale Paris |
| **CBK** | Citibank N.A. | **JPM** | JP Morgan Chase Bank N.A. | **SSB** | State Street Bank and Trust Co. |
| **CIB** | Canadian Imperial Bank of Commerce | **MBC** | HSBC Bank Plc | **UAG** | UBS AG Stamford |
| **Currency Abbreviations:** | **Currency Abbreviations:** |  |  |  |  |
| **AUD** | Australian Dollar | **GBP** | British Pound | **NOK** | Norwegian Krone |
| **BRL** | Brazilian Real | **HKD** | Hong Kong Dollar | **NZD** | New Zealand Dollar |
| **CAD** | Canadian Dollar | **HUF** | Hungarian Forint | **PEN** | Peruvian New Sol |
| **CHF** | Swiss Franc | **IDR** | Indonesian Rupiah | **PLN** | Polish Zloty |
| **CLP** | Chilean Peso | **ILS** | Israeli Shekel | **RON** | Romanian New Leu |
| **CNH** | Chinese Renminbi (Offshore) | **INR** | Indian Rupee | **SEK** | Swedish Krona |
| **CNY** | Chinese Renminbi (Mainland) | **JPY** | Japanese Yen | **SGD** | Singapore Dollar |
| **COP** | Colombian Peso | **KRW** | South Korean Won | **THB** | Thai Baht |
| **CZK** | Czech Koruna | **KZT** | Kazakhstani Tenge | **TRY** | Turkish New Lira |
| **DKK** | Danish Krone | **MXN** | Mexican Peso | **TWD** | Taiwanese Dollar |
| **EGP** | Egyptian Pound | **MYR** | Malaysian Ringgit | **USD (or $)** | United States Dollar |
| **EUR** | Euro | **NGN** | Nigerian Naira | **ZAR** | South African Rand |
| **Exchange Abbreviations:** | **Exchange Abbreviations:** |  |  |  |  |
| **CBOT** | Chicago Board of Trade | **EUREX** | Eurex Exchange | **OTC** | Over the Counter |
| **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** |  |  |  |  |
| **Bobl** | Bundesobligation, the German word for federal government bond | **CPI** | Consumer Price Index | **SIBCSORA** | Singapore Overnight Rate Average |
| **CAONREPO** | Canadian Overnight Repo Rate Average | **EUR003M** | 3 Month EUR Swap Rate | **SOFR** | Secured Overnight Financing Rate |
| **CDX.IG** | Credit Derivatives Index - Investment Grade | **MUTKCALM** | Tokyo Overnight Average Rate | **SONIO** | Sterling Overnight Interbank Average Rate |
| **Other Abbreviations:** | **Other Abbreviations:** |  |  |  |  |
| **ABS** | Asset-Backed Security | **CLO** | Collateralized Loan Obligation | **OIS** | Overnight Index Swap |
| **ALT** | Alternate Loan Trust | **DAC** | Designated Activity Company | **REMIC** | Real Estate Mortgage Investment Conduit |
| **BBR** | Bank Bill Rate | **EURIBOR** | Euro Interbank Offered Rate | **TBA** | To-Be-Announced |
| **BBSW** | Bank Bill Swap Reference Rate | **KORIBOR** | Korea Interbank Offered Rate | **TBD** | To-Be-Determined |
| **BTP** | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | **Oat** | Obligations Assimilables du Trésor | **WIBOR** | Warsaw Interbank Offered Rate |

---

------

<br> Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 0 | 159 | 202 |
| **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(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 147.1% ¤** |  |  |
| **ARGENTINA 0.0%** |  |  |
| **SOVEREIGN ISSUES 0.0%** |  |  |
| **Argentina Bonar Bonds** |  |  |
| 0.750% due 07/09/2030 þ | $28 | $15 |
| 4.125% due 07/09/2035 þ | 24 | 11 |
| Total Argentina (Cost $30) |  | 26 |
| **AUSTRALIA 3.1%** |  |  |
| **CORPORATE BONDS & NOTES 1.0%** |  |  |
| **Commonwealth Bank of Australia**<br>4.971% due 01/22/2030 | $800 | 832 |
| **SOVEREIGN ISSUES 2.1%** |  |  |
| **Australia Government Bonds** |  |  |
| 1.750% due 06/21/2051 | 50 | 18 |
| 2.500% due 05/21/2030 | 100 | 63 |
| **New South Wales Treasury Corp.** |  |  |
| 1.750% due 03/20/2034 | 535 | 281 |
| 2.000% due 03/08/2033 | 100 | 56 |
| 4.750% due 09/20/2035 | 500 | 328 |
| **Queensland Treasury Corp.** |  |  |
| 1.750% due 07/20/2034 | 100 | 52 |
| 2.000% due 08/22/2033 | 100 | 54 |
| **Treasury Corp. of Victoria** |  |  |
| 2.000% due 09/17/2035 | 200 | 101 |
| 2.250% due 09/15/2033 | 1000 | 556 |
| 4.250% due 12/20/2032 | 200 | 130 |
|  |  | 1639 |
| Total Australia (Cost $2,369) |  | 2471 |
| **BRAZIL 2.0%** |  |  |
| **SOVEREIGN ISSUES 2.0%** |  |  |
| **Brazil Letras do Tesouro Nacional**<br>0.000% due 04/01/2026 (d) | 9300 | 1632 |
| Total Brazil (Cost $1,610) |  | 1632 |
| **BULGARIA 0.3%** |  |  |
| **SOVEREIGN ISSUES 0.3%** |  |  |
| **Bulgaria Government International Bonds** |  |  |
| 3.375% due 07/18/2035 | 100 | 115 |
| 4.125% due 07/18/2045 | 100 | 114 |
| Total Bulgaria (Cost $227) |  | 229 |
| **CANADA 4.7%** |  |  |
| **CORPORATE BONDS & NOTES 1.9%** |  |  |
| **Air Canada Pass-Through Trust**<br>3.300% due 07/15/2031 | $64 | 61 |
| **Bank of Nova Scotia**<br>0.010% due 09/14/2029 | 200 | 212 |
| **Canadian Imperial Bank of Commerce**<br>4.876% due 01/14/2030 | $600 | 622 |
| **Fairfax Financial Holdings Ltd.**<br>2.750% due 03/29/2028 | 100 | 117 |
| **Royal Bank of Canada** |  |  |
| 4.498% due 08/06/2029 •  | $200 | 202 |
| 4.851% due 12/14/2026 | 200 | 202 |

---

------

<br> Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 0 | 159 | 202 |
| 4.969% due 08/02/2030 •  | 100 | 102 |
|  |  | 1518 |
| **SOVEREIGN ISSUES 2.8%** |  |  |
| **Canada Government Real Return Bonds**<br>1.500% due 12/01/2044 (f) | 143 | 101 |
| **Export Development Canada**<br>7.130% due 03/11/2029 | 13500 | 154 |
| **Province of British Columbia**<br>4.150% due 06/18/2034 | 500 | 375 |
| **Province of Ontario**<br>3.650% due 06/02/2033 | 900 | 659 |
| **Province of Quebec** |  |  |
| 3.600% due 09/01/2033 | 1100 | 801 |
| 4.450% due 09/01/2034 | 200 | 153 |
|  |  | 2243 |
| Total Canada (Cost $3,678) |  | 3761 |
| **CAYMAN ISLANDS 3.6%** |  |  |
| **ASSET-BACKED SECURITIES 3.0%** |  |  |
| **37 Capital CLO 1 Ltd.**<br>5.598% due 10/15/2034 •  | $450 | 451 |
| **522 Funding CLO Ltd.**<br>5.627% due 10/20/2031 •  | 106 | 106 |
| **Arbor Realty Commercial Real Estate Notes Ltd.**<br>5.822% due 01/15/2037 •  | 148 | 149 |
| **Bain Capital Credit CLO Ltd.**<br>5.565% due 07/19/2034 •  | 300 | 300 |
| **BRSP Ltd.**<br>5.398% due 08/19/2038 •  | 147 | 146 |
| **Catamaran CLO Ltd.**<br>5.694% due 04/22/2030 •  | 21 | 21 |
| **LoanCore Issuer Ltd.**<br>5.931% due 01/17/2037 •  | 187 | 188 |
| **M360 Ltd.**<br>5.750% due 11/22/2038 •  | 18 | 17 |
| **Starwood Ltd.**<br>5.450% due 04/18/2038 •  | 90 | 90 |
| **TCW CLO AMR Ltd.**<br>5.484% due 08/16/2034 •  | 500 | 501 |
| **Voya CLO Ltd.**<br>5.525% due 07/20/2032 •  | 425 | 425 |
|  |  | 2394 |
| **CORPORATE BONDS & NOTES 0.3%** |  |  |
| **Sands China Ltd.**<br>5.400% due 08/08/2028 | 200 | 205 |
| **SOVEREIGN ISSUES 0.3%** |  |  |
| **KSA Sukuk Ltd.**<br>5.268% due 10/25/2028 | 200 | 206 |
| Total Cayman Islands (Cost $2,792) |  | 2805 |
| **CHINA 1.4%** |  |  |
| **SOVEREIGN ISSUES 1.4%** |  |  |
| **China Government Bonds** |  |  |
| 1.650% due 05/15/2035 | 1700 | 235 |
| 2.040% due 11/25/2034 | 1700 | 243 |
| 2.190% due 09/25/2054 | 4800 | 667 |
| Total China (Cost $1,192) |  | 1145 |
| **DENMARK 0.1%** |  |  |
| **CORPORATE BONDS & NOTES 0.1%** |  |  |
| **Jyske Realkredit AS** |  |  |
| 1.000% due 10/01/2050 | 20 | 3 |
| **Nordea Kredit Realkreditaktieselskab** |  |  |
| 1.500% due 10/01/2053 | 808 | 104 |
| 1.500% due 10/01/2052 | 1 | 0 |

---

------

<br> Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 0 | 159 | 202 |
| Total Denmark (Cost $123) |  | <br> 107 |
| **FRANCE 6.0%** |  |  |
| **CORPORATE BONDS & NOTES 0.7%** |  |  |
| **BPCE SA**<br>5.876% due 01/14/2031 •  | $300 | 313 |
| **Credit Agricole SA**<br>5.862% due 01/09/2036 •  | 250 | 263 |
|  |  | 576 |
| **SOVEREIGN ISSUES 5.3%** |  |  |
| **French Republic Government Bonds OAT** |  |  |
| 0.750% due 02/25/2028 | 950 | 1077 |
| 2.750% due 10/25/2027 | 850 | 1009 |
| 2.750% due 02/25/2030 | 1800 | 2123 |
|  |  | 4209 |
| Total France (Cost $4,344) |  | 4785 |
| **INDONESIA 0.2%** |  |  |
| **SOVEREIGN ISSUES 0.2%** |  |  |
| **Indonesia Government International Bonds**<br>4.125% due 01/15/2037 | 100 | 118 |
| Total Indonesia (Cost $102) |  | 118 |
| **IRELAND 3.3%** |  |  |
| **ASSET-BACKED SECURITIES 3.3%** |  |  |
| **Arbour CLO DAC**<br>3.366% due 05/15/2038 •  | 450 | 531 |
| **Arbour CLO VI DAC**<br>3.186% due 11/15/2037 •  | 300 | 353 |
| **BlueMountain Fuji EUR CLO III DAC**<br>2.746% due 01/15/2031 •  | 100 | 117 |
| **Cairn CLO X DAC**<br>3.059% due 10/15/2031 •  | 146 | 171 |
| **CVC Cordatus Loan Fund XI DAC**<br>2.676% due 10/15/2031 •  | 120 | 141 |
| **Harvest CLO XXI DAC**<br>2.786% due 07/15/2031 •  | 169 | 199 |
| **Rockford Tower Europe CLO DAC**<br>3.292% due 08/29/2036 •  | 300 | 353 |
| **Segovia European CLO DAC**<br>2.904% due 07/20/2032 ~ | 213 | 251 |
| **St. Pauls CLO**<br>3.113% due 01/17/2032 •  | 461 | 542 |
| Total Ireland (Cost $2,552) |  | 2658 |
| **ISRAEL 1.2%** |  |  |
| **SOVEREIGN ISSUES 1.2%** |  |  |
| **Israel Government International Bonds** |  |  |
| 5.375% due 03/12/2029 | $200 | 206 |
| 5.375% due 02/19/2030 | 400 | 413 |
| 5.500% due 03/12/2034 | 200 | 206 |
| **State of Israel**<br>3.800% due 05/13/2060 | 200 | 133 |
| Total Israel (Cost $1,001) |  | 958 |
| **ITALY 3.2%** |  |  |
| **CORPORATE BONDS & NOTES 0.4%** |  |  |
| **Banca Monte dei Paschi di Siena SpA**<br>0.875% due 10/08/2027 | 100 | 116 |
| **Intesa Sanpaolo SpA**<br>7.200% due 11/28/2033 | $200 | 228 |
|  |  | 344 |
| **SOVEREIGN ISSUES 2.8%** |  |  |
| **Cassa Depositi e Prestiti SpA**<br>5.750% due 05/05/2026 | 200 | 202 |
| **Italy Buoni Poliennali Del Tesoro**<br>2.100% due 08/26/2027 | 1400 | 1640 |

---

------

<br> Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 0 | 159 | 202 |
| **Republic** **of Italy Government International Bonds**<br>6.000% due 08/04/2028 | 300 | 417 |
|  |  | 2259 |
| Total Italy (Cost $2,665) |  | 2603 |
| **JAPAN 6.8%** |  |  |
| **CORPORATE BONDS & NOTES 0.9%** |  |  |
| **Mitsubishi UFJ Financial Group, Inc.**<br>4.527% due 09/12/2031 •  | $200 | 201 |
| **Sumitomo Mitsui Financial Group, Inc.**<br>5.520% due 01/13/2028 | 300 | 309 |
| **Sumitomo Mitsui Trust Bank Ltd.**<br>4.350% due 09/11/2030 | 200 | 201 |
|  |  | 711 |
| **SOVEREIGN ISSUES 5.9%** |  |  |
| **Japan Government CPI-Linked Bonds**<br>0.100% due 03/10/2028 (f) | 134716 | 927 |
| **Japan Government Five Year Bonds**<br>0.400% due 06/20/2029 | 10000 | 66 |
| **Japan Government Forty Year Bonds**<br>2.200% due 03/20/2064 | 67000 | 347 |
| **Japan Government Thirty Year Bonds** |  |  |
| 0.500% due 03/20/2049 | 155000 | 634 |
| 0.700% due 12/20/2048 | 85000 | 370 |
| 0.700% due 12/20/2050 | 13000 | 53 |
| 0.700% due 03/20/2051 | 13000 | 53 |
| 0.700% due 06/20/2051 | 11000 | 44 |
| 2.200% due 06/20/2054 | 16000 | 91 |
| 2.300% due 12/20/2054 | 3000 | 17 |
| **Japan Government Twenty Year Bonds** |  |  |
| 0.400% due 06/20/2040 | 100000 | 525 |
| 2.000% due 12/20/2044 | 60000 | 372 |
| 2.400% due 03/20/2045 | 45000 | 296 |
| **Japan Government Two Year Bonds**<br>0.100% due 01/01/2026 | 130000 | 878 |
|  |  | 4673 |
| Total Japan (Cost $6,926) |  | 5384 |
| **JERSEY, CHANNEL ISLANDS 0.6%** |  |  |
| **ASSET-BACKED SECURITIES 0.6%** |  |  |
| **Trysail CLO Ltd.**<br>5.564% due 10/20/2033 •  | $500 | 501 |
| Total Jersey, Channel Islands (Cost $500) |  | 501 |
| **KUWAIT 0.5%** |  |  |
| **SOVEREIGN ISSUES 0.5%** |  |  |
| **Kuwait International Bonds** |  |  |
| 4.016% due 10/09/2028 (b) | $200 | 200 |
| 4.652% due 10/09/2035 (b) | 200 | 200 |
| Total Kuwait (Cost $400) |  | 400 |
| **LUXEMBOURG 1.2%** |  |  |
|  | SHARES |  |
| **COMMON STOCKS 0.2%** |  |  |
| **Drillco Holdings Luxembourg SA** **«(g)** | 6410 | 139 |
| **Foresea Holdings SA** **«** | 2675 | 58 |
|  |  | 197 |
|  | PRINCIPAL<br>AMOUNT<br>(000s) |  |
| **CORPORATE BONDS & NOTES 0.5%** |  |  |
| **FORESEA Holding SA**<br>7.500% due 06/15/2030 | $113 | 111 |

---

------

<br> Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 0 | 159 | 202 |
| **Greensaif** **Pipelines Bidco SARL**<br>6.510% due 02/23/2042 | 300 | 326 |
|  |  | 437 |
| **SOVEREIGN ISSUES 0.5%** |  |  |
| **Eagle Funding Luxco SARL**<br>5.500% due 08/17/2030 | 400 | 406 |
| Total Luxembourg (Cost $904) |  | 1040 |
| **MALAYSIA 1.6%** |  |  |
| **CORPORATE BONDS & NOTES 0.6%** |  |  |
| **Petronas Capital Ltd.**<br>2.480% due 01/28/2032 | $500 | 451 |
| **SOVEREIGN ISSUES 1.0%** |  |  |
| **Malaysia Government Bonds** |  |  |
| 2.632% due 04/15/2031 | 400 | 92 |
| 3.519% due 04/20/2028 | 2831 | 677 |
| 4.762% due 04/07/2037 | 200 | 53 |
|  |  | 822 |
| Total Malaysia (Cost $1,241) |  | 1273 |
| **MEXICO 0.2%** |  |  |
| **SOVEREIGN ISSUES 0.2%** |  |  |
| **Mexico Government International Bonds**<br>4.490% due 05/25/2032 | 100 | 121 |
| Total Mexico (Cost $109) |  | 121 |
| **NETHERLANDS 1.2%** |  |  |
| **CORPORATE BONDS & NOTES 0.3%** |  |  |
| **ABN AMRO Bank NV**<br>6.575% due 10/13/2026 •  | $200 | 200 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.9%** |  |  |
| **Domi BV**<br>2.916% due 11/15/2052 •  | 204 | 240 |
| **Dutch Property Finance BV**<br>2.598% due 07/28/2058 •  | 282 | 332 |
| **Jubilee Place BV**<br>3.263% (EUR003M + 1.000%) due 10/17/2057 ~ | 143 | 167 |
|  |  | 739 |
| Total Netherlands (Cost $953) |  | 939 |
| **NEW ZEALAND 0.1%** |  |  |
| **SOVEREIGN ISSUES 0.1%** |  |  |
| **New Zealand Government Bonds**<br>1.500% due 05/15/2031 | 100 | 52 |
| Total New Zealand (Cost $69) |  | 52 |
| **NORWAY 0.1%** |  |  |
| **SOVEREIGN ISSUES 0.1%** |  |  |
| **Kommunalbanken AS**<br>1.900% due 01/19/2027 | 100 | 65 |
| Total Norway (Cost $73) |  | 65 |
| **PERU 1.5%** |  |  |
| **SOVEREIGN ISSUES 1.5%** |  |  |
| **Peru Government Bonds** |  |  |
| 6.850% due 08/12/2035 | 200 | 61 |
| 7.300% due 08/12/2033 | 3000 | 964 |
| **Peru Government International Bonds** |  |  |
| 5.375% due 02/08/2035 | $100 | 102 |
| 6.150% due 08/12/2032 | 100 | 30 |

---

------

<br> Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 0 | 159 | 202 |
| Total Peru (Cost $1,054) |  | <br> 1157 |
| **POLAND 0.6%** |  |  |
| **SOVEREIGN ISSUES 0.6%** |  |  |
| **Republic of Poland Government International Bonds** |  |  |
| 4.625% due 03/18/2029 | $200 | 204 |
| 4.875% due 02/12/2030 | 100 | 103 |
| 5.125% due 09/18/2034 | 200 | 205 |
| Total Poland (Cost $498) |  | 512 |
| **ROMANIA 1.3%** |  |  |
| **SOVEREIGN ISSUES 1.3%** |  |  |
| **Romania Government International Bonds** |  |  |
| 1.375% due 12/02/2029 | 90 | 94 |
| 2.000% due 04/14/2033 | 50 | 46 |
| 2.125% due 03/07/2028 | 100 | 114 |
| 2.750% due 04/14/2041 | 150 | 114 |
| 2.875% due 04/13/2042 | 100 | 76 |
| 5.000% due 09/27/2026 | 300 | 361 |
| 5.250% due 03/10/2030 | 100 | 121 |
| 5.625% due 05/30/2037 | 100 | 112 |
| Total Romania (Cost $1,108) |  | 1038 |
| **SAUDI ARABIA 1.6%** |  |  |
| **SOVEREIGN ISSUES 1.6%** |  |  |
| **Saudi Government International Bonds** |  |  |
| 3.250% due 10/22/2030 | $200 | 191 |
| 3.375% due 03/05/2032 | 200 | 237 |
| 3.750% due 03/05/2037 | 100 | 116 |
| 4.750% due 01/18/2028 | $200 | 203 |
| 4.750% due 01/16/2030 | 200 | 204 |
| 5.375% due 01/13/2031 | 300 | 316 |
| Total Saudi Arabia (Cost $1,201) |  | 1267 |
| **SERBIA 0.1%** |  |  |
| **SOVEREIGN ISSUES 0.1%** |  |  |
| **Serbia International Bonds**<br>1.000% due 09/23/2028 | 100 | 109 |
| Total Serbia (Cost $117) |  | 109 |
| **SINGAPORE 0.5%** |  |  |
| **SOVEREIGN ISSUES 0.5%** |  |  |
| **Singapore Government Bonds**<br>3.250% due 06/01/2054 | 426 | 416 |
| Total Singapore (Cost $313) |  | 416 |
| **SOUTH AFRICA 1.7%** |  |  |
| **SOVEREIGN ISSUES 1.7%** |  |  |
| **Republic of South Africa Government Bonds** |  |  |
| 6.250% due 03/31/2036 | 700 | 32 |
| 8.000% due 01/31/2030 | 4300 | 250 |
| 8.750% due 02/28/2048 | 1100 | 55 |
| 8.875% due 02/28/2035 | 17600 | 1001 |
| Total South Africa (Cost $1,288) |  | 1338 |
| **SOUTH KOREA 1.4%** |  |  |
| **SOVEREIGN ISSUES 1.4%** |  |  |
| **Korea Treasury Bonds** |  |  |
| 1.375% due 06/10/2030 | 111630 | 74 |
| 2.375% due 12/10/2028 | 326550 | 231 |
| 2.625% due 06/10/2028 | 1130790 | 807 |

---

------

<br> Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 0 | 159 | 202 |
| Total South Korea (Cost $1,182) |  | <br> 1112 |
| **SPAIN 3.4%** |  |  |
| **SOVEREIGN ISSUES 3.4%** |  |  |
| **Spain Government Bonds** |  |  |
| 0.000% due 01/31/2028 (d) | 650 | 726 |
| 2.400% due 05/31/2028 | 450 | 530 |
| 3.150% due 04/30/2035 | 270 | 316 |
| 3.200% due 10/31/2035 | 200 | 234 |
| 3.450% due 10/31/2034 | 740 | 889 |
| Total Spain (Cost $2,531) |  | 2695 |
| **SUPRANATIONAL 0.7%** |  |  |
| **SOVEREIGN ISSUES 0.7%** |  |  |
| **European Union**<br>3.750% due 10/12/2045 | 500 | 581 |
| Total Supranational (Cost $583) |  | 581 |
| **SWITZERLAND 1.3%** |  |  |
| **CORPORATE BONDS & NOTES 1.3%** |  |  |
| **UBS Group AG** |  |  |
| 4.194% due 04/01/2031 •  | $250 | 247 |
| 4.282% due 01/09/2028 | 250 | 250 |
| 5.699% due 02/08/2035 •  | 200 | 211 |
| 9.016% due 11/15/2033 •  | 250 | 313 |
| Total Switzerland (Cost $1,009) |  | 1021 |
| **THAILAND 0.7%** |  |  |
| **SOVEREIGN ISSUES 0.7%** |  |  |
| **Thailand Government Bonds** |  |  |
| 2.410% due 03/17/2035 | 2400 | 81 |
| 2.500% due 11/17/2029 | 12780 | 415 |
| 3.775% due 06/25/2032 | 1550 | 55 |
| Total Thailand (Cost $500) |  | 551 |
| **UNITED ARAB EMIRATES 0.6%** |  |  |
| **CORPORATE BONDS & NOTES 0.6%** |  |  |
| **Abu Dhabi Developmental Holding Co. PJSC** |  |  |
| 4.375% due 10/02/2031 | $300 | 301 |
| 5.375% due 05/08/2029 | 200 | 208 |
| Total United Arab Emirates (Cost $497) |  | 509 |
| **UNITED KINGDOM 5.7%** |  |  |
| **CORPORATE BONDS & NOTES 3.7%** |  |  |
| **Barclays PLC**<br>4.972% due 05/16/2029 •  | $400 | 406 |
| **HSBC Holdings PLC**<br>4.856% due 05/23/2033 •  | 400 | 508 |
| **Nationwide Building Society**<br>2.972% due 02/16/2028 •  | $300 | 295 |
| **NatWest Group PLC** |  |  |
| 5.516% due 09/30/2028 •  | 300 | 308 |
| 5.778% due 03/01/2035 •  | 300 | 316 |
| **NatWest Markets PLC**<br>0.125% due 11/12/2025 | 100 | 117 |
| **Santander U.K. Group Holdings PLC**<br>6.534% due 01/10/2029 •  | $200 | 209 |
| **Standard Chartered PLC** |  |  |
| 2.608% due 01/12/2028 •  | 200 | 196 |
| 2.678% due 06/29/2032 •  | 400 | 358 |
| **Vmed O2 U.K. Financing I PLC**<br>5.625% due 04/15/2032 | 200 | 242 |
|  |  | 2955 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.5%** |  |  |
| **Alba PLC**<br>4.295% due 11/25/2042 •  | 65 | 86 |
| **Eurosail-U.K. PLC**<br>5.055% (BP0003M + 0.950%) due 06/13/2045 ~ | 108 | 146 |

---

------

<br> Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 0 | 159 | 202 |
| **RMAC** **Securities No. 1 PLC**<br>4.275% due 06/12/2044 •  | 117 | 155 |
|  |  | 387 |
| **SOVEREIGN ISSUES 1.5%** |  |  |
| **U.K. Gilts** |  |  |
| 0.625% due 10/22/2050 | 400 | 188 |
| 1.250% due 07/31/2051 | 500 | 281 |
| 1.500% due 07/31/2053 | 100 | 58 |
| 1.750% due 01/22/2049 | 100 | 69 |
| 4.375% due 07/31/2054 | 430 | 484 |
| 5.375% due 01/31/2056 | 100 | 132 |
|  |  | 1212 |
| Total United Kingdom (Cost $5,253) |  | 4554 |
| **UNITED STATES 83.3%** |  |  |
| **ASSET-BACKED SECURITIES 3.6%** |  |  |
| **Argent Securities Trust** |  |  |
| 4.572% due 07/25/2036 •  | $308 | 84 |
| 4.592% due 05/25/2036 •  | 538 | 129 |
| **Avis Budget Rental Car Funding AESOP LLC**<br>1.660% due 02/20/2028 | 300 | 292 |
| **C-BASS Mortgage Loan Trust**<br>3.270% due 03/25/2037 þ | 201 | 70 |
| **Countrywide Asset-Backed Certificates Trust** |  |  |
| 4.412% due 07/25/2037 •  | 32 | 30 |
| 4.423% due 07/25/2036 ~ | 2 | 2 |
| 6.147% due 07/25/2035 •  | 611 | 605 |
| **First Franklin Mortgage Loan Trust**<br>5.547% due 07/25/2034 •  | 6 | 6 |
| **GSAA Home Equity Trust**<br>5.172% due 08/25/2037 •  | 2 | 2 |
| **Home Equity Mortgage Loan Asset-Backed Trust**<br>4.512% due 04/25/2037 •  | 184 | 125 |
| **MASTR Asset-Backed Securities Trust**<br>4.692% due 05/25/2037 •  | 78 | 76 |
| **Morgan Stanley ABS Capital I, Inc. Trust**<br>4.502% due 10/25/2036 •  | 421 | 220 |
| **Morgan Stanley Mortgage Loan Trust**<br>6.000% due 02/25/2037 ~ | 8 | 8 |
| **New Century Home Equity Loan Trust**<br>3.406% due 06/20/2031 ~ | 217 | 204 |
| **Nomura Home Equity Loan, Inc. Home Equity Loan Trust**<br>4.902% due 02/25/2036 •  | 238 | 223 |
| **Option One Mortgage Loan Trust**<br>4.412% due 03/25/2037 •  | 34 | 31 |
| **PRET LLC**<br>5.843% due 09/25/2051 þ | 160 | 160 |
| **Renaissance Home Equity Loan Trust**<br>5.294% due 01/25/2037 þ | 363 | 109 |
| **SMB Private Education Loan Trust** |  |  |
| 1.290% due 07/15/2053 | 46 | 44 |
| 5.365% due 07/15/2053 •  | 23 | 23 |
| 5.822% due 02/16/2055 •  | 152 | 154 |
| **Structured Asset Investment Loan Trust**<br>5.997% due 10/25/2034 •  | 232 | 235 |
| **Terwin Mortgage Trust**<br>5.212% due 11/25/2033 •  | 3 | 3 |
|  |  | 2835 |
| **CORPORATE BONDS & NOTES 7.2%** |  |  |
| **Athene Global Funding**<br>5.363% (SOFRINDX + 1.210%) due 03/25/2027 ~ | 200 | 202 |
| **Bank of America Corp.** |  |  |
| 5.162% due 01/24/2031 •  | 300 | 310 |
| 5.288% due 04/25/2034 •  | 100 | 104 |
| **Bayer U.S. Finance II LLC**<br>4.250% due 12/15/2025 | 300 | 300 |
| **Beignet**<br>6.850% due 06/01/2049 «(b) | 800 | 800 |
| **Boeing Co.**<br>6.388% due 05/01/2031 | 100 | 109 |
| **Bristol-Myers Squibb Co.**<br>5.100% due 02/22/2031 | 100 | 104 |
| **Charter Communications Operating LLC/Charter Communications Operating Capital**<br>3.500% due 03/01/2042 | 100 | 72 |
| **Citigroup, Inc.**<br>5.449% due 06/11/2035 •  | 300 | 311 |
| **Credit Suisse AG AT1 Claim** | 300 | 39 |

---

------

<br> Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 0 | 159 | 202 |
| **GA** **Global Funding Trust** |  |  |
| 2.250% due 01/06/2027 | 150 | 146 |
| 5.400% due 01/13/2030 | 200 | 207 |
| **Goldman Sachs Group, Inc.** |  |  |
| 4.692% due 10/23/2030 •  | 100 | 101 |
| 5.330% due 07/23/2035 •  | 200 | 206 |
| 5.536% due 01/28/2036 •  | 500 | 522 |
| 5.851% due 04/25/2035 •  | 200 | 213 |
| **JPMorgan Chase & Co.** |  |  |
| 2.580% due 04/22/2032 •  | 100 | 91 |
| 5.502% due 01/24/2036 •  | 200 | 209 |
| **Morgan Stanley** |  |  |
| 3.955% due 03/21/2035 •  | 100 | 121 |
| 4.654% due 10/18/2030 •  | $300 | 303 |
| 5.587% due 01/18/2036 •  | 200 | 210 |
| **Nissan Motor Acceptance Co. LLC**<br>1.850% due 09/16/2026 | 300 | 289 |
| **Pacific Gas & Electric Co.**<br>4.200% due 03/01/2029 | 100 | 99 |
| **PacifiCorp**<br>5.300% due 02/15/2031 | 100 | 104 |
| **Philip Morris International, Inc.**<br>5.125% due 02/13/2031 | 100 | 104 |
| **Wells Fargo & Co.** |  |  |
| 4.808% due 07/25/2028 •  | 200 | 202 |
| 5.211% due 12/03/2035 •  | 300 | 307 |
|  |  | 5785 |
| **MUNICIPAL BONDS & NOTES 0.4%** |  |  |
| **Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021**<br>2.746% due 06/01/2034 | 200 | 178 |
| **Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023**<br>5.169% due 04/01/2041 | 100 | 102 |
|  |  | 280 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 9.4%** |  |  |
| **Angel Oak Mortgage Trust**<br>5.985% due 01/25/2069 þ | 373 | 377 |
| **Arbor Multifamily Mortgage Securities Trust**<br>2.756% due 05/15/2053 | 200 | 187 |
| **Banc of America Funding Trust** |  |  |
| 4.670% due 04/20/2047 •  | 42 | 35 |
| 6.000% due 07/25/2037 | 49 | 42 |
| **BCAP LLC Trust**<br>4.692% due 05/25/2047 •  | 57 | 55 |
| **BWAY Mortgage Trust**<br>5.515% due 09/15/2036 •  | 400 | 388 |
| **Chase Mortgage Finance Trust** |  |  |
| 4.933% due 07/25/2037 ~ | 4 | 4 |
| 5.007% due 03/25/2037 ~ | 23 | 22 |
| **CHL Mortgage Pass-Through Trust**<br>6.250% due 09/25/2036 | 34 | 12 |
| **Citigroup Mortgage Loan Trust, Inc.** |  |  |
| 2.500% due 05/25/2051 ~ | 450 | 374 |
| 4.822% due 04/25/2037 ~ | 25 | 22 |
| 4.857% due 08/25/2035 ~ | 260 | 240 |
| **CSMC Trust** |  |  |
| 2.500% due 07/25/2056 ~ | 69 | 58 |
| 6.115% due 10/15/2037 •  | 200 | 198 |
| **Deutsche Alt-A Securities, Inc. Mortgage Loan Trust**<br>4.422% due 02/25/2047 •  | 137 | 77 |
| **Deutsche Alt-B Securities, Inc. Mortgage Loan Trust**<br>6.445% due 02/25/2036 þ | 36 | 33 |
| **Extended Stay America Trust**<br>5.344% due 07/15/2038 •  | 337 | 338 |
| **GCAT Trust** |  |  |
| 3.000% due 04/25/2052 ~ | 323 | 279 |
| 4.250% due 05/25/2067 ~ | 420 | 402 |
| **GreenPoint MTA Trust**<br>4.732% due 06/25/2045 •  | 31 | 25 |
| **GS Mortgage-Backed Securities Trust** |  |  |
| 2.500% due 12/25/2051 ~ | 75 | 62 |
| 3.000% due 09/25/2052 ~ | 492 | 424 |
| **JP Morgan Alternative Loan Trust**<br>4.647% due 12/25/2036 ~ | 4 | 4 |
| **JP Morgan Mortgage Trust** |  |  |
| 2.500% due 12/25/2051 ~ | 226 | 188 |
| 3.000% due 01/25/2052 ~ | 508 | 439 |
| 3.000% due 03/25/2052 ~ | 475 | 413 |
| 3.000% due 04/25/2052 ~ | 489 | 426 |
| 3.000% due 05/25/2052 ~ | 726 | 630 |
| **Merrill Lynch Mortgage Investors Trust**<br>4.440% due 03/25/2036 ~ | 90 | 44 |

---

------

<br> Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 0 | 159 | 202 |
| **Morgan** **Stanley Mortgage Loan Trust** |  |  |
| 3.963% due 05/25/2036 ~ | 58 | 31 |
| 4.641% due 09/25/2035 ~ | 40 | 10 |
| **New Residential Mortgage Loan Trust** |  |  |
| 2.750% due 07/25/2059 ~ | 87 | 84 |
| 2.750% due 11/25/2059 ~ | 62 | 60 |
| **NYO Commercial Mortgage Trust**<br>5.360% due 11/15/2038 •  | 300 | 299 |
| **OBX Trust**<br>3.000% due 01/25/2052 ~ | 231 | 200 |
| **PHH Alternative Mortgage Trust**<br>6.000% due 05/25/2037 | 17 | 16 |
| **PMT Loan Trust**<br>2.500% due 07/25/2051 ~ | 225 | 187 |
| **RALI Trust**<br>6.000% due 06/25/2036 | 42 | 34 |
| **RFMSI Trust**<br>6.000% due 06/25/2037 | 17 | 13 |
| **Structured Asset Securities Corp.**<br>4.552% due 01/25/2036 •  | 30 | 25 |
| **Towd Point Mortgage Trust** |  |  |
| 2.710% due 01/25/2060 ~ | 69 | 67 |
| 2.900% due 10/25/2059 ~ | 278 | 267 |
| 4.541% due 10/27/2064 ~ | 426 | 427 |
| **WaMu Mortgage Pass-Through Certificates Trust**<br>4.159% due 09/25/2036 ~ | 14 | 12 |
|  |  | 7530 |
| **U.S. GOVERNMENT AGENCIES 49.7%** |  |  |
| **Federal Home Loan Mortgage Corp.** |  |  |
| 2.500% due 01/01/2052 | 322 | 273 |
| 3.000% due 02/01/2046 | 158 | 144 |
| 3.500% due 10/01/2039 - 04/01/2048 | 155 | 145 |
| 6.000% due 12/01/2053 | 354 | 362 |
| 6.454% due 09/01/2037 •  | 76 | 78 |
| 6.500% due 11/01/2053 - 12/01/2053 | 465 | 481 |
| **Federal Home Loan Mortgage Corp. REMICS** |  |  |
| 1.815% due 01/15/2038 ~(a) | 38 | 2 |
| 4.810% due 01/15/2038 •  | 38 | 37 |
| 5.296% due 11/25/2054 •  | 455 | 456 |
| 5.306% due 03/25/2055 •  | 446 | 444 |
| 5.756% due 03/25/2055 •  | 424 | 427 |
| **Federal National Mortgage Association** |  |  |
| 2.500% due 02/01/2051 | 66 | 56 |
| 3.000% due 10/01/2049 | 123 | 109 |
| 3.500% due 10/01/2034 - 01/01/2059 | 220 | 204 |
| 4.000% due 06/01/2050 | 48 | 46 |
| 4.500% due 12/01/2033 | 28 | 28 |
| 6.500% due 10/01/2053 - 12/01/2053 | 760 | 787 |
| **Federal National Mortgage Association REMICS**<br>4.871% due 06/25/2036 •  | 2 | 2 |
| **Government National Mortgage Association**<br>3.000% due 04/20/2052 - 12/20/2052 | 1637 | 1463 |
| **Government National Mortgage Association REMICS** |  |  |
| 5.246% due 09/20/2066 •  | 99 | 99 |
| 7.149% due 09/20/2066 ~ | 87 | 89 |
| **Government National Mortgage Association, TBA** |  |  |
| 2.500% due 11/01/2055 | 900 | 775 |
| 3.000% due 11/01/2055 | 1200 | 1071 |
| 3.500% due 11/01/2055 | 3300 | 3009 |
| 6.500% due 11/01/2055 | 1900 | 1952 |
| **Uniform Mortgage-Backed Security, TBA** |  |  |
| 2.500% due 11/01/2055 | 600 | 506 |
| 4.000% due 10/01/2055 - 11/01/2055 | 600 | 566 |
| 4.500% due 10/01/2055 | 200 | 194 |
| 5.000% due 11/01/2055 | 10300 | 10209 |
| 5.500% due 11/01/2055 | 700 | 705 |
| 6.000% due 11/01/2055 | 4800 | 4903 |
| 6.500% due 11/01/2055 | 9700 | 10031 |
|  |  | 39653 |
| **U.S. TREASURY OBLIGATIONS 13.0%** |  |  |
| **U.S. Treasury Bonds** |  |  |
| 1.625% due 11/15/2050 (l) | 50 | 27 |
| 1.875% due 02/15/2041 (i) | 1700 | 1196 |
| 2.250% due 08/15/2049 (l) | 250 | 160 |
| 2.375% due 11/15/2049 | 525 | 344 |
| 3.000% due 02/15/2048 | 300 | 227 |
| 3.000% due 08/15/2048 | 325 | 244 |
| 3.000% due 02/15/2049 | 250 | 187 |
| 3.375% due 11/15/2048 | 430 | 345 |
| 4.125% due 08/15/2044 (i) | 750 | 696 |
| 4.500% due 11/15/2054 (i) | 2300 | 2215 |
| 4.625% due 02/15/2055 (i) | 1200 | 1180 |

---

------

<br> Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 0 | 159 | 202 |
| **U** **.S. Treasury Inflation Protected Securities** **(f)** |  |  |
| 0.125% due 07/15/2031 | 482 | 451 |
| 0.125% due 01/15/2032 | 466 | 429 |
| 0.500% due 01/15/2028 | 1964 | 1942 |
| 1.125% due 01/15/2033 | 596 | 578 |
| **U.S. Treasury Notes** |  |  |
| 3.500% due 02/15/2033 (l) | 100 | 97 |
| 4.000% due 02/15/2034 (l) | 100 | 100 |
|  |  | 10418 |
| Total United States (Cost $68,351) |  | 66501 |
| **SHORT-TERM INSTRUMENTS 1.3%** |  |  |
| **COMMERCIAL PAPER 0.3%** |  |  |
| **Canadian Natural Resources Ltd.**<br>4.450% due 10/22/2025 | $250 | 249 |
| **REPURCHASE AGREEMENTS (h) 0.6%** |  | 500 |
| **NIGERIA TREASURY BILLS 0.3%** |  |  |
| 30.838% due 11/04/2025 - 06/29/2026 (c)(d) | 390760 | 234 |
| **SOUTH AFRICA TREASURY BILLS 0.1%** |  |  |
| 7.505% due 06/17/2026 (d)(e) | 700 | 39 |
| Total Short-Term Instruments (Cost $1,001) |  | 1022 |
| Total Investments in Securities (Cost $120,346) |  | 117456 |
|  | SHARES |  |
| **INVESTMENTS IN AFFILIATES 0.6%** |  |  |
| **SHORT-TERM INSTRUMENTS 0.6%** |  |  |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.6%** |  |  |
| **PIMCO Short-Term Floating NAV Portfolio III** | 47265 | 460 |
| Total Short-Term Instruments (Cost $460) |  | 460 |
| Total Investments in Affiliates (Cost $460) |  | 460 |
| Total Investments 147.7% (Cost $120,806) |  | $117916 |
| **Financial Derivative Instruments** **(j)(k)** **(0.4)**%(Cost or Premiums, net $(28)) |  | (353) |
| Other Assets and Liabilities, net (47.3)% |  | (37715) |
| Net Assets 100.0% |  | $79848 |

---

------

<br> Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 0 | 23 | 48 | 99 | 117 | 148 | 159 | 178 | 192 | 202 | 222 |
| **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  |
| **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** |
| **¤** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** |
| **«** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** |
| **(b)** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** |
| **(c)** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** |
| **(d)** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** |
| **(e)** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** |
| **(f)** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** |
| **(g)** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** |
| Issuer Description | Issuer Description | Issuer Description | Acquisition<br>Date | Acquisition<br>Date | Cost | Cost |  | Market<br>Value | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
| Drillco Holdings Luxembourg SA | Drillco Holdings Luxembourg SA | Drillco Holdings Luxembourg SA | 06/08/2023 | 06/08/2023 | 128 | 128 | $ | 139 | 139 | % |
| **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** |
| **(h)** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** |
| Counterparty | Maturity<br>Date | Principal<br>Amount | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | Collateral<br>(Received) | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BRC | TBD<sup>(2)</sup> | 170 | &nbsp;&nbsp; France Government International Bond 3.000% due 06/25/2049 | &nbsp;&nbsp; France Government International Bond 3.000% due 06/25/2049 | &nbsp;&nbsp; France Government International Bond 3.000% due 06/25/2049 | (166) | (166) | 200 | 200 | 201 |
| MYI | TBD<sup>(2)</sup> | 256 | &nbsp;&nbsp; France Government International Bond 3.000% due 06/25/2049 | &nbsp;&nbsp; France Government International Bond 3.000% due 06/25/2049 | &nbsp;&nbsp; France Government International Bond 3.000% due 06/25/2049 | (250) | (250) | 300 | 300 | 301 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |  |  | **(416)** | **(416)** | **500** | **500** | **502** |
| **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** |
| Counterparty | Counterparty | Borrowing Rate<sup>(3)</sup> | Settlement Date | Maturity Date | Maturity Date | Amount<br>Borrowed<sup>(3)</sup> | Amount<br>Borrowed<sup>(3)</sup> | Amount<br>Borrowed<sup>(3)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Reverse<br>Repurchase<br>Agreements |
| CIB | CIB | 4.270% | 09/18/2025 | 10/09/2025 | 10/09/2025 | (4121) | (4121) | (4121) | (4127) | (4127) |
| **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** |  |  |  |  |  |  |  | **(4127)** | **(4127)** |
| **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** |
| Counterparty | Counterparty | Borrowing Rate<sup>(3)</sup> | Borrowing Date | Maturity Date | Maturity Date | Amount<br>Borrowed<sup>(3)</sup> | Amount<br>Borrowed<sup>(3)</sup> | Amount<br>Borrowed<sup>(3)</sup> | Payable for<br>Sale-Buyback<br>Transactions<sup>(4)</sup> | Payable for<br>Sale-Buyback<br>Transactions<sup>(4)</sup> |
| UBS | UBS | 4.260% | 09/17/2025 | 10/24/2025 | 10/24/2025 | (71) | (71) | (71) | (71) | (71) |
|  |  | 4.340 | 09/08/2025 | 10/06/2025 | 10/06/2025 | (1176) | (1176) | (1176) | (1180) | (1180) |
| **Total Sale-Buyback Transactions** | **Total Sale-Buyback Transactions** |  |  |  |  |  |  |  | **(1251)** | **(1251)** |
| **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** |
| Description | Description | Description | Coupon | Coupon | Principal<br>Amount | Principal<br>Amount | Proceeds | Proceeds | Proceeds | Payable for<br>Short Sales |
| France (0.9)% | France (0.9)% | France (0.9)% | France (0.9)% | France (0.9)% | France (0.9)% | France (0.9)% | France (0.9)% | France (0.9)% | France (0.9)% | France (0.9)% |
| Sovereign Issues (0.9)% | Sovereign Issues (0.9)% | Sovereign Issues (0.9)% | Sovereign Issues (0.9)% | Sovereign Issues (0.9)% | Sovereign Issues (0.9)% | Sovereign Issues (0.9)% | Sovereign Issues (0.9)% | Sovereign Issues (0.9)% | Sovereign Issues (0.9)% | Sovereign Issues (0.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; French Republic Government Bonds OAT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; French Republic Government Bonds OAT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; French Republic Government Bonds OAT | 3.000% | 3.000% | EUR | 500 |  | (499) | (499) | (489) |
|  | Total France | Total France | Total France | Total France |  |  |  | (499) | (499) | (489) |
| United States (8.0)% | United States (8.0)% | United States (8.0)% | United States (8.0)% | United States (8.0)% | United States (8.0)% | United States (8.0)% | United States (8.0)% | United States (8.0)% | United States (8.0)% | United States (8.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (8.0)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (8.0)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (8.0)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (8.0)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (8.0)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (8.0)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (8.0)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (8.0)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (8.0)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (8.0)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (8.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, TBA | 2.000% | 2.000% | $ | 5500 |  | (4433) | (4433) | (4434) |

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<br> Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 0 | 7 | 59 | 77 | 91 | 98 | 99 | 118 | 132 | 141 | 147 | 164 | 168 | 176 | 187 | 214 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 10/01/2040 | 10/01/2040 |  |  | 1900 | 1900 |  | (1760) |  | (1747) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.000 | 11/01/2055 | 11/01/2055 |  |  | 200 | 200 |  | (176) |  | (176) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.000 | 10/01/2055 | 10/01/2055 | $ | $ | 300 | 300 | $ | (283) | $ | (283) |
|  | Total United States | Total United States | Total United States | Total United States | Total United States | Total United States |  |  |  |  |  |  |  | (6652) |  | (6640) |
| **Total Short Sales (9.5)%** | **Total Short Sales (9.5)%** | **Total Short Sales (9.5)%** | **Total Short Sales (9.5)%** | **Total Short Sales (9.5)%** | **Total Short Sales (9.5)%** |  |  |  |  |  |  |  | **$** | **(7151)** | **$** | **(7129)** |
| **(i)** | **Securities with an aggregate market value of $5,287 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $5,287 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $5,287 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $5,287 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $5,287 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $5,287 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $5,287 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $5,287 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $5,287 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $5,287 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $5,287 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $5,287 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $5,287 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $5,287 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $5,287 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $5,287 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** |
| <sup>(1)</sup> | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. |
| <sup>(2)</sup> | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. |
| <sup>(3)</sup> | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6780) at a weighted average interest rate of 4.428%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6780) at a weighted average interest rate of 4.428%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6780) at a weighted average interest rate of 4.428%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6780) at a weighted average interest rate of 4.428%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6780) at a weighted average interest rate of 4.428%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6780) at a weighted average interest rate of 4.428%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6780) at a weighted average interest rate of 4.428%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6780) at a weighted average interest rate of 4.428%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6780) at a weighted average interest rate of 4.428%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6780) at a weighted average interest rate of 4.428%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6780) at a weighted average interest rate of 4.428%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6780) at a weighted average interest rate of 4.428%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6780) at a weighted average interest rate of 4.428%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6780) at a weighted average interest rate of 4.428%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6780) at a weighted average interest rate of 4.428%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6780) at a weighted average interest rate of 4.428%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. |
| <sup>(4)</sup> | Payable for sale-buyback transactions includes $(1) of deferred price drop. | Payable for sale-buyback transactions includes $(1) of deferred price drop. | Payable for sale-buyback transactions includes $(1) of deferred price drop. | Payable for sale-buyback transactions includes $(1) of deferred price drop. | Payable for sale-buyback transactions includes $(1) of deferred price drop. | Payable for sale-buyback transactions includes $(1) of deferred price drop. | Payable for sale-buyback transactions includes $(1) of deferred price drop. | Payable for sale-buyback transactions includes $(1) of deferred price drop. | Payable for sale-buyback transactions includes $(1) of deferred price drop. | Payable for sale-buyback transactions includes $(1) of deferred price drop. | Payable for sale-buyback transactions includes $(1) of deferred price drop. | Payable for sale-buyback transactions includes $(1) of deferred price drop. | Payable for sale-buyback transactions includes $(1) of deferred price drop. | Payable for sale-buyback transactions includes $(1) of deferred price drop. | Payable for sale-buyback transactions includes $(1) of deferred price drop. | Payable for sale-buyback transactions includes $(1) of deferred price drop. |
| **(j)** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** |
| **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** |
| **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** |
| Description | Description | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Expiration<br>Date | Expiration<br>Date | # of<br>Contracts | # of<br>Contracts | Notional Amount | Notional Amount | Premiums<br>(Received) | Premiums<br>(Received) | Premiums<br>(Received) | Market<br>Value | Market<br>Value |
| Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | 111.500 | 111.500 | 10/24/2025 | 10/24/2025 | 10/24/2025 | 4 | 4 | 4 | 4 | (1) | (1) | (1) | (1) | (1) |
| Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | 113.500 | 113.500 | 10/24/2025 | 10/24/2025 | 10/24/2025 | 8 | 8 | 8 | 8 | (2) | (2) | (2) | (2) | (2) |
| Put - EUREX Euro-Bund October 2025 Futures | Put - EUREX Euro-Bund October 2025 Futures | Put - EUREX Euro-Bund October 2025 Futures | 127.500 | 127.500 | 10/24/2025 | 10/24/2025 | 10/24/2025 | 2 | 2 | 2 | 2 | (1) | (1) | (1) | 0 | 0 |
| Call - EUREX Euro-Bund October 2025 Futures | Call - EUREX Euro-Bund October 2025 Futures | Call - EUREX Euro-Bund October 2025 Futures | 129.500 | 129.500 | 10/24/2025 | 10/24/2025 | 10/24/2025 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 |
| Call - EUREX Euro-Bund October 2025 Futures | Call - EUREX Euro-Bund October 2025 Futures | Call - EUREX Euro-Bund October 2025 Futures | 130.500 | 130.500 | 10/24/2025 | 10/24/2025 | 10/24/2025 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 |
|  |  |  |  |  |  |  |  |  |  |  | $ | $(4) | (4) | (4) | (3) | (3) |
| **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** |
| Description | Description | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Expiration<br>Date | Expiration<br>Date | # of<br>Contracts | # of<br>Contracts | Notional Amount | Notional Amount | Premiums<br>(Received) | Premiums<br>(Received) | Premiums<br>(Received) | Market<br>Value | Market<br>Value |
| Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | $111.000 | 111.000 | 10/24/2025 | 10/24/2025 | 10/24/2025 | 4 | 4 | $4 | 4 | (1) | (1) | (1) | (1) | (1) |
| **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **$** | $**(5)** | **(5)** | **(5)** | **(4)** | **(4)** |
| **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** |
| **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** |
|  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Description | Description | # of<br>Contracts | # of<br>Contracts | Notional<br>Amount | Notional<br>Amount | Notional<br>Amount | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) |  | Asset | Asset | Liability | Liability |
| Australia Government 3-Year Bond December Futures | Australia Government 3-Year Bond December Futures | 4 | 4 | $283 | 283 | 283 | 283 | $(1) | (1) | (1) | (1) | $ | $0 | 0 | $0 | 0 |
| Canada Government 5-Year Bond December Futures | Canada Government 5-Year Bond December Futures | 3 | 3 | 249 | 249 | 249 | 249 | 3 | 3 | 3 | 3 |  | 1 | 1 | 0 | 0 |
| Canada Government 10-Year Bond December Futures | Canada Government 10-Year Bond December Futures | 20 | 20 | 1760 | 1760 | 1760 | 1760 | 37 | 37 | 37 | 37 |  | 8 | 8 | 0 | 0 |
| Euro-BTP Future December Futures | Euro-BTP Future December Futures | 38 | 38 | 5347 | 5347 | 5347 | 5347 | 49 | 49 | 49 | 49 |  | 17 | 17 | 0 | 0 |
| Long Guilt December Futures | Long Guilt December Futures | 7 | 7 | 855 | 855 | 855 | 855 | 1 | 1 | 1 | 1 |  | 4 | 4 | (1) | (1) |
| U.S. Treasury 5-Year Note December Futures | U.S. Treasury 5-Year Note December Futures | 66 | 66 | 7207 | 7207 | 7207 | 7207 | (1) | (1) | (1) | (1) |  | 2 | 2 | 0 | 0 |
| U.S. Treasury 10-Year Note December Futures | U.S. Treasury 10-Year Note December Futures | 26 | 26 | 2925 | 2925 | 2925 | 2925 | 24 | 24 | 24 | 24 |  | 0 | 0 | 0 | 0 |
| U.S. Ultra Treasury 10-Year Note December Futures | U.S. Ultra Treasury 10-Year Note December Futures | 39 | 39 | 4488 | 4488 | 4488 | 4488 | 38 | 38 | 38 | 38 |  | 0 | 0 | (2) | (2) |
|  |  |  |  |  |  |  |  | 150 | 150 | 150 | $ | $ | 32 | 32 | (3) | (3) |
| **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** |
|  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Description | Description | # of<br>Contracts | # of<br>Contracts | Notional<br>Amount | Notional<br>Amount | Notional<br>Amount | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) |  | Asset | Asset | Liability | Liability |
| Australia Government 10-Year Bond December Futures | Australia Government 10-Year Bond December Futures | 60 | 60 | $(4500) | (4500) | (4500) | (4500) | $10 | 10 | 10 | 10 | $ | $0 | 0 | $(31) | (31) |
| Euro-Bobl December Futures | Euro-Bobl December Futures | 23 | 23 | (3181) | (3181) | (3181) | (3181) | (1) | (1) | (1) | (1) |  | 0 | 0 | (4) | (4) |
| Euro-Bund December Futures | Euro-Bund December Futures | 12 | 12 | (1811) | (1811) | (1811) | (1811) | (11) | (11) | (11) | (11) |  | 1 | 1 | (5) | (5) |
| Euro-Oat December Futures | Euro-Oat December Futures | 29 | 29 | (4132) | (4132) | (4132) | (4132) | (38) | (38) | (38) | (38) |  | 0 | 0 | (10) | (10) |
| Euro-Schatz December Futures | Euro-Schatz December Futures | 60 | 60 | (7536) | (7536) | (7536) | (7536) | 9 | 9 | 9 | 9 |  | 0 | 0 | (1) | (1) |
| Japan Government 10-Year Bond December Futures | Japan Government 10-Year Bond December Futures | 12 | 12 | (11019) | (11019) | (11019) | (11019) | 104 | 104 | 104 | 104 |  | 9 | 9 | (9) | (9) |
| U.S. Treasury 2-Year Note December Futures | U.S. Treasury 2-Year Note December Futures | 5 | 5 | (1042) | (1042) | (1042) | (1042) | (2) | (2) | (2) | (2) |  | 0 | 0 | (1) | (1) |
| U.S. Treasury Ultra Long-Term Bond December Futures | U.S. Treasury Ultra Long-Term Bond December Futures | 13 | 13 | (1561) | (1561) | (1561) | (1561) | (45) | (45) | (45) | (45) |  | 7 | 7 | 0 | 0 |
|  |  |  |  |  |  |  |  | 26 | 26 | 26 | $ | $ | 17 | 17 | (61) | (61) |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **176** | **176** | **176** | **$** | **$** | **49** | **49** | **(64)** | **(64)** |

---

------

<br> Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 0 | 4 | 12 | 16 | 20 | 24 | 33 | 36 | 63 | 64 | 95 | 126 | 180 | 189 | 205 | 217 |
| **SWAP** **AGREEMENTSNTS:** | **SWAP** **AGREEMENTSNTS:** | **SWAP** **AGREEMENTSNTS:** | **SWAP** **AGREEMENTSNTS:** | **SWAP** **AGREEMENTSNTS:** | **SWAP** **AGREEMENTSNTS:** | **SWAP** **AGREEMENTSNTS:** | **SWAP** **AGREEMENTSNTS:** | **SWAP** **AGREEMENTSNTS:** | **SWAP** **AGREEMENTSNTS:** | **SWAP** **AGREEMENTSNTS:** | **SWAP** **AGREEMENTSNTS:** | **SWAP** **AGREEMENTSNTS:** | **SWAP** **AGREEMENTSNTS:** | **SWAP** **AGREEMENTSNTS:** | **SWAP** **AGREEMENTSNTS:** |
| **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(1)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u><sup>(5)</sup> | <u>Variation Margin</u><sup>(5)</sup> | <u>Variation Margin</u><sup>(5)</sup> | <u>Variation Margin</u><sup>(5)</sup> |
| Index/Tranches | Index/Tranches | Fixed<br>(Pay) Rate | Fixed<br>(Pay) Rate | Payment<br>Frequency | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date | Notional<br>Amount<sup>(2)</sup> | Notional<br>Amount<sup>(2)</sup> | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(3)</sup> | Asset |  | Liability |
| CDX.IG-44 5-Year Index | CDX.IG-44 5-Year Index | (1.000)% | (1.000)% | Quarterly | Quarterly | 06/20/2030 | 06/20/2030 | $820 | 820 | (18) | (1) | (19) | 0 | $ | 0 |
| CDX.IG-45 5-Year Index | CDX.IG-45 5-Year Index | (1.000) | (1.000) | Quarterly | Quarterly | 12/20/2030 | 12/20/2030 | 1300 | 1300 | (29) | (1) | (30) | 0 |  | 0 |
|  |  |  |  |  |  |  |  |  |  | (47) | (2) | (49) | 0 | $ | 0 |
| **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** |
|  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u><sup>(5)</sup> | <u>Variation Margin</u><sup>(5)</sup> | <u>Variation Margin</u><sup>(5)</sup> | <u>Variation Margin</u><sup>(5)</sup> |
| Pay/<br>Receive<br>Floating Rate | Floating Rate Index | Floating Rate Index | Fixed Rate | Fixed Rate | Payment<br>Frequency | Payment<br>Frequency | Maturity<br>Date |  | Notional<br>Amount | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Asset | Liability |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 1-Day GBP-SONIO Compounded-OIS | 3.000% | 3.000% | Annual | Annual | 06/17/2027 | GBP | 2600 | $(6) | $(50) | (56) | $1 | 1 | $0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 1-Day GBP-SONIO Compounded-OIS | 3.500 | 3.500 | Annual | Annual | 09/17/2027 |  | 2300 | 15 | 1 | 16 | 0 | 0 | (1) |
| Pay<sup>(4)</sup> | 1-Day GBP-SONIO Compounded-OIS | 1-Day GBP-SONIO Compounded-OIS | 4.000 | 4.000 | Annual | Annual | 03/17/2028 |  | 4600 | 14 | 19 | 33 | 3 | 3 | 0 |
| Pay<sup>(4)</sup> | 1-Day GBP-SONIO Compounded-OIS | 1-Day GBP-SONIO Compounded-OIS | 3.500 | 3.500 | Annual | Annual | 03/18/2028 |  | 600 | (2) | (1) | (3) | 0 | 0 | 0 |
| Pay<sup>(4)</sup> | 1-Day GBP-SONIO Compounded-OIS | 1-Day GBP-SONIO Compounded-OIS | 3.750 | 3.750 | Annual | Annual | 03/18/2031 |  | 3400 | 0 | (21) | (21) | 6 | 6 | 0 |
| Receive<sup>(4)</sup> | 1-Day GBP-SONIO Compounded-OIS | 1-Day GBP-SONIO Compounded-OIS | 4.000 | 4.000 | Annual | Annual | 03/18/2036 |  | 200 | 4 | 0 | 4 | 0 | 0 | (1) |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 1-Day GBP-SONIO Compounded-OIS | 4.500 | 4.500 | Annual | Annual | 09/17/2055 |  | 180 | 9 | (4) | 5 | 0 | 0 | (1) |
| Receive<sup>(4)</sup> | 1-Day GBP-SONIO Compounded-OIS | 1-Day GBP-SONIO Compounded-OIS | 4.500 | 4.500 | Annual | Annual | 03/18/2056 |  | 300 | 5 | 5 | 10 | 0 | 0 | (2) |
| Receive<sup>(4)</sup> | 1-Day INR-MIBOR Compounded-OIS | 1-Day INR-MIBOR Compounded-OIS | 5.750 | 5.750 | Semi-Annual | Semi-Annual | 03/18/2031 | INR | 13110 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 0.750 | 0.750 | Annual | Annual | 03/19/2027 | JPY | 130000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 0.750 | 0.750 | Annual | Annual | 03/19/2030 |  | 270000 | (14) | (16) | (30) | 0 | 0 | (1) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 0.000 | 0.000 | Semi-Annual | Semi-Annual | 03/17/2031 |  | 180000 | (17) | (65) | (82) | 0 | 0 | (1) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 0.050 | 0.050 | Annual | Annual | 12/15/2031 |  | 136880 | (33) | (37) | (70) | 0 | 0 | (1) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | 1.000 | Annual | Annual | 03/19/2032 |  | 280000 | (9) | (19) | (28) | 0 | 0 | (2) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | 1.000 | Annual | Annual | 09/18/2034 |  | 450000 | (8) | (104) | (112) | 0 | 0 | (6) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | 1.000 | Annual | Annual | 03/19/2035 |  | 180000 | (19) | (28) | (47) | 0 | 0 | (2) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | 1.250 | Annual | Annual | 09/17/2035 |  | 341000 | (17) | (36) | (53) | 0 | 0 | (5) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 0.400 | 0.400 | Semi-Annual | Semi-Annual | 06/19/2039 |  | 120000 | (41) | 184 | 143 | 2 | 2 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | 1.000 | Annual | Annual | 06/19/2044 |  | 150000 | (72) | (102) | (174) | 0 | 0 | (2) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 1.500 | 1.500 | Annual | Annual | 09/18/2054 |  | 40000 | 3 | 52 | 55 | 0 | 0 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 1.500 | 1.500 | Annual | Annual | 12/18/2054 |  | 10000 | 2 | 11 | 13 | 0 | 0 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 2.250 | 2.250 | Annual | Annual | 09/17/2055 |  | 20000 | 4 | 2 | 6 | 0 | 0 | 0 |
| Receive | 1-Day SGD-SIBCSORA Compounded-OIS | 1-Day SGD-SIBCSORA Compounded-OIS | 1.500 | 1.500 | Semi-Annual | Semi-Annual | 09/17/2030 | SGD | 4500 | (17) | 19 | 2 | 0 | 0 | (8) |
| Receive | 1-Day SGD-SIBCSORA Compounded-OIS | 1-Day SGD-SIBCSORA Compounded-OIS | 2.000 | 2.000 | Semi-Annual | Semi-Annual | 09/17/2035 |  | 840 | 0 | (13) | (13) | 0 | 0 | (2) |

---

------

<br> Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 0 | 4 | 16 | 24 | 36 | 64 | 95 | 126 | 155 | 189 | 217 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 12/20/2025 | $4472 | 31 | (27) | 4 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.020 | Annual | 05/15/2026 | 700 | 0 | 0 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 08/15/2026 | 900 | 0 | (1) | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.965 | Annual | 11/30/2026 | 5300 | 2 | 101 | 103 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 12/15/2026 | 1100 | 5 | 58 | 63 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2026 | 7700 | 50 | (74) | (24) | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2027 | 5840 | 116 | (31) | 85 | 0 | (2) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.460 | Annual | 06/30/2027 | 1000 | 0 | 0 | 0 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2027 | 7700 | 46 | 4 | 50 | 3 | 0 |
| Receive<sup>(4)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 09/30/2027 | 2990 | (2) | 3 | 1 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.662 | Annual | 05/31/2028 | 100 | 0 | (1) | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 05/31/2028 | 100 | 0 | (1) | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.694 | Annual | 05/31/2028 | 100 | 0 | (1) | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.851 | Annual | 02/28/2029 | 800 | 0 | (10) | (10) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.862 | Annual | 02/28/2029 | 900 | 0 | (12) | (12) | 0 | (1) |
| Receive<sup>(4)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 02/28/2030 | 3548 | (5) | 9 | 4 | 0 | (2) |
| Receive<sup>(4)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.325 | Annual | 02/28/2030 | 1778 | (11) | 11 | 0 | 0 | (1) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2030 | 1500 | 30 | (5) | 25 | 1 | 0 |
| Receive<sup>(4)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 | 2200 | (37) | (2) | (39) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.836 | Annual | 05/15/2034 | 400 | 0 | (7) | (7) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.847 | Annual | 05/15/2034 | 200 | 0 | (3) | (3) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 05/15/2034 | 300 | 0 | (6) | (6) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.080 | Annual | 06/05/2034 | 400 | (2) | (12) | (14) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.532 | Annual | 08/20/2034 | 300 | (1) | 3 | 2 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.558 | Annual | 08/21/2034 | 300 | (1) | 2 | 1 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.599 | Annual | 08/28/2034 | 300 | (1) | 1 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.643 | Annual | 08/28/2034 | 300 | (1) | 0 | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 200 | 3 | (4) | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 2260 | 144 | (61) | 83 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 100 | 0 | (2) | (2) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 200 | (1) | (3) | (4) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 200 | (1) | (2) | (3) | 0 | 0 |
| Receive<sup>(4)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 05/15/2035 | 1748 | (20) | 9 | (11) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 400 | 18 | (4) | 14 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | 1000 | (20) | 12 | (8) | 0 | 0 |
| Receive<sup>(4)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2035 | 2720 | (18) | (3) | (21) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 02/20/2049 | 100 | 1 | 4 | 5 | 0 | 0 |
| Receive<sup>(4)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 11/15/2053 | 300 | (8) | 0 | (8) | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.931 | Annual | 11/15/2054 | 300 | 0 | 1 | 1 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.955 | Annual | 11/15/2054 | 100 | 0 | 0 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.959 | Annual | 11/15/2054 | 200 | 0 | 0 | 0 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.964 | Annual | 11/15/2054 | 100 | 0 | 0 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.998 | Annual | 11/15/2054 | 300 | 0 | (2) | (2) | 1 | 0 |

---

------

<br> Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 0 | 4 | 16 | 24 | 36 | 57 | 64 | 95 | 126 | 155 | 189 | 217 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.117 | Annual | 11/15/2054 |  | 300 | 0 | (9) | (9) | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.130 | Annual | 11/15/2054 |  | 100 | 0 | (3) | (3) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.765 | Annual | 02/15/2055 |  | 100 | 0 | 3 | 3 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.804 | Annual | 02/15/2055 |  | 200 | 0 | 5 | 5 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.806 | Annual | 02/15/2055 |  | 100 | 0 | 3 | 3 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.861 | Annual | 02/15/2055 |  | 100 | 0 | 2 | 2 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.866 | Annual | 02/15/2055 |  | 200 | 0 | 3 | 3 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2055 |  | 290 | 36 | 1 | 37 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 06/25/2055 |  | 148 | 1 | (1) | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.065 | Annual | 06/26/2055 |  | 142 | (2) | (1) | (3) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.960 | Annual | 06/27/2055 |  | 180 | 0 | (1) | (1) | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 09/17/2055 |  | 200 | 19 | (4) | 15 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.005 | Annual | 09/29/2055 |  | 84 | (1) | 0 | (1) | 0 | 0 |
| Pay<sup>(4)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2055 |  | 980 | (33) | 3 | (30) | 0 | (3) |
| Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.294 | Annual | 02/10/2027 | CHF | 300 | (1) | 3 | 2 | 0 | 0 |
| Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.283 | Annual | 02/14/2027 |  | 300 | 0 | 2 | 2 | 0 | 0 |
| Pay<sup>(4)</sup> | 3-Month KRW-KORIBOR | 2.750 | Quarterly | 03/18/2036 | KRW | 958460 | 7 | (10) | (3) | 1 | 0 |
| Pay | 3-Month SEK-STIBOR | 2.474 | Annual | 02/03/2030 | SEK | 2100 | 0 | 4 | 4 | 0 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 1.750 | Semi-Annual | 03/16/2027 | AUD | 500 | (1) | (8) | (9) | 0 | 0 |
| Pay<sup>(4)</sup> | 6-Month AUD-BBR-BBSW | 3.500 | Semi-Annual | 03/18/2031 |  | 7800 | (41) | (56) | (97) | 11 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/19/2035 |  | 600 | 0 | 1 | 1 | 2 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/19/2035 |  | 900 | 6 | 8 | 14 | 3 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 |  | 200 | 1 | 2 | 3 | 1 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 09/17/2035 |  | 900 | 5 | (5) | 0 | 3 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/17/2035 |  | 500 | 8 | (1) | 7 | 2 | 0 |
| Pay<sup>(4)</sup> | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/18/2036 |  | 1500 | 1 | (6) | (5) | 5 | 0 |
| Pay | 6-Month CZK-PRIBOR | 1.913 | Annual | 01/30/2029 | CZK | 1600 | 6 | (10) | (4) | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/19/2027 | EUR | 1080 | 13 | 22 | 35 | 0 | 0 |
| Pay<sup>(4)</sup> | 6-Month EUR-EURIBOR | 2.000 | Annual | 03/18/2028 |  | 2700 | (10) | (3) | (13) | 1 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.770 | Annual | 04/16/2029 |  | 300 | 0 | 7 | 7 | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.860 | Annual | 04/24/2029 |  | 400 | (1) | 12 | 11 | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.795 | Annual | 10/11/2029 |  | 100 | 0 | (1) | (1) | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.923 | Annual | 10/11/2029 |  | 900 | 0 | (8) | (8) | 1 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.028 | Annual | 10/11/2029 |  | 1500 | 0 | (9) | (9) | 2 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.343 | Annual | 01/10/2030 |  | 1700 | 2 | 23 | 25 | 2 | 0 |
| Pay<sup>(4)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/18/2031 |  | 4620 | 20 | (6) | 14 | 8 | 0 |
| Receive<sup>(4)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/15/2033 |  | 1910 | (20) | (7) | (27) | 0 | (4) |
| Pay<sup>(4)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/18/2036 |  | 3450 | (15) | 20 | 5 | 12 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/21/2037 |  | 650 | (12) | (29) | (41) | 2 | 0 |
| Pay | 6-Month EUR-EURIBOR | 0.451 | Annual | 05/27/2050 |  | 150 | (11) | (67) | (78) | 1 | 0 |
| Receive | 6-Month EUR-EURIBOR | 0.064 | Annual | 11/17/2052 |  | 100 | 0 | 64 | 64 | 0 | (1) |
| Receive<sup>(4)</sup> | 6-Month EUR-EURIBOR | 2.213 | Annual | 03/12/2055 |  | 1800 | 41 | 89 | 130 | 0 | (4) |

---

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<br> Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 0 | 3 | 4 | 14 | 16 | 24 | 35 | 52 | 57 | 87 | 94 | 101 | 125 | 139 | 154 | 155 | 188 | 189 | 203 | 216 | 217 |
| Pay<sup>(4)</sup> | Pay<sup>(4)</sup> | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 3.000 | Annual | Annual | 03/18/2056 |  | 270 |  | 3 |  | 2 |  | 5 |  | 2 | 2 |  | 0 |
| Pay | Pay | CAONREPO | CAONREPO | 3.500 | Annual | Annual | 03/19/2026 | CAD | 2700 |  | 0 |  | 17 |  | 17 |  | 0 | 0 |  | 0 |
| Pay | Pay | CAONREPO | CAONREPO | 3.925 | Annual | Annual | 06/19/2026 |  | 200 |  | 0 |  | 2 |  | 2 |  | 0 | 0 |  | 0 |
| Pay | Pay | CAONREPO | CAONREPO | 1.500 | Semi-Annual | Semi-Annual | 06/17/2030 |  | 1000 |  | (86) |  | 52 |  | (34) |  | 1 | 1 |  | 0 |
| Receive | Receive | CAONREPO | CAONREPO | 3.250 | Semi-Annual | Semi-Annual | 03/15/2033 |  | 400 |  | 6 |  | (17) |  | (11) |  | 0 | 0 |  | (1) |
| Receive | Receive | CAONREPO | CAONREPO | 2.850 | Semi-Annual | Semi-Annual | 06/01/2033 |  | 100 |  | 1 |  | (2) |  | (1) |  | 0 | 0 |  | 0 |
| Receive | Receive | CAONREPO | CAONREPO | 3.000 | Semi-Annual | Semi-Annual | 06/01/2033 |  | 100 |  | 0 |  | (1) |  | (1) |  | 0 | 0 |  | 0 |
| Receive | Receive | CAONREPO | CAONREPO | 3.180 | Semi-Annual | Semi-Annual | 06/01/2033 |  | 800 |  | (1) |  | (18) |  | (19) |  | 0 | 0 |  | (2) |
| Receive | Receive | CAONREPO | CAONREPO | 3.300 | Semi-Annual | Semi-Annual | 06/01/2033 |  | 100 |  | 1 |  | (4) |  | (3) |  | 0 | 0 |  | 0 |
| Receive | Receive | CAONREPO | CAONREPO | 3.400 | Semi-Annual | Semi-Annual | 06/01/2033 |  | 400 |  | 0 |  | (14) |  | (14) |  | 0 | 0 |  | (1) |
| Receive | Receive | CAONREPO | CAONREPO | 2.880 | Semi-Annual | Semi-Annual | 09/01/2033 |  | 100 |  | 0 |  | (1) |  | (1) |  | 0 | 0 |  | 0 |
| Receive | Receive | CAONREPO | CAONREPO | 3.500 | Semi-Annual | Semi-Annual | 09/01/2033 |  | 200 |  | 2 |  | (10) |  | (8) |  | 0 | 0 |  | (1) |
| Receive | Receive | CAONREPO | CAONREPO | 3.000 | Semi-Annual | Semi-Annual | 06/01/2034 |  | 300 |  | 0 |  | (4) |  | (4) |  | 0 | 0 |  | (1) |
| Receive | Receive | CAONREPO | CAONREPO | 3.250 | Semi-Annual | Semi-Annual | 12/18/2034 |  | 200 |  | (5) |  | 0 |  | (5) |  | 0 | 0 |  | (1) |
|  |  |  |  |  |  |  |  |  | $ | $57 | 57 | $(225) | (225) | $(168) | (168) | $88 | 88 | 88 | $(64) | (64) |
| **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **$** | $**10** | **10** | $**(227)** | **(227)** | $**(217)** | **(217)** | $**88** | **88** | **88** | $**(64)** | **(64)** |
| **Cash of $1,744 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $1,744 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $1,744 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $1,744 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $1,744 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $1,744 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $1,744 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $1,744 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $1,744 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $1,744 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $1,744 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $1,744 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $1,744 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $1,744 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $1,744 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $1,744 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $1,744 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $1,744 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $1,744 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $1,744 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $1,744 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** |
| <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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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> | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. |
| <sup>(5)</sup> | Unsettled variation margin asset of $1 for closed swap agreements is outstanding at period end. | Unsettled variation margin asset of $1 for closed swap agreements is outstanding at period end. | Unsettled variation margin asset of $1 for closed swap agreements is outstanding at period end. | Unsettled variation margin asset of $1 for closed swap agreements is outstanding at period end. | Unsettled variation margin asset of $1 for closed swap agreements is outstanding at period end. | Unsettled variation margin asset of $1 for closed swap agreements is outstanding at period end. | Unsettled variation margin asset of $1 for closed swap agreements is outstanding at period end. | Unsettled variation margin asset of $1 for closed swap agreements is outstanding at period end. | Unsettled variation margin asset of $1 for closed swap agreements is outstanding at period end. | Unsettled variation margin asset of $1 for closed swap agreements is outstanding at period end. | Unsettled variation margin asset of $1 for closed swap agreements is outstanding at period end. | Unsettled variation margin asset of $1 for closed swap agreements is outstanding at period end. | Unsettled variation margin asset of $1 for closed swap agreements is outstanding at period end. | Unsettled variation margin asset of $1 for closed swap agreements is outstanding at period end. | Unsettled variation margin asset of $1 for closed swap agreements is outstanding at period end. | Unsettled variation margin asset of $1 for closed swap agreements is outstanding at period end. | Unsettled variation margin asset of $1 for closed swap agreements is outstanding at period end. | Unsettled variation margin asset of $1 for closed swap agreements is outstanding at period end. | Unsettled variation margin asset of $1 for closed swap agreements is outstanding at period end. | Unsettled variation margin asset of $1 for closed swap agreements is outstanding at period end. |
| **(k)** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** |
| **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** |
|  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | Settlement<br>Month | Settlement<br>Month | Settlement<br>Month |  | Currency to<br>be Delivered | Currency to<br>be Delivered | Currency to<br>be Delivered |  | Currency to<br>be Received | Currency to<br>be Received | Currency to<br>be Received | Asset | Asset | Asset | Asset | Liability | Liability | Liability |
| &nbsp;&nbsp;&nbsp;&nbsp; AZD | &nbsp;&nbsp;&nbsp;&nbsp; AZD | &nbsp;&nbsp;&nbsp;&nbsp; AZD | 10/2025 | 10/2025 | 10/2025 | EUR | 13567 | 13567 | 13567 | $ | $15823 | 15823 | 15823 | 0 | 0 | 0 | 0 | $(105) | (105) | (105) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | $ | $2434 | 2434 | 2434 | CAD | 3386 | 3386 | 3386 | 0 | 0 | 0 | 0 | (1) | (1) | (1) |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | CAD | 3381 | 3381 | 3381 | $ | $2434 | 2434 | 2434 | 1 | 1 | 1 | 1 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOA | &nbsp;&nbsp;&nbsp;&nbsp; BOA | &nbsp;&nbsp;&nbsp;&nbsp; BOA | 10/2025 | 10/2025 | 10/2025 | JPY | 3867 | 3867 | 3867 |  | 26 | 26 | 26 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | $ | $57 | 57 | 57 | EUR | 49 | 49 | 49 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 20 | 20 | 20 | ILS | 68 | 68 | 68 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 22 | 22 | 22 | INR | 1927 | 1927 | 1927 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 46 | 46 | 46 | JPY | 6925 | 6925 | 6925 | 1 | 1 | 1 | 1 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 20 | 20 | 20 | KRW | 27786 | 27786 | 27786 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 46 | 46 | 46 | NZD | 80 | 80 | 80 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | JPY | 6901 | 6901 | 6901 | $ | $46 | 46 | 46 | 0 | 0 | 0 | 0 | (1) | (1) | (1) |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | NZD | 80 | 80 | 80 |  | 46 | 46 | 46 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | $ | $10 | 10 | 10 | ILS | 33 | 33 | 33 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | ZAR | 7921 | 7921 | 7921 | $ | $454 | 454 | 454 | 0 | 0 | 0 | 0 | (3) | (3) | (3) |
|  |  |  | 12/2025 | 12/2025 | 12/2025 | $ | $5 | 5 | 5 | TRY | 239 | 239 | 239 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 03/2026 | 03/2026 | 03/2026 | CZK | 244 | 244 | 244 | EUR | 10 | 10 | 10 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 03/2026 | 03/2026 | 03/2026 | EUR | 30 | 30 | 30 | CZK | 736 | 736 | 736 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BPS | &nbsp;&nbsp;&nbsp;&nbsp; BPS | &nbsp;&nbsp;&nbsp;&nbsp; BPS | 10/2025 | 10/2025 | 10/2025 | BRL | 2500 | 2500 | 2500 | $ | $411 | 411 | 411 | 0 | 0 | 0 | 0 | (59) | (59) | (59) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | CNH | 2698 | 2698 | 2698 |  | 379 | 379 | 379 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | EUR | 37 | 37 | 37 | RON | 189 | 189 | 189 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 220 | 220 | 220 | $ | $260 | 260 | 260 | 2 | 2 | 2 | 2 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | IDR | 1475925 | 1475925 | 1475925 |  | 89 | 89 | 89 | 1 | 1 | 1 | 1 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | INR | 2444 | 2444 | 2444 |  | 28 | 28 | 28 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | TRY | 1300 | 1300 | 1300 |  | 30 | 30 | 30 | 0 | 0 | 0 | 0 | (1) | (1) | (1) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | TWD | 4932 | 4932 | 4932 |  | 165 | 165 | 165 | 3 | 3 | 3 | 3 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | $ | $462 | 462 | 462 | BRL | 2500 | 2500 | 2500 | 8 | 8 | 8 | 8 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 60 | 60 | 60 | CNY | 425 | 425 | 425 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 43 | 43 | 43 | EUR | 37 | 37 | 37 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 109 | 109 | 109 | IDR | 1805969 | 1805969 | 1805969 | 0 | 0 | 0 | 0 | (1) | (1) | (1) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 50 | 50 | 50 | ILS | 166 | 166 | 166 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 54 | 54 | 54 | JPY | 8023 | 8023 | 8023 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 104 | 104 | 104 | KRW | 143078 | 143078 | 143078 | 0 | 0 | 0 | 0 | (2) | (2) | (2) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 70 | 70 | 70 | PLN | 254 | 254 | 254 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 10 | 10 | 10 | TWD | 301 | 301 | 301 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | IDR | 334227 | 334227 | 334227 | $ | $20 | 20 | 20 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | INR | 1780 | 1780 | 1780 |  | 20 | 20 | 20 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | JPY | 7995 | 7995 | 7995 |  | 54 | 54 | 54 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | KRW | 14018 | 14018 | 14018 |  | 10 | 10 | 10 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | $ | $221 | 221 | 221 | CNY | 1564 | 1564 | 1564 | 0 | 0 | 0 | 0 | (1) | (1) | (1) |
|  |  |  | 11/2025 | 11/2025 | 11/2025 |  | 20 | 20 | 20 | ILS | 68 | 68 | 68 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 12/2025 | 12/2025 | 12/2025 | CNH | 50 | 50 | 50 | $ | $7 | 7 | 7 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 12/2025 | 12/2025 | 12/2025 | TWD | 609 | 609 | 609 |  | 20 | 20 | 20 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 12/2025 | 12/2025 | 12/2025 | $ | $7 | 7 | 7 | CNY | 50 | 50 | 50 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |

---

------

<br> Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 0 | 14 | 52 | 101 | 153 | 203 |
|  | 12/2025 | 38 | 12785 | 0 | 0 |
|  | 12/2025 | 23 | 389650 | 0 | 0 |
|  | 03/2026 | 491 | 20 | 0 | 0 |
|  | 04/2026 | 1400 | $245 | 0 | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp; BRC | 10/2025 | 78 | 97 | 0 | 0 |
|  | 10/2025 | 472 | 112 | 0 | (1) |
|  | 10/2025 | $123 | 99 | 1 | 0 |
|  | 10/2025 | 40 | 34 | 0 | 0 |
|  | 10/2025 | 29 | 105 | 0 | 0 |
|  | 10/2025 | 126 | 5408 | 3 | 0 |
|  | 11/2025 | 97 | 77 | 0 | 0 |
|  | 11/2025 | 566 | 24691 | 5 | 0 |
|  | 11/2025 | 1143 | $65 | 0 | (1) |
|  | 12/2025 | 1433 | 342 | 1 | 0 |
|  | 12/2025 | $61 | 2727 | 1 | 0 |
|  | 01/2026 | 59 | 302 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BSH | 10/2025 | 2500 | $470 | 0 | 0 |
|  | 10/2025 | $460 | 2500 | 10 | 0 |
|  | 10/2025 | 14 | 23 | 0 | 0 |
|  | 11/2025 | 23 | $14 | 0 | 0 |
|  | 11/2025 | 874 | 238 | 0 | (14) |
|  | 12/2025 | 989 | 274 | 0 | (11) |
|  | 04/2026 | 2700 | 475 | 0 | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp; CBK | 10/2025 | 43 | 28 | 0 | 0 |
|  | 10/2025 | 3321 | 624 | 1 | 0 |
|  | 10/2025 | 51 | 7 | 0 | 0 |
|  | 10/2025 | 419 | 66 | 0 | (1) |
|  | 10/2025 | 882220 | 53 | 1 | 0 |
|  | 10/2025 | 1913 | 22 | 0 | 0 |
|  | 10/2025 | 348 | 100 | 0 | (1) |
|  | 10/2025 | 220 | 23 | 0 | 0 |
|  | 10/2025 | 158 | 123 | 1 | 0 |
|  | 10/2025 | 5555 | 172 | 1 | 0 |
|  | 10/2025 | 8935 | 302 | 8 | 0 |
|  | 10/2025 | $601 | 3321 | 23 | 0 |
|  | 10/2025 | 223 | 1588 | 1 | 0 |
|  | 10/2025 | 216 | 185 | 1 | 0 |
|  | 10/2025 | 95 | 70 | 0 | (1) |
|  | 10/2025 | 33 | 535300 | 0 | (1) |
|  | 10/2025 | 93 | 8148 | 0 | (1) |
|  | 10/2025 | 41 | 385 | 0 | 0 |
|  | 10/2025 | 71 | 2174 | 0 | 0 |
|  | 10/2025 | 283 | $16 | 0 | 0 |
|  | 11/2025 | $179 | 1269 | 0 | 0 |
|  | 11/2025 | 22 | 1917 | 0 | 0 |
|  | 11/2025 | 1189 | $68 | 0 | 0 |
|  | 12/2025 | 184 | 26 | 0 | 0 |
|  | 12/2025 | 1401 | 46 | 0 | 0 |
|  | 12/2025 | $38 | 268 | 0 | 0 |
|  | 12/2025 | 24 | 402401 | 0 | 0 |
|  | 12/2025 | 2 | 103 | 0 | 0 |
|  | 01/2026 | 163 | $23 | 0 | 0 |
|  | 01/2026 | 10000 | 74 | 5 | 0 |
|  | 01/2026 | 757 | 25 | 0 | 0 |
|  | 01/2026 | $23 | 163 | 0 | 0 |
|  | 02/2026 | 245 | $67 | 0 | (4) |
|  | 03/2026 | 2054 | 265 | 0 | 0 |
|  | 03/2026 | 1074 | 305 | 0 | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp; DUB | 10/2025 | 5782 | 813 | 2 | 0 |
|  | 10/2025 | 110 | 560 | 0 | 0 |
|  | 10/2025 | 492758 | $30 | 1 | 0 |
|  | 10/2025 | 3096 | 35 | 0 | 0 |
|  | 10/2025 | 294021 | 212 | 3 | 0 |
|  | 10/2025 | 43 | 34 | 0 | 0 |
|  | 10/2025 | $40 | 136 | 1 | 0 |
|  | 10/2025 | 52 | 4595 | 0 | 0 |
|  | 10/2025 | 8 | 4473 | 0 | 0 |
|  | 11/2025 | 136 | $40 | 0 | (1) |
|  | 11/2025 | 885 | 10 | 0 | 0 |
|  | 11/2025 | $68 | 480 | 0 | 0 |
|  | 11/2025 | 35 | 3102 | 0 | 0 |
|  | 11/2025 | 6 | 3344 | 0 | 0 |
|  | 11/2025 | 2759 | $158 | 0 | (2) |
|  | 12/2025 | 744 | 39 | 0 | (1) |
|  | 12/2025 | $13 | 663 | 0 | 0 |
|  | 12/2025 | 83 | 45012 | 0 | (3) |
|  | 03/2026 | 4 | 2451 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; FAR | 10/2025 | 3086 | $2002 | 0 | (40) |
|  | 10/2025 | 14 | 17 | 0 | 0 |
|  | 10/2025 | 2521 | 355 | 1 | 0 |
|  | 10/2025 | 37 | 43 | 0 | 0 |
|  | 10/2025 | 283552 | 1929 | 11 | 0 |
|  | 10/2025 | $2043 | 3129 | 28 | 0 |
|  | 10/2025 | 88 | 7768 | 0 | (1) |
|  | 10/2025 | 72 | 264 | 0 | 0 |
|  | 10/2025 | 946 | 1219 | 0 | (2) |

---

------

<br> Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 0 | 14 | 52 | 101 | 153 | 203 |
|  | 11/2025 | 3129 | $2044 | 0 | (28) |
|  | 11/2025 | 1216 | 946 | 2 | 0 |
|  | 11/2025 | $17 | 14 | 0 | 0 |
|  | 11/2025 | 43 | 37 | 0 | 0 |
|  | 12/2025 | 402 | 7636 | 12 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; GLM | 10/2025 | 6545 | $1075 | 0 | (154) |
|  | 10/2025 | 199 | 28 | 0 | 0 |
|  | 10/2025 | 395162 | 24 | 0 | 0 |
|  | 10/2025 | 463 | 110 | 0 | 0 |
|  | 10/2025 | 300 | 59 | 0 | 0 |
|  | 10/2025 | 189 | $43 | 0 | 0 |
|  | 10/2025 | $1211 | 6545 | 19 | 0 |
|  | 10/2025 | 33 | 540168 | 0 | 0 |
|  | 10/2025 | 13 | 43 | 0 | 0 |
|  | 10/2025 | 25 | 2214 | 0 | 0 |
|  | 10/2025 | 99 | 127 | 0 | (1) |
|  | 11/2025 | 57 | 293 | 0 | 0 |
|  | 11/2025 | $100 | 705 | 0 | 0 |
|  | 11/2025 | 77 | 3383 | 1 | 0 |
|  | 11/2025 | 790 | $46 | 0 | 0 |
|  | 12/2025 | 187 | 10 | 0 | 0 |
|  | 12/2025 | 894 | 213 | 0 | 0 |
|  | 12/2025 | 150 | 43 | 0 | 0 |
|  | 12/2025 | 699 | 15 | 0 | (1) |
|  | 12/2025 | $2 | 101 | 0 | 0 |
|  | 12/2025 | 23 | 386399 | 0 | 0 |
|  | 01/2026 | 59 | 304 | 0 | 0 |
|  | 01/2026 | 40000 | $297 | 24 | 0 |
|  | 04/2026 | 5200 | 917 | 0 | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp; IND | 10/2025 | $71 | 456 | 1 | 0 |
|  | 11/2025 | 455 | $71 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPM | 10/2025 | 555 | 104 | 0 | 0 |
|  | 10/2025 | 3336 | 2414 | 17 | 0 |
|  | 10/2025 | 107 | 15 | 0 | 0 |
|  | 10/2025 | 36 | 42 | 0 | 0 |
|  | 10/2025 | 12094 | 30 | 0 | (1) |
|  | 10/2025 | 1064130 | $64 | 0 | 0 |
|  | 10/2025 | 508890 | 367 | 4 | 0 |
|  | 10/2025 | 35 | 10 | 0 | 0 |
|  | 10/2025 | 52 | 40 | 0 | 0 |
|  | 10/2025 | $102 | 555 | 3 | 0 |
|  | 10/2025 | 11 | 80 | 0 | 0 |
|  | 10/2025 | 50 | 317 | 0 | 0 |
|  | 10/2025 | 99 | 1642198 | 0 | (1) |
|  | 10/2025 | 4 | 2215 | 0 | 0 |
|  | 10/2025 | 19 | 69 | 0 | 0 |
|  | 11/2025 | 316 | $50 | 0 | 0 |
|  | 11/2025 | 9453 | 24 | 0 | (1) |
|  | 11/2025 | $18 | 125 | 0 | 0 |
|  | 11/2025 | 2443 | $139 | 0 | (2) |
|  | 12/2025 | 12094 | 36 | 0 | 0 |
|  | 06/2026 | 700 | 39 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; MBC | 10/2025 | 46 | 33 | 1 | 0 |
|  | 10/2025 | 7 | 9 | 0 | 0 |
|  | 10/2025 | 3021 | 425 | 1 | 0 |
|  | 10/2025 | 13 | 66 | 0 | 0 |
|  | 10/2025 | 127 | $150 | 1 | 0 |
|  | 10/2025 | 50670 | 3 | 0 | 0 |
|  | 10/2025 | 17750 | 120 | 0 | 0 |
|  | 10/2025 | 519080 | 373 | 3 | 0 |
|  | 10/2025 | 190 | 20 | 0 | 0 |
|  | 10/2025 | 1092 | 852 | 6 | 0 |
|  | 10/2025 | 13106 | 407 | 2 | 0 |
|  | 10/2025 | $296 | 2110 | 0 | 0 |
|  | 10/2025 | 851 | 724 | 0 | (1) |
|  | 10/2025 | 81 | 60 | 0 | 0 |
|  | 10/2025 | 27 | 3976 | 0 | 0 |
|  | 10/2025 | 82 | 114877 | 0 | 0 |
|  | 10/2025 | 10 | 324 | 0 | 0 |
|  | 10/2025 | 185 | 5518 | 0 | (4) |
|  | 11/2025 | 2105 | $296 | 0 | 0 |
|  | 11/2025 | 6798 | 46 | 0 | 0 |
|  | 11/2025 | 79 | 61 | 0 | 0 |
|  | 11/2025 | $53 | 374 | 0 | 0 |
|  | 11/2025 | 59 | 50 | 0 | 0 |
|  | 12/2025 | 3 | 156 | 0 | 0 |
|  | 01/2026 | 99 | $14 | 0 | 0 |
|  | 01/2026 | $14 | 99 | 0 | 0 |
|  | 03/2026 | 263 | $34 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; MYI | 10/2025 | 103 | 74 | 0 | 0 |
|  | 10/2025 | 2971 | 417 | 1 | 0 |
|  | 10/2025 | 219241 | 13 | 0 | 0 |
|  | 10/2025 | 3156 | 21 | 0 | 0 |
|  | 10/2025 | $50 | 358 | 0 | 0 |
|  | 10/2025 | 1016 | 151688 | 10 | 0 |
|  | 10/2025 | 38 | 138 | 0 | 0 |

---

------

<br> Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 0 | 7 | 14 | 52 | 83 | 101 | 109 | 137 | 152 | 153 | 168 | 192 | 202 | 208 |
|  |  | 10/2025 | 37 | 37 | 1130 | 1130 | 1130 |  | 0 | 0 | 0 |  | 0 |
|  |  | 11/2025 | 151163 | 151163 | $1016 | 1016 | 1016 |  | 0 | 0 | 0 |  | (10) |
|  |  | 11/2025 | $62 | 62 | 436 | 436 | 436 |  | 0 | 0 | 0 |  | 0 |
|  |  | 12/2025 | 883 | 883 | 35 | 35 | 35 |  | 0 | 0 | 0 |  | (1) |
|  |  | 12/2025 | 754 | 754 | $37 | 37 | 37 |  | 0 | 0 | 0 |  | 0 |
|  |  | 12/2025 | 62 | 62 | 1516 | 1516 | 1516 |  | 0 | 0 | 0 |  | 0 |
|  |  | 12/2025 | 477 | 477 | $114 | 114 | 114 |  | 0 | 0 | 0 |  | 0 |
|  |  | 12/2025 | 1123 | 1123 | 38 | 38 | 38 |  | 1 | 1 | 1 |  | 0 |
|  |  | 02/2026 | 496 | 496 | 20 | 20 | 20 |  | 0 | 0 | 0 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; NGF | &nbsp;&nbsp;&nbsp;&nbsp; NGF | 10/2025 | 674040 | 674040 | $485 | 485 | 485 |  | 4 | 4 | 4 |  | 0 |
|  |  | 10/2025 | $29 | 29 | 485154 | 485154 | 485154 |  | 0 | 0 | 0 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCX | &nbsp;&nbsp;&nbsp;&nbsp; SCX | 10/2025 | 190 | 190 | $36 | 36 | 36 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 2160 | 2160 | 304 | 304 | 304 |  | 1 | 1 | 1 |  | 0 |
|  |  | 10/2025 | 354 | 354 | 55 | 55 | 55 |  | 0 | 0 | 0 |  | (1) |
|  |  | 10/2025 | 478235 | 478235 | 29 | 29 | 29 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 1972 | 1972 | 22 | 22 | 22 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 47540 | 47540 | 324 | 324 | 324 |  | 2 | 2 | 2 |  | 0 |
|  |  | 10/2025 | 220 | 220 | 63 | 63 | 63 |  | 0 | 0 | 0 |  | (1) |
|  |  | 10/2025 | 5423 | 5423 | 183 | 183 | 183 |  | 5 | 5 | 5 |  | 0 |
|  |  | 10/2025 | $36 | 36 | 190 | 190 | 190 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 1863 | 1863 | 1393 | 1393 | 1393 |  | 10 | 10 | 10 |  | 0 |
|  |  | 10/2025 | 33 | 33 | 538262 | 538262 | 538262 |  | 0 | 0 | 0 |  | (1) |
|  |  | 10/2025 | 41 | 41 | 3602 | 3602 | 3602 |  | 0 | 0 | 0 |  | 0 |
|  |  | 11/2025 | 1393 | 1393 | $1864 | 1864 | 1864 |  | 0 | 0 | 0 |  | (10) |
|  |  | 11/2025 | 33 | 33 | 0 | 0 | 0 |  | 0 | 0 | 0 |  | 0 |
|  |  | 11/2025 | $11 | 11 | 78 | 78 | 78 |  | 0 | 0 | 0 |  | 0 |
|  |  | 11/2025 | 22 | 22 | 1975 | 1975 | 1975 |  | 0 | 0 | 0 |  | 0 |
|  |  | 12/2025 | 174 | 174 | $8 | 8 | 8 |  | 0 | 0 | 0 |  | 0 |
|  |  | 12/2025 | $36 | 36 | 193 | 193 | 193 |  | 0 | 0 | 0 |  | 0 |
|  |  | 12/2025 | 24 | 24 | 167 | 167 | 167 |  | 0 | 0 | 0 |  | 0 |
|  |  | 12/2025 | 29 | 29 | 479444 | 479444 | 479444 |  | 0 | 0 | 0 |  | 0 |
|  |  | 01/2026 | 340 | 340 | $48 | 48 | 48 |  | 0 | 0 | 0 |  | 0 |
|  |  | 01/2026 | $48 | 48 | 339 | 339 | 339 |  | 0 | 0 | 0 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOG | &nbsp;&nbsp;&nbsp;&nbsp; SOG | 10/2025 | 3661 | 3661 | $686 | 686 | 686 |  | 0 | 0 | 0 |  | (2) |
|  |  | 10/2025 | 147967 | 147967 | 1006 | 1006 | 1006 |  | 6 | 6 | 6 |  | 0 |
|  |  | 10/2025 | 103 | 103 | 60 | 60 | 60 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 177 | 177 | 41 | 41 | 41 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | $688 | 688 | 3661 | 3661 | 3661 |  | 0 | 0 | 0 |  | (1) |
|  |  | 10/2025 | 15238 | 15238 | 12958 | 12958 | 12958 |  | 0 | 0 | 0 |  | (25) |
|  |  | 10/2025 | 2220 | 2220 | 330339 | 330339 | 330339 |  | 14 | 14 | 14 |  | 0 |
|  |  | 11/2025 | 206 | 206 | 1053 | 1053 | 1053 |  | 1 | 1 | 1 |  | 0 |
|  |  | 11/2025 | 12958 | 12958 | $15269 | 15269 | 15269 |  | 25 | 25 | 25 |  | 0 |
|  |  | 11/2025 | 329196 | 329196 | 2220 | 2220 | 2220 |  | 0 | 0 | 0 |  | (14) |
|  |  | 12/2025 | 39 | 39 | 200 | 200 | 200 |  | 0 | 0 | 0 |  | 0 |
|  |  | 12/2025 | $686 | 686 | 3713 | 3713 | 3713 |  | 2 | 2 | 2 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; SSB | &nbsp;&nbsp;&nbsp;&nbsp; SSB | 10/2025 | 1523 | 1523 | $2053 | 2053 | 2053 |  | 5 | 5 | 5 |  | 0 |
|  |  | 01/2026 | 80000 | 80000 | 534 | 534 | 534 |  | 0 | 0 | 0 |  | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp; UAG | &nbsp;&nbsp;&nbsp;&nbsp; UAG | 10/2025 | 427 | 427 | 128 | 128 | 128 |  | 0 | 0 | 0 |  | (1) |
|  |  | 10/2025 | $38 | 38 | 138 | 138 | 138 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10 | 10 | 324 | 324 | 324 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 16 | 16 | 283 | 283 | 283 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 284 | 284 | $16 | 16 | 16 |  | 0 | 0 | 0 |  | 0 |
|  |  | 11/2025 | 1243 | 1243 | 71 | 71 | 71 |  | 0 | 0 | 0 |  | (1) |
|  |  | 12/2025 | 35 | 35 | 883 | 883 | 883 |  | 1 | 1 | 1 |  | 0 |
|  |  | 12/2025 | 469 | 469 | $10 | 10 | 10 |  | 0 | 0 | 0 |  | (1) |
|  |  | 12/2025 | $27 | 27 | 9081 | 9081 | 9081 |  | 0 | 0 | 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** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | $**311** | **311** | **311** | **$** | $**(574)** | **(574)** |
| **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** |
| **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** |
| Counterparty | Description | Description | Description |  | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Notional<br>Amount<sup>(1)</sup> | Notional<br>Amount<sup>(1)</sup> | Cost | Cost |  | Market<br>Value |
| BOA | Put - OTC EUR versus CZK | Put - OTC EUR versus CZK | Put - OTC EUR versus CZK | CZK | 24.200 | 03/11/2026 | 82 | 82 | 82 | $0 | 0 | $ | $1 |
|  | Put - OTC EUR versus HUF | Put - OTC EUR versus HUF | Put - OTC EUR versus HUF | HUF | 387.000 | 12/17/2025 | 127 | 127 | 127 | 1 | 1 |  | 1 |
|  | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 142 | 142 | 142 | 0 | 0 |  | 0 |
|  | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 223 | 223 | 223 | 0 | 0 |  | 0 |
| BPS | Put - OTC EUR versus USD | Put - OTC EUR versus USD | Put - OTC EUR versus USD | $ | 1.122 | 10/14/2025 | 8 | 8 | 8 | 1 | 1 |  | 0 |
| BRC | Put - OTC EUR versus USD | Put - OTC EUR versus USD | Put - OTC EUR versus USD |  | 1.132 | 10/10/2025 | 360 | 360 | 360 | 1 | 1 |  | 0 |
|  | Call - OTC USD versus SEK | Call - OTC USD versus SEK | Call - OTC USD versus SEK | SEK | 10.200 | 11/26/2025 | 168 | 168 | 168 | 1 | 1 |  | 0 |
| GLM | Put - OTC EUR versus USD | Put - OTC EUR versus USD | Put - OTC EUR versus USD | $ | 1.129 | 10/14/2025 | 418 | 418 | 418 | 2 | 2 |  | 0 |
|  | Put - OTC EUR versus USD | Put - OTC EUR versus USD | Put - OTC EUR versus USD |  | 1.100 | 12/17/2025 | 21 | 21 | 21 | 2 | 2 |  | 1 |
|  | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 34 | 34 | 34 | 0 | 0 |  | 0 |
| JPM | Put - OTC EUR versus CZK | Put - OTC EUR versus CZK | Put - OTC EUR versus CZK | CZK | 24.200 | 03/05/2026 | 218 | 218 | 218 | 1 | 1 |  | 1 |
|  | Put - OTC EUR versus HUF | Put - OTC EUR versus HUF | Put - OTC EUR versus HUF | HUF | 393.000 | 11/12/2025 | 98 | 98 | 98 | 1 | 1 |  | 1 |
|  | Put - OTC EUR versus HUF | Put - OTC EUR versus HUF | Put - OTC EUR versus HUF |  | 386.000 | 12/16/2025 | 124 | 124 | 124 | 1 | 1 |  | 1 |
| MBC | Put - OTC EUR versus USD | Put - OTC EUR versus USD | Put - OTC EUR versus USD | $ | 1.098 | 12/23/2025 | 21 | 21 | 21 | 2 | 2 |  | 0 |
|  | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 127 | 127 | 127 | 0 | 0 |  | 0 |
|  | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 66 | 66 | 66 | 0 | 0 |  | 0 |
| MYI | Put - OTC EUR versus CZK | Put - OTC EUR versus CZK | Put - OTC EUR versus CZK | CZK | 24.200 | 02/10/2026 | 84 | 84 | 84 | 0 | 0 |  | 0 |
|  | Put - OTC EUR versus CZK | Put - OTC EUR versus CZK | Put - OTC EUR versus CZK |  | 24.250 | 02/13/2026 | 140 | 140 | 140 | 1 | 1 |  | 1 |
|  | Put - OTC EUR versus CZK | Put - OTC EUR versus CZK | Put - OTC EUR versus CZK |  | 24.100 | 03/13/2026 | 195 | 195 | 195 | 1 | 1 |  | 1 |
|  | Put - OTC EUR versus USD | Put - OTC EUR versus USD | Put - OTC EUR versus USD | $ | 1.145 | 10/08/2025 | 428 | 428 | 428 | 3 | 3 |  | 0 |

---

------

<br> Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 0 | 5 | 7 | 29 | 31 | 46 | 62 | 65 | 83 | 84 | 86 | 92 | 106 | 119 | 145 | 158 | 170 | 196 | 208 | 220 |
|  |  | Put - OTC EUR versus USD | Put - OTC EUR versus USD | Put - OTC EUR versus USD | Put - OTC EUR versus USD | Put - OTC EUR versus USD | Put - OTC EUR versus USD |  |  |  | 1.110 | 1.110 | 11/24/2025 | 525 |  | 3 | 3 | 0 | 0 |
|  |  | Call - OTC USD versus SEK | Call - OTC USD versus SEK | Call - OTC USD versus SEK | Call - OTC USD versus SEK | Call - OTC USD versus SEK | Call - OTC USD versus SEK | SEK | SEK | SEK | 10.125 | 10.125 | 10/14/2025 | 38 |  | 0 | 0 | 0 | 0 |
| **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **$** | **21** | **21** | $**8** | **8** |
| **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** |
| **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** |
| Counterparty | Counterparty | Description | Description | Description | Description | Description | Description |  |  |  | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> |  | Premiums<br>(Received) | Premiums<br>(Received) | Market<br>Value | Market<br>Value |
| BOA | BOA | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | HKD | HKD | HKD | 7.850 | 7.850 | 08/14/2026 | 142 | $ | 0 | 0 | $0 | 0 |
|  |  | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD |  |  |  | 7.850 | 7.850 | 08/24/2026 | 223 |  | 0 | 0 | (1) | (1) |
| GLM | GLM | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD |  |  |  | 7.850 | 7.850 | 08/14/2026 | 34 |  | 0 | 0 | 0 | 0 |
| MBC | MBC | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD |  |  |  | 7.850 | 7.850 | 08/14/2026 | 127 |  | 0 | 0 | 0 | 0 |
|  |  | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD |  |  |  | 7.850 | 7.850 | 08/24/2026 | 66 |  | 0 | 0 | 0 | 0 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 0 | 0 | $(1) | (1) |
| **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** |
| Counterparty | Counterparty | Description | Floating Rate<br>Index | Floating Rate<br>Index | Floating Rate<br>Index | Pay/Receive<br>Floating Rate | Pay/Receive<br>Floating Rate | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Exercise<br>Rate | Exercise<br>Rate | Expiration<br>Date | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> |  | Premiums<br>(Received) | Premiums<br>(Received) | Market<br>Value | Market<br>Value |
| BOA | BOA | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | Receive | Receive | 3.575% | 3.575% | 3.575% | 10/02/2025 | 10/02/2025 | 100 | $ | 0 | 0 | $0 | 0 |
|  |  | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | Receive | Receive | 3.325 | 3.325 | 3.325 | 10/14/2025 | 10/14/2025 | 200 |  | (1) | (1) | 0 | 0 |
|  |  | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | Receive | Receive | 3.375 | 3.375 | 3.375 | 10/14/2025 | 10/14/2025 | 300 |  | (1) | (1) | 0 | 0 |
|  |  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Pay | Pay | Pay | 3.625 | 3.625 | 3.625 | 10/14/2025 | 10/14/2025 | 200 |  | (1) | (1) | (1) | (1) |
|  |  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Pay | Pay | Pay | 3.675 | 3.675 | 3.675 | 10/14/2025 | 10/14/2025 | 300 |  | (1) | (1) | (1) | (1) |
| BRC | BRC | Call - OTC 10-Year Interest Rate Swap | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | Receive | Receive | Receive | 2.610 | 2.610 | 2.610 | 10/02/2025 | 10/02/2025 | 200 |  | (1) | (1) | 0 | 0 |
|  |  | Put - OTC 10-Year Interest Rate Swap | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | Pay | Pay | Pay | 2.850 | 2.850 | 2.850 | 10/02/2025 | 10/02/2025 | 200 |  | (1) | (1) | 0 | 0 |
|  |  | Call - OTC 10-Year Interest Rate Swap | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | Receive | Receive | Receive | 2.550 | 2.550 | 2.550 | 10/17/2025 | 10/17/2025 | 100 |  | 1 | 1 | 0 | 0 |
|  |  | Put - OTC 10-Year Interest Rate Swap | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | Pay | Pay | Pay | 2.750 | 2.750 | 2.750 | 10/17/2025 | 10/17/2025 | 100 |  | 0 | 0 | 0 | 0 |
| GLM | GLM | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | Receive | Receive | 3.550 | 3.550 | 3.550 | 10/27/2025 | 10/27/2025 | 100 |  | 0 | 0 | (1) | (1) |
|  |  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Pay | Pay | Pay | 3.850 | 3.850 | 3.850 | 10/27/2025 | 10/27/2025 | 100 |  | 0 | 0 | 0 | 0 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (5) | (5) | $(3) | (3) |
| **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **$** | **(5)** | **(5)** | $**(4)** | **(4)** |
| **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** |
| **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(3)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Swap Agreements, at Value</u><sup>(7)</sup> | <u>Swap Agreements, at Value</u><sup>(7)</sup> | <u>Swap Agreements, at Value</u><sup>(7)</sup> |
| Counterparty | Reference Entity | Reference Entity | Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(5)</sup> | Implied<br>Credit Spread at<br>September 30, 2025<sup>(5)</sup> | Implied<br>Credit Spread at<br>September 30, 2025<sup>(5)</sup> | Notional<br>Amount<sup>(6)</sup> | Premiums<br>Paid/(Received) | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Liability |
| MYC | South Korea Government International Bonds | South Korea Government International Bonds | South Korea Government International Bonds | (1.000)% | Quarterly | Quarterly | 12/20/2029 | 12/20/2029 | 12/20/2029 | 0.219% | 0.219% | 0.219% | $100 | $(3) | (3) | $0 | $0 | 0 | $(3) |
|  | South Korea Government International Bonds | South Korea Government International Bonds | South Korea Government International Bonds | (1.000) | Quarterly | Quarterly | 12/20/2030 | 12/20/2030 | 12/20/2030 | N/A | N/A | N/A | 300 | (11) | (11) | 0 | 0 | 0 | (11) |
|  | South Korea Government International Bonds | South Korea Government International Bonds | South Korea Government International Bonds | (1.000) | Quarterly | Quarterly | 12/20/2030 | 12/20/2030 | 12/20/2030 | 0.248 | 0.248 | 0.248 | 100 | (4) | (4) | 1 | 0 | 0 | (3) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | $(18) | (18) | $1 | $0 | 0 | $(17) |
| **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(4)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(4)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(4)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(4)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(4)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(4)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(4)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(4)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(4)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(4)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(4)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(4)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(4)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(4)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(4)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(4)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(4)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(4)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(4)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(4)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Swap Agreements, at Value</u><sup>(7)</sup> | <u>Swap Agreements, at Value</u><sup>(7)</sup> | <u>Swap Agreements, at Value</u><sup>(7)</sup> |
| Counterparty | Reference Entity | Reference Entity | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(5)</sup> | Implied<br>Credit Spread at<br>September 30, 2025<sup>(5)</sup> | Implied<br>Credit Spread at<br>September 30, 2025<sup>(5)</sup> | Notional<br>Amount<sup>(6)</sup> | Premiums<br>Paid/(Received) | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Liability |
| DUB | Petroleos Mexicanos « | Petroleos Mexicanos « | Petroleos Mexicanos « | 4.750% | Monthly | Monthly | 07/06/2026 | 07/06/2026 | 07/06/2026 | —◆ | —◆ | —◆ | $235 | $0 | 0 | $3 | $3 | 3 | $0 |

---

------

<br> Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 0 | 3 | 15 | 17 | 34 | 50 | 65 | 78 | 80 | 113 | 146 | 161 | 177 | 197 | 212 | 221 |
| **CROSS** **-CURRENCY SWAPS** | **CROSS** **-CURRENCY SWAPS** | **CROSS** **-CURRENCY SWAPS** | **CROSS** **-CURRENCY SWAPS** | **CROSS** **-CURRENCY SWAPS** | **CROSS** **-CURRENCY SWAPS** | **CROSS** **-CURRENCY SWAPS** | **CROSS** **-CURRENCY SWAPS** | **CROSS** **-CURRENCY SWAPS** | **CROSS** **-CURRENCY SWAPS** | **CROSS** **-CURRENCY SWAPS** | **CROSS** **-CURRENCY SWAPS** | **CROSS** **-CURRENCY SWAPS** | **CROSS** **-CURRENCY SWAPS** | **CROSS** **-CURRENCY SWAPS** | **CROSS** **-CURRENCY SWAPS** |
|  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Swap Agreements, at Value</u> | <u>Swap Agreements, at Value</u> | <u>Swap Agreements, at Value</u> |
| &nbsp;&nbsp; Counterparty | &nbsp;&nbsp; Counterparty | Receive | Pay | Payment<br>Frequency | Maturity<br>Date<sup>(8)</sup> | Maturity<br>Date<sup>(8)</sup> | Notional Amount<br>of Currency<br>Received | Notional Amount<br>of Currency<br>Received | Notional Amount<br>of Currency<br>Delivered | Upfront Payable/(Receivable) |  | Unrealized<br>Appreciation/<br>(Depreciation) | Asset |  | Liability |
| &nbsp;&nbsp; CBK | &nbsp;&nbsp; CBK | 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 | 12/17/2026 | 12/17/2026 | $2431 | 2431 | 360000 | 5 | $ | 3 | 2431 | $ | (2423) |
| &nbsp;&nbsp; GLM | &nbsp;&nbsp; GLM | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.425% 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 | 09/16/2031 | 09/16/2031 | 1769 | 1769 | 260000 | 2 |  | 1 | 1768 |  | (1765) |
| &nbsp;&nbsp; GST | &nbsp;&nbsp; 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 | 10/15/2026 | 4079 | 4079 | 645700 | (52) |  | 6 | 4078 |  | (4124) |
|  |  |  |  |  |  |  |  |  |  | (45) | $ | 10 | 8277 | $ | (8312) |
| **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** |
|  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Swap Agreements, at Value</u> | <u>Swap Agreements, at Value</u> | <u>Swap Agreements, at Value</u> |
| &nbsp;&nbsp; Counterparty | &nbsp;&nbsp; Counterparty | Floating Rate Index | Floating Rate Index | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Liability |
| &nbsp;&nbsp; BPS | &nbsp;&nbsp; BPS | 3-Month CNY-CNREPOFIX<sup>(2)</sup> | 3-Month CNY-CNREPOFIX<sup>(2)</sup> | 3-Month CNY-CNREPOFIX<sup>(2)</sup> | 1.500% | Quarterly | Quarterly | 03/18/2031 | 9600 | $(1) | (1) | (10) | $0 | 0 | $(11) |
| &nbsp;&nbsp; SCX | &nbsp;&nbsp; SCX | 3-Month CNY-CNREPOFIX<sup>(2)</sup> | 3-Month CNY-CNREPOFIX<sup>(2)</sup> | 3-Month CNY-CNREPOFIX<sup>(2)</sup> | 1.500 | Quarterly | Quarterly | 03/18/2031 | 33400 | 15 | 15 | (55) | 0 | 0 | (40) |
|  |  |  |  |  |  |  |  |  |  | 14 | $ | (65) | 0 | $ | (51) |
| **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **(49)** | **$** | **(51)** | **8280** | **$** | **(8380)** |
| **(l)** | **Securities with an aggregate market value of $279 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $279 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $279 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $279 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $279 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $279 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $279 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $279 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $279 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $279 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $279 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $279 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $279 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $279 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $279 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** |
| <sup>◆</sup> | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | 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. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. |
| <sup>(2)</sup> | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. |
| <sup>(3)</sup> | If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
| <sup>(4)</sup> | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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>(5)</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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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>(6)</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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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>(7)</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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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>(8)</sup> | At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. | At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. | At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. | At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. | At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. | At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. | At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. | At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. | At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. | At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. | At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. | At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. | At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. | At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. | At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. |
| **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** |
| **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: |  |
| Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Level 1 | Level 1 | Level 2 | Level 3 | Level 3 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 |  |

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<br> Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| <br> **Investments in Securities, at Value** | <br> **Investments in Securities, at Value** | <br> **Investments in Securities, at Value** |
| Argentina | Argentina | Argentina |
| Sovereign Issues | $26 | $26 |
| Australia | Australia | Australia |
| Corporate Bonds & Notes | 832 | 832 |
| Sovereign Issues | 1639 | 1639 |
| Brazil | Brazil | Brazil |
| Sovereign Issues | 1632 | 1632 |
| Bulgaria | Bulgaria | Bulgaria |
| Sovereign Issues | 229 | 229 |
| Canada | Canada | Canada |
| Corporate Bonds & Notes | 1518 | 1518 |
| Sovereign Issues | 2243 | 2243 |
| Cayman Islands | Cayman Islands | Cayman Islands |
| Asset-Backed Securities | 2394 | 2394 |
| Corporate Bonds & Notes | 205 | 205 |
| Sovereign Issues | 206 | 206 |
| China | China | China |
| Sovereign Issues | 1145 | 1145 |
| Denmark | Denmark | Denmark |
| Corporate Bonds & Notes | 107 | 107 |
| France | France | France |
| Corporate Bonds & Notes | 576 | 576 |
| Sovereign Issues | 4209 | 4209 |
| Indonesia | Indonesia | Indonesia |
| Sovereign Issues | 118 | 118 |
| Ireland | Ireland | Ireland |
| Asset-Backed Securities | 2658 | 2658 |
| Israel | Israel | Israel |
| Sovereign Issues | 958 | 958 |
| Italy | Italy | Italy |
| Corporate Bonds & Notes | 344 | 344 |
| Sovereign Issues | 2259 | 2259 |
| Japan | Japan | Japan |
| Corporate Bonds & Notes | 711 | 711 |
| Sovereign Issues | 4673 | 4673 |
| Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands |
| Asset-Backed Securities | 501 | 501 |
| Kuwait | Kuwait | Kuwait |
| Sovereign Issues | 0 | 400 |
| Luxembourg | Luxembourg | Luxembourg |
| Common Stocks | 0 | 197 |
| Corporate Bonds & Notes | 437 | 437 |
| Sovereign Issues | 406 | 406 |
| Malaysia | Malaysia | Malaysia |
| Corporate Bonds & Notes | 451 | 451 |
| Sovereign Issues | 822 | 822 |
| Mexico | Mexico | Mexico |
| Sovereign Issues | 121 | 121 |
| Netherlands | Netherlands | Netherlands |
| Corporate Bonds & Notes | 200 | 200 |
| Non-Agency Mortgage-Backed Securities | 739 | 739 |
| New Zealand | New Zealand | New Zealand |
| Sovereign Issues | 52 | 52 |
| Norway | Norway | Norway |
| Sovereign Issues | 65 | 65 |
| Peru | Peru | Peru |
| Sovereign Issues | 1157 | 1157 |
| Poland | Poland | Poland |
| Sovereign Issues | 512 | 512 |
| Romania | Romania | Romania |
| Sovereign Issues | 1038 | 1038 |
| Saudi Arabia | Saudi Arabia | Saudi Arabia |
| Sovereign Issues | 1267 | 1267 |
| Serbia | Serbia | Serbia |
| Sovereign Issues | 109 | 109 |
| Singapore | Singapore | Singapore |
| Sovereign Issues | 416 | 416 |
| South Africa | South Africa | South Africa |
| Sovereign Issues | 1338 | 1338 |
| South Korea | South Korea | South Korea |
| Sovereign Issues | 1112 | 1112 |
| Spain | Spain | Spain |
| Sovereign Issues | 2695 | 2695 |
| Supranational | Supranational | Supranational |
| Sovereign Issues | 581 | 581 |
| Switzerland | Switzerland | Switzerland |
| Corporate Bonds & Notes | 1021 | 1021 |
| Thailand | Thailand | Thailand |
| Sovereign Issues | 551 | 551 |
| United Arab Emirates | United Arab Emirates | United Arab Emirates |
| Corporate Bonds & Notes | 509 | 509 |
| United Kingdom | United Kingdom | United Kingdom |
| Corporate Bonds & Notes | 2955 | 2955 |
| Non-Agency Mortgage-Backed Securities | 387 | 387 |
| Sovereign Issues | 1212 | 1212 |

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------

<br> Schedule of Investments PIMCO Global Core Bond (Hedged) Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 1 | 3 | 11 | 28 | 43 | 47 | 67 | 79 | 93 | 105 | 117 | 138 | 152 | 163 | 179 | 194 | 215 | 218 |
| United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States |  |  |
|  | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | 0 | 0 | 0 | 2835 | 2835 | 0 | 0 |  | 2835 |  |  |
|  | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | 0 | 0 | 0 | 4985 | 4985 | 800 | 800 |  | 5785 |  |  |
|  | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | 0 | 0 | 0 | 280 | 280 | 0 | 0 |  | 280 |  |  |
|  | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | 0 | 0 | 0 | 7530 | 7530 | 0 | 0 |  | 7530 |  |  |
|  | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | 0 | 0 | 0 | 39653 | 39653 | 0 | 0 |  | 39653 |  |  |
|  | U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | 0 | 0 | 0 | 10418 | 10418 | 0 | 0 |  | 10418 |  |  |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |  |  |
|  | Commercial Paper | Commercial Paper | Commercial Paper | Commercial Paper | Commercial Paper | Commercial Paper | 0 | 0 | 0 | 249 | 249 | 0 | 0 |  | 249 |  |  |
|  | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | 0 | 0 | 0 | 500 | 500 | 0 | 0 |  | 500 |  |  |
|  | Nigeria Treasury Bills | Nigeria Treasury Bills | Nigeria Treasury Bills | Nigeria Treasury Bills | Nigeria Treasury Bills | Nigeria Treasury Bills | 0 | 0 | 0 | 234 | 234 | 0 | 0 |  | 234 |  |  |
|  | South Africa Treasury Bills | South Africa Treasury Bills | South Africa Treasury Bills | South Africa Treasury Bills | South Africa Treasury Bills | South Africa Treasury Bills | 0 | 0 | 0 | 39 | 39 | 0 | 0 |  | 39 |  |  |
|  |  |  |  |  |  |  | $400 | 400 | 400 | $116059 | 116059 | $997 | 997 | $ | 117456 |  |  |
| **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** | **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 | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |  |  |
|  | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | $460 | 460 | 460 | $0 | 0 | $0 | 0 | $ | 460 |  |  |
| Total Investments | Total Investments | Total Investments | Total Investments | Total Investments | Total Investments | Total Investments | $860 | 860 | 860 | $116059 | 116059 | $997 | 997 | $ | 117916 |  |  |
| **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** | **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** | **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** | **Short Sales, at Value - Liabilities** |  |  |
| France | France | France | France | France | France | France | France | France | France | France | France | France | France | France | France |  |  |
| Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | 0 | 0 | 0 | (489) | (489) | 0 | 0 |  | (489) |  |  |
| United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States |  |  |
| U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | 0 | 0 | 0 | (6640) | (6640) | 0 | 0 |  | (6640) |  |  |
|  |  |  |  |  |  |  | $0 | 0 | 0 | $(7129) | (7129) | $0 | 0 | $ | (7129) |  |  |
| **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** | **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 | 40 | 40 | 40 | 97 | 97 | 0 | 0 |  | 137 |  |  |
| Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | 0 | 0 | 0 | 8596 | 8596 | 3 | 3 |  | 8599 |  |  |
|  |  |  |  |  |  |  | $40 | 40 | 40 | $8693 | 8693 | $3 | 3 | $ | 8736 |  |  |
| **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** | **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** | **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 | (61) | (61) | (61) | (71) | (71) | 0 | 0 |  | (132) |  |  |
| Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | (11) | (11) | (11) | (8947) | (8947) | 0 | 0 |  | (8958) |  |  |
|  |  |  |  |  |  |  | $(72) | (72) | (72) | $(9018) | (9018) | $0 | 0 | $ | (9090) |  |  |
| Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | $(32) | (32) | (32) | $(325) | (325) | $3 | 3 | $ | (354) |  |  |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | $828 | 828 | 828 | $108605 | 108605 | $1000 | 1000 | $ | 110433 |  |  |
| **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** |
| Category and Subcategory | Category and Subcategory | Beginning<br>Balance<br>at 12/31/2024 | Net<br>Purchases<sup>(1)</sup> | Net<br>Sales/Settlements<sup>(1)</sup> | Net<br>Sales/Settlements<sup>(1)</sup> | Accrued<br>Discounts/<br>(Premiums) | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Transfers into<br>Level 3 | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(2)</sup> | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(2)</sup> |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **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** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
| Luxembourg | Luxembourg |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Common Stocks | Common Stocks | $228 | 0 | $ | $0 | $ | 0 | $0 | $ | (31) | $0 | 0 | $0 | 0 | 197 | $ | (31) |
| United States | United States |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Corporate Bonds & Notes | Corporate Bonds & Notes | 0 | 800 |  | 0 |  | 0 | 0 |  | 0 | 0 | 0 | 0 | 0 | 800 |  | 0 |
|  |  | 228 | 800 | $ | $0 | $ | 0 | $0 | $ | (31) | $0 | 0 | $0 | 0 | 997 | $ | (31) |
| **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** | **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 | 0 | 1 | $ | $0 | $ | 0 | $0 | $ | 2 | $0 | 0 | $0 | 0 | 3 | $ | 2 |
| Totals | Totals | 228 | 801 | $ | $0 | $ | 0 | $0 | $ | (29) | $0 | 0 | $0 | 0 | 1000 | $ | (29) |
| <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Category and Subcategory | Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | Input Value(s) | Input Value(s) | Weighted Average | Weighted 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** | **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 | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| Common Stocks | Common Stocks | Common Stocks | $197 | 197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | $21.667 | 21.667 |  |  |
| United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | 800 | 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | 100.000 | 100.000 |  |  |
| **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** | **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 | 3 | 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | 0.939 | 0.939 |  |  |
| Total | Total | Total | $1000 | 1000 |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <sup>(1)</sup> | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. |
| <sup>(2)</sup> | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. |

---

------

Notes to Financial Statements

**1** **. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS**

**(a) Investment Valuation Policies** The net asset value ("NAV") of the Portfolio'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 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, the Portfolio'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 Portfolio 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 Portfolio may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The 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, the Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that the 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 the 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 Portfolio 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 Pacific Investment Management Company LLC ("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 Investment Company Act of 1940, as amended (the "Act"). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees has designated PIMCO as the valuation designee ("Valuation Designee") for the Portfolio to perform the fair value determination relating to all Portfolio investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of portfolio investments. The Valuation Designee may value portfolio securities for which market quotations are not readily available and other Portfolio assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, exchange-traded funds ("ETFs"), exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Portfolio's assets that are invested in one or more open-end management investment companies (other than ETFs), the 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, 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 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. The 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 the 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 the 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 the 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 the 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 the Portfolio may transact.

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 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 the 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 the Portfolio may differ from the value that would be realized if the securities were sold. The Portfolio's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the " Frequent or Excessive Purchases, Exchanges and Redemptions " section in the Portfolio's prospectus.

Under certain circumstances, the per share NAV of a class of the Portfolio'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 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:

------

Notes to Financial Statements (Cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

• Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the 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 ofthe Portfolio'sassets 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 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.

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

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indexes, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices,indexes, reference rates and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are

------

Notes to Financial Statements (Cont.)

observed from actively quoted markets such as the overnight index swap rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Securities may be valued based on purchase prices of privately negotiated transactions. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

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.

**2. FEDERAL INCOME TAX MATTERS**

The 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.

The 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 Portfolio's tax positions for all open tax years. As of September 30, 2025, the Portfolio 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 Portfolio files U.S. federal, state and local tax returns as required. The Portfolio'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.

Shares of the Portfolio currently are sold to segregated asset accounts ("Separate Accounts") of insurance companies that fund variable annuity contracts and variable life insurance policies ("Variable Contracts"). Please refer to the prospectus for the Separate Account and Variable Contract for information regarding Federal income tax treatment of distributions to the Separate Account.

**3. INVESTMENTS IN AFFILIATES**

The 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 theAct, 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 Portfolio. A copy of each affiliate fund's shareholder report is available at the U.S. Securities and Exchange Commission ("SEC") website at www.sec.gov, on the Portfolio's website at www.pimco.com, or upon request, as applicable. The table below shows the Portfolio's transactions in and earnings from investments in the affiliated funds for the period ended September 30, 2025 (amounts in thousands<sup>†</sup>):

**Investment in PIMCO Short-Term Floating NAV Portfolio III**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Market Value<br>12/31/2024** | **Purchases at<br>Cost** | **Proceeds from<br>Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>09/30/2025** | **Dividend<br>Income**<sup>(1)</sup> | **Realized Net<br>Capital<br>Gain<br>Distributions**<sup>(1)</sup> |
| $741 | $33620 | $(33900) | $(1) | $0 | $460 | $21 | $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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** | **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. |
| **BPS** | BNP Paribas S.A. | **GST** | Goldman Sachs International | **SCX** | Standard Chartered Bank, London |
| **BRC** | Barclays Bank PLC | **IND** | Crédit Agricole Corporate and Investment Bank <br> S.A. | **SOG** | Societe Generale Paris |
| **BSH** | Banco Santander S.A. - New York Branch | **JPM** | JP Morgan Chase Bank N.A. | **SSB** | State Street Bank and Trust Co. |
| **CBK** | Citibank N.A. | **MBC** | HSBC Bank Plc | **UAG** | UBS AG Stamford |
| **CIB** | Canadian Imperial Bank of Commerce | **MYC** | Morgan Stanley Capital Services LLC | **UBS** | UBS Securities LLC |
| **DUB** | Deutsche Bank AG |  |  |  |  |
| **Currency Abbreviations:** | **Currency Abbreviations:** |  |  |  |  |
| **AUD** | Australian Dollar | **HKD** | Hong Kong Dollar | **NZD** | New Zealand Dollar |
| **BRL** | Brazilian Real | **HUF** | Hungarian Forint | **PEN** | Peruvian New Sol |
| **CAD** | Canadian Dollar | **IDR** | Indonesian Rupiah | **PLN** | Polish Zloty |
| **CHF** | Swiss Franc | **ILS** | Israeli Shekel | **RON** | Romanian New Leu |
| **CNH** | Chinese Renminbi (Offshore) | **INR** | Indian Rupee | **SEK** | Swedish Krona |
| **CNY** | Chinese Renminbi (Mainland) | **JPY** | Japanese Yen | **SGD** | Singapore Dollar |
| **CZK** | Czech Koruna | **KRW** | South Korean Won | **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:** |  |  |  |  |
| **CBOT** | Chicago Board of Trade | **EUREX** | Eurex Exchange | **OTC** | Over the Counter |
| **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** |  |  |  |  |
| **Bobl** | Bundesobligation, the German word for federal government bond | **CNREPOFIX** | China Fixing Repo Rates 7-Day | **SIBCSORA** | Singapore Overnight Rate Average |
| **BP0003M** | 3 Month GBP-LIBOR | **CPI** | Consumer Price Index | **SOFR** | Secured Overnight Financing Rate |
| **CAONREPO** | Canadian Overnight Repo Rate Average | **EUR003M** | 3 Month EUR Swap Rate | **SONIO** | Sterling Overnight Interbank Average Rate |
| **CDX.IG** | Credit Derivatives Index - Investment <br> Grade | **MUTKCALM** | Tokyo Overnight Average Rate | **SRFXON3** | Swiss Overnight Rate Average (6PM) |
| **Other Abbreviations:** | **Other Abbreviations:** |  |  |  |  |
| **ABS** | Asset-Backed Security | **EURIBOR** | Euro Interbank Offered Rate | **PRIBOR** | Prague Interbank Offered Rate |
| **BBR** | Bank Bill Rate | **KORIBOR** | Korea Interbank Offered Rate | **REMIC** | Real Estate Mortgage Investment Conduit |
| **BBSW** | Bank Bill Swap Reference Rate | **MIBOR** | Mumbai Interbank Offered Rate | **STIBOR** | Stockholm Interbank Offered Rate |
| **BTP** | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | **Oat** | Obligations Assimilables du Trésor | **TBA** | To-Be-Announced |
| **CLO** | Collateralized Loan Obligation | **OIS** | Overnight Index Swap | **TBD** | To-Be-Determined |
| **DAC** | Designated Activity Company |  |  |  |  |

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<br> Schedule of Investments PIMCO Global Diversified Allocation Portfolio September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** |
|  | SHARES | MARKET<br>VALUE<br>(000s) |
| **INVESTMENTS IN AFFILIATES 94.7%** |  |  |
| **MUTUAL FUNDS (a) 90.2%** |  |  |
| **PIMCO Emerging Markets Bond Fund** | 559990 | $5001 |
| **PIMCO Global Advantage**<sup>®</sup> **Strategy Bond Fund** | 640200 | 6665 |
| **PIMCO Income Fund** | 766550 | 8340 |
| **PIMCO International Bond Fund (U.S. Dollar-Hedged)** | 504077 | 5000 |
| **PIMCO Investment Grade Credit Bond Fund** | 904297 | 8338 |
| **PIMCO RAE International Fund** | 901746 | 8350 |
| **PIMCO RAE PLUS EMG Fund** | 1058042 | 8284 |
| **PIMCO RAE PLUS Small Fund** | 473220 | 8310 |
| **PIMCO Real Return Fund** | 796468 | 8323 |
| **PIMCO Short-Term Fund** | 2583951 | 24987 |
| **PIMCO StocksPLUS**<sup>®</sup> **Fund** | 581606 | 8340 |
| **PIMCO StocksPLUS**<sup>®</sup> **International Fund (U.S. Dollar-Hedged)** | 895913 | 8350 |
| **PIMCO StocksPLUS**<sup>®</sup> **International Fund (Unhedged)** | 1281646 | 16725 |
| **PIMCO Total Return Fund IV** | 2593831 | 24979 |
| Total Mutual Funds (Cost $137,817) |  | 149992 |
| **SHORT-TERM INSTRUMENTS 4.5%** |  |  |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.5%** |  |  |
| **PIMCO Short-Term Floating NAV Portfolio III** | 765697 | 7457 |
| Total Short-Term Instruments (Cost $7,443) |  | 7457 |
| Total Investments in Affiliates (Cost $145,260) |  | 157449 |
| Total Investments 94.7% (Cost $145,260) |  | $157449 |
| **Financial Derivative Instruments** **(b)** **0.4**%(Cost or Premiums, net $914) |  | 663 |
| Other Assets and Liabilities, net 4.9% |  | 8066 |
| Net Assets 100.0% |  | $166178 |

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<br> Schedule of Investments PIMCO Global Diversified Allocation Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  |
| **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** |
| **¤** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** |
| **(a)** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** |
| **(b)** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** |
| **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** |
| **OPTIONS ON INDEXES** | **OPTIONS ON INDEXES** | **OPTIONS ON INDEXES** | **OPTIONS ON INDEXES** | **OPTIONS ON INDEXES** | **OPTIONS ON INDEXES** | **OPTIONS ON INDEXES** | **OPTIONS ON INDEXES** | **OPTIONS ON INDEXES** | **OPTIONS ON INDEXES** | **OPTIONS ON INDEXES** | **OPTIONS ON INDEXES** |
| Description | Description | Strike<br>Value | Strike<br>Value | Expiration<br>Date |  | # of<br>Contracts | Notional Amount | Cost | Cost |  | Market<br>Value |
| Put - CBOE S&P 500 | Put - CBOE S&P 500 | 4175.000 | 4175.000 | 06/18/2026 |  | 25 | 3 | 156 | 156 | $ | 70 |
| Put - CBOE S&P 500 | Put - CBOE S&P 500 | 4775.000 | 4775.000 | 06/18/2026 |  | 25 | 3 | 273 | 273 |  | 116 |
| Put - CBOE S&P 500 | Put - CBOE S&P 500 | 5375.000 | 5375.000 | 06/18/2026 |  | 25 | 3 | 485 | 485 |  | 202 |
| **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **$** | **914** | **914** | **$** | **388** |
| **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** |
| **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** |
|  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Description | # of<br>Contracts | # of<br>Contracts | Notional<br>Amount | Notional<br>Amount | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) |  | Asset | Asset | Asset | Liability |
| E-Mini S&P 500 Index December Futures | 218 | 218 | $73452 | 73452 | 73452 | $893 | $ | $275 | 275 | 275 | $0 |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **893** | **$** | **275** | **275** | **$** | **0** |
| **Cash of $4,771 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $4,771 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $4,771 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $4,771 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $4,771 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $4,771 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $4,771 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $4,771 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $4,771 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $4,771 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $4,771 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $4,771 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** |
| **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** |
| **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: |  |
| Category and Subcategory | Category and Subcategory | Level 1 | Level 1 | Level 1 | Level 2 | Level 2 | Level 3 | Level 3 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 |  |
| Mutual Funds | Mutual Funds | $149992 | 149992 | 149992 | $0 | 0 | 0 | 0 | $149992 | 149992 |  |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |  |
| Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | 7457 | 7457 | 7457 | 0 | 0 | 0 | 0 | 7457 | 7457 |  |
| Total Investments | Total Investments | $157449 | 157449 | 157449 | $0 | 0 | 0 | 0 | $157449 | 157449 |  |
| **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** |  |
| Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | $275 | 275 | 275 | $388 | 388 | 0 | 0 | $663 | 663 |  |
| Total Financial Derivative Instruments | Total Financial Derivative Instruments | $275 | 275 | 275 | $388 | 388 | 0 | 0 | $663 | 663 |  |
| Totals | Totals | $157724 | 157724 | 157724 | $388 | 388 | 0 | 0 | $158112 | 158112 |  |
| **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** |

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Notes to Financial Statements

**1** **. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS**

**(a) Investment Valuation Policies** The net asset value ("NAV") of the Portfolio'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 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, the Portfolio'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 Portfolio 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 Portfolio may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The 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, the Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that the 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 the 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 Portfolio 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 Pacific Investment Management Company LLC ("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 Investment Company Act of 1940, as amended (the "Act"). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees has designated PIMCO as the valuation designee ("Valuation Designee") for the Portfolio to perform the fair value determination relating to all Portfolio investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of portfolio investments. The Valuation Designee may value portfolio securities for which market quotations are not readily available and other Portfolio assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, exchange-traded funds ("ETFs"), exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Portfolio's assets that are invested in one or more open-end management investment companies (other than ETFs), the 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, 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 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. The 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 the 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 the 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 the 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 the 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 the Portfolio may transact.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 Portfolio may transact.

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 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 the 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 the Portfolio may differ from the value that would be realized if the securities were sold. The Portfolio's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the " Frequent or Excessive Purchases, Exchanges and Redemptions " section in the Portfolio's prospectus.

Under certain circumstances, the per share NAV of a class of the Portfolio'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 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:

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Notes to Financial Statements (Cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

• Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for 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 ofthe Portfolio'sassets 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 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.

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

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indexes, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are

------

Notes to Financial Statements (Cont.)

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.

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.

**2. FEDERAL INCOME TAX MATTERS**

The 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.

The 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 Portfolio's tax positions for all open tax years. As of September 30, 2025 the Portfolio 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 Portfolio files U.S. federal, state and local tax returns as required. The Portfolio'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.

Shares of the Portfolio currently are sold to segregated asset accounts ("Separate Accounts") of insurance companies that fund variable annuity contracts and variable life insurance policies ("Variable Contracts"). Please refer to the prospectus for the Separate Account and Variable Contract for information regarding Federal income tax treatment of distributions to the Separate Account.

**3. INVESTMENTS IN AFFILIATES**

The Portfolio invests under normal circumstances in Acquired Funds which are considered to be affiliated with the Portfolio. The 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 Portfolio. A copy of each Acquired Fund's shareholder report is available at the U.S. Securities and Exchange Commission ("SEC") website at www.sec.gov, and a copy of each affiliate fund's shareholder report is available on the Portfolios' website at www.pimco.com, or upon request, as applicable. The table below shows the Portfolio's transactions in and earnings from investments in the affiliated funds for the period ended September 30, 2025 (amounts in thousands<sup>†</sup>):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying PIMCO Funds** | **Market Value<br>12/31/2024** | **Purchases at<br>Cost** | **Proceeds from<br>Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>09/30/2025** | **Dividend<br>Income**<sup>(1)</sup> | **Realized Net<br>Capital<br>Gain<br>Distributions**<sup>(1)</sup> |
| PIMCO Emerging Markets Bond Fund | $5231 | $321 | $(834) | $(86) | $369 | $5001 | $276 | $0 |
| PIMCO Global Advantage® Strategy Bond Fund | 6957 | 349 | (880) | 6 | 233 | 6665 | 220 | 0 |
| PIMCO Income Fund | 8711 | 544 | (1206) | (125) | 416 | 8340 | 394 | 0 |
| PIMCO International Bond Fund (U.S. Dollar-Hedged) | 5231 | 344 | (569) | (21) | 15 | 5000 | 167 | 0 |
| PIMCO Investment Grade Credit Bond Fund | 8699 | 539 | (1218) | (134) | 452 | 8338 | 300 | 0 |
| PIMCO RAE International Fund | 8673 | 16 | (2309) | 28 | 1942 | 8350 | 0 | 0 |
| PIMCO RAE PLUS EMG Fund | 8698 | 500 | (2072) | 78 | 1080 | 8284 | 434 | 0 |
| PIMCO RAE PLUS Small Fund | 8693 | 1001 | (1479) | (77) | 172 | 8310 | 360 | 0 |
| PIMCO Real Return Fund | 8679 | 459 | (1230) | (43) | 458 | 8323 | 245 | 0 |
| PIMCO Short-Term Floating NAV Portfolio III | 7727 | 59833 | (60101) | 1 | (3) | 7457 | 334 | 0 |
| PIMCO Short-Term Fund | 26130 | 1697 | (2812) | (9) | (19) | 24987 | 918 | 0 |
| PIMCO StocksPLUS® Fund | 8632 | 426 | (1672) | 288 | 666 | 8340 | 221 | 0 |
| PIMCO StocksPLUS® International Fund (U.S. Dollar-Hedged) | 8714 | 483 | (1759) | 353 | 559 | 8350 | 433 | 0 |

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------

Notes to Financial Statements (Cont.)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| PIMCO StocksPLUS® International Fund (Unhedged) | 17345 | 770 | (4789) | (727) | 4126 | 16725 | 614 | 0 |
| PIMCO Total Return Fund IV | 26086 | 1634 | (3609) | (255) | 1123 | 24979 | 795 | 0 |
| **Totals** | $**164206** | $**68916** | $**(86539)** | $**(723)** | $**11589** | $**157449** | $**5711** | $**0** |

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<sup>†</sup> A zero balance may reflect actual amounts rounding to less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)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 distributions received is determined at the end of the fiscal year of the affiliated fund.

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| | | |
|:---|:---|:---|
| **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** | (Unaudited) |
| **Currency Abbreviations:** | **Currency Abbreviations:** |  |
| **USD (or $)** | United States Dollar |  |
| **Exchange Abbreviations:** | **Exchange Abbreviations:** |  |
| **CBOE** | Chicago Board Options Exchange |  |
| **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** |  |
| **S&P 500** | Standard & Poor's 500 Index |  |
| **Other Abbreviations:** | **Other Abbreviations:** |  |
| **TBA** | To-Be-Announced |  |

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------

<br> Consolidated Schedule of Investments PIMCO Global Managed Asset Allocation Portfolio September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(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 49.0% ¤** |  |  |
| **CORPORATE BONDS & NOTES 0.3%** |  |  |
| **BANKING & FINANCE 0.0%** |  |  |
| **Kaisa Group Holdings Ltd.**<br>5.000% due 11/30/2027 ^«(b) | $2 | $0 |
| **Kaisa Group Holdings Ltd. (5.250% Cash or 6.250% PIK)**<br>5.250% due 12/28/2028 (a) | 60 | 1 |
| **Kaisa Group Holdings Ltd. (5.500% Cash or 6.500% PIK)**<br>5.500% due 12/28/2029 (a) | 100 | 2 |
| **Kaisa Group Holdings Ltd. (5.750% Cash or 6.750% PIK)**<br>5.750% due 12/28/2030 (a) | 120 | 2 |
| **Kaisa Group Holdings Ltd. (6.000% Cash or 7.000% PIK)**<br>6.000% due 12/28/2031 (a) | 180 | 2 |
| **Kaisa Group Holdings Ltd. (6.250% Cash or 7.250% PIK)**<br>6.250% due 12/28/2032 (a) | 169 | 3 |
| **Kaisa Group Holdings Ltd. (6.721% Cash or 7.721% PIK)**<br>6.721% due 12/28/2028 (a) | 40 | 1 |
| **Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK)**<br>5.000% due 09/30/2049 ^(a)(b) | 32 | 5 |
| **Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK)**<br>5.250% due 09/30/2027 ^(a)(b) | 32 | 5 |
| **Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK)**<br>5.500% due 09/30/2027 ^(a)(b) | 64 | 10 |
| **Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK)**<br>5.750% due 09/30/2028 ^(a)(b) | 97 | 15 |
| **Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK)**<br>6.000% due 09/30/2029 ^(a)(b) | 97 | 15 |
| **Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK)**<br>6.250% due 09/30/2030 ^(a)(b) | 46 | 7 |
|  |  | 68 |
| **INDUSTRIALS 0.3%** |  |  |
| **Claritev Corp. (6.500% Cash and 0.750% PIK)**<br>7.250% due 03/31/2031 (a) | 909 | 707 |
| Total Corporate Bonds & Notes (Cost $914) |  | 775 |
| **CONVERTIBLE BONDS & NOTES 0.0%** |  |  |
| **BANKING & FINANCE 0.0%** |  |  |
| **Kaisa Group Holdings Ltd.** |  |  |
| 0.000% due 12/31/2025 (e) | 30 | 1 |
| 0.000% due 12/31/2026 (e) | 40 | 1 |
| 0.000% due 12/31/2027 (e) | 50 | 1 |
| 0.000% due 12/31/2028 (e) | 80 | 2 |
| 0.000% due 12/31/2029 (e) | 80 | 2 |
| 0.000% due 12/31/2030 (e) | 100 | 2 |
| 0.000% due 12/31/2031 (e) | 100 | 2 |
| 0.000% due 12/31/2032 (e) | 189 | 5 |
| Total Convertible Bonds & Notes (Cost $24) |  | 16 |
| **U.S. GOVERNMENT AGENCIES 20.3%** |  |  |
| **Federal Home Loan Mortgage Corp. REMICS** |  |  |
| 5.245% due 04/15/2049 - 12/15/2050 •  | 430 | 431 |
| 5.306% due 04/25/2055 •  | 1288 | 1290 |
| **Federal National Mortgage Association REMICS** |  |  |
| 5.145% due 01/25/2051 •  | 260 | 260 |
| 5.326% due 08/25/2054 •  | 61 | 62 |
| **Government National Mortgage Association REMICS** |  |  |
| 4.927% due 08/20/2068 •  | 489 | 491 |
| 5.039% due 05/20/2074 •  | 116 | 116 |
| 5.116% due 02/20/2070 •  | 16 | 16 |
| 5.239% due 05/20/2074 •  | 176 | 177 |
| 5.289% due 09/20/2071 •  | 2437 | 2444 |
| **Uniform Mortgage-Backed Security, TBA** |  |  |
| 3.000% due 11/01/2055 | 7500 | 6589 |
| 3.500% due 11/01/2055 | 4000 | 3654 |
| 5.000% due 11/01/2055 | 10590 | 10497 |
| 5.500% due 11/01/2055 | 300 | 302 |
| 6.000% due 11/01/2055 | 9700 | 9908 |

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<br> Consolidated Schedule of Investments PIMCO Global Managed Asset Allocation Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| 6.500% due 11/01/2055 | 22700 | 23475 |
| Total U.S. Government Agencies (Cost $59,820) |  | 59712 |
| **U.S. TREASURY OBLIGATIONS 5.4%** |  |  |
| **U.S. Treasury Bonds** |  |  |
| 1.375% due 11/15/2040 (j)(l) | 9500 | 6202 |
| 4.000% due 11/15/2042 (l) | 990 | 916 |
| 4.000% due 11/15/2052 (j)(l) | 740 | 655 |
| 4.625% due 02/15/2055 | 750 | 737 |
| **U.S. Treasury Inflation Protected Securities** **(f)** |  |  |
| 1.500% due 02/15/2053 | 869 | 697 |
| 1.750% due 01/15/2034 (j) | 1471 | 1479 |
| 2.125% due 04/15/2029 (j) | 3551 | 3666 |
| **U.S. Treasury Notes** |  |  |
| 4.625% due 02/15/2035 | 1470 | 1528 |
| Total U.S. Treasury Obligations (Cost $19,125) |  | 15880 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 2.5%** |  |  |
| **Alliance Bancorp Trust**<br>4.752% due 07/25/2037 •  | 236 | 207 |
| **Bear Stearns ARM Trust** |  |  |
| 4.225% due 07/25/2036 ~ | 52 | 45 |
| 4.475% due 02/25/2036 ~ | 13 | 12 |
| **CHL Mortgage Pass-Through Trust**<br>6.000% due 04/25/2036 | 211 | 99 |
| **Countrywide Alternative Loan Trust** |  |  |
| 4.572% due 07/25/2035 •  | 315 | 237 |
| 4.592% due 09/25/2047 •  | 81 | 75 |
| **Impac CMB Trust** |  |  |
| 4.892% due 04/25/2035 •  | 58 | 57 |
| 4.917% due 04/25/2035 •  | 75 | 73 |
| **RALI Trust** |  |  |
| 4.632% due 06/25/2046 •  | 223 | 47 |
| 6.000% due 12/25/2036 | 59 | 50 |
| **Residential Asset Securitization Trust**<br>4.672% due 05/25/2035 •  | 313 | 188 |
| **Towd Point Mortgage Trust**<br>4.089% due 04/25/2055 ~ | 5000 | 4896 |
| **WaMu Mortgage Pass-Through Certificates Trust**<br>4.932% due 01/25/2045 •  | 1290 | 1308 |
| Total Non-Agency Mortgage-Backed Securities (Cost $7,499) |  | 7294 |
| **ASSET-BACKED SECURITIES 7.4%** |  |  |
| **AUTOMOBILE SEQUENTIAL 0.9%** |  |  |
| **CarMax Auto Owner Trust** |  |  |
| 4.750% due 10/15/2027 | 71 | 71 |
| 5.340% due 08/16/2027 | 259 | 260 |
| **Carvana Auto Receivables Trust** |  |  |
| 4.850% due 06/12/2028 | 710 | 715 |
| 5.330% due 07/10/2029 | 180 | 182 |
| 5.900% due 08/10/2027 | 22 | 22 |
| 5.980% due 12/10/2027 | 208 | 209 |
| **Flagship Credit Auto Trust**<br>5.640% due 03/15/2028 | 174 | 174 |
| **Ford Credit Auto Owner Trust**<br>4.650% due 02/15/2028 | 185 | 186 |
| **OneMain Direct Auto Receivables Trust**<br>5.410% due 11/14/2029 | 325 | 328 |
| **Oscar U.S. Funding XV LLC**<br>5.810% due 12/10/2027 | 304 | 306 |
| **SCCU Auto Receivables Trust**<br>5.700% due 10/16/2028 | 157 | 158 |
|  |  | 2611 |
| **HOME EQUITY OTHER 2.6%** |  |  |
| **Aames Mortgage Investment Trust**<br>4.752% due 04/25/2036 •  | 70 | 66 |
| **ACE Securities Corp. Home Equity Loan Trust** |  |  |
| 4.752% due 06/25/2036 •  | 141 | 104 |
| 5.172% due 08/25/2035 •  | 101 | 100 |
| **Argent Mortgage Loan Trust**<br>4.752% due 05/25/2035 •  | 374 | 341 |
| **Argent Securities Trust**<br>4.572% due 07/25/2036 •  | 287 | 260 |
| **Asset-Backed Securities Corp. Home Equity Loan Trust**<br>2.886% due 03/25/2036 •  | 1541 | 1519 |
| **Countrywide Asset-Backed Certificates**<br>4.772% due 03/25/2037 •  | 241 | 239 |

---

------

<br> Consolidated Schedule of Investments PIMCO Global Managed Asset Allocation Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Countrywide** **Asset-Backed Certificates Trust**<br>4.552% due 05/25/2035 •  | 171 | 166 |
| **First NLC Trust**<br>5.052% due 02/25/2036 •  | 187 | 185 |
| **Fremont Home Loan Trust** |  |  |
| 4.542% due 10/25/2036 •  | 541 | 495 |
| 4.572% due 10/25/2036 •  | 1848 | 740 |
| **GSAMP Trust**<br>4.972% due 05/25/2046 •  | 2436 | 2318 |
| **Long Beach Mortgage Loan Trust** |  |  |
| 4.832% due 09/25/2034 •  | 47 | 47 |
| 4.872% due 01/25/2036 •  | 963 | 871 |
| **Popular ABS Mortgage Pass-Through Trust**<br>4.767% due 07/25/2036 •  | 91 | 88 |
| **Structured Asset Securities Corp. Mortgage Loan Trust** |  |  |
| 4.842% due 10/25/2036 •  | 52 | 52 |
| 5.067% due 02/25/2036 •  | 100 | 99 |
|  |  | 7690 |
| **HOME EQUITY SEQUENTIAL 1.8%** |  |  |
| **JP Morgan Mortgage Acquisition Trust**<br>4.439% due 11/25/2036 þ | 5246 | 5203 |
| **MANUFACTURING HOUSE ABS OTHER 0.1%** |  |  |
| **Lehman ABS Manufactured Housing Contract Trust**<br>7.170% due 04/15/2040 ~ | 484 | 460 |
| **WHOLE LOAN COLLATERAL 0.7%** |  |  |
| **Citigroup Mortgage Loan Trust, Inc.**<br>4.707% due 11/25/2036 •  | 40 | 40 |
| **First Franklin Mortgage Loan Trust**<br>4.977% due 11/25/2036 •  | 1012 | 993 |
| **IndyMac INDB Mortgage Loan Trust**<br>4.412% due 07/25/2036 •  | 787 | 248 |
| **Lehman XS Trust** |  |  |
| 4.379% due 06/25/2036 þ | 352 | 346 |
| 4.592% due 05/25/2036 •  | 377 | 331 |
|  |  | 1958 |
| **OTHER ABS 1.3%** |  |  |
| **522 Funding CLO Ltd.**<br>5.627% due 10/20/2031 •  | 160 | 160 |
| **Catamaran CLO Ltd.**<br>5.694% due 04/22/2030 •  | 50 | 50 |
| **Gallatin CLO VIII Ltd.**<br>5.669% due 07/15/2031 •  | 269 | 270 |
| **Navient Private Education Refi Loan Trust** |  |  |
| 2.600% due 08/15/2068 | 544 | 526 |
| 5.865% due 11/15/2068 •  | 150 | 152 |
| **OZLM XXIV Ltd.**<br>5.747% due 07/20/2032 •  | 269 | 270 |
| **Recette CLO Ltd.**<br>5.667% due 04/20/2034 •  | 250 | 250 |
| **Saranac CLO VI Ltd.**<br>5.439% due 08/13/2031 •  | 108 | 108 |
| **Segovia European CLO DAC**<br>2.904% due 07/20/2032 ~ | 355 | 418 |
| **SMB Private Education Loan Trust** |  |  |
| 1.290% due 07/15/2053 | $232 | 222 |
| 6.172% due 10/16/2056 •  | 526 | 537 |
| **Sound Point CLO IX Ltd.**<br>5.797% due 07/20/2032 •  | 458 | 458 |
| **TCI-Symphony CLO Ltd.**<br>5.602% due 10/13/2032 •  | 313 | 314 |
| **Venture XXVIII CLO Ltd.**<br>5.577% due 07/20/2030 •  | 61 | 61 |
| **Vibrant CLO XI Ltd.**<br>5.707% due 07/20/2032 •  | 144 | 144 |
| **Voya CLO Ltd.**<br>5.579% due 10/15/2030 •  | 50 | 50 |
|  |  | 3990 |
| Total Asset-Backed Securities (Cost $22,080) |  | 21912 |
| **SOVEREIGN ISSUES 11.0%** |  |  |
| **Brazil Letras do Tesouro Nacional**<br>0.000% due 04/01/2026 (e) | 62600 | 10988 |
| **Canada Government Bonds**<br>3.250% due 09/01/2028 | 7100 | 5203 |

---

------

<br> Consolidated Schedule of Investments PIMCO Global Managed Asset Allocation Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Colombia** **TES** |  |  |
| 5.750% due 11/03/2027 | 8095000 | 1933 |
| 11.000% due 08/22/2029 | 8773400 | 2260 |
| 12.750% due 11/28/2040 | 9896400 | 2645 |
| **Japan Government Thirty Year Bonds** |  |  |
| 2.400% due 03/20/2055 | 520000 | 3064 |
| 2.800% due 06/20/2055 | 270000 | 1730 |
| **Mexico Bonos**<br>8.500% due 03/01/2029 | 45000 | 2493 |
| **Mexico Udibonos** |  |  |
| 4.000% due 11/30/2028 (f) | 359 | 19 |
| 4.000% due 08/24/2034 (f) | 228 | 12 |
| **Peru Government International Bonds**<br>5.400% due 08/12/2034 | 4000 | 1116 |
| **Republic of South Africa Government Bonds**<br>8.875% due 02/28/2035 | 18100 | 1030 |
| Total Sovereign Issues (Cost $32,076) |  | 32493 |
|  | SHARES |  |
| **COMMON STOCKS 1.9%** |  |  |
| **COMMUNICATION SERVICES 0.4%** |  |  |
| **Frontier Communications Parent, Inc.** **(c)** | 18772 | 701 |
| **TEGNA, Inc.** | 18884 | 384 |
| **Vimeo, Inc.** **(c)(h)** | 24800 | 192 |
|  |  | 1277 |
| **CONSUMER DISCRETIONARY 0.1%** |  |  |
| **Potbelly Corp.** **(c)** | 6100 | 104 |
| **CONSUMER STAPLES 0.5%** |  |  |
| **JDE Peet's NV** | 20958 | 768 |
| **Kellanova** | 8698 | 713 |
|  |  | 1481 |
| **HEALTH CARE 0.2%** |  |  |
| **Merus NV** **(c)** | 5300 | 499 |
| **INDUSTRIALS 0.4%** |  |  |
| **Norfolk Southern Corp.** | 2145 | 644 |
| **Steelcase, Inc. Class A** | 12873 | 222 |
| **WNS Holdings Ltd.** **(c)** | 4827 | 368 |
|  |  | 1234 |
| **INFORMATION TECHNOLOGY 0.3%** |  |  |
| **CyberArk Software Ltd.** **(c)** | 1609 | 778 |
| **PROS Holdings, Inc.** **(c)** | 8600 | 197 |
|  |  | 975 |
| Total Common Stocks (Cost $5,472) |  | 5570 |
| **SHORT-TERM INSTRUMENTS 0.2%** |  |  |
| **U.S. TREASURY BILLS 0.2%** |  |  |
| 4.194% due 10/21/2025 - 12/02/2025 (d)(e) | $700 | 697 |
| Total Short-Term Instruments (Cost $697) |  | 697 |
| Total Investments in Securities (Cost $147,707) |  | 144349 |
|  | SHARES |  |
| **INVESTMENTS IN AFFILIATES 67.6%** |  |  |
| **MUTUAL FUNDS (g) 41.2%** |  |  |
| **PIMCO Income Fund** | 2776559 | 30209 |

---

------

<br> Consolidated Schedule of Investments PIMCO Global Managed Asset Allocation Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **PIMCO** **Total Return Fund** | 10326898 | 90980 |
| Total Mutual Funds (Cost $118,264) |  | 121189 |
| **SHORT-TERM INSTRUMENTS 26.4%** |  |  |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 26.4%** |  |  |
| **PIMCO Short Asset Portfolio** | 4603331 | 45163 |
| **PIMCO Short-Term Floating NAV Portfolio III** | 3357429 | 32698 |
| Total Short-Term Instruments (Cost $77,583) |  | 77861 |
| Total Investments in Affiliates (Cost $195,847) |  | 199050 |
| Total Investments 116.6% (Cost $343,554) |  | $343399 |
| **Financial Derivative Instruments** **(i)(k)** **1.6**%(Cost or Premiums, net $6,395) |  | 4564 |
| Other Assets and Liabilities, net (18.2)% |  | (53575) |
| Net Assets 100.0% |  | $294388 |

---

------

<br> Consolidated Schedule of Investments PIMCO Global Managed Asset Allocation Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  |
| **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** |
| **¤** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** |
| **^** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** |
| **«** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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)** | **Payment in-kind security.** | **Payment in-kind security.** | **Payment in-kind security.** | **Payment in-kind security.** | **Payment in-kind security.** | **Payment in-kind security.** | **Payment in-kind security.** | **Payment in-kind security.** | **Payment in-kind security.** |
| **(b)** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** |
| **(c)** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** |
| **(d)** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** |
| **(e)** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** |
| **(f)** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** |
| **(g)** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** |
| **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** |
| **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** |
| Description | Description | Description | Description | Description | Maturity<br>Date | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
| U.S. Government Agencies (3.8)% | U.S. Government Agencies (3.8)% | U.S. Government Agencies (3.8)% | U.S. Government Agencies (3.8)% | U.S. Government Agencies (3.8)% | U.S. Government Agencies (3.8)% | U.S. Government Agencies (3.8)% | U.S. Government Agencies (3.8)% | U.S. Government Agencies (3.8)% | U.S. Government Agencies (3.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, TBA | 10/01/2055 | 10/01/2055 | $13800 | $(11122) | $(11127) |
| **Total Short Sales (3.8)%** | **Total Short Sales (3.8)%** | **Total Short Sales (3.8)%** | **Total Short Sales (3.8)%** | **Total Short Sales (3.8)%** |  |  |  | $**(11122)** | $**(11127)** |
| **(h)** | **Securities with an aggregate market value of $7 have been pledged as collateral as of September 30, 2025 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.** | **Securities with an aggregate market value of $7 have been pledged as collateral as of September 30, 2025 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.** | **Securities with an aggregate market value of $7 have been pledged as collateral as of September 30, 2025 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.** | **Securities with an aggregate market value of $7 have been pledged as collateral as of September 30, 2025 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.** | **Securities with an aggregate market value of $7 have been pledged as collateral as of September 30, 2025 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.** | **Securities with an aggregate market value of $7 have been pledged as collateral as of September 30, 2025 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.** | **Securities with an aggregate market value of $7 have been pledged as collateral as of September 30, 2025 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.** | **Securities with an aggregate market value of $7 have been pledged as collateral as of September 30, 2025 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.** | **Securities with an aggregate market value of $7 have been pledged as collateral as of September 30, 2025 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.** |
| **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(39) at a weighted average interest rate of 4.380%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(39) at a weighted average interest rate of 4.380%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(39) at a weighted average interest rate of 4.380%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(39) at a weighted average interest rate of 4.380%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(39) at a weighted average interest rate of 4.380%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(39) at a weighted average interest rate of 4.380%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(39) at a weighted average interest rate of 4.380%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(39) at a weighted average interest rate of 4.380%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(39) at a weighted average interest rate of 4.380%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(39) at a weighted average interest rate of 4.380%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** |
| **(i)** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** |
| **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** |
| **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** |
|  |  |  |  |  |  |  |  | <u>Variation Margin</u><sup>(1)</sup> | <u>Variation Margin</u><sup>(1)</sup> |
| Description | Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| Arabica Coffee March Futures | Arabica Coffee March Futures | 03/2026 | 2 | $269 | 269 | $(7) | (7) | 2 | 0 |
| Brent Crude June Futures | Brent Crude June Futures | 04/2026 | 6 | 390 | 390 | (8) | (8) | 0 | (4) |
| Canada Government 5-Year Bond December Futures | Canada Government 5-Year Bond December Futures | 12/2025 | 49 | 4060 | 4060 | 47 | 47 | 10 | 0 |
| Canada Government 10-Year Bond December Futures | Canada Government 10-Year Bond December Futures | 12/2025 | 16 | 1408 | 1408 | 29 | 29 | 6 | 0 |
| Cocoa December Futures | Cocoa December Futures | 12/2025 | 2 | 135 | 135 | (17) | (17) | 0 | (5) |
| Cocoa March Futures | Cocoa March Futures | 03/2026 | 2 | 136 | 136 | (10) | (10) | 0 | (5) |
| Copper December Futures | Copper December Futures | 12/2025 | 2 | 243 | 243 | (27) | (27) | 0 | (2) |
| Euro-BTP Future December Futures | Euro-BTP Future December Futures | 12/2025 | 42 | 5909 | 5909 | 60 | 60 | 19 | 0 |
| Euro-Bund December Futures | Euro-Bund December Futures | 12/2025 | 9 | 1359 | 1359 | 8 | 8 | 4 | 0 |
| Gas Oil March Futures | Gas Oil March Futures | 03/2026 | 7 | 457 | 457 | 14 | 14 | 0 | (4) |
| Gold 100 oz. December Futures | Gold 100 oz. December Futures | 12/2025 | 1 | 387 | 387 | 17 | 17 | 2 | 0 |
| Iron Ore January Futures | Iron Ore January Futures | 01/2026 | 43 | 434 | 434 | (10) | (10) | 2 | 0 |
| Iron Ore November Futures | Iron Ore November Futures | 11/2025 | 10 | 104 | 104 | 1 | 1 | 1 | 0 |
| Live Cattle December Futures | Live Cattle December Futures | 12/2025 | 7 | 657 | 657 | 9 | 9 | 3 | 0 |
| LME Aluminum January Futures | LME Aluminum January Futures | 01/2026 | 3 | 201 | 201 | 2 | 2 | 1 | 0 |
| LME Aluminum November Futures | LME Aluminum November Futures | 11/2025 | 5 | 335 | 335 | 1 | 1 | 0 | 0 |
| LME Lead November Futures | LME Lead November Futures | 11/2025 | 7 | 345 | 345 | (2) | (2) | 0 | 0 |
| LME Nickel November Futures | LME Nickel November Futures | 11/2025 | 4 | 364 | 364 | (2) | (2) | 0 | 0 |
| LME Zinc January Futures | LME Zinc January Futures | 01/2026 | 7 | 518 | 518 | 9 | 9 | 10 | (1) |
| LME Zinc November Futures | LME Zinc November Futures | 11/2025 | 4 | 298 | 298 | 18 | 18 | 4 | 0 |

---

------

<br> Consolidated Schedule of Investments PIMCO Global Managed Asset Allocation Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| LongGuilt December Futures | LongGuilt December Futures | 12/2025 | 12/2025 | 3 |  | 367 | 2 | 2 | 1 | 1 | 1 | 0 |
| Natural Gas December Futures | Natural Gas December Futures | 11/2025 | 11/2025 | 2 |  | 78 | 0 | 0 | 0 | 0 | 0 | 0 |
| Natural Gas November Futures | Natural Gas November Futures | 10/2025 | 10/2025 | 11 |  | 363 | 5 | 5 | 3 | 3 | 3 | 0 |
| New York Harbor March Futures | New York Harbor March Futures | 02/2026 | 02/2026 | 6 |  | 565 | 7 | 7 | 0 | 0 | 0 | (6) |
| Palladium December Futures | Palladium December Futures | 12/2025 | 12/2025 | 1 |  | 129 | 4 | 4 | 0 | 0 | 0 | 0 |
| Platinum January Futures | Platinum January Futures | 01/2026 | 01/2026 | 2 |  | 161 | 23 | 23 | 0 | 0 | 0 | (3) |
| RBOB Gasoline March Futures | RBOB Gasoline March Futures | 02/2026 | 02/2026 | 6 |  | 472 | 1 | 1 | 0 | 0 | 0 | (5) |
| Silver December Futures | Silver December Futures | 12/2025 | 12/2025 | 1 |  | 233 | 39 | 39 | 0 | 0 | 0 | (2) |
| Soybean January Futures | Soybean January Futures | 01/2026 | 01/2026 | 6 |  | 306 | (8) | (8) | 0 | 0 | 0 | (3) |
| Soybean Meal January Futures | Soybean Meal January Futures | 01/2026 | 01/2026 | 36 |  | 1000 | (23) | (23) | 0 | 0 | 0 | (6) |
| U.S. Treasury 2-Year Note December Futures | U.S. Treasury 2-Year Note December Futures | 12/2025 | 12/2025 | 41 |  | 8544 | 8 | 8 | 4 | 4 | 4 | 0 |
| U.S. Treasury 10-Year Note December Futures | U.S. Treasury 10-Year Note December Futures | 12/2025 | 12/2025 | 61 |  | 6863 | 20 | 20 | 0 | 0 | 0 | (1) |
| U.S. Treasury Long-Term Bond December Futures | U.S. Treasury Long-Term Bond December Futures | 12/2025 | 12/2025 | 47 |  | 5480 | 107 | 107 | 0 | 0 | 0 | (12) |
| WTI Crude March Futures | WTI Crude March Futures | 02/2026 | 02/2026 | 5 |  | 307 | (5) | (5) | 0 | 0 | 0 | (3) |
|  |  |  |  |  |  |  | 312 | $ | 72 | 72 | $ | (62) |
| **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** |
|  |  |  |  |  |  |  |  |  | <u>Variation Margin</u><sup>(1)</sup> | <u>Variation Margin</u><sup>(1)</sup> | <u>Variation Margin</u><sup>(1)</sup> | <u>Variation Margin</u><sup>(1)</sup> |
| Description | Description | Expiration<br>Month | Expiration<br>Month | # of<br>Contracts |  | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Asset | Liability |
| Arabica Coffee December Futures | Arabica Coffee December Futures | 12/2025 | 12/2025 | 1 | $ | (141) | (33) | (33) | 0 | 0 | 0 | (1) |
| Australia Government 3-Year Bond December Futures | Australia Government 3-Year Bond December Futures | 12/2025 | 12/2025 | 72 |  | (5090) | 17 | 17 | 1 | 1 | 1 | (7) |
| Australia Government 10-Year Bond December Futures | Australia Government 10-Year Bond December Futures | 12/2025 | 12/2025 | 67 |  | (5025) | 11 | 11 | 0 | 0 | 0 | (34) |
| Corn December Futures | Corn December Futures | 12/2025 | 12/2025 | 37 |  | (769) | 11 | 11 | 11 | 11 | 11 | 0 |
| Corn March Futures | Corn March Futures | 03/2026 | 03/2026 | 30 |  | (648) | (1) | (1) | 10 | 10 | 10 | 0 |
| Cotton No. 2 December Futures | Cotton No. 2 December Futures | 12/2025 | 12/2025 | 3 |  | (99) | 2 | 2 | 0 | 0 | 0 | 0 |
| Cotton No. 2 March Futures | Cotton No. 2 March Futures | 03/2026 | 03/2026 | 18 |  | (608) | 13 | 13 | 0 | 0 | 0 | (1) |
| Euro-Bobl December Futures | Euro-Bobl December Futures | 12/2025 | 12/2025 | 81 |  | (11204) | (4) | (4) | 0 | 0 | 0 | (15) |
| Euro-Buxl 30-Year Bond December Futures | Euro-Buxl 30-Year Bond December Futures | 12/2025 | 12/2025 | 15 |  | (2016) | (46) | (46) | 4 | 4 | 4 | (19) |
| Euro-Oat December Futures | Euro-Oat December Futures | 12/2025 | 12/2025 | 54 |  | (7693) | (70) | (70) | 0 | 0 | 0 | (18) |
| Euro-Schatz December Futures | Euro-Schatz December Futures | 12/2025 | 12/2025 | 22 |  | (2763) | 3 | 3 | 0 | 0 | 0 | (1) |
| Hard Red Winter Wheat December Futures | Hard Red Winter Wheat December Futures | 12/2025 | 12/2025 | 9 |  | (224) | 35 | 35 | 5 | 5 | 5 | 0 |
| Hard Red Winter Wheat March Futures | Hard Red Winter Wheat March Futures | 03/2026 | 03/2026 | 14 |  | (363) | 29 | 29 | 7 | 7 | 7 | 0 |
| Japan Government 10-Year Bond December Futures | Japan Government 10-Year Bond December Futures | 12/2025 | 12/2025 | 25 |  | (22955) | 217 | 217 | 19 | 19 | 19 | (19) |
| Lean Hogs December Futures | Lean Hogs December Futures | 12/2025 | 12/2025 | 11 |  | (390) | (20) | (20) | 7 | 7 | 7 | 0 |
| LME Aluminum January Futures | LME Aluminum January Futures | 01/2026 | 01/2026 | 1 |  | (67) | (2) | (2) | 0 | 0 | 0 | 0 |
| LME Aluminum November Futures | LME Aluminum November Futures | 11/2025 | 11/2025 | 5 |  | (335) | (9) | (9) | 0 | 0 | 0 | 0 |
| LME Lead January Futures | LME Lead January Futures | 01/2026 | 01/2026 | 6 |  | (299) | 2 | 2 | 2 | 2 | 2 | 0 |
| LME Lead November Futures | LME Lead November Futures | 11/2025 | 11/2025 | 7 |  | (345) | 9 | 9 | 0 | 0 | 0 | 0 |
| LME Nickel November Futures | LME Nickel November Futures | 11/2025 | 11/2025 | 4 |  | (364) | 0 | 0 | 0 | 0 | 0 | 0 |
| LME Zinc November Futures | LME Zinc November Futures | 11/2025 | 11/2025 | 3 |  | (223) | (7) | (7) | 0 | 0 | 0 | 0 |
| Natural Gas January Futures | Natural Gas January Futures | 12/2025 | 12/2025 | 9 |  | (376) | (1) | (1) | 1 | 1 | 1 | 0 |
| Natural Gas March Futures | Natural Gas March Futures | 02/2026 | 02/2026 | 15 |  | (543) | (5) | (5) | 2 | 2 | 2 | 0 |
| Soybean March Futures | Soybean March Futures | 03/2026 | 03/2026 | 7 |  | (363) | 5 | 5 | 3 | 3 | 3 | 0 |
| Soybean Meal March Futures | Soybean Meal March Futures | 03/2026 | 03/2026 | 15 |  | (428) | 22 | 22 | 2 | 2 | 2 | 0 |
| Soybean Oil January Futures | Soybean Oil January Futures | 01/2026 | 01/2026 | 5 |  | (150) | 7 | 7 | 1 | 1 | 1 | 0 |
| Sugar No. 11 March Futures | Sugar No. 11 March Futures | 02/2026 | 02/2026 | 36 |  | (669) | 4 | 4 | 0 | 0 | 0 | (6) |
| U.S. Treasury 5-Year Note December Futures | U.S. Treasury 5-Year Note December Futures | 12/2025 | 12/2025 | 200 |  | (21839) | 22 | 22 | 0 | 0 | 0 | (8) |
| U.S. Treasury Ultra Long-Term Bond December Futures | U.S. Treasury Ultra Long-Term Bond December Futures | 12/2025 | 12/2025 | 43 |  | (5163) | (69) | (69) | 24 | 24 | 24 | 0 |
| U.S. Ultra Treasury 10-Year Note December Futures | U.S. Ultra Treasury 10-Year Note December Futures | 12/2025 | 12/2025 | 91 |  | (10472) | (89) | (89) | 6 | 6 | 6 | 0 |
| Wheat December Futures | Wheat December Futures | 12/2025 | 12/2025 | 16 |  | (406) | 40 | 40 | 9 | 9 | 9 | 0 |
| Wheat March Futures | Wheat March Futures | 03/2026 | 03/2026 | 21 |  | (553) | 41 | 41 | 11 | 11 | 11 | 0 |
| White Sugar March Futures | White Sugar March Futures | 02/2026 | 02/2026 | 3 |  | (69) | 0 | 0 | 0 | 0 | 0 | (1) |
|  |  |  |  |  |  |  | 134 | $ | 125 | 125 | $ | (130) |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **446** | **$** | **197** | **197** | **$** | **(192)** |
| **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** |
| **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> |
|  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Index/Tranches | Payment<br>Frequency | Maturity<br>Date |  | Notional<br>Amount<sup>(3)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/<br>(Received) | Market<br>Value<sup>(4)</sup> | Market<br>Value<sup>(4)</sup> | Market<br>Value<sup>(4)</sup> | Asset | Asset | Liability |
| CDX.IG-44 10-Year Index | Quarterly | 06/20/2035 | $ | $5400 | 5400 | $(21) | $(52) | (52) | (52) | $0 | 0 | $(1) |
| CDX.IT-RAXX MAIN43 | Quarterly | 06/20/2030 | EUR | 300 | 300 | 7 | 8 | 8 | 8 | 0 | 0 | 0 |
| CDX.iTraxx Crossover 43 5-Year Index | Quarterly | 06/20/2030 |  | 89 | 89 | (8) | (12) | (12) | (12) | 0 | 0 | 0 |
|  |  |  |  |  |  | $(22) | $(56) | (56) | (56) | $0 | 0 | $(1) |

---

------

<br> Consolidated Schedule of Investments PIMCO Global Managed Asset Allocation Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **INTEREST** **RATE SWAPS** | **INTEREST** **RATE SWAPS** | **INTEREST** **RATE SWAPS** | **INTEREST** **RATE SWAPS** | **INTEREST** **RATE SWAPS** | **INTEREST** **RATE SWAPS** | **INTEREST** **RATE SWAPS** | **INTEREST** **RATE SWAPS** | **INTEREST** **RATE SWAPS** | **INTEREST** **RATE SWAPS** | **INTEREST** **RATE SWAPS** | **INTEREST** **RATE SWAPS** |
|  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Pay/<br>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 | Market<br>Value | Asset | Liability |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 4.400% | Annual | 02/10/2026 | 8800 | $42 | $(20) | $22 | 22 | $0 | $0 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 09/17/2027 | 1000 | (6) | (1) | (7) | (7) | 0 | 0 |
| Pay<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 03/18/2028 | 1000 | (5) | 0 | (5) | (5) | 1 | 0 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 09/17/2030 | 9500 | (46) | (9) | (55) | (55) | 13 | 0 |
| Receive<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 03/18/2031 | 3900 | 22 | 3 | 25 | 25 | 0 | (6) |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 4.320 | Annual | 10/20/2033 | 1482 | (51) | 15 | (36) | (36) | 0 | (4) |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 09/17/2035 | 300 | 6 | (1) | 5 | 5 | 0 | (1) |
| Receive<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 03/18/2036 | 200 | 5 | (1) | 4 | 4 | 0 | (1) |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 09/17/2055 | 130 | (9) | 5 | (4) | (4) | 1 | 0 |
| Receive<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 03/18/2056 | 700 | 36 | (13) | 23 | 23 | 0 | (6) |
| Pay<sup>(5)</sup> | 1-Day INR-MIBOR Compounded-OIS | 5.750 | Semi-Annual | 03/18/2031 | 513300 | (25) | 16 | (9) | (9) | 0 | (1) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.400 | Annual | 09/18/2026 | 1360000 | 11 | 22 | 33 | 33 | 1 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 06/18/2027 | 1182800 | 42 | (19) | 23 | 23 | 0 | (2) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.750 | Annual | 09/17/2027 | 220000 | 1 | 5 | 6 | 6 | 0 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.600 | Annual | 09/18/2029 | 140000 | (8) | (12) | (20) | (20) | 0 | (1) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 06/18/2030 | 279700 | (10) | 23 | 13 | 13 | 2 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 09/17/2030 | 840000 | 9 | (61) | (52) | (52) | 0 | (5) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 06/18/2032 | 890000 | 117 | (122) | (5) | (5) | 0 | (8) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 06/18/2035 | 799700 | 7 | (111) | (104) | (104) | 0 | (10) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 09/17/2035 | 450000 | (18) | (52) | (70) | (70) | 0 | (6) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 2.000 | Annual | 06/18/2045 | 60000 | 24 | (32) | (8) | (8) | 0 | (1) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 2.000 | Annual | 09/17/2045 | 50000 | 5 | (13) | (8) | (8) | 0 | (1) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.450 | Annual | 12/15/2051 | 160000 | 411 | 12 | 423 | 423 | 1 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 2.000 | Annual | 06/18/2055 | 95500 | 24 | 38 | 62 | 62 | 1 | 0 |
| Receive<sup>(5)</sup> | 1-Day SGD-SIBCSORA Compounded-OIS | 1.500 | Semi-Annual | 03/18/2031 | 210 | 0 | 1 | 1 | 1 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 02/11/2026 | $30900 | 38 | 7 | 45 | 45 | 0 | (2) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2027 | 4000 | (24) | (2) | (26) | (26) | 2 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2027 | 3600 | 34 | (11) | 23 | 23 | 1 | 0 |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/17/2027 | 1900 | (7) | 0 | (7) | (7) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.807 | Annual | 05/31/2028 | 7300 | 0 | (70) | (70) | (70) | 0 | (4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.150 | Annual | 11/30/2028 | 16500 | (6) | (352) | (358) | (358) | 0 | (11) |

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<br> Consolidated Schedule of Investments PIMCO Global Managed Asset Allocation Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 |  | 19100 | 229 | (462) | (233) | 0 | (12) |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 02/28/2030 |  | 976 | 0 | 1 | 1 | 0 | 0 |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.325 | Annual | 02/28/2030 |  | 3183 | (19) | 20 | 1 | 0 | (2) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 |  | 7400 | (132) | 67 | (65) | 3 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2030 |  | 4700 | 117 | (40) | 77 | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2030 |  | 3200 | (75) | 23 | (52) | 0 | (1) |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 |  | 5800 | (104) | 2 | (102) | 2 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 |  | 37900 | (126) | 557 | 431 | 13 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2032 |  | 5800 | (19) | (71) | (90) | 0 | (2) |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2032 |  | 2900 | (76) | 29 | (47) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 |  | 850 | 67 | (57) | 10 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 |  | 10700 | 304 | (415) | (111) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.515 | Annual | 11/06/2034 |  | 6800 | 319 | (211) | 108 | 0 | (1) |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 05/15/2035 |  | 4249 | (49) | 22 | (27) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 |  | 200 | (10) | 3 | (7) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 |  | 7000 | 331 | (80) | 251 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 |  | 11700 | 94 | (1) | 93 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 |  | 700 | (185) | (77) | (262) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 |  | 300 | 63 | 49 | 112 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.750 | Annual | 06/21/2053 |  | 3500 | 286 | 444 | 730 | 10 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.830 | Annual | 10/12/2053 |  | 212 | (1) | (5) | (6) | 0 | (1) |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.925 | Annual | 11/15/2053 |  | 4159 | (33) | 51 | 18 | 12 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 12/20/2053 |  | 5090 | 407 | 250 | 657 | 15 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 |  | 9900 | 18 | (796) | (778) | 0 | (28) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 |  | 3416 | (76) | (208) | (284) | 0 | (10) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 |  | 2000 | 131 | 38 | 169 | 6 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.866 | Annual | 02/15/2055 |  | 685 | 0 | 10 | 10 | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2055 |  | 6000 | 743 | 19 | 762 | 18 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2055 |  | 300 | (30) | (8) | (38) | 0 | (1) |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.427 | Annual | 03/20/2055 |  | 6500 | 46 | 57 | 103 | 9 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2055 |  | 1300 | (179) | 19 | (160) | 0 | (4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 09/17/2055 |  | 1650 | 142 | (17) | 125 | 5 | 0 |
| Pay<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2055 |  | 1700 | (48) | (4) | (52) | 0 | (4) |
| Pay | 1-Year BRL-CDI | 12.000 | Maturity | 01/02/2029 | BRL | 5530 | 0 | (30) | (30) | 1 | 0 |
| Pay | 1-Year BRL-CDI | 13.291 | Maturity | 01/02/2029 |  | 9000 | 0 | (3) | (3) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 14.880 | Maturity | 01/02/2029 |  | 8400 | 0 | 55 | 55 | 1 | 0 |
| Receive<sup>(5)</sup> | 3-Month CNY-CNREPOFIX | 1.500 | Quarterly | 03/18/2031 | CNY | 49300 | 56 | 2 | 58 | 0 | (8) |
| Receive | 3-Month COP-IBR Compounded-OIS | 8.610 | Quarterly | 08/22/2029 | COP | 8776600 | (8) | 8 | 0 | 2 | 0 |
| Receive | 3-Month COP-IBR Compounded-OIS | 8.620 | Quarterly | 01/23/2030 |  | 12958000 | (12) | 16 | 4 | 3 | 0 |
| Receive<sup>(5)</sup> | 3-Month KRW-KORIBOR | 2.500 | Quarterly | 03/18/2031 | KRW | 3751790 | 8 | 13 | 21 | 0 | (1) |
| Pay | 3-Month ZAR-JIBAR | 8.750 | Quarterly | 03/20/2029 | ZAR | 50500 | 95 | 83 | 178 | 2 | 0 |
| Receive | 3-Month ZAR-JIBAR | 8.649 | Quarterly | 04/03/2029 |  | 62900 | (199) | (24) | (223) | 0 | (2) |
| Pay | 6-Month AUD-BBR-BBSW | 2.000 | Semi-Annual | 10/07/2027 | AUD | 9300 | (300) | 35 | (265) | 4 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/20/2034 |  | 13000 | 101 | 122 | 223 | 37 | 0 |

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<br> Consolidated Schedule of Investments PIMCO Global Managed Asset Allocation Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay | Pay | 6-Month AUD-BBR-BBSW | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | Semi-Annual | 06/18/2035 |  | 2100 |  | 26 |  | 6 |  | 32 |  | 7 | 7 |  | 0 |
| Pay | Pay | 6-Month CLP-CHILIBOR | 6-Month CLP-CHILIBOR | 4.000 | Semi-Annual | Semi-Annual | 09/17/2030 | CLP | 4900 |  | 33 |  | (12) |  | 21 |  | 6 | 6 |  | 0 |
| Pay | Pay | 6-Month CLP-CHILIBOR | 6-Month CLP-CHILIBOR | 5.365 | Semi-Annual | Semi-Annual | 01/23/2030 |  | 634700 |  | 0 |  | 17 |  | 17 |  | 0 | 0 |  | 0 |
| Receive | Receive | 6-Month CLP-CHILIBOR | 6-Month CLP-CHILIBOR | 3.920 | Annual | Annual | 04/21/2030 |  | 25200 |  | 4 |  | (103) |  | (99) |  | 0 | 0 |  | (27) |
| Pay | Pay | 6-Month CZK-PRIBOR | 6-Month CZK-PRIBOR | 3.534 | Annual | Annual | 03/21/2029 | CZK | 116900 |  | (8) |  | 56 |  | 48 |  | 0 | 0 |  | 0 |
| Pay<sup>(5)</sup> | Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 2.000 | Annual | Annual | 03/18/2028 | EUR | 800 |  | (4) |  | 0 |  | (4) |  | 0 | 0 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 0.081 | Annual | Annual | 02/15/2031 |  | 10400 |  | (1067) |  | (395) |  | (1462) |  | 15 | 15 |  | 0 |
| Pay<sup>(5)</sup> | Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 2.500 | Annual | Annual | 03/18/2031 |  | 1720 |  | 14 |  | (9) |  | 5 |  | 3 | 3 |  | 0 |
| Pay<sup>(5)</sup> | Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 2.750 | Annual | Annual | 03/18/2036 |  | 4700 |  | (4) |  | 11 |  | 7 |  | 16 | 16 |  | 0 |
| Receive<sup>(5)</sup> | Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 3.000 | Annual | Annual | 03/18/2056 |  | 1940 |  | (37) |  | 1 |  | (36) |  | 0 | 0 |  | (15) |
| Pay | Pay | 6-Month HUF-BBR | 6-Month HUF-BBR | 6.200 | Annual | Annual | 03/20/2029 | HUF | 503100 |  | (9) |  | 56 |  | 47 |  | 0 | 0 |  | (1) |
| Receive | Receive | 6-Month PLN-WIBOR | 6-Month PLN-WIBOR | 5.020 | Annual | Annual | 03/21/2029 | PLN | 34500 |  | (36) |  | (494) |  | (530) |  | 0 | 0 |  | (18) |
| Receive<sup>(5)</sup> | Receive<sup>(5)</sup> | 6-Month THB-THBFIX | 6-Month THB-THBFIX | 1.000 | Quarterly | Quarterly | 03/18/2031 | THB | 82220 |  | 12 |  | 8 |  | 20 |  | 0 | 0 |  | (2) |
| Pay | Pay | 28-Day MXN-TIIE | 28-Day MXN-TIIE | 8.835 | Lunar | Lunar | 12/23/2025 | MXN | 24000 |  | 0 |  | 3 |  | 3 |  | 0 | 0 |  | 0 |
| Pay<sup>(5)</sup> | Pay<sup>(5)</sup> | 28-Day MXN-TIIE | 28-Day MXN-TIIE | 8.835 | Lunar | Lunar | 03/13/2029 |  | 24000 |  | (8) |  | 63 |  | 55 |  | 1 | 1 |  | 0 |
| Receive | Receive | 28-Day MXN-TIIE | 28-Day MXN-TIIE | 9.050 | Lunar | Lunar | 12/12/2029 |  | 64800 |  | (197) |  | (39) |  | (236) |  | 0 | 0 |  | (3) |
| Receive | Receive | CAONREPO | CAONREPO | 3.500 | Semi-Annual | Semi-Annual | 12/18/2026 | CAD | 4300 |  | (50) |  | (1) |  | (51) |  | 0 | 0 |  | (1) |
| Receive | Receive | CAONREPO | CAONREPO | 2.750 | Semi-Annual | Semi-Annual | 09/17/2027 |  | 1100 |  | (3) |  | (3) |  | (6) |  | 0 | 0 |  | 0 |
| Receive | Receive | CAONREPO | CAONREPO | 3.000 | Semi-Annual | Semi-Annual | 06/18/2030 |  | 11900 |  | (185) |  | (10) |  | (195) |  | 0 | 0 |  | (15) |
| Receive | Receive | CAONREPO | CAONREPO | 2.750 | Semi-Annual | Semi-Annual | 09/17/2030 |  | 1300 |  | 1 |  | (11) |  | (10) |  | 0 | 0 |  | (2) |
| Receive | Receive | CAONREPO | CAONREPO | 2.750 | Semi-Annual | Semi-Annual | 03/19/2035 |  | 3600 |  | 101 |  | (81) |  | 20 |  | 0 | 0 |  | (9) |
| Pay | Pay | CAONREPO | CAONREPO | 3.000 | Semi-Annual | Semi-Annual | 09/17/2035 |  | 5100 |  | (44) |  | 86 |  | 42 |  | 15 | 15 |  | 0 |
| Receive | Receive | CAONREPO | CAONREPO | 3.250 | Semi-Annual | Semi-Annual | 06/18/2055 |  | 200 |  | (6) |  | 4 |  | (2) |  | 0 | 0 |  | (1) |
|  |  |  |  |  |  |  |  |  | $ | $1028 | 1028 | $(2116) | (2116) | $(1088) | (1088) | $234 | 234 | 234 | $(246) | (246) |
| **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **$** | $**1006** | **1006** | $**(2150)** | **(2150)** | $**(1144)** | **(1144)** | $**234** | **234** | **234** | $**(247)** | **(247)** |
| **(j)** | **Securities with an aggregate market value of $2,328 and cash of $4,385 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $2,328 and cash of $4,385 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $2,328 and cash of $4,385 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $2,328 and cash of $4,385 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $2,328 and cash of $4,385 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $2,328 and cash of $4,385 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $2,328 and cash of $4,385 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $2,328 and cash of $4,385 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $2,328 and cash of $4,385 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $2,328 and cash of $4,385 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $2,328 and cash of $4,385 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $2,328 and cash of $4,385 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $2,328 and cash of $4,385 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $2,328 and cash of $4,385 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $2,328 and cash of $4,385 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $2,328 and cash of $4,385 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $2,328 and cash of $4,385 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $2,328 and cash of $4,385 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $2,328 and cash of $4,385 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $2,328 and cash of $4,385 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** |
| <sup>(1)</sup> | Unsettled variation margin asset of $3 and liability of $(24) for closed futures is outstanding at period end. | Unsettled variation margin asset of $3 and liability of $(24) for closed futures is outstanding at period end. | Unsettled variation margin asset of $3 and liability of $(24) for closed futures is outstanding at period end. | Unsettled variation margin asset of $3 and liability of $(24) for closed futures is outstanding at period end. | Unsettled variation margin asset of $3 and liability of $(24) for closed futures is outstanding at period end. | Unsettled variation margin asset of $3 and liability of $(24) for closed futures is outstanding at period end. | Unsettled variation margin asset of $3 and liability of $(24) for closed futures is outstanding at period end. | Unsettled variation margin asset of $3 and liability of $(24) for closed futures is outstanding at period end. | Unsettled variation margin asset of $3 and liability of $(24) for closed futures is outstanding at period end. | Unsettled variation margin asset of $3 and liability of $(24) for closed futures is outstanding at period end. | Unsettled variation margin asset of $3 and liability of $(24) for closed futures is outstanding at period end. | Unsettled variation margin asset of $3 and liability of $(24) for closed futures is outstanding at period end. | Unsettled variation margin asset of $3 and liability of $(24) for closed futures is outstanding at period end. | Unsettled variation margin asset of $3 and liability of $(24) for closed futures is outstanding at period end. | Unsettled variation margin asset of $3 and liability of $(24) for closed futures is outstanding at period end. | Unsettled variation margin asset of $3 and liability of $(24) for closed futures is outstanding at period end. | Unsettled variation margin asset of $3 and liability of $(24) for closed futures is outstanding at period end. | Unsettled variation margin asset of $3 and liability of $(24) for closed futures is outstanding at period end. | Unsettled variation margin asset of $3 and liability of $(24) for closed futures is outstanding at period end. | Unsettled variation margin asset of $3 and liability of $(24) for closed futures is outstanding at period end. |
| <sup>(2)</sup> | If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
| <sup>(3)</sup> | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. |
| **(k)** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** |
| **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** |
|  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | Settlement<br>Month | Settlement<br>Month | Settlement<br>Month |  | Currency to<br>be Delivered | Currency to<br>be Delivered | Currency to<br>be Delivered |  | Currency to<br>be Received | Currency to<br>be Received | Currency to<br>be Received | Asset | Asset | Asset | Asset | Liability | Liability | Liability |
| &nbsp;&nbsp;&nbsp;&nbsp; AZD | &nbsp;&nbsp;&nbsp;&nbsp; AZD | &nbsp;&nbsp;&nbsp;&nbsp; AZD | 10/2025 | 10/2025 | 10/2025 | EUR | 954 | 954 | 954 | $ | $1113 | 1113 | 1113 | 0 | 0 | 0 | 0 | $(7) | (7) | (7) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | $ | $2616 | 2616 | 2616 | CAD | 3640 | 3640 | 3640 | 0 | 0 | 0 | 0 | (1) | (1) | (1) |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | CAD | 3634 | 3634 | 3634 | $ | $2616 | 2616 | 2616 | 1 | 1 | 1 | 1 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOA | &nbsp;&nbsp;&nbsp;&nbsp; BOA | &nbsp;&nbsp;&nbsp;&nbsp; BOA | 10/2025 | 10/2025 | 10/2025 | EUR | 624 | 624 | 624 |  | 731 | 731 | 731 | 0 | 0 | 0 | 0 | (1) | (1) | (1) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | IDR | 1685000 | 1685000 | 1685000 |  | 100 | 100 | 100 | 0 | 0 | 0 | 0 | (1) | (1) | (1) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | $ | $633 | 633 | 633 | CHF | 507 | 507 | 507 | 4 | 4 | 4 | 4 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 261 | 261 | 261 | CNH | 1852 | 1852 | 1852 | 0 | 0 | 0 | 0 | (1) | (1) | (1) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 80 | 80 | 80 | ILS | 270 | 270 | 270 | 1 | 1 | 1 | 1 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 205 | 205 | 205 | INR | 18152 | 18152 | 18152 | 0 | 0 | 0 | 0 | (1) | (1) | (1) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 7 | 7 | 7 | JPY | 977 | 977 | 977 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 100 | 100 | 100 | KRW | 138929 | 138929 | 138929 | 0 | 0 | 0 | 0 | (1) | (1) | (1) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 72 | 72 | 72 | NZD | 125 | 125 | 125 | 1 | 1 | 1 | 1 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 20 | 20 | 20 | PLN | 71 | 71 | 71 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | ZAR | 4459 | 4459 | 4459 | $ | $256 | 256 | 256 | 0 | 0 | 0 | 0 | (1) | (1) | (1) |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | JPY | 644 | 644 | 644 |  | 4 | 4 | 4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | NZD | 125 | 125 | 125 |  | 72 | 72 | 72 | 0 | 0 | 0 | 0 | (1) | (1) | (1) |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | $ | $30 | 30 | 30 | ILS | 100 | 100 | 100 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | ZAR | 1837 | 1837 | 1837 | $ | $105 | 105 | 105 | 0 | 0 | 0 | 0 | (1) | (1) | (1) |
|  |  |  | 12/2025 | 12/2025 | 12/2025 | THB | 15938 | 15938 | 15938 |  | 496 | 496 | 496 | 1 | 1 | 1 | 1 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BPS | &nbsp;&nbsp;&nbsp;&nbsp; BPS | &nbsp;&nbsp;&nbsp;&nbsp; BPS | 10/2025 | 10/2025 | 10/2025 | BRL | 25300 | 25300 | 25300 |  | 4223 | 4223 | 4223 | 0 | 0 | 0 | 0 | (531) | (531) | (531) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | CNH | 2568 | 2568 | 2568 |  | 361 | 361 | 361 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | IDR | 9393596 | 9393596 | 9393596 |  | 566 | 566 | 566 | 5 | 5 | 5 | 5 | (1) | (1) | (1) |

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------

<br> Consolidated Schedule of Investments PIMCO Global Managed Asset Allocation Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 10/2025 | 10657 | 121 | 1 | 0 |
|  | 10/2025 | 2440 | 260 | 1 | 0 |
|  | 10/2025 | 2237 | 1749 | 15 | 0 |
|  | 10/2025 | 20680 | 497 | 0 | 0 |
|  | 10/2025 | 22767 | 759 | 12 | (1) |
|  | 10/2025 | $4707 | 25300 | 49 | (2) |
|  | 10/2025 | 994 | 16419270 | 0 | (10) |
|  | 10/2025 | 496 | 685484 | 0 | (8) |
|  | 10/2025 | 614 | 2236 | 1 | 0 |
|  | 10/2025 | 49 | 1484 | 0 | 0 |
|  | 11/2025 | 1336909 | $80 | 0 | 0 |
|  | 11/2025 | 8011 | 90 | 0 | 0 |
|  | 11/2025 | 70091 | 50 | 0 | 0 |
|  | 11/2025 | $75 | 400 | 0 | 0 |
|  | 11/2025 | 100 | 337 | 2 | 0 |
|  | 12/2025 | 9219 | $28 | 0 | 0 |
|  | 12/2025 | 2438 | 81 | 1 | 0 |
|  | 12/2025 | $221 | 3724216 | 1 | 0 |
|  | 04/2026 | 9100 | $1593 | 0 | (44) |
| &nbsp;&nbsp;&nbsp;&nbsp; BRC | 10/2025 | 1380 | 259 | 0 | 0 |
|  | 10/2025 | 606 | 756 | 0 | (6) |
|  | 10/2025 | 2226 | 667 | 0 | (5) |
|  | 10/2025 | 56 | 13 | 0 | 0 |
|  | 10/2025 | 746 | 204 | 0 | (1) |
|  | 10/2025 | $253 | 1380 | 7 | 0 |
|  | 10/2025 | 3804 | 5221 | 0 | (52) |
|  | 10/2025 | 445 | 355 | 1 | 0 |
|  | 10/2025 | 10 | 101 | 0 | 0 |
|  | 10/2025 | 820 | 14460 | 17 | 0 |
|  | 11/2025 | 354 | $445 | 0 | (1) |
|  | 11/2025 | 101 | 10 | 0 | 0 |
|  | 11/2025 | 643 | 37 | 0 | (1) |
|  | 12/2025 | 3253 | 776 | 1 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BSH | 10/2025 | 16400 | 3084 | 2 | 0 |
|  | 10/2025 | 1575 | 250 | 2 | 0 |
|  | 10/2025 | $3016 | 16400 | 66 | 0 |
|  | 10/2025 | 21 | 37 | 0 | 0 |
|  | 10/2025 | 99 | 355 | 3 | 0 |
|  | 11/2025 | 37 | $21 | 0 | 0 |
|  | 12/2025 | $20 | 72 | 1 | 0 |
|  | 01/2026 | 257 | 919 | 7 | 0 |
|  | 02/2026 | 425 | 1487 | 1 | 0 |
|  | 04/2026 | 17600 | $3099 | 0 | (67) |
| &nbsp;&nbsp;&nbsp;&nbsp; CBK | 10/2025 | 2726 | 1782 | 0 | (22) |
|  | 10/2025 | 14161 | 2663 | 2 | 0 |
|  | 10/2025 | 6140 | 865 | 3 | 0 |
|  | 10/2025 | 4893627 | 1213 | 0 | (31) |
|  | 10/2025 | 103 | 141 | 2 | 0 |
|  | 10/2025 | 3891 | 500 | 0 | 0 |
|  | 10/2025 | 9012269 | 545 | 6 | (1) |
|  | 10/2025 | 32894 | 370 | 0 | 0 |
|  | 10/2025 | 304631 | 217 | 0 | 0 |
|  | 10/2025 | 786 | 78 | 0 | (1) |
|  | 10/2025 | 476 | 130 | 0 | (1) |
|  | 10/2025 | 513 | 400 | 2 | 0 |
|  | 10/2025 | 2492 | 77 | 0 | 0 |
|  | 10/2025 | 31109 | 1050 | 28 | 0 |
|  | 10/2025 | $2562 | 14161 | 99 | 0 |
|  | 10/2025 | 50 | 195293 | 0 | 0 |
|  | 10/2025 | 65 | 415 | 0 | 0 |
|  | 10/2025 | 443 | 7318354 | 0 | (4) |
|  | 10/2025 | 20 | 69 | 1 | 0 |
|  | 10/2025 | 1024 | 89924 | 0 | (12) |
|  | 10/2025 | 50 | 69068 | 0 | (1) |
|  | 10/2025 | 999 | 9966 | 0 | 0 |
|  | 10/2025 | 101 | 960 | 1 | 0 |
|  | 10/2025 | 348 | 444 | 0 | (3) |
|  | 10/2025 | 462 | 14070 | 0 | (1) |
|  | 10/2025 | 1662 | $96 | 0 | 0 |
|  | 11/2025 | 16867774 | 4051 | 0 | (233) |
|  | 11/2025 | 9963 | 999 | 0 | 0 |
|  | 11/2025 | 1464 | 400 | 0 | (21) |
|  | 11/2025 | $47 | 158 | 1 | 0 |
|  | 11/2025 | 222 | 19773 | 0 | 0 |
|  | 12/2025 | 282464 | $293 | 0 | (1) |
|  | 12/2025 | 5 | 0 | 0 | 0 |
|  | 12/2025 | 10033 | 332 | 1 | 0 |
|  | 12/2025 | $195 | 4053 | 1 | 0 |
|  | 12/2025 | 229 | 3846180 | 1 | 0 |
|  | 01/2026 | 3937 | $131 | 0 | 0 |
|  | 03/2026 | $748 | 721622 | 2 | 0 |
|  | 05/2026 | 2121 | $598 | 0 | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp; DUB | 10/2025 | 5502 | 774 | 2 | 0 |
|  | 10/2025 | 2792293 | 170 | 3 | 0 |

---

------

<br> Consolidated Schedule of Investments PIMCO Global Managed Asset Allocation Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 10/2025 | 32007 | 360 | 0 | 0 |
|  | 10/2025 | 147867 | 106 | 1 | 0 |
|  | 10/2025 | 355 | 100 | 0 | (2) |
|  | 10/2025 | 4362 | 144 | 0 | 0 |
|  | 10/2025 | $1625 | 5552 | 51 | 0 |
|  | 10/2025 | 913 | 80794 | 0 | (5) |
|  | 10/2025 | 50 | 69141 | 0 | (1) |
|  | 10/2025 | 102 | 355 | 0 | 0 |
|  | 11/2025 | 5549 | $1625 | 0 | (51) |
|  | 11/2025 | 1769 | 20 | 0 | 0 |
|  | 11/2025 | $360 | 32070 | 0 | 0 |
|  | 11/2025 | 731 | $42 | 0 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; FAR | 10/2025 | 480 | 311 | 0 | (6) |
|  | 10/2025 | 2399 | 338 | 1 | 0 |
|  | 10/2025 | 831 | 227 | 0 | (1) |
|  | 10/2025 | $2093 | 3206 | 28 | 0 |
|  | 10/2025 | 80 | 64 | 0 | 0 |
|  | 10/2025 | 830 | 73184 | 0 | (7) |
|  | 10/2025 | 894 | 131470 | 0 | (5) |
|  | 10/2025 | 355 | 1294 | 1 | 0 |
|  | 10/2025 | 3202 | 4123 | 0 | (5) |
|  | 11/2025 | 3206 | $2094 | 0 | (28) |
|  | 11/2025 | 63 | 80 | 0 | 0 |
|  | 11/2025 | 4113 | 3202 | 5 | 0 |
|  | 12/2025 | 37073 | 1956 | 0 | (52) |
| &nbsp;&nbsp;&nbsp;&nbsp; GLM | 10/2025 | 33500 | 5500 | 0 | (794) |
|  | 10/2025 | 17 | 21 | 0 | 0 |
|  | 10/2025 | 189 | 27 | 0 | 0 |
|  | 10/2025 | 3732617 | 224 | 0 | 0 |
|  | 10/2025 | 55 | 13 | 0 | 0 |
|  | 10/2025 | 39 | 30 | 0 | 0 |
|  | 10/2025 | $6168 | 33500 | 127 | (1) |
|  | 10/2025 | 781 | 1076 | 0 | (8) |
|  | 10/2025 | 297 | 4911163 | 0 | (3) |
|  | 10/2025 | 238 | 20855 | 0 | (3) |
|  | 11/2025 | 35 | 1506 | 0 | 0 |
|  | 12/2025 | 376 | $20 | 0 | (1) |
|  | 12/2025 | 106 | 25 | 0 | 0 |
|  | 12/2025 | $221 | 3693180 | 0 | 0 |
|  | 04/2026 | 35900 | $6330 | 1 | (129) |
| &nbsp;&nbsp;&nbsp;&nbsp; IND | 10/2025 | 281464 | 200 | 0 | (1) |
|  | 10/2025 | $75 | 478 | 0 | 0 |
|  | 11/2025 | 477 | $75 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPM | 10/2025 | 9924 | 7181 | 50 | 0 |
|  | 10/2025 | 10396119 | 623 | 0 | (1) |
|  | 10/2025 | 136259 | 98 | 1 | 0 |
|  | 10/2025 | 494 | 134 | 0 | (2) |
|  | 10/2025 | 19005 | 637 | 12 | 0 |
|  | 10/2025 | $52 | 332 | 0 | 0 |
|  | 10/2025 | 795 | 13197996 | 0 | (4) |
|  | 10/2025 | 82 | 276 | 1 | 0 |
|  | 10/2025 | 39 | 1182 | 0 | 0 |
|  | 10/2025 | 184 | 3260 | 4 | 0 |
|  | 11/2025 | 331 | $52 | 0 | 0 |
|  | 11/2025 | 689 | 39 | 0 | (1) |
|  | 12/2025 | 8913222 | 2246 | 0 | (5) |
|  | 12/2025 | $873 | 291588 | 1 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; MBC | 10/2025 | 303 | $382 | 2 | 0 |
|  | 10/2025 | 2800 | 394 | 1 | 0 |
|  | 10/2025 | 726 | 858 | 6 | 0 |
|  | 10/2025 | 1087368 | 66 | 1 | 0 |
|  | 10/2025 | 13168 | 148 | 0 | 0 |
|  | 10/2025 | 256400 | 1748 | 14 | 0 |
|  | 10/2025 | 722032 | 518 | 3 | 0 |
|  | 10/2025 | 3358 | 350 | 0 | (6) |
|  | 10/2025 | 1779 | 1389 | 9 | 0 |
|  | 10/2025 | 5880 | 183 | 1 | 0 |
|  | 10/2025 | $344 | 2447 | 0 | 0 |
|  | 10/2025 | 965 | 719 | 2 | 0 |
|  | 10/2025 | 148 | 13168 | 0 | 0 |
|  | 10/2025 | 489 | 682655 | 0 | (2) |
|  | 10/2025 | 10 | 103 | 0 | 0 |
|  | 10/2025 | 90 | 860 | 2 | 0 |
|  | 10/2025 | 420 | 13555 | 0 | (1) |
|  | 11/2025 | 2441 | $344 | 0 | 0 |
|  | 11/2025 | 103 | 10 | 0 | 0 |
|  | 11/2025 | $1708 | 12130 | 1 | 0 |
|  | 11/2025 | 148 | 13205 | 0 | 0 |
|  | 12/2025 | 24217 | $753 | 2 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; MYI | 10/2025 | 2267 | 410 | 1 | (16) |
|  | 10/2025 | 2827 | 397 | 1 | 0 |
|  | 10/2025 | 1096238 | 67 | 1 | 0 |
|  | 10/2025 | $426 | 2267 | 0 | 0 |
|  | 10/2025 | 105 | 15625 | 1 | 0 |

---

------

<br> Consolidated Schedule of Investments PIMCO Global Managed Asset Allocation Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 10/2025 | 10/2025 | 0 | 0 | NOK | 3 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 | 335 | 335 | PLN | 1212 |  | 0 | 0 | 0 |  | (1) |
|  |  | 10/2025 | 10/2025 | 263 | 263 | TWD | 7922 |  | 0 | 0 | 0 |  | (3) |
|  |  | 11/2025 | 11/2025 | 14113 | 14113 | $ | 95 |  | 0 | 0 | 0 |  | (1) |
|  |  | 11/2025 | 11/2025 | 3 | 3 |  | 0 |  | 0 | 0 | 0 |  | 0 |
|  |  | 12/2025 | 12/2025 | 6417 | 6417 |  | 312 |  | 2 | 2 | 2 |  | 0 |
|  |  | 12/2025 | 12/2025 | 18602 | 18602 |  | 55 |  | 0 | 0 | 0 |  | (1) |
|  |  | 12/2025 | 12/2025 | 57 | 57 |  | 13 |  | 0 | 0 | 0 |  | 0 |
|  |  | 12/2025 | 12/2025 | 7870 | 7870 |  | 263 |  | 3 | 3 | 3 |  | 0 |
|  |  | 12/2025 | 12/2025 | $8 | 8 | CZK | 173 |  | 0 | 0 | 0 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; NGF | &nbsp;&nbsp;&nbsp;&nbsp; NGF | 10/2025 | 10/2025 | 180479 | 180479 | $ | 130 |  | 1 | 1 | 1 |  | 0 |
|  |  | 10/2025 | 10/2025 | $266 | 266 | IDR | 4410993 |  | 0 | 0 | 0 |  | (2) |
|  |  | 11/2025 | 11/2025 | 81 | 81 | TRY | 3518 |  | 1 | 1 | 1 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCX | &nbsp;&nbsp;&nbsp;&nbsp; SCX | 10/2025 | 10/2025 | 1164 | 1164 | $ | 219 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 | 2056 | 2056 |  | 289 |  | 1 | 1 | 1 |  | 0 |
|  |  | 10/2025 | 10/2025 | 3831928 | 3831928 |  | 229 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 | 22100 | 22100 |  | 249 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 | 17085 | 17085 |  | 577 |  | 15 | 15 | 15 |  | 0 |
|  |  | 10/2025 | 10/2025 | $219 | 219 | BRL | 1164 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 | 55 | 55 | DKK | 350 |  | 1 | 1 | 1 |  | 0 |
|  |  | 10/2025 | 10/2025 | 1469 | 1469 | GBP | 1099 |  | 8 | 8 | 8 |  | 0 |
|  |  | 10/2025 | 10/2025 | 298 | 298 | IDR | 4893815 |  | 0 | 0 | 0 |  | (4) |
|  |  | 10/2025 | 10/2025 | 404 | 404 | INR | 35702 |  | 0 | 0 | 0 |  | (3) |
|  |  | 10/2025 | 10/2025 | 51 | 51 | JPY | 7492 |  | 0 | 0 | 0 |  | 0 |
|  |  | 11/2025 | 11/2025 | 1099 | 1099 | $ | 1470 |  | 0 | 0 | 0 |  | (8) |
|  |  | 11/2025 | 11/2025 | 18529 | 18529 |  | 208 |  | 0 | 0 | 0 |  | 0 |
|  |  | 11/2025 | 11/2025 | $229 | 229 | INR | 20372 |  | 0 | 0 | 0 |  | 0 |
|  |  | 12/2025 | 12/2025 | 2924 | 2924 | $ | 143 |  | 1 | 1 | 1 |  | 0 |
|  |  | 12/2025 | 12/2025 | 1063 | 1063 |  | 305 |  | 0 | 0 | 0 |  | (1) |
|  |  | 12/2025 | 12/2025 | $219 | 219 | BRL | 1180 |  | 0 | 0 | 0 |  | 0 |
|  |  | 12/2025 | 12/2025 | 230 | 230 | IDR | 3841613 |  | 0 | 0 | 0 |  | 0 |
|  |  | 12/2025 | 12/2025 | 1548 | 1548 | PHP | 88659 |  | 0 | 0 | 0 |  | (32) |
| &nbsp;&nbsp;&nbsp;&nbsp; SOG | &nbsp;&nbsp;&nbsp;&nbsp; SOG | 10/2025 | 10/2025 | 13506 | 13506 | $ | 2531 |  | 0 | 0 | 0 |  | (7) |
|  |  | 10/2025 | 10/2025 | 3854214 | 3854214 |  | 234 |  | 3 | 3 | 3 |  | 0 |
|  |  | 10/2025 | 10/2025 | 162 | 162 |  | 94 |  | 1 | 1 | 1 |  | 0 |
|  |  | 10/2025 | 10/2025 | $2539 | 2539 | BRL | 13506 |  | 0 | 0 | 0 |  | (2) |
|  |  | 10/2025 | 10/2025 | 100 | 100 | COP | 403600 |  | 3 | 3 | 3 |  | 0 |
|  |  | 10/2025 | 10/2025 | 2710 | 2710 | EUR | 2304 |  | 0 | 0 | 0 |  | (5) |
|  |  | 10/2025 | 10/2025 | 674 | 674 | JPY | 99446 |  | 1 | 1 | 1 |  | (3) |
|  |  | 10/2025 | 10/2025 | 34 | 34 | NOK | 337 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 | 424 | 424 | SEK | 4002 |  | 1 | 1 | 1 |  | 0 |
|  |  | 11/2025 | 11/2025 | 2304 | 2304 | $ | 2715 |  | 5 | 5 | 5 |  | 0 |
|  |  | 11/2025 | 11/2025 | 30734 | 30734 |  | 207 |  | 0 | 0 | 0 |  | (1) |
|  |  | 11/2025 | 11/2025 | 337 | 337 |  | 34 |  | 0 | 0 | 0 |  | 0 |
|  |  | 11/2025 | 11/2025 | 3993 | 3993 |  | 424 |  | 0 | 0 | 0 |  | (1) |
|  |  | 12/2025 | 12/2025 | $2531 | 2531 | BRL | 13698 |  | 6 | 6 | 6 |  | 0 |
|  |  | 03/2026 | 03/2026 | 349830 | 349830 | $ | 361 |  | 0 | 0 | 0 |  | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp; SSB | &nbsp;&nbsp;&nbsp;&nbsp; SSB | 10/2025 | 10/2025 | 1715 | 1715 |  | 2311 |  | 5 | 5 | 5 |  | 0 |
|  |  | 10/2025 | 10/2025 | $342 | 342 | TWD | 10236 |  | 0 | 0 | 0 |  | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp; UAG | &nbsp;&nbsp;&nbsp;&nbsp; UAG | 10/2025 | 10/2025 | 9 | 9 | $ | 7 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 | 7518 | 7518 |  | 2254 |  | 0 | 0 | 0 |  | (16) |
|  |  | 10/2025 | 10/2025 | 9723 | 9723 |  | 955 |  | 0 | 0 | 0 |  | (19) |
|  |  | 10/2025 | 10/2025 | 351 | 351 |  | 100 |  | 0 | 0 | 0 |  | (1) |
|  |  | 10/2025 | 10/2025 | $396 | 396 | ILS | 1350 |  | 12 | 12 | 12 |  | 0 |
|  |  | 10/2025 | 10/2025 | 334 | 334 | PLN | 1212 |  | 0 | 0 | 0 |  | (1) |
|  |  | 10/2025 | 10/2025 | 70 | 70 | THB | 2265 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 | 96 | 96 | ZAR | 1661 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 | 1662 | 1662 | $ | 96 |  | 0 | 0 | 0 |  | 0 |
|  |  | 11/2025 | 11/2025 | 557 | 557 |  | 163 |  | 0 | 0 | 0 |  | (5) |
|  |  | 11/2025 | 11/2025 | 699 | 699 |  | 40 |  | 0 | 0 | 0 |  | (1) |
|  |  | 12/2025 | 12/2025 | 6547 | 6547 |  | 20 |  | 0 | 0 | 0 |  | 0 |
|  |  | 12/2025 | 12/2025 | 40010 | 40010 |  | 697 |  | 13 | 13 | 13 |  | 0 |
|  |  | 12/2025 | 12/2025 | 1621 | 1621 |  | 51 |  | 1 | 1 | 1 |  | 0 |
|  |  | 12/2025 | 12/2025 | $109 | 109 | MXN | 2016 |  | 0 | 0 | 0 |  | 0 |
|  |  | 12/2025 | 12/2025 | 365 | 365 | THB | 11516 |  | 0 | 0 | 0 |  | (8) |
| **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** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | $**775** | **775** | **775** | **$** | $**(2364)** | **(2364)** |
| **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** |
| **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** |
| Counterparty | Description | Description | Floating Rate<br>Index | Floating Rate<br>Index | Exercise<br>Rate | Exercise<br>Rate | Notional<br>Amount<sup>(1)</sup> | Notional<br>Amount<sup>(1)</sup> | Notional<br>Amount<sup>(1)</sup> | Cost | Cost |  | Market<br>Value |
| MYC | Call - OTC 10-Year Interest Rate Swap | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3.427% | 3.427% | 30000 | 30000 | 30000 | $3117 | 3117 | $ | $2892 |
|  | Put - OTC 10-Year Interest Rate Swap | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3.427 | 3.427 | 30000 | 30000 | 30000 | 3116 | 3116 |  | 3371 |
| **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | $**6233** | **6233** | **$** | $**6263** |

---

------

<br> Consolidated Schedule of Investments PIMCO Global Managed Asset Allocation Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** |
| **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** |
| Counterparty | Counterparty | Counterparty | Description | Initial<br>Index | Initial<br>Index | &nbsp;&nbsp;&nbsp;&nbsp; Floating<br>Rate | &nbsp;&nbsp;&nbsp;&nbsp; Floating<br>Rate | &nbsp;&nbsp;&nbsp;&nbsp; Floating<br>Rate | &nbsp;&nbsp;&nbsp;&nbsp; Floating<br>Rate | &nbsp;&nbsp;&nbsp;&nbsp; Floating<br>Rate | Expiration<br>Date | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Notional<br>Amount<sup>(1)</sup> |  | Premiums<br>(Received) | Premiums<br>(Received) | Premiums<br>(Received) | Market<br>Value | Market<br>Value | Market<br>Value |
| GLM | GLM | GLM | Cap - OTC CPALEMU | 100.151 | 100.151 | &nbsp;&nbsp;&nbsp;&nbsp; Maximum of [(Final Index/Initial Index - 1) - 3.000%] or 0 | &nbsp;&nbsp;&nbsp;&nbsp; Maximum of [(Final Index/Initial Index - 1) - 3.000%] or 0 | &nbsp;&nbsp;&nbsp;&nbsp; Maximum of [(Final Index/Initial Index - 1) - 3.000%] or 0 | &nbsp;&nbsp;&nbsp;&nbsp; Maximum of [(Final Index/Initial Index - 1) - 3.000%] or 0 | &nbsp;&nbsp;&nbsp;&nbsp; Maximum of [(Final Index/Initial Index - 1) - 3.000%] or 0 | 06/22/2035 | 06/22/2035 |  | 5600 | $ | (255) | (255) | (255) | $(124) | (124) | (124) |
| **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **$** | **(255)** | **(255)** | **(255)** | $**(124)** | **(124)** | **(124)** |
| **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** |
| **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Swap Agreements, at Value</u><sup>(4)</sup> | <u>Swap Agreements, at Value</u><sup>(4)</sup> | <u>Swap Agreements, at Value</u><sup>(4)</sup> | <u>Swap Agreements, at Value</u><sup>(4)</sup> |
| Counterparty | Counterparty | Index/Tranches | Index/Tranches | Index/Tranches | Index/Tranches | Index/Tranches | Fixed<br>Receive Rate | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> |  | Premiums<br>Paid/(Received) |  | Unrealized<br>Appreciation/<br>(Depreciation) |  | Asset | Asset |  | Liability |
| GST | GST | CMBX.NA.AAA.10 Index | CMBX.NA.AAA.10 Index | CMBX.NA.AAA.10 Index | CMBX.NA.AAA.10 Index | CMBX.NA.AAA.10 Index | 0.500% | 0.500% | Monthly | 11/17/2059 | 11/17/2059 | 2200 | $ | (65) | $ | 72 | $ | 7 | 7 | $ | 0 |
|  |  | CMBX.NA.AAA.9 Index | CMBX.NA.AAA.9 Index | CMBX.NA.AAA.9 Index | CMBX.NA.AAA.9 Index | CMBX.NA.AAA.9 Index | 0.500 | 0.500 | Monthly | 09/17/2058 | 09/17/2058 | 1726 |  | (107) |  | 107 |  | 0 | 0 |  | 0 |
| MYC | MYC | CMBX.NA.AAA.10 Index | CMBX.NA.AAA.10 Index | CMBX.NA.AAA.10 Index | CMBX.NA.AAA.10 Index | CMBX.NA.AAA.10 Index | 0.500 | 0.500 | Monthly | 11/17/2059 | 11/17/2059 | 9600 |  | (317) |  | 348 |  | 31 | 31 |  | 0 |
| SAL | SAL | CMBX.NA.AAA.12 Index | CMBX.NA.AAA.12 Index | CMBX.NA.AAA.12 Index | CMBX.NA.AAA.12 Index | CMBX.NA.AAA.12 Index | 0.500 | 0.500 | Monthly | 08/17/2061 | 08/17/2061 | 1600 |  | (4) |  | 12 |  | 8 | 8 |  | 0 |
| UAG | UAG | CMBX.NA.AAA.10 Index | CMBX.NA.AAA.10 Index | CMBX.NA.AAA.10 Index | CMBX.NA.AAA.10 Index | CMBX.NA.AAA.10 Index | 0.500 | 0.500 | Monthly | 11/17/2059 | 11/17/2059 | 3800 |  | (110) |  | 123 |  | 13 | 13 |  | 0 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (603) | (603) | 662 | 662 | 59 | 59 | $ | 0 |
| **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Swap Agreements, at Value</u> | <u>Swap Agreements, at Value</u> | <u>Swap Agreements, at Value</u> | <u>Swap Agreements, at Value</u> |
| &nbsp;&nbsp; Counterparty | &nbsp;&nbsp; Counterparty | &nbsp;&nbsp; Counterparty | Pay/<br>Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Fixed Rate | Fixed Rate | Payment<br>Frequency | Payment<br>Frequency | Maturity<br>Date |  | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Asset | Liability |
| &nbsp;&nbsp; GLM | &nbsp;&nbsp; GLM | &nbsp;&nbsp; GLM | Receive | 3-Month MYR-KLIBOR<sup>(5)</sup> | 3.000% | 3.000% | 3.000% | Quarterly | Quarterly | 03/18/2031 | MYR | 8670 | 8670 | $14 | 14 | $11 | 11 | $25 | 25 | 25 | $0 |
| **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Swap Agreements, at Value</u> | <u>Swap Agreements, at Value</u> | <u>Swap Agreements, at Value</u> | <u>Swap Agreements, at Value</u> |
| &nbsp;&nbsp; Counterparty | &nbsp;&nbsp; Counterparty | &nbsp;&nbsp; Counterparty | Pay/Receive<sup>(6)</sup> | Underlying<br>Reference | # of Units | # of Units | # of Units | &nbsp;&nbsp; Financing Rate | &nbsp;&nbsp; Financing Rate | Maturity<br>Date | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Asset | Liability |
| &nbsp;&nbsp; BRC | &nbsp;&nbsp; BRC | &nbsp;&nbsp; BRC | BCPMXWO Index | BCPMXWO Index | 1270421 | &nbsp;&nbsp; 4.740% | &nbsp;&nbsp; 4.740% | &nbsp;&nbsp; 4.740% | Monthly | 10/07/2026 | 10/07/2026 | 174352 | $ | 0 | 0 | (44) | (44) | 0 | 0 | $ | (44) |
| **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Swap Agreements, at Value</u> | <u>Swap Agreements, at Value</u> | <u>Swap Agreements, at Value</u> | <u>Swap Agreements, at Value</u> |
| &nbsp;&nbsp; Counterparty | &nbsp;&nbsp; Counterparty | &nbsp;&nbsp; Counterparty | Pay/Receive<sup>(6)</sup> | Underlying<br>Reference | # of Shares | # of Shares | # of Shares | &nbsp;&nbsp; Financing Rate | &nbsp;&nbsp; Financing Rate | Maturity<br>Date | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Asset | Liability |
| &nbsp;&nbsp; FAR | &nbsp;&nbsp; FAR | &nbsp;&nbsp; FAR | Pay | HNI Corp. | 2821 | 2821 | 2821 | &nbsp;&nbsp; 4.050% (SOFR less a specified spread) | &nbsp;&nbsp; 4.050% (SOFR less a specified spread) | 02/05/2026 | 02/05/2026 | 132 | 132 | $0 | 0 | $0 | 0 | $0 | 0 | 0 | $0 |
| &nbsp;&nbsp; RBC | &nbsp;&nbsp; RBC | &nbsp;&nbsp; RBC | Pay | Palo Alto Networks,Inc. | 3540 | 3540 | 3540 | &nbsp;&nbsp; 4.525% (SOFR plus a specified spread) | &nbsp;&nbsp; 4.525% (SOFR plus a specified spread) | 03/25/2026 | 03/25/2026 | 721 | 721 | 0 | 0 | 2 | 2 | 2 | 2 | 2 | 0 |
|  |  |  | Pay | Union Pacific Corp. | 2145 | 2145 | 2145 | &nbsp;&nbsp; 4.550% (SOFR plus a specified spread) | &nbsp;&nbsp; 4.550% (SOFR plus a specified spread) | 03/25/2026 | 03/25/2026 | 507 | 507 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 0 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 0 | 0 | 3 | 3 | 3 | 3 | $ | 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** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **$** | **(589)** | **(589)** | **632** | **632** | **87** | **87** | **$** | **(44)** |
| **(l)** | **Securities with an aggregate market value of $1,365 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,365 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,365 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,365 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,365 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,365 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,365 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,365 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,365 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,365 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,365 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,365 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,365 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,365 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,365 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,365 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,365 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,365 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,365 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,365 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,365 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** |
| <sup>(1)</sup> | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. |

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<br> Consolidated Schedule of Investments PIMCO Global Managed Asset Allocation Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <sup>(</sup><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. | 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. | 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. | 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. | 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. |
| **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** |
| **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: |
| Category and Subcategory | Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value<br>at 09/30/2025 |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| Banking & Finance | Banking & Finance | $0 | $68 | $0 | $68 |
| Industrials | Industrials | 0 | 707 | 0 | 707 |
| Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes |
| Banking & Finance | Banking & Finance | 0 | 16 | 0 | 16 |
| U.S. Government Agencies | U.S. Government Agencies | 0 | 59712 | 0 | 59712 |
| U.S. Treasury Obligations | U.S. Treasury Obligations | 0 | 15880 | 0 | 15880 |
| Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | 0 | 7294 | 0 | 7294 |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| Automobile Sequential | Automobile Sequential | 0 | 2611 | 0 | 2611 |
| Home Equity Other | Home Equity Other | 0 | 7690 | 0 | 7690 |
| Home Equity Sequential | Home Equity Sequential | 0 | 5203 | 0 | 5203 |
| Manufacturing House ABS Other | Manufacturing House ABS Other | 0 | 460 | 0 | 460 |
| Whole Loan Collateral | Whole Loan Collateral | 0 | 1958 | 0 | 1958 |
| Other ABS | Other ABS | 0 | 3990 | 0 | 3990 |
| Sovereign Issues | Sovereign Issues | 0 | 32493 | 0 | 32493 |
| Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| Communication Services | Communication Services | 1277 | 0 | 0 | 1277 |
| Consumer Discretionary | Consumer Discretionary | 104 | 0 | 0 | 104 |
| Consumer Staples | Consumer Staples | 1481 | 0 | 0 | 1481 |
| Health Care | Health Care | 499 | 0 | 0 | 499 |
| Industrials | Industrials | 1234 | 0 | 0 | 1234 |
| Information Technology | Information Technology | 975 | 0 | 0 | 975 |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| U.S. Treasury Bills | U.S. Treasury Bills | 0 | 697 | 0 | 697 |
|  |  | $5570 | $138779 | $0 | $144349 |
| **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** |
| Mutual Funds | Mutual Funds | 121189 | 0 | 0 | 121189 |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | 77861 | 0 | 0 | 77861 |
|  |  | $199050 | $0 | $0 | $199050 |
| Total Investments | Total Investments | $204620 | $138779 | $0 | $343399 |
| **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** | **Short Sales, at Value - Liabilities** |
| U.S. Government Agencies | U.S. Government Agencies | $0 | $(11127) | $0 | $(11127) |
| **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 | 163 | 268 | 0 | 431 |
| Over the counter | Over the counter | 0 | 7125 | 0 | 7125 |
|  |  | $163 | $7393 | $0 | $7556 |
| **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 | (171) | (268) | 0 | (439) |
| Over the counter | Over the counter | 0 | (2532) | 0 | (2532) |
|  |  | $(171) | $(2800) | $0 | $(2971) |
| Total Financial Derivative Instruments | Total Financial Derivative Instruments | $(8) | $4593 | $0 | $4585 |
| Totals | Totals | $204612 | $132245 | $0 | $336857 |
| **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** |

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Notes to Financial Statements

**1** **. BASIS FOR CONSOLIDATION**

The Commodity Subsidiary, a Cayman Islands exempted company, was incorporated on July 21, 2006, as a wholly owned subsidiary acting as an investment vehicle for the Portfolio in order to effect certain investments for the Portfolio consistent with the Portfolio's investment objectives and policies as specified in its prospectus and statement of additional information. The Portfolio's investment portfolio has been consolidated and includes the portfolio holdings of the Portfolio and the Commodity Subsidiary. The consolidated financial statements include the accounts of the Portfolio and the Commodity Subsidiary. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the Portfolio and the Commodity Subsidiary, comprising the entire issued share capital of the Commodity Subsidiary, with the intent that the Portfolio will remain the sole shareholder and retain all rights. Under the Memorandum and Articles of Association, shares issued by the Commodity Subsidiary confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Commodity Subsidiary and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Commodity Subsidiary. The net assets of the Commodity Subsidiary as of period end represented 0.6% of the Portfolio's consolidated net assets.

**2. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS**

**(a) Investment Valuation Policies** The net asset value ("NAV") of the Portfolio'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 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, the Portfolio'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 Portfolio 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 Portfolio may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The 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, the Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that the 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 the 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 Portfolio 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 Pacific Investment Management Company LLC ("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 Investment Company Act of 1940, as amended (the "Act"). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees has designated PIMCO as the valuation designee ("Valuation Designee") for the Portfolio to perform the fair value determination relating to all Portfolio investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of portfolio investments. The Valuation Designee may value portfolio securities for which market quotations are not readily available and other Portfolio assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, exchange-traded funds ("ETFs"), exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Portfolio's assets that are invested in one or more open-end management investment companies (other than ETFs), the 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, 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 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. The 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 the 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 the 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 the 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 the 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 the Portfolio may transact.

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 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 the 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 the Portfolio may differ from the

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Notes to Financial Statements (Cont.)

value that would be realized if the securities were sold. The Portfolio's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the " Frequent or Excessive Purchases, Exchanges and Redemptions " section in the Portfolio's prospectus.

Under certain circumstances, the per share NAV of a class of the Portfolio'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 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:

• Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

• Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Consolidated Schedule of Investments for the 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 ofthe Portfolio'sassets 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 toConsolidatedSchedule of Investments for the 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.

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

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a

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Notes to Financial Statements (Cont.)

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.

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.

**3. FEDERAL INCOME TAX MATTERS**

The 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.

The 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 Portfolio's tax positions for all open tax years. As of September 30, 2025, the Portfolio 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 Portfolio files U.S. federal, state and local tax returns as required. The Portfolio'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.

One of the requirements for favorable tax treatment as a regulated investment company under the Code is that the Portfolio derive at least 90% of its gross income from certain qualifying sources of income. The IRS has issued a revenue ruling which holds that income derived from commodity index-linked derivatives, if earned directly by the Portfolio, is not qualifying income under Subchapter M of the Code. As such, the Portfolio's ability to utilize direct investments in commodity-linked swaps as part of its investment strategy is limited to a maximum of 10% of its gross income. However, in a subsequent revenue ruling, the IRS provides that income from alternative investment instruments (such as certain commodity index-linked notes) that create commodity exposure may be considered qualifying income under the Code. The IRS has issued private letter rulings in which the IRS specifically concluded that income derived from an investment in a subsidiary that provides commodity-linked exposure through its investments will constitute qualifying income.

The Portfolio will continue to seek to gain exposure to the commodity markets primarily through investments in the Commodity Subsidiary and perhaps through commodity-linked notes. The Commodity Subsidiary will be treated as a controlled foreign corporation. As a result, the Portfolio with the Commodity Subsidiary will be required to include in gross income for U.S. federal income tax purposes all of the Commodity Subsidiary's "subpart F income," whether or not such income is distributed by the Commodity Subsidiary. It is expected that all of the Commodity Subsidiary's income and realized gains and mark-to-market gains will be "subpart F income." The Portfolio's recognition of the Commodity Subsidiary's "subpart F income" will increase the Portfolio's tax basis in the Commodity Subsidiary. Distributions by the Commodity Subsidiary to the Portfolio will be tax-free, to the extent of its previously undistributed "subpart F income," and will correspondingly reduce the Portfolio's tax basis in the Commodity Subsidiary. "Subpart F income" is generally treated by the Portfolio as ordinary income, regardless of the character of the Commodity Subsidiary's underlying income or gains.

If a net loss is realized by the Commodity Subsidiary, such loss is not generally available to offset the income earned by the Commodity Subsidiary's parent Portfolio, and such loss cannot be carried forward to offset taxable income of the parent Portfolio or the Commodity Subsidiary in future periods.

Under IRS regulations, income derived from a controlled foreign corporation will be considered qualifying income if distributed to the Portfolio or if the Portfolio's income from in the subsidiary is derived with respect to the Portfolio's business of investing in securities. A subsidiary may pay such a distribution at any time. An IRS revenue procedure states that the IRS will not in the future issue private letter rulings that would require a determination of whether an asset (such as a commodity index-linked note) is a "security" under the Act.

There can be no assurance that the IRS will not change its position with respect to some or all of these conclusions or that future legislation will not adversely impact the tax treatment of the Portfolio's commodity-linked investments. If the IRS were to change or reverse its position, or if future legislation adversely affected the tax treatment of the Portfolio's commodity-linked investments, there would likely be a significant adverse impact on the Portfolio, including the possibility of failing to qualify as a regulated investment company. If the Portfolio did not qualify as a regulated investment company for any taxable year, its taxable income would be subject to tax at the Portfolio level at regular corporate tax rates (without reduction for distributions to shareholders) and to a further tax at the shareholder level when such income is distributed. Furthermore, the tax treatment of the Portfolio's investments in its Subsidiary may otherwise be adversely affected by future legislation, court decisions, Treasury Regulations and/or guidance issued by the IRS. Such developments could affect the character, timing and/or amount of the Portfolio's taxable income or any distributions made by the Portfolio or result in the inability of the Portfolio to operate as described in the Portfolio's Prospectus.

**4. INVESTMENTS IN AFFILIATES**

The 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 Portfolio. A copy of each affiliate fund's shareholder report is available at the U.S. Securities and

------

Notes to Financial Statements (Cont.)

Exchange Commission ("SEC") website at www.sec.gov, on the Portfolio's website at www.pimco.com, or upon request, as applicable. The table below shows the Portfolio's transactions in and earnings from investments in the affiliated funds for the period ended September 30, 2025 (amounts in thousands<sup>†</sup>):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying PIMCO Funds** | **Market Value<br>12/31/2024** | **Purchases at<br>Cost** | **Proceeds from<br>Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>09/30/2025** | **Dividend<br>Income**<sup>(1)</sup> | **Realized Net<br>Capital<br>Gain<br>Distributions**<sup>(1)</sup> |
| PIMCO Income Fund | $30366 | $3459 | $(4552) | $(70) | $1006 | $30209 | $1348 | $0 |
| PIMCO Short Asset Portfolio | 52052 | 10430 | (17370) | (289) | 340 | 45163 | 1600 | 0 |
| PIMCO Short-Term Floating NAV Portfolio III | 13960 | 146630 | (127900) | (4) | 12 | 32698 | 1030 | 0 |
| PIMCO Total Return Fund | 90768 | 3160 | (6402) | (59) | 3513 | 90980 | 3170 | 0 |
| **Totals** | $**187146** | $**163679** | $**(156224)** | $**(422)** | $**4871** | $**199050** | $**7148** | $**0** |

---

<sup>†</sup> A zero balance may reflect actual amounts rounding to less than one thousand.

<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund, unless otherwise advised on IRS Form 1099-DIV.

------

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** |  | (Unaudited) |
| **Counterparty Abbreviations:** | **Counterparty Abbreviations:** |  |  |  |  |
| **AZD** | Australia and New Zealand Banking Group | **GLM** | Goldman Sachs Bank USA | **NGF** | Nomura Global Financial Products, Inc. |
| **BOA** | Bank of America N.A. | **GST** | Goldman Sachs International | **RBC** | Royal Bank of Canada |
| **BPS** | BNP Paribas S.A. | **IND** | Crédit Agricole Corporate and Investment Bank <br> S.A. | **SAL** | Citigroup Global Markets, Inc. |
| **BRC** | Barclays Bank PLC | **JPM** | JP Morgan Chase Bank N.A. | **SCX** | Standard Chartered Bank, London |
| **BSH** | Banco Santander S.A. - New York Branch | **MBC** | HSBC Bank Plc | **SOG** | Societe Generale Paris |
| **CBK** | Citibank N.A. | **MYC** | Morgan Stanley Capital Services LLC | **SSB** | State Street Bank and Trust Co. |
| **DUB** | Deutsche Bank AG | **MYI** | Morgan Stanley & Co. International PLC | **UAG** | UBS AG Stamford |
| **FAR** | Wells Fargo Bank National Association |  |  |  |  |
| **Currency Abbreviations:** | **Currency Abbreviations:** |  |  |  |  |
| **AUD** | Australian Dollar | **GBP** | British Pound | **NZD** | New Zealand Dollar |
| **BRL** | Brazilian Real | **HKD** | Hong Kong Dollar | **PEN** | Peruvian New Sol |
| **CAD** | Canadian Dollar | **HUF** | Hungarian Forint | **PHP** | Philippine Peso |
| **CHF** | Swiss Franc | **IDR** | Indonesian Rupiah | **PLN** | Polish Zloty |
| **CLP** | Chilean Peso | **ILS** | Israeli Shekel | **SEK** | Swedish Krona |
| **CNH** | Chinese Renminbi (Offshore) | **INR** | Indian Rupee | **SGD** | Singapore Dollar |
| **CNY** | Chinese Renminbi (Mainland) | **JPY** | Japanese Yen | **THB** | Thai Baht |
| **COP** | Colombian Peso | **KRW** | South Korean Won | **TRY** | Turkish New Lira |
| **CZK** | Czech Koruna | **MXN** | Mexican Peso | **TWD** | Taiwanese Dollar |
| **DKK** | Danish Krone | **MYR** | Malaysian Ringgit | **USD (or $)** | United States Dollar |
| **EUR** | Euro | **NOK** | Norwegian Krone | **ZAR** | South African Rand |
| **Exchange Abbreviations:** | **Exchange Abbreviations:** |  |  |  |  |
| **LME** | London Metal Exchange | **OTC** | Over the Counter |  |  |
| **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** |  |  |  |  |
| **BCPMXWO** | Barclays Custom Equity Index | **CMBX** | Commercial Mortgage-Backed Index | **MUTKCALM** | Tokyo Overnight Average Rate |
| **Bobl** | Bundesobligation, the German word for federal government bond | **CNREPOFIX** | China Fixing Repo Rates 7-Day | **SIBCSORA** | Singapore Overnight Rate Average |
| **Brent** | Brent Crude | **CPALEMU** | Euro Area All Items Non-Seasonally Adjusted <br> Index | **SOFR** | Secured Overnight Financing Rate |
| **CAONREPO** | Canadian Overnight Repo Rate Average | **IBR** | Indicador Bancario de Referencia | **SONIO** | Sterling Overnight Interbank Average Rate |
| **CDX.IG** | Credit Derivatives Index - Investment <br> Grade |  |  |  |  |
| **Other Abbreviations:** | **Other Abbreviations:** |  |  |  |  |
| **ABS** | Asset-Backed Security | **JIBAR** | Johannesburg Interbank Agreed Rate | **PRIBOR** | Prague Interbank Offered Rate |
| **BBR** | Bank Bill Rate | **KLIBOR** | Kuala Lumpur Interbank Offered Rate | **RBOB** | Reformulated Blendstock for Oxygenate Blending |
| **BBSW** | Bank Bill Swap Reference Rate | **KORIBOR** | Korea Interbank Offered Rate | **REMIC** | Real Estate Mortgage Investment Conduit |
| **BRL-CDI** | Brazil Interbank Deposit Rate | **Lunar** | Monthly payment based on 28-day periods. <br> One year consists of 13 periods. | **TBA** | To-Be-Announced |
| **BTP** | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | **MIBOR** | Mumbai Interbank Offered Rate | **THBFIX** | Thai Baht Floating-Rate Fix |
| **CHILIBOR** | Chile Interbank Offered Rate | **Oat** | Obligations Assimilables du Trésor | **TIIE** | Tasa de Interés Interbancaria de Equilibrio "Equilibrium Interbank Interest Rate" |
| **CLO** | Collateralized Loan Obligation | **OIS** | Overnight Index Swap | **WIBOR** | Warsaw Interbank Offered Rate |
| **DAC** | Designated Activity Company | **oz.** | Ounce | **WTI** | West Texas Intermediate |
| **EURIBOR** | Euro Interbank Offered Rate | **PIK** | Payment-in-Kind |  |  |

---

------

<br> Schedule of Investments PIMCO High Yield Portfolio September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(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 93.9% ¤** |  |  |
| **LOAN PARTICIPATIONS AND ASSIGNMENTS 6.3%** |  |  |
| **Alliant Holdings Intermediate LLC**<br>6.666% (TSFR1M + 2.500%) due 09/19/2031 ~ | $1127 | $1125 |
| **Bausch & Lomb Corp.**<br>8.413% (TSFR1M + 4.250%) due 01/15/2031 ~ | 100 | 100 |
| **Boxer Parent Co., Inc.**<br>7.199% (TSFR3M + 3.000%) due 07/30/2031 ~ | 1182 | 1181 |
| **Clydesdale Acquisition Holdings, Inc.** |  |  |
| TBD% (TSFR1M + 3.250%) due 04/01/2032 ~µ | 29 | 29 |
| TBD% (TSFR1M + 3.250%) due 04/01/2032 ~ | 1692 | 1691 |
| **Delta TopCo, Inc.**<br>6.740% - 7.023% (TSFR1M + 2.750%) due 11/30/2029 ~ | 494 | 489 |
| **Fertitta Entertainment LLC**<br>7.413% (TSFR1M + 3.250%) due 01/27/2029 ~ | 370 | 370 |
| **Finastra USA, Inc.** |  |  |
| 8.038% (TSFR3M + 4.000%) due 09/15/2032 ~ | 700 | 698 |
| 11.038% (TSFR3M + 7.000%) due 09/15/2033 ~ | 125 | 125 |
| **GFL Environmental, Inc.**<br>6.671% (TSFR3M + 2.500%) due 03/03/2032 ~ | 200 | 200 |
| **IRB Holding Corp.**<br>6.663% (TSFR1M + 2.500%) due 12/15/2027 ~ | 1372 | 1374 |
| **QuidelOrtho Corp.**<br>8.002% (TSFR3M + 4.000%) due 08/20/2032 ~ | 2350 | 2341 |
| **TransDigm, Inc.** |  |  |
| 6.252% (TSFR3M + 2.250%) due 03/22/2030 ~ | 3061 | 3062 |
| 6.502% (TSFR3M + 2.500%) due 02/28/2031 ~ | 1281 | 1281 |
| **Trident TPI Holdings, Inc.**<br>7.752% (TSFR3M + 3.750%) due 09/15/2028 ~ | 2517 | 2476 |
| **Truist Insurance Holdings LLC**<br>6.752% (TSFR3M + 2.750%) due 05/06/2031 ~ | 299 | 299 |
| **U.S. Renal Care, Inc.**<br>9.278% (TSFR1M + 5.000%) due 06/28/2028 ~ | 3161 | 3026 |
| **UKG, Inc.**<br>6.810% (TSFR3M + 2.500%) due 02/10/2031 ~ | 1188 | 1188 |
| **Van Pool Transportation LLC** |  |  |
| TBD% - 7.252% (TSFR3M + 3.250%) due 08/06/2030 ~µ | 178 | 179 |
| TBD% - 7.252% (TSFR1M + 3.250%) due 08/06/2030 ~ | 1297 | 1303 |
| **Veritiv Corp.**<br>8.002% (TSFR3M + 4.000%) due 11/30/2030 ~ | 973 | 964 |
| **Virgin Media Bristol LLC**<br>7.515% (TSFR1M + 3.250%) due 01/31/2029 ~ | 1547 | 1548 |
| **Voyager Parent LLC**<br>8.752% (TSFR3M + 4.750%) due 07/01/2032 ~ | 500 | 502 |
| **WCG Intermediate Corp.**<br>7.163% (TSFR1M + 3.000%) due 02/25/2032 ~ | 953 | 947 |
| **Whatabrands LLC**<br>6.663% (TSFR1M + 2.500%) due 08/03/2028 ~ | 1890 | 1894 |
| **X Corp.**<br>10.958% (TSFR3M + 6.500%) due 10/26/2029 ~ | 2109 | 2072 |
| Total Loan Participations and Assignments (Cost $30,254) |  | 30464 |
| **CORPORATE BONDS & NOTES 81.7%** |  |  |
| **BANKING & FINANCE 12.3%** |  |  |
| **123 Lights Re Ltd.**<br>14.904% (T-BILL 3MO + 11.000%) due 09/14/2031 ~ | 250 | 250 |
| **Allied Universal Holdco LLC/Allied Universal Finance Corp.**<br>6.875% due 06/15/2030 | 925 | 951 |
| **AmWINS Group, Inc.**<br>6.375% due 02/15/2029 | 800 | 817 |
| **Apollo Commercial Real Estate Finance, Inc.**<br>4.625% due 06/15/2029 | 1000 | 962 |
| **Armor RE II Ltd.**<br>12.407% (T-BILL 3MO + 8.500%) due 01/07/2032 ~ | 250 | 267 |
| **Boost Newco Borrower LLC**<br>7.500% due 01/15/2031 | 1075 | 1141 |
| **Burford Capital Global Finance LLC** |  |  |
| 6.875% due 04/15/2030 | 360 | 362 |
| 7.500% due 07/15/2033 | 350 | 357 |
| 9.250% due 07/01/2031 | 2000 | 2128 |
| **Cape Lookout Re Ltd.**<br>10.832% (T-BILL 1MO + 6.900%) due 03/13/2032 ~ | 250 | 263 |

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------

<br> Schedule of Investments PIMCO High Yield Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| **Credit** **Acceptance Corp.**<br>9.250% due 12/15/2028 | 425 | 447 |
| **CrossCountry Intermediate HoldCo LLC**<br>6.500% due 10/01/2030 | 200 | 201 |
| **CTR Partnership LP/CareTrust Capital Corp.**<br>3.875% due 06/30/2028 | 600 | 584 |
| **Diversified Healthcare Trust**<br>7.250% due 10/15/2030 | 280 | 285 |
| **EF Holdco/EF Cayman Holdings/Ellington Fin REIT Cayman/TRS/EF Cayman Non-MTM**<br>7.375% due 09/30/2030 (a) | 475 | 475 |
| **Encore Capital Group, Inc.**<br>8.500% due 05/15/2030 | 2250 | 2391 |
| **Everglades Re II Ltd.**<br>15.404% (GSMMUSTI + 11.500%) due 05/13/2031 ~ | 250 | 263 |
| **Freedom Mortgage Corp.** |  |  |
| 6.625% due 01/15/2027 | 450 | 449 |
| 12.000% due 10/01/2028 | 2625 | 2782 |
| **Freedom Mortgage Holdings LLC** |  |  |
| 7.875% due 04/01/2033 | 400 | 412 |
| 8.375% due 04/01/2032 | 200 | 210 |
| **FS KKR Capital Corp.**<br>6.125% due 01/15/2031 | 650 | 644 |
| **FTAI Aviation Investors LLC** |  |  |
| 5.500% due 05/01/2028 | 1600 | 1602 |
| 5.875% due 04/15/2033 | 200 | 201 |
| 7.000% due 05/01/2031 | 700 | 733 |
| **Icahn Enterprises LP/Icahn Enterprises Finance Corp.** |  |  |
| 6.250% due 05/15/2026 | 5 | 5 |
| 9.000% due 06/15/2030 | 550 | 531 |
| **ION Platform Finance U.S., Inc.**<br>7.875% due 09/30/2032 (a) | 1050 | 1043 |
| **Iron Mountain Information Management Services, Inc.**<br>5.000% due 07/15/2032 | 1125 | 1085 |
| **Iron Mountain, Inc.** |  |  |
| 4.500% due 02/15/2031 | 500 | 478 |
| 5.250% due 07/15/2030 | 525 | 520 |
| **Jane Street Group/JSG Finance, Inc.** |  |  |
| 6.750% due 05/01/2033 | 450 | 468 |
| 7.125% due 04/30/2031 | 2975 | 3123 |
| **Jefferson Capital Holdings LLC**<br>9.500% due 02/15/2029 | 900 | 951 |
| **Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.**<br>7.000% due 07/15/2031 | 250 | 262 |
| **Millrose Properties, Inc.**<br>6.375% due 08/01/2030 | 425 | 433 |
| **MMIFS Re Ltd.**<br>5.598% (CAONINDX + 2.900%) due 01/10/2033 ~ | 250 | 181 |
| **MPT Operating Partnership LP/MPT Finance Corp.**<br>8.500% due 02/15/2032 | $350 | 372 |
| **Nationstar Mortgage Holdings, Inc.** |  |  |
| 5.125% due 12/15/2030 | 1275 | 1293 |
| 5.500% due 08/15/2028 | 1725 | 1725 |
| **Navient Corp.**<br>6.750% due 06/15/2026 | 1500 | 1518 |
| **Newmark Group, Inc.**<br>7.500% due 01/12/2029 | 2825 | 3033 |
| **Nissan Motor Acceptance Co. LLC** |  |  |
| 2.000% due 03/09/2026 | 125 | 123 |
| 5.625% due 09/29/2028 | 1000 | 1001 |
| 7.050% due 09/15/2028 | 150 | 156 |
| **OneMain Finance Corp.** |  |  |
| 3.500% due 01/15/2027 | 900 | 880 |
| 3.875% due 09/15/2028 | 225 | 216 |
| 5.375% due 11/15/2029 | 225 | 223 |
| 6.625% due 01/15/2028 | 1850 | 1896 |
| 6.625% due 05/15/2029 | 1100 | 1132 |
| 7.125% due 11/15/2031 | 445 | 462 |
| **Orange Capital RE DAC**<br>7.979% (EUR003M + 6.000%) due 01/17/2029 ~ | 250 | 296 |
| **Osaic Holdings, Inc.**<br>6.750% due 08/01/2032 | $175 | 181 |
| **Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc.**<br>6.375% due 02/01/2027 | 900 | 901 |
| **Panther Escrow Issuer LLC**<br>7.125% due 06/01/2031 | 1075 | 1119 |
| **Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer**<br>4.875% due 05/15/2029 | 500 | 488 |
| **Pebblebrook Hotel LP/PEB Finance Corp.**<br>6.375% due 10/15/2029 | 275 | 279 |
| **PennyMac Financial Services, Inc.** |  |  |
| 4.250% due 02/15/2029 | 1500 | 1453 |
| 6.875% due 05/15/2032 | 725 | 752 |
| 7.125% due 11/15/2030 | 850 | 886 |
| **PRA Group, Inc.**<br>8.875% due 01/31/2030 | 475 | 491 |

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<br> Schedule of Investments PIMCO High Yield Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| **Quercus** **Re DAC**<br>10.017% (EUR003M + 8.000%) due 01/06/2031 ~ | 250 | 298 |
| **Rfna LP**<br>7.875% due 02/15/2030 | $75 | 76 |
| **RHP Hotel Properties LP/RHP Finance Corp.** |  |  |
| 4.500% due 02/15/2029 | 1000 | 982 |
| 4.750% due 10/15/2027 | 350 | 349 |
| **RLJ Lodging Trust LP**<br>4.000% due 09/15/2029 | 525 | 496 |
| **Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.**<br>4.000% due 10/15/2033 | 375 | 343 |
| **Service Properties Trust**<br>0.000% due 09/30/2028 (d) | 550 | 485 |
| **SLM Corp.** |  |  |
| 3.125% due 11/02/2026 | 1900 | 1863 |
| 6.500% due 01/31/2030 | 275 | 287 |
| **Starwood Property Trust, Inc.** |  |  |
| 5.250% due 10/15/2028 (a) | 425 | 425 |
| 5.750% due 01/15/2031 (a) | 1650 | 1651 |
| 6.500% due 07/01/2030 | 375 | 388 |
| **Stonex Escrow Issuer LLC**<br>6.875% due 07/15/2032 | 300 | 309 |
| **Torrey Pines Re Ltd.** |  |  |
| 9.940% (JMMMUSTF + 6.036%) due 06/07/2032 ~ | 250 | 261 |
| 11.010% (JMMMUSTF + 7.106%) due 06/07/2032 ~ | 250 | 260 |
| **UWM Holdings LLC**<br>6.250% due 03/15/2031 | 900 | 896 |
| **Vornado Realty LP**<br>3.400% due 06/01/2031 | 800 | 719 |
| **Windmill III Re DAC**<br>7.147% (EUR003M + 5.210%) due 07/05/2028 ~ | 250 | 297 |
| **Winston RE Ltd.**<br>10.404% (T-BILL 3MO + 6.500%) due 02/21/2028 ~ | $250 | 260 |
|  |  | 59778 |
| **INDUSTRIALS 66.0%** |  |  |
| **1011778 BC ULC/New Red Finance, Inc.** |  |  |
| 3.500% due 02/15/2029 | 325 | 311 |
| 4.000% due 10/15/2030 | 5150 | 4859 |
| **1261229 BC Ltd.**<br>10.000% due 04/15/2032 | 1300 | 1334 |
| **ADT Security Corp.** |  |  |
| 4.875% due 07/15/2032 | 300 | 291 |
| 5.875% due 10/15/2033 (a) | 225 | 225 |
| **Albion Financing 1 SARL/Aggreko Holdings, Inc.**<br>7.000% due 05/21/2030 | 1320 | 1369 |
| **Allison Transmission, Inc.**<br>3.750% due 01/30/2031 | 1475 | 1364 |
| **Altice France SA**<br>8.125% due 02/01/2027 | 650 | 622 |
| **Amber Finco PLC**<br>6.625% due 07/15/2029 | 100 | 124 |
| **Amer Sports Co.**<br>6.750% due 02/16/2031 | $1300 | 1353 |
| **American Airlines, Inc./AAdvantage Loyalty IP Ltd.**<br>5.500% due 04/20/2026 | 25 | 25 |
| **American Axle & Manufacturing, Inc.**<br>6.375% due 10/15/2032 (a) | 350 | 350 |
| **American Builders & Contractors Supply Co., Inc.** |  |  |
| 3.875% due 11/15/2029 | 550 | 522 |
| 4.000% due 01/15/2028 | 2000 | 1962 |
| **Amkor Technology, Inc.**<br>5.875% due 10/01/2033 | 50 | 51 |
| **ams-OSRAM AG**<br>12.250% due 03/30/2029 | 1925 | 2073 |
| **APi Group DE, Inc.** |  |  |
| 4.125% due 07/15/2029 | 800 | 774 |
| 4.750% due 10/15/2029 | 235 | 231 |
| **Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC**<br>3.250% due 09/01/2028 | 775 | 737 |
| **Ascent Resources Utica Holdings LLC/ARU Finance Corp.**<br>5.875% due 06/30/2029 | 875 | 874 |
| **Aston Martin Capital Holdings Ltd.**<br>10.000% due 03/31/2029 | 1000 | 980 |
| **Avis Budget Car Rental LLC/Avis Budget Finance, Inc.**<br>4.750% due 04/01/2028 | 550 | 533 |
| **Axalta Coating Systems LLC**<br>3.375% due 02/15/2029 | 700 | 664 |
| **Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV**<br>4.750% due 06/15/2027 | 700 | 697 |
| **Axon Enterprise, Inc.** |  |  |
| 6.125% due 03/15/2030 | 1200 | 1235 |
| 6.250% due 03/15/2033 | 150 | 155 |
| **B&G Foods, Inc.**<br>8.000% due 09/15/2028 | 2125 | 2062 |

---

------

<br> Schedule of Investments PIMCO High Yield Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Ball** **Corp.**<br>2.875% due 08/15/2030 | 2800 | 2546 |
| **Bausch & Lomb Corp.**<br>8.375% due 10/01/2028 | 1075 | 1122 |
| **BCP V Modular Services Finance II PLC**<br>4.750% due 11/30/2028 | 225 | 254 |
| **Beignet**<br>6.850% due 06/01/2049 «(a) | $4975 | 4975 |
| **BellRing Brands, Inc.**<br>7.000% due 03/15/2030 | 375 | 388 |
| **BKV Upstream Midstream LLC**<br>7.500% due 10/15/2030 | 650 | 650 |
| **Block, Inc.** |  |  |
| 2.750% due 06/01/2026 | 800 | 790 |
| 3.500% due 06/01/2031 | 875 | 815 |
| 5.625% due 08/15/2030 | 2775 | 2814 |
| 6.000% due 08/15/2033 | 375 | 384 |
| 6.500% due 05/15/2032 | 800 | 829 |
| **Boyne USA, Inc.**<br>4.750% due 05/15/2029 | 375 | 368 |
| **Builders FirstSource, Inc.** |  |  |
| 4.250% due 02/01/2032 | 1650 | 1553 |
| 5.000% due 03/01/2030 | 1225 | 1214 |
| **Cablevision Lightpath LLC**<br>3.875% due 09/15/2027 | 750 | 729 |
| **Carnival Corp.** |  |  |
| 4.000% due 08/01/2028 | 2625 | 2589 |
| 5.750% due 08/01/2032 | 1600 | 1630 |
| **Carvana Co.**<br>9.000% due 06/01/2031 | 800 | 906 |
| **CCO Holdings LLC/CCO Holdings Capital Corp.** |  |  |
| 4.750% due 03/01/2030 | 1800 | 1729 |
| 5.375% due 06/01/2029 | 7400 | 7356 |
| **Celanese U.S. Holdings LLC**<br>6.665% due 07/15/2027 | 775 | 796 |
| **Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc.**<br>8.000% due 06/15/2029 | 725 | 640 |
| **Century Communities, Inc.**<br>6.625% due 09/15/2033 | 375 | 379 |
| **Cerdia Finanz GmbH**<br>9.375% due 10/03/2031 | 2600 | 2759 |
| **Cheplapharm Arzneimittel GmbH**<br>5.500% due 01/15/2028 | 441 | 431 |
| **Chobani LLC/Chobani Finance Corp., Inc.**<br>4.625% due 11/15/2028 | 125 | 124 |
| **Chord Energy Corp.** |  |  |
| 6.000% due 10/01/2030 | 500 | 497 |
| 6.750% due 03/15/2033 | 1875 | 1901 |
| **CHS/Community Health Systems, Inc.** |  |  |
| 4.750% due 02/15/2031 | 1550 | 1341 |
| 5.250% due 05/15/2030 | 575 | 521 |
| 6.000% due 01/15/2029 | 475 | 461 |
| 6.875% due 04/15/2029 | 650 | 517 |
| 9.750% due 01/15/2034 | 680 | 697 |
| **Churchill Downs, Inc.**<br>4.750% due 01/15/2028 | 1700 | 1679 |
| **CITGO Petroleum Corp.**<br>8.375% due 01/15/2029 | 925 | 964 |
| **Civitas Resources, Inc.**<br>8.750% due 07/01/2031 | 1875 | 1923 |
| **Clarivate Science Holdings Corp.** |  |  |
| 3.875% due 07/01/2028 | 600 | 578 |
| 4.875% due 07/01/2029 | 400 | 378 |
| **Clean Harbors, Inc.**<br>4.875% due 07/15/2027 | 450 | 450 |
| **Cleveland-Cliffs, Inc.**<br>4.625% due 03/01/2029 | 1575 | 1519 |
| **Cloud Software Group, Inc.** |  |  |
| 6.500% due 03/31/2029 | 1000 | 1010 |
| 6.625% due 08/15/2033 | 925 | 943 |
| **Clydesdale Acquisition Holdings, Inc.** |  |  |
| 6.750% due 04/15/2032 | 1275 | 1309 |
| 6.875% due 01/15/2030 | 275 | 282 |
| **Cogent Communications Group LLC/Cogent Finance, Inc.** |  |  |
| 6.500% due 07/01/2032 | 1475 | 1435 |
| 7.000% due 06/15/2027 | 1725 | 1722 |
| **CommScope Technologies LLC**<br>5.000% due 03/15/2027 | 1525 | 1514 |
| **Comstock Resources, Inc.**<br>5.875% due 01/15/2030 | 1000 | 964 |
| **Consolidated Communications, Inc.**<br>5.000% due 10/01/2028 | 250 | 253 |
| **CoreWeave, Inc.** |  |  |
| 9.000% due 02/01/2031 | 950 | 975 |
| 9.250% due 06/01/2030 | 1650 | 1706 |

---

------

<br> Schedule of Investments PIMCO High Yield Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **CP** **Atlas Buyer, Inc.**<br>9.750% due 07/15/2030 | 1100 | 1153 |
| **Crescent Energy Finance LLC** |  |  |
| 7.375% due 01/15/2033 | 1350 | 1316 |
| 8.375% due 01/15/2034 | 175 | 177 |
| **Crocs, Inc.**<br>4.250% due 03/15/2029 | 275 | 264 |
| **Crowdstrike Holdings, Inc.**<br>3.000% due 02/15/2029 | 2175 | 2075 |
| **Crown Americas LLC/Crown Americas Capital Corp. V**<br>4.250% due 09/30/2026 | 1000 | 996 |
| **DaVita, Inc.**<br>4.625% due 06/01/2030 | 525 | 504 |
| **Dcli Bidco LLC**<br>7.750% due 11/15/2029 | 1150 | 1197 |
| **Diamond Foreign Asset Co./Diamond Finance LLC**<br>8.500% due 10/01/2030 | 1310 | 1389 |
| **Directv Financing LLC**<br>8.875% due 02/01/2030 | 1020 | 1009 |
| **Directv Financing LLC/Directv Financing Co-Obligor, Inc.**<br>5.875% due 08/15/2027 | 738 | 738 |
| **Discovery Communications LLC**<br>3.625% due 05/15/2030 | 200 | 185 |
| **DISH Network Corp.**<br>11.750% due 11/15/2027 | 1525 | 1615 |
| **Dream Finders Homes, Inc.**<br>6.875% due 09/15/2030 | 525 | 529 |
| **Dye & Durham Ltd.**<br>8.625% due 04/15/2029 | 400 | 396 |
| **EchoStar Corp.**<br>10.750% due 11/30/2029 | 2300 | 2532 |
| **EchoStar Corp. (6.750% Cash or 6.750% PIK)**<br>6.750% due 11/30/2030 (b) | 1000 | 1032 |
| **Element Solutions, Inc.**<br>3.875% due 09/01/2028 | 350 | 339 |
| **Ellucian Holdings, Inc.**<br>6.500% due 12/01/2029 | 500 | 509 |
| **EW Scripps Co.**<br>9.875% due 08/15/2030 | 1300 | 1221 |
| **Fair Isaac Corp.**<br>4.000% due 06/15/2028 | 700 | 682 |
| **Flex Intermediate Holdco LLC**<br>3.363% due 06/30/2031 | 575 | 529 |
| **Fortescue Treasury Pty. Ltd.** |  |  |
| 4.375% due 04/01/2031 | 1150 | 1099 |
| 5.875% due 04/15/2030 | 500 | 513 |
| **Froneri Lux FinCo SARL**<br>6.000% due 08/01/2032 | 325 | 326 |
| **Frontier Communications Holdings LLC** |  |  |
| 5.000% due 05/01/2028 | 725 | 724 |
| 5.875% due 10/15/2027 | 525 | 525 |
| 8.625% due 03/15/2031 | 375 | 396 |
| 8.750% due 05/15/2030 | 550 | 575 |
| **Gap, Inc.**<br>3.875% due 10/01/2031 | 575 | 525 |
| **Garda World Security Corp.**<br>7.750% due 02/15/2028 | 600 | 616 |
| **GFL Environmental, Inc.** |  |  |
| 3.500% due 09/01/2028 | 1825 | 1782 |
| 6.750% due 01/15/2031 | 700 | 733 |
| **Global Medical Response, Inc.**<br>7.375% due 10/01/2032 | 775 | 798 |
| **Go Daddy Operating Co. LLC/GD Finance Co., Inc.**<br>3.500% due 03/01/2029 | 1250 | 1186 |
| **goeasy Ltd.** |  |  |
| 6.875% due 05/15/2030 | 500 | 498 |
| 7.625% due 07/01/2029 | 725 | 735 |
| 9.250% due 12/01/2028 | 1950 | 2037 |
| **Graphic Packaging International LLC**<br>3.750% due 02/01/2030 | 850 | 795 |
| **Gray Media, Inc.** |  |  |
| 4.750% due 10/15/2030 | 1925 | 1480 |
| 9.625% due 07/15/2032 | 575 | 588 |
| 10.500% due 07/15/2029 | 525 | 568 |
| **Griffon Corp.**<br>5.750% due 03/01/2028 | 1125 | 1126 |
| **Gulfport Energy Operating Corp.**<br>6.750% due 09/01/2029 | 350 | 360 |
| **HealthEquity, Inc.**<br>4.500% due 10/01/2029 | 1775 | 1723 |
| **Hilton Domestic Operating Co., Inc.** |  |  |
| 3.625% due 02/15/2032 | 2675 | 2451 |
| 3.750% due 05/01/2029 | 625 | 602 |
| 4.000% due 05/01/2031 | 1000 | 947 |
| 5.750% due 09/15/2033 | 470 | 477 |

---

------

<br> Schedule of Investments PIMCO High Yield Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Hilton** **Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.**<br>4.875% due 07/01/2031 | 25 | 23 |
| **Hologic, Inc.**<br>3.250% due 02/15/2029 | 2050 | 1981 |
| **Howard Midstream Energy Partners LLC**<br>6.625% due 01/15/2034 | 1730 | 1765 |
| **Imola Merger Corp.**<br>4.750% due 05/15/2029 | 725 | 706 |
| **Ingevity Corp.**<br>3.875% due 11/01/2028 | 425 | 409 |
| **Inversion Escrow Issuer LLC**<br>6.750% due 08/01/2032 | 700 | 690 |
| **IQVIA, Inc.**<br>6.250% due 06/01/2032 | 1250 | 1287 |
| **JELD-WEN, Inc.**<br>4.875% due 12/15/2027 | 1875 | 1831 |
| **JetBlue Airways Corp./JetBlue Loyalty LP**<br>9.875% due 09/20/2031 | 1975 | 2005 |
| **K Hovnanian Enterprises, Inc.**<br>8.000% due 04/01/2031 | 275 | 282 |
| **KBR, Inc.**<br>4.750% due 09/30/2028 | 1275 | 1262 |
| **Kodiak Gas Services LLC** |  |  |
| 6.500% due 10/01/2033 | 375 | 382 |
| 6.750% due 10/01/2035 | 275 | 283 |
| **Kraken Oil & Gas Partners LLC**<br>7.625% due 08/15/2029 | 1250 | 1240 |
| **Lamar Media Corp.** |  |  |
| 3.625% due 01/15/2031 | 275 | 256 |
| 3.750% due 02/15/2028 | 1000 | 973 |
| **LBM Acquisition LLC**<br>9.500% due 06/15/2031 | 625 | 658 |
| **Level 3 Financing, Inc.** |  |  |
| 6.875% due 06/30/2033 | 1450 | 1479 |
| 7.000% due 03/31/2034 | 710 | 723 |
| **LifePoint Health, Inc.** |  |  |
| 8.375% due 02/15/2032 | 975 | 1040 |
| 11.000% due 10/15/2030 | 10 | 11 |
| **Light & Wonder International, Inc.**<br>7.500% due 09/01/2031 | 200 | 208 |
| **Lindblad Expeditions LLC**<br>7.000% due 09/15/2030 | 100 | 102 |
| **Lithia Motors, Inc.**<br>5.500% due 10/01/2030 | 650 | 650 |
| **Live Nation Entertainment, Inc.**<br>3.750% due 01/15/2028 | 1725 | 1687 |
| **Matador Resources Co.** |  |  |
| 6.250% due 04/15/2033 | 450 | 453 |
| 6.500% due 04/15/2032 | 1025 | 1036 |
| **Match Group Holdings II LLC** |  |  |
| 3.625% due 10/01/2031 | 225 | 204 |
| 5.000% due 12/15/2027 | 350 | 349 |
| **Mauser Packaging Solutions Holding Co.** |  |  |
| 7.875% due 04/15/2027 | 975 | 986 |
| 9.250% due 04/15/2027 | 1000 | 1003 |
| **Medline Borrower LP**<br>3.875% due 04/01/2029 | 2900 | 2799 |
| **Medline Borrower LP/Medline Co-Issuer, Inc.**<br>6.250% due 04/01/2029 | 325 | 334 |
| **MEG Energy Corp.**<br>5.875% due 02/01/2029 | 925 | 926 |
| **Merlin Entertainments Group U.S. Holdings, Inc.**<br>7.375% due 02/15/2031 | 400 | 345 |
| **MGM China Holdings Ltd.**<br>4.750% due 02/01/2027 | 1050 | 1048 |
| **Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.**<br>4.875% due 05/01/2029 | 950 | 924 |
| **Mineral Resources Ltd.**<br>7.000% due 04/01/2031 (a) | 200 | 203 |
| **Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC**<br>6.750% due 04/01/2032 | 150 | 154 |
| **Molina Healthcare, Inc.** |  |  |
| 3.875% due 11/15/2030 | 650 | 602 |
| 4.375% due 06/15/2028 | 925 | 903 |
| **Moss Creek Resources Holdings, Inc.**<br>8.250% due 09/01/2031 | 300 | 294 |
| **Motion Finco SARL**<br>8.375% due 02/15/2032 | 275 | 238 |
| **Murphy Oil USA, Inc.**<br>3.750% due 02/15/2031 | 1800 | 1677 |
| **NCR Atleos Corp.**<br>9.500% due 04/01/2029 | 725 | 785 |
| **NCR Voyix Corp.** |  |  |
| 5.125% due 04/15/2029 | 375 | 369 |
| 5.250% due 10/01/2030 | 600 | 573 |

---

------

<br> Schedule of Investments PIMCO High Yield Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Neptune** **Bidco U.S., Inc.**<br>9.290% due 04/15/2029 | 500 | 491 |
| **Newell Brands, Inc.**<br>8.500% due 06/01/2028 | 225 | 239 |
| **Newfold Digital Holdings Group, Inc.**<br>11.750% due 10/15/2028 « | 650 | 461 |
| **Nexstar Media, Inc.**<br>5.625% due 07/15/2027 | 1125 | 1124 |
| **Nissan Motor Co. Ltd.** |  |  |
| 4.810% due 09/17/2030 | 625 | 589 |
| 7.500% due 07/17/2030 | 800 | 840 |
| 7.750% due 07/17/2032 | 350 | 371 |
| 8.125% due 07/17/2035 | 250 | 269 |
| **Noble Finance II LLC**<br>8.000% due 04/15/2030 | 2225 | 2305 |
| **Northriver Midstream Finance LP**<br>6.750% due 07/15/2032 | 875 | 895 |
| **NOVA Chemicals Corp.**<br>4.250% due 05/15/2029 | 325 | 315 |
| **Novelis Corp.** |  |  |
| 3.875% due 08/15/2031 | 700 | 639 |
| 4.750% due 01/30/2030 | 1475 | 1424 |
| **NuStar Logistics LP**<br>6.375% due 10/01/2030 | 125 | 130 |
| **Olympus Water U.S. Holding Corp.** |  |  |
| 4.250% due 10/01/2028 | 1075 | 1035 |
| 7.250% due 02/15/2033 (a) | 350 | 351 |
| **ON Semiconductor Corp.**<br>3.875% due 09/01/2028 | 1575 | 1530 |
| **Open Text Corp.**<br>3.875% due 02/15/2028 | 1550 | 1509 |
| **Option Care Health, Inc.**<br>4.375% due 10/31/2029 | 675 | 652 |
| **Organon & Co./Organon Foreign Debt Co-Issuer BV**<br>4.125% due 04/30/2028 | 3175 | 3070 |
| **Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc.**<br>8.750% due 04/17/2032 | 300 | 292 |
| **Park River Holdings, Inc.**<br>8.000% due 03/15/2031 (a) | 125 | 127 |
| **Performance Food Group, Inc.**<br>4.250% due 08/01/2029 | 1025 | 997 |
| **Permian Resources Operating LLC** |  |  |
| 6.250% due 02/01/2033 | 1840 | 1876 |
| 8.000% due 04/15/2027 | 100 | 102 |
| **PetSmart LLC/PetSmart Finance Corp.**<br>7.500% due 09/15/2032 | 750 | 753 |
| **Pilgrim's Pride Corp.**<br>3.500% due 03/01/2032 | 1300 | 1191 |
| **Post Holdings, Inc.** |  |  |
| 4.500% due 09/15/2031 | 950 | 888 |
| 6.375% due 03/01/2033 | 300 | 304 |
| **Prestige Brands, Inc.**<br>5.125% due 01/15/2028 | 1000 | 993 |
| **Prime Healthcare Services, Inc.**<br>9.375% due 09/01/2029 | 575 | 599 |
| **Prime Security Services Borrower LLC/Prime Finance, Inc.** |  |  |
| 3.375% due 08/31/2027 | 800 | 779 |
| 5.750% due 04/15/2026 | 222 | 223 |
| **Primo Water Holdings, Inc./Triton Water Holdings, Inc.**<br>4.375% due 04/30/2029 | 1825 | 1773 |
| **PTC, Inc.**<br>4.000% due 02/15/2028 | 1175 | 1152 |
| **Quikrete Holdings, Inc.** |  |  |
| 6.375% due 03/01/2032 | 1775 | 1840 |
| 6.750% due 03/01/2033 | 425 | 442 |
| **QXO Building Products, Inc.**<br>6.750% due 04/30/2032 | 1000 | 1038 |
| **Raising Cane's Restaurants LLC**<br>9.375% due 05/01/2029 | 22 | 23 |
| **Rakuten Group, Inc.**<br>8.125% due 12/15/2029 •(e) | 225 | 234 |
| **Rand Parent LLC**<br>8.500% due 02/15/2030 | 1325 | 1378 |
| **Range Resources Corp.**<br>4.750% due 02/15/2030 | 450 | 440 |
| **Raven Acquisition Holdings LLC**<br>6.875% due 11/15/2031 | 525 | 541 |
| **RB Global Holdings, Inc.**<br>6.750% due 03/15/2028 | 1475 | 1510 |
| **ROBLOX Corp.**<br>3.875% due 05/01/2030 | 1175 | 1122 |
| **Roller Bearing Co. of America, Inc.**<br>4.375% due 10/15/2029 | 750 | 729 |
| **Royal Caribbean Cruises Ltd.** |  |  |
| 4.250% due 07/01/2026 | 1125 | 1124 |
| 7.500% due 10/15/2027 | 450 | 476 |

---

------

<br> Schedule of Investments PIMCO High Yield Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Ryan** **Specialty LLC**<br>5.875% due 08/01/2032 | 375 | 379 |
| **Sable International Finance Ltd.**<br>7.125% due 10/15/2032 | 1300 | 1321 |
| **Science Applications International Corp.**<br>5.875% due 11/01/2033 | 875 | 876 |
| **SCIH Salt Holdings, Inc.**<br>4.875% due 05/01/2028 | 575 | 562 |
| **Seadrill Finance Ltd.**<br>8.375% due 08/01/2030 | 1475 | 1533 |
| **Seagate Data Storage Technology Pte. Ltd.** |  |  |
| 4.091% due 06/01/2029 | 325 | 315 |
| 8.250% due 12/15/2029 | 225 | 239 |
| 9.625% due 12/01/2032 | 989 | 1121 |
| **Service Corp. International** |  |  |
| 3.375% due 08/15/2030 | 775 | 719 |
| 4.000% due 05/15/2031 | 225 | 212 |
| **Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed**<br>4.625% due 03/01/2029 | 1325 | 1272 |
| **Sirius XM Radio LLC** |  |  |
| 3.875% due 09/01/2031 | 500 | 453 |
| 4.000% due 07/15/2028 | 800 | 774 |
| 4.125% due 07/01/2030 | 2150 | 2018 |
| 5.000% due 08/01/2027 | 300 | 299 |
| **SM Energy Co.** |  |  |
| 6.625% due 01/15/2027 | 200 | 200 |
| 6.750% due 08/01/2029 | 575 | 578 |
| 7.000% due 08/01/2032 | 600 | 601 |
| **Snap, Inc.** |  |  |
| 6.875% due 03/01/2033 | 824 | 843 |
| 6.875% due 03/15/2034 | 1675 | 1699 |
| **Specialty Building Products Holdings LLC/SBP Finance Corp.**<br>7.750% due 10/15/2029 | 1525 | 1550 |
| **Spectrum Brands, Inc.**<br>3.875% due 03/15/2031 | 6 | 5 |
| **Speedway Motorsports LLC/Speedway Funding II, Inc.**<br>4.875% due 11/01/2027 | 1375 | 1359 |
| **Spirit AeroSystems, Inc.** |  |  |
| 9.375% due 11/30/2029 | 1000 | 1054 |
| 9.750% due 11/15/2030 | 1625 | 1789 |
| **Stagwell Global LLC**<br>5.625% due 08/15/2029 | 2175 | 2115 |
| **Standard Industries, Inc.** |  |  |
| 3.375% due 01/15/2031 | 225 | 204 |
| 4.375% due 07/15/2030 | 625 | 600 |
| 4.750% due 01/15/2028 | 1000 | 992 |
| **Station Casinos LLC**<br>4.625% due 12/01/2031 | 1175 | 1109 |
| **Stonepeak Nile Parent LLC**<br>7.250% due 03/15/2032 | 350 | 369 |
| **Strathcona Resources Ltd.**<br>6.875% due 08/01/2026 | 1525 | 1527 |
| **Sunoco LP** |  |  |
| 5.625% due 03/15/2031 | 675 | 670 |
| 6.250% due 07/01/2033 | 800 | 815 |
| **Sunoco LP/Sunoco Finance Corp.**<br>4.500% due 05/15/2029 | 550 | 537 |
| **TEGNA, Inc.** |  |  |
| 4.625% due 03/15/2028 | 825 | 812 |
| 5.000% due 09/15/2029 | 2025 | 2016 |
| **Teleflex, Inc.**<br>4.250% due 06/01/2028 | 300 | 293 |
| **Tenet Healthcare Corp.** |  |  |
| 4.250% due 06/01/2029 | 1225 | 1197 |
| 4.375% due 01/15/2030 | 1350 | 1314 |
| 5.125% due 11/01/2027 | 350 | 350 |
| **TGS ASA**<br>8.500% due 01/15/2030 | 1050 | 1083 |
| **Thor Industries, Inc.**<br>4.000% due 10/15/2029 | 1500 | 1423 |
| **Tidewater, Inc.**<br>9.125% due 07/15/2030 | 680 | 730 |
| **TK Elevator U.S. Newco, Inc.**<br>5.250% due 07/15/2027 | 250 | 249 |
| **TopBuild Corp.** |  |  |
| 3.625% due 03/15/2029 | 1375 | 1319 |
| 4.125% due 02/15/2032 | 775 | 727 |
| 5.625% due 01/31/2034 | 500 | 499 |
| **Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC**<br>9.500% due 05/15/2030 | 850 | 833 |
| **TransDigm, Inc.** |  |  |
| 4.625% due 01/15/2029 | 1825 | 1790 |
| 6.875% due 12/15/2030 | 875 | 907 |
| **Transocean Aquila Ltd.**<br>8.000% due 09/30/2028 | 434 | 447 |

---

------

<br> Schedule of Investments PIMCO High Yield Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Transocean** **International Ltd.** |  |  |
| 7.875% due 10/15/2032 (a) | 250 | 252 |
| 8.250% due 05/15/2029 | 75 | 74 |
| 8.500% due 05/15/2031 | 500 | 490 |
| 8.750% due 02/15/2030 | 488 | 513 |
| **Twilio, Inc.**<br>3.625% due 03/15/2029 | 1325 | 1264 |
| **U.S. Foods, Inc.** |  |  |
| 4.625% due 06/01/2030 | 2250 | 2201 |
| 4.750% due 02/15/2029 | 700 | 690 |
| **United Airlines, Inc.**<br>4.375% due 04/15/2026 | 650 | 650 |
| **United Rentals North America, Inc.** |  |  |
| 3.750% due 01/15/2032 | 600 | 556 |
| 3.875% due 02/15/2031 | 1050 | 994 |
| 4.000% due 07/15/2030 | 2325 | 2226 |
| 6.125% due 03/15/2034 | 1400 | 1457 |
| **Univision Communications, Inc.** |  |  |
| 4.500% due 05/01/2029 | 900 | 850 |
| 8.000% due 08/15/2028 | 775 | 804 |
| 8.500% due 07/31/2031 | 775 | 801 |
| 9.375% due 08/01/2032 | 600 | 640 |
| **USA Compression Partners LP/USA Compression Finance Corp.**<br>6.250% due 10/01/2033 | 1375 | 1381 |
| **Valaris Ltd.**<br>8.375% due 04/30/2030 | 2275 | 2363 |
| **Vallourec SACA**<br>7.500% due 04/15/2032 | 455 | 485 |
| **Venture Global Calcasieu Pass LLC** |  |  |
| 3.875% due 08/15/2029 | 1050 | 1007 |
| 3.875% due 11/01/2033 | 1500 | 1353 |
| 4.125% due 08/15/2031 | 500 | 472 |
| **Venture Global LNG, Inc.** |  |  |
| 7.000% due 01/15/2030 | 3425 | 3547 |
| 9.500% due 02/01/2029 | 750 | 827 |
| 9.875% due 02/01/2032 | 2325 | 2533 |
| **Venture Global Plaquemines LNG LLC** |  |  |
| 6.500% due 01/15/2034 | 725 | 764 |
| 6.750% due 01/15/2036 | 650 | 691 |
| 7.750% due 05/01/2035 | 200 | 226 |
| **Vertiv Group Corp.**<br>4.125% due 11/15/2028 | 600 | 587 |
| **Victra Holdings LLC/Victra Finance Corp.**<br>8.750% due 09/15/2029 | 125 | 131 |
| **Viking Cruises Ltd.** |  |  |
| 5.875% due 09/15/2027 | 1250 | 1251 |
| 5.875% due 10/15/2033 (a) | 765 | 766 |
| 9.125% due 07/15/2031 | 175 | 188 |
| **Virgin Media Finance PLC**<br>5.000% due 07/15/2030 | 50 | 46 |
| **Virgin Media Secured Finance PLC** |  |  |
| 4.500% due 08/15/2030 | 1575 | 1486 |
| 5.500% due 05/15/2029 | 2775 | 2746 |
| **VistaJet Malta Finance PLC/Vista Management Holding, Inc.** |  |  |
| 7.875% due 05/01/2027 | 150 | 152 |
| 9.500% due 06/01/2028 | 590 | 615 |
| **Vital Energy, Inc.**<br>7.875% due 04/15/2032 | 5 | 5 |
| **Vmed O2 U.K. Financing I PLC**<br>4.250% due 01/31/2031 | 500 | 464 |
| **Vnom Sub, Inc.**<br>5.375% due 11/01/2027 | 200 | 200 |
| **VOC Escrow Ltd.**<br>5.000% due 02/15/2028 | 1300 | 1297 |
| **VZ Secured Financing BV**<br>5.000% due 01/15/2032 | 1700 | 1539 |
| **Warnermedia Holdings, Inc.** |  |  |
| 3.755% due 03/15/2027 | 425 | 420 |
| 4.279% due 03/15/2032 | 2300 | 2110 |
| 5.050% due 03/15/2042 | 675 | 539 |
| **Waste Pro USA, Inc.**<br>7.000% due 02/01/2033 | 325 | 337 |
| **Wayfair LLC** |  |  |
| 7.250% due 10/31/2029 | 175 | 181 |
| 7.750% due 09/15/2030 | 375 | 394 |
| **WBI Operating LLC** |  |  |
| 6.250% due 10/15/2030 (a) | 500 | 501 |
| 6.500% due 10/15/2033 (a) | 925 | 924 |
| **Weatherford International Ltd.** |  |  |
| 6.750% due 10/15/2033 (a) | 1950 | 1953 |
| 8.625% due 04/30/2030 | 1150 | 1176 |
| **Western Digital Corp.**<br>4.750% due 02/15/2026 | 60 | 60 |
| **WEX, Inc.**<br>6.500% due 03/15/2033 | 100 | 102 |

---

------

<br> Schedule of Investments PIMCO High Yield Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Whirlpool** **Corp.**<br>6.125% due 06/15/2030 |  | 225 | 227 |
| **Wildfire Intermediate Holdings LLC**<br>7.500% due 10/15/2029 |  | 250 | 253 |
| **WR Grace Holdings LLC** |  |  |  |
| 4.875% due 06/15/2027 |  | 380 | 378 |
| 5.625% due 08/15/2029 |  | 950 | 884 |
| **Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.**<br>5.250% due 05/15/2027 |  | 1700 | 1699 |
| **Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.** |  |  |  |
| 5.125% due 10/01/2029 |  | 875 | 879 |
| 6.250% due 03/15/2033 |  | 525 | 533 |
| 7.125% due 02/15/2031 |  | 25 | 27 |
| **XPLR Infrastructure Operating Partners LP**<br>4.500% due 09/15/2027 |  | 425 | 417 |
| **Yum! Brands, Inc.**<br>4.625% due 01/31/2032 |  | 3150 | 3065 |
| **Zayo Group Holdings, Inc.** |  |  |  |
| 9.250% due 03/09/2030 |  | 903 | 866 |
| **ZF North America Capital, Inc.** |  |  |  |
| 6.750% due 04/23/2030 |  | 700 | 684 |
| 6.875% due 04/23/2032 |  | 450 | 431 |
| 7.125% due 04/14/2030 |  | 600 | 595 |
| **ZipRecruiter, Inc.**<br>5.000% due 01/15/2030 |  | 250 | 201 |
| **ZoomInfo Technologies LLC/ZoomInfo Finance Corp.**<br>3.875% due 02/01/2029 |  | 250 | 237 |
|  |  |  | 322336 |
| **UTILITIES 3.4%** |  |  |  |
| **Aethon United BR LP/Aethon United Finance Corp.**<br>7.500% due 10/01/2029 |  | 700 | 731 |
| **Archrock Partners LP/Archrock Partners Finance Corp.**<br>6.250% due 04/01/2028 |  | 400 | 401 |
| **Calpine Corp.** |  |  |  |
| 3.750% due 03/01/2031 |  | 1050 | 1001 |
| 4.500% due 02/15/2028 |  | 1100 | 1096 |
| **Clearway Energy Operating LLC** |  |  |  |
| 3.750% due 01/15/2032 |  | 900 | 808 |
| 4.750% due 03/15/2028 |  | 675 | 667 |
| **Electricite de France SA**<br>9.125% due 03/15/2033 •(e) |  | 500 | 580 |
| **Embarq LLC**<br>7.995% due 06/01/2036 |  | 1000 | 501 |
| **EUSHI Finance, Inc.**<br>7.625% due 12/15/2054 •  |  | 375 | 394 |
| **Frontier Florida LLC**<br>6.860% due 02/01/2028 |  | 150 | 157 |
| **Genesis Energy LP/Genesis Energy Finance Corp.** |  |  |  |
| 7.875% due 05/15/2032 |  | 775 | 809 |
| 8.000% due 05/15/2033 |  | 325 | 340 |
| 8.875% due 04/15/2030 |  | 150 | 159 |
| **Hawaiian Electric Co., Inc.**<br>6.000% due 10/01/2033 |  | 225 | 227 |
| **Hilcorp Energy I LP/Hilcorp Finance Co.**<br>6.250% due 04/15/2032 |  | 1400 | 1344 |
| **NGL Energy Operating LLC/NGL Energy Finance Corp.**<br>8.375% due 02/15/2032 |  | 400 | 410 |
| **NRG Energy, Inc.** |  |  |  |
| 3.375% due 02/15/2029 |  | 750 | 710 |
| 3.625% due 02/15/2031 |  | 375 | 347 |
| 5.750% due 07/15/2029 |  | 725 | 729 |
| 6.250% due 11/01/2034 |  | 700 | 718 |
| **PBF Holding Co. LLC/PBF Finance Corp.** |  |  |  |
| 6.000% due 02/15/2028 |  | 600 | 597 |
| 7.875% due 09/15/2030 |  | 200 | 198 |
| **TerraForm Power Operating LLC**<br>5.000% due 01/31/2028 |  | 1000 | 994 |
| **Vistra Operations Co. LLC** |  |  |  |
| 5.000% due 07/31/2027 |  | 1000 | 997 |
| 5.625% due 02/15/2027 |  | 900 | 901 |
| 6.875% due 04/15/2032 |  | 800 | 837 |
|  |  |  | 16653 |
| Total Corporate Bonds & Notes (Cost $391,984) |  |  | 398767 |
| **CONVERTIBLE BONDS & NOTES 0.2%** |  |  |  |
| **INDUSTRIALS 0.2%** |  |  |  |
| **ams-OSRAM AG**<br>2.125% due 11/03/2027 | EUR | 900 | 1013 |

---

------

<br> Schedule of Investments PIMCO High Yield Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Total Convertible Bonds & Notes (Cost $845) |  | <br> 1013 |
| **MUNICIPAL BONDS & NOTES 0.0%** |  |  |
| **ARIZONA 0.0%** |  |  |
| **Maricopa County, Arizona Industrial Development Authority Revenue Notes, Series 2024**<br>7.375% due 10/01/2029 | $100 | 105 |
| Total Municipal Bonds & Notes (Cost $100) |  | 105 |
| **U.S. TREASURY OBLIGATIONS 4.3%** |  |  |
| **U.S. Treasury Floating Rate Notes** |  |  |
| 4.057% due 07/31/2027 •  | 2700 | 2698 |
| **U.S. Treasury Notes** |  |  |
| 3.875% due 04/30/2030 | 6600 | 6643 |
| 4.125% due 09/30/2027 (g) | 10900 | 11006 |
| 4.250% due 11/15/2034 | 625 | 632 |
| Total U.S. Treasury Obligations (Cost $20,717) |  | 20979 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.1%** |  |  |
| **Bear Stearns ALT-A Trust**<br>4.167% due 11/25/2036 ~ | 207 | 93 |
| **CHL Mortgage Pass-Through Trust** |  |  |
| 4.032% due 05/20/2036 ~ | 85 | 80 |
| 4.912% due 03/25/2035 •  | 13 | 12 |
| **Countrywide Alternative Loan Trust**<br>4.710% due 05/20/2046 •  | 31 | 28 |
| **GSR Mortgage Loan Trust**<br>6.560% due 04/25/2035 ~ | 1 | 1 |
| **IndyMac IMSC Mortgage Loan Trust**<br>6.000% due 07/25/2037 | 185 | 128 |
| **WaMu Mortgage Pass-Through Certificates Trust**<br>4.357% due 12/25/2036 ~ | 104 | 95 |
| **Washington Mutual Mortgage Pass-Through Certificates WMALT Trust**<br>5.123% due 05/25/2046 •  | 10 | 9 |
| Total Non-Agency Mortgage-Backed Securities (Cost $429) |  | 446 |
| **ASSET-BACKED SECURITIES 0.0%** |  |  |
| **HOME EQUITY OTHER 0.0%** |  |  |
| **C-BASS Trust**<br>3.009% due 01/25/2037 •  | 60 | 18 |
| Total Asset-Backed Securities (Cost $47) |  | 18 |
| **SHORT-TERM INSTRUMENTS 1.3%** |  |  |
| **U.S. TREASURY BILLS 1.3%** |  |  |
| 3.999% due 11/18/2025 - 12/26/2025 (c)(d) | 6400 | 6350 |
| Total Short-Term Instruments (Cost $6,350) |  | 6350 |
| Total Investments in Securities (Cost $450,726) |  | 458142 |
|  | SHARES |  |
| **INVESTMENTS IN AFFILIATES 6.4%** |  |  |
| **SHORT-TERM INSTRUMENTS 6.4%** |  |  |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.4%** |  |  |
| **PIMCO Short-Term Floating NAV Portfolio III** | 3211053 | 31272 |
| Total Short-Term Instruments (Cost $31,253) |  | 31272 |
| Total Investments in Affiliates (Cost $31,253) |  | 31272 |
| Total Investments 100.3% (Cost $481,979) |  | $489414 |
| **Financial Derivative Instruments** **(f)(h)** **(0.0)**%(Cost or Premiums, net $4,770) |  | (41) |
| Other Assets and Liabilities, net (0.3)% |  | (1286) |
| Net Assets 100.0% |  | $488087 |

---

------

<br> Schedule of Investments PIMCO High Yield Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  |
| **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** |
| **¤** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** |
| **«** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** |
| **~** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** |
| **(b)** | **Payment in-kind security.** | **Payment in-kind security.** | **Payment in-kind security.** | **Payment in-kind security.** | **Payment in-kind security.** | **Payment in-kind security.** | **Payment in-kind security.** | **Payment in-kind security.** | **Payment in-kind security.** |
| **(c)** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** |
| **(d)** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** |
| **(e)** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** |
| **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** |
| **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(160) at a weighted average interest rate of (3.653%). Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(160) at a weighted average interest rate of (3.653%). Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(160) at a weighted average interest rate of (3.653%). Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(160) at a weighted average interest rate of (3.653%). Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(160) at a weighted average interest rate of (3.653%). Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(160) at a weighted average interest rate of (3.653%). Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(160) at a weighted average interest rate of (3.653%). Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(160) at a weighted average interest rate of (3.653%). Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(160) at a weighted average interest rate of (3.653%). Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(160) at a weighted average interest rate of (3.653%). Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** |
| **(f)** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** |
| **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** |
| **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** |
|  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Description | Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Liability |
| U.S. Treasury 2-Year Note December Futures | U.S. Treasury 2-Year Note December Futures | 12/2025 | 53 | 11045 | $19 | 19 | 5 | 5 | 0 |
| U.S. Treasury 5-Year Note December Futures | U.S. Treasury 5-Year Note December Futures | 12/2025 | 14 | 1529 | 0 | 0 | 1 | 1 | 0 |
| U.S. Treasury 10-Year Note December Futures | U.S. Treasury 10-Year Note December Futures | 12/2025 | 81 | 9113 | 27 | 27 | 0 | 0 | (1) |
| U.S. Treasury Long-Term Bond December Futures | U.S. Treasury Long-Term Bond December Futures | 12/2025 | 8 | 933 | 18 | 18 | 0 | 0 | (2) |
| U.S. Treasury Ultra Long-Term Bond December Futures | U.S. Treasury Ultra Long-Term Bond December Futures | 12/2025 | 7 | 840 | 22 | 22 | 0 | 0 | (4) |
| U.S. Ultra Treasury 10-Year Note December Futures | U.S. Ultra Treasury 10-Year Note December Futures | 12/2025 | 80 | 9206 | 89 | 89 | 0 | 0 | (5) |
|  |  |  |  |  | 175 | $ | 6 | $ | (12) |
| **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** |
|  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Description | Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Liability |
| Euro-Bund December Futures | Euro-Bund December Futures | 12/2025 | 14 | (2113) | $(13) | (13) | 1 | 1 | (6) |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **162** | **$** | **7** | **$** | **(18)** |
| **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** |
| **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> |
|  |  |  |  |  |  |  | <u>Variation Margin</u><sup>(5)</sup> | <u>Variation Margin</u><sup>(5)</sup> | <u>Variation Margin</u><sup>(5)</sup> |
| Reference Entity | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Asset | Liability |
| Bombardier, Inc. | 06/20/2029 | 1.028% | $1400 | $188 | 6 | 194 | $0 | 0 | $(1) |

---

------

<br> Schedule of Investments PIMCO High Yield Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CREDIT** **DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT** **DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT** **DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT** **DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT** **DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT** **DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT** **DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT** **DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT** **DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT** **DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT** **DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT** **DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT** **DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT** **DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT** **DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT** **DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT** **DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT** **DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT** **DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u><sup>(5)</sup> | <u>Variation Margin</u><sup>(5)</sup> | <u>Variation Margin</u><sup>(5)</sup> | <u>Variation Margin</u><sup>(5)</sup> |
| Index/Tranches | Index/Tranches | Fixed<br>Receive Rate | Fixed<br>Receive Rate | Maturity<br>Date | Maturity<br>Date | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/<br>(Received) | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Market<br>Value<sup>(4)</sup> | Market<br>Value<sup>(4)</sup> | Asset | Asset | Liability |
| CDX.HY-43 5-Year Index | CDX.HY-43 5-Year Index | 5.000% | 5.000% | 12/20/2029 | 12/20/2029 | 12/20/2029 | $22875 | 22875 | 1620 | 1620 | $132 | 132 | $1752 | 1752 | 1752 | $0 | 0 | (32) |
| CDX.HY-44 5-Year Index | CDX.HY-44 5-Year Index | 5.000 | 5.000 | 06/20/2030 | 06/20/2030 | 06/20/2030 | 27275 | 27275 | 1456 | 1456 | 756 | 756 | 2212 | 2212 | 2212 | 10 | 10 | 0 |
| CDX.HY-45 5-Year Index | CDX.HY-45 5-Year Index | 5.000 | 5.000 | 12/20/2030 | 12/20/2030 | 12/20/2030 | 19900 | 19900 | 1514 | 1514 | 48 | 48 | 1562 | 1562 | 1562 | 21 | 21 | 0 |
|  |  |  |  |  |  |  |  |  | 4590 | 4590 | $936 | 936 | $5526 | 5526 | 5526 | $31 | 31 | (32) |
| **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **4778** | **4778** | $**942** | **942** | $**5720** | **5720** | **5720** | $**31** | **31** | **(33)** |
| **(g)** | **Securities with an aggregate market value of $6,352 and cash of $1,334 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $6,352 and cash of $1,334 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $6,352 and cash of $1,334 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $6,352 and cash of $1,334 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $6,352 and cash of $1,334 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $6,352 and cash of $1,334 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $6,352 and cash of $1,334 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $6,352 and cash of $1,334 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $6,352 and cash of $1,334 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $6,352 and cash of $1,334 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $6,352 and cash of $1,334 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $6,352 and cash of $1,334 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $6,352 and cash of $1,334 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $6,352 and cash of $1,334 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $6,352 and cash of $1,334 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $6,352 and cash of $1,334 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $6,352 and cash of $1,334 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $6,352 and cash of $1,334 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** |
| <sup>(1)</sup> | If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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> | Unsettled variation margin liability of $(14) for closed swap agreements is outstanding at period end. | Unsettled variation margin liability of $(14) for closed swap agreements is outstanding at period end. | Unsettled variation margin liability of $(14) for closed swap agreements is outstanding at period end. | Unsettled variation margin liability of $(14) for closed swap agreements is outstanding at period end. | Unsettled variation margin liability of $(14) for closed swap agreements is outstanding at period end. | Unsettled variation margin liability of $(14) for closed swap agreements is outstanding at period end. | Unsettled variation margin liability of $(14) for closed swap agreements is outstanding at period end. | Unsettled variation margin liability of $(14) for closed swap agreements is outstanding at period end. | Unsettled variation margin liability of $(14) for closed swap agreements is outstanding at period end. | Unsettled variation margin liability of $(14) for closed swap agreements is outstanding at period end. | Unsettled variation margin liability of $(14) for closed swap agreements is outstanding at period end. | Unsettled variation margin liability of $(14) for closed swap agreements is outstanding at period end. | Unsettled variation margin liability of $(14) for closed swap agreements is outstanding at period end. | Unsettled variation margin liability of $(14) for closed swap agreements is outstanding at period end. | Unsettled variation margin liability of $(14) for closed swap agreements is outstanding at period end. | Unsettled variation margin liability of $(14) for closed swap agreements is outstanding at period end. | Unsettled variation margin liability of $(14) for closed swap agreements is outstanding at period end. | Unsettled variation margin liability of $(14) for closed swap agreements is outstanding at period end. |
| **(h)** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** |
| **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** |
|  |  |  |  |  |  |  |  |  |  |  |  | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | Settlement<br>Month | Settlement<br>Month |  | Currency to<br>be Delivered | Currency to<br>be Delivered | Currency to<br>be Delivered |  | Currency to<br>be Received | Currency to<br>be Received | Currency to<br>be Received | Asset | Asset | Asset | Asset | Liability | Liability |
| &nbsp;&nbsp;&nbsp;&nbsp; AZD | &nbsp;&nbsp;&nbsp;&nbsp; AZD | &nbsp;&nbsp;&nbsp;&nbsp; AZD | 10/2025 | 10/2025 | EUR | 2057 | 2057 | 2057 | $ | 2399 | 2399 | 2399 | 0 | 0 | 0 | 0 | $(16) | (16) |
|  |  |  | 10/2025 | 10/2025 | $ | $179 | 179 | 179 | CAD | 248 | 248 | 248 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | CAD | 248 | 248 | 248 | $ | 179 | 179 | 179 | 0 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; FAR | &nbsp;&nbsp;&nbsp;&nbsp; FAR | &nbsp;&nbsp;&nbsp;&nbsp; FAR | 10/2025 | 10/2025 | $ | $2403 | 2403 | 2403 | EUR | 2057 | 2057 | 2057 | 12 | 12 | 12 | 12 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | EUR | 2057 | 2057 | 2057 | $ | 2408 | 2408 | 2408 | 0 | 0 | 0 | 0 | (12) | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp; JPM | &nbsp;&nbsp;&nbsp;&nbsp; JPM | &nbsp;&nbsp;&nbsp;&nbsp; JPM | 10/2025 | 10/2025 | CAD | 248 | 248 | 248 |  | 180 | 180 | 180 | 1 | 1 | 1 | 1 | 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** | **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** | **Total Forward Foreign Currency Contracts** | **$** | **13** | **13** | **13** | **13** | **(28)** | **(28)** |
| **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** |
| **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Swap Agreements, at Value</u><sup>(4)</sup> | <u>Swap Agreements, at Value</u><sup>(4)</sup> |
| Counterparty | Reference Entity | Reference Entity | Reference Entity | Fixed<br>Receive Rate | Fixed<br>Receive Rate | Payment<br>Frequency | Payment<br>Frequency | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> |  | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| GST | Soft Bank Group,Inc. | Soft Bank Group,Inc. | Soft Bank Group,Inc. | 1.000% | 1.000% | Quarterly | Quarterly | 0.872% | 0.872% | 0.872% | 975 | $ | (8) | $9 | 9 | 9 | 1 | $0 |
| **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **$** | **(8)** | $**9** | **9** | **9** | **1** | $**0** |
| <sup>(1)</sup> | If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. |
| **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** |

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<br> Schedule of Investments PIMCO High Yield Portfolio (Cont.) September 30, 2025 (Unaudited)

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **The** **following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The** **following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The** **following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The** **following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The** **following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The** **following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The** **following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The** **following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The** **following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The** **following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The** **following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The** **following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The** **following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The** **following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The** **following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | | |
| Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Level 1 | Level 1 | Level 1 | Level 2 | Level 2 | Level 2 | Level 3 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 |  |  |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **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 | Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | $0 | 0 | 0 | $ | $30464 | 30464 | 0 | $ | 30464 |  |  |
| 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 | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |  |  |
| Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | 1518 | 1518 | 1518 |  | 58260 | 58260 | 0 |  | 59778 |  |  |
| Industrials | Industrials | Industrials | Industrials | Industrials | Industrials | 477 | 477 | 477 |  | 316423 | 316423 | 5436 |  | 322336 |  |  |
| Utilities | Utilities | Utilities | Utilities | Utilities | Utilities | 0 | 0 | 0 |  | 16653 | 16653 | 0 |  | 16653 |  |  |
| Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes |  |  |
| Industrials | Industrials | Industrials | Industrials | Industrials | Industrials | 0 | 0 | 0 |  | 1013 | 1013 | 0 |  | 1013 |  |  |
| Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |  |  |
| Arizona | Arizona | Arizona | Arizona | Arizona | Arizona | 0 | 0 | 0 |  | 105 | 105 | 0 |  | 105 |  |  |
| U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | 0 | 0 | 0 |  | 20979 | 20979 | 0 |  | 20979 |  |  |
| Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | 0 | 0 | 0 |  | 446 | 446 | 0 |  | 446 |  |  |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |  |  |
| Home Equity Other | Home Equity Other | Home Equity Other | Home Equity Other | Home Equity Other | Home Equity Other | 0 | 0 | 0 |  | 18 | 18 | 0 |  | 18 |  |  |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |  |  |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | 0 | 0 | 0 |  | 6350 | 6350 | 0 |  | 6350 |  |  |
|  |  |  |  |  |  | $1995 | 1995 | 1995 | $ | $450711 | 450711 | 5436 | $ | 458142 |  |  |
| **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** | **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 | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |  |  |
| Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | $31272 | 31272 | 31272 | $ | $0 | 0 | 0 | $ | 31272 |  |  |
| Total Investments | Total Investments | Total Investments | Total Investments | Total Investments | Total Investments | $33267 | 33267 | 33267 | $ | $450711 | 450711 | 5436 | $ | 489414 |  |  |
| **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** | **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 | 1 | 1 | 1 |  | 37 | 37 | 0 |  | 38 |  |  |
| Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | 0 | 0 | 0 |  | 14 | 14 | 0 |  | 14 |  |  |
|  |  |  |  |  |  | $1 | 1 | 1 | $ | $51 | 51 | 0 | $ | 52 |  |  |
| **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** | **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** | **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 | (6) | (6) | (6) |  | (45) | (45) | 0 |  | (51) |  |  |
| Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | 0 | 0 | 0 |  | (28) | (28) | 0 |  | (28) |  |  |
|  |  |  |  |  |  | $(6) | (6) | (6) | $ | $(73) | (73) | 0 | $ | (79) |  |  |
| Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | $(5) | (5) | (5) | $ | $(22) | (22) | 0 | $ | (27) |  |  |
| Totals | Totals | Totals | Totals | Totals | Totals | $33262 | 33262 | 33262 | $ | $450689 | 450689 | 5436 | $ | 489387 |  |  |
| **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** |
| Category and Subcategory | Beginning<br>Balance<br>at 12/31/2024 | Net<br>Purchases | Net<br>Sales/Settlements | Net<br>Sales/Settlements | Accrued<br>Discounts/<br>(Premiums) | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(1)</sup> | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(1)</sup> |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **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 | 1329 | 0 | $ | $(1346) | $ | 0 | $0 | $ | $ | 17 | $0 | $0 | 0 | 0 | $ | 0 |
| Corporate Bonds & Notes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Industrials | 572 | 4975 |  | 0 |  | 0 | 0 |  |  | (111) | 0 | 0 | 0 | 5436 |  | (111) |
| Common Stocks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Energy | 295 | 0 |  | (74) |  | 0 | 75 |  |  | (296) | 0 | 0 | 0 | 0 |  | 0 |
| Totals | 2196 | 4975 | $ | $(1420) | $ | 0 | $75 | $ | $ | (390) | $0 | $0 | 0 | 5436 | $ | (111) |
| <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** |
|  |  |  |  |  |  |  |  |  |  |  |  |  | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | Input Value(s) | Input Value(s) | Weighted Average | Weighted 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** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| Industrials | Industrials | $461 | 461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | 71.000 | 71.000 |  |  |
|  |  | 4975 | 4975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | 100.000 | 100.000 |  |  |
| Total | Total | $5436 | 5436 |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. |

---

------

Notes to Financial Statements

**1** **. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS**

**(a) Investment Valuation Policies** The net asset value ("NAV") of the Portfolio'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 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, the Portfolio'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 Portfolio 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 Portfolio may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The 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, the Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that the 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 the 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 Portfolio 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 Pacific Investment Management Company LLC ("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 Investment Company Act of 1940, as amended (the "Act"). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees has designated PIMCO as the valuation designee ("Valuation Designee") for the Portfolio to perform the fair value determination relating to all Portfolio investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of portfolio investments. The Valuation Designee may value portfolio securities for which market quotations are not readily available and other Portfolio assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, exchange-traded funds ("ETFs"), exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Portfolio's assets that are invested in one or more open-end management investment companies (other than ETFs), the 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, 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 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. The 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 the 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 the 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 the 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 the 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 the Portfolio may transact.

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 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 the 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 the Portfolio may differ from the value that would be realized if the securities were sold. The Portfolio's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the " Frequent or Excessive Purchases, Exchanges and Redemptions " section in the Portfolio's prospectus.

Under certain circumstances, the per share NAV of a class of the Portfolio'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 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:

------

Notes to Financial Statements (Cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

• Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the 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 ofthe Portfolio'sassets 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 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.

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

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indexes, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices,indexes, reference rates and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are

------

Notes to Financial Statements (Cont.)

observed from actively quoted markets such as the overnight index swap rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

The Discounted Cash Flow model is based on future cash flows generated by the investment and may be normalized based on expected investment performance. Future cash flows are discounted to present value using an appropriate rate of return, typically calibrated to the initial transaction date and adjusted based on Capital Asset Pricing Model and/or other market-based inputs. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

Securities may be valued based on purchase prices of privately negotiated transactions. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

**2. FEDERAL INCOME TAX MATTERS**

The 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.

The 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 Portfolio's tax positions for all open tax years. As of September 30, 2025, the Portfolio 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 Portfolio files U.S. federal, state and local tax returns as required. The Portfolio'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.

Shares of the Portfolio currently are sold to segregated asset accounts ("Separate Accounts") of insurance companies that fund variable annuity contracts and variable life insurance policies ("Variable Contracts"). Please refer to the prospectus for the Separate Account and Variable Contract for information regarding Federal income tax treatment of distributions to the Separate Account.

**3. INVESTMENTS IN AFFILIATES**

The 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 theAct, 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 Portfolio. A copy of each affiliate fund's shareholder report is available at the U.S. Securities and Exchange Commission ("SEC") website at www.sec.gov, on the Portfolio's website at www.pimco.com, or upon request, as applicable. The table below shows the Portfolio's transactions in and earnings from investments in the affiliated funds for the period ended September 30, 2025 (amounts in thousands<sup>†</sup>):

**Investment in PIMCO Short-Term Floating NAV Portfolio III**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Market Value<br>12/31/2024** | **Purchases at<br>Cost** | **Proceeds from<br>Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>09/30/2025** | **Dividend<br>Income**<sup>(1)</sup> | **Realized Net<br>Capital<br>Gain<br>Distributions**<sup>(1)</sup> |
| $29777 | $171559 | $(170068) | $16 | $(12) | $31272 | $1065 | $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.

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** |  | (Unaudited) |
| **Counterparty Abbreviations:** | **Counterparty Abbreviations:** |  |  |  |  |
| **AZD** | Australia and New Zealand Banking Group | **GST** | Goldman Sachs International | **JPM** | JP Morgan Chase Bank N.A. |
| **FAR** | Wells Fargo Bank National Association |  |  |  |  |
| **Currency Abbreviations:** | **Currency Abbreviations:** |  |  |  |  |
| **CAD** | Canadian Dollar | **EUR** | Euro | **USD (or $)** | United States Dollar |
| **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** |  |  |  |  |
| **CAONINDX** | Bloomberg CORRA Compounded Index | **GSMMUSTI** | Goldman Sachs Money Market US Treasury <br> Instrument Index | **TSFR1M** | Term SOFR 1-Month |
| **CDX.HY** | Credit Derivatives Index - High Yield | **JMMMUSTF** | JP Morgan Money Market US Treasury Fund <br> Index | **TSFR3M** | Term SOFR 3-Month |
| **EUR003M** | 3 Month EUR Swap Rate |  |  |  |  |
| **Other Abbreviations:** | **Other Abbreviations:** |  |  |  |  |
| **ALT** | Alternate Loan Trust | **REIT** | Real Estate Investment Trust | **TBD** | To-Be-Determined |
| **DAC** | Designated Activity Company | **TBA** | To-Be-Announced | **TBD%** | Interest rate to be determined when loan settles or at the time of funding |
| **PIK** | Payment-in-Kind |  |  |  |  |

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------

<br> Schedule of Investments PIMCO Income Portfolio September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(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 153.1% ¤** |  |  |
| **LOAN PARTICIPATIONS AND ASSIGNMENTS 1.4%** |  |  |
| **Altice France SA** |  |  |
| 7.526% (EUR003M + 5.500%) due 08/15/2028 ~ | 99 | $110 |
| 9.818% (TSFR3M + 5.500%) due 08/15/2028 «~ | $693 | 673 |
| **Envision Healthcare Corp.** |  |  |
| 12.230% (TSFR3M + 7.875%) due 07/20/2026 «~ | 664 | 664 |
| 12.230% (TSFR3M + 7.875%) due 11/03/2028 «~ | 4502 | 4637 |
| **Lealand Finance Co. BV**<br>7.278% (TSFR1M + 3.000%) due 06/30/2027 ~ | 6 | 5 |
| **Lealand Finance Co. BV (5.278% Cash)**<br>5.728% - 5.278% due 12/31/2027 ~ | 16 | 12 |
| **Mercury Aggregator LP (19.000% PIK)**<br>19.000% due 04/03/2026 «(b) | 161 | 47 |
| **Poseidon Bidco SASU**<br>7.000% (EUR003M + 5.000%) due 03/13/2030 ~ | 1000 | 552 |
| **SCUR-Alpha 1503 GmbH**<br>9.808% (TSFR3M + 5.500%) due 03/29/2030 ~ | $1268 | 1172 |
| **Softbank Vision Fund II**<br>TBD% - 7.652% (TSFR3M + 3.650%) due 12/23/2029 «~ | 4352 | 2199 |
| **Syniverse Holdings, Inc.**<br>11.002% (TSFR3M + 7.000%) due 05/13/2027 ~ | 912 | 892 |
| **TransDigm, Inc.**<br>6.502% (TSFR3M + 2.500%) due 02/28/2031 ~ | 2988 | 2990 |
| **U.S. Renal Care, Inc.**<br>9.278% (TSFR1M + 5.000%) due 06/28/2028 ~ | 118 | 113 |
| **Westmoreland Coal Co.**<br>8.000% due 03/15/2029 « | 7 | 3 |
| Total Loan Participations and Assignments (Cost $14,352) |  | 14069 |
| **CORPORATE BONDS & NOTES 12.9%** |  |  |
| **BANKING & FINANCE 4.6%** |  |  |
| **Avolon Holdings Funding Ltd.**<br>2.528% due 11/18/2027 | 865 | 832 |
| **Banca Monte dei Paschi di Siena SpA**<br>1.875% due 01/09/2026 | 1515 | 1776 |
| **Banco Santander SA**<br>6.607% due 11/07/2028 | $2500 | 2674 |
| **BPCE SA** |  |  |
| 6.612% due 10/19/2027 •  | 1250 | 1279 |
| 6.714% due 10/19/2029 •  | 1250 | 1328 |
| **Country Garden Holdings Co. Ltd.**<br>2.700% due 07/12/2026 ^(c) | 560 | 61 |
| **Credicorp Capital Sociedad Titulizadora SA** |  |  |
| 9.700% due 03/05/2045 | 700 | 214 |
| 10.100% due 12/15/2043 | 500 | 155 |
| **Credit Suisse AG AT1 Claim** | $2845 | 370 |
| **Deutsche Bank AG**<br>6.720% due 01/18/2029 •  | 400 | 420 |
| **EPR Properties** |  |  |
| 4.750% due 12/15/2026 | 5 | 5 |
| 4.950% due 04/15/2028 | 10 | 10 |
| **Ford Motor Credit Co. LLC** |  |  |
| 3.815% due 11/02/2027 | 2963 | 2891 |
| 4.125% due 08/17/2027 | 260 | 256 |
| 4.271% due 01/09/2027 | 1970 | 1954 |
| **GLP Capital LP/GLP Financing II, Inc.** |  |  |
| 4.000% due 01/15/2031 | 1485 | 1422 |
| 5.300% due 01/15/2029 | 66 | 67 |
| **Intesa Sanpaolo SpA**<br>7.200% due 11/28/2033 | 1300 | 1482 |
| **Marex Group PLC**<br>5.829% due 05/08/2028 | 2600 | 2638 |
| **Morgan Stanley** |  |  |
| 0.000% due 04/02/2032 þ(i) | 300 | 217 |
| 5.123% due 02/01/2029 •  | 2029 | 2073 |
| **Nationwide Building Society**<br>6.557% due 10/18/2027 •  | 2500 | 2557 |
| **NatWest Group PLC** |  |  |
| 4.445% due 05/08/2030 •  | 400 | 401 |
| 5.076% due 01/27/2030 •  | 200 | 204 |
| 5.516% due 09/30/2028 •  | 2200 | 2256 |

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------

<br> Schedule of Investments PIMCO Income Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Nissan** **Motor Acceptance Co. LLC** |  |  |
| 2.000% due 03/09/2026 | 1500 | 1477 |
| 5.625% due 09/29/2028 | 3400 | 3404 |
| 6.125% due 09/30/2030 | 1100 | 1101 |
| **Panama Infrastructure Receivable Purchaser PLC**<br>0.000% due 04/05/2032 (f) | 2525 | 1903 |
| **Societe Generale SA**<br>6.691% due 01/10/2034 •  | 2400 | 2615 |
| **Starwood Property Trust, Inc.**<br>5.250% due 10/15/2028 (a) | 5100 | 5105 |
| **UBS Group AG** |  |  |
| 2.125% due 10/13/2026 •  | 200 | 235 |
| 5.959% due 01/12/2034 •  | $3624 | 3878 |
| 6.442% due 08/11/2028 •  | 300 | 312 |
| **Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC**<br>10.500% due 02/15/2028 | 371 | 391 |
|  |  | 47963 |
| **INDUSTRIALS 6.5%** |  |  |
| **Altice France SA** |  |  |
| 3.375% due 01/15/2028 | 100 | 101 |
| 5.125% due 01/15/2029 | $200 | 172 |
| 8.125% due 02/01/2027 | 1100 | 1052 |
| **American Airlines Pass-Through Trust**<br>3.350% due 04/15/2031 | 12 | 12 |
| **Bayer U.S. Finance II LLC**<br>4.375% due 12/15/2028 | 3100 | 3090 |
| **Bayer U.S. Finance LLC**<br>6.500% due 11/21/2033 | 1840 | 1986 |
| **Beignet**<br>6.850% due 06/01/2049 «(a) | 20510 | 20510 |
| **Boeing Co.** |  |  |
| 2.196% due 02/04/2026 | 290 | 288 |
| 2.750% due 02/01/2026 | 1000 | 994 |
| 3.250% due 02/01/2028 | 1700 | 1661 |
| 5.150% due 05/01/2030 | 1400 | 1437 |
| 6.259% due 05/01/2027 | 290 | 298 |
| 6.298% due 05/01/2029 | 50 | 53 |
| **Carvana Co.**<br>9.000% due 06/01/2031 | 1281 | 1452 |
| **Carvana Co. (9.000% Cash)**<br>9.000% due 06/01/2030 | 1021 | 1069 |
| **CVS Pass-Through Trust**<br>5.789% due 01/10/2026 | 15 | 15 |
| **DISH DBS Corp.** |  |  |
| 5.250% due 12/01/2026 | 2300 | 2262 |
| 5.750% due 12/01/2028 | 2630 | 2523 |
| **Energy Transfer LP**<br>4.950% due 05/15/2028 | 9 | 9 |
| **Essent Group Ltd.**<br>6.250% due 07/01/2029 | 1600 | 1677 |
| **Flora Food Management BV**<br>6.875% due 07/02/2029 | 500 | 588 |
| **Hyundai Capital America**<br>4.300% due 09/24/2027 | $3900 | 3900 |
| **Mitchells & Butlers Finance PLC**<br>6.013% due 12/15/2030 | 7 | 9 |
| **Nissan Motor Co. Ltd.** |  |  |
| 4.810% due 09/17/2030 | $100 | 94 |
| 8.125% due 07/17/2035 | 1500 | 1611 |
| **Petroleos de Venezuela SA** |  |  |
| 5.375% due 04/12/2027 ^(c) | 385 | 63 |
| 5.500% due 04/12/2037 ^(c) | 382 | 62 |
| 6.000% due 11/15/2026 ^(c) | 63 | 10 |
| 9.750% due 05/17/2035 ^(c) | 100 | 18 |
| **Petroleos Mexicanos**<br>6.700% due 02/16/2032 | 3081 | 3055 |
| **Prosus NV**<br>2.778% due 01/19/2034 | 2456 | 2649 |
| **Saudi Arabian Oil Co.**<br>4.750% due 06/02/2030 | $2200 | 2232 |
| **Thames Water Super Senior Issuer PLC**<br>9.750% due 10/10/2027 | 162 | 243 |
| **Thames Water Utilities Finance PLC** |  |  |
| 0.875% due 01/31/2030 | 200 | 162 |
| 1.604% due 12/23/2029 | $200 | 144 |
| 2.375% due 04/22/2042 | 800 | 731 |
| 4.000% due 04/18/2029 | 100 | 83 |
| 4.375% due 01/18/2033 | 100 | 83 |
| 4.375% due 07/03/2036 | 100 | 94 |
| 4.625% due 06/04/2048 | 100 | 94 |
| 5.500% due 02/11/2043 | 100 | 94 |
| **Thames Water Utilities Ltd.**<br>0.000% due 03/22/2027 (f) | 12 | 14 |

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<br> Schedule of Investments PIMCO Income Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| **Topaz** **Solar Farms LLC** |  |  |
| 4.875% due 09/30/2039 | $24 | 20 |
| 5.750% due 09/30/2039 | 175 | 170 |
| **U.S. Renal Care, Inc.**<br>10.625% due 06/28/2028 | 13 | 12 |
| **United Airlines Pass-Through Trust**<br>5.875% due 04/15/2029 | 1279 | 1316 |
| **Venture Global Calcasieu Pass LLC**<br>3.875% due 08/15/2029 | 1500 | 1439 |
| **Venture Global LNG, Inc.** |  |  |
| 7.000% due 01/15/2030 | 2160 | 2237 |
| 9.875% due 02/01/2032 | 1400 | 1525 |
| **Venture Global Plaquemines LNG LLC**<br>6.500% due 01/15/2034 | 3050 | 3212 |
|  |  | 66625 |
| **UTILITIES 1.8%** |  |  |
| **Edison International**<br>6.250% due 03/15/2030 | 200 | 208 |
| **Enel Finance International NV**<br>4.375% due 09/30/2030 | 2500 | 2484 |
| **Gazprom PJSC via Gaz Finance PLC**<br>2.950% due 01/27/2029 | 1500 | 1103 |
| **Pacific Gas & Electric Co.** |  |  |
| 3.150% due 01/01/2026 | 2072 | 2065 |
| 3.250% due 06/01/2031 | 3895 | 3584 |
| 3.300% due 03/15/2027 | 90 | 89 |
| 3.300% due 12/01/2027 | 5600 | 5482 |
| 4.200% due 03/01/2029 | 1100 | 1091 |
| 4.550% due 07/01/2030 | 1259 | 1251 |
| **Southern California Edison Co.** |  |  |
| 2.750% due 02/01/2032 | 100 | 88 |
| 5.950% due 11/01/2032 | 1500 | 1582 |
|  |  | 19027 |
| Total Corporate Bonds & Notes (Cost $132,080) |  | 133615 |
| **MUNICIPAL BONDS & NOTES 0.0%** |  |  |
| **ILLINOIS 0.0%** |  |  |
| **Illinois State General Obligation Bonds, (BABs), Series 2010** |  |  |
| 6.630% due 02/01/2035 | 31 | 33 |
| 6.725% due 04/01/2035 | 8 | 8 |
| 7.350% due 07/01/2035 | 7 | 8 |
| Total Municipal Bonds & Notes (Cost $47) |  | 49 |
| **U.S. GOVERNMENT AGENCIES 60.3%** |  |  |
| **Federal Home Loan Mortgage Corp.** |  |  |
| 3.000% due 06/01/2046 - 01/01/2049 | 1842 | 1663 |
| 4.000% due 08/01/2042 - 07/01/2050 | 435 | 426 |
| 5.000% due 07/01/2054 | 933 | 927 |
| 5.500% due 01/01/2053 | 290 | 294 |
| 6.000% due 10/01/2053 | 69 | 71 |
| 6.500% due 10/01/2053 - 01/01/2054 | 19993 | 20685 |
| 7.000% due 02/01/2054 - 06/01/2055 | 1230 | 1288 |
| **Federal National Mortgage Association** |  |  |
| 3.000% due 08/01/2027 - 02/01/2034 | 134 | 131 |
| 4.000% due 08/01/2042 - 06/01/2049 | 1741 | 1674 |
| 4.500% due 10/01/2050 - 07/01/2053 | 1675 | 1646 |
| 5.000% due 09/01/2053 - 07/01/2054 | 426 | 424 |
| 5.500% due 11/01/2052 - 01/01/2053 | 674 | 682 |
| 6.000% due 11/01/2052 - 09/01/2054 | 8564 | 8785 |
| 6.500% due 10/01/2053 - 12/01/2053 | 5236 | 5426 |
| **Government National Mortgage Association** |  |  |
| 2.500% due 04/20/2052 | 375 | 323 |
| 3.500% due 10/20/2052 - 10/20/2054 | 3158 | 2882 |
| 4.500% due 12/20/2053 | 281 | 274 |
| 5.500% due 07/20/2053 - 08/20/2053 | 2594 | 2630 |
| 6.500% due 12/20/2054 - 05/20/2055 | 1500 | 1542 |
| **Government National Mortgage Association REMICS**<br>7.183% due 09/20/2066 ~ | 82 | 84 |
| **Government National Mortgage Association, TBA** |  |  |
| 3.000% due 11/01/2055 | 2000 | 1786 |
| 3.500% due 11/01/2055 | 800 | 729 |
| 4.000% due 11/01/2055 | 2600 | 2445 |
| 4.500% due 11/01/2055 | 7900 | 7658 |
| 5.000% due 11/01/2055 | 5200 | 5166 |
| 5.500% due 11/01/2055 | 3900 | 3927 |
| 6.000% due 10/01/2055 - 11/01/2055 | 20900 | 21257 |
| 6.500% due 11/01/2055 | 8400 | 8628 |
| **Uniform Mortgage-Backed Security, TBA** |  |  |
| 3.000% due 10/01/2040 - 11/01/2055 | 10800 | 9512 |

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<br> Schedule of Investments PIMCO Income Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| 3.500% due 11/01/2055 | 17900 | 16351 |
| 4.000% due 11/01/2055 | 37900 | 35716 |
| 4.500% due 10/01/2055 - 11/01/2055 | 11100 | 10763 |
| 5.000% due 11/01/2055 | 114600 | 113590 |
| 5.500% due 10/01/2055 | 60800 | 61310 |
| 6.000% due 11/01/2055 | 145600 | 148726 |
| 6.500% due 10/01/2055 - 11/01/2055 | 119800 | 123841 |
| Total U.S. Government Agencies (Cost $623,300) |  | 623262 |
| **U.S. TREASURY OBLIGATIONS 14.1%** |  |  |
| **U.S. Treasury Bonds** |  |  |
| 2.875% due 11/15/2046 | 1400 | 1049 |
| 3.000% due 08/15/2048 | 10 | 8 |
| 3.000% due 02/15/2049 | 500 | 374 |
| 4.250% due 08/15/2054 | 1600 | 1477 |
| 4.375% due 08/15/2043 | 1600 | 1545 |
| 4.500% due 11/15/2054 | 9000 | 8668 |
| 4.625% due 05/15/2054 | 5800 | 5700 |
| **U.S. Treasury Inflation Protected Securities** **(g)** |  |  |
| 0.125% due 02/15/2051 | 1985 | 1102 |
| 0.250% due 02/15/2050 | 754 | 447 |
| 0.750% due 02/15/2042 | 143 | 114 |
| 0.750% due 02/15/2045 | 823 | 614 |
| 0.875% due 02/15/2047 | 937 | 692 |
| 1.000% due 02/15/2046 | 273 | 211 |
| 1.000% due 02/15/2048 | 917 | 688 |
| 1.000% due 02/15/2049 | 2182 | 1612 |
| 1.375% due 02/15/2044 | 139 | 119 |
| 1.500% due 02/15/2053 | 1304 | 1045 |
| 0.125% due 04/15/2026 | 9485 | 9435 |
| 0.125% due 01/15/2031 | 124 | 117 |
| 0.125% due 07/15/2031 | 3314 | 3096 |
| 0.125% due 01/15/2032 | 350 | 322 |
| 0.250% due 07/15/2029 | 3943 | 3826 |
| 0.375% due 01/15/2027 | 226 | 224 |
| 0.375% due 07/15/2027 | 66 | 66 |
| 0.625% due 07/15/2032 | 4670 | 4421 |
| 0.750% due 07/15/2028 (k) | 915 | 911 |
| 0.875% due 01/15/2029 (k) | 2414 | 2396 |
| 1.125% due 01/15/2033 | 325 | 315 |
| 1.375% due 07/15/2033 | 11700 | 11524 |
| 1.625% due 04/15/2030 | 1928 | 1958 |
| 1.750% due 01/15/2034 | 4624 | 4647 |
| 1.875% due 07/15/2034 | 19251 | 19539 |
| **U.S. Treasury Notes** |  |  |
| 0.375% due 09/30/2027 (m) | 340 | 319 |
| 0.500% due 10/31/2027 (m) | 300 | 281 |
| 0.625% due 11/30/2027 (k)(m) | 4140 | 3886 |
| 0.625% due 12/31/2027 (k)(m) | 1750 | 1638 |
| 0.750% due 01/31/2028 (k)(m) | 1600 | 1498 |
| 2.625% due 01/31/2026 (k)(m) | 3500 | 3485 |
| 4.000% due 07/31/2032 | 19300 | 19394 |
| 4.500% due 03/31/2026 | 13200 | 13243 |
| 4.500% due 04/15/2027 | 13300 | 13466 |
| Total U.S. Treasury Obligations (Cost $150,299) |  | 145472 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 20.7%** |  |  |
| **AG Trust**<br>6.166% due 07/15/2041 •  | 1711 | 1719 |
| **American Home Mortgage Investment Trust**<br>7.100% due 06/25/2036 þ | 6155 | 847 |
| **Avon Finance**<br>4.886% due 12/28/2049 •  | 3337 | 4498 |
| **BBCCRE Trust**<br>3.966% due 08/10/2033 | $4100 | 3790 |
| **Bear Stearns ALT-A Trust**<br>4.592% due 06/25/2046 •  | 2796 | 2574 |
| **Bridgegate Funding PLC**<br>6.316% due 10/16/2062 •  | 8737 | 11826 |
| **Chase Home Lending Mortgage Trust** |  |  |
| 3.250% due 09/25/2064 ~ | $6813 | 6123 |
| 3.500% due 06/25/2062 ~ | 4134 | 3835 |
| **Chase Mortgage Finance Trust**<br>4.739% due 12/25/2035 ~ | 81 | 77 |
| **CIM Trust** |  |  |
| 4.750% due 06/25/2064 ~ | 3029 | 3011 |
| 5.000% due 05/25/2062 ~ | 3394 | 3394 |
| **CitiMortgage Alternative Loan Trust**<br>6.000% due 03/25/2037 •  | 1114 | 987 |
| **COMM Mortgage Trust**<br>3.140% due 10/10/2036 | 4100 | 3866 |
| **Countrywide Alternative Loan Trust** |  |  |
| 4.592% due 11/25/2036 •  | 3416 | 3182 |
| 6.500% due 09/25/2037 | 8479 | 2980 |

---

------

<br> Schedule of Investments PIMCO Income Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Cross** **Mortgage Trust**<br>5.549% due 12/25/2069 ~ | 4806 | 4844 |
| **CSMC Mortgage-Backed Trust**<br>5.750% due 03/25/2037 | 8681 | 4573 |
| **CSMC Trust** |  |  |
| 3.359% due 11/30/2037 ~ | 5590 | 5146 |
| 3.375% due 01/25/2060 | 3183 | 2637 |
| **Ellington Financial Mortgage Trust**<br>5.900% due 09/25/2067 þ | 3572 | 3598 |
| **Eurohome U.K. Mortgages PLC**<br>4.455% due 09/15/2044 •  | 2825 | 3775 |
| **Eurosail-U.K. PLC**<br>5.055% due 06/13/2045 •  | 299 | 402 |
| **Extended Stay America Trust**<br>5.344% due 07/15/2038 •  | $4216 | 4220 |
| **Grifonas Finance No. 1 PLC**<br>2.344% due 08/28/2039 •  | 358 | 409 |
| **GS Mortgage-Backed Securities Trust**<br>3.900% due 09/25/2061 þ | $6702 | 6562 |
| **HarborView Mortgage Loan Trust**<br>4.728% due 03/19/2036 •  | 34 | 31 |
| **JP Morgan Chase Commercial Mortgage Securities Trust** |  |  |
| 4.997% due 04/15/2037 •  | 3905 | 3852 |
| 7.235% due 10/05/2040 | 2600 | 2754 |
| **JP Morgan Mortgage Trust**<br>5.990% due 07/25/2064 ~ | 4788 | 4839 |
| **Kinbane 2 DAC**<br>0.000% due 08/24/2075 ~(a) | 4300 | 5049 |
| **Lugo Funding DAC**<br>3.026% due 05/26/2066 •  | 3083 | 3628 |
| **MASTR Adjustable Rate Mortgages Trust**<br>5.372% due 09/25/2037 •  | $10878 | 4302 |
| **Merrion Square Residential DAC**<br>3.008% due 03/24/2081 •  | 2504 | 2946 |
| **MFA Trust** |  |  |
| 4.250% due 02/25/2066 ~ | $3232 | 3109 |
| 4.400% due 03/25/2068 þ | 3258 | 3230 |
| **Morgan Stanley Capital I Trust** |  |  |
| 5.265% due 05/15/2036 •  | 1400 | 206 |
| 6.642% due 12/15/2038 •  | 2645 | 2351 |
| **PRET LLC**<br>5.249% due 10/25/2055 « | 5100 | 5098 |
| **PRET Trust**<br>4.000% due 03/25/2065 «þ | 5100 | 4963 |
| **PRPM LLC** |  |  |
| 3.750% due 03/25/2054 þ | 2526 | 2476 |
| 4.500% due 02/25/2055 þ | 894 | 889 |
| 5.897% due 12/25/2029 þ | 3498 | 3498 |
| 6.179% due 06/25/2030 þ | 4368 | 4382 |
| **PRPM Trust** |  |  |
| 5.674% due 12/26/2069 þ | 2944 | 2970 |
| 6.327% due 06/25/2069 þ | 2441 | 2498 |
| **RBSSP Resecuritization Trust**<br>4.161% due 12/26/2036 ~ | 342 | 328 |
| **RCKT Mortgage Trust** |  |  |
| 5.158% due 10/25/2044 þ | 5988 | 6006 |
| 5.846% due 08/25/2044 þ | 2581 | 2610 |
| **Sequoia Mortgage Trust**<br>5.069% due 10/25/2055 ~ | 5100 | 5128 |
| **SFO Commercial Mortgage Trust**<br>7.164% due 05/15/2038 •  | 2400 | 2341 |
| **Towd Point Mortgage Funding - Granite 6 PLC**<br>4.978% due 07/20/2053 •  | 1802 | 2430 |
| **Towd Point Mortgage Funding 3 PLC**<br>5.386% due 02/20/2054 •  | 4196 | 5670 |
| **Towd Point Mortgage Trust** |  |  |
| 2.900% due 10/25/2059 ~ | $1917 | 1845 |
| 4.562% due 10/25/2064 ~ | 4312 | 4345 |
| 5.043% due 07/25/2065 ~ | 5469 | 5535 |
| **Verus Securitization Trust** |  |  |
| 5.799% due 07/25/2069 þ | 5443 | 5500 |
| 6.259% due 12/25/2068 þ | 1517 | 1535 |
| **WaMu Mortgage Pass-Through Certificates Trust** |  |  |
| 5.223% due 01/25/2046 •  | 10730 | 9608 |
| 5.781% due 03/25/2033 ~ | 30 | 29 |
| **Washington Mutual Mortgage Pass-Through Certificates WMALT Trust**<br>5.003% due 10/25/2046 •  | 1707 | 1538 |
| **Wells Fargo Commercial Mortgage Trust**<br>5.693% due 10/15/2042 «•(a) | 5100 | 5087 |

---

------

<br> Schedule of Investments PIMCO Income Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **WSTN** **Trust**<br>6.518% due 07/05/2037 ~ | 2500 | 2551 |
| Total Non-Agency Mortgage-Backed Securities (Cost $215,419) |  | 214032 |
| **ASSET-BACKED SECURITIES 36.1%** |  |  |
| **AUTOMOBILE ABS OTHER 0.5%** |  |  |
| **Golden Bar Securitisation SRL**<br>3.079% due 09/22/2043 •  | 2716 | 3211 |
| **Santander Bank Auto Credit-Linked Notes**<br>4.965% due 01/18/2033 | $2000 | 2012 |
|  |  | 5223 |
| **AUTOMOBILE SEQUENTIAL 5.4%** |  |  |
| **CarMax Select Receivables Trust**<br>4.190% due 03/15/2029 | 5100 | 5103 |
| **Carvana Auto Receivables Trust** |  |  |
| 4.070% due 02/12/2029 | 5100 | 5102 |
| 5.050% due 04/10/2029 | 5100 | 5132 |
| 5.820% due 08/10/2028 | 1621 | 1633 |
| 6.160% due 10/10/2028 | 1746 | 1765 |
| **Chase Auto Owner Trust**<br>5.250% due 09/27/2027 | 968 | 970 |
| **Drive Auto Receivables Trust**<br>4.140% due 09/15/2032 | 5100 | 5102 |
| **First Investors Auto Owner Trust**<br>6.440% due 10/16/2028 | 642 | 648 |
| **Flagship Credit Auto Trust**<br>5.640% due 03/15/2028 | 949 | 952 |
| **GLS Auto Receivables Issuer Trust**<br>4.760% due 10/15/2027 | 1555 | 1556 |
| **GLS Auto Select Receivables Trust**<br>6.370% due 06/15/2028 | 601 | 605 |
| **Hyundai Auto Receivables Trust**<br>4.840% due 03/15/2029 | 3500 | 3540 |
| **Octane Receivables Trust**<br>4.940% due 05/20/2030 | 3135 | 3153 |
| **Oscar U.S. Funding XIII LLC**<br>1.270% due 09/11/2028 | 1646 | 1597 |
| **Research-Driven Pagaya Motor Asset Trust**<br>7.130% due 01/26/2032 | 1946 | 1949 |
| **SCCU Auto Receivables Trust**<br>5.110% due 06/15/2029 | 3500 | 3529 |
| **Westlake Automobile Receivables Trust**<br>4.660% due 09/15/2028 | 4800 | 4815 |
| **World Omni Select Auto Trust** |  |  |
| 4.140% due 05/15/2030 | 5100 | 5102 |
| 4.980% due 02/15/2030 | 3500 | 3523 |
|  |  | 55776 |
| **CMBS OTHER 0.2%** |  |  |
| **PFP Ltd.**<br>6.050% due 09/17/2039 •  | 2373 | 2378 |
| **HOME EQUITY OTHER 12.7%** |  |  |
| **ABFC Trust**<br>4.552% due 11/25/2036 •  | 3387 | 2011 |
| **Aegis Asset-Backed Securities Trust**<br>4.612% due 01/25/2037 •  | 2935 | 2224 |
| **Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates**<br>6.102% due 12/25/2034 •  | 784 | 713 |
| **Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates**<br>5.367% due 09/25/2034 •  | 1815 | 1705 |
| **Argent Securities Trust**<br>4.752% due 07/25/2036 •  | 13404 | 3649 |
| **Asset-Backed Securities Corp. Home Equity Loan Trust**<br>5.247% due 06/25/2035 •  | 11000 | 9775 |
| **Bear Stearns Asset-Backed Securities I Trust**<br>5.383% due 12/25/2034 •  | 5539 | 5562 |
| **Citigroup Mortgage Loan Trust, Inc.** |  |  |
| 4.532% due 03/25/2037 •  | 15 | 14 |
| 4.592% due 12/25/2036 •  | 1211 | 682 |
| 4.792% due 03/25/2036 •  | 1548 | 1420 |
| 4.902% due 02/25/2035 •  | 1562 | 1467 |
| 4.962% due 10/25/2035 •  | 900 | 841 |
| 5.007% due 09/25/2035 •  | 296 | 295 |
| **Countrywide Asset-Backed Certificates Trust** |  |  |
| 4.489% due 05/25/2036 •  | 9800 | 9712 |
| 4.552% due 06/25/2035 •  | 1031 | 946 |
| 4.552% due 05/25/2037 •  | 787 | 751 |
| 4.552% due 04/25/2047 •  | 723 | 705 |

---

------

<br> Schedule of Investments PIMCO Income Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 4.552% due 06/25/2047 •  | 745 | 706 |
| 4.647% due 06/25/2037 •  | 14294 | 13603 |
| 4.707% due 01/25/2045 •  | 959 | 914 |
| 4.712% due 05/25/2037 •  | 907 | 877 |
| 4.712% due 06/25/2037 •  | 611 | 599 |
| 4.712% due 06/25/2047 •  | 391 | 379 |
| 5.572% due 08/25/2035 •  | 1594 | 1554 |
| **Fremont Home Loan Trust**<br>4.887% due 11/25/2035 •  | 2113 | 1954 |
| **GSAA Home Equity Trust**<br>5.052% due 06/25/2035 •  | 4831 | 4076 |
| **GSAMP Trust** |  |  |
| 4.917% due 11/25/2035 •  | 1902 | 1865 |
| 5.172% due 11/25/2035 •  | 1475 | 1446 |
| **Home Equity Mortgage Loan Asset-Backed Trust** |  |  |
| 4.492% due 04/25/2037 •  | 1396 | 1090 |
| 4.872% due 03/25/2036 •  | 3659 | 3352 |
| **HSI Asset Securitization Corp. Trust** |  |  |
| 4.412% due 12/25/2036 •  | 833 | 723 |
| 4.412% due 01/25/2037 •  | 2241 | 1720 |
| 4.422% due 12/25/2036 •  | 2684 | 2392 |
| 4.492% due 12/25/2036 •  | 939 | 234 |
| **IXIS Real Estate Capital Trust**<br>4.572% due 01/25/2037 •  | 3523 | 1179 |
| **Long Beach Mortgage Loan Trust**<br>4.572% due 11/25/2036 •  | 372 | 264 |
| **MASTR Asset-Backed Securities Trust**<br>5.422% due 08/25/2037 •  | 1325 | 1171 |
| **Merrill Lynch Mortgage Investors Trust**<br>4.412% due 04/25/2047 •  | 4344 | 1702 |
| **Morgan Stanley ABS Capital I, Inc. Trust** |  |  |
| 4.342% due 10/25/2036 •  | 1877 | 980 |
| 4.352% due 11/25/2036 •  | 3737 | 2201 |
| 4.812% due 12/25/2034 •  | 1002 | 960 |
| 4.812% due 03/25/2036 •  | 642 | 629 |
| 4.872% due 12/25/2034 •  | 754 | 719 |
| **New Century Home Equity Loan Trust**<br>5.202% due 11/25/2034 •  | 6891 | 7028 |
| **Nomura Home Equity Loan, Inc. Home Equity Loan Trust**<br>4.572% due 07/25/2036 •  | 353 | 332 |
| **NovaStar Mortgage Funding Trust**<br>4.812% due 05/25/2036 •  | 4400 | 4284 |
| **Option One Mortgage Loan Trust** |  |  |
| 4.492% due 04/25/2037 •  | 1025 | 733 |
| 4.812% due 01/25/2036 •  | 4495 | 4257 |
| **RCKT Mortgage Trust**<br>4.795% due 09/25/2055 «þ | 5100 | 5091 |
| **Renaissance Home Equity Loan Trust**<br>5.285% due 01/25/2037 þ | 4629 | 1386 |
| **Residential Asset Securities Corporation Trust** |  |  |
| 4.872% due 02/25/2036 •  | 273 | 273 |
| 4.952% due 05/25/2037 •  | 87 | 87 |
| 4.977% due 10/25/2035 •  | 2000 | 1809 |
| **Saxon Asset Securities Trust** |  |  |
| 5.247% due 12/26/2034 •  | 629 | 579 |
| 6.022% due 12/25/2037 •  | 637 | 612 |
| **Soundview Home Loan Trust** |  |  |
| 4.492% due 02/25/2037 •  | 1009 | 269 |
| 4.677% due 12/25/2036 •  | 1194 | 1192 |
| 5.022% due 01/25/2035 •  | 4258 | 3946 |
| 5.247% due 11/25/2035 •  | 1988 | 1970 |
| **Structured Asset Securities Corp.**<br>4.977% due 02/25/2035 •  | 603 | 616 |
| **Structured Asset Securities Corp. Mortgage Loan Trust** |  |  |
| 4.797% due 07/25/2036 •  | 749 | 740 |
| 4.872% due 01/25/2037 •  | 2972 | 2475 |
| 5.272% due 04/25/2031 •  | 4114 | 4177 |
|  |  | 131617 |
| **WHOLE LOAN COLLATERAL 0.9%** |  |  |
| **First Franklin Mortgage Loan Trust** |  |  |
| 4.392% due 12/25/2036 •  | 341 | 332 |
| 5.217% due 06/25/2034 •  | 2441 | 2401 |
| **PRET LLC**<br>5.925% due 10/25/2054 þ | 3447 | 3454 |
| **Residential Asset Mortgage Products Trust**<br>5.397% due 06/25/2035 •  | 2600 | 2550 |
|  |  | 8737 |
| **OTHER ABS 16.4%** |  |  |
| **37 Capital CLO II Ltd.**<br>5.608% due 07/15/2034 •  | 3600 | 3605 |
| **522 Funding CLO Ltd.**<br>5.519% due 10/23/2034 •  | 4000 | 4007 |

---

------

<br> Schedule of Investments PIMCO Income Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Affirm** **Master Trust**<br>4.450% due 10/16/2034 | 5100 | 5098 |
| **Allegro CLO XI Ltd.**<br>5.575% due 01/19/2033 •  | 2432 | 2435 |
| **Anchorage Credit Funding 1 Ltd.**<br>3.900% due 07/28/2037 | 4134 | 4092 |
| **Anchorage Credit Funding 10 Ltd.**<br>3.619% due 04/25/2038 | 4400 | 4325 |
| **Anchorage Credit Funding 12 Ltd.**<br>3.177% due 10/25/2038 | 1000 | 972 |
| **Anchorage Credit Funding 2 Ltd.**<br>3.928% due 04/25/2038 | 4400 | 4337 |
| **Anchorage Credit Funding 7 Ltd.**<br>4.620% due 04/25/2037 | 3702 | 3694 |
| **Anchorage Credit Funding 8 Ltd.**<br>4.430% due 07/25/2037 | 4084 | 4067 |
| **Anchorage Credit Funding 9 Ltd.**<br>3.793% due 10/25/2037 | 4005 | 3967 |
| **Arbour CLO VII DAC**<br>3.194% due 12/15/2038 •  | 3600 | 4233 |
| **Atlantic Avenue Ltd.**<br>0.000% due 10/15/2038 •(a) | $5100 | 5100 |
| **Atlas Senior Loan Fund X Ltd.**<br>5.669% due 01/15/2031 •  | 2 | 2 |
| **Atlas Senior Loan Fund XV Ltd.**<br>5.539% due 10/23/2032 •  | 2724 | 2727 |
| **Barings CLO Ltd.**<br>5.577% due 01/20/2031 •  | 13 | 13 |
| **Carlyle Global Market Strategies CLO Ltd.** |  |  |
| 5.415% due 07/20/2034 •  | 4000 | 4002 |
| 5.545% due 07/20/2032 •  | 1659 | 1661 |
| **Centerbridge Credit Funding 1 Ltd.**<br>3.164% due 07/25/2039 | 6450 | 6230 |
| **CIFC Funding Ltd.**<br>5.719% due 07/15/2036 •  | 2500 | 2504 |
| **Crossroads Asset Trust**<br>4.910% due 02/20/2032 | 4600 | 4632 |
| **Fortress Credit BSL X Ltd.**<br>0.000% due 04/20/2033 •(a) | 5100 | 5100 |
| **Gallatin CLO VIII Ltd.**<br>5.669% due 07/15/2031 •  | 168 | 169 |
| **GreenSky Home Improvement Issuer Trust** |  |  |
| 5.250% due 10/27/2059 | 1110 | 1114 |
| 5.320% due 03/25/2060 | 4400 | 4503 |
| **GreenSky Home Improvement Trust**<br>5.880% due 06/25/2059 | 335 | 337 |
| **ICG U.S. CLO Ltd.**<br>5.475% due 10/20/2034 •  | 4100 | 4105 |
| **Invesco Euro CLO III DAC**<br>3.126% due 10/30/2038 •  | 3600 | 4231 |
| **LCM 31 Ltd.**<br>5.605% due 07/20/2034 •  | $3300 | 3304 |
| **Lendmark Funding Trust**<br>5.530% due 06/21/2032 | 1400 | 1422 |
| **Magnetite XXV Ltd.**<br>5.780% due 01/25/2032 •  | 1474 | 1477 |
| **Nelnet Student Loan Trust** |  |  |
| 4.712% due 09/27/2066 •  | 91 | 91 |
| 6.589% due 02/20/2041 •  | 1255 | 1283 |
| **Pagaya AI Debt Grantor Trust** |  |  |
| 5.092% due 07/15/2032 | 1782 | 1791 |
| 5.183% due 06/15/2032 | 1521 | 1530 |
| **Pagaya AI Debt Selection Trust**<br>6.117% due 12/15/2031 | 1133 | 1143 |
| **Pagaya AI Debt Trust**<br>5.373% due 01/17/2033 | 4600 | 4638 |
| **Palmer Square European Loan Funding DAC** |  |  |
| 3.006% due 05/15/2033 •  | 2026 | 2378 |
| 3.026% due 05/15/2034 •  | 2596 | 3043 |
| 3.870% due 10/15/2034 •  | 4200 | 4940 |
| **Reach ABS Trust** |  |  |
| 5.880% due 07/15/2031 | $1083 | 1089 |
| 6.300% due 02/18/2031 | 83 | 83 |
| **Romark CLO - IV Ltd.**<br>0.000% due 07/10/2034 •(a) | 5100 | 5100 |
| **SLM Private Credit Student Loan Trust**<br>4.629% due 06/15/2039 •  | 1306 | 1275 |
| **SMB Private Education Loan Trust** |  |  |
| 5.060% due 03/16/2054 | 3429 | 3480 |
| 5.240% due 03/15/2056 | 4100 | 4194 |
| 5.474% due 07/15/2053 •  | 5658 | 5648 |
| 5.822% due 02/16/2055 •  | 2541 | 2566 |
| 5.822% due 03/15/2056 •  | 5083 | 5147 |
| **Tesla Sustainable Energy Trust**<br>5.080% due 06/21/2050 | 3392 | 3419 |

---

------

<br> Schedule of Investments PIMCO Income Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **TIAA** **CLO IV Ltd.**<br>5.465% due 01/20/2032 •  | 1784 | 1786 |
| **Tralee CLO VI Ltd.**<br>5.538% due 10/25/2032 •  | 2273 | 2278 |
| **Trysail CLO Ltd.**<br>5.564% due 10/20/2033 •  | 4000 | 4006 |
| **Vibrant CLO XII Ltd.**<br>5.301% due 04/20/2034 •  | 5100 | 5100 |
| **Voya CLO Ltd.** |  |  |
| 5.621% due 10/17/2032 •  | 2494 | 2497 |
| 5.838% due 04/15/2037 •  | 3100 | 3111 |
|  |  | 169081 |
| Total Asset-Backed Securities (Cost $372,077) |  | 372812 |
| **SOVEREIGN ISSUES 6.8%** |  |  |
| **Argentina Bonar Bonds** |  |  |
| 0.750% due 07/09/2030 þ | 855 | 438 |
| 4.125% due 07/09/2035 þ | 726 | 341 |
| **Argentina Republic Government International Bonds** |  |  |
| 0.750% due 07/09/2030 þ | 454 | 308 |
| 1.000% due 07/09/2029 | 100 | 72 |
| 3.500% due 07/09/2041 þ | 5071 | 2470 |
| 4.125% due 07/09/2035 þ | 1080 | 569 |
| 5.000% due 01/09/2038 þ | 82 | 46 |
| **Brazil Letras do Tesouro Nacional**<br>0.000% due 04/01/2026 (f) | 60300 | 10584 |
| **Colombia Government International Bonds**<br>5.000% due 09/19/2032 | 2600 | 3019 |
| **Eagle Funding Luxco SARL**<br>5.500% due 08/17/2030 | $5000 | 5079 |
| **Israel Government International Bonds** |  |  |
| 5.375% due 02/19/2030 | 1200 | 1239 |
| 5.500% due 03/12/2034 | 1600 | 1646 |
| **Japan Government Thirty Year Bonds**<br>2.400% due 03/20/2055 | 25000 | 147 |
| **Japan Government Twenty Year Bonds**<br>2.400% due 03/20/2045 | 95000 | 626 |
| **Kuwait International Bonds**<br>4.016% due 10/09/2028 (a) | $1300 | 1300 |
| **Mexico Bonos** |  |  |
| 7.500% due 05/26/2033 | 2200 | 113 |
| 7.750% due 05/29/2031 | 15600 | 832 |
| 7.750% due 11/23/2034 | 38620 | 1994 |
| 8.500% due 03/01/2029 | 42600 | 2360 |
| 8.500% due 05/31/2029 | 10100 | 559 |
| **Mexico Government International Bonds** |  |  |
| 4.625% due 05/04/2033 | 600 | 726 |
| 5.375% due 03/22/2033 | $5100 | 5102 |
| **Mexico Udibonos** |  |  |
| 2.750% due 11/27/2031 (g) | 3164 | 157 |
| 3.000% due 12/03/2026 (g) | 3591 | 195 |
| 4.000% due 11/30/2028 (g) | 770 | 42 |
| 4.000% due 08/24/2034 (g) | 5472 | 286 |
| **Peru Government Bonds** |  |  |
| 5.350% due 08/12/2040 | 100 | 26 |
| 5.400% due 08/12/2034 | 300 | 84 |
| 6.150% due 08/12/2032 | 627 | 191 |
| 7.300% due 08/12/2033 | 8800 | 2827 |
| 7.600% due 08/12/2039 | 3600 | 1135 |
| **Peru Government International Bonds** |  |  |
| 5.400% due 08/12/2034 | 571 | 159 |
| 6.150% due 08/12/2032 | 9710 | 2965 |
| 6.900% due 08/12/2037 | 1966 | 593 |
| 6.950% due 08/12/2031 | 7618 | 2430 |
| **Republic of South Africa Government Bonds** |  |  |
| 7.000% due 02/28/2031 | 39400 | 2164 |
| 8.000% due 01/31/2030 | 6700 | 389 |
| 8.500% due 01/31/2037 | 21100 | 1126 |
| 8.875% due 02/28/2035 | 62000 | 3527 |
| 9.000% due 01/31/2040 | 4600 | 244 |
| **Romania Government International Bonds** |  |  |
| 3.750% due 02/07/2034 | 760 | 779 |
| 5.125% due 09/24/2031 | 1000 | 1173 |
| 5.250% due 03/10/2030 | 1600 | 1937 |
| 5.250% due 05/30/2032 | 350 | 411 |
| 5.625% due 05/30/2037 | 400 | 450 |
| 6.250% due 09/10/2034 | 2000 | 2423 |
| 6.750% due 07/11/2039 | 1000 | 1198 |
| **Russia Foreign Bonds - Eurobond** |  |  |
| 5.100% due 03/28/2035 « | $400 | 0 |
| 5.250% due 06/23/2047 « | 1600 | 0 |
| 5.625% due 04/04/2042 | 2000 | 1400 |
| **Turkiye Government Bonds** |  |  |
| 40.854% (BISTREFI) due 09/06/2028 ~ | 2500 | 59 |

---

------

<br> Schedule of Investments PIMCO Income Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 42.493% (BISTREFI) due 05/20/2026 ~ | 200 | 5 |
| 42.493% (BISTREFI) due 08/19/2026 ~ | 200 | 5 |
| 42.493% (BISTREFI) due 05/17/2028 ~ | 52000 | 1231 |
| **Turkiye Government International Bonds** |  |  |
| 5.250% due 03/13/2030 | $600 | 586 |
| 7.625% due 04/26/2029 | 700 | 745 |
| **Venezuela Government International Bonds** |  |  |
| 7.000% due 03/31/2038 ^(c) | 43 | 9 |
| 7.650% due 04/21/2035 ^(c) | 105 | 22 |
| 9.250% due 09/15/2027 ^(c) | 143 | 35 |
| 9.250% due 05/07/2028 ^(c) | 83 | 19 |
| 11.750% due 10/21/2026 ^(c) | 10 | 2 |
| 11.950% due 08/05/2031 ^(c) | 300 | 72 |
| Total Sovereign Issues (Cost $67,661) |  | 70671 |
|  | SHARES |  |
| **COMMON STOCKS 0.2%** |  |  |
| **COMMUNICATION SERVICES 0.1%** |  |  |
| **Clear Channel Outdoor Holdings, Inc.** **(d)** | 133771 | 211 |
| **iHeartMedia, Inc. Class A** **(d)** | 31404 | 90 |
| **iHeartMedia, Inc. Class B** **«(d)** | 24427 | 62 |
| **SES SA** **«(d)** | 28556 | 340 |
| **Uniti Group, Inc.** **(d)** | 696 | 4 |
|  |  | 707 |
| **FINANCIALS 0.0%** |  |  |
| **Intelsat SA** **«(d)(i)** | 28556 | 0 |
| **Unity Bancorp, Inc.** **«(d)** | 2018 | 11 |
| **XBP Global Holdings, Inc.** **(d)** | 2478 | 2 |
|  |  | 13 |
| **HEALTH CARE 0.1%** |  |  |
| **AmSurg Corp.** **«(d)(i)** | 22386 | 1011 |
| **INDUSTRIALS 0.0%** |  |  |
| **Westmoreland Mining Holdings** **«(d)(i)** | 237 | 0 |
| **Westmoreland Mining LLC** **«(d)(i)** | 749 | 1 |
|  |  | 1 |
| Total Common Stocks (Cost $3,704) |  | 1732 |
| **WARRANTS 0.0%** |  |  |
| **FINANCIALS 0.0%** |  |  |
| **Windstream Holdings II LLC - Exp. 10/25/2059** **«** | 393 | 2 |
| Total Warrants (Cost $2) |  | 2 |
| **PREFERRED SECURITIES 0.2%** |  |  |
| **BANKING & FINANCE 0.2%** |  |  |
| **Cooperatieve Rabobank UA**<br>6.500% þ(h) | 1369650 | 1853 |
| **Windstream Holdings II LLC**<br>11.000% «(d) | 13 | 13 |
| Total Preferred Securities (Cost $2,001) |  | 1866 |
|  | PRINCIPAL<br>AMOUNT<br>(000s) |  |
| **SHORT-TERM INSTRUMENTS 0.4%** |  |  |
| **NIGERIA TREASURY BILLS 0.4%** |  |  |
| 31.446% due 06/11/2026 - 06/29/2026 ~(e)(f) | 6633245 | 3910 |
| **U.S. TREASURY BILLS 0.0%** |  |  |
| 4.079% due 12/16/2025 - 01/27/2026 (e)(f)(m) | $183 | 181 |

---

------

<br> Schedule of Investments PIMCO Income Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Total Short-Term Instruments (Cost $3,747) |  | <br> 4091 |
| Total Investments in Securities (Cost $1,584,689) |  | 1581673 |
|  | SHARES |  |
| **INVESTMENTS IN AFFILIATES 5.1%** |  |  |
| **SHORT-TERM INSTRUMENTS 5.1%** |  |  |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.1%** |  |  |
| **PIMCO Short-Term Floating NAV Portfolio III** | 5370488 | 52303 |
| Total Short-Term Instruments (Cost $52,281) |  | 52303 |
| Total Investments in Affiliates (Cost $52,281) |  | 52303 |
| Total Investments 158.2% (Cost $1,636,970) |  | $1633976 |
| **Financial Derivative Instruments** **(j)(l)** **(0.0)**%(Cost or Premiums, net $2,362) |  | (132) |
| Other Assets and Liabilities, net (58.2)% |  | (601166) |
| Net Assets 100.0% |  | $1032678 |

---

------

<br> Schedule of Investments PIMCO Income Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  |
| **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** |
| **¤** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** |
| **^** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** |
| **«** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** |
| **(b)** | **Payment in-kind security.** | **Payment in-kind security.** | **Payment in-kind security.** | **Payment in-kind security.** | **Payment in-kind security.** | **Payment in-kind security.** | **Payment in-kind security.** | **Payment in-kind security.** | **Payment in-kind security.** | **Payment in-kind security.** | **Payment in-kind security.** | **Payment in-kind security.** |
| **(c)** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** |
| **(d)** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** |
| **(e)** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** |
| **(f)** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** |
| **(g)** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** |
| **(h)** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** |
| **(i)** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** |
| Issuer Description | Issuer Description | Issuer Description |  | Acquisition<br>Date | Acquisition<br>Date | Acquisition<br>Date | Acquisition<br>Date | Cost | Cost | Market<br>Value | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
| AmSurg Corp. | AmSurg Corp. | AmSurg Corp. |  | 11/02/2023 - 11/06/2023 | 11/02/2023 - 11/06/2023 | 11/02/2023 - 11/06/2023 | 11/02/2023 - 11/06/2023 | 935 | 935 | 1011 | 1011 | 0.10 |
| Intelsat SA | Intelsat SA | Intelsat SA |  | 06/19/2017 - 08/29/2025 | 06/19/2017 - 08/29/2025 | 06/19/2017 - 08/29/2025 | 06/19/2017 - 08/29/2025 | 1102 | 1102 | 0 | 0 | 0.00 |
| Morgan Stanley 0.000% due 04/02/2032 | Morgan Stanley 0.000% due 04/02/2032 | Morgan Stanley 0.000% due 04/02/2032 |  | 02/11/2020 | 02/11/2020 | 02/11/2020 | 02/11/2020 | 269 | 269 | 217 | 217 | 0.02 |
| Westmoreland Mining Holdings | Westmoreland Mining Holdings | Westmoreland Mining Holdings |  | 03/26/2019 | 03/26/2019 | 03/26/2019 | 03/26/2019 | 1 | 1 | 0 | 0 | 0.00 |
| Westmoreland Mining LLC | Westmoreland Mining LLC | Westmoreland Mining LLC |  | 06/30/2023 - 02/03/2025 | 06/30/2023 - 02/03/2025 | 06/30/2023 - 02/03/2025 | 06/30/2023 - 02/03/2025 | 3 | 3 | 1 | 1 | 0.00 |
|  |  |  |  |  |  |  | $ | 2310 | $ | 1229 | 0.12%  | 0.12%  |
| **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** |
| **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** |
| Description | Description | Description | Description | Description | Coupon | Maturity<br>Date | Maturity<br>Date | Principal<br>Amount | Principal<br>Amount | Proceeds | Payable for<br>Short Sales | Payable for<br>Short Sales |
| U.S. Government Agencies (0.4)% | U.S. Government Agencies (0.4)% | U.S. Government Agencies (0.4)% | U.S. Government Agencies (0.4)% | U.S. Government Agencies (0.4)% | U.S. Government Agencies (0.4)% | U.S. Government Agencies (0.4)% | U.S. Government Agencies (0.4)% | U.S. Government Agencies (0.4)% | U.S. Government Agencies (0.4)% | U.S. Government Agencies (0.4)% | U.S. Government Agencies (0.4)% | U.S. Government Agencies (0.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association, TBA | 2.500% | 10/01/2055 | 10/01/2055 | 300 | 300 | (259) | $ | $(258) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 11/01/2055 | 11/01/2055 | 3200 | 3200 | (2579) |  | (2580) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 6.000 | 10/01/2055 | 10/01/2055 | 800 | 800 | (817) |  | (818) |
| **Total Short Sales (0.4)%** | **Total Short Sales (0.4)%** | **Total Short Sales (0.4)%** | **Total Short Sales (0.4)%** | **Total Short Sales (0.4)%** |  |  |  |  |  | **(3655)** | **$** | $**(3656)** |
| **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6586) at a weighted average interest rate of 4.450%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6586) at a weighted average interest rate of 4.450%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6586) at a weighted average interest rate of 4.450%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6586) at a weighted average interest rate of 4.450%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6586) at a weighted average interest rate of 4.450%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6586) at a weighted average interest rate of 4.450%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6586) at a weighted average interest rate of 4.450%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6586) at a weighted average interest rate of 4.450%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6586) at a weighted average interest rate of 4.450%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6586) at a weighted average interest rate of 4.450%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6586) at a weighted average interest rate of 4.450%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6586) at a weighted average interest rate of 4.450%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6586) at a weighted average interest rate of 4.450%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** |
| **(j)** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** |
| **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** |
| **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** |
|  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Description | Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Notional<br>Amount | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) |  | Asset |  | Liability |
| Australia Government 10-Year Bond December Futures | Australia Government 10-Year Bond December Futures | 12/2025 | 48 | 3600 | 3600 | 3600 | (7) | (7) | $ | 25 | $ | 0 |
| Long Guilt December Futures | Long Guilt December Futures | 12/2025 | 596 | 72814 | 72814 | 72814 | 84 | 84 |  | 312 |  | (40) |
| U.S. Treasury 2-Year Note December Futures | U.S. Treasury 2-Year Note December Futures | 12/2025 | 75 | 15630 | 15630 | 15630 | 27 | 27 |  | 8 |  | 0 |
| U.S. Treasury 5-Year Note December Futures | U.S. Treasury 5-Year Note December Futures | 12/2025 | 1382 | 150908 | 150908 | 150908 | 244 | 244 |  | 54 |  | 0 |
| U.S. Treasury 10-Year Note December Futures | U.S. Treasury 10-Year Note December Futures | 12/2025 | 2578 | 290025 | 290025 | 290025 | 1272 | 1272 |  | 0 |  | (40) |
| U.S. Treasury Ultra Long-Term Bond December Futures | U.S. Treasury Ultra Long-Term Bond December Futures | 12/2025 | 47 | 5643 | 5643 | 5643 | 169 | 169 |  | 0 |  | (27) |
|  |  |  |  |  |  |  | 1789 | $ | $ | $ | $ | (107) |

---

------

<br> Schedule of Investments PIMCO Income Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SHORT** **FUTURES CONTRACTS** | **SHORT** **FUTURES CONTRACTS** | **SHORT** **FUTURES CONTRACTS** | **SHORT** **FUTURES CONTRACTS** | **SHORT** **FUTURES CONTRACTS** | **SHORT** **FUTURES CONTRACTS** | **SHORT** **FUTURES CONTRACTS** | **SHORT** **FUTURES CONTRACTS** | **SHORT** **FUTURES CONTRACTS** | **SHORT** **FUTURES CONTRACTS** | **SHORT** **FUTURES CONTRACTS** | **SHORT** **FUTURES CONTRACTS** | **SHORT** **FUTURES CONTRACTS** | **SHORT** **FUTURES CONTRACTS** | **SHORT** **FUTURES CONTRACTS** | **SHORT** **FUTURES CONTRACTS** |
|  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Description | Description | Description | Description |  | Expiration<br>Month | Expiration<br>Month | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Asset | Liability |
| 3-Month SOFR Active Contract December Futures | 3-Month SOFR Active Contract December Futures | 3-Month SOFR Active Contract December Futures | 3-Month SOFR Active Contract December Futures | 3-Month SOFR Active Contract December Futures | 03/2026 | 03/2026 | 03/2026 | 11 | (2649) | $42 | 42 | 0 | 0 | 0 | (1) |
| 3-Month SOFR Active Contract March Futures | 3-Month SOFR Active Contract March Futures | 3-Month SOFR Active Contract March Futures | 3-Month SOFR Active Contract March Futures | 3-Month SOFR Active Contract March Futures | 06/2026 | 06/2026 | 06/2026 | 10 | (2413) | 33 | 33 | 0 | 0 | 0 | (1) |
| 3-Month SOFR Active Contract September Futures | 3-Month SOFR Active Contract September Futures | 3-Month SOFR Active Contract September Futures | 3-Month SOFR Active Contract September Futures | 3-Month SOFR Active Contract September Futures | 12/2025 | 12/2025 | 12/2025 | 9 | (2159) | 42 | 42 | 0 | 0 | 0 | 0 |
| Euro-Bobl December Futures | Euro-Bobl December Futures | Euro-Bobl December Futures | Euro-Bobl December Futures | Euro-Bobl December Futures | 12/2025 | 12/2025 | 12/2025 | 22 | (3043) | (1) | (1) | 0 | 0 | 0 | (4) |
| Euro-Bund December Futures | Euro-Bund December Futures | Euro-Bund December Futures | Euro-Bund December Futures | Euro-Bund December Futures | 12/2025 | 12/2025 | 12/2025 | 77 | (11623) | (69) | (69) | 3 | 3 | 3 | (30) |
| Japan Government 10-Year Bond December Futures | Japan Government 10-Year Bond December Futures | Japan Government 10-Year Bond December Futures | Japan Government 10-Year Bond December Futures | Japan Government 10-Year Bond December Futures | 12/2025 | 12/2025 | 12/2025 | 1 | (918) | 9 | 9 | 1 | 1 | 1 | (1) |
| U.S. Treasury Long-Term Bond December Futures | U.S. Treasury Long-Term Bond December Futures | U.S. Treasury Long-Term Bond December Futures | U.S. Treasury Long-Term Bond December Futures | U.S. Treasury Long-Term Bond December Futures | 12/2025 | 12/2025 | 12/2025 | 188 | (21920) | (461) | (461) | 47 | 47 | 47 | 0 |
| U.S. Ultra Treasury 10-Year Note December Futures | U.S. Ultra Treasury 10-Year Note December Futures | U.S. Ultra Treasury 10-Year Note December Futures | U.S. Ultra Treasury 10-Year Note December Futures | U.S. Ultra Treasury 10-Year Note December Futures | 12/2025 | 12/2025 | 12/2025 | 54 | (6214) | (60) | (60) | 3 | 3 | 3 | 0 |
|  |  |  |  |  |  |  |  |  |  | (465) | $ | 54 | 54 | $ | (37) |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **1324** | **$** | **453** | **453** | **$** | **(144)** |
| **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** |
| **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u><sup>(6)</sup> | <u>Variation Margin</u><sup>(6)</sup> | <u>Variation Margin</u><sup>(6)</sup> | <u>Variation Margin</u><sup>(6)</sup> |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> |  | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Market<br>Value<sup>(5)</sup> | Asset | Asset | Liability |
| Airbus Finance BV | 1.000% | Quarterly | 06/20/2026 | 0.079 | 0.079 | 0.079 | EUR | 1800 | 51 | (37) | 14 | 14 | 0 | 0 | 0 |
| AT&T, Inc. | 1.000 | Quarterly | 12/20/2025 | 0.226 | 0.226 | 0.226 | $ | $900 | 11 | (9) | 2 | 2 | 0 | 0 | 0 |
| AT&T, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.402 | 0.402 | 0.402 |  | 200 | (1) | 4 | 3 | 3 | 0 | 0 | 0 |
| Ford Motor Credit Co. LLC | 5.000 | Quarterly | 06/20/2027 | 0.874 | 0.874 | 0.874 |  | 400 | 21 | 8 | 29 | 29 | 0 | 0 | 0 |
| General Electric Co. | 1.000 | Quarterly | 06/20/2026 | 0.065 | 0.065 | 0.065 |  | 2000 | 8 | 6 | 14 | 14 | 0 | 0 | 0 |
|  |  |  |  |  |  |  |  |  | $90 | (28) | 62 | 62 | $0 | 0 | $0 |
| **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u><sup>(6)</sup> | <u>Variation Margin</u><sup>(6)</sup> | <u>Variation Margin</u><sup>(6)</sup> | <u>Variation Margin</u><sup>(6)</sup> |
| Index/Tranches | Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date |  |  | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Market<br>Value<sup>(5)</sup> | Asset | Asset | Liability |
| CDX.IT-RAXX MAIN43 | CDX.IT-RAXX MAIN43 | (1.000)% | Quarterly | 06/20/2030 | 06/20/2030 | EUR | EUR | 4530 | 99 | 21 | 120 | 120 | 2 | 2 | 0 |
| **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u><sup>(6)</sup> | <u>Variation Margin</u><sup>(6)</sup> | <u>Variation Margin</u><sup>(6)</sup> | <u>Variation Margin</u><sup>(6)</sup> |
| Index/Tranches | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date |  |  | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Market<br>Value<sup>(5)</sup> | Asset | Asset | Liability |
| CDX.EM-34 5-Year Index | CDX.EM-34 5-Year Index | 1.000% | Quarterly | 12/20/2025 | 12/20/2025 | $ | $ | 828 | (27) | 28 | 1 | 1 | 0 | 0 | 0 |
| CDX.EM-36 5-Year Index | CDX.EM-36 5-Year Index | 1.000 | Quarterly | 12/20/2026 | 12/20/2026 |  |  | 4324 | (162) | 181 | 19 | 19 | 0 | 0 | (2) |
| CDX.EM-38 5-Year Index | CDX.EM-38 5-Year Index | 1.000 | Quarterly | 12/20/2027 | 12/20/2027 |  |  | 400 | (33) | 34 | 1 | 1 | 0 | 0 | 0 |
| CDX.EM-39 5-Year Index | CDX.EM-39 5-Year Index | 1.000 | Quarterly | 06/20/2028 | 06/20/2028 |  |  | 100 | (7) | 7 | 0 | 0 | 0 | 0 | 0 |
| CDX.EM-40 5-Year Index | CDX.EM-40 5-Year Index | 1.000 | Quarterly | 12/20/2028 | 12/20/2028 |  |  | 1600 | (74) | 72 | (2) | (2) | 0 | 0 | (1) |
| CDX.EM-41 5-Year Index | CDX.EM-41 5-Year Index | 1.000 | Quarterly | 06/20/2029 | 06/20/2029 |  |  | 400 | (15) | 13 | (2) | (2) | 0 | 0 | 0 |
| CDX.EM-42 5-Year Index | CDX.EM-42 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 12/20/2029 |  |  | 400 | (12) | 9 | (3) | (3) | 0 | 0 | 0 |
| CDX.EM-44 5-Year Index | CDX.EM-44 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 12/20/2030 |  |  | 300 | (6) | (1) | (7) | (7) | 0 | 0 | 0 |
| CDX.HY-36 5-Year Index | CDX.HY-36 5-Year Index | 5.000 | Quarterly | 06/20/2026 | 06/20/2026 |  |  | 2496 | 212 | (144) | 68 | 68 | 3 | 3 | 0 |
| CDX.HY-37 5-Year Index | CDX.HY-37 5-Year Index | 5.000 | Quarterly | 12/20/2026 | 12/20/2026 |  |  | 1056 | 58 | (10) | 48 | 48 | 1 | 1 | 0 |
| CDX.HY-40 5-Year Index | CDX.HY-40 5-Year Index | 5.000 | Quarterly | 06/20/2028 | 06/20/2028 |  |  | 98 | 0 | 7 | 7 | 7 | 0 | 0 | 0 |
| CDX.HY-43 5-Year Index | CDX.HY-43 5-Year Index | 5.000 | Quarterly | 12/20/2029 | 12/20/2029 |  |  | 5900 | 424 | 28 | 452 | 452 | 0 | 0 | (9) |
| CDX.HY-44 5-Year Index | CDX.HY-44 5-Year Index | 5.000 | Quarterly | 06/20/2030 | 06/20/2030 |  |  | 10700 | 484 | 384 | 868 | 868 | 4 | 4 | 0 |
| CDX.HY-45 5-Year Index | CDX.HY-45 5-Year Index | 5.000 | Quarterly | 12/20/2030 | 12/20/2030 |  |  | 7600 | 578 | 18 | 596 | 596 | 8 | 8 | 0 |
| CDX.IG-40 5-Year Index | CDX.IG-40 5-Year Index | 1.000 | Quarterly | 06/20/2028 | 06/20/2028 |  |  | 200 | 1 | 3 | 4 | 4 | 0 | 0 | 0 |
| CDX.IG-41 5-Year Index | CDX.IG-41 5-Year Index | 1.000 | Quarterly | 12/20/2028 | 12/20/2028 |  |  | 100 | 1 | 1 | 2 | 2 | 0 | 0 | 0 |
| CDX.IG-43 5-Year Index | CDX.IG-43 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 12/20/2029 |  |  | 100 | 2 | 0 | 2 | 2 | 0 | 0 | 0 |
| CDX.IG-45 5-Year Index | CDX.IG-45 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 12/20/2030 |  |  | 19200 | 431 | 10 | 441 | 441 | 2 | 2 | 0 |
| CDX.IT-RAXX MAIN44 | CDX.IT-RAXX MAIN44 | 1.000 | Quarterly | 12/20/2030 | 12/20/2030 | EUR | EUR | 980 | 25 | 0 | 25 | 25 | 0 | 0 | 0 |
|  |  |  |  |  |  |  |  |  | 1880 | 640 | 2520 | 2520 | 18 | 18 | (12) |

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<br> Schedule of Investments PIMCO Income Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **INTEREST** **RATE SWAPS** | **INTEREST** **RATE SWAPS** | **INTEREST** **RATE SWAPS** | **INTEREST** **RATE SWAPS** | **INTEREST** **RATE SWAPS** | **INTEREST** **RATE SWAPS** | **INTEREST** **RATE SWAPS** | **INTEREST** **RATE SWAPS** | **INTEREST** **RATE SWAPS** | **INTEREST** **RATE SWAPS** | **INTEREST** **RATE SWAPS** | **INTEREST** **RATE SWAPS** |
|  |  |  |  |  |  |  |  |  | <u>Variation Margin</u><sup>(6)</sup> | <u>Variation Margin</u><sup>(6)</sup> | <u>Variation Margin</u><sup>(6)</sup> |
| Pay/<br>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 | Market<br>Value | Asset | Liability |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | 37100 | $(139) | $(75) | $(214) | (214) | $51 | $0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 3.700 | Annual | 03/28/2034 | 200 | (1) | 9 | 8 | 8 | 0 | (1) |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 09/17/2035 | 3100 | 64 | (11) | 53 | 53 | 0 | (10) |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 09/17/2055 | 180 | 9 | (4) | 5 | 5 | 0 | (1) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.176 | Annual | 04/27/2027 | 180000 | 0 | (15) | (15) | (15) | 0 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.020 | Semi-Annual | 09/20/2028 | 430000 | 10 | 87 | 97 | 97 | 2 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.000 | Semi-Annual | 03/15/2029 | 4351000 | 210 | 950 | 1160 | 1160 | 17 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.700 | Annual | 09/18/2029 | 2200000 | 29 | 220 | 249 | 249 | 10 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.400 | Annual | 06/15/2032 | 541400 | 2 | 210 | 212 | 212 | 5 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 09/18/2034 | 1130000 | 63 | 217 | 280 | 280 | 14 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 06/18/2035 | 192000 | (40) | 65 | 25 | 25 | 3 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.500 | Annual | 03/15/2042 | 258000 | 69 | 294 | 363 | 363 | 4 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.711 | Annual | 04/27/2042 | 46000 | 0 | 56 | 56 | 56 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.600 | Annual | 01/16/2026 | $8000 | 102 | 115 | 217 | 217 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.300 | Annual | 01/17/2026 | 5700 | 1 | 114 | 115 | 115 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 0.940 | Semi-Annual | 06/08/2026 | 1100 | 0 | 23 | 23 | 23 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 0.500 | Semi-Annual | 06/16/2026 | 8200 | 76 | 130 | 206 | 206 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Semi-Annual | 06/19/2026 | 11200 | (915) | 921 | 6 | 6 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/21/2026 | 1100 | 0 | 5 | 5 | 5 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.250 | Semi-Annual | 12/15/2026 | 12400 | 114 | (471) | (357) | (357) | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.740 | Semi-Annual | 12/16/2026 | 400 | (18) | 27 | 9 | 9 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.570 | Semi-Annual | 01/11/2027 | 900 | (1) | (31) | (32) | (32) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.425 | Semi-Annual | 01/18/2027 | 1000 | (2) | (35) | (37) | (37) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.350 | Semi-Annual | 01/20/2027 | 3500 | (1) | 133 | 132 | 132 | 0 | (1) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.418 | Semi-Annual | 01/20/2027 | 500 | 0 | (18) | (18) | (18) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.550 | Semi-Annual | 01/20/2027 | 15500 | (36) | (505) | (541) | (541) | 3 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.580 | Semi-Annual | 02/16/2027 | 1100 | (2) | (35) | (37) | (37) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.450 | Semi-Annual | 02/17/2027 | 2600 | (1) | 93 | 92 | 92 | 0 | (1) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.700 | Semi-Annual | 02/17/2027 | 10200 | (27) | (296) | (323) | (323) | 2 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.573 | Annual | 02/28/2027 | 700 | (1) | (29) | (30) | (30) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.928 | Annual | 03/25/2027 | 1200 | (2) | (40) | (42) | (42) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 06/15/2027 | 2630 | 88 | 44 | 132 | 132 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.450 | Annual | 10/04/2027 | 1790 | 0 | 70 | 70 | 70 | 0 | (1) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.900 | Annual | 10/04/2027 | 5100 | (37) | (94) | (131) | (131) | 2 | 0 |

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<br> Schedule of Investments PIMCO Income Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.955 | Annual | 10/04/2027 | 1100 | (8) | (18) | (26) | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2027 | 660 | 47 | (15) | 32 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.800 | Annual | 03/10/2028 | 500 | (1) | 4 | 3 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.235 | Semi-Annual | 05/12/2028 | 400 | (1) | 25 | 24 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 0.500 | Semi-Annual | 06/16/2028 | 3213 | (130) | (130) | (260) | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.250 | Semi-Annual | 06/20/2028 | 1300 | (111) | 151 | 40 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/21/2028 | 29180 | 204 | (37) | 167 | 0 | (16) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.800 | Annual | 09/05/2028 | 1100 | (8) | 22 | 14 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.265 | Semi-Annual | 09/28/2028 | 800 | (1) | (57) | (58) | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.510 | Annual | 11/30/2028 | 430 | 0 | 1 | 1 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.515 | Annual | 11/30/2028 | 750 | 0 | 2 | 2 | 0 | (1) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 12/15/2028 | 3066 | 60 | (249) | (189) | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/20/2028 | 14450 | 74 | (177) | (103) | 0 | (9) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 01/12/2029 | 578 | 0 | 42 | 42 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.700 | Semi-Annual | 01/12/2029 | 2100 | (6) | (133) | (139) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.518 | Semi-Annual | 01/20/2029 | 300 | 0 | (22) | (22) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.630 | Semi-Annual | 01/26/2029 | 500 | (1) | (33) | (34) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.940 | Annual | 02/22/2029 | 1200 | (3) | 23 | 20 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.970 | Annual | 02/27/2029 | 400 | (1) | 8 | 7 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 02/28/2029 | 760 | 0 | 6 | 6 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 03/20/2029 | 1100 | (35) | 3 | (32) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 06/15/2029 | 4690 | 225 | 204 | 429 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2029 | 1866 | 115 | 3 | 118 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 | 14400 | (257) | 82 | (175) | 0 | (9) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Semi-Annual | 12/10/2029 | 800 | (71) | 119 | 48 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 12/18/2029 | 800 | (45) | 110 | 65 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 68730 | (601) | (87) | (688) | 0 | (38) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2029 | 4920 | 467 | (111) | 356 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Semi-Annual | 01/15/2030 | 2800 | (205) | 433 | 228 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Semi-Annual | 02/12/2030 | 1600 | (145) | 257 | 112 | 0 | (1) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 02/22/2030 | 900 | (3) | 2 | (1) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.340 | Annual | 02/23/2030 | 800 | (3) | (3) | (6) | 1 | 0 |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 02/28/2030 | 7945 | (12) | 21 | 9 | 0 | (4) |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.325 | Annual | 02/28/2030 | 7600 | (46) | 47 | 1 | 0 | (4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 1400 | (3) | (20) | (23) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Semi-Annual | 03/10/2030 | 800 | (74) | 129 | 55 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.430 | Semi-Annual | 03/17/2030 | 800 | (42) | 116 | 74 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2030 | 12000 | 505 | (232) | 273 | 0 | (6) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Semi-Annual | 06/17/2030 | 24800 | (996) | 3535 | 2539 | 0 | (9) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 910 | 5 | 3 | 8 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2030 | 16590 | 153 | 182 | 335 | 0 | (7) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/22/2030 | 1300 | (5) | 9 | 4 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.800 | Annual | 08/22/2030 | 200 | (1) | 5 | 4 | 0 | 0 |

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<br> Schedule of Investments PIMCO Income Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2030 | 20420 | (258) | (78) | (336) | 0 | (9) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Semi-Annual | 12/16/2030 | 719 | 4 | 87 | 91 | 0 | 0 |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 | 700 | (14) | 2 | (12) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2030 | 4570 | 246 | (235) | 11 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 03/20/2031 | 320 | (15) | 2 | (13) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.328 | Annual | 04/30/2031 | 550 | 0 | 5 | 5 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.431 | Annual | 04/30/2031 | 880 | 0 | 3 | 3 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 0.750 | Semi-Annual | 06/16/2031 | 4400 | 274 | 394 | 668 | 0 | (1) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 0.750 | Semi-Annual | 06/16/2031 | 6495 | (498) | (490) | (988) | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | 49300 | 456 | (1203) | (747) | 0 | (19) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 06/30/2031 | 1790 | 0 | 17 | 17 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.450 | Semi-Annual | 07/16/2031 | 800 | (3) | 103 | 100 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.405 | Semi-Annual | 09/07/2031 | 900 | (4) | 117 | 113 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 10/05/2031 | 600 | (1) | (73) | (74) | 3 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.535 | Semi-Annual | 10/15/2031 | 600 | (1) | (72) | (73) | 3 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.545 | Semi-Annual | 10/26/2031 | 400 | (1) | (49) | (50) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Semi-Annual | 12/15/2031 | 7000 | (143) | 891 | 748 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 24620 | (294) | 10 | (284) | 0 | (9) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.735 | Semi-Annual | 01/12/2032 | 400 | (1) | (47) | (48) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.655 | Semi-Annual | 01/24/2032 | 500 | (1) | (61) | (62) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.768 | Semi-Annual | 02/02/2032 | 400 | (1) | (45) | (46) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.000 | Semi-Annual | 02/18/2032 | 900 | (6) | (86) | (92) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.730 | Annual | 02/24/2032 | 700 | (3) | (78) | (81) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2032 | 10100 | 393 | (206) | 187 | 0 | (3) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.817 | Annual | 04/05/2032 | 2400 | (12) | (249) | (261) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.872 | Annual | 04/06/2032 | 1200 | (6) | (120) | (126) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 15070 | (15) | (229) | (244) | 0 | (5) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.385 | Annual | 06/08/2032 | 300 | 3 | 18 | 21 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.250 | Annual | 06/15/2032 | 2170 | (188) | (122) | (310) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Annual | 06/15/2032 | 1980 | 75 | 207 | 282 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | 4010 | (173) | (272) | (445) | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | 2108 | 176 | 59 | 235 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2032 | 1410 | 18 | 6 | 24 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2032 | 15050 | (230) | (10) | (240) | 0 | (5) |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2032 | 290 | (5) | 0 | (5) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2032 | 11180 | 1312 | (23) | 1289 | 0 | (2) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.400 | Annual | 02/23/2033 | 400 | (2) | (3) | (5) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.430 | Annual | 02/27/2033 | 500 | (2) | (4) | (6) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.370 | Annual | 03/01/2033 | 400 | (2) | (4) | (6) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.405 | Annual | 03/01/2033 | 500 | (2) | (5) | (7) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.425 | Annual | 03/01/2033 | 500 | (2) | (4) | (6) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 03/06/2033 | 500 | (2) | (8) | (10) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.450 | Annual | 03/07/2033 | 1000 | (4) | (6) | (10) | 0 | 0 |

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<br> Schedule of Investments PIMCO Income Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 05/22/2033 | 45500 | 440 | (207) | 233 | 0 | (9) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.420 | Annual | 05/24/2033 | 600 | (2) | (4) | (6) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 06/06/2033 | 19440 | (70) | (109) | (179) | 0 | (4) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 06/14/2033 | 1300 | (6) | (18) | (24) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 | 3995 | 60 | 100 | 160 | 0 | (1) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/21/2033 | 900 | (4) | 0 | (4) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.650 | Annual | 07/10/2033 | 400 | (1) | 3 | 2 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 07/12/2033 | 400 | (1) | 6 | 5 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 08/07/2033 | 200 | (1) | 3 | 2 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 08/30/2033 | 1000 | (3) | 27 | 24 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.950 | Annual | 09/13/2033 | 800 | (3) | 25 | 22 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.165 | Annual | 09/27/2033 | 800 | (3) | 35 | 32 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.155 | Annual | 10/02/2033 | 600 | (2) | 25 | 23 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.030 | Annual | 10/04/2033 | 800 | (3) | 26 | 23 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.175 | Annual | 10/10/2033 | 400 | (1) | 17 | 16 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.150 | Annual | 10/12/2033 | 400 | (2) | 17 | 15 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.200 | Annual | 10/18/2033 | 300 | (1) | 14 | 13 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.220 | Annual | 10/20/2033 | 400 | (1) | 19 | 18 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.230 | Annual | 10/23/2033 | 200 | (1) | 10 | 9 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.255 | Annual | 10/23/2033 | 200 | (1) | 10 | 9 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.393 | Annual | 10/25/2033 | 200 | (1) | 13 | 12 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.435 | Annual | 11/01/2033 | 200 | (1) | 13 | 12 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.450 | Annual | 11/01/2033 | 400 | (2) | 27 | 25 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 11/22/2033 | 400 | (2) | (17) | (19) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.030 | Annual | 12/15/2033 | 400 | (2) | (10) | (12) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.950 | Annual | 12/19/2033 | 400 | (2) | (8) | (10) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 | 1560 | (76) | 58 | (18) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.854 | Annual | 12/29/2033 | 400 | (2) | (5) | (7) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 01/02/2034 | 200 | (1) | (1) | (2) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.810 | Annual | 01/02/2034 | 200 | (1) | (2) | (3) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.684 | Annual | 01/03/2034 | 200 | (1) | 0 | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.648 | Annual | 01/08/2034 | 400 | (2) | 2 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.670 | Annual | 01/08/2034 | 400 | (2) | 1 | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.594 | Annual | 01/09/2034 | 400 | 0 | 2 | 2 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.600 | Annual | 01/17/2034 | 200 | (1) | 2 | 1 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 01/23/2034 | 200 | (1) | 3 | 2 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.738 | Annual | 01/23/2034 | 100 | 0 | 1 | 1 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.665 | Annual | 01/24/2034 | 400 | (2) | 3 | 1 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.685 | Annual | 01/24/2034 | 400 | (2) | 3 | 1 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.725 | Annual | 02/07/2034 | 200 | (1) | 2 | 1 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 02/21/2034 | 800 | (4) | 18 | 14 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.650 | Annual | 03/05/2034 | 400 | (2) | 3 | 1 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.710 | Annual | 03/05/2034 | 400 | (1) | 3 | 2 | 0 | 0 |

---

------

<br> Schedule of Investments PIMCO Income Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 04/10/2034 | 400 | (1) | 10 | 9 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 04/15/2034 | 200 | (1) | 5 | 4 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.080 | Annual | 04/17/2034 | 400 | (1) | 15 | 14 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.085 | Annual | 04/22/2034 | 400 | (2) | 16 | 14 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.150 | Annual | 04/22/2034 | 400 | (1) | 17 | 16 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.105 | Annual | 04/24/2034 | 700 | (2) | 28 | 26 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.078 | Annual | 04/29/2034 | 400 | (1) | 15 | 14 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 04/30/2034 | 1300 | (4) | 51 | 47 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.130 | Annual | 05/03/2034 | 400 | (1) | 17 | 16 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.200 | Annual | 05/06/2034 | 700 | (2) | 34 | 32 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 3290 | (92) | 126 | 34 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.994 | Annual | 07/02/2034 | 700 | (2) | (19) | (21) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.060 | Annual | 07/02/2034 | 400 | (1) | (13) | (14) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 07/10/2034 | 900 | (3) | (16) | (19) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.885 | Annual | 07/12/2034 | 700 | (2) | (13) | (15) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 08/05/2034 | 500 | (2) | (7) | (9) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.795 | Annual | 08/06/2034 | 500 | (2) | (5) | (7) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.645 | Annual | 08/07/2034 | 500 | (2) | 1 | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.715 | Annual | 08/07/2034 | 500 | (2) | (2) | (4) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.679 | Annual | 08/13/2034 | 500 | (2) | (1) | (3) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.569 | Annual | 08/14/2034 | 500 | (2) | 4 | 2 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.586 | Annual | 08/19/2034 | 700 | (2) | 3 | 1 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 08/19/2034 | 300 | (1) | 1 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.532 | Annual | 08/20/2034 | 500 | (2) | 5 | 3 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.550 | Annual | 08/21/2034 | 700 | (2) | 5 | 3 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.558 | Annual | 08/21/2034 | 500 | (2) | 4 | 2 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.613 | Annual | 08/22/2034 | 500 | (2) | 2 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.555 | Annual | 08/28/2034 | 500 | (2) | 4 | 2 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.565 | Annual | 08/28/2034 | 500 | (2) | 4 | 2 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.599 | Annual | 08/28/2034 | 500 | (2) | 2 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.600 | Annual | 08/28/2034 | 1000 | (4) | 5 | 1 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.605 | Annual | 08/28/2034 | 300 | (1) | 1 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.611 | Annual | 08/28/2034 | 1100 | (4) | 4 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.643 | Annual | 08/28/2034 | 500 | (2) | 1 | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.514 | Annual | 09/04/2034 | 1000 | (4) | 11 | 7 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.408 | Annual | 09/05/2034 | 200 | (1) | 4 | 3 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.410 | Annual | 09/05/2034 | 500 | (2) | 10 | 8 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.232 | Annual | 09/10/2034 | 250 | (1) | 8 | 7 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.280 | Annual | 09/16/2034 | 800 | (3) | 23 | 20 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.231 | Annual | 09/18/2034 | 500 | (2) | 16 | 14 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.248 | Annual | 09/18/2034 | 500 | (2) | 16 | 14 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.450 | Annual | 10/11/2034 | 500 | (2) | (9) | (11) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.375 | Annual | 10/15/2034 | 500 | (2) | (12) | (14) | 0 | 0 |

---

------

<br> Schedule of Investments PIMCO Income Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.395 | Annual | 10/17/2034 | 500 | (2) | (11) | (13) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.446 | Annual | 10/23/2034 | 500 | (1) | (10) | (11) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.463 | Annual | 10/23/2034 | 500 | (1) | (9) | (10) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.481 | Annual | 10/29/2034 | 500 | (2) | (7) | (9) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.465 | Annual | 10/30/2034 | 1100 | (4) | (18) | (22) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.485 | Annual | 10/30/2034 | 900 | (3) | (14) | (17) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.455 | Annual | 11/01/2034 | 900 | (3) | (16) | (19) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 11/01/2034 | 900 | (3) | (15) | (18) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.435 | Annual | 11/05/2034 | 900 | (3) | (18) | (21) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.515 | Annual | 11/06/2034 | 3100 | (11) | (37) | (48) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.535 | Annual | 11/06/2034 | 1800 | (6) | (19) | (25) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 11/14/2034 | 600 | (2) | 11 | 9 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.793 | Annual | 11/19/2034 | 900 | (4) | 12 | 8 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.855 | Annual | 11/19/2034 | 300 | (1) | 5 | 4 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 210 | 5 | (4) | 1 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.840 | Annual | 01/08/2035 | 600 | (2) | 10 | 8 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 01/08/2035 | 300 | (1) | 6 | 5 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 01/08/2035 | 600 | (2) | 13 | 11 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 01/13/2035 | 900 | (2) | 17 | 15 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.013 | Annual | 01/15/2035 | 900 | (2) | 28 | 26 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.071 | Annual | 01/15/2035 | 600 | (2) | 22 | 20 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 01/21/2035 | 300 | (1) | 12 | 11 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 01/22/2035 | 600 | (2) | 23 | 21 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 | 300 | (1) | (4) | (5) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 600 | (2) | (10) | (12) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 | 300 | (1) | (4) | (5) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 600 | (2) | (8) | (10) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 600 | (2) | (10) | (12) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 1000 | (3) | (23) | (26) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 1200 | (3) | (23) | (26) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/07/2035 | 1200 | (6) | 14 | 8 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 900 | 23 | 9 | 32 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.551 | Annual | 09/17/2035 | 600 | (2) | 7 | 5 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | 3400 | (29) | 2 | (27) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.910 | Semi-Annual | 10/17/2049 | 300 | (65) | 175 | 110 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.895 | Semi-Annual | 10/18/2049 | 300 | (64) | 175 | 111 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.368 | Annual | 11/15/2049 | 270 | 0 | 28 | 28 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.464 | Annual | 11/15/2049 | 270 | 0 | 24 | 24 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.527 | Annual | 11/15/2049 | 140 | 0 | 11 | 11 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.250 | Semi-Annual | 12/11/2049 | 2200 | (658) | 1338 | 680 | 5 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.625 | Semi-Annual | 02/03/2050 | 3000 | (443) | 1695 | 1252 | 7 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.875 | Semi-Annual | 02/07/2050 | 1200 | (251) | 704 | 453 | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.250 | Semi-Annual | 03/12/2050 | 900 | (274) | 559 | 285 | 2 | 0 |

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------

<br> Schedule of Investments PIMCO Income Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.491 | Semi-Annual | 01/21/2051 |  | 400 | (4) | (176) | (180) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Semi-Annual | 06/16/2051 |  | 2000 | 373 | 592 | 965 | 4 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.785 | Semi-Annual | 08/12/2051 |  | 500 | (7) | 209 | 202 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.000 | Semi-Annual | 12/15/2051 |  | 4000 | 76 | (1526) | (1450) | 0 | (9) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.815 | Semi-Annual | 01/24/2052 |  | 100 | (1) | (39) | (40) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.867 | Semi-Annual | 01/26/2052 |  | 100 | (1) | (38) | (39) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.080 | Annual | 02/23/2053 |  | 200 | (2) | (29) | (31) | 0 | (1) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.370 | Annual | 07/12/2053 |  | 300 | (2) | (28) | (30) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 11/15/2053 |  | 390 | (4) | 51 | 47 | 1 | 0 |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.925 | Annual | 11/15/2053 |  | 4079 | (32) | 49 | 17 | 12 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.555 | Annual | 03/05/2054 |  | 200 | (2) | (12) | (14) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 09/17/2055 |  | 3900 | 387 | (91) | 296 | 12 | 0 |
| Pay | 1-Year BRL-CDI | 9.874 | Maturity | 01/02/2026 | BRL | 3000 | 0 | (33) | (33) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 9.899 | Maturity | 01/02/2026 |  | 1500 | 0 | (16) | (16) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 9.939 | Maturity | 01/02/2026 |  | 2400 | 0 | (25) | (25) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 10.052 | Maturity | 01/02/2026 |  | 5600 | 0 | (57) | (57) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 10.085 | Maturity | 01/02/2026 |  | 5600 | 0 | (56) | (56) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 10.105 | Maturity | 01/02/2026 |  | 5500 | 0 | (55) | (55) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 9.998 | Maturity | 01/04/2027 |  | 4400 | 0 | (66) | (66) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 10.037 | Maturity | 01/04/2027 |  | 1100 | 0 | (16) | (16) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 10.041 | Maturity | 01/04/2027 |  | 4600 | 0 | (68) | (68) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 10.072 | Maturity | 01/04/2027 |  | 3270 | 0 | (41) | (41) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 10.090 | Maturity | 01/04/2027 |  | 8600 | 0 | (126) | (126) | 0 | (1) |
| Pay | 1-Year BRL-CDI | 10.098 | Maturity | 01/04/2027 |  | 9900 | 0 | (124) | (124) | 0 | (1) |
| Pay | 1-Year BRL-CDI | 10.138 | Maturity | 01/04/2027 |  | 2100 | 0 | (30) | (30) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 10.165 | Maturity | 01/04/2027 |  | 5020 | 0 | (61) | (61) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 10.170 | Maturity | 01/04/2027 |  | 8380 | 0 | (102) | (102) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 10.183 | Maturity | 01/04/2027 |  | 15050 | 0 | (183) | (183) | 0 | (1) |
| Pay | 1-Year BRL-CDI | 10.203 | Maturity | 01/04/2027 |  | 11730 | 0 | (142) | (142) | 0 | (1) |
| Pay | 1-Year BRL-CDI | 10.210 | Maturity | 01/04/2027 |  | 1690 | 0 | (20) | (20) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 10.256 | Maturity | 01/04/2027 |  | 11720 | 0 | (139) | (139) | 0 | (1) |
| Pay | 1-Year BRL-CDI | 10.328 | Maturity | 01/04/2027 |  | 9670 | 0 | (111) | (111) | 0 | (1) |
| Pay | 1-Year BRL-CDI | 11.250 | Maturity | 01/04/2027 |  | 800 | 0 | (10) | (10) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 11.275 | Maturity | 01/04/2027 |  | 400 | 0 | (5) | (5) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 11.290 | Maturity | 01/04/2027 |  | 400 | 0 | (5) | (5) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 11.731 | Maturity | 01/04/2027 |  | 200 | 0 | (2) | (2) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 11.746 | Maturity | 01/04/2027 |  | 900 | 0 | (8) | (8) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 11.901 | Maturity | 01/04/2027 |  | 2200 | 0 | (18) | (18) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 13.927 | Maturity | 01/04/2027 |  | 16300 | 1 | (15) | (14) | 0 | (3) |
| Pay | 1-Year BRL-CDI | 14.009 | Maturity | 01/04/2027 |  | 11800 | 0 | (6) | (6) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 13.291 | Maturity | 01/02/2029 |  | 10700 | (1) | (2) | (3) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 13.354 | Maturity | 01/02/2029 |  | 21400 | 2 | 0 | 2 | 2 | 0 |
| Pay | 3-Month NZD-BBR | 4.750 | Semi-Annual | 06/19/2029 | NZD | 3800 | 23 | 147 | 170 | 3 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.410 | Quarterly | 07/31/2028 | ZAR | 7100 | 0 | 19 | 19 | 0 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.415 | Quarterly | 07/31/2028 |  | 1900 | 0 | 5 | 5 | 0 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.420 | Quarterly | 07/31/2028 |  | 7100 | 0 | 19 | 19 | 0 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.426 | Quarterly | 08/01/2028 |  | 2800 | 0 | 7 | 7 | 0 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.460 | Quarterly | 08/01/2028 |  | 4800 | 0 | 13 | 13 | 0 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.460 | Quarterly | 08/02/2028 |  | 4900 | 0 | 13 | 13 | 0 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.550 | Quarterly | 08/03/2028 |  | 5600 | 0 | 16 | 16 | 0 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.380 | Quarterly | 08/04/2028 |  | 10000 | 0 | 26 | 26 | 0 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.415 | Quarterly | 08/04/2028 |  | 2500 | 0 | 7 | 7 | 0 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.421 | Quarterly | 08/04/2028 |  | 3500 | 0 | 9 | 9 | 0 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.543 | Quarterly | 08/04/2028 |  | 2600 | 0 | 7 | 7 | 0 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.360 | Quarterly | 08/07/2028 |  | 10600 | 0 | 27 | 27 | 0 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.410 | Quarterly | 08/07/2028 |  | 1500 | 0 | 4 | 4 | 0 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.000 | Quarterly | 01/03/2031 |  | 2700 | 0 | 7 | 7 | 0 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.001 | Quarterly | 01/06/2031 |  | 2700 | 0 | 7 | 7 | 0 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.010 | Quarterly | 01/07/2031 |  | 2700 | 0 | 7 | 7 | 0 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.030 | Quarterly | 01/07/2031 |  | 2700 | 0 | 7 | 7 | 0 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.053 | Quarterly | 01/07/2031 |  | 2700 | 0 | 7 | 7 | 0 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.058 | Quarterly | 01/07/2031 |  | 2700 | 0 | 7 | 7 | 0 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.063 | Quarterly | 01/08/2031 |  | 2600 | 0 | 7 | 7 | 0 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.080 | Quarterly | 01/08/2031 |  | 9100 | 0 | 24 | 24 | 1 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.203 | Quarterly | 01/10/2031 |  | 2600 | 0 | 8 | 8 | 0 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 2.750 | Semi-Annual | 06/17/2026 | AUD | 13870 | 1320 | (1413) | (93) | 1 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 3.000 | Semi-Annual | 03/21/2027 |  | 1090 | 126 | (133) | (7) | 0 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.000 | Semi-Annual | 09/18/2029 |  | 17700 | 183 | (86) | 97 | 13 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 |  | 4200 | (7) | 83 | 76 | 11 | 0 |

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<br> Schedule of Investments PIMCO Income Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay | Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/20/2034 |  | 5300 |  | (20) |  | 111 |  | 91 |  | 15 |  | 0 |
| Pay | Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/18/2034 |  | 2100 |  | 28 |  | 6 |  | 34 |  | 7 |  | 0 |
| Pay | Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 |  | 29550 |  | 395 |  | 60 |  | 455 |  | 103 |  | 0 |
| Pay | Pay | 6-Month CLP-CHILIBOR | 4.000 | Semi-Annual | 09/17/2030 |  | 14200 |  | 146 |  | (84) |  | 62 |  | 17 |  | 0 |
| Receive | Receive | 6-Month EUR-EURIBOR | 0.329 | Annual | 12/30/2025 | EUR | 100 |  | 0 |  | 2 |  | 2 |  | 0 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 3.450 | Annual | 10/20/2028 |  | 500 |  | (1) |  | 35 |  | 34 |  | 1 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 2.770 | Annual | 04/16/2029 |  | 500 |  | (1) |  | 12 |  | 11 |  | 1 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 2.780 | Annual | 05/02/2029 |  | 500 |  | (1) |  | 12 |  | 11 |  | 1 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 2.827 | Annual | 05/06/2029 |  | 500 |  | (1) |  | 13 |  | 12 |  | 1 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 2.950 | Annual | 06/12/2029 |  | 400 |  | (1) |  | 13 |  | 12 |  | 1 |  | 0 |
| Receive | Receive | 6-Month EUR-EURIBOR | 2.650 | Annual | 08/14/2029 |  | 400 |  | (1) |  | (5) |  | (6) |  | 0 |  | (1) |
| Receive | Receive | 6-Month EUR-EURIBOR | 2.300 | Annual | 09/25/2029 |  | 500 |  | (1) |  | 1 |  | 0 |  | 0 |  | (1) |
| Receive | Receive | 6-Month EUR-EURIBOR | 2.360 | Annual | 10/07/2029 |  | 500 |  | (1) |  | (7) |  | (8) |  | 0 |  | (1) |
| Receive | Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 04/09/2030 |  | 600 |  | (1) |  | (1) |  | (2) |  | 0 |  | (1) |
| Pay<sup>(7)</sup> | Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/18/2031 |  | 41900 |  | 149 |  | (23) |  | 126 |  | 70 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 2.000 | Annual | 09/21/2032 |  | 1920 |  | (4) |  | (70) |  | (74) |  | 4 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 3.270 | Annual | 08/21/2033 |  | 300 |  | (1) |  | 19 |  | 18 |  | 1 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 3.300 | Annual | 10/03/2033 |  | 800 |  | (3) |  | 72 |  | 69 |  | 2 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 2.760 | Annual | 03/04/2034 |  | 300 |  | (1) |  | 10 |  | 9 |  | 1 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/05/2034 |  | 300 |  | (1) |  | 10 |  | 9 |  | 1 |  | 0 |
| Receive | Receive | 6-Month EUR-EURIBOR | 2.590 | Annual | 08/19/2034 |  | 300 |  | (1) |  | 2 |  | 1 |  | 0 |  | (1) |
| Receive | Receive | 6-Month EUR-EURIBOR | 2.580 | Annual | 08/29/2034 |  | 300 |  | (1) |  | 2 |  | 1 |  | 0 |  | (1) |
| Pay | Pay | 6-Month EUR-EURIBOR | 2.410 | Annual | 11/05/2034 |  | 1000 |  | (3) |  | (4) |  | (7) |  | 3 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 2.420 | Annual | 03/07/2035 |  | 300 |  | (1) |  | (2) |  | (3) |  | 1 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 2.610 | Annual | 03/24/2035 |  | 300 |  | (1) |  | 4 |  | 3 |  | 1 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 2.520 | Annual | 03/27/2035 |  | 300 |  | (1) |  | 1 |  | 0 |  | 1 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 04/01/2035 |  | 400 |  | (1) |  | (7) |  | (8) |  | 1 |  | 0 |
| Receive | Receive | 6-Month EUR-EURIBOR | 2.510 | Annual | 04/09/2035 |  | 300 |  | (1) |  | 5 |  | 4 |  | 0 |  | (1) |
| Receive | Receive | 6-Month EUR-EURIBOR | 2.520 | Annual | 04/09/2035 |  | 300 |  | (1) |  | 5 |  | 4 |  | 0 |  | (1) |
| Pay<sup>(7)</sup> | Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/18/2036 |  | 1300 |  | (5) |  | 7 |  | 2 |  | 4 |  | 0 |
| Receive | Receive | 6-Month EUR-EURIBOR | 0.250 | Annual | 03/18/2050 |  | 200 |  | (13) |  | 124 |  | 111 |  | 0 |  | (1) |
| Receive | Receive | 6-Month EUR-EURIBOR | 0.500 | Annual | 06/17/2050 |  | 400 |  | (63) |  | 268 |  | 205 |  | 0 |  | (2) |
| Receive<sup>(7)</sup> | Receive<sup>(7)</sup> | 6-Month EUR-EURIBOR | 0.830 | Annual | 12/09/2052 |  | 12500 |  | 132 |  | 1493 |  | 1625 |  | 0 |  | (11) |
| Receive<sup>(7)</sup> | Receive<sup>(7)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 |  | 10230 |  | (101) |  | (87) |  | (188) |  | 0 |  | (80) |
| Pay | Pay | 28-Day MXN-TIIE | 8.990 | Lunar | 12/18/2029 | MXN | 4600 |  | 0 |  | 16 |  | 16 |  | 0 |  | 0 |
| Pay | Pay | 28-Day MXN-TIIE | 9.135 | Lunar | 12/27/2029 |  | 5600 |  | 0 |  | 22 |  | 22 |  | 0 |  | 0 |
| Pay | Pay | 28-Day MXN-TIIE | 9.150 | Lunar | 12/31/2029 |  | 8000 |  | 0 |  | 31 |  | 31 |  | 1 |  | 0 |
| Pay | Pay | 28-Day MXN-TIIE | 9.108 | Lunar | 03/13/2030 |  | 21100 |  | 0 |  | 83 |  | 83 |  | 1 |  | 0 |
| Pay | Pay | CAONREPO | 3.750 | Semi-Annual | 12/20/2025 | CAD | 9400 |  | (160) |  | 198 |  | 38 |  | 0 |  | 0 |
| Pay | Pay | UKRPI | 4.000 | Maturity | 09/15/2031 | GBP | 300 |  | 0 |  | (42) |  | (42) |  | 1 |  | 0 |
| Pay | Pay | UKRPI | 4.055 | Maturity | 09/15/2031 |  | 400 |  | 2 |  | (55) |  | (53) |  | 1 |  | 0 |
| Pay | Pay | UKRPI | 4.066 | Maturity | 09/15/2031 |  | 700 |  | (9) |  | (83) |  | (92) |  | 2 |  | 0 |
| Pay | Pay | UKRPI | 4.020 | Maturity | 10/15/2031 |  | 400 |  | (2) |  | (52) |  | (54) |  | 2 |  | 0 |
| Pay | Pay | UKRPI | 4.140 | Maturity | 10/15/2031 |  | 1000 |  | (3) |  | (115) |  | (118) |  | 4 |  | 0 |
| Pay | Pay | UKRPI | 4.400 | Maturity | 10/15/2031 |  | 500 |  | 4 |  | (43) |  | (39) |  | 2 |  | 0 |
| Pay | Pay | UKRPI | 4.250 | Maturity | 11/15/2031 |  | 900 |  | (8) |  | (76) |  | (84) |  | 5 |  | 0 |
|  |  |  |  |  |  |  |  | $864 | 864 | $7756 | 7756 | $8620 | 8620 | $476 | 476 | $(328) | (328) |
| **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | $**2933** | **2933** | $**8389** | **8389** | $**11322** | **11322** | $**496** | **496** | $**(340)** | **(340)** |
| **(k)** | **Securities with an aggregate market value of $10,862 and cash of $13,414 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $10,862 and cash of $13,414 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $10,862 and cash of $13,414 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $10,862 and cash of $13,414 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $10,862 and cash of $13,414 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $10,862 and cash of $13,414 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $10,862 and cash of $13,414 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $10,862 and cash of $13,414 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $10,862 and cash of $13,414 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $10,862 and cash of $13,414 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $10,862 and cash of $13,414 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $10,862 and cash of $13,414 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $10,862 and cash of $13,414 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $10,862 and cash of $13,414 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $10,862 and cash of $13,414 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $10,862 and cash of $13,414 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $10,862 and cash of $13,414 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** |

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<br> Schedule of Investments PIMCO Income Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <sup>(</sup><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. | 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. | 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. | 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. | 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. | 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. | 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> | 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. | 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. | 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. | 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. | 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. | 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. | If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
| <sup>(3)</sup> | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
| <sup>(6)</sup> | Unsettled variation margin liability of $(5) for closed swap agreements is outstanding at period end. | Unsettled variation margin liability of $(5) for closed swap agreements is outstanding at period end. | Unsettled variation margin liability of $(5) for closed swap agreements is outstanding at period end. | Unsettled variation margin liability of $(5) for closed swap agreements is outstanding at period end. | Unsettled variation margin liability of $(5) for closed swap agreements is outstanding at period end. | Unsettled variation margin liability of $(5) for closed swap agreements is outstanding at period end. | Unsettled variation margin liability of $(5) for closed swap agreements is outstanding at period end. |
| <sup>(7)</sup> | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. |
| **(l)** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** |
| **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** |
|  |  |  |  |  | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Currency to<br>be Received | Asset | Liability |
| &nbsp;&nbsp;&nbsp;&nbsp; AZD | &nbsp;&nbsp;&nbsp;&nbsp; AZD | 10/2025 | 23943 | $27926 | 27926 | $0 | $(184) |
|  |  | 10/2025 | $7828 | 10890 | 10890 | 0 | (2) |
|  |  | 11/2025 | 10873 | $7828 | 7828 | 2 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOA | &nbsp;&nbsp;&nbsp;&nbsp; BOA | 10/2025 | 467595 | 3122 | 3122 | 0 | (40) |
|  |  | 10/2025 | $250 | 842 | 842 | 4 | 0 |
|  |  | 10/2025 | 561 | 49649 | 49649 | 0 | (3) |
|  |  | 10/2025 | 186 | 27290 | 27290 | 0 | (2) |
|  |  | 10/2025 | 321 | 444573 | 444573 | 0 | (4) |
|  |  | 10/2025 | 315 | 546 | 546 | 2 | 0 |
|  |  | 10/2025 | 130 | 469 | 469 | 0 | (1) |
|  |  | 11/2025 | 546 | $315 | 315 | 0 | (2) |
|  |  | 11/2025 | $149 | 499 | 499 | 1 | 0 |
|  |  | 11/2025 | 3122 | 465977 | 465977 | 40 | 0 |
|  |  | 12/2025 | 1114 | 20900 | 20900 | 18 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BPS | &nbsp;&nbsp;&nbsp;&nbsp; BPS | 10/2025 | 29708 | $4620 | 4620 | 0 | (962) |
|  |  | 10/2025 | 8062 | 1132 | 1132 | 0 | 0 |
|  |  | 10/2025 | 29979256 | 1811 | 1811 | 17 | (3) |
|  |  | 10/2025 | 46771 | 531 | 531 | 5 | 0 |
|  |  | 10/2025 | 541731 | 3646 | 3646 | 0 | (17) |
|  |  | 10/2025 | 1040658 | 750 | 750 | 9 | 0 |
|  |  | 10/2025 | 85487 | 2848 | 2848 | 42 | (3) |
|  |  | 10/2025 | $5476 | 29708 | 29708 | 106 | 0 |
|  |  | 10/2025 | 779 | 663 | 663 | 0 | 0 |
|  |  | 10/2025 | 2185 | 36043570 | 36043570 | 0 | (24) |
|  |  | 10/2025 | 181 | 16022 | 16022 | 0 | (1) |
|  |  | 10/2025 | 1886 | 2604531 | 2604531 | 0 | (30) |
|  |  | 10/2025 | 1238 | 4507 | 4507 | 2 | 0 |
|  |  | 11/2025 | 6517433 | $390 | 390 | 0 | 0 |
|  |  | 11/2025 | 39164 | 440 | 440 | 0 | 0 |
|  |  | 11/2025 | 336436 | 240 | 240 | 0 | 0 |
|  |  | 11/2025 | $47 | 250 | 250 | 0 | 0 |
|  |  | 11/2025 | 310 | 1042 | 1042 | 5 | 0 |
|  |  | 11/2025 | 3646 | 539850 | 539850 | 17 | 0 |
|  |  | 12/2025 | 7923 | $264 | 264 | 3 | 0 |
|  |  | 12/2025 | $554 | 9323511 | 9323511 | 3 | 0 |
|  |  | 12/2025 | 845 | 16011 | 16011 | 22 | 0 |
|  |  | 04/2026 | 5300 | $928 | 928 | 0 | (26) |
|  |  | 05/2026 | $116 | 35 | 35 | 0 | 0 |
|  |  | 06/2026 | 84 | 26 | 26 | 0 | 0 |
|  |  | 07/2026 | 52 | 16 | 16 | 0 | 0 |
|  |  | 06/2027 | 41 | 12 | 12 | 0 | 0 |
|  |  | 05/2029 | 175 | $600 | 600 | 22 | 0 |
|  |  | 07/2029 | 23 | 80 | 80 | 3 | 0 |
|  |  | 05/2030 | 130 | 447 | 447 | 16 | 0 |
|  |  | 08/2030 | 39 | 133 | 133 | 2 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BRC | &nbsp;&nbsp;&nbsp;&nbsp; BRC | 10/2025 | 1690 | 2117 | 2117 | 0 | (6) |
|  |  | 10/2025 | 22399 | 30117 | 30117 | 0 | (7) |
|  |  | 10/2025 | 171513 | 10 | 10 | 0 | 0 |
|  |  | 10/2025 | 2790 | 67 | 67 | 0 | 0 |
|  |  | 10/2025 | 46239 | 1530 | 1530 | 11 | 0 |
|  |  | 10/2025 | $1627 | 1305 | 1305 | 12 | 0 |
|  |  | 10/2025 | 64 | 1198 | 1198 | 1 | 0 |
|  |  | 10/2025 | 120 | 437 | 437 | 1 | 0 |

---

------

<br> Schedule of Investments PIMCO Income Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 10/2025 | 4771 | 205652 | 109 | 0 |
|  | 10/2025 | 733 | 12927 | 15 | 0 |
|  | 11/2025 | 740 | $489 | 0 | (1) |
|  | 11/2025 | $2117 | 1683 | 6 | 0 |
|  | 11/2025 | 3100 | 135180 | 34 | 0 |
|  | 11/2025 | 1435 | $81 | 0 | (1) |
|  | 12/2025 | $135 | 5922 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BSH | 10/2025 | 9400 | $1767 | 1 | 0 |
|  | 10/2025 | $1729 | 9400 | 37 | 0 |
|  | 10/2025 | 93 | 160 | 0 | 0 |
|  | 11/2025 | 160 | $93 | 0 | 0 |
|  | 12/2025 | 31851 | 1671 | 0 | (54) |
|  | 12/2025 | 12983 | 3640 | 0 | (92) |
|  | 01/2026 | 2584 | 722 | 0 | (20) |
|  | 02/2026 | 704 | 201 | 0 | (1) |
|  | 04/2026 | 10000 | 1761 | 0 | (38) |
|  | 05/2026 | 1914 | 539 | 0 | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp; CBK | 10/2025 | 5141 | 3404 | 12 | (10) |
|  | 10/2025 | 28047 | 3949 | 13 | 0 |
|  | 10/2025 | 6157 | 7194 | 0 | (35) |
|  | 10/2025 | 1204 | 1637 | 18 | 0 |
|  | 10/2025 | 18419282 | 1111 | 10 | (3) |
|  | 10/2025 | 389940 | 4388 | 2 | 0 |
|  | 10/2025 | 2906 | 2264 | 11 | 0 |
|  | 10/2025 | 3309 | 103 | 0 | 0 |
|  | 10/2025 | 163337 | 5472 | 106 | 0 |
|  | 10/2025 | $1411 | 1044 | 0 | (7) |
|  | 10/2025 | 1029 | 16919720 | 0 | (15) |
|  | 10/2025 | 2390 | 209961 | 0 | (29) |
|  | 10/2025 | 667 | 6325 | 5 | 0 |
|  | 10/2025 | 1224 | 37246 | 1 | (1) |
|  | 10/2025 | 702 | $41 | 0 | 0 |
|  | 11/2025 | $167 | 561 | 3 | 0 |
|  | 11/2025 | 4388 | 390738 | 0 | (2) |
|  | 12/2025 | 3444 | $930 | 0 | (60) |
|  | 12/2025 | 24100 | 797 | 2 | 0 |
|  | 12/2025 | $573 | 9628861 | 3 | 0 |
|  | 01/2026 | 12873 | $427 | 0 | 0 |
|  | 02/2026 | 2109 | 574 | 0 | (32) |
|  | 03/2026 | 8720 | 2479 | 0 | (21) |
| &nbsp;&nbsp;&nbsp;&nbsp; DUB | 10/2025 | 17275 | 2430 | 5 | 0 |
|  | 10/2025 | 9033890 | 551 | 10 | 0 |
|  | 10/2025 | 79577 | 896 | 1 | 0 |
|  | 10/2025 | 524874 | 379 | 5 | 0 |
|  | 10/2025 | 707 | 415 | 5 | 0 |
|  | 10/2025 | 4896 | 3820 | 25 | 0 |
|  | 10/2025 | $1018 | 3478 | 32 | 0 |
|  | 10/2025 | 1152 | 101829 | 0 | (6) |
|  | 11/2025 | 3476 | $1018 | 0 | (32) |
|  | 11/2025 | 6192 | 70 | 0 | 0 |
|  | 11/2025 | $896 | 79735 | 0 | (1) |
|  | 11/2025 | 1631 | $93 | 0 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; FAR | 10/2025 | 8082 | 5243 | 0 | (106) |
|  | 10/2025 | 303 | 380 | 0 | 0 |
|  | 10/2025 | 7532 | 1061 | 4 | 0 |
|  | 10/2025 | $8150 | 12483 | 110 | 0 |
|  | 10/2025 | 36278 | 31052 | 179 | 0 |
|  | 10/2025 | 2269 | 200168 | 0 | (18) |
|  | 10/2025 | 8988 | 1321372 | 0 | (53) |
|  | 10/2025 | 848 | 3094 | 3 | 0 |
|  | 10/2025 | 12057 | 15528 | 0 | (19) |
|  | 11/2025 | 12483 | $8154 | 0 | (110) |
|  | 11/2025 | 31052 | 36351 | 0 | (179) |
|  | 11/2025 | 5598 | 1525 | 0 | (85) |
|  | 11/2025 | 15489 | 12057 | 18 | 0 |
|  | 11/2025 | $14898 | 83242 | 617 | 0 |
|  | 11/2025 | 380 | 302 | 0 | 0 |
|  | 12/2025 | 29660 | $1557 | 0 | (50) |
|  | 12/2025 | $4077 | 77258 | 108 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; GLM | 10/2025 | 28130 | $5118 | 0 | (168) |
|  | 10/2025 | 62 | 77 | 0 | 0 |
|  | 10/2025 | 594 | 84 | 0 | 0 |
|  | 10/2025 | 9383959 | 563 | 0 | 0 |
|  | 10/2025 | 1041352 | 738 | 0 | (4) |
|  | 10/2025 | 24295 | 1288 | 0 | (36) |
|  | 10/2025 | 116 | 91 | 1 | 0 |
|  | 10/2025 | $5215 | 28130 | 73 | (2) |
|  | 10/2025 | 544 | 8984779 | 0 | (5) |
|  | 10/2025 | 650 | 57041 | 0 | (9) |
|  | 10/2025 | 738 | 1041684 | 4 | 0 |
|  | 10/2025 | 71 | 1338 | 2 | 0 |
|  | 10/2025 | 1986 | 7225 | 1 | 0 |
|  | 11/2025 | 60 | 201 | 0 | 0 |
|  | 12/2025 | 744 | $39 | 0 | (1) |
|  | 12/2025 | $4406 | 23865 | 14 | 0 |
|  | 12/2025 | 553 | 9245809 | 0 | 0 |

---

------

<br> Schedule of Investments PIMCO Income Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 04/2026 | 29800 | $5191 |  | 0 |  | (170) |
| &nbsp;&nbsp;&nbsp;&nbsp; JPM | 10/2025 | 406 | 74 |  | 0 |  | (2) |
|  | 10/2025 | 8352 | 6044 |  | 42 |  | 0 |
|  | 10/2025 | 18094981 | 1084 |  | 0 |  | (1) |
|  | 10/2025 | 908450 | 655 |  | 8 |  | 0 |
|  | 10/2025 | 526 | 409 |  | 1 |  | 0 |
|  | 10/2025 | $76 | 406 |  | 0 |  | 0 |
|  | 10/2025 | 554 | 474 |  | 2 |  | 0 |
|  | 10/2025 | 1965 | 32589059 |  | 1 |  | (11) |
|  | 10/2025 | 269 | 903 |  | 4 |  | 0 |
|  | 10/2025 | 79 | 289 |  | 1 |  | 0 |
|  | 10/2025 | 568 | 24245 |  | 13 |  | 0 |
|  | 10/2025 | 127 | 3842 |  | 0 |  | 0 |
|  | 10/2025 | 165 | 2915 |  | 4 |  | 0 |
|  | 11/2025 | 299 | $90 |  | 0 |  | (1) |
|  | 11/2025 | 4554 | 260 |  | 0 |  | (2) |
|  | 04/2026 | 15200 | 2565 |  | 0 |  | (169) |
| &nbsp;&nbsp;&nbsp;&nbsp; MBC | 10/2025 | 64 | 80 |  | 0 |  | 0 |
|  | 10/2025 | 8791 | 1237 |  | 3 |  | 0 |
|  | 10/2025 | 3035 | 3594 |  | 31 |  | 0 |
|  | 10/2025 | 896182 | 54 |  | 1 |  | 0 |
|  | 10/2025 | 268488 | 1805 |  | 0 |  | (11) |
|  | 10/2025 | 2873387 | 2060 |  | 12 |  | 0 |
|  | 10/2025 | 5510 | 575 |  | 0 |  | (11) |
|  | 10/2025 | 6924 | 5403 |  | 35 |  | 0 |
|  | 10/2025 | 7811 | 243 |  | 1 |  | 0 |
|  | 10/2025 | $1022 | 813 |  | 0 |  | (1) |
|  | 10/2025 | 1300 | 9260 |  | 0 |  | 0 |
|  | 10/2025 | 1111 | 946 |  | 0 |  | 0 |
|  | 10/2025 | 3264 | 2418 |  | 3 |  | (15) |
|  | 10/2025 | 132 | 19403 |  | 0 |  | (1) |
|  | 10/2025 | 1540 | 2151268 |  | 0 |  | (7) |
|  | 10/2025 | 230 | 7446 |  | 0 |  | 0 |
|  | 11/2025 | 9238 | $1300 |  | 0 |  | 0 |
|  | 11/2025 | $1011 | 752 |  | 1 |  | 0 |
|  | 11/2025 | 3104 | 459016 |  | 11 |  | 0 |
|  | 12/2025 | 181 | 3369 |  | 1 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; MYI | 10/2025 | 8875 | $1247 |  | 2 |  | 0 |
|  | 10/2025 | 3639518 | 221 |  | 3 |  | 0 |
|  | 10/2025 | 634230 | 4248 |  | 0 |  | (40) |
|  | 10/2025 | $818 | 120677 |  | 0 |  | (2) |
|  | 10/2025 | 675 | 2444 |  | 0 |  | (3) |
|  | 10/2025 | 645 | 19439 |  | 0 |  | (7) |
|  | 11/2025 | 4248 | 632048 |  | 40 |  | 0 |
|  | 12/2025 | 19312 | $645 |  | 8 |  | 0 |
|  | 12/2025 | $555 | 10462 |  | 12 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; NGF | 10/2025 | 1203270 | $865 |  | 8 |  | 0 |
|  | 10/2025 | $488 | 8069741 |  | 0 |  | (4) |
|  | 10/2025 | 480 | 20792 |  | 8 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCX | 10/2025 | 6454 | $908 |  | 2 |  | 0 |
|  | 10/2025 | 10281027 | 616 |  | 0 |  | (1) |
|  | 10/2025 | 56688 | 638 |  | 0 |  | 0 |
|  | 10/2025 | 164 | 129 |  | 1 |  | 0 |
|  | 10/2025 | 61941 | 2090 |  | 55 |  | 0 |
|  | 10/2025 | $26941 | 20141 |  | 147 |  | 0 |
|  | 10/2025 | 545 | 8953033 |  | 0 |  | (8) |
|  | 10/2025 | 4790 | 423506 |  | 0 |  | (27) |
|  | 10/2025 | 4202 | 617854 |  | 0 |  | (24) |
|  | 11/2025 | 20141 | $26945 |  | 0 |  | (147) |
|  | 11/2025 | $568 | 50601 |  | 0 |  | 0 |
|  | 11/2025 | 15 | 2211 |  | 0 |  | 0 |
|  | 12/2025 | 616 | 10307012 |  | 1 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; UAG | 10/2025 | 2526 | $1828 |  | 13 |  | 0 |
|  | 10/2025 | 5572 | 1670 |  | 0 |  | (12) |
|  | 10/2025 | $102 | 349 |  | 3 |  | 0 |
|  | 10/2025 | 26 | 2305 |  | 0 |  | 0 |
|  | 10/2025 | 673 | 2442 |  | 0 |  | (1) |
|  | 10/2025 | 230 | 7443 |  | 0 |  | 0 |
|  | 10/2025 | 41 | 702 |  | 0 |  | 0 |
|  | 10/2025 | 702 | $41 |  | 0 |  | 0 |
|  | 11/2025 | 349 | 102 |  | 0 |  | (3) |
|  | 11/2025 | 1560 | 89 |  | 0 |  | (2) |
|  | 12/2025 | $550 | 10287 |  | 7 |  | 0 |
| **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | $**2456** | **2456** | $**(3316)** | **(3316)** |

---

------

<br> Schedule of Investments PIMCO Income Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** |
| **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Swap Agreements, at Value</u><sup>(4)</sup> | <u>Swap Agreements, at Value</u><sup>(4)</sup> |
| Counterparty | Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) |  | Asset | Liability |
| BPS | BPS | Colombia Government International Bonds | 1.000% | Quarterly | Quarterly | 12/20/2027 | 12/20/2027 | 1.025% | $300 | $(27) | $27 | $ | $0 | $0 |
| BRC | BRC | Colombia Government International Bonds | 1.000 | Quarterly | Quarterly | 12/20/2026 | 12/20/2026 | 0.766 | 200 | (9) | 10 |  | 1 | 0 |
|  |  | Israel Government International Bonds | 1.000 | Quarterly | Quarterly | 06/20/2029 | 06/20/2029 | 0.631 | 100 | (2) | 3 |  | 1 | 0 |
| CBK | CBK | Colombia Government International Bonds | 1.000 | Quarterly | Quarterly | 06/20/2027 | 06/20/2027 | 0.933 | 400 | (14) | 15 |  | 1 | 0 |
|  |  | Israel Government International Bonds | 1.000 | Quarterly | Quarterly | 06/20/2027 | 06/20/2027 | 0.410 | 700 | (4) | 11 |  | 7 | 0 |
|  |  | Israel Government International Bonds | 1.000 | Quarterly | Quarterly | 06/20/2030 | 06/20/2030 | 0.745 | 1400 | (19) | 35 |  | 16 | 0 |
| DUB | DUB | Petroleos Mexicanos « | 4.750 | Monthly | Monthly | 07/06/2026 | 07/06/2026 | —◆ | 823 | 0 | 10 |  | 10 | 0 |
|  |  | Petroleos Mexicanos « | 4.850 | Monthly | Monthly | 07/06/2026 | 07/06/2026 | —◆ | 353 | 0 | 5 |  | 5 | 0 |
| GST | GST | Colombia Government International Bonds | 1.000 | Quarterly | Quarterly | 06/20/2027 | 06/20/2027 | 0.933 | 400 | (15) | 16 |  | 1 | 0 |
|  |  | Colombia Government International Bonds | 1.000 | Quarterly | Quarterly | 12/20/2027 | 12/20/2027 | 1.025 | 200 | (18) | 18 |  | 0 | 0 |
|  |  | Israel Government International Bonds | 1.000 | Quarterly | Quarterly | 12/20/2029 | 12/20/2029 | 0.682 | 300 | (8) | 12 |  | 4 | 0 |
|  |  | Soft Bank Group,Inc. | 1.000 | Quarterly | Quarterly | 06/20/2026 | 06/20/2026 | 0.872 | 400 | (3) | 3 |  | 0 | 0 |
|  |  | South Africa Government International Bonds | 1.000 | Quarterly | Quarterly | 12/20/2026 | 12/20/2026 | 0.394 | 100 | (4) | 5 |  | 1 | 0 |
| JPM | JPM | Israel Government International Bonds | 1.000 | Quarterly | Quarterly | 06/20/2030 | 06/20/2030 | 0.745 | 1400 | (15) | 31 |  | 16 | 0 |
| MYC | MYC | Colombia Government International Bonds | 1.000 | Quarterly | Quarterly | 06/20/2027 | 06/20/2027 | 0.933 | 300 | (11) | 11 |  | 0 | 0 |
|  |  | Colombia Government International Bonds | 1.000 | Quarterly | Quarterly | 12/20/2027 | 12/20/2027 | 1.025 | 400 | (36) | 36 |  | 0 | 0 |
|  |  | Israel Government International Bonds | 1.000 | Quarterly | Quarterly | 06/20/2029 | 06/20/2029 | 0.631 | 300 | (5) | 9 |  | 4 | 0 |
|  |  | Israel Government International Bonds | 1.000 | Quarterly | Quarterly | 12/20/2029 | 12/20/2029 | 0.682 | 200 | (5) | 7 |  | 2 | 0 |
|  |  | Mexico Government International Bonds | 1.000 | Quarterly | Quarterly | 12/20/2028 | 12/20/2028 | 0.543 | 200 | (2) | 5 |  | 3 | 0 |
|  |  | South Africa Government International Bonds | 1.000 | Quarterly | Quarterly | 12/20/2026 | 12/20/2026 | 0.394 | 700 | (31) | 36 |  | 5 | 0 |
|  |  |  |  |  |  |  |  |  |  | $(228) | $305 | $ | $77 | $0 |
| **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  | <u>Swap Agreements, at Value</u><sup>(4)</sup> | <u>Swap Agreements, at Value</u><sup>(4)</sup> | <u>Swap Agreements, at Value</u><sup>(4)</sup> |
| Counterparty | Counterparty | Index/Tranches | Index/Tranches | Index/Tranches | Fixed<br>Receive Rate | 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 | GST | CMBX.NA.AAA.10 Index | CMBX.NA.AAA.10 Index | CMBX.NA.AAA.10 Index | 0.500% | 0.500% | Monthly | 11/17/2059 | 11600 | $(252) | $290 | $ | $38 | $0 |
|  |  | CMBX.NA.AAA.13 Index | CMBX.NA.AAA.13 Index | CMBX.NA.AAA.13 Index | 0.500 | 0.500 | Monthly | 12/16/2072 | 15100 | 23 | 33 |  | 56 | 0 |
|  |  | CMBX.NA.AAA.9 Index | CMBX.NA.AAA.9 Index | CMBX.NA.AAA.9 Index | 0.500 | 0.500 | Monthly | 09/17/2058 | 1788 | (76) | 76 |  | 0 | 0 |
| SAL | SAL | CMBX.NA.AAA.10 Index | CMBX.NA.AAA.10 Index | CMBX.NA.AAA.10 Index | 0.500 | 0.500 | Monthly | 11/17/2059 | 1625 | 1 | 4 |  | 5 | 0 |
|  |  | CMBX.NA.AAA.11 Index | CMBX.NA.AAA.11 Index | CMBX.NA.AAA.11 Index | 0.500 | 0.500 | Monthly | 11/18/2054 | 200 | 1 | 0 |  | 1 | 0 |
|  |  | CMBX.NA.AAA.12 Index | CMBX.NA.AAA.12 Index | CMBX.NA.AAA.12 Index | 0.500 | 0.500 | Monthly | 08/17/2061 | 9775 | (40) | 90 |  | 50 | 0 |
|  |  | CMBX.NA.AAA.13 Index | CMBX.NA.AAA.13 Index | CMBX.NA.AAA.13 Index | 0.500 | 0.500 | Monthly | 12/16/2072 | 11200 | 0 | 41 |  | 41 | 0 |
|  |  |  |  |  |  |  |  |  |  | $(343) | $534 | $ | $191 | $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** | **Total Swap Agreements** | **Total Swap Agreements** | $**(571)** | $**839** | **$** | $**268** | $**0** |
| **(m)** | **Securities with an aggregate market value of $1,337 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,337 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,337 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,337 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,337 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,337 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,337 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,337 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,337 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,337 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,337 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,337 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,337 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,337 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** |
| ◆ | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. |
| <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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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>(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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. |

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<br> Schedule of Investments PIMCO Income Portfolio (Cont.) September 30, 2025 (Unaudited)

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <sup>(</sup><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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. |
| **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** |
| **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: |  |
| Category and Subcategory | Category and Subcategory | Category and Subcategory | Level 1 | Level 1 | Level 1 | Level 2 | Level 2 | Level 3 | Level 3 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 |  |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **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 | Loan Participations and Assignments | Loan Participations and Assignments | $0 | 0 | $ | $5846 | 5846 | $8223 | 8223 | $ | 14069 |  |
| 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 | Corporate Bonds & Notes |  |
| Banking & Finance | Banking & Finance | Banking & Finance | 0 | 0 |  | 47963 | 47963 | 0 | 0 |  | 47963 |  |
| Industrials | Industrials | Industrials | 0 | 0 |  | 46115 | 46115 | 20510 | 20510 |  | 66625 |  |
| Utilities | Utilities | Utilities | 0 | 0 |  | 19027 | 19027 | 0 | 0 |  | 19027 |  |
| Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |  |
| Illinois | Illinois | Illinois | 0 | 0 |  | 49 | 49 | 0 | 0 |  | 49 |  |
| U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | 0 | 0 |  | 623262 | 623262 | 0 | 0 |  | 623262 |  |
| U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | 0 | 0 |  | 145472 | 145472 | 0 | 0 |  | 145472 |  |
| Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | 0 | 0 |  | 198884 | 198884 | 15148 | 15148 |  | 214032 |  |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |  |
| Automobile ABS Other | Automobile ABS Other | Automobile ABS Other | 0 | 0 |  | 5223 | 5223 | 0 | 0 |  | 5223 |  |
| Automobile Sequential | Automobile Sequential | Automobile Sequential | 0 | 0 |  | 55776 | 55776 | 0 | 0 |  | 55776 |  |
| CMBS Other | CMBS Other | CMBS Other | 0 | 0 |  | 2378 | 2378 | 0 | 0 |  | 2378 |  |
| Home Equity Other | Home Equity Other | Home Equity Other | 0 | 0 |  | 126526 | 126526 | 5091 | 5091 |  | 131617 |  |
| Whole Loan Collateral | Whole Loan Collateral | Whole Loan Collateral | 0 | 0 |  | 8737 | 8737 | 0 | 0 |  | 8737 |  |
| Other ABS | Other ABS | Other ABS | 0 | 0 |  | 169081 | 169081 | 0 | 0 |  | 169081 |  |
| Sovereign Issues | Sovereign Issues | Sovereign Issues | 1300 | 1300 |  | 69371 | 69371 | 0 | 0 |  | 70671 |  |
| Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |  |
| Communication Services | Communication Services | Communication Services | 305 | 305 |  | 0 | 0 | 402 | 402 |  | 707 |  |
| Financials | Financials | Financials | 2 | 2 |  | 0 | 0 | 11 | 11 |  | 13 |  |
| Health Care | Health Care | Health Care | 0 | 0 |  | 0 | 0 | 1011 | 1011 |  | 1011 |  |
| Industrials | Industrials | Industrials | 0 | 0 |  | 0 | 0 | 1 | 1 |  | 1 |  |
| Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants |  |
| Financials | Financials | Financials | 0 | 0 |  | 0 | 0 | 2 | 2 |  | 2 |  |
| Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |  |
| Banking & Finance | Banking & Finance | Banking & Finance | 0 | 0 |  | 1853 | 1853 | 13 | 13 |  | 1866 |  |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |  |
| Nigeria Treasury Bills | Nigeria Treasury Bills | Nigeria Treasury Bills | 0 | 0 |  | 3910 | 3910 | 0 | 0 |  | 3910 |  |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | 0 | 0 |  | 181 | 181 | 0 | 0 |  | 181 |  |
|  |  |  | $1607 | 1607 | $ | $1529654 | 1529654 | $50412 | 50412 | $ | 1581673 |  |
| **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** | **Investments in Affiliates, at Value** |  |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |  |
| Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | $52303 | 52303 | $ | $0 | 0 | $0 | 0 | $ | 52303 |  |
| Total Investments | Total Investments | Total Investments | $53910 | 53910 | $ | $1529654 | 1529654 | $50412 | 50412 | $ | 1633976 |  |
| **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** | **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** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** |  |
| U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | $0 | 0 | $ | $(3656) | (3656) | $0 | 0 | $ | (3656) |  |
| **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** | **Financial Derivative Instruments - Assets** |  |
| Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | 341 | 341 |  | 608 | 608 | 0 | 0 |  | 949 |  |
| Over the counter | Over the counter | Over the counter | 0 | 0 |  | 2709 | 2709 | 15 | 15 |  | 2724 |  |
|  |  |  | $341 | 341 | $ | $3317 | 3317 | $15 | 15 | $ | 3673 |  |
| **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** | **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 | (75) | (75) |  | (409) | (409) | 0 | 0 |  | (484) |  |
| Over the counter | Over the counter | Over the counter | 0 | 0 |  | (3316) | (3316) | 0 | 0 |  | (3316) |  |
|  |  |  | $(75) | (75) | $ | $(3725) | (3725) | $0 | 0 | $ | (3800) |  |
| Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | $266 | 266 | $ | $(408) | (408) | $15 | 15 | $ | (127) |  |
| Totals | Totals | Totals | $54176 | 54176 | $ | $1525590 | 1525590 | $50427 | 50427 | $ | 1630193 |  |
| **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** |
| Category and Subcategory | Category and Subcategory | Net<br>Sales/Settlements<sup>(1)</sup> | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Transfers into<br>Level 3 | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(2)</sup> |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **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 | Loan Participations and Assignments | $(1683) | 0 | $0 | $ | (93) | $5312 | 5312 | $0 | 0 | $8223 | $(114) |
| Corporate Bonds & Notes | Corporate Bonds & Notes |  |  |  |  |  |  |  |  |  |  |  |
| Industrials | Industrials | (551) | 0 | 0 |  | 17 | 0 | 0 | 0 | 0 | 20510 | 0 |

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------

<br> Schedule of Investments PIMCO Income Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Non-Agency Mortgage-Backed Securities | 4010 | 15183 |  | (502) | 0 | (45) | 0 | (3498) | (3498) |  | 15148 |  | (35) |
| Asset-Backed Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Home Equity Other | 0 | 5100 |  | 0 | 0 | (9) | 0 | 0 | 0 |  | 5091 |  | (9) |
| Common Stocks |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Communication Services | 85 | 0 |  | (30) | 17 | 330 | 0 | 0 | 0 |  | 402 |  | 358 |
| Financials | 943 | 12 |  | (992) | 0 | 48 | 0 | 0 | 0 |  | 11 |  | (944) |
| Health Care | 1026 | 0 |  | 0 | 0 | (15) | 0 | 0 | 0 |  | 1011 |  | (15) |
| Industrials | 1 | 2 |  | 0 | 0 | (2) | 0 | 0 | 0 |  | 1 |  | (2) |
| Warrants |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Communication Services | 14 | 0 |  | (14) | 0 | 0 | 0 | 0 | 0 |  | 0 |  | 0 |
| Financials | 1 | 2 |  | (5) | (121) | 125 | 0 | 0 | 0 |  | 2 |  | 0 |
| Preferred Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Banking & Finance | 0 | 13 |  | 0 | 0 | 0 | 0 | 0 | 0 |  | 13 |  | 0 |
|  | $8940 | 43183 | $ | $(3777) | $(104) | $366 | $5312 | $(3498) | (3498) | $ | 50412 | $ | (761) |
| **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** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** |
| Over the counter | $0 | 4 | $ | $0 | $0 | $11 | $0 | $0 | 0 | $ | 15 | $ | 11 |
| Totals | $8940 | 43187 | $ | $(3777) | $(104) | $377 | $5312 | $(3498) | (3498) | $ | 50427 | $ | (750) |
| <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** |
|  |  |  |  |  |  |  |  |  | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | Ending<br>Balance<br>at 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | Input Value(s) | Input Value(s) | Input Value(s) | Weighted Average | Weighted 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** | **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 | Loan Participations and Assignments | $5301 | 5301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comparable Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comparable Companies | &nbsp;&nbsp;&nbsp;&nbsp; EBITDA Multiple | &nbsp;&nbsp;&nbsp;&nbsp; EBITDA Multiple | &nbsp;&nbsp;&nbsp;&nbsp; EBITDA Multiple | 16.290 | 16.290 | 16.290 |  |  |
|  |  | 47 | 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | 50.000 | 50.000 | 50.000 |  |  |
|  |  | 2200 | 2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | 100.000 | 100.000 | 100.000 |  |  |
|  |  | 675 | 675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Party Vendor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Party Vendor | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | 40.500 - 97.000 | 40.500 - 97.000 | 40.500 - 97.000 | 96.757 | 96.757 |
| 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 | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| Industrials | Industrials | 20510 | 20510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | 100.000 | 100.000 | 100.000 |  |  |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| Home Equity Other | Home Equity Other | 5091 | 5091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy pricing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy pricing | &nbsp;&nbsp;&nbsp;&nbsp; Base Price | &nbsp;&nbsp;&nbsp;&nbsp; Base Price | &nbsp;&nbsp;&nbsp;&nbsp; Base Price | 99.999 | 99.999 | 99.999 |  |  |
| Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | 10061 | 10061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy pricing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy pricing | &nbsp;&nbsp;&nbsp;&nbsp; Base Price | &nbsp;&nbsp;&nbsp;&nbsp; Base Price | &nbsp;&nbsp;&nbsp;&nbsp; Base Price | 97.967 - 100.000 | 97.967 - 100.000 | 97.967 - 100.000 | 98.997 | 98.997 |
|  |  | 5087 | 5087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | 99.750 | 99.750 | 99.750 |  |  |
| Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| Communication Services | Communication Services | 340 | 340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | 7.930 | 7.930 | 7.930 |  |  |
|  |  | 62 | 62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reference Instrument | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reference Instrument | &nbsp;&nbsp;&nbsp;&nbsp; Stock Price w/Liquidity Discount | &nbsp;&nbsp;&nbsp;&nbsp; Stock Price w/Liquidity Discount | &nbsp;&nbsp;&nbsp;&nbsp; Stock Price w/Liquidity Discount | 12.000 | 12.000 | 12.000 |  |  |
| Financials | Financials | 11 | 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reference instrument | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reference instrument | &nbsp;&nbsp;&nbsp;&nbsp; Stock Price w/Liquidity Discount | &nbsp;&nbsp;&nbsp;&nbsp; Stock Price w/Liquidity Discount | &nbsp;&nbsp;&nbsp;&nbsp; Stock Price w/Liquidity Discount | 8.150 | 8.150 | 8.150 |  |  |
| Health Care | Health Care | 1011 | 1011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comparable Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comparable Companies | &nbsp;&nbsp;&nbsp;&nbsp; EBITDA Multiple | &nbsp;&nbsp;&nbsp;&nbsp; EBITDA Multiple | &nbsp;&nbsp;&nbsp;&nbsp; EBITDA Multiple | 16.290 | 16.290 | 16.290 |  |  |
| Industrials | Industrials | 1 | 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | $0.375 - 1.125 | 0.375 - 1.125 | 0.375 - 1.125 | 1.053 | 1.053 |
| Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants |
| Financials | Financials | 2 | 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Option Pricing Model | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Option Pricing Model | &nbsp;&nbsp;&nbsp;&nbsp; Volatility | &nbsp;&nbsp;&nbsp;&nbsp; Volatility | &nbsp;&nbsp;&nbsp;&nbsp; Volatility | 62.500 | 62.500 | 62.500 |  |  |
| Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| Banking & Finance | Banking & Finance | 13 | 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | $1000.000 | 1000.000 | 1000.000 |  |  |
| **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** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** |
| Over the counter | Over the counter | 15 | 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | 0.939 - 0.978 | 0.939 - 0.978 | 0.939 - 0.978 | 0.951 | 0.951 |
| Total | Total | $50427 | 50427 |  |  |  |  |  |  |  |  |  |  |
| Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. |
| Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. |

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Notes to Financial Statements

**1** **. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS**

**(a) Investment Valuation Policies** The net asset value ("NAV") of the Portfolio'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 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, the Portfolio'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 Portfolio 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 Portfolio may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The 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, the Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that the 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 the 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 Portfolio 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 Pacific Investment Management Company LLC ("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 Investment Company Act of 1940, as amended (the "Act"). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees has designated PIMCO as the valuation designee ("Valuation Designee") for the Portfolio to perform the fair value determination relating to all Portfolio investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of portfolio investments. The Valuation Designee may value portfolio securities for which market quotations are not readily available and other Portfolio assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, exchange-traded funds ("ETFs"), exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Portfolio's assets that are invested in one or more open-end management investment companies (other than ETFs), the 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, 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 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. The 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 the 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 the 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 the 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 the 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 the Portfolio may transact.

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 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 the 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 the Portfolio may differ from the value that would be realized if the securities were sold. The Portfolio's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the " Frequent or Excessive Purchases, Exchanges and Redemptions " section in the Portfolio's prospectus.

Under certain circumstances, the per share NAV of a class of the Portfolio'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 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:

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Notes to Financial Statements (Cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

• Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for 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 ofthe Portfolio'sassets 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 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.

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

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indexes, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

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Notes to Financial Statements (Cont.)

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices,indexes, reference rates and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Proxy pricing procedures set the base price of a fixed income security and subsequently adjust the price proportionally to market value changes of a pre-determined security deemed to be comparable in duration, generally a U.S. Treasury or sovereign note based on country of issuance. The base price may be a broker-dealer quote, transaction price, or an internal value as derived by analysis of market data. The base price of the security may be reset on a periodic basis based on the availability of market data and procedures approved by the Valuation Oversight Committee. Significant changes in the unobservable inputs of the proxy pricing process (the base price) would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

If third-party evaluated vendor pricing is not available or not deemed to be indicative of fair value, the Adviser may elect to obtain Broker Quotes directly from the broker-dealer or passed through from a third-party vendor. In the event that fair value is based upon a single sourced Broker Quote, these securities are categorized as Level 3 of the fair value hierarchy. Broker Quotes are typically received from established market participants. Although independently received, the Adviser does not have the transparency to view the underlying inputs which support the market quotation. Significant changes in the Broker Quote would have direct and proportional changes in the fair value of the security.

Reference instrument valuation estimates fair value by utilizing the correlation of the security to one or more broad-based securities, market indices, 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 2 or Level 3 of the fair value hierarchy depending on the source or input of the reference instrument.

The Discounted Cash Flow model is based on future cash flows generated by the investment and may be normalized based on expected investment performance. Future cash flows are discounted to present value using an appropriate rate of return, typically calibrated to the initial transaction date and adjusted based on Capital Asset Pricing Model and/or other market-based inputs. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

The Comparable Companies model is based on application of valuation multiples from publicly traded comparable companies to the financials of the subject company. Adjustments may be made to the market-derived valuation multiples based on differences between the comparable companies and the subject company. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

The Option Pricing Model is a commonly accepted method of allocating enterprise value across a capital structure. The method may be utilized when a capital structure includes multiple instruments with varying rights and preferences, there is no short term exit horizon, the nature of an exit event is unknown, or if the enterprise value is not sufficient to cover outstanding debt and preferred claims. The Option Pricing Model can also be used as a method to estimate enterprise value by 'back-solving' if there are recent indicative transactions for securities with the same issuer. The Option Pricing Model uses Black-Scholes option pricing, a generally accepted option model typically used to value call options, puts, warrants, and convertible preferred securities. Significant changes in unobservable inputs would result in direct changes in the fair value of the security. These securities are categorized as level 3 of the fair value hierarchy.<br>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.

**2. FEDERAL INCOME TAX MATTERS**

The 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.

The 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 Portfolio's tax positions for all open tax years. As of September 30, 2025, the Portfolio 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 Portfolio files U.S. federal, state and local tax returns as required. The Portfolio'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.

Shares of the Portfolio currently are sold to segregated asset accounts ("Separate Accounts") of insurance companies that fund variable annuity contracts and variable life insurance policies ("Variable Contracts"). Please refer to the prospectus for the Separate Account and Variable Contract for information regarding Federal income tax treatment of distributions to the Separate Account.

**3. INVESTMENTS IN AFFILIATES**

The 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 theAct, 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 Portfolio. A copy of each affiliate fund's shareholder report is available at the U.S. Securities and

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Notes to Financial Statements (Cont.)

Exchange Commission ("SEC") website at www.sec.gov, on the Portfolio's website at www.pimco.com, or upon request, as applicable. The table below shows the Portfolio's transactions in and earnings from investments in the affiliated funds for the period ended September 30, 2025 (amounts in thousands<sup>†</sup>):

**Investment in PIMCO Short-Term Floating NAV Portfolio III**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Market Value<br>12/31/2024** | **Purchases at<br>Cost** | **Proceeds from<br>Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>09/30/2025** | **Dividend<br>Income**<sup>(1)</sup> | **Realized Net<br>Capital<br>Gain<br>Distributions**<sup>(1)</sup> |
| $7713 | $387579 | $(343001) | $(9) | $21 | $52303 | $1575 | $0 |

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<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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** |  | (Unaudited) |
| **Counterparty Abbreviations:** | **Counterparty Abbreviations:** |  |  |  |  |
| **AZD** | Australia and New Zealand Banking Group | **DUB** | Deutsche Bank AG | **MYC** | Morgan Stanley Capital Services LLC |
| **BOA** | Bank of America N.A. | **FAR** | Wells Fargo Bank National Association | **MYI** | Morgan Stanley & Co. International PLC |
| **BPS** | BNP Paribas S.A. | **GLM** | Goldman Sachs Bank USA | **NGF** | Nomura Global Financial Products, Inc. |
| **BRC** | Barclays Bank PLC | **GST** | Goldman Sachs International | **SAL** | Citigroup Global Markets, Inc. |
| **BSH** | Banco Santander S.A. - New York Branch | **JPM** | JP Morgan Chase Bank N.A. | **SCX** | Standard Chartered Bank, London |
| **CBK** | Citibank N.A. | **MBC** | HSBC Bank Plc | **UAG** | UBS AG Stamford |
| **Currency Abbreviations:** | **Currency Abbreviations:** |  |  |  |  |
| **AUD** | Australian Dollar | **ILS** | Israeli Shekel | **PLN** | Polish Zloty |
| **BRL** | Brazilian Real | **INR** | Indian Rupee | **SEK** | Swedish Krona |
| **CAD** | Canadian Dollar | **JPY** | Japanese Yen | **SGD** | Singapore Dollar |
| **CHF** | Swiss Franc | **KRW** | South Korean Won | **THB** | Thai Baht |
| **CLP** | Chilean Peso | **KWD** | Kuwaiti Dinar | **TRY** | Turkish New Lira |
| **CNH** | Chinese Renminbi (Offshore) | **MXN** | Mexican Peso | **TWD** | Taiwanese Dollar |
| **EUR** | Euro | **NGN** | Nigerian Naira | **USD (or $)** | United States Dollar |
| **GBP** | British Pound | **NZD** | New Zealand Dollar | **ZAR** | South African Rand |
| **IDR** | Indonesian Rupiah | **PEN** | Peruvian New Sol |  |  |
| **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** |  |  |  |  |
| **BISTREFI** | Turkish Lira Overnight Reference Rate | **CDX.IG** | Credit Derivatives Index - Investment Grade | **SONIO** | Sterling Overnight Interbank Average Rate |
| **Bobl** | Bundesobligation, the German word for federal government bond | **CMBX** | Commercial Mortgage-Backed Index | **TSFR1M** | Term SOFR 1-Month |
| **CAONREPO** | Canadian Overnight Repo Rate Average | **EUR003M** | 3 Month EUR Swap Rate | **TSFR3M** | Term SOFR 3-Month |
| **CDX.EM** | Credit Derivatives Index - Emerging Markets | **MUTKCALM** | Tokyo Overnight Average Rate | **UKRPI** | United Kingdom Retail Prices Index |
| **CDX.HY** | Credit Derivatives Index - High Yield | **SOFR** | Secured Overnight Financing Rate |  |  |
| **Other Abbreviations:** | **Other Abbreviations:** |  |  |  |  |
| **ABS** | Asset-Backed Security | **CLO** | Collateralized Loan Obligation | **OIS** | Overnight Index Swap |
| **ALT** | Alternate Loan Trust | **CMBS** | Collateralized Mortgage-Backed Security | **PIK** | Payment-in-Kind |
| **BABs** | Build America Bonds | **DAC** | Designated Activity Company | **REMIC** | Real Estate Mortgage Investment Conduit |
| **BBR** | Bank Bill Rate | **EBITDA** | Earnings before Interest, Taxes, Depreciation and Amoritization | **TBA** | To-Be-Announced |
| **BBSW** | Bank Bill Swap Reference Rate | **EURIBOR** | Euro Interbank Offered Rate | **TBD** | To-Be-Determined |
| **BRL-CDI** | Brazil Interbank Deposit Rate | **JIBAR** | Johannesburg Interbank Agreed Rate | **TBD%** | Interest rate to be determined when loan settles or at the time of funding |
| **CHILIBOR** | Chile Interbank Offered Rate | **Lunar** | Monthly payment based on 28-day periods. One <br> year consists of 13 periods. | **TIIE** | Tasa de Interés Interbancaria de Equilibrio "Equilibrium Interbank Interest Rate" |

---

------

<br> Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 0 | 185 | 228 |
| **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(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 140.0% ¤** |  |  |
| **ARGENTINA 0.0%** |  |  |
| **SOVEREIGN ISSUES 0.0%** |  |  |
| **Argentina Republic Government International Bonds** |  |  |
| 0.750% due 07/09/2030 þ | $184 | $125 |
| 1.000% due 07/09/2029 | 4 | 3 |
| Total Argentina (Cost $137) |  | 128 |
| **AUSTRALIA 3.0%** |  |  |
| **CORPORATE BONDS & NOTES 0.9%** |  |  |
| **Commonwealth Bank of Australia**<br>4.971% due 01/22/2030 | $4900 | 5095 |
| **SOVEREIGN ISSUES 2.1%** |  |  |
| **Australia Government Bonds**<br>1.750% due 06/21/2051 | 50 | 18 |
| **New South Wales Treasury Corp.** |  |  |
| 1.750% due 03/20/2034 | 4900 | 2573 |
| 2.000% due 03/08/2033 | 800 | 446 |
| **Queensland Treasury Corp.** |  |  |
| 1.750% due 07/20/2034 | 1600 | 827 |
| 2.000% due 08/22/2033 | 5700 | 3115 |
| **Treasury Corp. of Victoria** |  |  |
| 2.000% due 09/17/2035 | 1200 | 609 |
| 2.250% due 09/15/2033 | 5000 | 2779 |
| 4.250% due 12/20/2032 | 1200 | 782 |
|  |  | 11149 |
| Total Australia (Cost $15,350) |  | 16244 |
| **BELGIUM 0.2%** |  |  |
| **CORPORATE BONDS & NOTES 0.2%** |  |  |
| **KBC Group NV**<br>5.796% due 01/19/2029 •  | $800 | 827 |
| Total Belgium (Cost $800) |  | 827 |
| **BULGARIA 0.3%** |  |  |
| **SOVEREIGN ISSUES 0.3%** |  |  |
| **Bulgaria Government International Bonds** |  |  |
| 3.375% due 07/18/2035 | 800 | 922 |
| 4.125% due 07/18/2045 | 800 | 908 |
| Total Bulgaria (Cost $1,830) |  | 1830 |
| **CANADA 6.7%** |  |  |
| **CORPORATE BONDS & NOTES 1.5%** |  |  |
| **Air Canada Pass-Through Trust**<br>3.300% due 07/15/2031 | $64 | 61 |
| **Bank of Nova Scotia**<br>0.010% due 09/14/2029 | 1200 | 1274 |
| **Canadian Imperial Bank of Commerce**<br>4.876% due 01/14/2030 | $3700 | 3833 |
| **Fairfax Financial Holdings Ltd.**<br>2.750% due 03/29/2028 | 500 | 586 |
| **Toronto-Dominion Bank**<br>4.814% due 07/16/2027 | $2100 | 2135 |
|  |  | 7889 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.2%** |  |  |
| **Real Estate Asset Liquidity Trust** |  |  |
| 2.381% due 02/12/2055 ~ | 233 | 163 |

---

------

<br> Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 0 | 185 | 228 |
| 2.867% due 02/12/2055 ~ | 1000 | 682 |
|  |  | 845 |
| **SOVEREIGN ISSUES 5.0%** |  |  |
| **Canada Government Bonds** |  |  |
| 1.750% due 12/01/2053 | 910 | 439 |
| 2.750% due 03/01/2030 | 100 | 72 |
| 3.250% due 12/01/2033 | 5300 | 3865 |
| 4.000% due 03/01/2029 | 1600 | 1202 |
| **Canada Government Real Return Bonds**<br>1.500% due 12/01/2044 (f) | 571 | 403 |
| **Export Development Canada**<br>7.130% due 03/11/2029 | 84800 | 965 |
| **Province of British Columbia**<br>4.150% due 06/18/2034 | 3700 | 2776 |
| **Province of Ontario** |  |  |
| 3.500% due 01/27/2027 | 1000 | 657 |
| 3.650% due 06/02/2033 | 8800 | 6446 |
| **Province of Quebec** |  |  |
| 3.600% due 09/01/2033 | 9900 | 7211 |
| 4.450% due 09/01/2034 | 1100 | 842 |
| **PSP Capital, Inc.**<br>4.500% due 09/05/2031 | 3300 | 2188 |
|  |  | 27066 |
| Total Canada (Cost $35,316) |  | 35800 |
| **CAYMAN ISLANDS 4.0%** |  |  |
| **ASSET-BACKED SECURITIES 3.7%** |  |  |
| **AMMC CLO 24 Ltd.**<br>5.525% due 01/20/2035 •  | $1300 | 1303 |
| **Anchorage Capital CLO 20 Ltd.**<br>5.425% due 01/20/2035 •  | 1800 | 1802 |
| **Bain Capital Credit CLO Ltd.**<br>5.565% due 07/19/2034 •  | 1600 | 1602 |
| **BDS Ltd.**<br>5.600% due 12/16/2036 •  | 780 | 781 |
| **Carlyle Global Market Strategies CLO Ltd.**<br>5.415% due 07/20/2034 •  | 1300 | 1301 |
| **CarVal CLO I Ltd.**<br>5.548% due 07/16/2031 •  | 481 | 481 |
| **CIFC Funding Ltd.**<br>5.530% due 10/24/2030 •  | 471 | 472 |
| **Gallatin CLO VIII Ltd.**<br>5.669% due 07/15/2031 •  | 1414 | 1416 |
| **GPMT Ltd.**<br>5.600% due 12/15/2036 •  | 1052 | 1030 |
| **KREF Ltd.**<br>5.584% due 02/17/2039 •  | 948 | 950 |
| **LoanCore Issuer Ltd.**<br>5.931% due 01/17/2037 •  | 1061 | 1064 |
| **MF1 Ltd.**<br>5.484% due 02/19/2037 •  | 1294 | 1295 |
| **Northwoods Capital XII-B Ltd.**<br>5.228% due 06/15/2031 •  | 696 | 697 |
| **OFSI BSL X Ltd.**<br>5.595% due 04/20/2034 •  | 2100 | 2102 |
| **Regatta XVI Funding Ltd.**<br>5.518% due 01/15/2033 •  | 1486 | 1489 |
| **Sandstone Peak Ltd.**<br>5.598% due 10/15/2034 •  | 800 | 802 |
| **Starwood Ltd.**<br>5.450% due 04/18/2038 •  | 761 | 764 |
| **Venture 44 CLO Ltd.**<br>5.465% due 10/20/2034 •  | 600 | 601 |
|  |  | 19952 |
| **CORPORATE BONDS & NOTES 0.2%** |  |  |
| **Gaci First Investment Co.**<br>5.250% due 01/29/2034 | 600 | 619 |
| **Sands China Ltd.**<br>5.400% due 08/08/2028 | 500 | 512 |
|  |  | 1131 |
| **SOVEREIGN ISSUES 0.1%** |  |  |
| **KSA Sukuk Ltd.**<br>5.268% due 10/25/2028 | 400 | 413 |

---

------

<br> Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 0 | 185 | 228 |
| Total Cayman Islands (Cost $21,430) |  | <br> 21496 |
| **CHILE 0.1%** |  |  |
| **SOVEREIGN ISSUES 0.1%** |  |  |
| **Chile Government International Bonds**<br>4.850% due 01/22/2029 | $600 | 615 |
| Total Chile (Cost $600) |  | 615 |
| **CHINA 4.5%** |  |  |
| **SOVEREIGN ISSUES 4.5%** |  |  |
| **China Government Bonds** |  |  |
| 1.650% due 05/15/2035 | 55600 | 7690 |
| 1.920% due 01/15/2055 | 14900 | 1951 |
| 2.040% due 11/25/2034 | 48300 | 6905 |
| 2.190% due 09/25/2054 | 20000 | 2779 |
| 3.530% due 10/18/2051 | 28000 | 4936 |
| Total China (Cost $24,217) |  | 24261 |
| **DENMARK 0.2%** |  |  |
| **CORPORATE BONDS & NOTES 0.2%** |  |  |
| **Jyske Realkredit AS** |  |  |
| 1.500% due 10/01/2053 | 1711 | 220 |
| **Nordea Kredit Realkreditaktieselskab** |  |  |
| 1.500% due 10/01/2053 | 4132 | 532 |
| **Realkredit Danmark AS** |  |  |
| 1.500% due 10/01/2053 | 2334 | 299 |
| Total Denmark (Cost $1,232) |  | 1051 |
| **FRANCE 5.3%** |  |  |
| **CORPORATE BONDS & NOTES 0.7%** |  |  |
| **Banque Federative du Credit Mutuel SA**<br>5.088% due 01/23/2027 | $600 | 608 |
| **BPCE SA**<br>5.716% due 01/18/2030 •  | 1400 | 1448 |
| **Credit Agricole SA**<br>5.862% due 01/09/2036 •  | 1800 | 1893 |
|  |  | 3949 |
| **SOVEREIGN ISSUES 4.6%** |  |  |
| **French Republic Government Bonds OAT** |  |  |
| 0.750% due 02/25/2028 | 5700 | 6460 |
| 2.750% due 10/25/2027 | 5200 | 6175 |
| 2.750% due 02/25/2030 | 10400 | 12263 |
|  |  | 24898 |
| Total France (Cost $26,253) |  | 28847 |
| **GERMANY 0.6%** |  |  |
| **CORPORATE BONDS & NOTES 0.3%** |  |  |
| **Deutsche Bank AG** |  |  |
| 1.750% due 11/19/2030 •  | 500 | 555 |
| 3.547% due 09/18/2031 •  | $1000 | 948 |
|  |  | 1503 |
| **SOVEREIGN ISSUES 0.3%** |  |  |
| **Bundesrepublik Deutschland Bundesanleihe**<br>2.300% due 02/15/2033 | 1600 | 1852 |
| Total Germany (Cost $3,241) |  | 3355 |
| **HUNGARY 0.1%** |  |  |
| **SOVEREIGN ISSUES 0.1%** |  |  |
| **Hungary Government International Bonds**<br>6.250% due 09/22/2032 | $300 | 322 |

---

------

<br> Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 0 | 185 | 228 |
| Total Hungary (Cost $299) |  | <br> 322 |
| **IRELAND 3.5%** |  |  |
| **ASSET-BACKED SECURITIES 3.3%** |  |  |
| **Aurium CLO III DAC**<br>2.922% due 04/16/2030 •  | 191 | 224 |
| **Bain Capital Euro CLO DAC**<br>3.267% due 01/22/2038 •  | 900 | 1060 |
| **BBAM European CLO I DAC**<br>2.865% due 07/22/2034 •  | 2000 | 2352 |
| **CVC Cordatus Loan Fund XI DAC**<br>2.676% due 10/15/2031 •  | 385 | 452 |
| **CVC Cordatus Loan Fund XXIV DAC**<br>3.144% due 10/23/2034 •  | 411 | 484 |
| **CVC Cordatus Opportunity Loan Fund-R DAC**<br>2.876% due 08/15/2033 •  | 1015 | 1192 |
| **Dryden 27 R Euro CLO DAC**<br>2.686% due 04/15/2033 •  | 645 | 755 |
| **Grosvenor Place CLO DAC**<br>3.266% due 01/15/2039 •  | 1300 | 1530 |
| **Hayfin Emerald CLO XIV DAC**<br>3.205% due 01/22/2039 •  | 2600 | 3061 |
| **Jubilee CLO DAC**<br>2.676% due 04/15/2031 •  | 473 | 556 |
| **Man GLG Euro CLO V DAC**<br>2.704% due 12/15/2031 •  | 298 | 350 |
| **Palmer Square European Loan Funding DAC** |  |  |
| 0.000% due 07/15/2035 «•(b) | 1100 | 1291 |
| 3.006% due 01/15/2033 •  | 836 | 981 |
| **Rockford Tower Europe CLO DAC**<br>3.292% due 08/29/2036 •  | 1800 | 2120 |
| **Sculptor European CLO VI DAC**<br>3.076% due 10/15/2034 •  | 1000 | 1176 |
|  |  | 17584 |
| **CORPORATE BONDS & NOTES 0.2%** |  |  |
| **AerCap Ireland Capital DAC/AerCap Global Aviation Trust** |  |  |
| 2.450% due 10/29/2026 | $600 | 590 |
| 3.000% due 10/29/2028 | 600 | 578 |
|  |  | 1168 |
| Total Ireland (Cost $17,890) |  | 18752 |
| **ISRAEL 0.3%** |  |  |
| **SOVEREIGN ISSUES 0.3%** |  |  |
| **Israel Government International Bonds** |  |  |
| 4.500% due 01/17/2033 | $400 | 391 |
| 5.500% due 03/12/2034 | 1200 | 1234 |
| Total Israel (Cost $1,592) |  | 1625 |
| **ITALY 2.6%** |  |  |
| **CORPORATE BONDS & NOTES 0.3%** |  |  |
| **Banca Monte dei Paschi di Siena SpA**<br>0.875% due 10/08/2027 | 900 | 1043 |
| **Intesa Sanpaolo SpA**<br>8.248% due 11/21/2033 •  | $700 | 826 |
|  |  | 1869 |
| **SOVEREIGN ISSUES 2.3%** |  |  |
| **Cassa Depositi e Prestiti SpA**<br>5.750% due 05/05/2026 | 900 | 907 |
| **Italy Buoni Poliennali Del Tesoro**<br>2.100% due 08/26/2027 | 9100 | 10659 |
| **Republic of Italy Government International Bonds**<br>6.000% due 08/04/2028 | 400 | 556 |
|  |  | 12122 |
| Total Italy (Cost $14,007) |  | 13991 |
| **JAPAN 8.3%** |  |  |
| **CORPORATE BONDS & NOTES 0.7%** |  |  |
| **Mitsubishi UFJ Financial Group, Inc.**<br>5.258% due 04/17/2030 •  | $2000 | 2064 |

---

------

<br> Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 0 | 185 | 228 |
| **Nomura** **Holdings, Inc.**<br>2.329% due 01/22/2027 | 500 | 488 |
| **Sumitomo Mitsui Trust Bank Ltd.**<br>4.350% due 09/11/2030 | 1000 | 1003 |
|  |  | 3555 |
| **SOVEREIGN ISSUES 7.6%** |  |  |
| **Japan Government CPI-Linked Bonds**<br>0.100% due 03/10/2028 (f) | 723393 | 4975 |
| **Japan Government Five Year Bonds**<br>0.400% due 06/20/2029 | 300000 | 1976 |
| **Japan Government Forty Year Bonds**<br>2.200% due 03/20/2064 | 440000 | 2281 |
| **Japan Government Thirty Year Bonds** |  |  |
| 0.300% due 06/20/2046 | 620000 | 2635 |
| 0.500% due 09/20/2046 | 202000 | 895 |
| 0.500% due 03/20/2049 | 428000 | 1752 |
| 0.700% due 12/20/2048 | 498000 | 2169 |
| 0.700% due 12/20/2050 | 160000 | 652 |
| 0.700% due 03/20/2051 | 160000 | 646 |
| 1.800% due 03/20/2054 | 414000 | 2133 |
| 2.200% due 06/20/2054 | 310000 | 1752 |
| 2.300% due 12/20/2054 | 55000 | 317 |
| 2.400% due 03/20/2055 | 4000 | 24 |
| **Japan Government Twenty Year Bonds** |  |  |
| 0.400% due 06/20/2040 | 620000 | 3254 |
| 1.200% due 09/20/2035 | 920000 | 5958 |
| 1.800% due 09/20/2044 | 180000 | 1083 |
| 2.000% due 12/20/2044 | 545000 | 3378 |
| 2.400% due 03/20/2045 | 217000 | 1430 |
| **Japan Government Two Year Bonds**<br>0.100% due 01/01/2026 | 530000 | 3580 |
|  |  | 40890 |
| Total Japan (Cost $59,315) |  | 44445 |
| **JERSEY, CHANNEL ISLANDS 0.1%** |  |  |
| **ASSET-BACKED SECURITIES 0.1%** |  |  |
| **Saranac CLO VI Ltd.**<br>5.439% due 08/13/2031 •  | $366 | 367 |
| Total Jersey, Channel Islands (Cost $366) |  | 367 |
| **KUWAIT 0.5%** |  |  |
| **SOVEREIGN ISSUES 0.5%** |  |  |
| **Kuwait International Bonds** |  |  |
| 4.016% due 10/09/2028 (b) | $1300 | 1300 |
| 4.136% due 10/09/2030 (b) | 700 | 700 |
| 4.652% due 10/09/2035 (b) | 900 | 900 |
| Total Kuwait (Cost $2,900) |  | 2900 |
| **LUXEMBOURG 0.6%** |  |  |
| **SOVEREIGN ISSUES 0.6%** |  |  |
| **Eagle Funding Luxco SARL**<br>5.500% due 08/17/2030 | $3000 | 3047 |
| Total Luxembourg (Cost $2,993) |  | 3047 |
| **MALAYSIA 1.7%** |  |  |
| **CORPORATE BONDS & NOTES 0.1%** |  |  |
| **Petronas Capital Ltd.** |  |  |
| 3.404% due 04/28/2061 | $400 | 277 |
| 4.550% due 04/21/2050 | 200 | 177 |
| 4.800% due 04/21/2060 | 200 | 182 |
|  |  | 636 |
| **SOVEREIGN ISSUES 1.6%** |  |  |
| **Malaysia Government Bonds** |  |  |
| 2.632% due 04/15/2031 | 2700 | 621 |
| 3.519% due 04/20/2028 | 30997 | 7413 |
| 3.582% due 07/15/2032 | 530 | 127 |

---

------

<br> Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 0 | 185 | 228 |
| **Malaysia** **Government Investment Issue**<br>4.193% due 10/07/2032 | 2860 | 713 |
|  |  | 8874 |
| Total Malaysia (Cost $8,789) |  | 9510 |
| **MEXICO 0.1%** |  |  |
| **SOVEREIGN ISSUES 0.1%** |  |  |
| **Mexico Government International Bonds** |  |  |
| 5.850% due 07/02/2032 | $200 | 207 |
| 6.625% due 01/29/2038 | 200 | 210 |
| Total Mexico (Cost $400) |  | 417 |
| **MULTINATIONAL 0.0%** |  |  |
| **CORPORATE BONDS & NOTES 0.0%** |  |  |
| **Preferred Term Securities XVII Ltd./Preferred Term Securities XVII, Inc.**<br>4.685% (US0003M + 0.400%) due 06/23/2035 ~ | $240 | 229 |
| Total Multinational (Cost $200) |  | 229 |
| **NETHERLANDS 0.7%** |  |  |
| **CORPORATE BONDS & NOTES 0.7%** |  |  |
| **ABN AMRO Bank NV**<br>5.515% due 12/03/2035 •  | $900 | 936 |
| **Cooperatieve Rabobank UA** |  |  |
| 5.447% due 03/05/2030 •  | 1700 | 1761 |
| 5.710% due 01/21/2033 •  | 900 | 947 |
| Total Netherlands (Cost $3,500) |  | 3644 |
| **NEW ZEALAND 0.4%** |  |  |
| **CORPORATE BONDS & NOTES 0.4%** |  |  |
| **Bank of New Zealand**<br>3.708% due 12/20/2028 | 1572 | 1910 |
| **SOVEREIGN ISSUES 0.0%** |  |  |
| **New Zealand Government Bonds**<br>1.500% due 05/15/2031 | 400 | 208 |
| Total New Zealand (Cost $2,037) |  | 2118 |
| **PERU 1.4%** |  |  |
| **CORPORATE BONDS & NOTES 0.1%** |  |  |
| **Credicorp Capital Sociedad Titulizadora SA**<br>10.100% due 12/15/2043 | 1900 | 590 |
| **SOVEREIGN ISSUES 1.3%** |  |  |
| **Peru Government Bonds** |  |  |
| 6.850% due 08/12/2035 | 1300 | 396 |
| 7.300% due 08/12/2033 | 6200 | 1991 |
| 7.600% due 08/12/2039 | 3200 | 1009 |
| **Peru Government International Bonds** |  |  |
| 2.780% due 12/01/2060 | $700 | 392 |
| 5.400% due 08/12/2034 | 100 | 28 |
| 6.150% due 08/12/2032 | 5000 | 1527 |
| 6.900% due 08/12/2037 | 3400 | 1025 |
| 6.950% due 08/12/2031 | 2241 | 715 |
|  |  | 7083 |
| Total Peru (Cost $7,244) |  | 7673 |
| **POLAND 0.4%** |  |  |
| **SOVEREIGN ISSUES 0.4%** |  |  |
| **Republic of Poland Government International Bonds** |  |  |
| 4.625% due 03/18/2029 | $500 | 510 |
| 4.875% due 02/12/2030 | 400 | 412 |
| 5.125% due 09/18/2034 | 900 | 922 |
| 5.375% due 02/12/2035 | 300 | 312 |

---

------

<br> Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 0 | 185 | 228 |
| Total Poland (Cost $2,091) |  | <br> 2156 |
| **QATAR 0.1%** |  |  |
| **CORPORATE BONDS & NOTES 0.1%** |  |  |
| **QatarEnergy**<br>2.250% due 07/12/2031 | $300 | 270 |
| Total Qatar (Cost $298) |  | 270 |
| **ROMANIA 1.3%** |  |  |
| **SOVEREIGN ISSUES 1.3%** |  |  |
| **Romania Government International Bonds** |  |  |
| 1.375% due 12/02/2029 | 140 | 147 |
| 1.750% due 07/13/2030 | 300 | 310 |
| 2.000% due 01/28/2032 | 100 | 97 |
| 2.000% due 04/14/2033 | 500 | 461 |
| 2.124% due 07/16/2031 | 100 | 100 |
| 2.125% due 03/07/2028 | 400 | 456 |
| 2.625% due 12/02/2040 | 400 | 301 |
| 3.750% due 02/07/2034 | 600 | 615 |
| 5.000% due 09/27/2026 | 700 | 842 |
| 5.125% due 09/24/2031 | 1100 | 1290 |
| 5.250% due 03/10/2030 | 400 | 484 |
| 5.250% due 05/30/2032 | 500 | 587 |
| 5.625% due 05/30/2037 | 500 | 562 |
| 6.250% due 09/10/2034 | 200 | 242 |
| 6.625% due 09/27/2029 | 300 | 382 |
| Total Romania (Cost $6,916) |  | 6876 |
| **SAUDI ARABIA 2.0%** |  |  |
| **CORPORATE BONDS & NOTES 0.1%** |  |  |
| **Saudi Arabian Oil Co.**<br>6.375% due 06/02/2055 | $300 | 320 |
| **SOVEREIGN ISSUES 1.9%** |  |  |
| **Saudi Government International Bonds** |  |  |
| 3.250% due 10/22/2030 | 200 | 191 |
| 3.375% due 03/05/2032 | 600 | 712 |
| 3.750% due 03/05/2037 | 200 | 232 |
| 4.750% due 01/18/2028 | $1600 | 1624 |
| 4.750% due 01/16/2030 | 4800 | 4907 |
| 4.875% due 07/18/2033 | 500 | 508 |
| 5.125% due 01/13/2028 | 1400 | 1431 |
| 5.375% due 01/13/2031 | 800 | 841 |
|  |  | 10446 |
| Total Saudi Arabia (Cost $10,384) |  | 10766 |
| **SERBIA 0.2%** |  |  |
| **SOVEREIGN ISSUES 0.2%** |  |  |
| **Serbia International Bonds** |  |  |
| 2.050% due 09/23/2036 | 500 | 459 |
| 6.000% due 06/12/2034 | $700 | 730 |
| Total Serbia (Cost $1,260) |  | 1189 |
| **SINGAPORE 0.5%** |  |  |
| **SOVEREIGN ISSUES 0.5%** |  |  |
| **Singapore Government Bonds**<br>3.250% due 06/01/2054 | 2881 | 2811 |
| Total Singapore (Cost $2,122) |  | 2811 |
| **SOUTH AFRICA 1.6%** |  |  |
| **SOVEREIGN ISSUES 1.6%** |  |  |
| **Republic of South Africa Government Bonds** |  |  |
| 6.250% due 03/31/2036 | 5000 | 230 |
| 8.000% due 01/31/2030 | 26200 | 1523 |
| 8.750% due 02/28/2048 | 7100 | 355 |
| 8.875% due 02/28/2035 | 115500 | 6570 |

---

------

<br> Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 0 | 185 | 228 |
| Total South Africa (Cost $8,375) |  | <br> 8678 |
| **SOUTH KOREA 2.1%** |  |  |
| **SOVEREIGN ISSUES 2.1%** |  |  |
| **Korea Treasury Bonds** |  |  |
| 1.375% due 06/10/2030 | 1811520 | 1213 |
| 2.375% due 12/10/2028 | 5299000 | 3749 |
| 2.625% due 06/10/2028 | 9018720 | 6434 |
| Total South Korea (Cost $12,468) |  | 11396 |
| **SPAIN 4.7%** |  |  |
| **CORPORATE BONDS & NOTES 0.2%** |  |  |
| **CaixaBank SA**<br>6.684% due 09/13/2027 •  | $800 | 818 |
| **SOVEREIGN ISSUES 4.5%** |  |  |
| **Autonomous Community of Catalonia**<br>4.220% due 04/26/2035 | 200 | 242 |
| **Spain Government Bonds** |  |  |
| 0.000% due 01/31/2028 (d) | 4150 | 4636 |
| 2.400% due 05/31/2028 | 2850 | 3360 |
| 2.500% due 05/31/2027 | 800 | 945 |
| 3.150% due 04/30/2035 | 4210 | 4922 |
| 3.200% due 10/31/2035 | 1200 | 1402 |
| 3.450% due 10/31/2034 | 7360 | 8847 |
|  |  | 24354 |
| Total Spain (Cost $24,006) |  | 25172 |
| **SUPRANATIONAL 0.7%** |  |  |
| **SOVEREIGN ISSUES 0.7%** |  |  |
| **European Union**<br>3.750% due 10/12/2045 | 3300 | 3835 |
| Total Supranational (Cost $3,842) |  | 3835 |
| **SWITZERLAND 0.9%** |  |  |
| **CORPORATE BONDS & NOTES 0.9%** |  |  |
| **UBS Group AG** |  |  |
| 3.091% due 05/14/2032 •  | $500 | 463 |
| 3.869% due 01/12/2029 •  | 800 | 793 |
| 4.194% due 04/01/2031 •  | 1200 | 1187 |
| 5.617% due 09/13/2030 •  | 700 | 731 |
| 6.537% due 08/12/2033 •  | 1500 | 1655 |
| Total Switzerland (Cost $4,664) |  | 4829 |
| **THAILAND 1.2%** |  |  |
| **SOVEREIGN ISSUES 1.2%** |  |  |
| **Thailand Government Bonds** |  |  |
| 2.410% due 03/17/2035 | 15560 | 523 |
| 2.500% due 11/17/2029 | 147710 | 4796 |
| 3.775% due 06/25/2032 | 38570 | 1377 |
| Total Thailand (Cost $6,086) |  | 6696 |
| **UNITED ARAB EMIRATES 0.5%** |  |  |
| **CORPORATE BONDS & NOTES 0.2%** |  |  |
| **Abu Dhabi Developmental Holding Co. PJSC** |  |  |
| 4.500% due 05/06/2030 | $200 | 203 |
| 5.000% due 05/06/2035 | 200 | 204 |
| **MDGH GMTN RSC Ltd.**<br>5.500% due 04/28/2033 | 400 | 427 |
|  |  | 834 |
| **SOVEREIGN ISSUES 0.3%** |  |  |
| **Abu Dhabi Government International Bonds**<br>5.500% due 04/30/2054 | 1700 | 1781 |

---

------

<br> Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 0 | 185 | 228 |
| Total United Arab Emirates (Cost $2,464) |  | <br> 2615 |
| **UNITED KINGDOM 6.0%** |  |  |
| **ASSET-BACKED SECURITIES 0.2%** |  |  |
| **Together Asset-Backed Securitisation 14 PLC**<br>0.000% due 08/15/2066 ~ | 1000 | 1348 |
| **CORPORATE BONDS & NOTES 3.3%** |  |  |
| **Barclays PLC** |  |  |
| 4.918% due 08/08/2030 •  | 1400 | 1754 |
| 5.690% due 03/12/2030 •  | $200 | 208 |
| 6.496% due 09/13/2027 •  | 2000 | 2041 |
| **HSBC Holdings PLC** |  |  |
| 4.041% due 03/13/2028 •  | 1000 | 997 |
| 4.583% due 06/19/2029 •  | 800 | 806 |
| **Lloyds Banking Group PLC**<br>5.590% due 11/26/2035 •  | 1400 | 1456 |
| **Nationwide Building Society**<br>2.972% due 02/16/2028 •  | 1200 | 1178 |
| **NatWest Group PLC**<br>5.778% due 03/01/2035 •  | 2000 | 2110 |
| **NatWest Markets PLC**<br>0.125% due 11/12/2025 | 800 | 937 |
| **Standard Chartered PLC** |  |  |
| 2.608% due 01/12/2028 •  | $1400 | 1369 |
| 6.187% due 07/06/2027 •  | 1400 | 1419 |
| 6.296% due 07/06/2034 •  | 1400 | 1519 |
| **Vmed O2 U.K. Financing I PLC**<br>5.625% due 04/15/2032 | 1600 | 1933 |
|  |  | 17727 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.8%** |  |  |
| **Eurohome U.K. Mortgages PLC**<br>4.255% due 06/15/2044 •  | 34 | 45 |
| **Eurosail-U.K. PLC**<br>5.055% due 06/13/2045 •  | 78 | 105 |
| **Mansard Mortgages PLC**<br>4.755% due 12/15/2049 •  | 31 | 42 |
| **Newgate Funding PLC** |  |  |
| 4.265% due 12/01/2050 •  | 107 | 142 |
| 5.105% due 12/15/2050 •  | 133 | 176 |
| **RMAC Securities No. 1 PLC**<br>4.255% due 06/12/2044 •  | 202 | 268 |
| **Stratton Mortgage Funding PLC**<br>5.137% due 06/20/2060 •  | 2664 | 3589 |
|  |  | 4367 |
| **SOVEREIGN ISSUES 1.7%** |  |  |
| **U.K. Gilts** |  |  |
| 0.625% due 10/22/2050 | 1300 | 610 |
| 1.250% due 07/31/2051 | 2100 | 1180 |
| 1.500% due 07/31/2053 | 1100 | 641 |
| 1.750% due 01/22/2049 | 1300 | 899 |
| 3.250% due 01/22/2044 | 900 | 913 |
| 4.250% due 12/07/2040 | 1200 | 1457 |
| 4.375% due 07/31/2054 | 2700 | 3040 |
| 5.375% due 01/31/2056 | 500 | 661 |
|  |  | 9401 |
| Total United Kingdom (Cost $37,424) |  | 32843 |
| **UNITED STATES 71.2%** |  |  |
| **ASSET-BACKED SECURITIES 3.1%** |  |  |
| **ACE Securities Corp. Home Equity Loan Trust**<br>4.552% due 07/25/2036 •  | $844 | 643 |
| **AMRESCO Residential Securities Corp. Mortgage Loan Trust**<br>5.212% due 06/25/2029 •  | 0 | 1 |
| **Argent Mortgage Loan Trust**<br>4.752% due 05/25/2035 •  | 816 | 744 |
| **Argent Securities, Inc. Asset-Backed Pass-Through Certificates**<br>5.032% due 02/25/2036 •  | 1131 | 922 |
| **Citigroup Mortgage Loan Trust, Inc.** |  |  |
| 4.592% due 12/25/2036 •  | 346 | 195 |
| 4.662% due 06/25/2037 •  | 686 | 689 |
| 4.792% due 03/25/2036 •  | 260 | 239 |
| 5.262% due 07/25/2035 •  | 1054 | 1017 |
| **Countrywide Asset-Backed Certificates**<br>4.552% due 03/25/2037 •  | 901 | 829 |

---

------

<br> Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 0 | 185 | 228 |
| **Countrywide** **Asset-Backed Certificates Trust** |  |  |
| 3.364% due 04/25/2035 •  | 133 | 132 |
| 4.366% due 08/25/2035 ~ | 63 | 60 |
| 4.412% due 07/25/2037 •  | 158 | 148 |
| 4.532% due 12/25/2036 •  | 216 | 200 |
| 4.552% due 06/25/2035 •  | 186 | 171 |
| 4.552% due 06/25/2037 •  | 237 | 223 |
| 4.552% due 06/25/2047 •  | 763 | 715 |
| **First Franklin Mortgage Loan Trust**<br>4.387% due 07/25/2036 •  | 372 | 355 |
| **GSAMP Trust** |  |  |
| 4.917% due 11/25/2035 •  | 812 | 796 |
| 4.992% due 11/25/2035 •  | 1000 | 861 |
| **Home Equity Mortgage Loan Asset-Backed Trust**<br>4.512% due 04/25/2037 •  | 369 | 251 |
| **HSI Asset Securitization Corp. Trust**<br>4.792% due 04/25/2037 •  | 564 | 283 |
| **Long Beach Mortgage Loan Trust**<br>4.832% due 10/25/2034 •  | 11 | 11 |
| **Merrill Lynch Mortgage Investors Trust**<br>4.572% due 08/25/2037 •  | 945 | 465 |
| **Morgan Stanley ABS Capital I, Inc. Trust**<br>4.402% due 10/25/2036 •  | 82 | 73 |
| **Morgan Stanley Home Equity Loan Trust** |  |  |
| 4.372% due 12/25/2036 •  | 701 | 337 |
| 4.502% due 04/25/2037 •  | 554 | 288 |
| **Morgan Stanley Mortgage Loan Trust**<br>6.419% due 09/25/2046 þ | 128 | 26 |
| **Nomura Home Equity Loan, Inc. Home Equity Loan Trust**<br>4.707% due 03/25/2036 •  | 73 | 73 |
| **NovaStar Mortgage Funding Trust**<br>4.532% due 03/25/2037 •  | 447 | 292 |
| **Option One Mortgage Loan Trust**<br>4.552% due 01/25/2037 •  | 264 | 171 |
| **Renaissance Home Equity Loan Trust** |  |  |
| 5.294% due 01/25/2037 þ | 635 | 191 |
| 5.675% due 06/25/2037 þ | 1053 | 257 |
| 5.731% due 11/25/2036 þ | 967 | 317 |
| 6.822% due 12/25/2032 •  | 88 | 76 |
| **Residential Asset Mortgage Products Trust** |  |  |
| 4.712% due 12/25/2035 •  | 172 | 158 |
| 4.732% due 12/25/2035 •  | 583 | 491 |
| **Residential Asset Securities Corporation Trust**<br>4.522% due 11/25/2036 •  | 1386 | 1212 |
| **Saxon Asset Securities Trust**<br>6.022% due 12/25/2037 •  | 256 | 227 |
| **SMB Private Education Loan Trust**<br>5.822% due 02/16/2055 •  | 711 | 719 |
| **Soundview Home Loan Trust** |  |  |
| 4.422% due 06/25/2037 •  | 51 | 34 |
| 4.772% due 11/25/2036 •  | 877 | 835 |
| **Structured Asset Investment Loan Trust** |  |  |
| 4.532% due 07/25/2036 •  | 280 | 209 |
| 4.892% due 01/25/2036 •  | 565 | 535 |
| **Terwin Mortgage Trust**<br>5.212% due 11/25/2033 •  | 14 | 13 |
|  |  | 16484 |
| **CORPORATE BONDS & NOTES 7.6%** |  |  |
| **American Airlines Pass-Through Trust**<br>3.000% due 04/15/2030 | 179 | 173 |
| **Bank of America Corp.** |  |  |
| 1.898% due 07/23/2031 •  | 100 | 89 |
| 4.244% due 04/24/2038 •  | 600 | 560 |
| 5.202% due 04/25/2029 •  | 1300 | 1333 |
| 5.308% (SOFRRATE + 1.010%) due 01/24/2031 ~ | 1600 | 1603 |
| **Bayer U.S. Finance II LLC**<br>4.250% due 12/15/2025 | 300 | 300 |
| **Beignet**<br>6.850% due 06/01/2049 «(b) | 5400 | 5400 |
| **Blackstone Holdings Finance Co. LLC**<br>3.500% due 06/01/2034 | 600 | 708 |
| **Boeing Co.**<br>6.259% due 05/01/2027 | $600 | 618 |
| **Bristol-Myers Squibb Co.**<br>5.200% due 02/22/2034 | 600 | 622 |
| **Charter Communications Operating LLC/Charter Communications Operating Capital**<br>3.950% due 06/30/2062 | 900 | 570 |
| **Citigroup, Inc.**<br>6.800% due 06/25/2038 | 300 | 445 |
| **Credit Suisse AG AT1 Claim** | $300 | 39 |
| **Doctors Co. An Interinsurance Exchange**<br>4.500% due 01/18/2032 | 200 | 178 |
| **Ford Motor Credit Co. LLC**<br>3.375% due 11/13/2025 | 400 | 399 |

---

------

<br> Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 0 | 185 | 228 |
| **GA** **Global Funding Trust** |  |  |
| 2.250% due 01/06/2027 | 400 | 390 |
| 5.400% due 01/13/2030 | 1100 | 1141 |
| **Glencore Funding LLC** |  |  |
| 5.186% due 04/01/2030 | 800 | 825 |
| 5.371% due 04/04/2029 | 1300 | 1340 |
| **Goldman Sachs Group, Inc.** |  |  |
| 0.875% due 05/09/2029 | 800 | 880 |
| 3.500% due 01/23/2033 •  | 1200 | 1425 |
| 5.016% due 10/23/2035 •  | $1100 | 1108 |
| 5.536% due 01/28/2036 •  | 500 | 522 |
| 5.727% due 04/25/2030 •  | 800 | 837 |
| 6.484% due 10/24/2029 •  | 1400 | 1490 |
| **JPMorgan Chase & Co.** |  |  |
| 5.012% due 01/23/2030 •  | 1700 | 1742 |
| 5.502% due 01/24/2036 •  | 1300 | 1361 |
| **Morgan Stanley** |  |  |
| 2.674% (EUR003M + 0.650%) due 03/19/2027 ~ | 1300 | 1529 |
| 4.654% due 10/18/2030 •  | $400 | 404 |
| 5.338% (SOFRRATE + 1.020%) due 04/13/2028 ~ | 2000 | 2011 |
| 5.656% due 04/18/2030 •  | 1200 | 1253 |
| 6.407% due 11/01/2029 •  | 500 | 532 |
| **Pacific Gas & Electric Co.** |  |  |
| 2.100% due 08/01/2027 | 100 | 96 |
| 4.000% due 12/01/2046 | 100 | 76 |
| 4.200% due 03/01/2029 | 600 | 595 |
| 4.550% due 07/01/2030 | 200 | 199 |
| **PacifiCorp**<br>5.300% due 02/15/2031 | 600 | 623 |
| **PNC Financial Services Group, Inc.**<br>5.575% due 01/29/2036 •  | 1600 | 1670 |
| **Santander Holdings USA, Inc.**<br>6.124% due 05/31/2027 •  | 600 | 606 |
| **Wells Fargo & Co.** |  |  |
| 4.808% due 07/25/2028 •  | 1600 | 1619 |
| 5.198% due 01/23/2030 •  | 1200 | 1236 |
| 5.211% due 12/03/2035 •  | 1100 | 1124 |
| 6.303% due 10/23/2029 •  | 900 | 953 |
| **West Virginia United Health System Obligated Group**<br>3.129% due 06/01/2050 | 800 | 514 |
|  |  | 41138 |
| **LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3%** |  |  |
| **Avolon TLB Borrower 1 U.S. LLC**<br>5.885% (TSFR1M + 1.750%) due 06/24/2030 ~ | 1150 | 1151 |
| **Charter Communications Operating LLC**<br>6.541% (TSFR3M + 2.250%) due 12/15/2031 ~ | 547 | 548 |
|  |  | 1699 |
| **MUNICIPAL BONDS & NOTES 0.2%** |  |  |
| **Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021**<br>2.158% due 06/01/2026 | 600 | 592 |
| **Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023**<br>5.102% due 04/01/2035 | 265 | 273 |
|  |  | 865 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 5.8%** |  |  |
| **Angel Oak Mortgage Trust**<br>4.846% due 07/25/2062 þ | 1400 | 1397 |
| **Banc of America Mortgage Trust**<br>5.046% due 02/25/2036 ~ | 14 | 13 |
| **Bear Stearns ALT-A Trust** |  |  |
| 4.058% due 03/25/2036 ~ | 46 | 38 |
| 4.164% due 08/25/2036 ~ | 23 | 11 |
| 4.592% due 02/25/2034 •  | 10 | 9 |
| 4.838% due 09/25/2035 ~ | 11 | 6 |
| 4.850% due 11/25/2035 ~ | 9 | 7 |
| **Bear Stearns Structured Products, Inc. Trust**<br>3.965% due 12/26/2046 ~ | 10 | 8 |
| **Chase Home Lending Mortgage Trust**<br>3.250% due 09/25/2063 ~ | 1031 | 936 |
| **Chase Mortgage Finance Trust**<br>4.933% due 07/25/2037 ~ | 19 | 16 |
| **CHL Mortgage Pass-Through Trust** |  |  |
| 4.732% due 05/25/2035 •  | 9 | 8 |
| 4.912% due 03/25/2035 •  | 16 | 14 |
| 4.932% due 02/25/2035 •  | 2 | 2 |
| 5.097% due 11/25/2034 ~ | 2 | 2 |
| 5.500% due 01/25/2035 | 139 | 141 |
| **Citigroup Mortgage Loan Trust, Inc.** |  |  |
| 3.000% due 11/27/2051 ~ | 1517 | 1318 |
| 4.622% due 10/25/2035 •  | 907 | 392 |

---

------

<br> Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 0 | 185 | 228 |
| 6.000% due 09/25/2035 •  | 1 | 1 |
| **Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates**<br>4.595% due 09/25/2035 ~ | 70 | 63 |
| **Countrywide Alternative Loan Trust** |  |  |
| 4.670% due 03/20/2046 •  | 25 | 23 |
| 4.832% due 02/25/2037 •  | 19 | 16 |
| 5.153% due 12/25/2035 •  | 18 | 15 |
| 5.250% due 06/25/2035 | 3 | 2 |
| 5.653% due 11/25/2035 •  | 4 | 3 |
| **CSMC Mortgage-Backed Trust** |  |  |
| 5.500% due 08/25/2036 | 562 | 388 |
| 5.863% due 02/25/2037 ~ | 142 | 31 |
| **Deutsche Alt-A Securities, Inc. Mortgage Loan Trust**<br>5.772% due 10/25/2047 •  | 430 | 332 |
| **Extended Stay America Trust**<br>5.344% due 07/15/2038 •  | 1349 | 1350 |
| **GS Mortgage-Backed Securities Corp. Trust**<br>2.500% due 09/25/2052 ~ | 2571 | 2134 |
| **GS Mortgage-Backed Securities Trust** |  |  |
| 2.500% due 12/25/2051 ~ | 298 | 248 |
| 2.500% due 04/25/2052 ~ | 369 | 306 |
| **GSR Mortgage Loan Trust** |  |  |
| 4.602% due 12/25/2034 •  | 4 | 4 |
| 4.668% due 01/25/2036 ~ | 11 | 10 |
| 6.902% due 04/25/2035 ~ | 26 | 27 |
| **IndyMac INDX Mortgage Loan Trust** |  |  |
| 4.692% due 05/25/2046 •  | 186 | 170 |
| 4.752% due 07/25/2035 •  | 7 | 7 |
| **JP Morgan Mortgage Trust** |  |  |
| 3.000% due 01/25/2052 ~ | 3698 | 3202 |
| 3.000% due 03/25/2052 ~ | 2457 | 2133 |
| 3.000% due 05/25/2052 ~ | 3193 | 2771 |
| 4.063% due 07/27/2037 ~ | 25 | 23 |
| 5.466% due 02/25/2036 ~ | 9 | 6 |
| **Manhattan West Mortgage Trust**<br>2.130% due 09/10/2039 | 1400 | 1335 |
| **Mellon Residential Funding Corp. Mortgage Pass-Through Trust**<br>4.705% due 12/15/2030 •  | 1 | 1 |
| **MFA Trust** |  |  |
| 1.381% due 04/25/2065 ~ | 172 | 169 |
| 1.947% due 04/25/2065 ~ | 63 | 61 |
| **Morgan Stanley Capital I Trust**<br>5.434% due 12/15/2038 •  | 1700 | 1636 |
| **Morgan Stanley Mortgage Loan Trust**<br>6.035% due 06/25/2036 ~ | 8 | 8 |
| **New Residential Mortgage Loan Trust** |  |  |
| 2.750% due 07/25/2059 ~ | 494 | 477 |
| 2.750% due 11/25/2059 ~ | 435 | 420 |
| 6.864% due 10/25/2063 þ | 445 | 451 |
| **OBX Trust** |  |  |
| 3.000% due 01/25/2052 ~ | 1538 | 1330 |
| 7.159% due 10/25/2063 þ | 792 | 806 |
| **One New York Plaza Trust**<br>5.215% due 01/15/2036 •  | 1600 | 1575 |
| **RALI Trust** |  |  |
| 4.422% due 02/25/2047 •  | 20 | 6 |
| 4.632% due 06/25/2046 •  | 231 | 48 |
| 4.692% due 04/25/2046 •  | 369 | 92 |
| 5.139% due 10/25/2037 ~ | 131 | 105 |
| 6.000% due 06/25/2036 | 295 | 242 |
| **Structured Asset Mortgage Investments II Trust** |  |  |
| 4.692% due 05/25/2036 •  | 4 | 3 |
| 4.712% due 05/25/2036 •  | 32 | 27 |
| 4.712% due 09/25/2047 •  | 42 | 37 |
| 4.732% due 05/25/2045 •  | 6 | 6 |
| 4.948% due 03/19/2034 •  | 1 | 1 |
| 5.653% due 08/25/2047 •  | 16 | 13 |
| **Structured Asset Securities Corp.**<br>4.552% due 01/25/2036 •  | 151 | 126 |
| **Structured Asset Securities Corp. Mortgage Loan Trust**<br>4.562% due 10/25/2036 •  | 289 | 242 |
| **TBW Mortgage-Backed Trust**<br>6.470% due 09/25/2036 þ | 189 | 5 |
| **Thornburg Mortgage Securities Trust**<br>5.583% due 06/25/2047 •  | 6 | 6 |
| **Towd Point Mortgage Trust** |  |  |
| 1.636% due 04/25/2060 ~ | 557 | 510 |
| 2.710% due 01/25/2060 ~ | 393 | 379 |
| 2.900% due 10/25/2059 ~ | 1528 | 1471 |
| 5.272% due 05/25/2058 •  | 165 | 169 |
| **UWM Mortgage Trust**<br>3.000% due 01/25/2052 ~ | 472 | 408 |
| **Verus Securitization Trust**<br>5.218% due 09/25/2069 ~ | 1257 | 1259 |
| **Wachovia Mortgage Loan Trust LLC**<br>7.177% due 10/20/2035 ~ | 11 | 11 |

---

------

<br> Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 0 | 185 | 228 |
| **WaMu** **Mortgage Pass-Through Certificates Trust** |  |  |
| 4.198% due 02/27/2034 •  | 1 | 1 |
| 4.350% due 04/25/2035 ~ | 6 | 6 |
| 4.470% due 12/25/2036 ~ | 57 | 51 |
| 4.892% due 01/25/2045 •  | 15 | 15 |
| 4.961% due 03/25/2035 ~ | 9 | 9 |
| 5.133% due 06/25/2046 •  | 13 | 12 |
| 5.153% due 02/25/2046 •  | 31 | 28 |
| 5.781% due 03/25/2033 ~ | 2 | 2 |
| **Washington Mutual Mortgage Pass-Through Certificates WMALT Trust**<br>5.093% due 07/25/2046 •  | 14 | 9 |
|  |  | 31151 |
| **U.S. GOVERNMENT AGENCIES 45.9%** |  |  |
| **Federal Home Loan Mortgage Corp.** |  |  |
| 2.500% due 02/01/2051 - 01/01/2052 | 2010 | 1700 |
| 3.500% due 10/01/2039 | 119 | 114 |
| 5.500% due 06/01/2053 | 1763 | 1784 |
| 6.000% due 03/01/2054 - 06/01/2054 | 253 | 260 |
| 6.500% due 12/01/2053 | 212 | 219 |
| 6.725% due 04/01/2035 •  | 7 | 7 |
| **Federal Home Loan Mortgage Corp. REMICS** |  |  |
| 1.815% due 01/15/2038 ~(a) | 76 | 4 |
| 4.810% due 01/15/2038 •  | 76 | 75 |
| 4.987% due 12/15/2032 •  | 1 | 1 |
| 5.087% due 12/15/2037 •  | 2 | 2 |
| 5.296% due 11/25/2054 •  | 1912 | 1916 |
| 5.336% due 08/25/2055 •  | 1569 | 1577 |
| 5.756% due 03/25/2055 •  | 3051 | 3076 |
| **Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates**<br>5.353% due 10/25/2044 •  | 11 | 11 |
| **Federal National Mortgage Association** |  |  |
| 2.500% due 02/01/2051 | 133 | 113 |
| 3.000% due 10/01/2049 - 03/01/2060 | 1353 | 1189 |
| 3.500% due 11/01/2030 - 01/01/2059 | 1636 | 1510 |
| 4.000% due 06/01/2050 | 341 | 325 |
| 4.500% due 08/01/2033 - 04/01/2053 | 313 | 306 |
| 5.421% due 10/01/2044 •  | 3 | 3 |
| 5.500% due 06/01/2053 - 09/01/2053 | 9598 | 9715 |
| 6.000% due 08/01/2054 | 251 | 256 |
| 6.007% due 12/01/2034 •  | 1 | 1 |
| 6.526% due 11/01/2034 •  | 4 | 4 |
| **Federal National Mortgage Association REMICS** |  |  |
| 4.871% due 06/25/2036 •  | 6 | 6 |
| 5.516% due 03/25/2055 •  | 1110 | 1115 |
| 6.373% due 05/25/2035 ~ | 1 | 1 |
| **Federal National Mortgage Association REMICS Trust**<br>6.000% due 07/25/2044 | 3 | 3 |
| **Federal National Mortgage Association Trust**<br>4.821% due 09/25/2042 •  | 5 | 5 |
| **Government National Mortgage Association** |  |  |
| 3.000% due 05/20/2051 - 04/20/2052 | 3417 | 3054 |
| 3.500% due 10/20/2054 - 07/20/2055 | 19782 | 18052 |
| **Government National Mortgage Association REMICS** |  |  |
| 3.000% due 07/20/2046 - 05/20/2047 | 7 | 8 |
| 5.266% due 05/20/2066 - 06/20/2066 •  | 726 | 728 |
| 5.316% due 11/20/2066 •  | 146 | 147 |
| **Government National Mortgage Association, TBA** |  |  |
| 2.500% due 11/01/2055 | 2500 | 2153 |
| 3.000% due 11/01/2055 | 14100 | 12589 |
| 3.500% due 11/01/2055 | 500 | 456 |
| 6.500% due 11/01/2055 | 12400 | 12736 |
| **Uniform Mortgage-Backed Security, TBA** |  |  |
| 5.000% due 11/01/2055 | 66300 | 65716 |
| 6.000% due 11/01/2055 | 28900 | 29520 |
| 6.500% due 11/01/2055 | 74000 | 76525 |
|  |  | 246982 |
| **U.S. TREASURY OBLIGATIONS 8.3%** |  |  |
| **U.S. Treasury Bonds** |  |  |
| 2.250% due 08/15/2049 | 1300 | 830 |
| 2.375% due 11/15/2049 (l) | 700 | 458 |
| 3.000% due 02/15/2048 (l) | 1000 | 755 |
| 3.000% due 08/15/2048 (l) | 500 | 376 |
| 3.375% due 11/15/2048 (h) | 2600 | 2089 |
| 4.125% due 08/15/2044 (h) | 3875 | 3598 |
| 4.500% due 11/15/2054 (h) | 12300 | 11847 |
| 4.625% due 02/15/2055 (h) | 5700 | 5605 |
| 4.750% due 05/15/2055 | 300 | 301 |
| **U.S. Treasury Inflation Protected Securities** **(f)** |  |  |
| 3.875% due 04/15/2029 (j)(l) | 982 | 1075 |
| 0.125% due 10/15/2025 | 124 | 124 |
| 0.125% due 07/15/2031 | 2531 | 2364 |
| 0.125% due 01/15/2032 | 1049 | 966 |

---

------

<br> Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 0 | 185 | 228 |
| 0.500% due 01/15/2028 (j) | 7858 | 7768 |
| 0.625% due 07/15/2032 | 334 | 316 |
| 1.125% due 01/15/2033 | 4338 | 4206 |
| **U.S. Treasury Notes** |  |  |
| 3.500% due 02/15/2033 (l) | 700 | 680 |
| 4.000% due 02/29/2028 (l) | 700 | 706 |
| 4.375% due 05/15/2034 (l) | 600 | 614 |
|  |  | 44678 |
| Total United States (Cost $388,467) |  | 382997 |
| **SHORT-TERM INSTRUMENTS 1.4%** |  |  |
| **COMMERCIAL PAPER 0.8%** |  |  |
| **Air Lease Corp.**<br>4.570% due 10/10/2025 | $1500 | 1498 |
| **AutoNation, Inc.**<br>4.550% due 10/08/2025 (b) | 250 | 250 |
| **Crown Castle, Inc.**<br>4.620% due 10/23/2025 | 250 | 249 |
| **Edison International**<br>4.520% due 10/09/2025 | 450 | 449 |
| **HCA, Inc.** |  |  |
| 4.580% due 10/15/2025 | 250 | 250 |
| 4.600% due 10/24/2025 | 1100 | 1097 |
| **Targa Resources Corp.**<br>4.380% due 10/17/2025 | 550 | 549 |
|  |  | 4342 |
| **REPURCHASE AGREEMENTS (g) 0.2%** |  | 1001 |
| **NIGERIA TREASURY BILLS 0.3%** |  |  |
| 31.522% due 11/04/2025 - 06/29/2026 (c)(d) | 2549052 | 1512 |
| **SOUTH AFRICA TREASURY BILLS 0.1%** |  |  |
| 7.505% due 06/17/2026 (d)(e) | 4900 | 271 |
| Total Short-Term Instruments (Cost $6,989) |  | 7126 |
| Total Investments in Securities (Cost $769,794) |  | 753749 |
|  | SHARES |  |
| **INVESTMENTS IN AFFILIATES 0.2%** |  |  |
| **SHORT-TERM INSTRUMENTS 0.2%** |  |  |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.2%** |  |  |
| **PIMCO Short-Term Floating NAV Portfolio III** | 97444 | 949 |
| Total Short-Term Instruments (Cost $949) |  | 949 |
| Total Investments in Affiliates (Cost $949) |  | 949 |
| Total Investments 140.2% (Cost $770,743) |  | $754698 |
| **Financial Derivative Instruments** **(i)(k)** **(0.1)**%(Cost or Premiums, net $2,035) |  | (559) |
| Other Assets and Liabilities, net (40.1)% |  | (215666) |
| Net Assets 100.0% |  | $538473 |

---

------

<br> Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 0 | 27 | 81 | 90 | 116 | 137 | 138 | 173 | 185 | 204 | 218 | 228 | 245 |
| **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  |
| **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** |
| **¤** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** |
| **«** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** |
| **(b)** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** |
| **(c)** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** |
| **(d)** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** |
| **(e)** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** |
| **(f)** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** |
| **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** |
| **(g)** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** |
| Counterparty | Maturity<br>Date | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | Collateral<br>(Received) | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| MEI | TBD<sup>(2)</sup> | &nbsp;&nbsp; France Government International Bond 3.000% due 06/25/2049 | &nbsp;&nbsp; France Government International Bond 3.000% due 06/25/2049 | &nbsp;&nbsp; France Government International Bond 3.000% due 06/25/2049 | &nbsp;&nbsp; France Government International Bond 3.000% due 06/25/2049 | &nbsp;&nbsp; France Government International Bond 3.000% due 06/25/2049 | &nbsp;&nbsp; France Government International Bond 3.000% due 06/25/2049 | (833) | (833) | 1001 | 1001 | $1005 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |  |  |  |  | **(833)** | **(833)** | **1001** | **1001** | $**1005** |
| **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** |
| Counterparty | Counterparty | Borrowing Rate<sup>(3)</sup> | Settlement Date | Settlement Date | Maturity Date | Maturity Date | Maturity Date | Amount<br>Borrowed<sup>(3)</sup> | Amount<br>Borrowed<sup>(3)</sup> | Amount<br>Borrowed<sup>(3)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Reverse<br>Repurchase<br>Agreements |
| BSN | BSN | 4.380% | 09/25/2025 | 09/25/2025 | 10/02/2025 | 10/02/2025 | 10/02/2025 | (3417) | (3417) | (3417) | (3419) | (3419) |
| CIB | CIB | 4.270 | 09/18/2025 | 09/18/2025 | 10/09/2025 | 10/09/2025 | 10/09/2025 | (5846) | (5846) | (5846) | (5855) | (5855) |
| DEU | DEU | 4.340 | 09/24/2025 | 09/24/2025 | 10/01/2025 | 10/01/2025 | 10/01/2025 | (1860) | (1860) | (1860) | (1862) | (1862) |
|  |  | 4.360 | 09/24/2025 | 09/24/2025 | 10/01/2025 | 10/01/2025 | 10/01/2025 | (978) | (978) | (978) | (979) | (979) |
| **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** |  |  |  |  |  |  |  |  |  | **(12115)** | **(12115)** |
| **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** |
| Counterparty | Counterparty | Borrowing Rate<sup>(3)</sup> | Borrowing Date | Borrowing Date | Maturity Date | Maturity Date | Maturity Date | Amount<br>Borrowed<sup>(3)</sup> | Amount<br>Borrowed<sup>(3)</sup> | Amount<br>Borrowed<sup>(3)</sup> | Payable for<br>Sale-Buyback<br>Transactions<sup>(4)</sup> | Payable for<br>Sale-Buyback<br>Transactions<sup>(4)</sup> |
| UBS | UBS | 4.340% | 09/08/2025 | 09/08/2025 | 10/06/2025 | 10/06/2025 | 10/06/2025 | (6748) | (6748) | (6748) | (6767) | (6767) |
| **Total Sale-Buyback Transactions** | **Total Sale-Buyback Transactions** |  |  |  |  |  |  |  |  |  | **(6767)** | **(6767)** |
| **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** |
| Description | Description | Description | Description | Coupon | Coupon | Maturity<br>Date | Principal<br>Amount | Principal<br>Amount | Proceeds | Proceeds | Proceeds | Payable for<br>Short Sales |
| France (0.2)% | France (0.2)% | France (0.2)% | France (0.2)% | France (0.2)% | France (0.2)% | France (0.2)% | France (0.2)% | France (0.2)% | France (0.2)% | France (0.2)% | France (0.2)% | France (0.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.2)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.2)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.2)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.2)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.2)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.2)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.2)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.2)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.2)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.2)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.2)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.2)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; French Republic Government Bonds OAT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; French Republic Government Bonds OAT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; French Republic Government Bonds OAT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; French Republic Government Bonds OAT | 3.000% | 3.000% | 06/25/2049 | EUR | 1000 | $ | (1000) | (1000) | $(978) |
|  | Total France | Total France | Total France | Total France | Total France |  |  |  |  | (1000) | (1000) | (978) |
| United States (13.4)% | United States (13.4)% | United States (13.4)% | United States (13.4)% | United States (13.4)% | United States (13.4)% | United States (13.4)% | United States (13.4)% | United States (13.4)% | United States (13.4)% | United States (13.4)% | United States (13.4)% | United States (13.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (13.4)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (13.4)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (13.4)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (13.4)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (13.4)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (13.4)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (13.4)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (13.4)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (13.4)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (13.4)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (13.4)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (13.4)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (13.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae, TBA | 2.000 | 2.000 | 11/01/2055 | $ | 47950 |  | (38645) | (38645) | (38661) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 2.000 | 10/01/2040 |  | 10800 |  | (10006) | (10006) | (9929) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 2.500 | 10/01/2055 |  | 5400 |  | (4458) | (4458) | (4550) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.000 | 3.000 | 11/01/2055 |  | 3700 |  | (3287) | (3287) | (3251) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 3.500 | 11/01/2055 |  | 3400 |  | (3118) | (3118) | (3106) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.000 | 4.000 | 11/01/2055 |  | 250 |  | (236) | (236) | (235) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.500 | 4.500 | 10/01/2055 |  | 800 |  | (757) | (757) | (776) |

---

------

<br> Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 0 | 9 | 66 | 87 | 104 | 115 | 116 | 138 | 142 | 155 | 165 | 170 | 190 | 192 | 195 | 202 | 212 | 238 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UniformMortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UniformMortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UniformMortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UniformMortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UniformMortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UniformMortgage-Backed Security, TBA | 5.500 | 11/01/2055 | 11/01/2055 | 11/01/2055 |  |  | 11700 | 11700 | 11700 |  | (11805) |  | (11789) |
|  | Total United States | Total United States | Total United States | Total United States | Total United States | Total United States |  |  |  |  |  |  |  |  |  | (72312) |  | (72297) |
| **Total Short Sales (13.6)%** | **Total Short Sales (13.6)%** | **Total Short Sales (13.6)%** | **Total Short Sales (13.6)%** | **Total Short Sales (13.6)%** | **Total Short Sales (13.6)%** |  |  |  |  |  |  |  |  |  | **$** | **(73312)** | **$** | **(73275)** |
| **(h)** | **Securities with an aggregate market value of $18,635 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $18,635 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $18,635 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $18,635 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $18,635 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $18,635 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $18,635 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $18,635 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $18,635 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $18,635 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $18,635 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $18,635 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $18,635 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $18,635 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $18,635 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $18,635 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $18,635 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $18,635 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** |
| <sup>(1)</sup> | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. |
| <sup>(2)</sup> | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. |
| <sup>(3)</sup> | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(15002) at a weighted average interest rate of 4.421%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(15002) at a weighted average interest rate of 4.421%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(15002) at a weighted average interest rate of 4.421%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(15002) at a weighted average interest rate of 4.421%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(15002) at a weighted average interest rate of 4.421%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(15002) at a weighted average interest rate of 4.421%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(15002) at a weighted average interest rate of 4.421%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(15002) at a weighted average interest rate of 4.421%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(15002) at a weighted average interest rate of 4.421%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(15002) at a weighted average interest rate of 4.421%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(15002) at a weighted average interest rate of 4.421%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(15002) at a weighted average interest rate of 4.421%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(15002) at a weighted average interest rate of 4.421%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(15002) at a weighted average interest rate of 4.421%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(15002) at a weighted average interest rate of 4.421%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(15002) at a weighted average interest rate of 4.421%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(15002) at a weighted average interest rate of 4.421%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(15002) at a weighted average interest rate of 4.421%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. |
| <sup>(4)</sup> | Payable for sale-buyback transactions includes $(4) of deferred price drop. | Payable for sale-buyback transactions includes $(4) of deferred price drop. | Payable for sale-buyback transactions includes $(4) of deferred price drop. | Payable for sale-buyback transactions includes $(4) of deferred price drop. | Payable for sale-buyback transactions includes $(4) of deferred price drop. | Payable for sale-buyback transactions includes $(4) of deferred price drop. | Payable for sale-buyback transactions includes $(4) of deferred price drop. | Payable for sale-buyback transactions includes $(4) of deferred price drop. | Payable for sale-buyback transactions includes $(4) of deferred price drop. | Payable for sale-buyback transactions includes $(4) of deferred price drop. | Payable for sale-buyback transactions includes $(4) of deferred price drop. | Payable for sale-buyback transactions includes $(4) of deferred price drop. | Payable for sale-buyback transactions includes $(4) of deferred price drop. | Payable for sale-buyback transactions includes $(4) of deferred price drop. | Payable for sale-buyback transactions includes $(4) of deferred price drop. | Payable for sale-buyback transactions includes $(4) of deferred price drop. | Payable for sale-buyback transactions includes $(4) of deferred price drop. | Payable for sale-buyback transactions includes $(4) of deferred price drop. |
| **(i)** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** |
| **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** |
| **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> |
| Description | Description | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Expiration<br>Date | Expiration<br>Date | # of<br>Contracts | # of<br>Contracts |  | Notional Amount | Notional Amount | Notional Amount | Premiums<br>(Received) | Premiums<br>(Received) | Premiums<br>(Received) | Market<br>Value | Market<br>Value |
| Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | 111.500 | 111.500 | 10/24/2025 | 10/24/2025 | 10/24/2025 | 24 | 24 | $ | $24 | 24 | 24 | (5) | (5) | (5) | (5) | (5) |
| Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | 113.500 | 113.500 | 10/24/2025 | 10/24/2025 | 10/24/2025 | 16 | 16 |  | 16 | 16 | 16 | (3) | (3) | (3) | (4) | (4) |
| Put - EUREX Euro-Bund October 2025 Futures | Put - EUREX Euro-Bund October 2025 Futures | Put - EUREX Euro-Bund October 2025 Futures | 127.500 | 127.500 | 10/24/2025 | 10/24/2025 | 10/24/2025 | 5 | 5 |  | 5 | 5 | 5 | (2) | (2) | (2) | (1) | (1) |
| Call - EUREX Euro-Bund October 2025 Futures | Call - EUREX Euro-Bund October 2025 Futures | Call - EUREX Euro-Bund October 2025 Futures | 129.500 | 129.500 | 10/24/2025 | 10/24/2025 | 10/24/2025 | 5 | 5 |  | 5 | 5 | 5 | (1) | (1) | (1) | (1) | (1) |
|  |  |  |  |  |  |  |  |  |  |  |  | $ | $ | $(11) | (11) | (11) | (11) | (11) |
| **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** |
| Description | Description | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Expiration<br>Date | Expiration<br>Date | Expiration<br>Date | # of<br>Contracts | # of<br>Contracts | Notional Amount | Notional Amount | Notional Amount | Premiums<br>(Received) | Premiums<br>(Received) | Premiums<br>(Received) | Market<br>Value | Market<br>Value |
| Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | $111.000 | 111.000 | 10/24/2025 | 10/24/2025 | 10/24/2025 | 10/24/2025 | 16 | 16 | $16 | 16 | 16 | (3) | (3) | (3) | (2) | (2) |
| Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | 114.000 | 114.000 | 10/24/2025 | 10/24/2025 | 10/24/2025 | 10/24/2025 | 24 | 24 | 24 | 24 | 24 | (6) | (6) | (6) | (3) | (3) |
|  |  |  |  |  |  |  |  |  |  |  |  | $ | $ | $(9) | (9) | (9) | (5) | (5) |
| **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **$** | **$** | $**(20)** | **(20)** | **(20)** | **(16)** | **(16)** |
| **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** |
| **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** |
|  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Description | Description | # of<br>Contracts | # of<br>Contracts | Notional<br>Amount | Notional<br>Amount | Notional<br>Amount | Notional<br>Amount |  | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) |  |  | Asset | Asset | Liability | Liability |
| Australia Government 3-Year Bond December Futures | Australia Government 3-Year Bond December Futures | 181 | 181 | $12796 | 12796 | 12796 | 12796 |  | $(44) | (44) | (44) | (44) | $ | $ | $17 | 17 | $(3) | (3) |
| Canada Government 5-Year Bond December Futures | Canada Government 5-Year Bond December Futures | 68 | 68 | 5635 | 5635 | 5635 | 5635 |  | 68 | 68 | 68 | 68 |  |  | 14 | 14 | 0 | 0 |
| Canada Government 10-Year Bond December Futures | Canada Government 10-Year Bond December Futures | 70 | 70 | 6160 | 6160 | 6160 | 6160 |  | 124 | 124 | 124 | 124 |  |  | 28 | 28 | 0 | 0 |
| Euro-BTP Future December Futures | Euro-BTP Future December Futures | 321 | 321 | 45164 | 45164 | 45164 | 45164 |  | 415 | 415 | 415 | 415 |  |  | 143 | 143 | 0 | 0 |
| Euro-Buxl 30-Year Bond December Futures | Euro-Buxl 30-Year Bond December Futures | 15 | 15 | 2016 | 2016 | 2016 | 2016 |  | 46 | 46 | 46 | 46 |  |  | 19 | 19 | (4) | (4) |
| Long Guilt December Futures | Long Guilt December Futures | 143 | 143 | 17470 | 17470 | 17470 | 17470 |  | 54 | 54 | 54 | 54 |  |  | 75 | 75 | (9) | (9) |
| U.S. Treasury 5-Year Note December Futures | U.S. Treasury 5-Year Note December Futures | 181 | 181 | 19764 | 19764 | 19764 | 19764 |  | 21 | 21 | 21 | 21 |  |  | 7 | 7 | 0 | 0 |
| U.S. Treasury 10-Year Note December Futures | U.S. Treasury 10-Year Note December Futures | 46 | 46 | 5175 | 5175 | 5175 | 5175 |  | 42 | 42 | 42 | 42 |  |  | 0 | 0 | (1) | (1) |
| U.S. Ultra Treasury 10-Year Note December Futures | U.S. Ultra Treasury 10-Year Note December Futures | 205 | 205 | 23591 | 23591 | 23591 | 23591 |  | 200 | 200 | 200 | 200 |  |  | 0 | 0 | (13) | (13) |
|  |  |  |  |  |  |  |  |  | 926 | 926 | 926 | $ | $ | $ | 303 | 303 | (30) | (30) |
| **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** |
|  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Description | Description | # of<br>Contracts | # of<br>Contracts | Notional<br>Amount | Notional<br>Amount | Notional<br>Amount | Notional<br>Amount |  | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) |  |  | Asset | Asset | Liability | Liability |
| Australia Government 10-Year Bond December Futures | Australia Government 10-Year Bond December Futures | 469 | 469 | $(35177) | (35177) | (35177) | (35177) |  | $106 | 106 | 106 | 106 | $ | $ | $0 | 0 | $(241) | (241) |
| Euro-Bobl December Futures | Euro-Bobl December Futures | 231 | 231 | (31951) | (31951) | (31951) | (31951) |  | 31 | 31 | 31 | 31 |  |  | 0 | 0 | (43) | (43) |
| Euro-Bund December Futures | Euro-Bund December Futures | 92 | 92 | (13887) | (13887) | (13887) | (13887) |  | (55) | (55) | (55) | (55) |  |  | 3 | 3 | (37) | (37) |
| Euro-Oat December Futures | Euro-Oat December Futures | 111 | 111 | (15814) | (15814) | (15814) | (15814) |  | (126) | (126) | (126) | (126) |  |  | 0 | 0 | (38) | (38) |
| Euro-Schatz December Futures | Euro-Schatz December Futures | 162 | 162 | (20347) | (20347) | (20347) | (20347) |  | 23 | 23 | 23 | 23 |  |  | 0 | 0 | (4) | (4) |
| Japan Government 10-Year Bond December Futures | Japan Government 10-Year Bond December Futures | 55 | 55 | (50502) | (50502) | (50502) | (50502) |  | 478 | 478 | 478 | 478 |  |  | 41 | 41 | (41) | (41) |
| U.S. Treasury 2-Year Note December Futures | U.S. Treasury 2-Year Note December Futures | 135 | 135 | (28134) | (28134) | (28134) | (28134) |  | (42) | (42) | (42) | (42) |  |  | 0 | 0 | (15) | (15) |
| U.S. Treasury Ultra Long-Term Bond December Futures | U.S. Treasury Ultra Long-Term Bond December Futures | 88 | 88 | (10566) | (10566) | (10566) | (10566) |  | (261) | (261) | (261) | (261) |  |  | 50 | 50 | 0 | 0 |
|  |  |  |  |  |  |  |  |  | 154 | 154 | 154 | $ | $ | $ | 94 | 94 | (419) | (419) |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** |  | $**1080** | **1080** | **1080** | **1080** | **$** | **$** | $**397** | **397** | $**(449)** | **(449)** |

---

------

<br> Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 0 | 5 | 14 | 19 | 24 | 28 | 38 | 41 | 72 | 98 | 111 | 133 | 171 | 206 | 231 | 246 |
| **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** |
| **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u><sup>(6)</sup> | <u>Variation Margin</u><sup>(6)</sup> | <u>Variation Margin</u><sup>(6)</sup> |
| Index/Tranches | Index/Tranches | Fixed<br>(Pay) Rate | Fixed<br>(Pay) Rate | Payment<br>Frequency | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/<br>(Received) | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
| CDX.IG-43 10-Year Index | CDX.IG-43 10-Year Index | (1.000)% | (1.000)% | Quarterly | Quarterly | 12/20/2034 | 12/20/2034 | $4900 | 4900 | (25) | (25) | (35) | (60) | 0 | (1) |
| CDX.IG-44 10-Year Index | CDX.IG-44 10-Year Index | (1.000) | (1.000) | Quarterly | Quarterly | 06/20/2035 | 06/20/2035 | 12900 | 12900 | (53) | (53) | (72) | (125) | 0 | (2) |
| CDX.IG-45 10-Year Index | CDX.IG-45 10-Year Index | (1.000) | (1.000) | Quarterly | Quarterly | 12/20/2035 | 12/20/2035 | 5900 | 5900 | (45) | (45) | 0 | (45) | 0 | (1) |
|  |  |  |  |  |  |  |  |  | $ | (123) | $ | $ | $ | $ | (4) |
| **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(3)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u><sup>(6)</sup> | <u>Variation Margin</u><sup>(6)</sup> | <u>Variation Margin</u><sup>(6)</sup> |
| Index/Tranches | Index/Tranches | Fixed<br>Receive Rate | Fixed<br>Receive Rate | Payment<br>Frequency | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/<br>(Received) | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
| CDX.IG-43 5-Year Index | CDX.IG-43 5-Year Index | 1.000% | 1.000% | Quarterly | Quarterly | 12/20/2029 | 12/20/2029 | $200 | 200 | 4 | 4 | 1 | 5 | 0 | 0 |
| CDX.IG-45 5-Year Index | CDX.IG-45 5-Year Index | 1.000 | 1.000 | Quarterly | Quarterly | 12/20/2030 | 12/20/2030 | 6000 | 6000 | 134 | 134 | 3 | 137 | 1 | 0 |
|  |  |  |  |  |  |  |  |  | $ | 138 | $ | $ | $ | $ | 0 |
| **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** |
|  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u><sup>(6)</sup> | <u>Variation Margin</u><sup>(6)</sup> | <u>Variation Margin</u><sup>(6)</sup> |
| Pay/<br>Receive<br>Floating Rate | Floating Rate Index | Floating Rate Index | Fixed Rate | Fixed Rate | Payment<br>Frequency | Payment<br>Frequency | Maturity<br>Date |  | Notional<br>Amount | Premiums<br>Paid/<br>(Received) | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 1-Day GBP-SONIO Compounded-OIS | 3.000% | 3.000% | Annual | Annual | 06/17/2027 | GBP | 15600 | $(36) | (36) | (301) | (337) | 3 | $0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 1-Day GBP-SONIO Compounded-OIS | 3.500 | 3.500 | Annual | Annual | 09/17/2027 |  | 11800 | 79 | 79 | 4 | 83 | 0 | (4) |
| Pay<sup>(7)</sup> | 1-Day GBP-SONIO Compounded-OIS | 1-Day GBP-SONIO Compounded-OIS | 4.000 | 4.000 | Annual | Annual | 03/17/2028 |  | 35700 | 110 | 110 | 148 | 258 | 21 | 0 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 1-Day GBP-SONIO Compounded-OIS | 3.750 | 3.750 | Annual | Annual | 09/17/2030 |  | 3100 | (15) | (15) | (3) | (18) | 4 | 0 |
| Pay<sup>(7)</sup> | 1-Day GBP-SONIO Compounded-OIS | 1-Day GBP-SONIO Compounded-OIS | 3.750 | 3.750 | Annual | Annual | 03/18/2031 |  | 24400 | 47 | 47 | (201) | (154) | 40 | 0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 1-Day GBP-SONIO Compounded-OIS | 4.000 | 4.000 | Annual | Annual | 09/17/2035 |  | 4500 | 95 | 95 | (18) | 77 | 0 | (14) |
| Receive<sup>(7)</sup> | 1-Day GBP-SONIO Compounded-OIS | 1-Day GBP-SONIO Compounded-OIS | 4.000 | 4.000 | Annual | Annual | 03/18/2036 |  | 1800 | 14 | 14 | 24 | 38 | 0 | (6) |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 1-Day GBP-SONIO Compounded-OIS | 4.500 | 4.500 | Annual | Annual | 09/17/2055 |  | 300 | 13 | 13 | (4) | 9 | 0 | (2) |
| Receive<sup>(7)</sup> | 1-Day GBP-SONIO Compounded-OIS | 1-Day GBP-SONIO Compounded-OIS | 4.500 | 4.500 | Annual | Annual | 03/18/2056 |  | 1300 | 21 | 21 | 22 | 43 | 0 | (10) |
| Receive<sup>(7)</sup> | 1-Day INR-MIBOR Compounded-OIS | 1-Day INR-MIBOR Compounded-OIS | 5.750 | 5.750 | Semi-Annual | Semi-Annual | 03/18/2031 | INR | 83070 | 0 | 0 | 2 | 2 | 0 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 0.750 | 0.750 | Annual | Annual | 03/19/2027 | JPY | 3360000 | 4 | 4 | (11) | (7) | 0 | (5) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 0.600 | 0.600 | Annual | Annual | 12/18/2029 |  | 929700 | (21) | (21) | (114) | (135) | 0 | (4) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | 1.000 | Annual | Annual | 06/18/2030 |  | 160000 | 4 | 4 | (11) | (7) | 0 | (1) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 0.000 | 0.000 | Semi-Annual | Semi-Annual | 03/17/2031 |  | 1670000 | (197) | (197) | (569) | (766) | 0 | (11) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 0.050 | 0.050 | Annual | Annual | 12/15/2031 |  | 430000 | (109) | (109) | (111) | (220) | 0 | (3) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | 1.000 | Annual | Annual | 03/19/2032 |  | 1730000 | (38) | (38) | (134) | (172) | 0 | (14) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 0.250 | 0.250 | Annual | Annual | 09/14/2032 |  | 168760 | (32) | (32) | (49) | (81) | 0 | (2) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 0.850 | 0.850 | Annual | Annual | 09/20/2033 |  | 140000 | (5) | (5) | (32) | (37) | 0 | (2) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | 1.000 | Annual | Annual | 09/18/2034 |  | 1290000 | (14) | (14) | (306) | (320) | 0 | (16) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | 1.000 | Annual | Annual | 03/19/2035 |  | 1410000 | (121) | (121) | (249) | (370) | 0 | (18) |

---

------

<br> Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 0 | 5 | 19 | 28 | 41 | 73 | 111 | 149 | 181 | 215 | 246 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 06/18/2035 | 80000 | 0 | (10) | (10) | 0 | (1) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 09/17/2035 | 2260650 | (114) | (239) | (353) | 0 | (30) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 06/19/2044 | 510000 | (237) | (354) | (591) | 0 | (8) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.450 | Annual | 12/15/2051 | 104900 | (134) | (143) | (277) | 0 | (1) |
| Receive | 1-Day SGD-SIBCSORA Compounded-OIS | 1.500 | Semi-Annual | 09/17/2030 | 30200 | (113) | 129 | 16 | 0 | (55) |
| Receive | 1-Day SGD-SIBCSORA Compounded-OIS | 2.000 | Semi-Annual | 09/17/2035 | 4700 | 5 | (76) | (71) | 0 | (13) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 12/20/2025 | $64740 | 442 | (381) | 61 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/20/2026 | 20900 | 166 | (176) | (10) | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 08/15/2026 | 5500 | 0 | (7) | (7) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.940 | Annual | 08/22/2026 | 7300 | 0 | (13) | (13) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.965 | Annual | 11/30/2026 | 18600 | 0 | 363 | 363 | 0 | (4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2026 | 21800 | 150 | (82) | 68 | 0 | (5) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2027 | 28050 | 566 | (157) | 409 | 0 | (7) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.460 | Annual | 06/30/2027 | 27400 | 0 | (4) | (4) | 9 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2027 | 26000 | 139 | 29 | 168 | 10 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.851 | Annual | 02/28/2029 | 4100 | 0 | (53) | (53) | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.862 | Annual | 02/28/2029 | 3700 | 0 | (50) | (50) | 0 | (2) |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 02/28/2030 | 20348 | (30) | 54 | 24 | 0 | (10) |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.325 | Annual | 02/28/2030 | 14582 | (89) | 92 | 3 | 0 | (7) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.865 | Annual | 05/15/2030 | 600 | 0 | (11) | (11) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 3200 | 52 | (24) | 28 | 0 | (1) |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 | 16400 | (293) | 5 | (288) | 0 | (7) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | 1200 | (6) | (12) | (18) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.840 | Annual | 06/30/2031 | 2800 | 0 | (57) | (57) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 1803 | (2) | (27) | (29) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.828 | Annual | 05/15/2032 | 2900 | 0 | (55) | (55) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.836 | Annual | 05/15/2034 | 1300 | 0 | (22) | (22) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.847 | Annual | 05/15/2034 | 800 | 0 | (14) | (14) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 05/15/2034 | 1300 | 0 | (24) | (24) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 3290 | 88 | (122) | (34) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.885 | Annual | 07/12/2034 | 2700 | (9) | (48) | (57) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.586 | Annual | 08/19/2034 | 900 | (3) | 5 | 2 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 08/19/2034 | 500 | (2) | 3 | 1 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.532 | Annual | 08/20/2034 | 400 | (1) | 3 | 2 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.599 | Annual | 08/28/2034 | 1600 | (6) | 7 | 1 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.643 | Annual | 08/28/2034 | 1600 | (6) | 1 | (5) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 09/04/2034 | 1300 | (5) | 19 | 14 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 1200 | (4) | (20) | (24) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 12690 | 855 | (391) | 464 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 700 | (2) | (16) | (18) | 0 | 0 |

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------

<br> Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 0 | 5 | 19 | 28 | 41 | 64 | 73 | 111 | 149 | 181 | 215 | 246 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 |  | 1400 | (4) | (26) | (30) | 0 | 0 |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 05/15/2035 |  | 14946 | (162) | 68 | (94) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 |  | 3400 | 189 | (69) | 120 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.551 | Annual | 09/17/2035 |  | 1300 | (4) | 15 | 11 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 |  | 7600 | (149) | 89 | (60) | 0 | 0 |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2035 |  | 11900 | (75) | (19) | (94) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 02/20/2049 |  | 400 | 3 | 15 | 18 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 |  | 3180 | 803 | 385 | 1188 | 7 | 0 |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 11/15/2053 |  | 1598 | (40) | (2) | (42) | 5 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 12/20/2053 |  | 2160 | 251 | 25 | 276 | 6 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.931 | Annual | 11/15/2054 |  | 1600 | 0 | 6 | 6 | 5 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.955 | Annual | 11/15/2054 |  | 500 | 0 | 0 | 0 | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.959 | Annual | 11/15/2054 |  | 1200 | 0 | (1) | (1) | 4 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.964 | Annual | 11/15/2054 |  | 600 | 0 | (1) | (1) | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.998 | Annual | 11/15/2054 |  | 1400 | 0 | (11) | (11) | 4 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.115 | Annual | 11/15/2054 |  | 1510 | 0 | (44) | (44) | 5 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.130 | Annual | 11/15/2054 |  | 790 | 0 | (25) | (25) | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.765 | Annual | 02/15/2055 |  | 2100 | 0 | 70 | 70 | 6 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.772 | Annual | 02/15/2055 |  | 300 | 0 | 10 | 10 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.804 | Annual | 02/15/2055 |  | 1100 | 0 | 29 | 29 | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.806 | Annual | 02/15/2055 |  | 600 | 0 | 16 | 16 | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.861 | Annual | 02/15/2055 |  | 100 | 0 | 2 | 2 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.773 | Annual | 03/04/2055 |  | 1100 | 0 | 35 | 35 | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2055 |  | 1340 | 166 | 3 | 169 | 4 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2055 |  | 300 | 44 | (7) | 37 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 06/25/2055 |  | 986 | 4 | (2) | 2 | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.065 | Annual | 06/26/2055 |  | 674 | (12) | (3) | (15) | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.960 | Annual | 06/27/2055 |  | 1171 | (1) | (3) | (4) | 4 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 09/17/2055 |  | 1400 | 142 | (36) | 106 | 4 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.005 | Annual | 09/29/2055 |  | 457 | (5) | (1) | (6) | 1 | 0 |
| Pay<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2055 |  | 1260 | (41) | 2 | (39) | 0 | (5) |
| Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.294 | Annual | 02/10/2027 | CHF | 6600 | (13) | 64 | 51 | 0 | (1) |
| Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.283 | Annual | 02/14/2027 |  | 2000 | 0 | 15 | 15 | 0 | 0 |
| Pay<sup>(7)</sup> | 3-Month CNY-CNREPOFIX | 1.500 | Quarterly | 06/18/2030 | CNY | 121200 | (65) | (42) | (107) | 16 | 0 |
| Pay<sup>(7)</sup> | 3-Month KRW-KORIBOR | 2.750 | Quarterly | 03/18/2036 | KRW | 10967080 | 78 | (116) | (38) | 7 | 0 |
| Pay | 3-Month SEK-STIBOR | 2.474 | Annual | 02/03/2030 | SEK | 26600 | (1) | 56 | 55 | 3 | 0 |
| Pay<sup>(7)</sup> | 6-Month AUD-BBR-BBSW | 3.500 | Semi-Annual | 03/18/2031 | AUD | 40900 | (229) | (282) | (511) | 57 | 0 |
| Pay<sup>(7)</sup> | 6-Month AUD-BBR-BBSW | 3.750 | Semi-Annual | 03/18/2031 |  | 1700 | (5) | (4) | (9) | 2 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/19/2035 |  | 3900 | (2) | 10 | 8 | 13 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/19/2035 |  | 13700 | 65 | 144 | 209 | 45 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 |  | 2300 | 12 | 23 | 35 | 8 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 09/17/2035 |  | 6600 | 37 | (34) | 3 | 23 | 0 |

---

------

<br> Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 0 | 3 | 5 | 19 | 28 | 41 | 64 | 73 | 109 | 111 | 148 | 149 | 180 | 181 | 214 | 215 | 244 | 246 |
| Pay | Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/17/2035 |  | 2500 |  | 41 |  | (6) |  | 35 |  | 9 |  | 0 |
| Pay<sup>(7)</sup> | Pay<sup>(7)</sup> | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/18/2036 |  | 13400 |  | 12 |  | (53) |  | (41) |  | 49 |  | 0 |
| Pay | Pay | 6-Month CZK-PRIBOR | 1.913 | Annual | 01/30/2029 | CZK | 13900 |  | 0 |  | (35) |  | (35) |  | 0 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/19/2027 | EUR | 19920 |  | 162 |  | 491 |  | 653 |  | 3 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 0.700 | Annual | 04/11/2027 |  | 1000 |  | (5) |  | (29) |  | (34) |  | 0 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 04/12/2027 |  | 1800 |  | (10) |  | (52) |  | (62) |  | 0 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 05/11/2027 |  | 1200 |  | (9) |  | (32) |  | (41) |  | 0 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/13/2027 |  | 2100 |  | (8) |  | (47) |  | (55) |  | 0 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/18/2027 |  | 1000 |  | (4) |  | (23) |  | (27) |  | 0 |  | 0 |
| Pay<sup>(7)</sup> | Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 2.000 | Annual | 03/18/2028 |  | 23200 |  | (68) |  | (42) |  | (110) |  | 11 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 2.780 | Annual | 05/02/2029 |  | 3300 |  | (5) |  | 80 |  | 75 |  | 3 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 2.827 | Annual | 05/06/2029 |  | 500 |  | (1) |  | 13 |  | 12 |  | 1 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 1.795 | Annual | 10/11/2029 |  | 1150 |  | 0 |  | (18) |  | (18) |  | 1 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 1.923 | Annual | 10/11/2029 |  | 5500 |  | 0 |  | (49) |  | (49) |  | 6 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 2.028 | Annual | 10/11/2029 |  | 8800 |  | (1) |  | (52) |  | (53) |  | 9 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 2.343 | Annual | 01/10/2030 |  | 8100 |  | 10 |  | 111 |  | 121 |  | 10 |  | 0 |
| Pay<sup>(7)</sup> | Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/18/2031 |  | 66030 |  | 216 |  | (17) |  | 199 |  | 111 |  | 0 |
| Receive<sup>(7)</sup> | Receive<sup>(7)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/15/2033 |  | 8790 |  | (115) |  | (8) |  | (123) |  | 0 |  | (18) |
| Pay<sup>(7)</sup> | Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/18/2036 |  | 23900 |  | 8 |  | 25 |  | 33 |  | 71 |  | (1) |
| Pay | Pay | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/21/2037 |  | 7600 |  | 117 |  | (597) |  | (480) |  | 28 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/21/2042 |  | 2650 |  | 205 |  | (481) |  | (276) |  | 13 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 0.451 | Annual | 05/27/2050 |  | 900 |  | (64) |  | (407) |  | (471) |  | 4 |  | 0 |
| Receive | Receive | 6-Month EUR-EURIBOR | 0.064 | Annual | 11/17/2052 |  | 600 |  | 0 |  | 386 |  | 386 |  | 0 |  | (3) |
| Receive<sup>(7)</sup> | Receive<sup>(7)</sup> | 6-Month EUR-EURIBOR | 2.213 | Annual | 03/12/2055 |  | 11700 |  | 235 |  | 612 |  | 847 |  | 0 |  | (28) |
| Pay<sup>(7)</sup> | Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 |  | 6090 |  | 77 |  | 35 |  | 112 |  | 42 |  | (1) |
| Pay | Pay | CAONREPO | 2.850 | Semi-Annual | 09/01/2029 | CAD | 4300 |  | (8) |  | 55 |  | 47 |  | 4 |  | 0 |
| Pay | Pay | CAONREPO | 1.900 | Semi-Annual | 12/18/2029 |  | 7000 |  | (443) |  | 317 |  | (126) |  | 8 |  | 0 |
| Pay | Pay | CAONREPO | 3.000 | Semi-Annual | 06/18/2030 |  | 1500 |  | 20 |  | 5 |  | 25 |  | 2 |  | 0 |
| Receive | Receive | CAONREPO | 3.250 | Semi-Annual | 03/15/2033 |  | 3100 |  | 48 |  | (131) |  | (83) |  | 0 |  | (6) |
| Receive | Receive | CAONREPO | 2.850 | Semi-Annual | 06/01/2033 |  | 400 |  | 3 |  | (6) |  | (3) |  | 0 |  | (1) |
| Receive | Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2033 |  | 700 |  | 3 |  | (13) |  | (10) |  | 0 |  | (1) |
| Receive | Receive | CAONREPO | 3.180 | Semi-Annual | 06/01/2033 |  | 4600 |  | (4) |  | (106) |  | (110) |  | 0 |  | (10) |
| Receive | Receive | CAONREPO | 3.300 | Semi-Annual | 06/01/2033 |  | 7000 |  | 28 |  | (239) |  | (211) |  | 0 |  | (15) |
| Receive | Receive | CAONREPO | 3.400 | Semi-Annual | 06/01/2033 |  | 3200 |  | (3) |  | (110) |  | (113) |  | 0 |  | (7) |
| Receive | Receive | CAONREPO | 2.880 | Semi-Annual | 09/01/2033 |  | 2200 |  | 0 |  | (16) |  | (16) |  | 0 |  | (5) |
| Receive | Receive | CAONREPO | 3.500 | Semi-Annual | 09/01/2033 |  | 1300 |  | 16 |  | (67) |  | (51) |  | 0 |  | (3) |
| Pay<sup>(7)</sup> | Pay<sup>(7)</sup> | CAONREPO | 3.000 | Semi-Annual | 03/18/2036 |  | 3500 |  | (48) |  | 64 |  | 16 |  | 10 |  | 0 |
| Pay | Pay | CAONREPO | 1.750 | Semi-Annual | 12/16/2046 |  | 600 |  | (120) |  | 19 |  | (101) |  | 1 |  | 0 |
| Pay | Pay | CAONREPO | 2.750 | Semi-Annual | 12/18/2048 |  | 600 |  | (56) |  | 22 |  | (34) |  | 3 |  | 0 |
| Pay | Pay | CAONREPO | 3.250 | Semi-Annual | 06/21/2053 |  | 1400 |  | (74) |  | 84 |  | 10 |  | 8 |  | 0 |
|  |  |  |  |  |  |  |  | $2347 | 2347 | $(3754) | (3754) | $(1407) | (1407) | $745 | 745 | $(383) | (383) |
| **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | $**2362** | **2362** | $**(3857)** | **(3857)** | $**(1495)** | **(1495)** | $**746** | **746** | $**(387)** | **(387)** |
| **(j)** | **Securities with an aggregate market value of $7,251 and cash of $5,310 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $7,251 and cash of $5,310 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $7,251 and cash of $5,310 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $7,251 and cash of $5,310 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $7,251 and cash of $5,310 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $7,251 and cash of $5,310 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $7,251 and cash of $5,310 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $7,251 and cash of $5,310 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $7,251 and cash of $5,310 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $7,251 and cash of $5,310 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $7,251 and cash of $5,310 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $7,251 and cash of $5,310 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $7,251 and cash of $5,310 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $7,251 and cash of $5,310 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $7,251 and cash of $5,310 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $7,251 and cash of $5,310 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $7,251 and cash of $5,310 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** |
| <sup>(1)</sup> | Future styled option variation margin asset of $1 is outstanding at period end. | Future styled option variation margin asset of $1 is outstanding at period end. | Future styled option variation margin asset of $1 is outstanding at period end. | Future styled option variation margin asset of $1 is outstanding at period end. | Future styled option variation margin asset of $1 is outstanding at period end. | Future styled option variation margin asset of $1 is outstanding at period end. | Future styled option variation margin asset of $1 is outstanding at period end. | Future styled option variation margin asset of $1 is outstanding at period end. | Future styled option variation margin asset of $1 is outstanding at period end. | Future styled option variation margin asset of $1 is outstanding at period end. | Future styled option variation margin asset of $1 is outstanding at period end. | Future styled option variation margin asset of $1 is outstanding at period end. | Future styled option variation margin asset of $1 is outstanding at period end. | Future styled option variation margin asset of $1 is outstanding at period end. | Future styled option variation margin asset of $1 is outstanding at period end. | Future styled option variation margin asset of $1 is outstanding at period end. | Future styled option variation margin asset of $1 is outstanding at period end. |
| <sup>(2)</sup> | If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
| <sup>(3)</sup> | If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
| <sup>(4)</sup> | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. |

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<br> Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| 0 | 3 | 16 | 59 | 118 | 161 | 178 | 229 |
| <sup>(</sup><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. | 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. | 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. | 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. | 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. | 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. | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
| <sup>(6)</sup> | Unsettled variation margin asset of $11 and liability of $(6) for closed swap agreements is outstanding at period end. | Unsettled variation margin asset of $11 and liability of $(6) for closed swap agreements is outstanding at period end. | Unsettled variation margin asset of $11 and liability of $(6) for closed swap agreements is outstanding at period end. | Unsettled variation margin asset of $11 and liability of $(6) for closed swap agreements is outstanding at period end. | Unsettled variation margin asset of $11 and liability of $(6) for closed swap agreements is outstanding at period end. | Unsettled variation margin asset of $11 and liability of $(6) for closed swap agreements is outstanding at period end. | Unsettled variation margin asset of $11 and liability of $(6) for closed swap agreements is outstanding at period end. |
| <sup>(7)</sup> | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. |
| **(k)** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** |
| **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** |
|  |  |  |  |  | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Currency to<br>be Received | Asset | Liability |
| &nbsp;&nbsp;&nbsp;&nbsp; AZD | &nbsp;&nbsp;&nbsp;&nbsp; AZD | 10/2025 | 85401 | $99608 | 99608 | $0 | $(658) |
|  |  | 10/2025 | $29287 | 40744 | 40744 | 0 | (9) |
|  |  | 11/2025 | 40679 | $29287 | 29287 | 9 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOA | &nbsp;&nbsp;&nbsp;&nbsp; BOA | 10/2025 | 36111 | 246 | 246 | 2 | 0 |
|  |  | 10/2025 | $25 | 182 | 182 | 0 | 0 |
|  |  | 10/2025 | 733 | 628 | 628 | 4 | 0 |
|  |  | 10/2025 | 200 | 674 | 674 | 3 | 0 |
|  |  | 10/2025 | 382 | 33762 | 33762 | 0 | (2) |
|  |  | 10/2025 | 458 | 68639 | 68639 | 6 | 0 |
|  |  | 10/2025 | 311 | 430680 | 430680 | 0 | (4) |
|  |  | 10/2025 | 262 | 455 | 455 | 2 | 0 |
|  |  | 10/2025 | 80 | 287 | 287 | 0 | (1) |
|  |  | 10/2025 | 633 | 2734 | 2734 | 0 | (2) |
|  |  | 11/2025 | 68401 | $458 | 458 | 0 | (6) |
|  |  | 11/2025 | 455 | 262 | 262 | 0 | (2) |
|  |  | 11/2025 | $100 | 333 | 333 | 1 | 0 |
|  |  | 11/2025 | 56378 | $3233 | 3233 | 0 | (21) |
|  |  | 12/2025 | 8525 | 270 | 270 | 6 | 0 |
|  |  | 12/2025 | $36 | 1578 | 1578 | 0 | 0 |
|  |  | 03/2026 | 1687 | 69 | 69 | 0 | 0 |
|  |  | 03/2026 | 195 | 4782 | 4782 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BPS | &nbsp;&nbsp;&nbsp;&nbsp; BPS | 10/2025 | 3611 | $679 | 679 | 0 | 0 |
|  |  | 10/2025 | 40326 | 5662 | 5662 | 2 | 0 |
|  |  | 10/2025 | 401 | 2042 | 2042 | 0 | 0 |
|  |  | 10/2025 | 1875 | $2214 | 2214 | 13 | 0 |
|  |  | 10/2025 | 23690397 | 1433 | 1433 | 14 | (2) |
|  |  | 10/2025 | 35297 | 401 | 401 | 4 | 0 |
|  |  | 10/2025 | 10498 | 245 | 245 | 0 | (7) |
|  |  | 10/2025 | 65532 | 2182 | 2182 | 32 | (3) |
|  |  | 10/2025 | $660 | 3611 | 3611 | 19 | 0 |
|  |  | 10/2025 | 353 | 2510 | 2510 | 1 | 0 |
|  |  | 10/2025 | 410 | 349 | 349 | 0 | 0 |
|  |  | 10/2025 | 1671 | 27609014 | 27609014 | 0 | (16) |
|  |  | 10/2025 | 535 | 79521 | 79521 | 3 | 0 |
|  |  | 10/2025 | 2325 | 3216852 | 3216852 | 0 | (33) |
|  |  | 10/2025 | 837 | 3046 | 3046 | 1 | 0 |
|  |  | 10/2025 | 385 | 11667 | 11667 | 0 | (2) |
|  |  | 11/2025 | 4177842 | $250 | 250 | 0 | 0 |
|  |  | 11/2025 | 25813 | 290 | 290 | 0 | 0 |
|  |  | 11/2025 | 79245 | 535 | 535 | 0 | (3) |
|  |  | 11/2025 | 224291 | 160 | 160 | 0 | 0 |
|  |  | 11/2025 | $1696 | 12002 | 12002 | 0 | (4) |
|  |  | 11/2025 | 579 | 1942 | 1942 | 7 | 0 |
|  |  | 12/2025 | 199 | $28 | 28 | 0 | 0 |
|  |  | 12/2025 | 7314 | 244 | 244 | 2 | 0 |
|  |  | 12/2025 | $28 | 198 | 198 | 0 | 0 |
|  |  | 12/2025 | 299 | 99243 | 99243 | 0 | (1) |
|  |  | 12/2025 | 344 | 5793515 | 5793515 | 2 | 0 |
|  |  | 03/2026 | 3092 | 126 | 126 | 0 | 0 |
|  |  | 05/2026 | $225 | 69 | 69 | 0 | 0 |
|  |  | 06/2026 | 141 | 43 | 43 | 1 | 0 |
|  |  | 07/2026 | 99 | 30 | 30 | 0 | 0 |
|  |  | 06/2027 | 98 | 30 | 30 | 0 | 0 |
|  |  | 05/2029 | 397 | $1364 | 1364 | 51 | 0 |
|  |  | 07/2029 | 25 | 86 | 86 | 3 | 0 |
|  |  | 05/2030 | 237 | 815 | 815 | 28 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BRC | &nbsp;&nbsp;&nbsp;&nbsp; BRC | 10/2025 | 1557 | 292 | 292 | 0 | 0 |
|  |  | 10/2025 | 1488 | 1864 | 1864 | 0 | (5) |
|  |  | 10/2025 | 168392 | 10 | 10 | 0 | 0 |
|  |  | 10/2025 | 5036 | 1193 | 1193 | 0 | (5) |
|  |  | 10/2025 | $293 | 1557 | 1557 | 0 | 0 |
|  |  | 10/2025 | 1986 | 1592 | 1592 | 15 | 0 |
|  |  | 10/2025 | 458 | 390 | 390 | 0 | 0 |
|  |  | 10/2025 | 1 | 14 | 14 | 0 | 0 |
|  |  | 10/2025 | 702 | 2567 | 2567 | 4 | 0 |
|  |  | 10/2025 | 2286 | 98502 | 98502 | 49 | 0 |
|  |  | 11/2025 | 14 | $1 | 1 | 0 | 0 |
|  |  | 11/2025 | $1864 | 1482 | 1482 | 5 | 0 |
|  |  | 11/2025 | 2526 | 110327 | 110327 | 15 | 0 |

---

------

<br> Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 0 | 16 | 59 | 118 | 178 | 229 |
|  | 11/2025 | 4491 | $255 | 0 | (4) |
|  | 12/2025 | 13389 | 3192 | 4 | 0 |
|  | 12/2025 | $138 | 580 | 0 | 0 |
|  | 12/2025 | 529 | 23596 | 9 | 0 |
|  | 01/2026 | 635 | 3265 | 0 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; BSH | 10/2025 | 1015 | $1179 | 0 | (12) |
|  | 10/2025 | $77 | 133 | 0 | 0 |
|  | 11/2025 | 133 | $77 | 0 | 0 |
|  | 11/2025 | 9314 | 2535 | 0 | (144) |
|  | 12/2025 | 3571 | 984 | 0 | (43) |
|  | 12/2025 | $338 | 1203 | 8 | 0 |
|  | 02/2026 | 4995 | $1428 | 0 | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp; CBK | 10/2025 | 331 | 216 | 0 | (3) |
|  | 10/2025 | 47 | 34 | 0 | 0 |
|  | 10/2025 | 769 | 108 | 0 | 0 |
|  | 10/2025 | 5702 | 803 | 1 | 0 |
|  | 10/2025 | 3444 | 538 | 0 | (4) |
|  | 10/2025 | 1392 | 1630 | 0 | (5) |
|  | 10/2025 | 827 | 1111 | 0 | (1) |
|  | 10/2025 | 14623649 | 884 | 9 | (2) |
|  | 10/2025 | 43147 | 486 | 1 | 0 |
|  | 10/2025 | 110 | 11 | 0 | 0 |
|  | 10/2025 | 1904 | 545 | 0 | (3) |
|  | 10/2025 | 9523 | 7437 | 55 | 0 |
|  | 10/2025 | 66453 | 2059 | 6 | 0 |
|  | 10/2025 | 83806 | 2828 | 74 | 0 |
|  | 10/2025 | $623 | 855 | 0 | (9) |
|  | 10/2025 | 712 | 5055 | 0 | (2) |
|  | 10/2025 | 1387 | 9872 | 3 | 0 |
|  | 10/2025 | 798 | 684 | 5 | 0 |
|  | 10/2025 | 601 | 442 | 0 | (6) |
|  | 10/2025 | 415 | 6831035 | 0 | (6) |
|  | 10/2025 | 1625 | 142775 | 0 | (19) |
|  | 10/2025 | 139 | 1390 | 0 | 0 |
|  | 10/2025 | 323 | 3065 | 3 | 0 |
|  | 10/2025 | 1054 | 32076 | 1 | (1) |
|  | 10/2025 | 1114 | $64 | 0 | 0 |
|  | 11/2025 | 1389 | 139 | 0 | 0 |
|  | 11/2025 | $34 | 47 | 0 | 0 |
|  | 11/2025 | 1040 | 7363 | 0 | (2) |
|  | 11/2025 | 162 | 544 | 2 | 0 |
|  | 11/2025 | 486 | 43232 | 0 | (1) |
|  | 11/2025 | 8522 | $491 | 0 | (1) |
|  | 12/2025 | 1241 | 175 | 0 | 0 |
|  | 12/2025 | 2012 | 562 | 0 | (16) |
|  | 12/2025 | 57657 | 1899 | 2 | (6) |
|  | 12/2025 | $1150 | 8138 | 0 | (1) |
|  | 12/2025 | 356 | 5983242 | 2 | 0 |
|  | 12/2025 | 18 | 10091 | 0 | 0 |
|  | 12/2025 | 15 | 669 | 0 | 0 |
|  | 01/2026 | 1116 | $158 | 0 | 0 |
|  | 01/2026 | 70000 | 516 | 38 | 0 |
|  | 01/2026 | 12570 | 417 | 0 | 0 |
|  | 01/2026 | $158 | 1114 | 0 | 0 |
|  | 02/2026 | 261 | $73 | 0 | (2) |
|  | 03/2026 | 18567 | 2396 | 3 | 0 |
|  | 03/2026 | 4847 | 1377 | 0 | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp; DUB | 10/2025 | 86412 | 12153 | 25 | 0 |
|  | 10/2025 | 754 | 3843 | 1 | 0 |
|  | 10/2025 | 8869638 | $541 | 10 | 0 |
|  | 10/2025 | 70083 | 789 | 1 | 0 |
|  | 10/2025 | 3079159 | 2221 | 26 | 0 |
|  | 10/2025 | 2 | 1 | 0 | 0 |
|  | 10/2025 | $908 | 14823924 | 0 | (20) |
|  | 10/2025 | 879 | 3003 | 28 | 0 |
|  | 10/2025 | 805 | 71221 | 0 | (4) |
|  | 10/2025 | 82 | 45555 | 1 | 0 |
|  | 10/2025 | 0 | 638 | 0 | 0 |
|  | 11/2025 | 3001 | $879 | 0 | (27) |
|  | 11/2025 | 6192 | 70 | 0 | 0 |
|  | 11/2025 | $368 | 2604 | 0 | (1) |
|  | 11/2025 | 789 | 70222 | 0 | (1) |
|  | 11/2025 | 46 | 25640 | 0 | 0 |
|  | 11/2025 | 10844 | $620 | 0 | (6) |
|  | 12/2025 | $72 | 3637 | 2 | 0 |
|  | 12/2025 | 308 | 164677 | 0 | (15) |
|  | 03/2026 | 67 | 38675 | 0 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; FAR | 10/2025 | 29065 | $18853 | 0 | (379) |
|  | 10/2025 | 50274 | 9452 | 7 | 0 |
|  | 10/2025 | 267 | 335 | 0 | 0 |
|  | 10/2025 | 37676 | 5306 | 19 | 0 |
|  | 10/2025 | 349 | 408 | 0 | (2) |
|  | 10/2025 | 2828708 | 19241 | 114 | 0 |
|  | 10/2025 | $19398 | 29710 | 261 | 0 |
|  | 10/2025 | 9097 | 50274 | 349 | 0 |
|  | 10/2025 | 63 | 452 | 0 | 0 |

---

------

<br> Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 0 | 16 | 59 | 118 | 178 | 229 |
|  | 10/2025 | 1543 | 136116 | 0 | (12) |
|  | 10/2025 | 1265 | 4619 | 6 | 0 |
|  | 10/2025 | 16505 | 21256 | 0 | (26) |
|  | 11/2025 | 29710 | $19407 | 0 | (261) |
|  | 11/2025 | 21202 | 16505 | 25 | 0 |
|  | 11/2025 | $335 | 266 | 0 | 0 |
|  | 11/2025 | 409 | 349 | 2 | 0 |
|  | 12/2025 | 3795 | 72010 | 105 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; GLM | 10/2025 | 59030 | $11054 | 0 | (37) |
|  | 10/2025 | 53 | 67 | 0 | 0 |
|  | 10/2025 | 2970 | 418 | 1 | 0 |
|  | 10/2025 | 5887862 | 353 | 0 | 0 |
|  | 10/2025 | 516 | 151 | 0 | (5) |
|  | 10/2025 | 4941 | 1172 | 0 | (2) |
|  | 10/2025 | 2744 | 539 | 1 | 0 |
|  | 10/2025 | 388 | $89 | 0 | (1) |
|  | 10/2025 | $11099 | 59030 | 0 | (8) |
|  | 10/2025 | 417 | 6893257 | 0 | (4) |
|  | 10/2025 | 442 | 38789 | 0 | (6) |
|  | 10/2025 | 1 | 16 | 0 | 0 |
|  | 11/2025 | 393 | 2016 | 2 | 0 |
|  | 11/2025 | $333 | 2360 | 0 | (1) |
|  | 11/2025 | 60 | 201 | 0 | 0 |
|  | 11/2025 | 1148 | 50057 | 8 | 0 |
|  | 11/2025 | 5628 | $325 | 0 | 0 |
|  | 12/2025 | 5114 | 920 | 0 | (26) |
|  | 12/2025 | 561 | 30 | 0 | (1) |
|  | 12/2025 | 9535 | 2272 | 2 | 0 |
|  | 12/2025 | 4662 | 100 | 0 | (6) |
|  | 12/2025 | $11054 | 59869 | 34 | 0 |
|  | 12/2025 | 10 | 506 | 0 | 0 |
|  | 12/2025 | 344 | 5745226 | 0 | 0 |
|  | 01/2026 | 539 | 2773 | 0 | (1) |
|  | 01/2026 | 200000 | $1486 | 120 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; IND | 10/2025 | 314 | 205 | 0 | (3) |
|  | 10/2025 | $586 | 3749 | 3 | 0 |
|  | 11/2025 | 3740 | $586 | 0 | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp; JPM | 10/2025 | 6505 | 1223 | 1 | 0 |
|  | 10/2025 | 40465 | 29281 | 204 | 0 |
|  | 10/2025 | 795 | 112 | 1 | 0 |
|  | 10/2025 | 78207 | 194 | 0 | (8) |
|  | 10/2025 | 17685861 | $1059 | 0 | (1) |
|  | 10/2025 | 6091050 | 4392 | 51 | 0 |
|  | 10/2025 | 193 | 55 | 0 | 0 |
|  | 10/2025 | 723 | 562 | 2 | 0 |
|  | 10/2025 | $1192 | 6505 | 30 | 0 |
|  | 10/2025 | 52 | 367 | 0 | 0 |
|  | 10/2025 | 408 | 2600 | 1 | 0 |
|  | 10/2025 | 1507 | 25060507 | 1 | (5) |
|  | 10/2025 | 209 | 702 | 3 | 0 |
|  | 10/2025 | 49 | 27040 | 0 | 0 |
|  | 10/2025 | 30 | 47820 | 2 | 0 |
|  | 10/2025 | 463 | 1700 | 5 | 0 |
|  | 11/2025 | 2594 | $408 | 0 | (1) |
|  | 11/2025 | 65038 | 162 | 0 | (4) |
|  | 11/2025 | $81 | 574 | 0 | 0 |
|  | 11/2025 | 9603 | $548 | 0 | (6) |
|  | 12/2025 | 78208 | 234 | 0 | 0 |
|  | 06/2026 | 4900 | 276 | 0 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; MBC | 10/2025 | 1050 | 764 | 9 | 0 |
|  | 10/2025 | 56 | 70 | 0 | 0 |
|  | 10/2025 | 43973 | 6187 | 15 | 0 |
|  | 10/2025 | 89 | 451 | 0 | 0 |
|  | 10/2025 | 1273 | $1508 | 13 | 0 |
|  | 10/2025 | 878007 | 53 | 1 | 0 |
|  | 10/2025 | 171774 | 1162 | 2 | (2) |
|  | 10/2025 | 7012978 | 5039 | 42 | 0 |
|  | 10/2025 | 7111 | 742 | 0 | (14) |
|  | 10/2025 | 11015 | 8595 | 56 | 0 |
|  | 10/2025 | 156779 | 4868 | 23 | 0 |
|  | 10/2025 | $344 | 271 | 0 | (4) |
|  | 10/2025 | 4320 | 30771 | 0 | (1) |
|  | 10/2025 | 7005 | 5962 | 2 | (8) |
|  | 10/2025 | 761 | 562 | 0 | (5) |
|  | 10/2025 | 265 | 39412 | 2 | 0 |
|  | 10/2025 | 1992 | 2779138 | 0 | (12) |
|  | 10/2025 | 1 | 14 | 0 | 0 |
|  | 10/2025 | 320 | 3065 | 5 | 0 |
|  | 10/2025 | 220 | 7123 | 0 | 0 |
|  | 11/2025 | 30698 | $4320 | 1 | 0 |
|  | 11/2025 | 67379 | 456 | 0 | (2) |
|  | 11/2025 | 14 | 1 | 0 | 0 |
|  | 11/2025 | $254 | 1794 | 0 | (1) |
|  | 11/2025 | 714 | 607 | 0 | 0 |
|  | 12/2025 | 62 | 3134 | 2 | 0 |
|  | 12/2025 | 158 | 2993 | 4 | 0 |

---

------

<br> Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 0 | 9 | 16 | 59 | 94 | 118 | 159 | 177 | 178 | 218 | 228 | 235 |
|  |  | 01/2026 | 396 | 396 | $56 | 56 |  | 0 | 0 |  | 0 |
|  |  | 01/2026 | $56 | 56 | 395 | 395 |  | 0 | 0 |  | 0 |
|  |  | 03/2026 | 2340 | 2340 | $302 | 302 |  | 0 | 0 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; MYI | &nbsp;&nbsp;&nbsp;&nbsp; MYI | 10/2025 | 1087 | 1087 | 781 | 781 |  | 0 | 0 |  | 0 |
|  |  | 10/2025 | 44394 | 44394 | 6239 | 6239 |  | 8 | 8 |  | 0 |
|  |  | 10/2025 | 3551841 | 3551841 | 216 | 216 |  | 3 | 3 |  | 0 |
|  |  | 10/2025 | 31486 | 31486 | 213 | 213 |  | 0 | 0 |  | 0 |
|  |  | 10/2025 | $292 | 292 | 2081 | 2081 |  | 1 | 1 |  | 0 |
|  |  | 10/2025 | 10071 | 10071 | 1503495 | 1503495 |  | 96 | 96 |  | 0 |
|  |  | 10/2025 | 456 | 456 | 1651 | 1651 |  | 0 | 0 |  | (2) |
|  |  | 10/2025 | 516 | 516 | 15538 | 15538 |  | 0 | 0 |  | (5) |
|  |  | 11/2025 | 1498292 | 1498292 | $10071 | 10071 |  | 0 | 0 |  | (96) |
|  |  | 11/2025 | $112 | 112 | 794 | 794 |  | 0 | 0 |  | 0 |
|  |  | 12/2025 | 5980 | 5980 | 237 | 237 |  | 0 | 0 |  | (9) |
|  |  | 12/2025 | 4015 | 4015 | $195 | 195 |  | 1 | 1 |  | 0 |
|  |  | 12/2025 | 413 | 413 | 10127 | 10127 |  | 3 | 3 |  | 0 |
|  |  | 12/2025 | 5085 | 5085 | $1211 | 1211 |  | 0 | 0 |  | 0 |
|  |  | 12/2025 | 15437 | 15437 | 516 | 516 |  | 6 | 6 |  | 0 |
|  |  | 02/2026 | 3316 | 3316 | 135 | 135 |  | 0 | 0 |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; NGF | &nbsp;&nbsp;&nbsp;&nbsp; NGF | 10/2025 | 7058937 | 7058937 | $5075 | 5075 |  | 44 | 44 |  | 0 |
|  |  | 10/2025 | $374 | 374 | 6191231 | 6191231 |  | 0 | 0 |  | (3) |
|  |  | 11/2025 | 407 | 407 | 17752 | 17752 |  | 3 | 3 |  | 0 |
|  |  | 12/2025 | 325 | 325 | 14257 | 14257 |  | 1 | 1 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCX | &nbsp;&nbsp;&nbsp;&nbsp; SCX | 10/2025 | 32287 | 32287 | $4544 | 4544 |  | 12 | 12 |  | 0 |
|  |  | 10/2025 | 2904 | 2904 | 452 | 452 |  | 0 | 0 |  | (5) |
|  |  | 10/2025 | 7404752 | 7404752 | 443 | 443 |  | 0 | 0 |  | 0 |
|  |  | 10/2025 | 50642 | 50642 | 570 | 570 |  | 0 | 0 |  | 0 |
|  |  | 10/2025 | 449668 | 449668 | 3061 | 3061 |  | 20 | 20 |  | 0 |
|  |  | 10/2025 | 761 | 761 | 217 | 217 |  | 0 | 0 |  | (2) |
|  |  | 10/2025 | 56623 | 56623 | 1907 | 1907 |  | 47 | 47 |  | 0 |
|  |  | 10/2025 | $740 | 740 | 5266 | 5266 |  | 1 | 1 |  | 0 |
|  |  | 10/2025 | 13138 | 13138 | 9822 | 9822 |  | 72 | 72 |  | 0 |
|  |  | 10/2025 | 418 | 418 | 6868899 | 6868899 |  | 0 | 0 |  | (6) |
|  |  | 10/2025 | 2399 | 2399 | 211787 | 211787 |  | 0 | 0 |  | (17) |
|  |  | 10/2025 | 275 | 275 | 8259 | 8259 |  | 0 | 0 |  | (4) |
|  |  | 11/2025 | 9822 | 9822 | $13141 | 13141 |  | 0 | 0 |  | (72) |
|  |  | 11/2025 | 325 | 325 | 2 | 2 |  | 0 | 0 |  | 0 |
|  |  | 11/2025 | $81 | 81 | 576 | 576 |  | 0 | 0 |  | 0 |
|  |  | 11/2025 | 500 | 500 | 44543 | 44543 |  | 0 | 0 |  | 0 |
|  |  | 12/2025 | 925 | 925 | $45 | 45 |  | 0 | 0 |  | 0 |
|  |  | 12/2025 | $341 | 341 | 2409 | 2409 |  | 0 | 0 |  | (1) |
|  |  | 12/2025 | 443 | 443 | 7423467 | 7423467 |  | 1 | 1 |  | 0 |
|  |  | 01/2026 | 2339 | 2339 | $330 | 330 |  | 0 | 0 |  | 0 |
|  |  | 01/2026 | $330 | 330 | 2335 | 2335 |  | 0 | 0 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOG | &nbsp;&nbsp;&nbsp;&nbsp; SOG | 10/2025 | 1476112 | 1476112 | $10037 | 10037 |  | 56 | 56 |  | 0 |
|  |  | 10/2025 | 589 | 589 | 343 | 343 |  | 2 | 2 |  | 0 |
|  |  | 10/2025 | 361 | 361 | 83 | 83 |  | 0 | 0 |  | 0 |
|  |  | 10/2025 | $97952 | 97952 | 83292 | 83292 |  | 0 | 0 |  | (162) |
|  |  | 10/2025 | 22004 | 22004 | 3274233 | 3274233 |  | 136 | 136 |  | 0 |
|  |  | 11/2025 | 1541 | 1541 | 7890 | 7890 |  | 6 | 6 |  | 0 |
|  |  | 11/2025 | 83292 | 83292 | $98148 | 98148 |  | 163 | 163 |  | 0 |
|  |  | 11/2025 | 3262910 | 3262910 | 22004 | 22004 |  | 0 | 0 |  | (136) |
|  |  | 12/2025 | 354 | 354 | 1813 | 1813 |  | 0 | 0 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; SSB | &nbsp;&nbsp;&nbsp;&nbsp; SSB | 10/2025 | 9999 | 9999 | $13478 | 13478 |  | 30 | 30 |  | 0 |
|  |  | 01/2026 | 260000 | 260000 | 1736 | 1736 |  | 0 | 0 |  | (39) |
| &nbsp;&nbsp;&nbsp;&nbsp; UAG | &nbsp;&nbsp;&nbsp;&nbsp; UAG | 10/2025 | 37 | 37 | 27 | 27 |  | 0 | 0 |  | 0 |
|  |  | 10/2025 | 4164 | 4164 | 1248 | 1248 |  | 0 | 0 |  | (9) |
|  |  | 10/2025 | 1356 | 1356 | 133 | 133 |  | 0 | 0 |  | (3) |
|  |  | 10/2025 | 2898 | 2898 | 90 | 90 |  | 0 | 0 |  | 0 |
|  |  | 10/2025 | $88 | 88 | 301 | 301 |  | 3 | 3 |  | 0 |
|  |  | 10/2025 | 18 | 18 | 1568 | 1568 |  | 0 | 0 |  | 0 |
|  |  | 10/2025 | 455 | 455 | 1651 | 1651 |  | 0 | 0 |  | (1) |
|  |  | 10/2025 | 220 | 220 | 7120 | 7120 |  | 0 | 0 |  | 0 |
|  |  | 10/2025 | 64 | 64 | 1114 | 1114 |  | 0 | 0 |  | 0 |
|  |  | 10/2025 | 1114 | 1114 | $64 | 64 |  | 0 | 0 |  | 0 |
|  |  | 11/2025 | 301 | 301 | 88 | 88 |  | 0 | 0 |  | (3) |
|  |  | 11/2025 | 4885 | 4885 | 277 | 277 |  | 0 | 0 |  | (5) |
|  |  | 12/2025 | 237 | 237 | 5980 | 5980 |  | 9 | 9 |  | 0 |
|  |  | 12/2025 | 3005 | 3005 | $64 | 64 |  | 0 | 0 |  | (4) |
|  |  | 12/2025 | $213 | 213 | 70456 | 70456 |  | 0 | 0 |  | (2) |
| **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** | **Total Forward Foreign Currency Contracts** | $**2885** | **2885** | **$** | $**(2620)** | **(2620)** |
| **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** |
| **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** |
| Counterparty | Description | Description | Description |  | Strike<br>Price | Notional<br>Amount<sup>(1)</sup> | Notional<br>Amount<sup>(1)</sup> | Notional<br>Amount<sup>(1)</sup> | Cost |  | Market<br>Value |
| BOA | Put - OTC EUR versus CZK | Put - OTC EUR versus CZK | Put - OTC EUR versus CZK | CZK | 24.200 | 528 | 528 | 528 | 2 | $ | $3 |
|  | Put - OTC EUR versus HUF | Put - OTC EUR versus HUF | Put - OTC EUR versus HUF | HUF | 387.000 | 876 | 876 | 876 | 5 |  | 4 |
|  | Put - OTC USD versus BRL | Put - OTC USD versus BRL | Put - OTC USD versus BRL | BRL | 5.470 | 910 | 910 | 910 | 15 |  | 24 |
|  | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | HKD | 7.800 | 1273 | 1273 | 1273 | 2 |  | 1 |
|  | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD |  | 7.800 | 1995 | 1995 | 1995 | 3 |  | 2 |
| BPS | Put - OTC EUR versus USD | Put - OTC EUR versus USD | Put - OTC EUR versus USD | $ | 1.122 | 56 | 56 | 56 | 7 |  | 0 |

---

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<br> Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 0 | 9 | 33 | 70 | 94 | 95 | 106 | 123 | 126 | 159 | 195 | 235 |
| BRC | Put - OTC AUD versus USD | Put - OTC AUD versus USD | Put - OTC AUD versus USD |  |  | 0.623 | 0.623 | 10/14/2025 | 268 | 1 | 0 |
|  | Put - OTC EUR versus USD | Put - OTC EUR versus USD | Put - OTC EUR versus USD |  |  | 1.132 | 1.132 | 10/10/2025 | 2497 | 9 | 0 |
|  | Call - OTC USD versus SEK | Call - OTC USD versus SEK | Call - OTC USD versus SEK | SEK | SEK | 10.200 | 10.200 | 11/26/2025 | 1103 | 7 | 1 |
| GLM | Put - OTC AUD versus USD | Put - OTC AUD versus USD | Put - OTC AUD versus USD | $ | $ | 0.625 | 0.625 | 10/08/2025 | 1378 | 5 | 0 |
|  | Put - OTC EUR versus USD | Put - OTC EUR versus USD | Put - OTC EUR versus USD |  |  | 1.129 | 1.129 | 10/14/2025 | 2576 | 10 | 0 |
|  | Put - OTC EUR versus USD | Put - OTC EUR versus USD | Put - OTC EUR versus USD |  |  | 1.100 | 1.100 | 12/17/2025 | 136 | 16 | 3 |
|  | Put - OTC USD versus BRL | Put - OTC USD versus BRL | Put - OTC USD versus BRL | BRL | BRL | 5.475 | 5.475 | 12/10/2025 | 1317 | 22 | 36 |
|  | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | HKD | HKD | 7.800 | 7.800 | 08/14/2026 | 312 | 0 | 0 |
| JPM | Put - OTC EUR versus CZK | Put - OTC EUR versus CZK | Put - OTC EUR versus CZK | CZK | CZK | 24.200 | 24.200 | 03/05/2026 | 1535 | 6 | 8 |
|  | Put - OTC EUR versus HUF | Put - OTC EUR versus HUF | Put - OTC EUR versus HUF | HUF | HUF | 393.000 | 393.000 | 11/12/2025 | 675 | 3 | 8 |
|  | Put - OTC EUR versus HUF | Put - OTC EUR versus HUF | Put - OTC EUR versus HUF |  |  | 386.000 | 386.000 | 12/16/2025 | 810 | 4 | 3 |
| MBC | Put - OTC AUD versus USD | Put - OTC AUD versus USD | Put - OTC AUD versus USD | $ | $ | 0.618 | 0.618 | 10/10/2025 | 1619 | 4 | 0 |
|  | Put - OTC EUR versus USD | Put - OTC EUR versus USD | Put - OTC EUR versus USD |  |  | 1.098 | 1.098 | 12/23/2025 | 136 | 16 | 3 |
|  | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | HKD | HKD | 7.800 | 7.800 | 08/14/2026 | 1147 | 1 | 1 |
|  | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD |  |  | 7.800 | 7.800 | 08/24/2026 | 597 | 1 | 1 |
| MYI | Put - OTC EUR versus CZK | Put - OTC EUR versus CZK | Put - OTC EUR versus CZK | CZK | CZK | 24.200 | 24.200 | 02/10/2026 | 562 | 2 | 3 |
|  | Put - OTC EUR versus CZK | Put - OTC EUR versus CZK | Put - OTC EUR versus CZK |  |  | 24.250 | 24.250 | 02/13/2026 | 940 | 4 | 5 |
|  | Put - OTC EUR versus CZK | Put - OTC EUR versus CZK | Put - OTC EUR versus CZK |  |  | 24.100 | 24.100 | 03/13/2026 | 1389 | 6 | 6 |
|  | Put - OTC EUR versus USD | Put - OTC EUR versus USD | Put - OTC EUR versus USD | $ | $ | 1.145 | 1.145 | 10/08/2025 | 2819 | 18 | 0 |
|  | Put - OTC EUR versus USD | Put - OTC EUR versus USD | Put - OTC EUR versus USD |  |  | 1.110 | 1.110 | 11/24/2025 | 3445 | 16 | 1 |
|  | Put - OTC USD versus BRL | Put - OTC USD versus BRL | Put - OTC USD versus BRL | BRL | BRL | 5.480 | 5.480 | 11/07/2025 | 1800 | 32 | 50 |
|  | Call - OTC USD versus SEK | Call - OTC USD versus SEK | Call - OTC USD versus SEK | SEK | SEK | 10.125 | 10.125 | 10/14/2025 | 251 | 1 | 0 |
| **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | $**218** | $**163** |
| **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** |
| **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** |
| Counterparty | Description | Description | Description |  |  | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Put - OTC USD versus BRL | Put - OTC USD versus BRL | Put - OTC USD versus BRL | BRL | BRL | 5.250 | 5.250 | 11/18/2025 | 910 | $(4) | $(5) |
|  | Call - OTC USD versus BRL | Call - OTC USD versus BRL | Call - OTC USD versus BRL |  |  | 5.800 | 5.800 | 11/18/2025 | 910 | (10) | (2) |
|  | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | HKD | HKD | 7.850 | 7.850 | 08/14/2026 | 1273 | (1) | (1) |
|  | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD |  |  | 7.850 | 7.850 | 08/24/2026 | 1995 | (1) | (1) |
| GLM | Put - OTC USD versus BRL | Put - OTC USD versus BRL | Put - OTC USD versus BRL | BRL | BRL | 5.275 | 5.275 | 12/10/2025 | 1317 | (6) | (11) |
|  | Call - OTC USD versus BRL | Call - OTC USD versus BRL | Call - OTC USD versus BRL |  |  | 5.800 | 5.800 | 12/10/2025 | 1317 | (15) | (7) |
|  | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | HKD | HKD | 7.850 | 7.850 | 08/14/2026 | 312 | 0 | 0 |
| MBC | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD |  |  | 7.850 | 7.850 | 08/14/2026 | 1147 | (1) | (1) |
|  | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD |  |  | 7.850 | 7.850 | 08/24/2026 | 597 | 0 | 0 |
| MYI | Put - OTC USD versus BRL | Put - OTC USD versus BRL | Put - OTC USD versus BRL | BRL | BRL | 5.220 | 5.220 | 11/07/2025 | 1800 | (6) | (6) |
|  | Call - OTC USD versus BRL | Call - OTC USD versus BRL | Call - OTC USD versus BRL |  |  | 5.770 | 5.770 | 11/07/2025 | 1800 | (21) | (4) |
|  |  |  |  |  |  |  |  |  |  | $(65) | $(38) |
| **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** |
| Counterparty | Description | Floating Rate<br>Index | Pay/Receive<br>Floating Rate | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Exercise<br>Rate | Expiration<br>Date | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Receive | Receive | 3.575% | 3.575% | 10/02/2025 | 10/02/2025 | 600 | $(2) | $0 |
|  | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Receive | Receive | 3.325 | 3.325 | 10/14/2025 | 10/14/2025 | 1300 | (4) | 0 |
|  | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Receive | Receive | 3.375 | 3.375 | 10/14/2025 | 10/14/2025 | 1900 | (5) | (1) |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Pay | Pay | 3.625 | 3.625 | 10/14/2025 | 10/14/2025 | 1300 | (4) | (8) |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Pay | Pay | 3.675 | 3.675 | 10/14/2025 | 10/14/2025 | 1900 | (5) | (8) |
| BRC | Call - OTC 10-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Receive | Receive | 2.610 | 2.610 | 10/02/2025 | 10/02/2025 | 500 | (1) | 0 |
|  | Put - OTC 10-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Pay | Pay | 2.850 | 2.850 | 10/02/2025 | 10/02/2025 | 500 | (1) | 0 |
| CBK | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Receive | Receive | 3.385 | 3.385 | 10/10/2025 | 10/10/2025 | 1900 | (6) | 0 |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Pay | Pay | 3.685 | 3.685 | 10/10/2025 | 10/10/2025 | 1900 | (5) | (6) |
| MYC | Call - OTC 10-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Receive | Receive | 2.550 | 2.550 | 10/06/2025 | 10/06/2025 | 1100 | (3) | 0 |
|  | Put - OTC 10-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Pay | Pay | 2.790 | 2.790 | 10/06/2025 | 10/06/2025 | 1100 | (3) | 0 |
|  |  |  |  |  |  |  |  |  |  | $(39) | $(23) |
| **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | $**(104)** | $**(61)** |

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------

<br> Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 0 | 4 | 6 | 17 | 18 | 20 | 35 | 39 | 40 | 52 | 60 | 74 | 91 | 113 | 120 | 146 | 169 | 186 | 198 | 216 | 223 | 240 | 250 |
| **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** |
| **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Swap Agreements, at Value</u><sup>(6)</sup> | <u>Swap Agreements, at Value</u><sup>(6)</sup> | <u>Swap Agreements, at Value</u><sup>(6)</sup> |
| Counterparty | Counterparty | Reference Entity | Reference Entity | Reference Entity | Reference Entity | Fixed<br>(Pay) Rate | Fixed<br>(Pay) Rate | Fixed<br>(Pay) Rate | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset |  | Liability |
| MYC | MYC | South Korea Government International Bonds | South Korea Government International Bonds | South Korea Government International Bonds | South Korea Government International Bonds | (1.000)% | (1.000)% | (1.000)% | (1.000)% | Quarterly | 12/20/2029 | 12/20/2029 | 0.219% | 0.219% | 700 | (23) | (23) | 1 | 1 | 0 | $ | (22) |
|  |  | South Korea Government International Bonds | South Korea Government International Bonds | South Korea Government International Bonds | South Korea Government International Bonds | (1.000) | (1.000) | (1.000) | (1.000) | Quarterly | 12/20/2030 | 12/20/2030 | N/A | N/A | 1700 | (61) | (61) | (1) | (1) | 0 |  | (62) |
|  |  | South Korea Government International Bonds | South Korea Government International Bonds | South Korea Government International Bonds | South Korea Government International Bonds | (1.000) | (1.000) | (1.000) | (1.000) | Quarterly | 12/20/2030 | 12/20/2030 | 0.248 | 0.248 | 400 | (16) | (16) | 2 | 2 | 0 |  | (14) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (100) | (100) | 2 | 2 | 0 | $ | (98) |
| **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(3)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Swap Agreements, at Value</u><sup>(6)</sup> | <u>Swap Agreements, at Value</u><sup>(6)</sup> | <u>Swap Agreements, at Value</u><sup>(6)</sup> |
| Counterparty | Counterparty | Reference Entity | Reference Entity | Reference Entity | Reference Entity | Fixed<br>Receive Rate | Fixed<br>Receive Rate | Fixed<br>Receive Rate | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset |  | Liability |
| DUB | DUB | Petroleos Mexicanos « | Petroleos Mexicanos « | Petroleos Mexicanos « | Petroleos Mexicanos « | 4.750% | 4.750% | 4.750% | 4.750% | Monthly | 07/06/2026 | 07/06/2026 | —◆ | —◆ | 1353 | 0 | 0 | 18 | 18 | 18 | $ | 0 |
| **CROSS-CURRENCY SWAPS** | **CROSS-CURRENCY SWAPS** | **CROSS-CURRENCY SWAPS** | **CROSS-CURRENCY SWAPS** | **CROSS-CURRENCY SWAPS** | **CROSS-CURRENCY SWAPS** | **CROSS-CURRENCY SWAPS** | **CROSS-CURRENCY SWAPS** | **CROSS-CURRENCY SWAPS** | **CROSS-CURRENCY SWAPS** | **CROSS-CURRENCY SWAPS** | **CROSS-CURRENCY SWAPS** | **CROSS-CURRENCY SWAPS** | **CROSS-CURRENCY SWAPS** | **CROSS-CURRENCY SWAPS** | **CROSS-CURRENCY SWAPS** | **CROSS-CURRENCY SWAPS** | **CROSS-CURRENCY SWAPS** | **CROSS-CURRENCY SWAPS** | **CROSS-CURRENCY SWAPS** | **CROSS-CURRENCY SWAPS** | **CROSS-CURRENCY SWAPS** | **CROSS-CURRENCY SWAPS** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Swap Agreements, at Value</u> | <u>Swap Agreements, at Value</u> | <u>Swap Agreements, at Value</u> |
| &nbsp;&nbsp; Counterparty | &nbsp;&nbsp; Counterparty | &nbsp;&nbsp; Counterparty | Receive | Receive | Pay | Pay | Payment<br>Frequency | Payment<br>Frequency | Payment<br>Frequency | Maturity<br>Date<sup>(7)</sup> | Maturity<br>Date<sup>(7)</sup> | Notional Amount<br>of Currency<br>Received | Notional Amount<br>of Currency<br>Received |  | Notional Amount<br>of Currency<br>Delivered | Upfront Payable/(Receivable) |  | Unrealized<br>Appreciation/(Depreciation) |  | Asset |  | Liability |
| &nbsp;&nbsp; CBK | &nbsp;&nbsp; CBK | &nbsp;&nbsp; CBK | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | 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 USD-SOFR Compounded-OIS less 0.414% based on the notional amount of currency received | Maturity | Maturity | Maturity | 12/17/2026 | 12/17/2026 | 2370000 | 2370000 | $ | 16007 | 33 | $ | 15 | $ | 16002 | $ | (15954) |
| &nbsp;&nbsp; GLM | &nbsp;&nbsp; GLM | &nbsp;&nbsp; GLM | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.425% based on the notional amount of currency received | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.425% based on the notional amount of currency received | Maturity | Maturity | Maturity | 09/16/2031 | 09/16/2031 | 1680000 | 1680000 |  | 11429 | 13 |  | 10 |  | 11426 |  | (11403) |
| &nbsp;&nbsp; GST | &nbsp;&nbsp; GST | &nbsp;&nbsp; GST | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | 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 USD-SOFR Compounded-OIS less 0.414% based on the notional amount of currency received | Maturity | Maturity | Maturity | 10/15/2026 | 10/15/2026 | 3973600 | 3973600 |  | 25102 | (321) |  | 34 |  | 25093 |  | (25380) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (275) | $ | 59 | $ | 52521 | $ | (52737) |
| **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Swap Agreements, at Value</u> | <u>Swap Agreements, at Value</u> | <u>Swap Agreements, at Value</u> |
| &nbsp;&nbsp; Counterparty | &nbsp;&nbsp; Counterparty | &nbsp;&nbsp; Counterparty | Pay/<br>Receive<br>Floating Rate | Floating Rate Index | Floating Rate Index | Floating Rate Index | Floating Rate Index | Floating Rate Index | Fixed Rate | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date |  | Notional<br>Amount | Premiums<br>Paid/(Received) | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Liability |
| &nbsp;&nbsp; BPS | &nbsp;&nbsp; BPS | &nbsp;&nbsp; BPS | Pay | 3-Month CNY-CNREPOFIX<sup>(8)</sup> | 3-Month CNY-CNREPOFIX<sup>(8)</sup> | 3-Month CNY-CNREPOFIX<sup>(8)</sup> | 3-Month CNY-CNREPOFIX<sup>(8)</sup> | 3-Month CNY-CNREPOFIX<sup>(8)</sup> | 1.500% | 1.500% | Quarterly | 03/18/2031 | 03/18/2031 | CNY | 168700 | $(55) | (55) | $(145) | (145) | $0 | 0 | $(200) |
| &nbsp;&nbsp; CBK | &nbsp;&nbsp; CBK | &nbsp;&nbsp; CBK | Pay | 3-Month CNY-CNREPOFIX<sup>(8)</sup> | 3-Month CNY-CNREPOFIX<sup>(8)</sup> | 3-Month CNY-CNREPOFIX<sup>(8)</sup> | 3-Month CNY-CNREPOFIX<sup>(8)</sup> | 3-Month CNY-CNREPOFIX<sup>(8)</sup> | 1.500 | 1.500 | Quarterly | 03/18/2031 | 03/18/2031 |  | 89600 | 0 | 0 | (106) | (106) | 0 | 0 | (106) |
| &nbsp;&nbsp; SCX | &nbsp;&nbsp; SCX | &nbsp;&nbsp; SCX | Pay | 3-Month CNY-CNREPOFIX<sup>(8)</sup> | 3-Month CNY-CNREPOFIX<sup>(8)</sup> | 3-Month CNY-CNREPOFIX<sup>(8)</sup> | 3-Month CNY-CNREPOFIX<sup>(8)</sup> | 3-Month CNY-CNREPOFIX<sup>(8)</sup> | 1.500 | 1.500 | Quarterly | 03/18/2031 | 03/18/2031 |  | 19600 | 9 | 9 | (32) | (32) | 0 | 0 | (23) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (46) | (46) | (283) | (283) | 0 | $ | (329) |
| **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Swap Agreements, at Value</u> | <u>Swap Agreements, at Value</u> | <u>Swap Agreements, at Value</u> |
| &nbsp;&nbsp; Counterparty | &nbsp;&nbsp; Counterparty | &nbsp;&nbsp; Counterparty | Pay/Receive<sup>(9)</sup> | Underlying<br>Reference | Underlying<br>Reference | Underlying<br>Reference | Underlying<br>Reference | # of Units | # of Units | &nbsp;&nbsp; Financing Rate | &nbsp;&nbsp; Financing Rate | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Liability |
| &nbsp;&nbsp; BPS | &nbsp;&nbsp; BPS | &nbsp;&nbsp; BPS | iBoxx USD Liquid Investment Grade Index | iBoxx USD Liquid Investment Grade Index | iBoxx USD Liquid Investment Grade Index | iBoxx USD Liquid Investment Grade Index | iBoxx USD Liquid Investment Grade Index | 37361 | 37361 | &nbsp;&nbsp; 1.213% | &nbsp;&nbsp; 1.213% | Maturity | 12/22/2025 | 12/22/2025 | 12120 | 0 | 0 | (597) | (597) | 0 | $ | (597) |
| **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **(421)** | **(421)** | **(801)** | **(801)** | **52539** | **$** | **(53761)** |
| **(l)** | **Securities with an aggregate market value of $1,433 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,433 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,433 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,433 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,433 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,433 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,433 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,433 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,433 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,433 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,433 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,433 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,433 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,433 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,433 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,433 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,433 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,433 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,433 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,433 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,433 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,433 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** |
| ◆ | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. |

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<br> Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.) September 30, 2025 (Unaudited)

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| | |
|:---|:---|
| 0 | 203 |
| <sup>(</sup><sup>1)</sup> | Notional Amount represents the number of contracts. |
| <sup>(2)</sup> | If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
| <sup>(3)</sup> | If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
| <sup>(4)</sup> | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
| <sup>(5)</sup> | The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
| <sup>(6)</sup> | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
| <sup>(7)</sup> | 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. |
| <sup>(9)</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. |
| **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** |
| **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: |
| Category and Subcategory | Fair Value<br>at 09/30/2025 |

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<br> Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.) September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| 2 | 137 | 218 |
| **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** |
| Argentina | Argentina | Argentina |
| Sovereign Issues | $128 | $128 |
| Australia | Australia | Australia |
| Corporate Bonds & Notes | 5095 | 5095 |
| Sovereign Issues | 11149 | 11149 |
| Belgium | Belgium | Belgium |
| Corporate Bonds & Notes | 827 | 827 |
| Bulgaria | Bulgaria | Bulgaria |
| Sovereign Issues | 1830 | 1830 |
| Canada | Canada | Canada |
| Corporate Bonds & Notes | 7889 | 7889 |
| Non-Agency Mortgage-Backed Securities | 845 | 845 |
| Sovereign Issues | 27066 | 27066 |
| Cayman Islands | Cayman Islands | Cayman Islands |
| Asset-Backed Securities | 19952 | 19952 |
| Corporate Bonds & Notes | 1131 | 1131 |
| Sovereign Issues | 413 | 413 |
| Chile | Chile | Chile |
| Sovereign Issues | 615 | 615 |
| China | China | China |
| Sovereign Issues | 24261 | 24261 |
| Denmark | Denmark | Denmark |
| Corporate Bonds & Notes | 1051 | 1051 |
| France | France | France |
| Corporate Bonds & Notes | 3949 | 3949 |
| Sovereign Issues | 24898 | 24898 |
| Germany | Germany | Germany |
| Corporate Bonds & Notes | 1503 | 1503 |
| Sovereign Issues | 1852 | 1852 |
| Hungary | Hungary | Hungary |
| Sovereign Issues | 322 | 322 |
| Ireland | Ireland | Ireland |
| Asset-Backed Securities | 16293 | 17584 |
| Corporate Bonds & Notes | 1168 | 1168 |
| Israel | Israel | Israel |
| Sovereign Issues | 1625 | 1625 |
| Italy | Italy | Italy |
| Corporate Bonds & Notes | 1869 | 1869 |
| Sovereign Issues | 12122 | 12122 |
| Japan | Japan | Japan |
| Corporate Bonds & Notes | 3555 | 3555 |
| Sovereign Issues | 40890 | 40890 |
| Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands |
| Asset-Backed Securities | 367 | 367 |
| Kuwait | Kuwait | Kuwait |
| Sovereign Issues | 0 | 2900 |
| Luxembourg | Luxembourg | Luxembourg |
| Sovereign Issues | 3047 | 3047 |
| Malaysia | Malaysia | Malaysia |
| Corporate Bonds & Notes | 636 | 636 |
| Sovereign Issues | 8874 | 8874 |
| Mexico | Mexico | Mexico |
| Sovereign Issues | 417 | 417 |
| Multinational | Multinational | Multinational |
| Corporate Bonds & Notes | 229 | 229 |
| Netherlands | Netherlands | Netherlands |
| Corporate Bonds & Notes | 3644 | 3644 |
| New Zealand | New Zealand | New Zealand |
| Corporate Bonds & Notes | 1910 | 1910 |
| Sovereign Issues | 208 | 208 |
| Peru | Peru | Peru |
| Corporate Bonds & Notes | 590 | 590 |
| Sovereign Issues | 7083 | 7083 |
| Poland | Poland | Poland |
| Sovereign Issues | 2156 | 2156 |
| Qatar | Qatar | Qatar |
| Corporate Bonds & Notes | 270 | 270 |
| Romania | Romania | Romania |
| Sovereign Issues | 6876 | 6876 |
| Saudi Arabia | Saudi Arabia | Saudi Arabia |
| Corporate Bonds & Notes | 320 | 320 |
| Sovereign Issues | 10446 | 10446 |
| Serbia | Serbia | Serbia |
| Sovereign Issues | 1189 | 1189 |
| Singapore | Singapore | Singapore |
| Sovereign Issues | 2811 | 2811 |
| South Africa | South Africa | South Africa |
| Sovereign Issues | 8678 | 8678 |
| South Korea | South Korea | South Korea |
| Sovereign Issues | 11396 | 11396 |
| Spain | Spain | Spain |
| Corporate Bonds & Notes | 818 | 818 |
| Sovereign Issues | 24354 | 24354 |
| Supranational | Supranational | Supranational |
| Sovereign Issues | 3835 | 3835 |

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<br> Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 2 | 30 | 54 | 76 | 90 | 110 | 122 | 137 | 160 | 177 | 189 | 203 | 220 | 247 |
| Switzerland | Switzerland | Switzerland | Switzerland | Switzerland | Switzerland | Switzerland | Switzerland | Switzerland | Switzerland | Switzerland | Switzerland | Switzerland |  |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | 0 | 0 | 0 | 4829 | 4829 | 0 | 0 |  | 4829 |  |
| Thailand | Thailand | Thailand | Thailand | Thailand | Thailand | Thailand | Thailand | Thailand | Thailand | Thailand | Thailand | Thailand |  |
| Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | 0 | 0 | 0 | 6696 | 6696 | 0 | 0 |  | 6696 |  |
| United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates |  |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | 0 | 0 | 0 | 834 | 834 | 0 | 0 |  | 834 |  |
| Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | 0 | 0 | 0 | 1781 | 1781 | 0 | 0 |  | 1781 |  |
| United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |  |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | 0 | 0 | 0 | 1348 | 1348 | 0 | 0 |  | 1348 |  |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | 0 | 0 | 0 | 17727 | 17727 | 0 | 0 |  | 17727 |  |
| Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | 0 | 0 | 0 | 4367 | 4367 | 0 | 0 |  | 4367 |  |
| Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | 0 | 0 | 0 | 9401 | 9401 | 0 | 0 |  | 9401 |  |
| United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States |  |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | 0 | 0 | 0 | 16484 | 16484 | 0 | 0 |  | 16484 |  |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | 0 | 0 | 0 | 35738 | 35738 | 5400 | 5400 |  | 41138 |  |
| Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | 0 | 0 | 0 | 1699 | 1699 | 0 | 0 |  | 1699 |  |
| Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | 0 | 0 | 0 | 865 | 865 | 0 | 0 |  | 865 |  |
| Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | 0 | 0 | 0 | 31151 | 31151 | 0 | 0 |  | 31151 |  |
| U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | 0 | 0 | 0 | 246982 | 246982 | 0 | 0 |  | 246982 |  |
| U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | 0 | 0 | 0 | 44678 | 44678 | 0 | 0 |  | 44678 |  |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |  |
| Commercial Paper | Commercial Paper | Commercial Paper | Commercial Paper | 0 | 0 | 0 | 4342 | 4342 | 0 | 0 |  | 4342 |  |
| Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | 0 | 0 | 0 | 1001 | 1001 | 0 | 0 |  | 1001 |  |
| Nigeria Treasury Bills | Nigeria Treasury Bills | Nigeria Treasury Bills | Nigeria Treasury Bills | 0 | 0 | 0 | 1512 | 1512 | 0 | 0 |  | 1512 |  |
| South Africa Treasury Bills | South Africa Treasury Bills | South Africa Treasury Bills | South Africa Treasury Bills | 0 | 0 | 0 | 271 | 271 | 0 | 0 |  | 271 |  |
|  |  |  |  | $2900 | 2900 | 2900 | $744158 | 744158 | $6691 | 6691 | $ | 753749 |  |
| **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** | **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 | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |  |
| Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | $949 | 949 | 949 | $0 | 0 | $0 | 0 | $ | 949 |  |
| Total Investments | Total Investments | Total Investments | Total Investments | $3849 | 3849 | 3849 | $744158 | 744158 | $6691 | 6691 | $ | 754698 |  |
| **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** | **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** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** |  |
| France | France | France | France | France | France | France | France | France | France | France | France | France |  |
| Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | 0 | 0 | 0 | (978) | (978) | 0 | 0 |  | (978) |  |
| United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States |  |
| U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | 0 | 0 | 0 | (72297) | (72297) | 0 | 0 |  | (72297) |  |
|  |  |  |  | $0 | 0 | 0 | $(73275) | (73275) | $0 | 0 | $ | (73275) |  |
| **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** | **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 | 340 | 340 | 340 | 803 | 803 | 0 | 0 |  | 1143 |  |
| Over the counter | Over the counter | Over the counter | Over the counter | 0 | 0 | 0 | 55569 | 55569 | 18 | 18 |  | 55587 |  |
|  |  |  |  | $340 | 340 | 340 | $56372 | 56372 | $18 | 18 | $ | 56730 |  |
| **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** | **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 | (422) | (422) | (422) | (430) | (430) | 0 | 0 |  | (852) |  |
| Over the counter | Over the counter | Over the counter | Over the counter | (62) | (62) | (62) | (56380) | (56380) | 0 | 0 |  | (56442) |  |
|  |  |  |  | $(484) | (484) | (484) | $(56810) | (56810) | $0 | 0 | $ | (57294) |  |
| Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | $(144) | (144) | (144) | $(438) | (438) | $18 | 18 | $ | (564) |  |
| Totals | Totals | Totals | Totals | $3705 | 3705 | 3705 | $670445 | 670445 | $6709 | 6709 | $ | 680859 |  |
| **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** |
| Category and Subcategory | Net<br>Purchases<sup>(1)</sup> | Net<br>Sales/Settlements<sup>(1)</sup> | Accrued<br>Discounts/<br>(Premiums) | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Transfers into<br>Level 3 | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(2)</sup> |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **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** |
| Ireland |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Asset-Backed Securities | $1287 | $0 | $ | 0 | $0 | $ | 4 | $0 | 0 | $0 | 0 | $1291 | $4 |
| United States |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Corporate Bonds & Notes | 5400 | 0 |  | 0 | 0 |  | 0 | 0 | 0 | 0 | 0 | 5400 | 0 |
|  | $6687 | $0 | $ | 0 | $0 | $ | 4 | $0 | 0 | $0 | 0 | $6691 | $4 |
| **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** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** |
| Over the counter | $5 | $0 | $ | 0 | $0 | $ | 13 | $0 | 0 | $0 | 0 | $18 | $13 |

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<br> Schedule of Investments PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 1 | 4 | 12 | 32 | 50 | 54 | 129 | 160 | 205 | 220 | 242 | 247 |
| Totals | Totals | $0 | <br> 6692 | <br> $ | $0 | $17 | $0 | <br> 0 | <br> 6709 | <br> $ | <br> 17 |
| <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** |
|  |  |  |  |  |  |  |  | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Category and Subcategory | Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | Input Value(s) | Input Value(s) | Weighted Average | Weighted 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** | **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 | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | $1291 | 1291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | 100.000 | 100.000 |  |  |
| United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | 5400 | 5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | 100.000 | 100.000 |  |  |
| **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** | **Financial Derivative Instruments** **- Assets** |
| Over the counter | Over the counter | Over the counter | 18 | 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | 0.939 | 0.939 |  |  |
| Total | Total | Total | $6709 | 6709 |  |  |  |  |  |  |  |
| <sup>(1)</sup> | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. |
| <sup>(2)</sup> | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. |

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Notes to Financial Statements

**1** **. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS**

**(a) Investment Valuation Policies** The net asset value ("NAV") of the Portfolio'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 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, the Portfolio'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 Portfolio 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 Portfolio may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The 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, the Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that the 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 the 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 Portfolio 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 Pacific Investment Management Company LLC ("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 Investment Company Act of 1940, as amended (the "Act"). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees has designated PIMCO as the valuation designee ("Valuation Designee") for the Portfolio to perform the fair value determination relating to all Portfolio investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of portfolio investments. The Valuation Designee may value portfolio securities for which market quotations are not readily available and other Portfolio assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, exchange-traded funds ("ETFs"), exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Portfolio's assets that are invested in one or more open-end management investment companies (other than ETFs), the 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, 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 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. The 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 the 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 the 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 the 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 the 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 the Portfolio may transact.

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 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 the 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 the Portfolio may differ from the value that would be realized if the securities were sold. The Portfolio's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the " Frequent or Excessive Purchases, Exchanges and Redemptions " section in the Portfolio's prospectus.

Under certain circumstances, the per share NAV of a class of the Portfolio'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 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:

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Notes to Financial Statements (Cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

• Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the 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 ofthe Portfolio'sassets 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 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.

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

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indexes, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are

------

Notes to Financial Statements (Cont.)

observed from actively quoted markets such as the overnight index swap rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Securities may be valued based on purchase prices of privately negotiated transactions. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

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.

**2. FEDERAL INCOME TAX MATTERS**

The 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.

The 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 Portfolio's tax positions for all open tax years. As of September 30, 2025, the Portfolio 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 Portfolio files U.S. federal, state and local tax returns as required. The Portfolio'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.

Shares of the Portfolio currently are sold to segregated asset accounts ("Separate Accounts") of insurance companies that fund variable annuity contracts and variable life insurance policies ("Variable Contracts"). Please refer to the prospectus for the Separate Account and Variable Contract for information regarding Federal income tax treatment of distributions to the Separate Account.

**3. INVESTMENTS IN AFFILIATES**

The 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 Portfolio. A copy of each affiliate fund's shareholder report is available at the U.S. Securities and Exchange Commission ("SEC") website at www.sec.gov, on the Portfolio's website at www.pimco.com, or upon request, as applicable. The table below shows the Portfolio's transactions in and earnings from investments in the affiliated funds for the period ended September 30, 2025 (amounts in thousands<sup>†</sup>):

**Investment in PIMCO Short-Term Floating NAV Portfolio III**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Market Value<br>12/31/2024** | **Purchases at<br>Cost** | **Proceeds from<br>Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>09/30/2025** | **Dividend<br>Income**<sup>(1)</sup> | **Realized Net<br>Capital<br>Gain<br>Distributions**<sup>(1)</sup> |
| $1013 | $244254 | $(244300) | $(18) | $0 | $949 | $155 | $0 |

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<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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** |  | (Unaudited) |
| **Counterparty Abbreviations:** | **Counterparty Abbreviations:** |  |  |  |  |
| **AZD** | Australia and New Zealand Banking Group | **DUB** | Deutsche Bank AG | **MYC** | Morgan Stanley Capital Services LLC |
| **BOA** | Bank of America N.A. | **FAR** | Wells Fargo Bank National Association | **MYI** | Morgan Stanley & Co. International PLC |
| **BPS** | BNP Paribas S.A. | **GLM** | Goldman Sachs Bank USA | **NGF** | Nomura Global Financial Products, Inc. |
| **BRC** | Barclays Bank PLC | **GST** | Goldman Sachs International | **SCX** | Standard Chartered Bank, London |
| **BSH** | Banco Santander S.A. - New York Branch | **IND** | Crédit Agricole Corporate and Investment Bank <br> S.A. | **SOG** | Societe Generale Paris |
| **BSN** | The Bank of Nova Scotia - Toronto | **JPM** | JP Morgan Chase Bank N.A. | **SSB** | State Street Bank and Trust Co. |
| **CBK** | Citibank N.A. | **MBC** | HSBC Bank Plc | **UAG** | UBS AG Stamford |
| **CIB** | Canadian Imperial Bank of Commerce | **MEI** | Merrill Lynch International | **UBS** | UBS Securities LLC |
| **DEU** | Deutsche Bank Securities, Inc. |  |  |  |  |
| **Currency Abbreviations:** | **Currency Abbreviations:** |  |  |  |  |
| **AUD** | Australian Dollar | **HUF** | Hungarian Forint | **NZD** | New Zealand Dollar |
| **BRL** | Brazilian Real | **IDR** | Indonesian Rupiah | **PEN** | Peruvian New Sol |
| **CAD** | Canadian Dollar | **ILS** | Israeli Shekel | **PLN** | Polish Zloty |
| **CHF** | Swiss Franc | **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 |
| **HKD** | Hong Kong Dollar | **NOK** | Norwegian Krone |  |  |
| **Exchange Abbreviations:** | **Exchange Abbreviations:** |  |  |  |  |
| **CBOT** | Chicago Board of Trade | **EUREX** | Eurex Exchange | **OTC** | Over the Counter |
| **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** |  |  |  |  |
| **Bobl** | Bundesobligation, the German word for federal government bond | **EUR003M** | 3 Month EUR Swap Rate | **SRFXON3** | Swiss Overnight Rate Average (6PM) |
| **CAONREPO** | Canadian Overnight Repo Rate Average | **MUTKCALM** | Tokyo Overnight Average Rate | **TSFR1M** | Term SOFR 1-Month |
| **CDX.IG** | Credit Derivatives Index - Investment <br> Grade | **SIBCSORA** | Singapore Overnight Rate Average | **TSFR3M** | Term SOFR 3-Month |
| **CNREPOFIX** | China Fixing Repo Rates 7-Day | **SOFR** | Secured Overnight Financing Rate | **US0003M** | ICE 3-Month USD LIBOR |
| **CPI** | Consumer Price Index | **SONIO** | Sterling Overnight Interbank Average Rate |  |  |
| **Other Abbreviations:** | **Other Abbreviations:** |  |  |  |  |
| **ABS** | Asset-Backed Security | **DAC** | Designated Activity Company | **PRIBOR** | Prague Interbank Offered Rate |
| **ALT** | Alternate Loan Trust | **EURIBOR** | Euro Interbank Offered Rate | **REMIC** | Real Estate Mortgage Investment Conduit |
| **BBR** | Bank Bill Rate | **KORIBOR** | Korea Interbank Offered Rate | **STIBOR** | Stockholm Interbank Offered Rate |
| **BBSW** | Bank Bill Swap Reference Rate | **MIBOR** | Mumbai Interbank Offered Rate | **TBA** | To-Be-Announced |
| **BTP** | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | **Oat** | Obligations Assimilables du Trésor | **TBD** | To-Be-Determined |
| **CLO** | Collateralized Loan Obligation | **OIS** | Overnight Index Swap |  |  |

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<br> Schedule of Investments PIMCO International Bond Portfolio (Unhedged) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(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 169.5% ¤** |  |  |
| **ARGENTINA 0.0%** |  |  |
| **SOVEREIGN ISSUES 0.0%** |  |  |
| **Argentina Bonar Bonds** |  |  |
| 0.750% due 07/09/2030 þ | $6 | $3 |
| 4.125% due 07/09/2035 þ | 5 | 2 |
| Total Argentina (Cost $6) |  | 5 |
| **AUSTRALIA 3.2%** |  |  |
| **SOVEREIGN ISSUES 3.2%** |  |  |
| **Australian Capital Territory**<br>4.750% due 10/23/2030 | 200 | 136 |
| **New South Wales Treasury Corp.**<br>1.750% due 03/20/2034 | 300 | 157 |
| **Queensland Treasury Corp.**<br>2.000% due 08/22/2033 | 18 | 10 |
| **Treasury Corp. of Victoria** |  |  |
| 2.250% due 09/15/2033 | 500 | 278 |
| 2.250% due 11/20/2034 | 380 | 203 |
| Total Australia (Cost $752) |  | 784 |
| **BRAZIL 2.0%** |  |  |
| **SOVEREIGN ISSUES 2.0%** |  |  |
| **Brazil Letras do Tesouro Nacional**<br>0.000% due 04/01/2026 (d) | 2800 | 491 |
| Total Brazil (Cost $484) |  | 491 |
| **BULGARIA 0.7%** |  |  |
| **SOVEREIGN ISSUES 0.7%** |  |  |
| **Bulgaria Government International Bonds**<br>3.375% due 07/18/2035 | 150 | 173 |
| Total Bulgaria (Cost $171) |  | 173 |
| **CANADA 7.0%** |  |  |
| **CORPORATE BONDS & NOTES 2.1%** |  |  |
| **Canadian Imperial Bank of Commerce**<br>4.876% due 01/14/2030 | $200 | 207 |
| **Royal Bank of Canada**<br>4.696% due 08/06/2031 •  | 100 | 101 |
| **Toronto-Dominion Bank** |  |  |
| 4.814% due 07/16/2027 | 100 | 102 |
| 5.298% due 01/30/2032 | 100 | 105 |
|  |  | 515 |
| **SOVEREIGN ISSUES 4.9%** |  |  |
| **Province of British Columbia**<br>4.150% due 06/18/2034 | 100 | 75 |
| **Province of Ontario**<br>3.650% due 06/02/2033 | 600 | 440 |
| **Province of Quebec** |  |  |
| 3.600% due 09/01/2033 | 400 | 292 |
| 4.450% due 09/01/2034 | 400 | 306 |

---

------

<br> Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **PSP** **Capital, Inc.**<br>4.500% due 09/05/2031 | 100 | 66 |
|  |  | 1179 |
| Total Canada (Cost $1,647) |  | 1694 |
| **CAYMAN ISLANDS 2.3%** |  |  |
| **ASSET-BACKED SECURITIES 2.3%** |  |  |
| **Arbor Realty Commercial Real Estate Notes Ltd.**<br>5.822% due 01/15/2037 •  | $49 | 50 |
| **BDS Ltd.**<br>5.600% due 12/16/2036 •  | 46 | 46 |
| **BRSP Ltd.**<br>5.398% due 08/19/2038 •  | 37 | 36 |
| **GPMT Ltd.**<br>5.600% due 12/15/2036 •  | 58 | 57 |
| **LoanCore Issuer Ltd.** |  |  |
| 5.565% due 11/15/2038 •  | 26 | 26 |
| 5.931% due 01/17/2037 •  | 62 | 63 |
| **MF1 Ltd.** |  |  |
| 5.330% due 10/16/2036 •  | 34 | 33 |
| 5.350% due 07/16/2036 •  | 5 | 5 |
| **Starwood Ltd.** |  |  |
| 5.450% due 04/18/2038 •  | 45 | 45 |
| 5.722% due 11/15/2038 •  | 53 | 53 |
| **TCI-Symphony CLO Ltd.**<br>5.602% due 10/13/2032 •  | 52 | 52 |
| **TRTX Issuer Ltd.**<br>5.793% due 02/15/2039 •  | 81 | 82 |
| Total Cayman Islands (Cost $549) |  | 548 |
| **CHINA 6.5%** |  |  |
| **SOVEREIGN ISSUES 6.5%** |  |  |
| **China Government Bonds** |  |  |
| 1.650% due 05/15/2035 | 3800 | 526 |
| 1.920% due 01/15/2055 | 800 | 105 |
| 2.040% due 11/25/2034 | 3900 | 558 |
| 2.190% due 09/25/2054 | 1500 | 208 |
| 3.190% due 04/15/2053 | 1000 | 167 |
| Total China (Cost $1,584) |  | 1564 |
| **DENMARK 3.5%** |  |  |
| **CORPORATE BONDS & NOTES 3.5%** |  |  |
| **Jyske Realkredit AS** |  |  |
| 1.000% due 10/01/2050 | 2 | 0 |
| **Nordea Kredit Realkreditaktieselskab** |  |  |
| 1.500% due 10/01/2053 | 90 | 12 |
| **Realkredit Danmark AS** |  |  |
| 1.000% due 01/01/2026 | 5200 | 816 |
| 1.500% due 10/01/2053 | 180 | 23 |
| Total Denmark (Cost $856) |  | 851 |
| **FRANCE 5.0%** |  |  |
| **CORPORATE BONDS & NOTES 0.7%** |  |  |
| **BNP Paribas SA**<br>5.786% due 01/13/2033 •  | $150 | 158 |
| **SOVEREIGN ISSUES 4.3%** |  |  |
| **French Republic Government Bonds OAT** |  |  |
| 0.750% due 02/25/2028 | 250 | 283 |
| 0.750% due 05/25/2052 | 200 | 105 |
| 2.750% due 10/25/2027 | 150 | 178 |
| 2.750% due 02/25/2030 | 400 | 472 |
|  |  | 1038 |
| Total France (Cost $1,108) |  | 1196 |
| **GERMANY 0.5%** |  |  |
| **CORPORATE BONDS & NOTES 0.5%** |  |  |
| **Deutsche Bank AG**<br>1.750% due 11/19/2030 •  | 100 | 111 |

---

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<br> Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.) September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| Total Germany (Cost $124) |  | <br> 111 |
| **IRELAND 0.4%** |  |  |
| **ASSET-BACKED SECURITIES 0.4%** |  |  |
| **Man GLG Euro CLO V DAC**<br>2.704% due 12/15/2031 •  | 74 | 87 |
| Total Ireland (Cost $89) |  | 87 |
| **ISRAEL 0.9%** |  |  |
| **SOVEREIGN ISSUES 0.9%** |  |  |
| **Israel Government International Bonds**<br>6.500% due 11/06/2031 | $200 | 218 |
| Total Israel (Cost $212) |  | 218 |
| **ITALY 4.8%** |  |  |
| **SOVEREIGN ISSUES 4.8%** |  |  |
| **Cassa Depositi e Prestiti SpA**<br>5.750% due 05/05/2026 | $200 | 202 |
| **Italy Buoni Poliennali Del Tesoro** |  |  |
| 2.100% due 08/26/2027 | 600 | 703 |
| 3.250% due 11/15/2032 | 100 | 118 |
| **Republic of Italy Government International Bonds**<br>6.000% due 08/04/2028 | 100 | 139 |
| Total Italy (Cost $1,169) |  | 1162 |
| **JAPAN 7.6%** |  |  |
| **SOVEREIGN ISSUES 7.6%** |  |  |
| **Japan Government CPI-Linked Bonds**<br>0.100% due 03/10/2028 (f) | 30566 | 210 |
| **Japan Government Five Year Bonds**<br>0.400% due 06/20/2029 | 20000 | 132 |
| **Japan Government Forty Year Bonds**<br>2.200% due 03/20/2064 | 59500 | 308 |
| **Japan Government Thirty Year Bonds** |  |  |
| 0.300% due 06/20/2046 | 26100 | 111 |
| 0.400% due 09/20/2049 | 70000 | 273 |
| 0.700% due 12/20/2048 | 12750 | 56 |
| 1.400% due 09/20/2045 | 4250 | 23 |
| 1.800% due 09/20/2053 | 7800 | 40 |
| 1.800% due 03/20/2054 | 6200 | 32 |
| 2.200% due 06/20/2054 | 18900 | 107 |
| **Japan Government Twenty Year Bonds** |  |  |
| 0.400% due 06/20/2040 | 25000 | 131 |
| 1.800% due 09/20/2044 | 10000 | 60 |
| 1.900% due 06/20/2044 | 21800 | 134 |
| 2.000% due 12/20/2044 | 8000 | 50 |
| 2.400% due 03/20/2045 | 15900 | 105 |
| **Japan Government Two Year Bonds**<br>0.100% due 01/01/2026 | 10000 | 68 |
| Total Japan (Cost $2,197) |  | 1840 |
| **KUWAIT 0.8%** |  |  |
| **SOVEREIGN ISSUES 0.8%** |  |  |
| **Kuwait International Bonds**<br>4.136% due 10/09/2030 (b) | $200 | 200 |
| Total Kuwait (Cost $200) |  | 200 |
| **LUXEMBOURG 1.3%** |  |  |
| **SOVEREIGN ISSUES 1.3%** |  |  |
| **Eagle Funding Luxco SARL**<br>5.500% due 08/17/2030 | $300 | 305 |
| Total Luxembourg (Cost $299) |  | 305 |
| **MALAYSIA 1.2%** |  |  |
| **SOVEREIGN ISSUES 1.2%** |  |  |
| **Malaysia Government Bonds** |  |  |
| 2.632% due 04/15/2031 | 200 | 46 |

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<br> Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.) September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| 3.519% due 04/20/2028 | 740 | 177 |
| 3.582% due 07/15/2032 | 50 | 12 |
| **Malaysia Government Investment Issue**<br>4.193% due 10/07/2032 | 260 | 65 |
| Total Malaysia (Cost $273) |  | 300 |
| **PERU 1.5%** |  |  |
| **SOVEREIGN ISSUES 1.5%** |  |  |
| **Peru Government Bonds** |  |  |
| 6.850% due 08/12/2035 | 200 | 61 |
| 7.300% due 08/12/2033 | 500 | 161 |
| **Peru Government International Bonds**<br>6.950% due 08/12/2031 | 480 | 153 |
| Total Peru (Cost $341) |  | 375 |
| **POLAND 0.3%** |  |  |
| **SOVEREIGN ISSUES 0.3%** |  |  |
| **Republic of Poland Government International Bonds** |  |  |
| 4.875% due 02/12/2030 | $50 | 52 |
| 5.375% due 02/12/2035 | 26 | 27 |
| Total Poland (Cost $76) |  | 79 |
| **ROMANIA 1.6%** |  |  |
| **SOVEREIGN ISSUES 1.6%** |  |  |
| **Romania Government International Bonds** |  |  |
| 5.250% due 03/10/2030 | 50 | 60 |
| 5.250% due 05/30/2032 | 90 | 106 |
| 6.375% due 09/18/2033 | 172 | 212 |
| Total Romania (Cost $356) |  | 378 |
| **SAUDI ARABIA 3.4%** |  |  |
| **SOVEREIGN ISSUES 3.4%** |  |  |
| **Saudi Government International Bonds** |  |  |
| 3.375% due 03/05/2032 | 100 | 119 |
| 4.750% due 01/16/2030 | $200 | 205 |
| 5.000% due 01/16/2034 | 290 | 297 |
| 5.125% due 01/13/2028 | 200 | 204 |
| Total Saudi Arabia (Cost $795) |  | 825 |
| **SERBIA 0.5%** |  |  |
| **SOVEREIGN ISSUES 0.5%** |  |  |
| **Serbia International Bonds**<br>1.000% due 09/23/2028 | 100 | 109 |
| Total Serbia (Cost $117) |  | 109 |
| **SINGAPORE 0.3%** |  |  |
| **SOVEREIGN ISSUES 0.3%** |  |  |
| **Singapore Government Bonds**<br>3.250% due 06/01/2054 | 80 | 78 |
| Total Singapore (Cost $59) |  | 78 |
| **SOUTH AFRICA 2.2%** |  |  |
| **SOVEREIGN ISSUES 2.2%** |  |  |
| **Republic of South Africa Government Bonds** |  |  |
| 6.250% due 03/31/2036 | 300 | 14 |
| 8.000% due 01/31/2030 | 1100 | 64 |
| 8.750% due 02/28/2048 | 400 | 20 |
| 8.875% due 02/28/2035 | 7600 | 432 |
| Total South Africa (Cost $512) |  | 530 |
| **SPAIN 6.3%** |  |  |
| **CORPORATE BONDS & NOTES 0.5%** |  |  |
| **CaixaBank SA**<br>5.375% due 11/14/2030 •  | 100 | 128 |

---

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<br> Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.) September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| **SOVEREIGN ISSUES 5.8%** |  |  |
| **Spain Government Bonds** |  |  |
| 0.000% due 01/31/2028 (d) | 150 | 168 |
| 2.400% due 05/31/2028 | 150 | 177 |
| 3.150% due 04/30/2035 | 230 | 269 |
| 3.200% due 10/31/2035 | 175 | 204 |
| 3.450% due 10/31/2034 | 480 | 577 |
|  |  | 1395 |
| Total Spain (Cost $1,459) |  | 1523 |
| **SUPRANATIONAL 1.0%** |  |  |
| **SOVEREIGN ISSUES 1.0%** |  |  |
| **European Union**<br>3.750% due 10/12/2045 | 200 | 232 |
| Total Supranational (Cost $233) |  | 232 |
| **SWITZERLAND 0.5%** |  |  |
| **CORPORATE BONDS & NOTES 0.5%** |  |  |
| **UBS Group AG**<br>7.750% due 03/01/2029 •  | 100 | 131 |
| Total Switzerland (Cost $111) |  | 131 |
| **THAILAND 1.6%** |  |  |
| **SOVEREIGN ISSUES 1.6%** |  |  |
| **Thailand Government Bonds** |  |  |
| 2.410% due 03/17/2035 | 650 | 22 |
| 2.500% due 11/17/2029 | 6580 | 214 |
| 3.775% due 06/25/2032 | 4400 | 157 |
| Total Thailand (Cost $367) |  | 393 |
| **UNITED KINGDOM 4.6%** |  |  |
| **CORPORATE BONDS & NOTES 2.0%** |  |  |
| **Barclays PLC**<br>4.506% due 01/31/2033 •  | 100 | 124 |
| **HSBC Holdings PLC**<br>4.787% due 03/10/2032 •  | 100 | 126 |
| **Lloyds Banking Group PLC**<br>3.875% due 05/14/2032 •  | 100 | 121 |
| **Vmed O2 U.K. Financing I PLC**<br>5.625% due 04/15/2032 | 100 | 121 |
|  |  | 492 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.9%** |  |  |
| **Mansard Mortgages PLC**<br>4.755% due 12/15/2049 •  | 19 | 25 |
| **Newgate Funding PLC**<br>5.105% due 12/15/2050 •  | 67 | 88 |
| **RMAC Securities No. 1 PLC** |  |  |
| 2.179% due 06/12/2044 •  | 40 | 47 |
| 4.275% due 06/12/2044 •  | 47 | 62 |
|  |  | 222 |
| **SOVEREIGN ISSUES 1.7%** |  |  |
| **U.K. Gilts** |  |  |
| 1.250% due 07/31/2051 | 80 | 45 |
| 3.250% due 01/22/2044 | 150 | 152 |
| 4.375% due 07/31/2054 | 130 | 147 |
| 5.375% due 01/31/2056 | 50 | 66 |
|  |  | 410 |
| Total United Kingdom (Cost $1,197) |  | 1124 |
| **UNITED STATES 77.0%** |  |  |
| **ASSET-BACKED SECURITIES 2.8%** |  |  |
| **Citigroup Mortgage Loan Trust, Inc.**<br>4.662% due 06/25/2037 •  | $51 | 51 |
| **Countrywide Asset-Backed Certificates**<br>4.752% due 04/25/2037 •  | 24 | 21 |

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<br> Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.) September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| **Countrywide** **Asset-Backed Certificates Trust** |  |  |
| 4.412% due 07/25/2037 •  | 11 | 10 |
| 4.712% due 06/25/2047 •  | 130 | 126 |
| 4.932% due 08/25/2035 •  | 34 | 33 |
| **Nomura Home Equity Loan, Inc. Home Equity Loan Trust**<br>4.902% due 02/25/2036 •  | 79 | 74 |
| **PRET LLC**<br>5.843% due 09/25/2051 þ | 53 | 54 |
| **Renaissance Home Equity Loan Trust**<br>6.822% due 12/25/2032 •  | 15 | 13 |
| **Saxon Asset Securities Trust**<br>6.022% due 12/25/2037 •  | 43 | 38 |
| **SG Mortgage Securities Trust**<br>4.572% due 10/25/2036 •  | 76 | 72 |
| **SMB Private Education Loan Trust** |  |  |
| 1.290% due 07/15/2053 | 23 | 22 |
| 5.822% due 02/16/2055 •  | 51 | 51 |
| **Structured Asset Investment Loan Trust**<br>5.997% due 10/25/2034 •  | 116 | 118 |
| **Terwin Mortgage Trust**<br>5.212% due 11/25/2033 •  | 1 | 1 |
|  |  | 684 |
| **CORPORATE BONDS & NOTES 9.8%** |  |  |
| **Bank of America Corp.** |  |  |
| 1.898% due 07/23/2031 •  | 100 | 89 |
| 4.979% due 01/24/2029 •  | 50 | 51 |
| 5.511% due 01/24/2036 •  | 108 | 113 |
| **Broadcom, Inc.**<br>3.137% due 11/15/2035 | 50 | 43 |
| **Citigroup, Inc.**<br>5.449% due 06/11/2035 •  | 100 | 104 |
| **Goldman Sachs Group, Inc.** |  |  |
| 5.016% due 10/23/2035 •  | 100 | 101 |
| 5.536% due 01/28/2036 •  | 70 | 73 |
| 5.727% due 04/25/2030 •  | 100 | 105 |
| **JPMorgan Chase & Co.** |  |  |
| 5.102% (SOFRRATE + 0.800%) due 01/24/2029 ~ | 50 | 50 |
| 5.140% due 01/24/2031 •  | 100 | 103 |
| 5.336% due 01/23/2035 •  | 100 | 104 |
| **Kraft Heinz Foods Co.**<br>3.500% due 03/15/2029 | 150 | 179 |
| **Marriott International, Inc.**<br>5.500% due 04/15/2037 | $60 | 61 |
| **Morgan Stanley** |  |  |
| 3.790% due 03/21/2030 •  | 100 | 121 |
| 5.173% due 01/16/2030 •  | $100 | 103 |
| 5.587% due 01/18/2036 •  | 120 | 126 |
| **Nissan Motor Acceptance Co. LLC**<br>1.850% due 09/16/2026 | 100 | 96 |
| **Oracle Corp.**<br>5.500% due 08/03/2035 | 70 | 72 |
| **PNC Financial Services Group, Inc.**<br>5.575% due 01/29/2036 •  | 100 | 104 |
| **Santander Holdings USA, Inc.**<br>6.124% due 05/31/2027 •  | 100 | 101 |
| **T-Mobile USA, Inc.**<br>5.150% due 04/15/2034 | 75 | 77 |
| **UnitedHealth Group, Inc.**<br>5.000% due 04/15/2034 | 75 | 76 |
| **Wells Fargo & Co.** |  |  |
| 4.078% due 09/15/2029 •  | 100 | 100 |
| 5.211% due 12/03/2035 •  | 120 | 123 |
| 5.244% due 01/24/2031 •  | 50 | 52 |
| 5.557% due 07/25/2034 •  | 50 | 52 |
|  |  | 2379 |
| **LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4%** |  |  |
| **Charter Communications Operating LLC**<br>6.541% (TSFR3M + 2.250%) due 12/15/2031 ~ | 91 | 91 |
| **MUNICIPAL BONDS & NOTES 0.2%** |  |  |
| **Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023**<br>5.102% due 04/01/2035 | 44 | 46 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 5.6%** |  |  |
| **Angel Oak Mortgage Trust**<br>4.846% due 07/25/2062 þ | 100 | 100 |
| **Bear Stearns ALT-A Trust**<br>4.475% due 11/25/2036 ~ | 47 | 24 |
| **BIG Commercial Mortgage Trust**<br>5.492% due 02/15/2039 •  | 80 | 80 |

---

------

<br> Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Chase** **Mortgage Finance Trust**<br>4.933% due 07/25/2037 ~ | 1 | 1 |
| **CHL Mortgage Pass-Through Trust**<br>6.500% due 11/25/2047 | 46 | 22 |
| **Citigroup Mortgage Loan Trust, Inc.** |  |  |
| 3.000% due 11/27/2051 ~ | 76 | 66 |
| **Countrywide Alternative Loan Trust**<br>4.972% due 05/25/2036 •  | 173 | 70 |
| **Countrywide Alternative Loan Trust Resecuritization**<br>6.000% due 08/25/2037 ~ | 105 | 48 |
| **Deutsche Alt-A Securities, Inc. Mortgage Loan Trust**<br>4.652% due 08/25/2047 •  | 68 | 59 |
| **DROP Mortgage Trust**<br>5.414% due 10/15/2043 •  | 100 | 97 |
| **Extended Stay America Trust**<br>5.344% due 07/15/2038 •  | 84 | 84 |
| **First Horizon Mortgage Pass-Through Trust**<br>5.186% due 05/25/2037 ~ | 9 | 4 |
| **GS Mortgage-Backed Securities Trust**<br>3.000% due 09/25/2052 ~ | 82 | 71 |
| **GSR Mortgage Loan Trust**<br>4.977% due 11/25/2035 ~ | 7 | 7 |
| **HarborView Mortgage Loan Trust**<br>4.808% due 02/19/2036 •  | 113 | 49 |
| **Impac CMB Trust**<br>4.992% due 10/25/2034 •  | 3 | 3 |
| **IndyMac INDX Mortgage Loan Trust**<br>4.752% due 07/25/2035 •  | 7 | 6 |
| **JP Morgan Alternative Loan Trust**<br>5.533% due 12/25/2035 ~ | 22 | 15 |
| **JP Morgan Mortgage Trust** |  |  |
| 3.000% due 01/25/2052 ~ | 145 | 126 |
| 3.000% due 03/25/2052 ~ | 79 | 69 |
| 3.000% due 05/25/2052 ~ | 145 | 126 |
| 5.466% due 02/25/2036 ~ | 4 | 3 |
| **Mellon Residential Funding Corp. Mortgage Pass-Through Trust**<br>5.125% due 08/15/2032 •  | 4 | 4 |
| **Merrill Lynch Mortgage Investors Trust**<br>5.457% due 02/25/2035 ~ | 2 | 2 |
| **New Residential Mortgage Loan Trust** |  |  |
| 2.750% due 07/25/2059 ~ | 29 | 28 |
| 2.750% due 11/25/2059 ~ | 31 | 30 |
| **Structured Asset Securities Corp.**<br>4.552% due 01/25/2036 •  | 10 | 8 |
| **Thornburg Mortgage Securities Trust**<br>5.583% due 06/25/2047 •  | 2 | 1 |
| **Towd Point Mortgage Trust** |  |  |
| 2.710% due 01/25/2060 ~ | 23 | 22 |
| 2.900% due 10/25/2059 ~ | 83 | 80 |
| 5.272% due 05/25/2058 •  | 12 | 12 |
| **WaMu Mortgage Pass-Through Certificates Trust** |  |  |
| 4.159% due 09/25/2036 ~ | 5 | 4 |
| 4.961% due 03/25/2035 ~ | 11 | 11 |
| 6.187% due 03/25/2034 ~ | 13 | 13 |
|  |  | 1345 |
| **U.S. GOVERNMENT AGENCIES 59.0%** |  |  |
| **Federal Home Loan Mortgage Corp.** |  |  |
| 2.500% due 01/01/2052 | 81 | 68 |
| 3.500% due 10/01/2039 | 6 | 6 |
| **Federal Home Loan Mortgage Corp. REMICS** |  |  |
| 1.815% due 01/15/2038 ~(a) | 9 | 1 |
| 4.810% due 01/15/2038 •  | 9 | 9 |
| 5.087% due 12/15/2037 •  | 1 | 1 |
| 5.145% due 03/15/2050 •  | 418 | 412 |
| 5.336% due 08/25/2055 •  | 98 | 99 |
| **Federal National Mortgage Association** |  |  |
| 3.000% due 04/01/2027 - 10/01/2049 | 83 | 76 |
| 3.500% due 07/01/2050 - 01/01/2059 | 65 | 59 |
| 4.000% due 06/01/2050 | 24 | 23 |
| 4.500% due 08/01/2052 | 92 | 90 |
| **Government National Mortgage Association** |  |  |
| 3.000% due 04/20/2052 | 135 | 121 |
| 3.500% due 09/20/2052 - 10/20/2054 | 1270 | 1160 |
| **Government National Mortgage Association, TBA** |  |  |
| 2.500% due 11/01/2055 | 100 | 86 |
| 3.000% due 11/01/2055 | 1015 | 906 |
| 6.500% due 11/01/2055 | 600 | 616 |
| **Uniform Mortgage-Backed Security, TBA** |  |  |
| 5.000% due 11/01/2055 | 4000 | 3965 |
| 6.000% due 11/01/2055 | 1880 | 1920 |

---

------

<br> Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| 6.500% due 11/01/2055 |  | 4520 | 4674 |
|  |  |  | 14292 |
| **U.S. TREASURY OBLIGATIONS 9.5%** |  |  |  |
| **U.S. Treasury Bonds** |  |  |  |
| 2.375% due 11/15/2049 |  | 175 | 114 |
| 4.125% due 08/15/2044 |  | 250 | 232 |
| 4.500% due 11/15/2054 |  | 500 | 482 |
| 4.625% due 02/15/2055 |  | 544 | 535 |
| **U.S. Treasury Inflation Protected Securities** **(f)** |  |  |  |
| 2.500% due 01/15/2029 (j) |  | 150 | 157 |
| 3.375% due 04/15/2032 |  | 182 | 204 |
| 0.500% due 01/15/2028 |  | 249 | 246 |
| 1.375% due 07/15/2033 |  | 34 | 34 |
| 2.125% due 01/15/2035 |  | 113 | 116 |
| 2.375% due 10/15/2028 |  | 105 | 110 |
| **U.S. Treasury Notes** |  |  |  |
| 3.500% due 02/15/2033 |  | 63 | 61 |
|  |  |  | 2291 |
| Total United States (Cost $21,313) |  |  | 18748 |
|  |  | PRINCIPAL<br>AMOUNT<br>(000s) |  |
| **SHORT-TERM INSTRUMENTS 10.7%** |  |  |  |
| **REPURCHASE AGREEMENTS (g) 0.8%** |  |  | 200 |
| **JAPAN TREASURY BILLS 9.5%** |  |  |  |
| 0.426% due 10/06/2025 (d)(e) | JPY | 340000 | 2299 |
| **NIGERIA TREASURY BILLS 0.3%** |  |  |  |
| 27.304% due 11/04/2025 - 06/29/2026 (c)(d) | NGN | 106426 | 66 |
| **SOUTH AFRICA TREASURY BILLS 0.1%** |  |  |  |
| 7.505% due 06/17/2026 (d)(e) | ZAR | 300 | 17 |
| Total Short-Term Instruments (Cost $2,629) |  |  | 2582 |
| Total Investments in Securities (Cost $41,285) |  |  | 41016 |
|  |  | SHARES |  |
| **INVESTMENTS IN AFFILIATES 10.6%** |  |  |  |
| **SHORT-TERM INSTRUMENTS 10.6%** |  |  |  |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 10.6%** |  |  |  |
| **PIMCO Short-Term Floating NAV Portfolio III** |  | 263506 | 2566 |
| Total Short-Term Instruments (Cost $2,566) |  |  | 2566 |
| Total Investments in Affiliates (Cost $2,566) |  |  | 2566 |
| Total Investments 180.1% (Cost $43,851) |  |  | $43582 |
| **Financial Derivative Instruments** **(h)(i)** **(0.1)**%(Cost or Premiums, net $32) |  |  | (25) |
| Other Assets and Liabilities, net (80.0)% |  |  | (19353) |
| Net Assets 100.0% |  |  | $24204 |

---

------

<br> Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  |
| **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** |
| **¤** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** |
| **«** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** |
| **(b)** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** |
| **(c)** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** |
| **(d)** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** |
| **(e)** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** |
| **(f)** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** |
| **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** |
| **(g)** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** |
| Counterparty | Maturity<br>Date | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | Collateral<br>(Received) | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BRC | TBD<sup>(2)</sup> | &nbsp;&nbsp; France Government International Bonds 3.000% due 06/25/2049 | &nbsp;&nbsp; France Government International Bonds 3.000% due 06/25/2049 | &nbsp;&nbsp; France Government International Bonds 3.000% due 06/25/2049 | &nbsp;&nbsp; France Government International Bonds 3.000% due 06/25/2049 | (85) | (85) | 100 | $101 |
| MEI | TBD<sup>(2)</sup> | &nbsp;&nbsp; France Government International Bonds 3.000% due 06/25/2049 | &nbsp;&nbsp; France Government International Bonds 3.000% due 06/25/2049 | &nbsp;&nbsp; France Government International Bonds 3.000% due 06/25/2049 | &nbsp;&nbsp; France Government International Bonds 3.000% due 06/25/2049 | (83) | (83) | 100 | 100 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |  |  | **(168)** | **(168)** | **200** | $**201** |
| **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** |
| Description | Description | Description | Coupon | Maturity<br>Date | Principal<br>Amount | Principal<br>Amount | Proceeds | Proceeds | Payable for<br>Short Sales |
| France (0.8)% | France (0.8)% | France (0.8)% | France (0.8)% | France (0.8)% | France (0.8)% | France (0.8)% | France (0.8)% | France (0.8)% | France (0.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.8)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.8)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.8)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.8)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.8)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.8)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.8)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.8)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.8)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; French Republic Government Bonds OAT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; French Republic Government Bonds OAT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; French Republic Government Bonds OAT | 3.000% | 06/25/2049 | 200 | 200 |  | (200) | (196) |
|  | Total France | Total France | Total France |  |  |  |  | (200) | (196) |
| United States (5.6)% | United States (5.6)% | United States (5.6)% | United States (5.6)% | United States (5.6)% | United States (5.6)% | United States (5.6)% | United States (5.6)% | United States (5.6)% | United States (5.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (5.6)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (5.6)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (5.6)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (5.6)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (5.6)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (5.6)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (5.6)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (5.6)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (5.6)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (5.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 10/01/2040 | $600 | 600 |  | (556) | (552) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 10/01/2055 | 250 | 250 |  | (206) | (211) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.000 | 11/01/2055 | 400 | 400 |  | (352) | (351) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 11/01/2055 | 100 | 100 |  | (92) | (91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.000 | 11/01/2055 | 60 | 60 |  | (56) | (56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.500 | 10/01/2055 | 100 | 100 |  | (95) | (97) |
|  | Total United States | Total United States | Total United States |  |  |  |  | (1357) | (1358) |
| **Total Short Sales (6.4)%** | **Total Short Sales (6.4)%** | **Total Short Sales (6.4)%** |  |  |  |  | **$** | **(1557)** | $**(1554)** |
| <sup>(1)</sup> | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. |
| <sup>(2)</sup> | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. | Open maturity repurchase agreement. |
| **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(533) at a weighted average interest rate of 4.430%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(533) at a weighted average interest rate of 4.430%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(533) at a weighted average interest rate of 4.430%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(533) at a weighted average interest rate of 4.430%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(533) at a weighted average interest rate of 4.430%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(533) at a weighted average interest rate of 4.430%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(533) at a weighted average interest rate of 4.430%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(533) at a weighted average interest rate of 4.430%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(533) at a weighted average interest rate of 4.430%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(533) at a weighted average interest rate of 4.430%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** |
| **(h)** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** |

---

------

<br> Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** |
| **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** |
| Description | Description | Description | Description | Description | Description | Strike<br>Price | Strike<br>Price | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | # of<br>Contracts | Notional Amount | Notional Amount | Premiums<br>(Received) |  | Market<br>Value |
| Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | 111.500 | 111.500 | 111.500 | 10/24/2025 | 1 | 1 | 1 | 1 | 0 | $ | 0 |
| Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | 113.500 | 113.500 | 113.500 | 10/24/2025 | 1 | 1 | 1 | 1 | 0 |  | (1) |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 0 | $ | (1) |
| **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** |
| Description | Description | Description | Description | Description | Description | Strike<br>Price | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Expiration<br>Date | # of<br>Contracts | Notional Amount | Notional Amount | Premiums<br>(Received) |  | Market<br>Value |
| Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | $111.000 | 111.000 | 111.000 | 10/24/2025 | 10/24/2025 | 1 | 1 | 1 | 0 | $ | 0 |
| Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | 114.000 | 114.000 | 114.000 | 10/24/2025 | 10/24/2025 | 1 | 1 | 1 | (1) |  | 0 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (1) | $ | 0 |
| **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **$** | **(1)** | **$** | **(1)** |
| **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** |
| **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Description | Description |  | Expiration<br>Month | Expiration<br>Month | # of<br>Contracts | # of<br>Contracts |  | Notional<br>Amount | Notional<br>Amount |  | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Liability |
| Canada Government 10-Year Bond December Futures | Canada Government 10-Year Bond December Futures | Canada Government 10-Year Bond December Futures | 12/2025 | 12/2025 | 13 | 13 | $ | 1144 | 1144 |  | $24 | 24 | 24 | 5 | 5 | 0 |
| Euro-BTP Future December Futures | Euro-BTP Future December Futures | Euro-BTP Future December Futures | 12/2025 | 12/2025 | 18 | 18 |  | 2533 | 2533 |  | 23 | 23 | 23 | 8 | 8 | 0 |
| Euro-Buxl 30-Year Bond December Futures | Euro-Buxl 30-Year Bond December Futures | Euro-Buxl 30-Year Bond December Futures | 12/2025 | 12/2025 | 1 | 1 |  | 134 | 134 |  | 3 | 3 | 3 | 1 | 1 | 0 |
| Long Guilt December Futures | Long Guilt December Futures | Long Guilt December Futures | 12/2025 | 12/2025 | 11 | 11 |  | 1344 | 1344 |  | 5 | 5 | 5 | 6 | 6 | (1) |
| U.S. Treasury 5-Year Note December Futures | U.S. Treasury 5-Year Note December Futures | U.S. Treasury 5-Year Note December Futures | 12/2025 | 12/2025 | 10 | 10 |  | 1092 | 1092 |  | 4 | 4 | 4 | 1 | 1 | 0 |
| U.S. Treasury 10-Year Note December Futures | U.S. Treasury 10-Year Note December Futures | U.S. Treasury 10-Year Note December Futures | 12/2025 | 12/2025 | 5 | 5 |  | 563 | 563 |  | 3 | 3 | 3 | 0 | 0 | 1 |
| U.S. Ultra Treasury 10-Year Note December Futures | U.S. Ultra Treasury 10-Year Note December Futures | U.S. Ultra Treasury 10-Year Note December Futures | 12/2025 | 12/2025 | 12 | 12 |  | 1381 | 1381 |  | 16 | 16 | 16 | 0 | 0 | (1) |
|  |  |  |  |  |  |  |  |  |  |  | 78 | 78 | $ | 21 | 21 | (1) |
| **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Description | Description |  | Expiration<br>Month | Expiration<br>Month | # of<br>Contracts | # of<br>Contracts |  | Notional<br>Amount | Notional<br>Amount |  | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Liability |
| Australia Government 3-Year Bond December Futures | Australia Government 3-Year Bond December Futures | Australia Government 3-Year Bond December Futures | 12/2025 | 12/2025 | 4 | 4 | $ | (283) | (283) |  | $1 | 1 | 1 | 0 | 0 | (1) |
| Australia Government 10-Year Bond December Futures | Australia Government 10-Year Bond December Futures | Australia Government 10-Year Bond December Futures | 12/2025 | 12/2025 | 21 | 21 |  | (1575) | (1575) |  | 3 | 3 | 3 | 0 | 0 | (11) |
| Canada Government 5-Year Bond December Futures | Canada Government 5-Year Bond December Futures | Canada Government 5-Year Bond December Futures | 12/2025 | 12/2025 | 1 | 1 |  | (83) | (83) |  | (1) | (1) | (1) | 0 | 0 | 0 |
| Euro-Bobl December Futures | Euro-Bobl December Futures | Euro-Bobl December Futures | 12/2025 | 12/2025 | 12 | 12 |  | (1660) | (1660) |  | (1) | (1) | (1) | 0 | 0 | (2) |
| Euro-Bund December Futures | Euro-Bund December Futures | Euro-Bund December Futures | 12/2025 | 12/2025 | 5 | 5 |  | (755) | (755) |  | (4) | (4) | (4) | 0 | 0 | (2) |
| Euro-Oat December Futures | Euro-Oat December Futures | Euro-Oat December Futures | 12/2025 | 12/2025 | 6 | 6 |  | (855) | (855) |  | (8) | (8) | (8) | 0 | 0 | (2) |
| Euro-Schatz December Futures | Euro-Schatz December Futures | Euro-Schatz December Futures | 12/2025 | 12/2025 | 8 | 8 |  | (1005) | (1005) |  | 1 | 1 | 1 | 0 | 0 | 0 |
| Japan Government 10-Year Bond December Futures | Japan Government 10-Year Bond December Futures | Japan Government 10-Year Bond December Futures | 12/2025 | 12/2025 | 3 | 3 |  | (2755) | (2755) |  | 26 | 26 | 26 | 2 | 2 | (2) |
| U.S. Treasury 2-Year Note December Futures | U.S. Treasury 2-Year Note December Futures | U.S. Treasury 2-Year Note December Futures | 12/2025 | 12/2025 | 8 | 8 |  | (1667) | (1667) |  | (3) | (3) | (3) | 0 | 0 | (1) |
| U.S. Treasury Ultra Long-Term Bond December Futures | U.S. Treasury Ultra Long-Term Bond December Futures | U.S. Treasury Ultra Long-Term Bond December Futures | 12/2025 | 12/2025 | 3 | 3 |  | (360) | (360) |  | (11) | (11) | (11) | 2 | 2 | 0 |
|  |  |  |  |  |  |  |  |  |  |  | 3 | 3 | $ | 4 | 4 | (21) |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** |  | **81** | **81** | **$** | **25** | **25** | **(22)** |
| **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** |
| **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Reference Entity | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Notional<br>Amount<sup>(4)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/<br>(Received) | Premiums<br>Paid/<br>(Received) |  | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Market<br>Value<sup>(5)</sup> | Asset | Asset | Liability |
| Barclays Bank PLC | 12/20/2025 | 0.246 | 0.246 | % | 200 | 200 | 200 | $1 | 1 | $ | (1) | $0 | 0 | $0 | 0 | $0 |
| **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION**<sup>(2)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Index/Tranches | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date |  | Notional<br>Amount<sup>(4)</sup> | Notional<br>Amount<sup>(4)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/<br>(Received) | Premiums<br>Paid/<br>(Received) |  | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Market<br>Value<sup>(5)</sup> | Asset | Asset | Liability |
| CDX.IG-44 10-Year Index | Quarterly | 06/20/2035 | 06/20/2035 | $ | 900 | 900 | 900 | $(3) | (3) | $ | (6) | $(9) | (9) | $0 | 0 | $0 |

---

------

<br> Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| CDX.IG-45 10-Year Index | CDX.IG-45 10-Year Index | (1.000) | (1.000) | Quarterly | Quarterly | 12/20/2035 | 12/20/2035 | 200 | 200 | (1) |  | 0 |  | (1) | 0 |  | 0 |
|  |  |  |  |  |  |  |  |  |  | (4) | $ | (6) | $ | (10) | 0 | $ | 0 |
| **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Index/Tranches | Index/Tranches | Fixed<br>Receive Rate | Fixed<br>Receive Rate | Payment<br>Frequency | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/<br>(Received) |  | Unrealized<br>Appreciation/<br>(Depreciation) |  | Market<br>Value<sup>(5)</sup> | Asset |  | Liability |
| CDX.IG-45 5-Year Index | CDX.IG-45 5-Year Index | 1.000% | 1.000% | Quarterly | Quarterly | 12/20/2030 | 12/20/2030 | $3600 | 3600 | 80 | $ | 3 | $ | 83 | 0 | $ | 0 |
| **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Pay/<br>Receive<br>Floating Rate | Floating Rate Index | Floating Rate Index | Fixed Rate | Fixed Rate | Payment<br>Frequency | Payment<br>Frequency | Maturity<br>Date |  | Notional<br>Amount | Premiums<br>Paid/<br>(Received) | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Asset | Liability |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 1-Day GBP-SONIO Compounded-OIS | 3.000% | 3.000% | Annual | Annual | 06/17/2027 | GBP | 700 | $(2) | (2) | $(13) | (13) | (15) | $0 | 0 | $0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 1-Day GBP-SONIO Compounded-OIS | 3.500 | 3.500 | Annual | Annual | 09/17/2027 |  | 450 | 3 | 3 | 0 | 0 | 3 | 0 | 0 | 0 |
| Pay<sup>(6)</sup> | 1-Day GBP-SONIO Compounded-OIS | 1-Day GBP-SONIO Compounded-OIS | 4.000 | 4.000 | Annual | Annual | 03/17/2028 |  | 1800 | 9 | 9 | 4 | 4 | 13 | 1 | 1 | 0 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 1-Day GBP-SONIO Compounded-OIS | 3.750 | 3.750 | Annual | Annual | 09/17/2030 |  | 300 | (2) | (2) | 0 | 0 | (2) | 1 | 1 | 0 |
| Pay<sup>(6)</sup> | 1-Day GBP-SONIO Compounded-OIS | 1-Day GBP-SONIO Compounded-OIS | 3.750 | 3.750 | Annual | Annual | 03/18/2031 |  | 1300 | 2 | 2 | (10) | (10) | (8) | 2 | 2 | 0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 1-Day GBP-SONIO Compounded-OIS | 4.000 | 4.000 | Annual | Annual | 09/17/2035 |  | 100 | 2 | 2 | 0 | 0 | 2 | 0 | 0 | 0 |
| Receive<sup>(6)</sup> | 1-Day GBP-SONIO Compounded-OIS | 1-Day GBP-SONIO Compounded-OIS | 4.000 | 4.000 | Annual | Annual | 03/18/2036 |  | 400 | 3 | 3 | 6 | 6 | 9 | 0 | 0 | (1) |
| Pay<sup>(6)</sup> | 1-Day INR-MIBOR Compounded-OIS | 1-Day INR-MIBOR Compounded-OIS | 5.750 | 5.750 | Semi-Annual | Semi-Annual | 03/18/2031 | INR | 220 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 0.400 | 0.400 | Annual | Annual | 12/18/2026 | JPY | 180000 | (2) | (2) | (5) | (5) | (7) | 0 | 0 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 0.750 | 0.750 | Annual | Annual | 03/19/2027 |  | 90000 | (1) | (1) | 1 | 1 | 0 | 0 | 0 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 0.750 | 0.750 | Annual | Annual | 09/17/2027 |  | 70000 | (1) | (1) | (1) | (1) | (2) | 0 | 0 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 0.550 | 0.550 | Annual | Annual | 09/14/2028 |  | 25470 | 1 | 1 | 2 | 2 | 3 | 0 | 0 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 0.750 | 0.750 | Annual | Annual | 03/19/2030 |  | 44000 | (2) | (2) | (3) | (3) | (5) | 0 | 0 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | 1.000 | Annual | Annual | 09/17/2030 |  | 100000 | 3 | 3 | (9) | (9) | (6) | 0 | 0 | (1) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 0.050 | 0.050 | Annual | Annual | 12/15/2031 |  | 22000 | (8) | (8) | (3) | (3) | (11) | 0 | 0 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | 1.000 | Annual | Annual | 03/19/2032 |  | 140000 | (3) | (3) | (11) | (11) | (14) | 0 | 0 | (1) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 0.250 | 0.250 | Annual | Annual | 09/14/2032 |  | 30000 | (6) | (6) | (8) | (8) | (14) | 0 | 0 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 0.500 | 0.500 | Annual | Annual | 09/15/2032 |  | 8000 | 0 | 0 | (3) | (3) | (3) | 0 | 0 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | 1.000 | Annual | Annual | 09/18/2034 |  | 12000 | 0 | 0 | (3) | (3) | (3) | 0 | 0 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | 1.000 | Annual | Annual | 12/18/2034 |  | 90000 | 6 | 6 | (27) | (27) | (21) | 0 | 0 | (1) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | 1.250 | Annual | Annual | 09/17/2035 |  | 219900 | (7) | (7) | (27) | (27) | (34) | 0 | 0 | (3) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | 1.000 | Annual | Annual | 06/19/2044 |  | 50000 | (21) | (21) | (37) | (37) | (58) | 0 | 0 | (1) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 2.250 | 2.250 | Annual | Annual | 09/17/2055 |  | 20000 | 4 | 4 | 2 | 2 | 6 | 0 | 0 | 0 |
| Receive | 1-Day SGD-SIBCSORA Compounded-OIS | 1-Day SGD-SIBCSORA Compounded-OIS | 1.500 | 1.500 | Semi-Annual | Semi-Annual | 09/17/2030 | SGD | 1700 | (6) | (6) | 7 | 7 | 1 | 0 | 0 | (3) |

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------

<br> Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | 1-Day SGD-SIBCSORA Compounded-OIS | 2.000 | Semi-Annual | 09/17/2035 | 80 | 0 | (1) | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2025 | $100 | 0 | 1 | 1 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 12/20/2025 | 3707 | 13 | (10) | 3 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.020 | Annual | 05/15/2026 | 200 | 0 | 0 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/20/2026 | 430 | 6 | (6) | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 08/15/2026 | 200 | 0 | 0 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.965 | Annual | 11/30/2026 | 700 | 0 | 14 | 14 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 12/15/2026 | 200 | 1 | 11 | 12 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2026 | 3550 | 12 | (1) | 11 | 0 | (1) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2027 | 4710 | (92) | 23 | (69) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.460 | Annual | 06/30/2027 | 1200 | 0 | 0 | 0 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2027 | 1250 | 7 | 1 | 8 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.638 | Annual | 05/31/2028 | 100 | 0 | 0 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.662 | Annual | 05/31/2028 | 100 | 0 | (1) | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 05/31/2028 | 100 | 0 | (1) | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.851 | Annual | 02/28/2029 | 700 | 0 | (9) | (9) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.862 | Annual | 02/28/2029 | 600 | 0 | (8) | (8) | 0 | 0 |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 02/28/2030 | 1609 | (2) | 4 | 2 | 0 | (1) |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.325 | Annual | 02/28/2030 | 1132 | (7) | 7 | 0 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2030 | 200 | 10 | (5) | 5 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 100 | 1 | 0 | 1 | 0 | 0 |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 | 940 | (16) | 0 | (16) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.335 | Annual | 05/15/2032 | 100 | 0 | 1 | 1 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.828 | Annual | 05/15/2032 | 100 | 0 | (2) | (2) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.836 | Annual | 05/15/2034 | 100 | 0 | (2) | (2) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 05/15/2034 | 100 | 0 | (2) | (2) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 200 | 5 | (7) | (2) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.645 | Annual | 08/07/2034 | 100 | 0 | 0 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.550 | Annual | 08/21/2034 | 100 | 0 | 0 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.555 | Annual | 08/28/2034 | 100 | 0 | 0 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.565 | Annual | 08/28/2034 | 100 | 0 | 0 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.600 | Annual | 08/28/2034 | 100 | 0 | 0 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 25 | 0 | 0 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 | 100 | 0 | (2) | (2) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 275 | 19 | (9) | 10 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 100 | 0 | (2) | (2) | 0 | 0 |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 05/15/2035 | 721 | (7) | 2 | (5) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 100 | 5 | (1) | 4 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | 400 | (8) | 5 | (3) | 0 | 0 |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2035 | 1160 | (8) | (1) | (9) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 | 25 | 7 | 2 | 9 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.931 | Annual | 11/15/2054 | 100 | 0 | 0 | 0 | 0 | 0 |

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<br> Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.955 | Annual | 11/15/2054 |  | 100 | 0 | 0 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.998 | Annual | 11/15/2054 |  | 100 | 0 | (1) | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.117 | Annual | 11/15/2054 |  | 60 | 0 | (2) | (2) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.765 | Annual | 02/15/2055 |  | 100 | 0 | 3 | 3 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.772 | Annual | 02/15/2055 |  | 100 | 0 | 3 | 3 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.804 | Annual | 02/15/2055 |  | 100 | 0 | 3 | 3 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.806 | Annual | 02/15/2055 |  | 100 | 0 | 3 | 3 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.892 | Annual | 02/15/2055 |  | 100 | 0 | 1 | 1 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2055 |  | 85 | 11 | 0 | 11 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 06/25/2055 |  | 49 | 0 | 0 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.065 | Annual | 06/26/2055 |  | 35 | (1) | 0 | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 09/17/2055 |  | 550 | 46 | (4) | 42 | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.005 | Annual | 09/29/2055 |  | 43 | 0 | (1) | (1) | 0 | 0 |
| Pay<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2055 |  | 300 | (10) | 1 | (9) | 0 | (1) |
| Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.294 | Annual | 02/10/2027 | CHF | 200 | (5) | 7 | 2 | 0 | 0 |
| Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.283 | Annual | 02/14/2027 |  | 100 | 0 | 1 | 1 | 0 | 0 |
| Pay<sup>(6)</sup> | 3-Month CNY-CNREPOFIX | 1.500 | Quarterly | 06/18/2030 | CNY | 17300 | 5 | (20) | (15) | 2 | 0 |
| Pay<sup>(6)</sup> | 3-Month KRW-KORIBOR | 2.750 | Quarterly | 03/18/2036 | KRW | 965780 | 7 | (10) | (3) | 1 | 0 |
| Pay | 3-Month SEK-STIBOR | 2.474 | Annual | 02/03/2030 | SEK | 1400 | 0 | 3 | 3 | 0 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 1.750 | Semi-Annual | 03/16/2027 | AUD | 300 | (6) | 1 | (5) | 0 | 0 |
| Pay<sup>(6)</sup> | 6-Month AUD-BBR-BBSW | 3.500 | Semi-Annual | 03/18/2031 |  | 3240 | (17) | (23) | (40) | 5 | 0 |
| Pay<sup>(6)</sup> | 6-Month AUD-BBR-BBSW | 3.750 | Semi-Annual | 03/18/2031 |  | 100 | 0 | (1) | (1) | 0 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/19/2035 |  | 400 | 0 | 1 | 1 | 1 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/19/2035 |  | 100 | 0 | 2 | 2 | 0 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 |  | 680 | 15 | (5) | 10 | 2 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 09/17/2035 |  | 300 | 2 | (2) | 0 | 1 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/17/2035 |  | 400 | 6 | 0 | 6 | 2 | 0 |
| Pay | 6-Month CZK-PRIBOR | 1.913 | Annual | 01/30/2029 | CZK | 800 | 0 | (2) | (2) | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/19/2027 | EUR | 1020 | 9 | 24 | 33 | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 04/12/2027 |  | 100 | (1) | (2) | (3) | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 05/11/2027 |  | 100 | (1) | (2) | (3) | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/13/2027 |  | 100 | 0 | (3) | (3) | 0 | 0 |
| Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.000 | Annual | 03/18/2028 |  | 1400 | (5) | (2) | (7) | 1 | 0 |
| Pay | 6-Month EUR-EURIBOR | 3.370 | Annual | 10/09/2028 |  | 100 | 0 | 6 | 6 | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.795 | Annual | 10/11/2029 |  | 200 | 0 | (3) | (3) | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.923 | Annual | 10/11/2029 |  | 400 | 0 | (4) | (4) | 1 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.028 | Annual | 10/11/2029 |  | 600 | 0 | (4) | (4) | 1 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.343 | Annual | 01/10/2030 |  | 400 | 1 | 5 | 6 | 1 | 0 |
| Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/18/2031 |  | 3800 | 16 | (5) | 11 | 6 | 0 |
| Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/15/2033 |  | 730 | (13) | 3 | (10) | 0 | (2) |
| Pay | 6-Month EUR-EURIBOR | 2.220 | Annual | 01/08/2035 |  | 100 | 0 | (3) | (3) | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.610 | Annual | 03/24/2035 |  | 100 | 0 | 1 | 1 | 0 | 0 |

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<br> Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay<sup>(6)</sup> | Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 2.750 | Annual | Annual | 03/18/2036 |  | 1620 |  | (6) |  | 8 |  | 2 |  | 5 | 5 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 2.250 | Annual | Annual | 09/21/2037 |  | 280 |  | 3 |  | (21) |  | (18) |  | 1 | 1 |  | 0 |
| Receive<sup>(6)</sup> | Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 2.213 | Annual | Annual | 03/12/2055 |  | 500 |  | 10 |  | 26 |  | 36 |  | 0 | 0 |  | (1) |
| Pay<sup>(6)</sup> | Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 3.000 | Annual | Annual | 03/18/2056 |  | 315 |  | 4 |  | 2 |  | 6 |  | 3 | 3 |  | 0 |
| Pay | Pay | CAONREPO | CAONREPO | 3.500 | Annual | Annual | 12/18/2025 | CAD | 200 |  | (1) |  | 2 |  | 1 |  | 0 | 0 |  | 0 |
| Pay | Pay | CAONREPO | CAONREPO | 3.898 | Annual | Annual | 06/19/2026 |  | 300 |  | 0 |  | 3 |  | 3 |  | 0 | 0 |  | 0 |
| Pay | Pay | CAONREPO | CAONREPO | 3.925 | Annual | Annual | 06/19/2026 |  | 600 |  | 0 |  | 6 |  | 6 |  | 0 | 0 |  | 0 |
| Pay | Pay | CAONREPO | CAONREPO | 3.500 | Semi-Annual | Semi-Annual | 12/18/2026 |  | 1025 |  | 11 |  | 1 |  | 12 |  | 0 | 0 |  | 0 |
| Pay | Pay | CAONREPO | CAONREPO | 2.750 | Semi-Annual | Semi-Annual | 09/17/2027 |  | 480 |  | 1 |  | 2 |  | 3 |  | 0 | 0 |  | 0 |
| Pay | Pay | CAONREPO | CAONREPO | 2.850 | Semi-Annual | Semi-Annual | 09/01/2029 |  | 400 |  | (1) |  | 5 |  | 4 |  | 1 | 1 |  | 0 |
| Pay | Pay | CAONREPO | CAONREPO | 2.500 | Semi-Annual | Semi-Annual | 03/19/2030 |  | 100 |  | (1) |  | 1 |  | 0 |  | 0 | 0 |  | 0 |
| Receive | Receive | CAONREPO | CAONREPO | 3.500 | Semi-Annual | Semi-Annual | 06/01/2032 |  | 100 |  | (2) |  | (2) |  | (4) |  | 0 | 0 |  | 0 |
| Receive | Receive | CAONREPO | CAONREPO | 2.850 | Semi-Annual | Semi-Annual | 06/01/2033 |  | 100 |  | 1 |  | (2) |  | (1) |  | 0 | 0 |  | 0 |
| Receive | Receive | CAONREPO | CAONREPO | 3.180 | Semi-Annual | Semi-Annual | 06/01/2033 |  | 600 |  | 0 |  | (14) |  | (14) |  | 0 | 0 |  | (1) |
| Receive | Receive | CAONREPO | CAONREPO | 3.400 | Semi-Annual | Semi-Annual | 06/01/2033 |  | 100 |  | 0 |  | (4) |  | (4) |  | 0 | 0 |  | 0 |
| Receive | Receive | CAONREPO | CAONREPO | 2.880 | Semi-Annual | Semi-Annual | 09/01/2033 |  | 200 |  | 0 |  | (1) |  | (1) |  | 0 | 0 |  | (1) |
| Receive | Receive | CAONREPO | CAONREPO | 3.500 | Semi-Annual | Semi-Annual | 09/01/2033 |  | 200 |  | 2 |  | (10) |  | (8) |  | 0 | 0 |  | (1) |
| Receive | Receive | CAONREPO | CAONREPO | 3.250 | Semi-Annual | Semi-Annual | 12/20/2033 |  | 200 |  | 2 |  | (7) |  | (5) |  | 0 | 0 |  | (1) |
| Receive | Receive | CAONREPO | CAONREPO | 3.000 | Semi-Annual | Semi-Annual | 09/17/2035 |  | 270 |  | 1 |  | (3) |  | (2) |  | 0 | 0 |  | (1) |
| Pay | Pay | CAONREPO | CAONREPO | 1.750 | Semi-Annual | Semi-Annual | 12/16/2046 |  | 150 |  | (30) |  | 5 |  | (25) |  | 0 | 0 |  | 0 |
| Pay | Pay | CAONREPO | CAONREPO | 3.250 | Semi-Annual | Semi-Annual | 12/18/2054 |  | 75 |  | 3 |  | (2) |  | 1 |  | 1 | 1 |  | 0 |
| Pay | Pay | CAONREPO | CAONREPO | 3.000 | Semi-Annual | Semi-Annual | 09/17/2055 |  | 70 |  | (3) |  | 1 |  | (2) |  | 1 | 1 |  | 0 |
|  |  |  |  |  |  |  |  |  | $ | $(29) | (29) | $(172) | (172) | $(201) | (201) | $45 | 45 | 45 | $(25) | (25) |
| **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **$** | $**48** | **48** | $**(176)** | **(176)** | $**(128)** | **(128)** | $**45** | **45** | **45** | $**(25)** | **(25)** |
| **Cash of $983 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $983 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $983 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $983 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $983 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $983 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $983 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $983 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $983 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $983 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $983 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $983 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $983 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $983 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $983 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $983 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $983 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $983 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $983 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $983 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $983 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** |
| <sup>(1)</sup> | If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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> | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
| <sup>(3)</sup> | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. |
| **(i)** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** |
| **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** |
|  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | Settlement<br>Month | Settlement<br>Month | Settlement<br>Month |  | Currency to<br>be Delivered | Currency to<br>be Delivered | Currency to<br>be Delivered |  | Currency to<br>be Received | Currency to<br>be Received | Currency to<br>be Received | Asset | Asset | Asset | Asset | Liability | Liability | Liability |
| &nbsp;&nbsp;&nbsp;&nbsp; AZD | &nbsp;&nbsp;&nbsp;&nbsp; AZD | &nbsp;&nbsp;&nbsp;&nbsp; AZD | 10/2025 | 10/2025 | 10/2025 | CAD | 167 | 167 | 167 | $ | $120 | 120 | 120 | 0 | 0 | 0 | 0 | $0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | NZD | 52 | 52 | 52 |  | 30 | 30 | 30 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | $ | $8427 | 8427 | 8427 | EUR | 7225 | 7225 | 7225 | 56 | 56 | 56 | 56 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 |  | 120 | 120 | 120 | CAD | 167 | 167 | 167 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 |  | 30 | 30 | 30 | NZD | 52 | 52 | 52 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOA | &nbsp;&nbsp;&nbsp;&nbsp; BOA | &nbsp;&nbsp;&nbsp;&nbsp; BOA | 10/2025 | 10/2025 | 10/2025 | CNH | 179 | 179 | 179 | $ | $25 | 25 | 25 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | JPY | 8430 | 8430 | 8430 |  | 56 | 56 | 56 | 0 | 0 | 0 | 0 | (1) | (1) | (1) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | NZD | 36 | 36 | 36 |  | 21 | 21 | 21 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | TRY | 159 | 159 | 159 |  | 4 | 4 | 4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | $ | $10 | 10 | 10 | ILS | 34 | 34 | 34 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 27 | 27 | 27 | INR | 2383 | 2383 | 2383 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 20 | 20 | 20 | KRW | 27786 | 27786 | 27786 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 39 | 39 | 39 | RON | 167 | 167 | 167 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 |  | 10 | 10 | 10 | ILS | 33 | 33 | 33 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 |  | 50 | 50 | 50 | JPY | 7502 | 7502 | 7502 | 1 | 1 | 1 | 1 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 |  | 21 | 21 | 21 | NZD | 36 | 36 | 36 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | ZAR | 3284 | 3284 | 3284 | $ | $188 | 188 | 188 | 0 | 0 | 0 | 0 | (1) | (1) | (1) |
|  |  |  | 12/2025 | 12/2025 | 12/2025 | $ | $1 | 1 | 1 | TRY | 67 | 67 | 67 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 03/2026 | 03/2026 | 03/2026 | CZK | 73 | 73 | 73 | EUR | 3 | 3 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 03/2026 | 03/2026 | 03/2026 | EUR | 8 | 8 | 8 | CZK | 196 | 196 | 196 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BPS | &nbsp;&nbsp;&nbsp;&nbsp; BPS | &nbsp;&nbsp;&nbsp;&nbsp; BPS | 10/2025 | 10/2025 | 10/2025 | BRL | 2793 | 2793 | 2793 | $ | $460 | 460 | 460 | 0 | 0 | 0 | 0 | (65) | (65) | (65) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | EUR | 21 | 21 | 21 | RON | 107 | 107 | 107 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 126 | 126 | 126 | $ | $149 | 149 | 149 | 1 | 1 | 1 | 1 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | IDR | 2156779 | 2156779 | 2156779 |  | 130 | 130 | 130 | 1 | 1 | 1 | 1 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | INR | 2444 | 2444 | 2444 |  | 28 | 28 | 28 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |

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<br> Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.) September 30, 2025 (Unaudited)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 10/2025 | 8722 | 59 | 0 | 0 |
|  | 10/2025 | 36 | 21 | 0 | 0 |
|  | 10/2025 | 606 | 14 | 0 | 0 |
|  | 10/2025 | 3777 | 126 | 2 | 0 |
|  | 10/2025 | $522 | 2793 | 3 | 0 |
|  | 10/2025 | 420 | 2991 | 0 | 0 |
|  | 10/2025 | 22 | 160 | 0 | 0 |
|  | 10/2025 | 200 | 3295500 | 0 | (2) |
|  | 10/2025 | 152 | 209929 | 0 | (2) |
|  | 10/2025 | 92 | 334 | 0 | 0 |
|  | 10/2025 | 17 | 504 | 0 | 0 |
|  | 11/2025 | 334227 | $20 | 0 | 0 |
|  | 11/2025 | 1780 | 20 | 0 | 0 |
|  | 11/2025 | 14018 | 10 | 0 | 0 |
|  | 11/2025 | $125 | 886 | 0 | 0 |
|  | 11/2025 | 20 | 67 | 0 | 0 |
|  | 11/2025 | 59 | 8692 | 0 | 0 |
|  | 11/2025 | 21 | 36 | 0 | 0 |
|  | 12/2025 | 609 | $20 | 0 | 0 |
|  | 12/2025 | $41 | 13732 | 0 | 0 |
|  | 12/2025 | 64 | 1072462 | 1 | 0 |
|  | 03/2026 | 123 | 5 | 0 | 0 |
|  | 04/2026 | 400 | $70 | 0 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; BRC | 10/2025 | 321 | 402 | 0 | (1) |
|  | 10/2025 | 451 | 609 | 3 | 0 |
|  | 10/2025 | 5300 | 36 | 0 | 0 |
|  | 10/2025 | 74 | 18 | 0 | 0 |
|  | 10/2025 | 5 | 1 | 0 | 0 |
|  | 10/2025 | $71 | 98 | 0 | (1) |
|  | 10/2025 | 463 | 371 | 4 | 0 |
|  | 10/2025 | 32 | 27 | 0 | 0 |
|  | 10/2025 | 68 | 248 | 0 | 0 |
|  | 10/2025 | 114 | 4897 | 3 | 0 |
|  | 11/2025 | 402 | 320 | 1 | 0 |
|  | 11/2025 | 609 | 451 | 0 | (3) |
|  | 11/2025 | 1 | 5 | 0 | 0 |
|  | 11/2025 | 232 | 10140 | 2 | 0 |
|  | 11/2025 | 337 | $19 | 0 | 0 |
|  | 12/2025 | 197 | 47 | 0 | 0 |
|  | 12/2025 | $69 | 290 | 0 | 0 |
|  | 12/2025 | 26 | 1176 | 1 | 0 |
|  | 01/2026 | 400 | $57 | 0 | (6) |
|  | 01/2026 | 33 | 171 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BSH | 10/2025 | 700 | $132 | 0 | 0 |
|  | 10/2025 | 11 | 6 | 0 | 0 |
|  | 10/2025 | $129 | 700 | 3 | 0 |
|  | 11/2025 | 435 | $118 | 0 | (7) |
|  | 11/2025 | $6 | 11 | 0 | 0 |
|  | 12/2025 | 181 | 645 | 4 | 0 |
|  | 01/2026 | 657 | $185 | 0 | (4) |
|  | 01/2026 | $19 | 68 | 0 | 0 |
|  | 04/2026 | 700 | $123 | 0 | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp; CBK | 10/2025 | 20 | 13 | 0 | 0 |
|  | 10/2025 | 5782 | 1087 | 1 | 0 |
|  | 10/2025 | 523 | 74 | 0 | 0 |
|  | 10/2025 | 73 | 86 | 0 | 0 |
|  | 10/2025 | 1585394 | 95 | 1 | 0 |
|  | 10/2025 | 3105 | 35 | 0 | 0 |
|  | 10/2025 | 519 | 52 | 0 | 0 |
|  | 10/2025 | 141 | 40 | 0 | 0 |
|  | 10/2025 | 571 | 446 | 3 | 0 |
|  | 10/2025 | 1876 | 58 | 0 | 0 |
|  | 10/2025 | 5325 | 180 | 5 | 0 |
|  | 10/2025 | $1046 | 5782 | 40 | 0 |
|  | 10/2025 | 48 | 341 | 0 | 0 |
|  | 10/2025 | 132 | 939 | 0 | 0 |
|  | 10/2025 | 142 | 907 | 1 | 0 |
|  | 10/2025 | 74 | 63 | 0 | 0 |
|  | 10/2025 | 54 | 895150 | 0 | (1) |
|  | 10/2025 | 115 | 10077 | 0 | (1) |
|  | 10/2025 | 93 | 13600 | 0 | (1) |
|  | 10/2025 | 4 | 41 | 0 | 0 |
|  | 10/2025 | 40 | 380 | 0 | 0 |
|  | 10/2025 | 65 | 1972 | 0 | 0 |
|  | 10/2025 | 84 | $5 | 0 | 0 |
|  | 11/2025 | $45 | 317 | 0 | 0 |
|  | 11/2025 | 50 | 207856 | 3 | 0 |
|  | 11/2025 | 15 | 51 | 0 | 0 |
|  | 11/2025 | 35 | 3111 | 0 | 0 |
|  | 11/2025 | 52 | 518 | 0 | 0 |
|  | 11/2025 | 496 | $29 | 0 | 0 |
|  | 12/2025 | 3562 | 117 | 0 | 0 |
|  | 12/2025 | $90 | 634 | 0 | 0 |
|  | 12/2025 | 66 | 1107568 | 0 | 0 |
|  | 12/2025 | 1 | 29 | 0 | 0 |
|  | 01/2026 | 238 | $67 | 0 | (2) |

---

------

<br> Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 01/2026 | 757 | 25 | 0 | 0 |
|  | 03/2026 | 1093 | 141 | 0 | 0 |
|  | 03/2026 | 195 | 55 | 0 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; DUB | 10/2025 | 33 | 166 | 0 | 0 |
|  | 10/2025 | 492758 | $30 | 1 | 0 |
|  | 10/2025 | 95 | 28 | 0 | (1) |
|  | 10/2025 | 5023 | 57 | 0 | 0 |
|  | 10/2025 | $901 | 6408 | 0 | (2) |
|  | 10/2025 | 60 | 977402 | 0 | (1) |
|  | 10/2025 | 82 | 7238 | 0 | (1) |
|  | 10/2025 | 81 | 112165 | 0 | (1) |
|  | 10/2025 | 5 | 2796 | 0 | 0 |
|  | 11/2025 | 885 | $10 | 0 | 0 |
|  | 11/2025 | $51 | 362 | 0 | 0 |
|  | 11/2025 | 28 | 95 | 1 | 0 |
|  | 11/2025 | 57 | 5033 | 0 | 0 |
|  | 11/2025 | 9 | 5027 | 0 | 0 |
|  | 11/2025 | 814 | $47 | 0 | (1) |
|  | 12/2025 | $7 | 367 | 0 | 0 |
|  | 12/2025 | 10 | 5315 | 0 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; FAR | 10/2025 | 517 | $335 | 0 | (7) |
|  | 10/2025 | 57 | 72 | 0 | 0 |
|  | 10/2025 | 25 | 15 | 0 | 0 |
|  | 10/2025 | $366 | 561 | 5 | 0 |
|  | 10/2025 | 393 | 2794 | 0 | (1) |
|  | 10/2025 | 6 | 41 | 0 | 0 |
|  | 10/2025 | 109 | 9607 | 0 | (1) |
|  | 10/2025 | 2390 | 351419 | 0 | (14) |
|  | 10/2025 | 128 | 469 | 1 | 0 |
|  | 10/2025 | 767 | 988 | 0 | (1) |
|  | 11/2025 | 561 | $366 | 0 | (5) |
|  | 11/2025 | 986 | 767 | 1 | 0 |
|  | 11/2025 | $72 | 57 | 0 | 0 |
|  | 11/2025 | 15 | 25 | 0 | 0 |
|  | 12/2025 | 427 | 8098 | 12 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; GLM | 10/2025 | 2991 | $492 | 0 | (71) |
|  | 10/2025 | 1070652 | 64 | 0 | 0 |
|  | 10/2025 | 35 | 10 | 0 | 0 |
|  | 10/2025 | 73 | 17 | 0 | 0 |
|  | 10/2025 | 168 | 33 | 0 | 0 |
|  | 10/2025 | 30 | $23 | 0 | 0 |
|  | 10/2025 | $555 | 2991 | 7 | 0 |
|  | 10/2025 | 56 | 399 | 0 | 0 |
|  | 10/2025 | 55 | 903311 | 0 | (1) |
|  | 10/2025 | 31 | 2738 | 0 | (1) |
|  | 10/2025 | 57 | 247 | 0 | 0 |
|  | 11/2025 | 178 | $25 | 0 | 0 |
|  | 11/2025 | 17 | 87 | 0 | 0 |
|  | 11/2025 | $22 | 154 | 0 | 0 |
|  | 11/2025 | 41 | 1804 | 0 | 0 |
|  | 11/2025 | 296 | $17 | 0 | 0 |
|  | 12/2025 | 228 | 41 | 0 | (1) |
|  | 12/2025 | 187 | 10 | 0 | 0 |
|  | 12/2025 | 140 | 33 | 0 | 0 |
|  | 12/2025 | 186 | 4 | 0 | 0 |
|  | 12/2025 | $1 | 51 | 0 | 0 |
|  | 12/2025 | 64 | 1063509 | 0 | 0 |
|  | 01/2026 | 33 | 170 | 0 | 0 |
|  | 01/2026 | 10000 | $74 | 6 | 0 |
|  | 04/2026 | 1700 | 299 | 0 | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp; IND | 10/2025 | 24 | 16 | 0 | 0 |
|  | 10/2025 | 987 | 154 | 0 | (1) |
|  | 10/2025 | 340000 | 2374 | 74 | 0 |
|  | 11/2025 | $154 | 984 | 1 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPM | 10/2025 | 366 | $69 | 0 | 0 |
|  | 10/2025 | 684 | 107 | 0 | 0 |
|  | 10/2025 | 3628 | 9 | 0 | 0 |
|  | 10/2025 | 1064130 | $64 | 0 | 0 |
|  | 10/2025 | 41546 | 30 | 0 | 0 |
|  | 10/2025 | 18 | 5 | 0 | 0 |
|  | 10/2025 | 43 | 33 | 0 | 0 |
|  | 10/2025 | 159 | 4 | 0 | 0 |
|  | 10/2025 | $67 | 366 | 2 | 0 |
|  | 10/2025 | 125 | 173 | 0 | (1) |
|  | 10/2025 | 54 | 384 | 0 | 0 |
|  | 10/2025 | 17 | 122 | 0 | 0 |
|  | 10/2025 | 40 | 30 | 0 | 0 |
|  | 10/2025 | 122 | 2031154 | 0 | (1) |
|  | 10/2025 | 10 | 34 | 0 | 0 |
|  | 10/2025 | 140 | 194136 | 0 | (2) |
|  | 10/2025 | 4 | 2215 | 0 | 0 |
|  | 10/2025 | 2 | 2869 | 0 | 0 |
|  | 10/2025 | 45 | 164 | 1 | 0 |
|  | 11/2025 | 2888 | 7 | 0 | 0 |
|  | 11/2025 | $27 | 191 | 0 | 0 |
|  | 11/2025 | 107 | 683 | 0 | 0 |

---

------

<br> Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 11/2025 | 721 | $41 | 0 | (1) |
|  | 12/2025 | 3629 | 11 | 0 | 0 |
|  | 01/2026 | 5225 | 827 | 0 | 0 |
|  | 06/2026 | 300 | 17 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; MBC | 10/2025 | 104 | 75 | 1 | 0 |
|  | 10/2025 | 8 | 10 | 0 | 0 |
|  | 10/2025 | 2528 | 355 | 0 | 0 |
|  | 10/2025 | 4 | 20 | 0 | 0 |
|  | 10/2025 | 653 | $880 | 3 | 0 |
|  | 10/2025 | 50670 | 3 | 0 | 0 |
|  | 10/2025 | 4964 | 33 | 0 | 0 |
|  | 10/2025 | 181753 | 130 | 1 | 0 |
|  | 10/2025 | 5 | 1 | 0 | 0 |
|  | 10/2025 | 344 | 268 | 2 | 0 |
|  | 10/2025 | 4426 | 137 | 1 | 0 |
|  | 10/2025 | $19 | 15 | 0 | 0 |
|  | 10/2025 | 459 | 3261 | 0 | (1) |
|  | 10/2025 | 336 | 284 | 0 | (2) |
|  | 10/2025 | 41 | 30 | 0 | (1) |
|  | 10/2025 | 241 | 335859 | 0 | (2) |
|  | 10/2025 | 193 | 1848 | 4 | 0 |
|  | 10/2025 | 10 | 324 | 0 | 0 |
|  | 11/2025 | 333 | 2366 | 0 | 0 |
|  | 11/2025 | 880 | 653 | 0 | (3) |
|  | 11/2025 | 50 | 7390 | 0 | 0 |
|  | 11/2025 | 1 | 5 | 0 | 0 |
|  | 12/2025 | 1 | 62 | 0 | 0 |
|  | 03/2026 | 139 | $18 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; MYI | 10/2025 | 219241 | 13 | 0 | 0 |
|  | 10/2025 | 164902 | 1105 | 0 | (11) |
|  | 10/2025 | $463 | 3292 | 0 | (1) |
|  | 10/2025 | 34 | 245 | 0 | 0 |
|  | 10/2025 | 26 | 3912 | 0 | 0 |
|  | 10/2025 | 50 | 181 | 0 | 0 |
|  | 10/2025 | 30 | 908 | 0 | 0 |
|  | 11/2025 | 60 | 427 | 0 | 0 |
|  | 11/2025 | 1105 | 164331 | 11 | 0 |
|  | 12/2025 | 252 | 10 | 0 | (1) |
|  | 12/2025 | 18 | 433 | 0 | 0 |
|  | 12/2025 | 75 | $18 | 0 | 0 |
|  | 12/2025 | 902 | 30 | 0 | 0 |
|  | 12/2025 | $64 | 1324 | 0 | 0 |
|  | 12/2025 | 17 | 549 | 0 | 0 |
|  | 01/2026 | 295 | $42 | 0 | (4) |
|  | 02/2026 | 142 | 6 | 0 | 0 |
|  | 04/2026 | 500 | $71 | 0 | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp; NGF | 10/2025 | $49 | 811304 | 0 | 0 |
|  | 10/2025 | 185 | 257137 | 0 | (2) |
|  | 11/2025 | 25 | 1104 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCX | 10/2025 | 91 | $17 | 0 | 0 |
|  | 10/2025 | 227 | 303 | 0 | (2) |
|  | 10/2025 | 1022107 | 61 | 0 | 0 |
|  | 10/2025 | 3199 | 36 | 0 | 0 |
|  | 10/2025 | 8972 | 61 | 1 | 0 |
|  | 10/2025 | 220 | 63 | 0 | (1) |
|  | 10/2025 | 3368 | 113 | 3 | 0 |
|  | 10/2025 | $17 | 91 | 0 | 0 |
|  | 10/2025 | 337 | 2394 | 0 | (1) |
|  | 10/2025 | 68 | 483 | 0 | 0 |
|  | 10/2025 | 119 | 764 | 1 | 0 |
|  | 10/2025 | 55 | 900123 | 0 | (1) |
|  | 10/2025 | 150 | 13250 | 0 | (1) |
|  | 10/2025 | 76 | 11225 | 0 | 0 |
|  | 10/2025 | 17 | 499 | 0 | 0 |
|  | 11/2025 | 303 | 227 | 2 | 0 |
|  | 11/2025 | 36 | 3205 | 0 | 0 |
|  | 11/2025 | 0 | 36 | 0 | 0 |
|  | 12/2025 | 17 | 92 | 0 | 0 |
|  | 12/2025 | 32 | 224 | 0 | 0 |
|  | 12/2025 | 15 | 305 | 0 | 0 |
|  | 12/2025 | 61 | 1024690 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOG | 10/2025 | 3293 | $617 | 0 | (2) |
|  | 10/2025 | 7400 | 8703 | 15 | 0 |
|  | 10/2025 | 359116 | 2413 | 0 | (15) |
|  | 10/2025 | 2242 | 237 | 0 | (1) |
|  | 10/2025 | $619 | 3293 | 0 | (1) |
|  | 10/2025 | 1247 | 183382 | 0 | (7) |
|  | 10/2025 | 93 | 160 | 0 | (1) |
|  | 10/2025 | 53 | 231 | 0 | 0 |
|  | 11/2025 | 204415 | $50 | 0 | (2) |
|  | 11/2025 | 74 | 381 | 0 | 0 |
|  | 11/2025 | $8720 | 7400 | 0 | (15) |
|  | 11/2025 | 2413 | 357874 | 15 | 0 |
|  | 11/2025 | 237 | 2237 | 1 | 0 |
|  | 12/2025 | 22 | 113 | 0 | 0 |
|  | 12/2025 | $617 | 3340 | 2 | 0 |

---

------

<br> Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 03/2026 | 34 | 34 | 32571 | 32571 | 32571 |  | 0 | 0 | 0 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; SSB | &nbsp;&nbsp;&nbsp;&nbsp; SSB | 10/2025 | 511 | 511 | $17 | 17 | 17 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | $1712 | 1712 | 1270 | 1270 | 1270 |  | 0 | 0 | 0 |  | (4) |
|  |  | 10/2025 | 17 | 17 | 515 | 515 | 515 |  | 0 | 0 | 0 |  | 0 |
|  |  | 11/2025 | 61 | 61 | $17 | 17 | 17 |  | 0 | 0 | 0 |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; UAG | &nbsp;&nbsp;&nbsp;&nbsp; UAG | 10/2025 | 322 | 322 | $10 | 10 | 10 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | $22 | 22 | 72 | 72 | 72 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 50 | 50 | 506 | 506 | 506 |  | 1 | 1 | 1 |  | 0 |
|  |  | 10/2025 | 50 | 50 | 181 | 181 | 181 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10 | 10 | 324 | 324 | 324 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 5 | 5 | 84 | 84 | 84 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 84 | 84 | $5 | 5 | 5 |  | 0 | 0 | 0 |  | 0 |
|  |  | 11/2025 | 367 | 367 | 21 | 21 | 21 |  | 0 | 0 | 0 |  | 0 |
|  |  | 12/2025 | 10 | 10 | 252 | 252 | 252 |  | 1 | 1 | 1 |  | 0 |
|  |  | 12/2025 | 141 | 141 | $3 | 3 | 3 |  | 0 | 0 | 0 |  | 0 |
|  |  | 12/2025 | $29 | 29 | 9752 | 9752 | 9752 |  | 0 | 0 | 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** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | $**317** | **317** | **317** | **$** | $**(320)** | **(320)** |
| **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** |
| **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** |
| Counterparty | Description | Description | Description |  | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Notional<br>Amount<sup>(1)</sup> | Notional<br>Amount<sup>(1)</sup> | Cost | Cost |  | Market<br>Value |
| BOA | Put - OTC EUR versus CZK | Put - OTC EUR versus CZK | Put - OTC EUR versus CZK | CZK | 24.200 | 03/11/2026 | 22 | 22 | 22 | $0 | 0 | $ | $0 |
|  | Put - OTC EUR versus CZK | Put - OTC EUR versus CZK | Put - OTC EUR versus CZK |  | 24.200 | 03/12/2026 | 76 | 76 | 76 | 1 | 1 |  | 1 |
|  | Put - OTC EUR versus HUF | Put - OTC EUR versus HUF | Put - OTC EUR versus HUF | HUF | 390.000 | 12/11/2025 | 36 | 36 | 36 | 0 | 0 |  | 0 |
|  | Put - OTC EUR versus HUF | Put - OTC EUR versus HUF | Put - OTC EUR versus HUF |  | 387.000 | 12/17/2025 | 40 | 40 | 40 | 0 | 0 |  | 0 |
|  | Put - OTC USD versus BRL | Put - OTC USD versus BRL | Put - OTC USD versus BRL | BRL | 5.470 | 11/18/2025 | 60 | 60 | 60 | 1 | 1 |  | 2 |
|  | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 78 | 78 | 78 | 0 | 0 |  | 0 |
|  | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 121 | 121 | 121 | 0 | 0 |  | 0 |
| BPS | Put - OTC EUR versus USD | Put - OTC EUR versus USD | Put - OTC EUR versus USD | $ | 1.122 | 10/14/2025 | 9 | 9 | 9 | 1 | 1 |  | 0 |
| BRC | Put - OTC AUD versus USD | Put - OTC AUD versus USD | Put - OTC AUD versus USD |  | 0.623 | 10/14/2025 | 17 | 17 | 17 | 0 | 0 |  | 0 |
|  | Put - OTC EUR versus USD | Put - OTC EUR versus USD | Put - OTC EUR versus USD |  | 1.132 | 10/10/2025 | 158 | 158 | 158 | 1 | 1 |  | 0 |
|  | Call - OTC USD versus SEK | Call - OTC USD versus SEK | Call - OTC USD versus SEK | SEK | 10.200 | 11/26/2025 | 48 | 48 | 48 | 0 | 0 |  | 0 |
| GLM | Put - OTC AUD versus USD | Put - OTC AUD versus USD | Put - OTC AUD versus USD | $ | 0.625 | 10/08/2025 | 88 | 88 | 88 | 1 | 1 |  | 0 |
|  | Put - OTC EUR versus USD | Put - OTC EUR versus USD | Put - OTC EUR versus USD |  | 1.129 | 10/14/2025 | 264 | 264 | 264 | 1 | 1 |  | 0 |
|  | Put - OTC EUR versus USD | Put - OTC EUR versus USD | Put - OTC EUR versus USD |  | 1.100 | 12/17/2025 | 6 | 6 | 6 | 1 | 1 |  | 0 |
|  | Put - OTC USD versus BRL | Put - OTC USD versus BRL | Put - OTC USD versus BRL | BRL | 5.475 | 12/10/2025 | 84 | 84 | 84 | 2 | 2 |  | 2 |
|  | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 19 | 19 | 19 | 0 | 0 |  | 0 |
| JPM | Put - OTC EUR versus CZK | Put - OTC EUR versus CZK | Put - OTC EUR versus CZK | CZK | 24.200 | 03/05/2026 | 69 | 69 | 69 | 0 | 0 |  | 1 |
|  | Put - OTC EUR versus HUF | Put - OTC EUR versus HUF | Put - OTC EUR versus HUF | HUF | 393.000 | 11/12/2025 | 30 | 30 | 30 | 0 | 0 |  | 1 |
|  | Put - OTC EUR versus HUF | Put - OTC EUR versus HUF | Put - OTC EUR versus HUF |  | 386.000 | 12/16/2025 | 37 | 37 | 37 | 0 | 0 |  | 0 |
| MBC | Put - OTC AUD versus USD | Put - OTC AUD versus USD | Put - OTC AUD versus USD | $ | 0.618 | 10/10/2025 | 102 | 102 | 102 | 0 | 0 |  | 0 |
|  | Put - OTC EUR versus USD | Put - OTC EUR versus USD | Put - OTC EUR versus USD |  | 1.098 | 12/23/2025 | 6 | 6 | 6 | 1 | 1 |  | 0 |
|  | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 69 | 69 | 69 | 0 | 0 |  | 0 |
|  | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 36 | 36 | 36 | 0 | 0 |  | 0 |
| MYI | Put - OTC EUR versus CZK | Put - OTC EUR versus CZK | Put - OTC EUR versus CZK | CZK | 24.200 | 02/10/2026 | 24 | 24 | 24 | 0 | 0 |  | 0 |
|  | Put - OTC EUR versus CZK | Put - OTC EUR versus CZK | Put - OTC EUR versus CZK |  | 24.250 | 02/13/2026 | 40 | 40 | 40 | 0 | 0 |  | 0 |
|  | Put - OTC EUR versus CZK | Put - OTC EUR versus CZK | Put - OTC EUR versus CZK |  | 24.100 | 03/13/2026 | 62 | 62 | 62 | 0 | 0 |  | 0 |
|  | Put - OTC EUR versus USD | Put - OTC EUR versus USD | Put - OTC EUR versus USD | $ | 1.145 | 10/08/2025 | 179 | 179 | 179 | 1 | 1 |  | 0 |
|  | Put - OTC EUR versus USD | Put - OTC EUR versus USD | Put - OTC EUR versus USD |  | 1.110 | 11/24/2025 | 150 | 150 | 150 | 1 | 1 |  | 0 |
|  | Put - OTC USD versus BRL | Put - OTC USD versus BRL | Put - OTC USD versus BRL | BRL | 5.480 | 11/07/2025 | 100 | 100 | 100 | 2 | 2 |  | 3 |
|  | Call - OTC USD versus SEK | Call - OTC USD versus SEK | Call - OTC USD versus SEK | SEK | 10.125 | 10/14/2025 | 43 | 43 | 43 | 0 | 0 |  | 0 |
| **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | $**14** | **14** | **$** | $**10** |
| **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** |
| **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** |
| Counterparty | Description | Description | Description |  | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Notional<br>Amount<sup>(1)</sup> | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Premiums<br>(Received) |  | Market<br>Value |
| BOA | Put - OTC USD versus BRL | Put - OTC USD versus BRL | Put - OTC USD versus BRL | BRL | 5.250 | 11/18/2025 | 60 | 60 | 60 | $0 | 0 | $ | $0 |
|  | Call - OTC USD versus BRL | Call - OTC USD versus BRL | Call - OTC USD versus BRL |  | 5.800 | 11/18/2025 | 60 | 60 | 60 | (1) | (1) |  | 0 |
|  | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 78 | 78 | 78 | 0 | 0 |  | 0 |
|  | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 121 | 121 | 121 | 0 | 0 |  | 0 |
| GLM | Put - OTC USD versus BRL | Put - OTC USD versus BRL | Put - OTC USD versus BRL | BRL | 5.275 | 12/10/2025 | 84 | 84 | 84 | (1) | (1) |  | (1) |
|  | Call - OTC USD versus BRL | Call - OTC USD versus BRL | Call - OTC USD versus BRL |  | 5.800 | 12/10/2025 | 84 | 84 | 84 | (1) | (1) |  | (1) |
|  | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 19 | 19 | 19 | 0 | 0 |  | 0 |
| MBC | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD |  | 7.850 | 08/14/2026 | 69 | 69 | 69 | 0 | 0 |  | 0 |
|  | Call - OTC USD versus HKD | Call - OTC USD versus HKD | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 36 | 36 | 36 | 0 | 0 |  | 0 |
| MYI | Put - OTC USD versus BRL | Put - OTC USD versus BRL | Put - OTC USD versus BRL | BRL | 5.220 | 11/07/2025 | 100 | 100 | 100 | 0 | 0 |  | 0 |
|  | Call - OTC USD versus BRL | Call - OTC USD versus BRL | Call - OTC USD versus BRL |  | 5.770 | 11/07/2025 | 100 | 100 | 100 | (1) | (1) |  | 0 |
|  |  |  |  |  |  |  |  |  |  | $(4) | (4) | $ | $(2) |

---

------

<br> Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **INTEREST** **RATE SWAPTIONS** | **INTEREST** **RATE SWAPTIONS** | **INTEREST** **RATE SWAPTIONS** | **INTEREST** **RATE SWAPTIONS** | **INTEREST** **RATE SWAPTIONS** | **INTEREST** **RATE SWAPTIONS** | **INTEREST** **RATE SWAPTIONS** | **INTEREST** **RATE SWAPTIONS** | **INTEREST** **RATE SWAPTIONS** | **INTEREST** **RATE SWAPTIONS** | **INTEREST** **RATE SWAPTIONS** | **INTEREST** **RATE SWAPTIONS** | **INTEREST** **RATE SWAPTIONS** | **INTEREST** **RATE SWAPTIONS** | **INTEREST** **RATE SWAPTIONS** | **INTEREST** **RATE SWAPTIONS** | **INTEREST** **RATE SWAPTIONS** | **INTEREST** **RATE SWAPTIONS** | **INTEREST** **RATE SWAPTIONS** | **INTEREST** **RATE SWAPTIONS** | **INTEREST** **RATE SWAPTIONS** | **INTEREST** **RATE SWAPTIONS** | **INTEREST** **RATE SWAPTIONS** | **INTEREST** **RATE SWAPTIONS** |
| Counterparty | Counterparty | Counterparty | Description | Description | Floating Rate<br>Index | Floating Rate<br>Index | Floating Rate<br>Index | Floating Rate<br>Index | Pay/Receive<br>Floating Rate | Pay/Receive<br>Floating Rate | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Exercise<br>Rate | Expiration<br>Date | Expiration<br>Date |  | Notional<br>Amount<sup>(1)</sup> |  | Premiums<br>(Received) | Premiums<br>(Received) | Market<br>Value | Market<br>Value | Market<br>Value |
| BOA | BOA | BOA | Call - OTC 10-Year Interest Rate Swap | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | Receive | Receive | 3.325% | 3.325% | 10/14/2025 | 10/14/2025 |  | 100 | $ | (1) | (1) | $0 | 0 | 0 |
|  |  |  | Call - OTC 10-Year Interest Rate Swap | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | Receive | Receive | 3.375 | 3.375 | 10/14/2025 | 10/14/2025 |  | 100 |  | 0 | 0 | 0 | 0 | 0 |
|  |  |  | Put - OTC 10-Year Interest Rate Swap | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Pay | Pay | Pay | 3.625 | 3.625 | 10/14/2025 | 10/14/2025 |  | 100 |  | (1) | (1) | (1) | (1) | (1) |
|  |  |  | Put - OTC 10-Year Interest Rate Swap | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Pay | Pay | Pay | 3.675 | 3.675 | 10/14/2025 | 10/14/2025 |  | 100 |  | 0 | 0 | (1) | (1) | (1) |
| BRC | BRC | BRC | Call - OTC 10-Year Interest Rate Swap | Call - OTC 10-Year Interest Rate Swap | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | Receive | Receive | Receive | 2.550 | 2.550 | 10/17/2025 | 10/17/2025 |  | 100 |  | 0 | 0 | 0 | 0 | 0 |
|  |  |  | Put - OTC 10-Year Interest Rate Swap | Put - OTC 10-Year Interest Rate Swap | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | Pay | Pay | Pay | 2.750 | 2.750 | 10/17/2025 | 10/17/2025 |  | 100 |  | 0 | 0 | 0 | 0 | 0 |
| GLM | GLM | GLM | Call - OTC 10-Year Interest Rate Swap | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | Receive | Receive | 3.550 | 3.550 | 10/27/2025 | 10/27/2025 |  | 100 |  | 0 | 0 | 0 | 0 | 0 |
|  |  |  | Put - OTC 10-Year Interest Rate Swap | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Pay | Pay | Pay | 3.850 | 3.850 | 10/27/2025 | 10/27/2025 |  | 100 |  | 0 | 0 | 0 | 0 | 0 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (2) | (2) | $(2) | (2) | (2) |
| **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **$** | **(6)** | **(6)** | $**(4)** | **(4)** | **(4)** |
| **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** |
| **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(3)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(3)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Swap Agreements, at Value</u><sup>(7)</sup> | <u>Swap Agreements, at Value</u><sup>(7)</sup> | <u>Swap Agreements, at Value</u><sup>(7)</sup> | <u>Swap Agreements, at Value</u><sup>(7)</sup> |
| Counterparty | Reference Entity | Reference Entity | Reference Entity | Reference Entity | Reference Entity | Fixed<br>(Pay) Rate | Fixed<br>(Pay) Rate | Payment<br>Frequency | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(5)</sup> | Implied<br>Credit Spread at<br>September 30, 2025<sup>(5)</sup> | Notional<br>Amount<sup>(6)</sup> | Notional<br>Amount<sup>(6)</sup> | Premiums<br>Paid/(Received) | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Asset | Liability |
| MYC | South Korea Government International Bonds | South Korea Government International Bonds | South Korea Government International Bonds | South Korea Government International Bonds | South Korea Government International Bonds | (1.000)% | (1.000)% | Quarterly | Quarterly | 12/20/2029 | 12/20/2029 | 12/20/2029 | 0.219% | 0.219% | $100 | 100 | $(3) | (3) | $0 | $0 | 0 | 0 | $(3) |
|  | South Korea Government International Bonds | South Korea Government International Bonds | South Korea Government International Bonds | South Korea Government International Bonds | South Korea Government International Bonds | (1.000) | (1.000) | Quarterly | Quarterly | 12/20/2030 | 12/20/2030 | 12/20/2030 | N/A | N/A | 100 | 100 | (4) | (4) | 0 | 0 | 0 | 0 | (4) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $(7) | (7) | $0 | $0 | 0 | 0 | $(7) |
| **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(4)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(4)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(4)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(4)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(4)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(4)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(4)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(4)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(4)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(4)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(4)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(4)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(4)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(4)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(4)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(4)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(4)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(4)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(4)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(4)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(4)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(4)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(4)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(4)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Swap Agreements, at Value</u><sup>(7)</sup> | <u>Swap Agreements, at Value</u><sup>(7)</sup> | <u>Swap Agreements, at Value</u><sup>(7)</sup> | <u>Swap Agreements, at Value</u><sup>(7)</sup> |
| Counterparty | Reference Entity | Reference Entity | Reference Entity | Reference Entity | Reference Entity | Fixed<br>Receive Rate | Fixed<br>Receive Rate | Payment<br>Frequency | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(5)</sup> | Implied<br>Credit Spread at<br>September 30, 2025<sup>(5)</sup> | Notional<br>Amount<sup>(6)</sup> | Notional<br>Amount<sup>(6)</sup> | Premiums<br>Paid/(Received) | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Asset | Liability |
| DUB | Petroleos Mexicanos « | Petroleos Mexicanos « | Petroleos Mexicanos « | Petroleos Mexicanos « | Petroleos Mexicanos « | 4.750% | 4.750% | Monthly | Monthly | 07/06/2026 | 07/06/2026 | 07/06/2026 | —◆ | —◆ | $59 | 59 | $0 | 0 | $1 | $1 | 1 | 1 | $0 |
| **CROSS-CURRENCY SWAPS** | **CROSS-CURRENCY SWAPS** | **CROSS-CURRENCY SWAPS** | **CROSS-CURRENCY SWAPS** | **CROSS-CURRENCY SWAPS** | **CROSS-CURRENCY SWAPS** | **CROSS-CURRENCY SWAPS** | **CROSS-CURRENCY SWAPS** | **CROSS-CURRENCY SWAPS** | **CROSS-CURRENCY SWAPS** | **CROSS-CURRENCY SWAPS** | **CROSS-CURRENCY SWAPS** | **CROSS-CURRENCY SWAPS** | **CROSS-CURRENCY SWAPS** | **CROSS-CURRENCY SWAPS** | **CROSS-CURRENCY SWAPS** | **CROSS-CURRENCY SWAPS** | **CROSS-CURRENCY SWAPS** | **CROSS-CURRENCY SWAPS** | **CROSS-CURRENCY SWAPS** | **CROSS-CURRENCY SWAPS** | **CROSS-CURRENCY SWAPS** | **CROSS-CURRENCY SWAPS** | **CROSS-CURRENCY SWAPS** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Swap Agreements, at Value</u> | <u>Swap Agreements, at Value</u> | <u>Swap Agreements, at Value</u> | <u>Swap Agreements, at Value</u> |
| &nbsp;&nbsp; Counterparty | &nbsp;&nbsp; Counterparty | Receive | Receive | Pay | Pay | Pay | Payment<br>Frequency | Maturity<br>Date<sup>(8)</sup> | Maturity<br>Date<sup>(8)</sup> | Maturity<br>Date<sup>(8)</sup> | Notional Amount<br>of Currency<br>Received | Notional Amount<br>of Currency<br>Received | Notional Amount<br>of Currency<br>Received |  | Notional Amount<br>of Currency<br>Delivered |  | Upfront Payable/(Receivable) | Upfront Payable/(Receivable) | Unrealized<br>Appreciation/(Depreciation) | Asset | Asset |  | Liability |
| &nbsp;&nbsp; CBK | &nbsp;&nbsp; CBK | 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 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 | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 12/17/2026 | 12/17/2026 | 12/17/2026 | $675 | 675 | 675 | JPY | 100000 | $ | 1 | 1 | 1 | 675 | 675 | $ | (673) |
| &nbsp;&nbsp; GST | &nbsp;&nbsp; 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 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 | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 10/15/2026 | 10/15/2026 | 10/15/2026 | 1031 | 1031 | 1031 |  | 163200 |  | (13) | (13) | 1 | 1030 | 1030 |  | (1042) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (12) | (12) | 2 | 1705 | 1705 | $ | (1715) |

---

------

<br> Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **INTEREST** **RATE SWAPS** | **INTEREST** **RATE SWAPS** | **INTEREST** **RATE SWAPS** | **INTEREST** **RATE SWAPS** | **INTEREST** **RATE SWAPS** | **INTEREST** **RATE SWAPS** | **INTEREST** **RATE SWAPS** | **INTEREST** **RATE SWAPS** | **INTEREST** **RATE SWAPS** | **INTEREST** **RATE SWAPS** | **INTEREST** **RATE SWAPS** | **INTEREST** **RATE SWAPS** |
|  |  |  |  |  |  |  |  |  |  | <u>Swap Agreements, at Value</u> | <u>Swap Agreements, at Value</u> |
| &nbsp;&nbsp; Counterparty | &nbsp;&nbsp; Counterparty | Pay/<br>Receive<br>Floating Rate | Maturity<br>Date |  | Notional<br>Amount | Premiums<br>Paid/(Received) | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| &nbsp;&nbsp; BPS | &nbsp;&nbsp; BPS | Pay | 03/18/2031 | CNY | 7200 | $(4) | (4) | $(4) | (4) | 0 | $(8) |
| **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** |
|  |  |  |  |  |  |  |  |  |  | <u>Swap Agreements, at Value</u> | <u>Swap Agreements, at Value</u> |
| &nbsp;&nbsp; Counterparty | &nbsp;&nbsp; Counterparty | Pay/Receive<sup>(9)</sup> | Maturity<br>Date | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| &nbsp;&nbsp; BPS | &nbsp;&nbsp; BPS | iBoxx USD Liquid Investment Grade Index | 12/22/2025 | $ | 520 | 0 | $ | (26) | (26) | $ | (26) |
| **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **(23)** | **$** | **(27)** | **(27)** | **$** | **(1756)** |
| **(j)** | **Securities with an aggregate market value of $27 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $27 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $27 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $27 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $27 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $27 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $27 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $27 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $27 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $27 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $27 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** |
| ◆ | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | 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. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. |
| <sup>(2)</sup> | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. |
| <sup>(3)</sup> | If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
| <sup>(4)</sup> | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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>(5)</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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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>(6)</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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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>(7)</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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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>(8)</sup> | At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. | At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. | At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. | At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. | At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. | At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. | At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. | At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. | At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. | At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. | At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. |
| <sup>(9)</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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. |
| **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** |
| **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: |  |
| Category and Subcategory | Category and Subcategory | Category and Subcategory | Level 1 | Level 2 | Level 2 | Level 3 | Level 3 | Level 3 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 |  |

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<br> Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.) September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** |
| Argentina | Argentina | Argentina |
| Sovereign Issues | $5 | $5 |
| Australia | Australia | Australia |
| Sovereign Issues | 784 | 784 |
| Brazil | Brazil | Brazil |
| Sovereign Issues | 491 | 491 |
| Bulgaria | Bulgaria | Bulgaria |
| Sovereign Issues | 173 | 173 |
| Canada | Canada | Canada |
| Corporate Bonds & Notes | 515 | 515 |
| Sovereign Issues | 1179 | 1179 |
| Cayman Islands | Cayman Islands | Cayman Islands |
| Asset-Backed Securities | 548 | 548 |
| China | China | China |
| Sovereign Issues | 1564 | 1564 |
| Denmark | Denmark | Denmark |
| Corporate Bonds & Notes | 851 | 851 |
| France | France | France |
| Corporate Bonds & Notes | 158 | 158 |
| Sovereign Issues | 1038 | 1038 |
| Germany | Germany | Germany |
| Corporate Bonds & Notes | 111 | 111 |
| Ireland | Ireland | Ireland |
| Asset-Backed Securities | 87 | 87 |
| Israel | Israel | Israel |
| Sovereign Issues | 218 | 218 |
| Italy | Italy | Italy |
| Sovereign Issues | 1162 | 1162 |
| Japan | Japan | Japan |
| Sovereign Issues | 1840 | 1840 |
| Kuwait | Kuwait | Kuwait |
| Sovereign Issues | 0 | 200 |
| Luxembourg | Luxembourg | Luxembourg |
| Sovereign Issues | 305 | 305 |
| Malaysia | Malaysia | Malaysia |
| Sovereign Issues | 300 | 300 |
| Peru | Peru | Peru |
| Sovereign Issues | 375 | 375 |
| Poland | Poland | Poland |
| Sovereign Issues | 79 | 79 |
| Romania | Romania | Romania |
| Sovereign Issues | 378 | 378 |
| Saudi Arabia | Saudi Arabia | Saudi Arabia |
| Sovereign Issues | 825 | 825 |
| Serbia | Serbia | Serbia |
| Sovereign Issues | 109 | 109 |
| Singapore | Singapore | Singapore |
| Sovereign Issues | 78 | 78 |
| South Africa | South Africa | South Africa |
| Sovereign Issues | 530 | 530 |
| Spain | Spain | Spain |
| Corporate Bonds & Notes | 128 | 128 |
| Sovereign Issues | 1395 | 1395 |
| Supranational | Supranational | Supranational |
| Sovereign Issues | 232 | 232 |
| Switzerland | Switzerland | Switzerland |
| Corporate Bonds & Notes | 131 | 131 |
| Thailand | Thailand | Thailand |
| Sovereign Issues | 393 | 393 |
| United Kingdom | United Kingdom | United Kingdom |
| Corporate Bonds & Notes | 492 | 492 |
| Non-Agency Mortgage-Backed Securities | 222 | 222 |
| Sovereign Issues | 410 | 410 |
| United States | United States | United States |
| Asset-Backed Securities | 684 | 684 |
| Corporate Bonds & Notes | 2379 | 2379 |
| Loan Participations and Assignments | 91 | 91 |
| Municipal Bonds & Notes | 46 | 46 |
| Non-Agency Mortgage-Backed Securities | 1345 | 1345 |
| U.S. Government Agencies | 14292 | 14292 |
| U.S. Treasury Obligations | 2291 | 2291 |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| Repurchase Agreements | 200 | 200 |
| Japan Treasury Bills | 2299 | 2299 |
| Nigeria Treasury Bills | 66 | 66 |
| South Africa Treasury Bills | 17 | 17 |
|  | $40816 | $41016 |
| **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| Central Funds Used for Cash Management Purposes | $0 | $2566 |
| Total Investments | $40816 | $43582 |
| **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** |

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------

<br> Schedule of Investments PIMCO International Bond Portfolio (Unhedged) (Cont.) September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| France | France | France | France | France |
| Sovereign Issues | 0 | (196) | 0 | (196) |
| United States | United States | United States | United States | United States |
| U.S. Government Agencies | 0 | (1358) | 0 | (1358) |
|  | $0 | $(1554) | $0 | $(1554) |
| **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 | 22 | 48 | 0 | 70 |
| Over the counter | 0 | 2032 | 1 | 2033 |
|  | $22 | $2080 | $1 | $2103 |
| **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 | (21) | (27) | 0 | (48) |
| Over the counter | (4) | (2076) | 0 | (2080) |
|  | $(25) | $(2103) | $0 | $(2128) |
| Total Financial Derivative Instruments | $(3) | $(23) | $1 | $(25) |
| Totals | $2763 | $39239 | $1 | $42003 |
| **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** |

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------

Notes to Financial Statements

**1** **. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS**

**(a) Investment Valuation Policies** The net asset value ("NAV") of the Portfolio'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 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, the Portfolio'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 Portfolio 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 Portfolio may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The 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, the Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that the 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 the 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 Portfolio 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 Pacific Investment Management Company LLC ("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 Investment Company Act of 1940, as amended (the "Act"). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees has designated PIMCO as the valuation designee ("Valuation Designee") for the Portfolio to perform the fair value determination relating to all Portfolio investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of portfolio investments. The Valuation Designee may value portfolio securities for which market quotations are not readily available and other Portfolio assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, exchange-traded funds ("ETFs"), exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Portfolio's assets that are invested in one or more open-end management investment companies (other than ETFs), the 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, 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 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. The 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 the 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 the 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 the 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 the 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 the Portfolio may transact.

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 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 the 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 the Portfolio may differ from the value that would be realized if the securities were sold. The Portfolio's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the " Frequent or Excessive Purchases, Exchanges and Redemptions " section in the Portfolio's prospectus.

Under certain circumstances, the per share NAV of a class of the Portfolio'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 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:

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Notes to Financial Statements (Cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

• Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the 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 ofthe Portfolio'sassets 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 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.

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

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indexes, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices,indexes, reference rates and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

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Notes to Financial Statements (Cont.)

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.

**2. FEDERAL INCOME TAX MATTERS**

The 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.

The 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 Portfolio's tax positions for all open tax years. As of September 30, 2025, the Portfolio 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 Portfolio files U.S. federal, state and local tax returns as required. The Portfolio'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.

Shares of the Portfolio currently are sold to segregated asset accounts ("Separate Accounts") of insurance companies that fund variable annuity contracts and variable life insurance policies ("Variable Contracts"). Please refer to the prospectus for the Separate Account and Variable Contract for information regarding Federal income tax treatment of distributions to the SeparateAccount.

**3. INVESTMENTS IN AFFILIATES**

The 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 Portfolio. A copy of each affiliate fund's shareholder report is available at the U.S. Securities and Exchange Commission ("SEC") website at www.sec.gov, on the Portfolio's website at www.pimco.com, or upon request, as applicable. The table below shows the Portfolio's transactions in and earnings from investments in the affiliated funds for the period ended September 30, 2025 (amounts inthousands<sup>†</sup>):

**Investment in PIMCO Short-Term Floating NAV Portfolio III**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Market Value<br>12/31/2024** | **Purchases at<br>Cost** | **Proceeds from<br>Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>09/30/2025** | **Dividend<br>Income**<sup>(1)</sup> | **Realized Net<br>Capital<br>Gain<br>Distributions**<sup>(1)</sup> |
| $1053 | $23663 | $(22150) | $0 | $0 | $2566 | $63 | $0 |

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<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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** |  | (Unaudited) |
| **Counterparty Abbreviations:** | **Counterparty Abbreviations:** |  |  |  |  |
| **AZD** | Australia and New Zealand Banking Group | **FAR** | Wells Fargo Bank National Association | **MYC** | Morgan Stanley Capital Services LLC |
| **BOA** | Bank of America N.A. | **GLM** | Goldman Sachs Bank USA | **MYI** | Morgan Stanley & Co. International PLC |
| **BPS** | BNP Paribas S.A. | **GST** | Goldman Sachs International | **NGF** | Nomura Global Financial Products, Inc. |
| **BRC** | Barclays Bank PLC | **IND** | Crédit Agricole Corporate and Investment Bank <br> S.A. | **SCX** | Standard Chartered Bank, London |
| **BSH** | Banco Santander S.A. - New York Branch | **JPM** | JP Morgan Chase Bank N.A. | **SOG** | Societe Generale Paris |
| **CBK** | Citibank N.A. | **MBC** | HSBC Bank Plc | **SSB** | State Street Bank and Trust Co. |
| **DUB** | Deutsche Bank AG | **MEI** | Merrill Lynch International | **UAG** | UBS AG Stamford |
| **Currency Abbreviations:** | **Currency Abbreviations:** |  |  |  |  |
| **AUD** | Australian Dollar | **GBP** | British Pound | **NOK** | Norwegian Krone |
| **BRL** | Brazilian Real | **HKD** | Hong Kong Dollar | **NZD** | New Zealand Dollar |
| **CAD** | Canadian Dollar | **HUF** | Hungarian Forint | **PEN** | Peruvian New Sol |
| **CHF** | Swiss Franc | **IDR** | Indonesian Rupiah | **PLN** | Polish Zloty |
| **CLP** | Chilean Peso | **ILS** | Israeli Shekel | **RON** | Romanian New Leu |
| **CNH** | Chinese Renminbi (Offshore) | **INR** | Indian Rupee | **SEK** | Swedish Krona |
| **CNY** | Chinese Renminbi (Mainland) | **JPY** | Japanese Yen | **SGD** | Singapore Dollar |
| **COP** | Colombian Peso | **KRW** | South Korean Won | **THB** | Thai Baht |
| **CZK** | Czech Koruna | **KZT** | Kazakhstani Tenge | **TRY** | Turkish New Lira |
| **DKK** | Danish Krone | **MXN** | Mexican Peso | **TWD** | Taiwanese Dollar |
| **EGP** | Egyptian Pound | **MYR** | Malaysian Ringgit | **USD (or $)** | United States Dollar |
| **EUR** | Euro | **NGN** | Nigerian Naira | **ZAR** | South African Rand |
| **Exchange Abbreviations:** | **Exchange Abbreviations:** |  |  |  |  |
| **CBOT** | Chicago Board of Trade | **OTC** | Over the Counter |  |  |
| **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** |  |  |  |  |
| **Bobl** | Bundesobligation, the German word for federal government bond | **CPI** | Consumer Price Index | **SONIO** | Sterling Overnight Interbank Average Rate |
| **CAONREPO** | Canadian Overnight Repo Rate Average | **MUTKCALM** | Tokyo Overnight Average Rate | **SRFXON3** | Swiss Overnight Rate Average (6PM) |
| **CDX.IG** | Credit Derivatives Index - Investment <br> Grade | **SIBCSORA** | Singapore Overnight Rate Average | **TSFR3M** | Term SOFR 3-Month |
| **CNREPOFIX** | China Fixing Repo Rates 7-Day | **SOFR** | Secured Overnight Financing Rate |  |  |
| **Other Abbreviations:** | **Other Abbreviations:** |  |  |  |  |
| **ALT** | Alternate Loan Trust | **EURIBOR** | Euro Interbank Offered Rate | **PRIBOR** | Prague Interbank Offered Rate |
| **BBR** | Bank Bill Rate | **KORIBOR** | Korea Interbank Offered Rate | **REMIC** | Real Estate Mortgage Investment Conduit |
| **BBSW** | Bank Bill Swap Reference Rate | **MIBOR** | Mumbai Interbank Offered Rate | **STIBOR** | Stockholm Interbank Offered Rate |
| **BTP** | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | **Oat** | Obligations Assimilables du Trésor | **TBA** | To-Be-Announced |
| **CLO** | Collateralized Loan Obligation | **OIS** | Overnight Index Swap | **TBD** | To-Be-Determined |
| **DAC** | Designated Activity Company |  |  |  |  |

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<br> Schedule of Investments PIMCO Long-Term U.S. Government Portfolio September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(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 180.2% ¤** |  |  |
| **CORPORATE BONDS & NOTES 0.1%** |  |  |
| **INDUSTRIALS 0.1%** |  |  |
| **Vessel Management Services, Inc.**<br>3.432% due 08/15/2036 | $348 | $311 |
| Total Corporate Bonds & Notes (Cost $348) |  | 311 |
| **U.S. GOVERNMENT AGENCIES 19.7%** |  |  |
| **Federal Home Loan Mortgage Corp.**<br>7.000% due 12/01/2031 | 1 | 2 |
| **Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates**<br>2.872% due 07/25/2054 ~ | 1286 | 1224 |
| **Federal Home Loan Mortgage Corp. REMICS** |  |  |
| 0.080% due 12/15/2042 •  | 248 | 218 |
| 3.000% due 04/15/2053 | 1244 | 1027 |
| 3.500% due 01/15/2048 | 656 | 599 |
| 4.000% due 06/15/2032 - 09/15/2044 | 4034 | 3890 |
| 4.677% due 10/15/2043 •  | 691 | 678 |
| 4.887% due 01/15/2033 •  | 1 | 1 |
| 5.500% due 02/15/2034 | 73 | 75 |
| **Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates** |  |  |
| 3.940% due 03/25/2036 ~ | 134 | 129 |
| 4.696% due 01/25/2036 ~ | 110 | 107 |
| 5.353% due 10/25/2044 •  | 217 | 200 |
| **Federal National Mortgage Association** |  |  |
| 2.500% due 11/01/2046 | 102 | 88 |
| 3.580% due 08/01/2030 | 1700 | 1640 |
| 3.600% due 02/01/2040 | 1143 | 1081 |
| 4.000% due 08/01/2048 | 4 | 4 |
| 6.583% due 01/01/2033 •  | 2 | 2 |
| **Federal National Mortgage Association REMICS** |  |  |
| 3.000% due 09/25/2046 | 2264 | 1734 |
| 4.250% due 05/25/2037 | 109 | 100 |
| 4.523% due 07/25/2037 •  | 2 | 2 |
| 5.000% due 04/25/2032 - 08/25/2033 | 98 | 99 |
| 5.500% due 12/25/2035 | 30 | 31 |
| 6.500% due 07/25/2031 | 11 | 11 |
| **Government National Mortgage Association REMICS** |  |  |
| 3.500% due 01/20/2044 | 643 | 602 |
| 6.000% due 08/20/2033 | 208 | 208 |
| **Government National Mortgage Association, TBA** |  |  |
| 4.000% due 11/01/2055 | 7300 | 6864 |
| 4.500% due 11/01/2055 | 1700 | 1648 |
| **Resolution Funding Corp. Interest STRIPS**<br>0.000% due 10/15/2028 (a) | 600 | 537 |
| **Tennessee Valley Authority Principal STRIPS**<br>0.000% due 05/01/2030 (b) | 800 | 669 |
| **U.S. Small Business Administration**<br>5.290% due 12/01/2027 | 10 | 10 |
| **Uniform Mortgage-Backed Security, TBA** |  |  |
| 4.000% due 10/01/2055 - 11/01/2055 | 4800 | 4524 |
| 4.500% due 10/01/2055 | 14500 | 14066 |
| 5.000% due 11/01/2055 | 9100 | 9020 |
| 6.000% due 10/01/2055 - 11/01/2055 | 35100 | 35855 |
| 6.500% due 10/01/2055 | 4100 | 4238 |
| Total U.S. Government Agencies (Cost $92,353) |  | 91183 |
| **U.S. TREASURY OBLIGATIONS 130.8%** |  |  |
| **U.S. Treasury Bonds** |  |  |
| 1.125% due 05/15/2040 | 12820 | 8170 |
| 1.125% due 08/15/2040 (e) | 102880 | 64919 |
| 1.375% due 11/15/2040 (e) | 21220 | 13853 |
| 1.750% due 08/15/2041 | 3300 | 2240 |
| 1.875% due 02/15/2051 | 2650 | 1514 |
| 2.000% due 11/15/2041 | 7900 | 5551 |
| 2.000% due 02/15/2050 (e) | 36908 | 22079 |
| 2.250% due 05/15/2041 (e) | 14200 | 10527 |
| 2.250% due 08/15/2049 | 4000 | 2554 |
| 2.250% due 02/15/2052 | 400 | 248 |
| 2.375% due 02/15/2042 | 6500 | 4819 |
| 2.500% due 02/15/2045 | 450 | 323 |

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<br> Schedule of Investments PIMCO Long-Term U.S. Government Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| 2.500% due 02/15/2046 | 3680 | 2599 |
| 2.750% due 11/15/2042 | 5600 | 4339 |
| 2.875% due 05/15/2049 (g) | 1550 | 1131 |
| 2.875% due 05/15/2052 | 400 | 286 |
| 3.000% due 11/15/2044 | 540 | 423 |
| 3.000% due 05/15/2045 | 470 | 366 |
| 3.000% due 11/15/2045 | 10100 | 7824 |
| 3.000% due 08/15/2048 (e) | 23180 | 17434 |
| 3.000% due 02/15/2049 (e) | 65070 | 48735 |
| 3.000% due 08/15/2052 (e) | 13900 | 10170 |
| 3.125% due 11/15/2041 (e) | 25610 | 21340 |
| 3.125% due 08/15/2044 | 440 | 352 |
| 3.125% due 05/15/2048 | 7330 | 5654 |
| 3.250% due 05/15/2042 | 1000 | 840 |
| 3.375% due 08/15/2042 (e) | 11300 | 9632 |
| 3.375% due 11/15/2048 (e) | 41200 | 33108 |
| 3.625% due 08/15/2043 | 2400 | 2095 |
| 3.625% due 05/15/2053 (e) | 21300 | 17598 |
| 3.875% due 05/15/2043 (e) | 15600 | 14135 |
| 4.000% due 11/15/2042 (e) | 17400 | 16093 |
| 4.000% due 11/15/2052 (e) | 73040 | 64652 |
| 4.125% due 08/15/2044 | 8000 | 7428 |
| 4.375% due 05/15/2041 (e) | 9920 | 9751 |
| 4.375% due 08/15/2043 (e) | 8800 | 8496 |
| 4.500% due 11/15/2054 | 3000 | 2889 |
| 4.625% due 05/15/2044 | 7500 | 7447 |
| 4.625% due 11/15/2044 (e) | 10100 | 10009 |
| 4.625% due 05/15/2054 | 1500 | 1474 |
| 4.625% due 02/15/2055 (e) | 14400 | 14159 |
| 4.750% due 02/15/2041 | 2690 | 2760 |
| 4.750% due 11/15/2043 (e) | 22710 | 22958 |
| 4.750% due 02/15/2045 (e) | 4300 | 4328 |
| **U.S. Treasury Inflation Protected Securities** **(c)** |  |  |
| 0.625% due 07/15/2032 | 7449 | 7053 |
| 1.125% due 01/15/2033 (e) | 8437 | 8180 |
| 1.750% due 01/15/2034 (e)(g) | 9668 | 9717 |
| **U.S. Treasury Notes** |  |  |
| 1.500% due 11/30/2028 (g) | 5800 | 5432 |
| 2.375% due 03/31/2029 | 7300 | 6996 |
| 2.875% due 08/15/2028 | 100 | 98 |
| 3.250% due 06/30/2029 | 6300 | 6207 |
| 3.625% due 03/31/2030 | 200 | 199 |
| 3.750% due 05/31/2030 | 200 | 200 |
| 3.750% due 06/30/2030 (e) | 400 | 400 |
| 3.875% due 09/30/2029 (e) | 15900 | 16012 |
| 4.000% due 05/31/2030 (e) | 200 | 202 |
| 4.000% due 06/30/2032 | 3200 | 3217 |
| 4.125% due 10/31/2029 | 100 | 102 |
| 4.125% due 08/31/2030 | 200 | 203 |
| 4.125% due 10/31/2031 (e) | 200 | 203 |
| 4.375% due 11/30/2030 (e) | 500 | 514 |
| 4.625% due 09/30/2028 (e) | 200 | 206 |
| 4.625% due 09/30/2030 (e) | 300 | 312 |
| 4.875% due 10/31/2030 (e) | 300 | 315 |
| **U.S. Treasury STRIPS** |  |  |
| 0.000% due 02/15/2033 (a) | 1700 | 1262 |
| 0.000% due 05/15/2034 (a) | 500 | 349 |
| 0.000% due 08/15/2034 (a) | 1270 | 875 |
| 0.000% due 08/15/2035 (a) | 25270 | 16540 |
| 0.000% due 08/15/2036 (a) | 18000 | 11178 |
| 0.000% due 11/15/2036 (a) | 2700 | 1656 |
| 0.000% due 05/15/2041 (a) | 10 | 5 |
| 0.000% due 08/15/2041 (a) | 20 | 9 |
| 0.000% due 11/15/2041 (a) | 260 | 120 |
| 0.000% due 05/15/2042 (a) | 320 | 144 |
| 0.000% due 08/15/2042 (a) | 80 | 35 |
| 0.000% due 11/15/2042 (a) | 20 | 9 |
| Total U.S. Treasury Obligations (Cost $716,490) |  | 605252 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 3.8%** |  |  |
| **Ashford Hospitality Trust**<br>5.223% due 04/15/2035 •  | 63 | 63 |
| **Atrium Hotel Portfolio Trust**<br>5.378% due 12/15/2036 •  | 353 | 347 |
| **Bank**<br>4.046% due 03/15/2061 ~ | 500 | 497 |
| **BBCMS Mortgage Trust**<br>5.015% due 09/15/2058 | 900 | 921 |
| **Bear Stearns ARM Trust**<br>6.575% due 04/25/2033 ~ | 4 | 4 |
| **Benchmark Mortgage Trust** |  |  |
| 4.016% due 03/15/2052 | 2300 | 2257 |
| 5.926% due 03/15/2057 | 800 | 837 |
| **CHL** **Mortgage Pass-Through Trust**<br>4.912% due 03/25/2035 •  | 24 | 23 |

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<br> Schedule of Investments PIMCO Long-Term U.S. Government Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **COMM Mortgage Trust**<br>3.140% due 10/10/2036 | 1700 | 1603 |
| **Countrywide Alternative Loan Trust**<br>4.692% due 05/25/2035 •  | 13 | 12 |
| **Credit Suisse First Boston Mortgage Securities Corp.**<br>5.921% due 11/25/2032 ~ | 1 | 1 |
| **CSMC Trust**<br>5.665% due 07/15/2038 •  | 865 | 788 |
| **DBWF Mortgage Trust**<br>3.791% due 12/10/2036 | 2100 | 2068 |
| **Extended Stay America Trust**<br>5.344% due 07/15/2038 •  | 1096 | 1097 |
| **HarborView Mortgage Loan Trust**<br>4.688% due 05/19/2035 •  | 11 | 11 |
| **Hilton USA Trust**<br>3.719% due 11/05/2038 | 2100 | 2079 |
| **Impac CMB Trust**<br>5.251% due 09/25/2034 þ | 54 | 61 |
| **JP Morgan Chase Commercial Mortgage Securities Trust**<br>5.648% due 12/15/2031 •  | 221 | 220 |
| **JP Morgan Mortgage Trust** |  |  |
| 5.172% due 12/25/2049 •  | 12 | 12 |
| 6.262% due 07/25/2035 ~ | 11 | 11 |
| **Natixis Commercial Mortgage Securities Trust**<br>3.885% due 08/15/2038 | 500 | 487 |
| **New Residential Mortgage Loan Trust** |  |  |
| 2.750% due 07/25/2059 ~ | 58 | 56 |
| 2.750% due 11/25/2059 ~ | 249 | 240 |
| **RALI Trust**<br>6.000% due 06/25/2036 | 15 | 12 |
| **Sequoia Mortgage Trust**<br>4.950% due 07/20/2033 •  | 9 | 9 |
| **SFO Commercial Mortgage Trust**<br>5.414% due 05/15/2038 •  | 1000 | 994 |
| **Structured Adjustable Rate Mortgage Loan Trust**<br>4.712% due 05/25/2037 •  | 29 | 27 |
| **Structured Asset Mortgage Investments Trust** |  |  |
| 4.908% due 09/19/2032 •  | 4 | 4 |
| 5.088% due 10/19/2033 •  | 7 | 6 |
| **Towd Point Mortgage Trust**<br>3.100% due 01/25/2060 ~ | 600 | 555 |
| **VNDO Trust**<br>3.805% due 01/10/2035 | 1900 | 1880 |
| **WaMu Mortgage Pass-Through Certificates Trust** |  |  |
| 5.153% due 08/25/2046 •  | 47 | 43 |
| 5.653% due 10/25/2046 •  | 17 | 16 |
| **Washington Mutual MSC Mortgage Pass-Through Certificates Trust** |  |  |
| 5.319% due 05/25/2033 ~ | 4 | 4 |
| **Worldwide Plaza Trust**<br>3.526% due 11/10/2036 | 300 | 203 |
| Total Non-Agency Mortgage-Backed Securities (Cost $18,049) |  | 17448 |
| **ASSET-BACKED SECURITIES 0.6%** |  |  |
| **AUTOMOBILE SEQUENTIAL 0.2%** |  |  |
| **Hertz Vehicle Financing LLC**<br>2.330% due 06/26/2028 | 700 | 680 |
| **HOME EQUITY OTHER 0.1%** |  |  |
| **Bear Stearns Asset-Backed Securities Trust**<br>5.272% due 11/25/2042 •  | 8 | 8 |
| **MASTR Asset-Backed Securities Trust**<br>5.097% due 10/25/2034 •  | 298 | 291 |
| **Merrill Lynch Mortgage Investors Trust**<br>5.202% due 07/25/2035 •  | 286 | 287 |
| **Renaissance Home Equity Loan Trust**<br>3.434% due 08/25/2033 •  | 2 | 2 |
|  |  | 588 |
| **OTHER ABS 0.3%** |  |  |
| **Dell Equipment Finance Trust**<br>4.680% due 07/22/2027 | 1300 | 1307 |

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<br> Schedule of Investments PIMCO Long-Term U.S. Government Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| **ECMC** **Group Student Loan Trust**<br>5.221% due 02/27/2068 •  | 112 | 112 |
|  |  | 1419 |
| Total Asset-Backed Securities (Cost $2,706) |  | 2687 |
| **SHORT-TERM INSTRUMENTS 25.2%** |  |  |
| **REPURCHASE AGREEMENTS (d) 25.2%** |  | 116700 |
| Total Short-Term Instruments (Cost $116,700) |  | 116700 |
| Total Investments in Securities (Cost $946,646) |  | 833581 |
|  | SHARES |  |
| **INVESTMENTS IN AFFILIATES 0.2%** |  |  |
| **SHORT-TERM INSTRUMENTS 0.2%** |  |  |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.2%** |  |  |
| **PIMCO Short-Term Floating NAV Portfolio III** | 105626 | 1029 |
| Total Short-Term Instruments (Cost $1,029) |  | 1029 |
| Total Investments in Affiliates (Cost $1,029) |  | 1029 |
| Total Investments 180.4% (Cost $947,675) |  | $834610 |
| **Financial Derivative Instruments** **(f)(h)** **0.0**%(Cost or Premiums, net $(70)) |  | 102 |
| Other Assets and Liabilities, net (80.4)% |  | (371983) |
| Net Assets 100.0% |  | $462729 |

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<br> Schedule of Investments PIMCO Long-Term U.S. Government Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  |
| **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** |
| **¤** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** |
| **~** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** |
| **(b)** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** |
| **(c)** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** |
| **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** |
| **(d)** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** |
| Counterparty | Maturity<br>Date | Principal<br>Amount | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | Collateral<br>(Received) | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| SAL | 10/02/2025 | 100 | &nbsp;&nbsp; U.S. Treasury Notes 1.750% due 12/31/2026 | &nbsp;&nbsp; U.S. Treasury Notes 1.750% due 12/31/2026 | &nbsp;&nbsp; U.S. Treasury Notes 1.750% due 12/31/2026 | &nbsp;&nbsp; U.S. Treasury Notes 1.750% due 12/31/2026 | (102) | (102) | 100 | 100 | $100 |
|  | 10/02/2025 | 116600 | &nbsp;&nbsp; U.S. Treasury Notes 3.625% due 08/15/2028 | &nbsp;&nbsp; U.S. Treasury Notes 3.625% due 08/15/2028 | &nbsp;&nbsp; U.S. Treasury Notes 3.625% due 08/15/2028 | &nbsp;&nbsp; U.S. Treasury Notes 3.625% due 08/15/2028 | (118938) | (118938) | 116600 | 116600 | 116600 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |  |  |  | **(119040)** | **(119040)** | **116700** | **116700** | $**116700** |
| **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** |
| Counterparty | Counterparty | Borrowing Rate<sup>(2)</sup> | Borrowing Rate<sup>(2)</sup> | Borrowing Date | Maturity Date | Maturity Date | Amount<br>Borrowed<sup>(2)</sup> | Amount<br>Borrowed<sup>(2)</sup> | Amount<br>Borrowed<sup>(2)</sup> | Payable for<br>Sale-Buyback<br>Transactions<sup>(3)</sup> | Payable for<br>Sale-Buyback<br>Transactions<sup>(3)</sup> |
| BCY | BCY | 4.350% | 4.350% | 10/02/2025 | 10/03/2025 | 10/03/2025 | (190533) | (190533) | (190533) | $(190534) | (190534) |
|  |  | 4.400 | 4.400 | 10/01/2025 | 10/02/2025 | 10/02/2025 | (285850) | (285850) | (285850) | (285850) | (285850) |
| UBS | UBS | 4.260 | 4.260 | 09/17/2025 | 10/24/2025 | 10/24/2025 | (168500) | (168500) | (168500) | (168779) | (168779) |
|  |  | 4.260 | 4.260 | 09/18/2025 | 10/16/2025 | 10/16/2025 | (6784) | (6784) | (6784) | (6795) | (6795) |
|  |  | 4.340 | 4.340 | 09/08/2025 | 10/06/2025 | 10/06/2025 | (12449) | (12449) | (12449) | (12483) | (12483) |
| **Total Sale-Buyback Transactions** | **Total Sale-Buyback Transactions** |  |  |  |  |  |  |  |  | $**(664441)** | **(664441)** |
| **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** |
| Description | Description | Description | Description | Description | Maturity<br>Date | Principal<br>Amount | Principal<br>Amount | Proceeds | Proceeds | Proceeds | Payable for<br>Short Sales |
| U.S. Government Agencies (0.5)% | U.S. Government Agencies (0.5)% | U.S. Government Agencies (0.5)% | U.S. Government Agencies (0.5)% | U.S. Government Agencies (0.5)% | U.S. Government Agencies (0.5)% | U.S. Government Agencies (0.5)% | U.S. Government Agencies (0.5)% | U.S. Government Agencies (0.5)% | U.S. Government Agencies (0.5)% | U.S. Government Agencies (0.5)% | U.S. Government Agencies (0.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 10/01/2055 | $ | 100 | $ | (82) | (82) | $(84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 10/01/2055 |  | 2400 |  | (2265) | (2265) | (2262) |
| **Total Short Sales (0.5)%** | **Total Short Sales (0.5)%** | **Total Short Sales (0.5)%** | **Total Short Sales (0.5)%** | **Total Short Sales (0.5)%** |  |  |  | **$** | **(2347)** | **(2347)** | $**(2346)** |
| **(e)** | **Securities with an aggregate market value of $658,133 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $658,133 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $658,133 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $658,133 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $658,133 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $658,133 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $658,133 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $658,133 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $658,133 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $658,133 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $658,133 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** |
| <sup>(1)</sup> | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. |
| <sup>(2)</sup> | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(174494) at a weighted average interest rate of 4.448%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(174494) at a weighted average interest rate of 4.448%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(174494) at a weighted average interest rate of 4.448%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(174494) at a weighted average interest rate of 4.448%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(174494) at a weighted average interest rate of 4.448%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(174494) at a weighted average interest rate of 4.448%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(174494) at a weighted average interest rate of 4.448%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(174494) at a weighted average interest rate of 4.448%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(174494) at a weighted average interest rate of 4.448%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(174494) at a weighted average interest rate of 4.448%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(174494) at a weighted average interest rate of 4.448%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. |
| <sup>(3)</sup> | Payable for sale-buyback transactions includes $(536) of deferred price drop. | Payable for sale-buyback transactions includes $(536) of deferred price drop. | Payable for sale-buyback transactions includes $(536) of deferred price drop. | Payable for sale-buyback transactions includes $(536) of deferred price drop. | Payable for sale-buyback transactions includes $(536) of deferred price drop. | Payable for sale-buyback transactions includes $(536) of deferred price drop. | Payable for sale-buyback transactions includes $(536) of deferred price drop. | Payable for sale-buyback transactions includes $(536) of deferred price drop. | Payable for sale-buyback transactions includes $(536) of deferred price drop. | Payable for sale-buyback transactions includes $(536) of deferred price drop. | Payable for sale-buyback transactions includes $(536) of deferred price drop. |
| **(f)** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** |
| **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** |
| **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** |
| Description | Description | Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional Amount | Premiums<br>(Received) | Premiums<br>(Received) | Premiums<br>(Received) |  | Market<br>Value |
| Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | $111.500 | 10/24/2025 | 30 | 30 | $(6) | (6) | (6) | $ | (6) |

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<br> Schedule of Investments PIMCO Long-Term U.S. Government Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **OPTIONS** **ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS** **ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS** **ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS** **ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS** **ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS** **ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS** **ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS** **ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS** **ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS** **ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS** **ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS** **ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS** **ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS** **ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS** **ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS** **ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS** **ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS** **ON EXCHANGE-TRADED FUTURES CONTRACTS** |
| Description | Description | Description | Description | Description | Description | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | # of<br>Contracts | Notional Amount | Notional Amount | Premiums<br>(Received) | Premiums<br>(Received) |  | Market<br>Value |
| Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | $114.000 | 114.000 | 10/24/2025 | 30 | 30 | $30 | 30 | (8) | (8) | $ | (4) |
| **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **$** | **(14)** | **(14)** | **$** | **(10)** |
| **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** |
| **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Description | Description | Description | Description |  | Expiration<br>Month | # of<br>Contracts | # of<br>Contracts | Notional<br>Amount | Notional<br>Amount |  | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Asset | Liability |
| U.S. Treasury 5-Year Note December Futures | U.S. Treasury 5-Year Note December Futures | U.S. Treasury 5-Year Note December Futures | U.S. Treasury 5-Year Note December Futures | U.S. Treasury 5-Year Note December Futures | 12/2025 | 145 | 145 | 15833 | 15833 |  | $6 | 6 | 6 | 6 | 6 | 6 | 0 |
| **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Description | Description | Description | Description |  | Expiration<br>Month | # of<br>Contracts | # of<br>Contracts | Notional<br>Amount | Notional<br>Amount |  | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Asset | Liability |
| U.S. Treasury 2-Year Note December Futures | U.S. Treasury 2-Year Note December Futures | U.S. Treasury 2-Year Note December Futures | U.S. Treasury 2-Year Note December Futures | U.S. Treasury 2-Year Note December Futures | 12/2025 | 33 | 33 | (6877) | (6877) |  | $(12) | (12) | (12) | 0 | 0 | 0 | (4) |
| U.S. Treasury 10-Year Note December Futures | U.S. Treasury 10-Year Note December Futures | U.S. Treasury 10-Year Note December Futures | U.S. Treasury 10-Year Note December Futures | U.S. Treasury 10-Year Note December Futures | 12/2025 | 31 | 31 | (3488) | (3488) |  | (29) | (29) | (29) | 0 | 0 | 0 | 0 |
| U.S. Treasury Long-Term Bond December Futures | U.S. Treasury Long-Term Bond December Futures | U.S. Treasury Long-Term Bond December Futures | U.S. Treasury Long-Term Bond December Futures | U.S. Treasury Long-Term Bond December Futures | 12/2025 | 173 | 173 | (20171) | (20171) |  | (424) | (424) | (424) | 43 | 43 | 43 | 0 |
| U.S. Treasury Ultra Long-Term Bond December Futures | U.S. Treasury Ultra Long-Term Bond December Futures | U.S. Treasury Ultra Long-Term Bond December Futures | U.S. Treasury Ultra Long-Term Bond December Futures | U.S. Treasury Ultra Long-Term Bond December Futures | 12/2025 | 48 | 48 | (5763) | (5763) |  | (142) | (142) | (142) | 27 | 27 | 27 | 0 |
| U.S. Ultra Treasury 10-Year Note December Futures | U.S. Ultra Treasury 10-Year Note December Futures | U.S. Ultra Treasury 10-Year Note December Futures | U.S. Ultra Treasury 10-Year Note December Futures | U.S. Ultra Treasury 10-Year Note December Futures | 12/2025 | 669 | 669 | (76987) | (76987) |  | (796) | (796) | (796) | 42 | 42 | 42 | 0 |
|  |  |  |  |  |  |  |  |  |  | $ | (1403) | (1403) | $ | 112 | 112 | 112 | (4) |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **$** | **(1397)** | **(1397)** | **$** | **118** | **118** | **118** | **(4)** |
| **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** |
| **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Pay/<br>Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/<br>(Received) | Premiums<br>Paid/<br>(Received) |  | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Market<br>Value | Asset | Asset | Liability |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.638% | Annual | 05/31/2028 | 05/31/2028 | $1000 | 1000 | $0 | 0 | $ | (5) | (5) | (5) | (5) | $0 | 0 | $(1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.655 | Annual | 05/31/2028 | 05/31/2028 | 2100 | 2100 | 0 | 0 |  | (11) | (11) | (11) | (11) | 0 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.662 | Annual | 05/31/2028 | 05/31/2028 | 9800 | 9800 | 0 | 0 |  | (53) | (53) | (53) | (53) | 0 | 0 | (5) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 05/31/2028 | 05/31/2028 | 9800 | 9800 | 0 | 0 |  | (61) | (61) | (61) | (61) | 0 | 0 | (5) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.694 | Annual | 05/31/2028 | 05/31/2028 | 9800 | 9800 | 0 | 0 |  | (62) | (62) | (62) | (62) | 0 | 0 | (6) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.807 | Annual | 05/31/2028 | 05/31/2028 | 800 | 800 | 0 | 0 |  | (8) | (8) | (8) | (8) | 0 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 12/18/2029 | 6000 | 6000 | (118) | (118) |  | 58 | 58 | (60) | (60) | 0 | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 03/04/2030 | 600 | 600 | (1) | (1) |  | (9) | (9) | (10) | (10) | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.821 | Annual | 10/31/2030 | 10/31/2030 | 5300 | 5300 | 0 | 0 |  | (74) | (74) | (74) | (74) | 0 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.834 | Annual | 10/31/2030 | 10/31/2030 | 3760 | 3760 | 0 | 0 |  | (56) | (56) | (56) | (56) | 0 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.800 | Annual | 02/28/2031 | 02/28/2031 | 3700 | 3700 | 22 | 22 |  | (80) | (80) | (58) | (58) | 0 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.328 | Annual | 04/30/2031 | 04/30/2031 | 800 | 800 | 0 | 0 |  | 7 | 7 | 7 | 7 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.431 | Annual | 04/30/2031 | 04/30/2031 | 1200 | 1200 | 0 | 0 |  | 4 | 4 | 4 | 4 | 0 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | 06/20/2031 | 4500 | 4500 | (40) | (40) |  | (28) | (28) | (68) | (68) | 0 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 06/30/2031 | 06/30/2031 | 2400 | 2400 | 0 | 0 |  | 23 | 23 | 23 | 23 | 0 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.441 | Semi-Annual | 07/21/2031 | 07/21/2031 | 5100 | 5100 | (53) | (53) |  | 691 | 691 | 638 | 638 | 0 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 05/15/2032 | 6462 | 6462 | (6) | (6) |  | (99) | (99) | (105) | (105) | 0 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.610 | Annual | 12/12/2032 | 12/12/2032 | 1100 | 1100 | (5) | (5) |  | 5 | 5 | 0 | 0 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.030 | Annual | 12/15/2033 | 12/15/2033 | 100 | 100 | 0 | 0 |  | (3) | (3) | (3) | (3) | 0 | 0 | 0 |

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<br> Schedule of Investments PIMCO Long-Term U.S. Government Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | Annual | 12/26/2033 | 400 | 400 | (2) | (2) |  | (4) |  | (6) |  | 0 |  | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.854 | Annual | Annual | 12/29/2033 | 400 | 400 | (2) | (2) |  | (5) |  | (7) |  | 0 |  | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | Annual | 01/02/2034 | 600 | 600 | (3) | (3) |  | (2) |  | (5) |  | 0 |  | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.810 | Annual | Annual | 01/02/2034 | 600 | 600 | (3) | (3) |  | (5) |  | (8) |  | 0 |  | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.648 | Annual | Annual | 01/08/2034 | 500 | 500 | (2) | (2) |  | 2 |  | 0 |  | 0 |  | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.600 | Annual | Annual | 01/17/2034 | 400 | 400 | (2) | (2) |  | 3 |  | 1 |  | 0 |  | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | Annual | 08/05/2034 | 500 | 500 | (2) | (2) |  | (7) |  | (9) |  | 0 |  | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.679 | Annual | Annual | 08/13/2034 | 600 | 600 | (2) | (2) |  | (1) |  | (3) |  | 0 |  | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.532 | Annual | Annual | 08/20/2034 | 500 | 500 | (2) | (2) |  | 5 |  | 3 |  | 0 |  | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.555 | Annual | Annual | 08/28/2034 | 500 | 500 | (2) | (2) |  | 4 |  | 2 |  | 0 |  | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.605 | Annual | Annual | 08/28/2034 | 100 | 100 | 0 | 0 |  | 0 |  | 0 |  | 0 |  | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.611 | Annual | Annual | 08/28/2034 | 200 | 200 | (1) | (1) |  | 1 |  | 0 |  | 0 |  | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.643 | Annual | Annual | 08/28/2034 | 400 | 400 | (1) | (1) |  | 0 |  | (1) |  | 0 |  | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | Annual | 09/04/2034 | 400 | 400 | (2) | (2) |  | 6 |  | 4 |  | 0 |  | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.232 | Annual | Annual | 09/10/2034 | 700 | 700 | (3) | (3) |  | 23 |  | 20 |  | 0 |  | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.278 | Annual | Annual | 09/16/2034 | 600 | 600 | (3) | (3) |  | 18 |  | 15 |  | 0 |  | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | Annual | 03/03/2035 | 350 | 350 | (1) | (1) |  | (5) |  | (6) |  | 0 |  | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | Annual | 03/04/2035 | 500 | 500 | (2) | (2) |  | (8) |  | (10) |  | 0 |  | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | Annual | 03/05/2035 | 500 | 500 | (2) | (2) |  | (6) |  | (8) |  | 0 |  | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | Annual | 03/25/2035 | 700 | 700 | (2) | (2) |  | (11) |  | (13) |  | 0 |  | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.368 | Annual | Annual | 11/15/2049 | 300 | 300 | 0 | 0 |  | 31 |  | 31 |  | 1 |  | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.464 | Annual | Annual | 11/15/2049 | 500 | 500 | 0 | 0 |  | 44 |  | 44 |  | 1 |  | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.527 | Annual | Annual | 11/15/2049 | 100 | 100 | 0 | 0 |  | 8 |  | 8 |  | 0 |  | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | Annual | 10/23/2053 | 4500 | 4500 | (78) | (78) |  | 1883 |  | 1805 |  | 13 |  | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 2.330 | Semi-Annual | Semi-Annual | 10/25/2053 | 4010 | 4010 | 244 | 244 |  | 1047 |  | 1291 |  | 11 |  | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | Annual | 11/15/2053 | 500 | 500 | (3) | (3) |  | 63 |  | 60 |  | 1 |  | 0 |
| Receive<sup>(1)</sup> | Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.925 | Annual | Annual | 11/15/2053 | 1190 | 1190 | (9) | (9) |  | 14 |  | 5 |  | 4 |  | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.956 | Annual | Annual | 11/15/2054 | 1000 | 1000 | 0 | 0 |  | 0 |  | 0 |  | 3 |  | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | Annual | 12/18/2054 | 2700 | 2700 | 65 | 65 |  | 160 |  | 225 |  | 8 |  | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.846 | Annual | Annual | 02/15/2055 | 600 | 600 | 0 | 0 |  | 11 |  | 11 |  | 2 |  | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.872 | Annual | Annual | 02/15/2055 | 1800 | 1800 | 0 | 0 |  | 25 |  | 25 |  | 5 |  | 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** | **Total Swap Agreements** | **$** | **(21)** | **(21)** | $**3533** | **3533** | $**3512** | **3512** | $**49** | **49** | $**(35)** | **(35)** |
| **(g)** | **Securities with an aggregate market value of $1,986 and cash of $4,679 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,986 and cash of $4,679 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,986 and cash of $4,679 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,986 and cash of $4,679 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,986 and cash of $4,679 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,986 and cash of $4,679 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,986 and cash of $4,679 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,986 and cash of $4,679 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,986 and cash of $4,679 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,986 and cash of $4,679 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,986 and cash of $4,679 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,986 and cash of $4,679 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,986 and cash of $4,679 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,986 and cash of $4,679 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,986 and cash of $4,679 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,986 and cash of $4,679 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,986 and cash of $4,679 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,986 and cash of $4,679 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,986 and cash of $4,679 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** |
| <sup>(1)</sup> | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. |
| **(h)** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** |
| **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** |
| **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** |
| Counterparty | Counterparty | Counterparty | Description | Description | Description | Floating Rate<br>Index | Floating Rate<br>Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Exercise<br>Rate | Expiration<br>Date | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Premiums<br>(Received) | Premiums<br>(Received) | Market<br>Value | Market<br>Value |
| BOA | BOA | BOA | Call - OTC 10-Year Interest Rate Swap | Call - OTC 10-Year Interest Rate Swap | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | 3.575% | 3.575% | 10/02/2025 | 10/02/2025 | 1100 | 1100 | $(3) | (3) | (3) | 0 | 0 |
|  |  |  | Call - OTC 10-Year Interest Rate Swap | Call - OTC 10-Year Interest Rate Swap | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | 3.325 | 3.325 | 10/14/2025 | 10/14/2025 | 300 | 300 | (1) | (1) | (1) | 0 | 0 |
|  |  |  | Put - OTC 10-Year Interest Rate Swap | Put - OTC 10-Year Interest Rate Swap | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | Pay | 3.625 | 3.625 | 10/14/2025 | 10/14/2025 | 300 | 300 | (1) | (1) | (1) | (2) | (2) |

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<br> Schedule of Investments PIMCO Long-Term U.S. Government Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BPS | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Receive | Receive | 3.375 | 10/14/2025 | 10/14/2025 | 1000 | 1000 | (3) | (3) | 0 |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Pay | Pay | 3.675 | 10/14/2025 | 10/14/2025 | 1000 | 1000 | (3) | (3) | (4) |
| CBK | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Receive | Receive | 3.385 | 10/10/2025 | 10/10/2025 | 2300 | 2300 | (7) | (7) | (1) |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Pay | Pay | 3.685 | 10/10/2025 | 10/10/2025 | 2300 | 2300 | (7) | (7) | (8) |
| DUB | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Receive | Receive | 3.506 | 10/06/2025 | 10/06/2025 | 1000 | 1000 | (3) | (3) | 0 |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Pay | Pay | 3.806 | 10/06/2025 | 10/06/2025 | 1000 | 1000 | (3) | (3) | 0 |
| GLM | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Receive | Receive | 3.398 | 10/06/2025 | 10/06/2025 | 700 | 700 | (2) | (2) | 0 |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Pay | Pay | 3.698 | 10/06/2025 | 10/06/2025 | 700 | 700 | (2) | (2) | (1) |
| **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | $**(35)** | **(35)** | $**(16)** |
| Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. |
| **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** |
| **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: |
| Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Level 1 | Level 1 | Level 1 | Level 2 | Level 2 | Level 3 | Level 3 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| Industrials | Industrials | Industrials | Industrials | $0 | 0 | 0 | $311 | 311 | $0 | 0 | $311 | 311 |
| U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | 0 | 0 | 0 | 91183 | 91183 | 0 | 0 | 91183 | 91183 |
| U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | 0 | 0 | 0 | 605252 | 605252 | 0 | 0 | 605252 | 605252 |
| Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | 0 | 0 | 0 | 17448 | 17448 | 0 | 0 | 17448 | 17448 |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| Automobile Sequential | Automobile Sequential | Automobile Sequential | Automobile Sequential | 0 | 0 | 0 | 680 | 680 | 0 | 0 | 680 | 680 |
| Home Equity Other | Home Equity Other | Home Equity Other | Home Equity Other | 0 | 0 | 0 | 588 | 588 | 0 | 0 | 588 | 588 |
| Other ABS | Other ABS | Other ABS | Other ABS | 0 | 0 | 0 | 1419 | 1419 | 0 | 0 | 1419 | 1419 |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | 0 | 0 | 0 | 116700 | 116700 | 0 | 0 | 116700 | 116700 |
|  |  |  |  | $0 | 0 | 0 | $833581 | 833581 | $0 | 0 | $833581 | 833581 |
| **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** | **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 | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | $1029 | 1029 | 1029 | $0 | 0 | $0 | 0 | $1029 | 1029 |
| Total Investments | Total Investments | Total Investments | Total Investments | $1029 | 1029 | 1029 | $833581 | 833581 | $0 | 0 | $834610 | 834610 |
| **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** | **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** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** |
| U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | $0 | 0 | 0 | $(2346) | (2346) | $0 | 0 | $(2346) | (2346) |
| **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** | **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 | $0 | 0 | 0 | $167 | 167 | $0 | 0 | $167 | 167 |
| **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** | **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 | 0 | 0 | 0 | (49) | (49) | 0 | 0 | (49) | (49) |
| Over the counter | Over the counter | Over the counter | Over the counter | 0 | 0 | 0 | (16) | (16) | 0 | 0 | (16) | (16) |
|  |  |  |  | $0 | 0 | 0 | $(65) | (65) | $0 | 0 | $(65) | (65) |
| Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | $0 | 0 | 0 | $102 | 102 | $0 | 0 | $102 | 102 |
| Totals | Totals | Totals | Totals | $1029 | 1029 | 1029 | $831337 | 831337 | $0 | 0 | $832366 | 832366 |
| **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** |

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Notes to Financial Statements

**1** **. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS**

**(a) Investment Valuation Policies** The net asset value ("NAV") of the Portfolio'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 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, the Portfolio'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 Portfolio 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 Portfolio may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The 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, the Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that the 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 the 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 Portfolio 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 Pacific Investment Management Company LLC ("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 Investment Company Act of 1940, as amended (the "Act"). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees has designated PIMCO as the valuation designee ("Valuation Designee") for the Portfolio to perform the fair value determination relating to all Portfolio investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of portfolio investments. The Valuation Designee may value portfolio securities for which market quotations are not readily available and other Portfolio assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, exchange-traded funds ("ETFs"), exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Portfolio's assets that are invested in one or more open-end management investment companies (other than ETFs), the 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, 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 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. The 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 the 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 the 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 the 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 the 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 the Portfolio may transact.

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 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 the 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 the Portfolio may differ from the value that would be realized if the securities were sold. The Portfolio's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the " Frequent or Excessive Purchases, Exchanges and Redemptions " section in the Portfolio's prospectus.

Under certain circumstances, the per share NAV of a class of the Portfolio'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 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:

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Notes to Financial Statements (Cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

• Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the 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 ofthe Portfolio'sassets 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 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.

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

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indexes, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices,indexes,reference rates and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are

------

Notes to Financial Statements (Cont.)

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.

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.

**2. FEDERAL INCOME TAX MATTERS**

The 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.

The 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 Portfolio's tax positions for all open tax years. As of September 30, 2025, the Portfolio 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 Portfolio files U.S. federal, state and local tax returns as required. The Portfolio'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.

Shares of the Portfolio currently are sold to segregated asset accounts ("Separate Accounts") of insurance companies that fund variable annuity contracts and variable life insurance policies ("Variable Contracts"). Please refer to the prospectus for the Separate Account and Variable Contract for information regarding Federal income tax treatment of distributions to the Separate Account.

**3. INVESTMENTS IN AFFILIATES**

The 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 theAct, 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 Portfolio. A copy of each affiliate fund's shareholder report is available at the U.S. Securities and Exchange Commission ("SEC") website at www.sec.gov, on the Portfolio's website at www.pimco.com, or upon request, as applicable. The table below shows the Portfolio's transactions in and earnings from investments in the affiliated funds for the period ended September 30, 2025 (amounts in thousands<sup>†</sup>):

**Investment in PIMCO Short-Term Floating NAV Portfolio III**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Market Value<br>12/31/2024** | **Purchases at<br>Cost** | **Proceeds from<br>Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>09/30/2025** | **Dividend<br>Income**<sup>(1)</sup> | **Realized Net<br>Capital<br>Gain<br>Distributions**<sup>(1)</sup> |
| $1820 | $510270 | $(511000) | $(61) | $0 | $1029 | $171 | $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.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** |  | (Unaudited) |
| **Counterparty Abbreviations:** | **Counterparty Abbreviations:** |  |  |  |  |
| **BCY** | Barclays Capital, Inc. | **CBK** | Citibank N.A. | **SAL** | Citigroup Global Markets, Inc. |
| **BOA** | Bank of America N.A. | **DUB** | Deutsche Bank AG | **UBS** | UBS Securities LLC |
| **BPS** | BNP Paribas S.A. | **GLM** | Goldman Sachs Bank USA |  |  |
| **Currency Abbreviations:** | **Currency Abbreviations:** |  |  |  |  |
| **USD (or $)** | United States Dollar |  |  |  |  |
| **Exchange Abbreviations:** | **Exchange Abbreviations:** |  |  |  |  |
| **CBOT** | Chicago Board of Trade | **OTC** | Over the Counter |  |  |
| **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** |  |  |  |  |
| **SOFR** | Secured Overnight Financing Rate |  |  |  |  |
| **Other Abbreviations:** | **Other Abbreviations:** |  |  |  |  |
| **ABS** | Asset-Backed Security | **REMIC** | Real Estate Mortgage Investment Conduit | **TBA** | To-Be-Announced |
| **OIS** | Overnight Index Swap |  |  |  |  |

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------

<br> Schedule of Investments PIMCO Low Duration Portfolio September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(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 109.9% ¤** |  |  |
| **CORPORATE BONDS & NOTES 13.6%** |  |  |
| **BANKING & FINANCE 8.2%** |  |  |
| **ABN AMRO Bank NV** |  |  |
| 4.718% due 01/22/2027 | $3900 | $3934 |
| 6.575% due 10/13/2026 •  | 2200 | 2201 |
| **Abu Dhabi Developmental Holding Co. PJSC**<br>5.375% due 05/08/2029 | 1800 | 1874 |
| **American Honda Finance Corp.**<br>4.985% due 08/13/2027 •  | 3000 | 3006 |
| **Athene Global Funding** |  |  |
| 3.026% (EUR003M + 1.000%) due 02/23/2027 ~ | 1900 | 2244 |
| 5.068% due 07/16/2026 •  | $3700 | 3709 |
| **Avolon Holdings Funding Ltd.**<br>5.375% due 05/30/2030 | 1100 | 1129 |
| **Bank of America Corp.**<br>4.623% due 05/09/2029 •  | 3200 | 3240 |
| **Bank of Montreal**<br>4.567% due 09/10/2027 •  | 2100 | 2108 |
| **Banque Federative du Credit Mutuel SA**<br>5.194% due 02/16/2028 | 1400 | 1431 |
| **BPCE SA** |  |  |
| 5.975% due 01/18/2027 •  | 2100 | 2108 |
| 6.612% due 10/19/2027 •  | 5000 | 5114 |
| **Citibank NA** |  |  |
| 4.876% due 11/19/2027 •  | 1600 | 1613 |
| 4.929% due 08/06/2026 | 1500 | 1511 |
| 5.438% due 04/30/2026 | 2500 | 2517 |
| **Cooperatieve Rabobank UA**<br>4.840% (SOFRINDX + 0.620%) due 08/28/2026 ~ | 1700 | 1704 |
| **Credit Agricole SA**<br>5.392% (SOFRRATE + 1.210%) due 09/11/2028 ~ | 1600 | 1612 |
| **Danske Bank AS**<br>5.427% due 03/01/2028 •  | 2400 | 2442 |
| **Deutsche Bank AG** |  |  |
| 4.999% due 09/11/2030 •  | 2000 | 2029 |
| 5.468% (SOFRRATE + 1.219%) due 11/16/2027 ~ | 4600 | 4623 |
| **Ford Credit Canada Co.**<br>7.000% due 02/10/2026 | 600 | 437 |
| **Ford Motor Credit Co. LLC**<br>5.800% due 03/05/2027 | $1900 | 1920 |
| **General Motors Financial Co., Inc.**<br>5.400% due 05/08/2027 | 3600 | 3663 |
| **Goldman Sachs Bank USA**<br>4.986% (SOFRRATE + 0.750%) due 05/21/2027 ~ | 1400 | 1405 |
| **Goldman Sachs Group, Inc.** |  |  |
| 4.937% due 04/23/2028 •  | 2700 | 2732 |
| 5.049% due 07/23/2030 •  | 200 | 205 |
| **Hardwood Funding LLC**<br>4.980% due 06/07/2030 «(e) | 1000 | 1021 |
| **HSBC Holdings PLC**<br>6.161% due 03/09/2029 •  | 4500 | 4694 |
| **JPMorgan Chase & Co.** |  |  |
| 4.918% (SOFRRATE + 0.765%) due 09/22/2027 ~ | 5000 | 5020 |
| 5.571% due 04/22/2028 •  | 1200 | 1227 |
| 6.070% due 10/22/2027 •  | 3000 | 3060 |
| **Morgan Stanley**<br>5.338% (SOFRRATE + 1.020%) due 04/13/2028 ~ | 1900 | 1910 |
| **Morgan Stanley Bank NA** |  |  |
| 4.968% due 07/14/2028 •  | 500 | 507 |
| 5.016% due 01/12/2029 •  | 3300 | 3360 |
| **NatWest Group PLC**<br>7.472% due 11/10/2026 •  | 3100 | 3110 |
| **Protective Life Global Funding**<br>4.806% (SOFRRATE + 0.500%) due 07/22/2026 ~ | 2000 | 2001 |
| **Royal Bank of Canada**<br>4.965% due 01/24/2029 •  | 1000 | 1017 |
| **Santander U.K. Group Holdings PLC** |  |  |
| 4.858% due 09/11/2030 •  | 2200 | 2226 |
| 6.833% due 11/21/2026 •  | 3200 | 3210 |
| **Stellantis Finance U.S., Inc.**<br>5.350% due 03/17/2028 | 400 | 405 |
| **Stellantis Financial Services U.S. Corp.**<br>4.950% due 09/15/2028 | 1600 | 1600 |

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------

<br> Schedule of Investments PIMCO Low Duration Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Sumitomo** **Mitsui Financial Group, Inc.**<br>5.464% due 01/13/2026 | 3000 | 3011 |
| **Swedbank AB**<br>5.337% due 09/20/2027 | 4100 | 4201 |
| **Toyota Motor Credit Corp.**<br>4.550% due 08/07/2026 | 500 | 503 |
| **UBS Group AG**<br>6.537% due 08/12/2033 •  | 250 | 276 |
| **UBS Switzerland AG**<br>3.390% due 12/05/2025 | 1900 | 2235 |
| **Wells Fargo & Co.** |  |  |
| 4.900% due 01/24/2028 •  | $3500 | 3533 |
| 4.970% due 04/23/2029 •  | 1200 | 1223 |
|  |  | 109861 |
| **INDUSTRIALS 4.4%** |  |  |
| **AbbVie, Inc.**<br>4.800% due 03/15/2027 | 4100 | 4149 |
| **Adnoc Murban Rsc Ltd.**<br>4.250% due 09/11/2029 | 2900 | 2917 |
| **Amgen, Inc.**<br>5.150% due 03/02/2028 | 283 | 290 |
| **Beignet**<br>6.850% due 06/01/2049 «(a) | 6700 | 6700 |
| **BMW U.S. Capital LLC** |  |  |
| 4.750% due 03/21/2028 | 2670 | 2710 |
| 5.050% due 08/11/2028 | 1930 | 1977 |
| **Broadcom, Inc.**<br>5.050% due 07/12/2027 | 700 | 712 |
| **Campbell's Co.**<br>5.300% due 03/20/2026 | 1700 | 1706 |
| **CommonSpirit Health**<br>1.547% due 10/01/2025 | 4900 | 4900 |
| **Equifax, Inc.**<br>5.100% due 12/15/2027 | 4000 | 4074 |
| **Hewlett Packard Enterprise Co.**<br>4.450% due 09/25/2026 | 2250 | 2259 |
| **Hyundai Capital America** |  |  |
| 4.875% due 06/23/2027 | 1300 | 1312 |
| 5.836% (SOFRRATE + 1.500%) due 01/08/2027 ~ | 4000 | 4041 |
| **International Business Machines Corp.**<br>4.650% due 02/10/2028 | 2800 | 2841 |
| **Las Vegas Sands Corp.** |  |  |
| 5.625% due 06/15/2028 | 500 | 511 |
| 5.900% due 06/01/2027 | 3400 | 3470 |
| **Mercedes-Benz Finance North America LLC** |  |  |
| 4.750% due 03/31/2028 | 2800 | 2842 |
| 4.900% due 11/15/2027 | 700 | 711 |
| **NTT Finance Corp.**<br>4.567% due 07/16/2027 | 400 | 403 |
| **Oracle Corp.**<br>5.043% (SOFRRATE + 0.760%) due 08/03/2028 ~ | 750 | 754 |
| **Philip Morris International, Inc.**<br>4.125% due 04/28/2028 | 3200 | 3207 |
| **Stryker Corp.**<br>4.250% due 09/11/2029 | 300 | 301 |
| **Volkswagen Group of America Finance LLC**<br>5.050% due 03/27/2028 | 5200 | 5269 |
|  |  | 58056 |
| **UTILITIES 1.0%** |  |  |
| **AES Corp.**<br>1.375% due 01/15/2026 | 5100 | 5054 |
| **Enel Finance International NV**<br>7.050% due 10/14/2025 | 5000 | 5004 |
| **NextEra Energy Capital Holdings, Inc.**<br>5.082% (SOFRINDX + 0.800%) due 02/04/2028 ~ | 1400 | 1412 |
| **Southern California Edison Co.** |  |  |
| 4.400% due 09/06/2026 | 115 | 115 |
| 4.700% due 06/01/2027 | 100 | 100 |
| 4.875% due 02/01/2027 | 300 | 302 |
| 5.350% due 03/01/2026 | 1200 | 1205 |
| 5.850% due 11/01/2027 | 600 | 616 |
|  |  | 13808 |
| Total Corporate Bonds & Notes (Cost $179,471) |  | 181725 |
| **U.S. GOVERNMENT AGENCIES 43.3%** |  |  |
| **Federal Home Loan Mortgage Corp.** |  |  |
| 0.650% due 10/22/2025 - 10/27/2025 | 48700 | 48596 |
| 0.800% due 10/28/2026 (h) | 11800 | 11440 |
| 2.500% due 01/01/2029 | 38 | 38 |
| 3.000% due 01/01/2027 | 21 | 21 |

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------

<br> Schedule of Investments PIMCO Low Duration Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 3.500% due 09/01/2030 | 212 | 211 |
| 4.000% due 12/01/2047 - 08/01/2048 | 1922 | 1850 |
| 5.000% due 06/01/2031 - 04/01/2053 | 3487 | 3480 |
| 6.000% due 04/01/2055 | 5654 | 5877 |
| 6.796% due 07/01/2035 •  | 8 | 8 |
| 7.020% due 09/01/2035 •  | 13 | 14 |
| **Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates** |  |  |
| 2.872% due 07/25/2054 ~ | 1682 | 1601 |
| 4.905% due 08/25/2027 •  | 748 | 748 |
| **Federal Home Loan Mortgage Corp. REMICS** |  |  |
| 5.145% due 03/15/2050 •  | 2174 | 2143 |
| 5.245% due 12/15/2050 •  | 813 | 810 |
| 5.296% due 11/25/2054 •  | 5236 | 5245 |
| 5.306% due 03/25/2055 •  | 2229 | 2219 |
| 5.326% due 08/25/2054 •  | 2248 | 2259 |
| 5.336% due 08/25/2055 •  | 10050 | 10102 |
| 5.356% due 02/25/2055 •  | 2070 | 2076 |
| 5.456% due 07/25/2055 •  | 2515 | 2522 |
| 5.500% due 01/25/2047 | 1082 | 1082 |
| 5.506% due 03/25/2055 - 08/25/2055 •  | 3000 | 3012 |
| 5.556% due 08/25/2055 •  | 32128 | 32255 |
| 5.756% due 03/25/2055 •  | 2967 | 2991 |
| **Federal Home Loan Mortgage Corp. STRIPS**<br>2.502% due 08/15/2044 •  | 712 | 746 |
| **Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates** |  |  |
| 4.532% due 08/25/2031 •  | 18 | 18 |
| 5.353% due 02/25/2045 •  | 51 | 50 |
| 6.500% due 07/25/2043 | 20 | 21 |
| **Federal National Mortgage Association** |  |  |
| 2.080% due 10/01/2026 | 900 | 884 |
| 3.000% due 12/01/2026 - 04/01/2052 | 54499 | 48346 |
| 3.150% due 03/01/2026 | 2800 | 2784 |
| 3.220% due 01/01/2028 | 1000 | 987 |
| 3.500% due 07/01/2047 - 12/01/2047 | 27796 | 25713 |
| 3.590% due 12/01/2025 | 2800 | 2791 |
| 4.000% due 08/01/2044 - 08/01/2048 | 2880 | 2767 |
| 4.500% due 05/01/2026 - 08/01/2046 | 205 | 204 |
| 5.000% due 05/01/2027 - 06/01/2054 | 88388 | 87861 |
| 5.420% due 06/01/2043 •  | 25 | 25 |
| 5.421% due 07/01/2042 •  | 9 | 9 |
| 5.471% due 09/01/2041 •  | 29 | 29 |
| 5.950% due 11/01/2035 •  | 9 | 9 |
| 6.000% due 02/01/2033 - 01/01/2039 | 200 | 210 |
| 6.500% due 04/01/2036 | 35 | 36 |
| 6.531% due 09/01/2035 •  | 16 | 17 |
| 6.618% due 05/01/2038 •  | 439 | 455 |
| 6.703% due 07/01/2035 •  | 2 | 2 |
| **Federal National Mortgage Association REMICS** |  |  |
| 1.000% due 01/25/2043 | 21 | 18 |
| 1.250% due 11/25/2027 | 1182 | 1154 |
| 2.000% due 11/25/2046 | 2544 | 2381 |
| 4.523% due 12/25/2036 - 07/25/2037 •  | 47 | 46 |
| 4.860% due 09/25/2049 •  | 213 | 212 |
| 5.000% due 04/25/2033 | 2 | 2 |
| 5.125% due 12/25/2047 •  | 1077 | 1078 |
| 5.145% due 01/25/2051 •  | 1082 | 1084 |
| 5.256% due 03/25/2055 •  | 1886 | 1889 |
| 5.306% due 03/25/2055 •  | 909 | 913 |
| 5.326% due 08/25/2054 •  | 612 | 615 |
| 5.396% due 06/17/2027 •  | 1 | 1 |
| 5.516% due 03/25/2055 •  | 2775 | 2787 |
| 5.536% due 08/25/2055 •  | 1954 | 1964 |
| 5.556% due 08/25/2055 •  | 13278 | 13348 |
| 5.856% due 12/25/2054 •  | 3480 | 3515 |
| **Federal National Mortgage Association REMICS Trust**<br>4.721% due 12/25/2042 ~ | 2 | 2 |
| **Federal National Mortgage Association Trust**<br>4.821% due 09/25/2042 - 03/25/2044 •  | 155 | 155 |
| **Government National Mortgage Association** |  |  |
| 3.000% due 02/20/2030 | 60 | 59 |
| 3.500% due 10/20/2029 | 664 | 659 |
| **Government National Mortgage Association REMICS** |  |  |
| 4.902% due 06/20/2065 •  | 221 | 221 |
| 4.966% due 06/20/2064 •  | 1200 | 1201 |
| 4.986% due 10/20/2065 •  | 2035 | 2037 |
| 5.006% due 07/20/2063 •  | 186 | 186 |
| 5.039% due 02/20/2074 •  | 824 | 823 |
| 5.150% due 07/20/2065 « | 7750 | 7745 |
| 5.189% due 04/20/2072 •  | 2467 | 2464 |
| 5.266% due 05/20/2066 •  | 215 | 216 |
| 5.289% due 07/20/2073 - 07/20/2074 •  | 7005 | 7040 |
| 5.316% due 04/20/2066 •  | 1505 | 1510 |
| 5.339% due 09/20/2073 •  | 6743 | 6794 |
| 5.359% due 08/20/2073 •  | 1538 | 1553 |
| 5.389% due 05/20/2073 •  | 2793 | 2823 |
| 5.549% due 11/20/2072 •  | 10709 | 10899 |

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<br> Schedule of Investments PIMCO Low Duration Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 5.559% due 11/20/2072 •  | 12221 | 12447 |
| 5.581% due 07/20/2067 •  | 2229 | 2262 |
| 5.716% due 08/20/2070 •  | 3829 | 3897 |
| 5.889% due 08/20/2071 •  | 1742 | 1783 |
| **Seasoned Loans Structured Transaction Trust**<br>3.250% due 10/25/2033 | 459 | 459 |
| **Uniform Mortgage-Backed Security, TBA** |  |  |
| 2.500% due 11/01/2055 | 4400 | 3708 |
| 4.000% due 11/01/2055 | 41100 | 38731 |
| 4.500% due 10/01/2040 | 200 | 200 |
| 5.000% due 11/01/2055 | 16400 | 16256 |
| 5.500% due 11/01/2055 | 10300 | 10379 |
| 6.000% due 11/01/2055 | 94900 | 96938 |
| Total U.S. Government Agencies (Cost $583,846) |  | 579018 |
| **U.S. TREASURY OBLIGATIONS 13.5%** |  |  |
| **U.S. Treasury Inflation Protected Securities** **(d)** |  |  |
| 0.625% due 07/15/2032 | 10229 | 9685 |
| 1.125% due 01/15/2033 | 9543 | 9252 |
| **U.S. Treasury Notes** |  |  |
| 2.875% due 05/15/2032 (j) | 2100 | 1975 |
| 3.625% due 05/15/2026 | 151600 | 151401 |
| 4.875% due 04/30/2026 (j) | 8600 | 8651 |
| Total U.S. Treasury Obligations (Cost $180,689) |  | 180964 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 3.3%** |  |  |
| **Adjustable Rate Mortgage Trust**<br>5.450% due 09/25/2035 ~ | 89 | 78 |
| **AOA Mortgage Trust**<br>5.140% due 10/15/2038 •  | 3320 | 3320 |
| **Atrium Hotel Portfolio Trust**<br>5.378% due 12/15/2036 •  | 3614 | 3561 |
| **Banc of America Funding Trust**<br>4.971% due 01/20/2047 ~ | 60 | 52 |
| **Banc of America Mortgage Trust** |  |  |
| 5.641% due 08/25/2034 ~ | 66 | 66 |
| 5.841% due 07/25/2034 ~ | 70 | 68 |
| **Bear Stearns ALT-A Trust**<br>4.592% due 02/25/2034 •  | 63 | 59 |
| **Bear Stearns ARM Trust** |  |  |
| 4.839% due 07/25/2034 ~ | 45 | 42 |
| 4.977% due 01/25/2035 ~ | 778 | 760 |
| 5.125% due 01/25/2035 ~ | 22 | 20 |
| 5.923% due 01/25/2034 ~ | 3 | 3 |
| **Bear Stearns Structured Products, Inc. Trust** |  |  |
| 3.965% due 12/26/2046 ~ | 127 | 101 |
| 4.972% due 01/26/2036 ~ | 152 | 108 |
| **BX Trust**<br>4.899% due 04/15/2039 •  | 615 | 614 |
| **Chevy Chase Funding LLC Mortgage-Backed Certificates**<br>4.552% due 01/25/2035 •  | 3 | 3 |
| **CHL Mortgage Pass-Through Trust** |  |  |
| 5.097% due 11/25/2034 ~ | 82 | 79 |
| 5.388% due 02/20/2035 ~ | 11 | 11 |
| 5.452% due 11/20/2034 ~ | 176 | 169 |
| 6.248% due 02/20/2036 •  | 123 | 115 |
| **Citigroup Mortgage Loan Trust, Inc.** |  |  |
| 5.482% due 08/25/2035 ~ | 33 | 30 |
| 6.490% due 05/25/2035 •  | 6 | 6 |
| **CLNY Trust**<br>5.717% due 11/15/2038 •  | 3281 | 3243 |
| **Countrywide Alternative Loan Trust**<br>6.000% due 10/25/2033 | 4 | 4 |
| **CRSNT Trust**<br>5.094% due 04/15/2036 •  | 6000 | 5961 |
| **DBGS Mortgage Trust**<br>5.660% due 10/15/2036 •  | 100 | 99 |
| **DROP Mortgage Trust**<br>5.414% due 10/15/2043 •  | 5000 | 4862 |
| **Eurosail-U.K. PLC**<br>5.055% (BP0003M + 0.950%) due 06/13/2045 ~ | 1681 | 2262 |
| **First Horizon Alternative Mortgage Securities Trust**<br>5.099% due 09/25/2034 ~ | $45 | 46 |
| **First Horizon Mortgage Pass-Through Trust**<br>6.002% due 08/25/2035 ~ | 38 | 25 |
| **GMACM Mortgage Loan Trust**<br>3.685% due 11/19/2035 ~ | 19 | 16 |
| **GS Mortgage-Backed Securities Trust**<br>3.000% due 09/25/2052 ~ | 3938 | 3393 |
| **GSR Mortgage Loan Trust** |  |  |
| 5.191% due 09/25/2035 ~ | 51 | 50 |
| 6.300% due 09/25/2034 ~ | 17 | 18 |
| **HarborView Mortgage Loan Trust** |  |  |
| 4.688% due 05/19/2035 •  | 24 | 24 |

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<br> Schedule of Investments PIMCO Low Duration Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 4.815% due 07/19/2035 ~ | 132 | 99 |
| **JP Morgan Mortgage Trust**<br>5.750% due 01/25/2036 | 10 | 4 |
| **Merrill Lynch Mortgage Investors Trust** |  |  |
| 4.772% due 11/25/2035 •  | 16 | 15 |
| 4.932% due 09/25/2029 •  | 16 | 16 |
| **Natixis Commercial Mortgage Securities Trust**<br>5.365% due 08/15/2038 •  | 3991 | 3843 |
| **NYO Commercial Mortgage Trust**<br>5.360% due 11/15/2038 •  | 4400 | 4388 |
| **OBX Trust**<br>3.000% due 01/25/2052 ~ | 3844 | 3326 |
| **PHHMC Trust**<br>5.849% due 07/18/2035 ~ | 46 | 46 |
| **Prime Mortgage Trust**<br>4.672% due 02/25/2034 •  | 1 | 1 |
| **RFMSI Trust**<br>5.534% due 09/25/2035 ~ | 325 | 204 |
| **SFO Commercial Mortgage Trust**<br>5.414% due 05/15/2038 •  | 2200 | 2186 |
| **Structured Adjustable Rate Mortgage Loan Trust** |  |  |
| 4.529% due 08/25/2035 ~ | 45 | 39 |
| 5.553% due 01/25/2035 •  | 71 | 65 |
| 6.336% due 02/25/2034 ~ | 25 | 24 |
| **Structured Asset Mortgage Investments II Trust**<br>4.832% due 02/25/2036 •  | 31 | 26 |
| **WaMu Mortgage Pass-Through Certificates Trust** |  |  |
| 4.812% due 12/25/2045 •  | 20 | 21 |
| 4.952% due 01/25/2045 •  | 150 | 149 |
| 5.553% due 06/25/2042 •  | 3 | 3 |
| Total Non-Agency Mortgage-Backed Securities (Cost $44,965) |  | 43723 |
| **ASSET-BACKED SECURITIES 7.7%** |  |  |
| **AUTOMOBILE SEQUENTIAL 0.9%** |  |  |
| **Carvana Auto Receivables Trust**<br>5.420% due 04/10/2028 | 1777 | 1784 |
| **Chesapeake Funding II LLC**<br>5.520% due 05/15/2036 | 2054 | 2081 |
| **Citizens Auto Receivables Trust**<br>5.840% due 01/18/2028 | 552 | 556 |
| **Ford Auto Securitization Trust II Asset-Backed Notes**<br>6.027% due 07/15/2028 | 1225 | 898 |
| **Ford Credit Auto Owner Trust**<br>4.850% due 08/15/2035 | $1250 | 1273 |
| **Oscar U.S. Funding XIV LLC**<br>2.820% due 04/10/2029 | 3001 | 2969 |
| **Stellantis Financial Underwritten Enhanced Lease Trust**<br>4.630% due 07/20/2027 | 1780 | 1788 |
| **Westlake Automobile Receivables Trust**<br>4.820% due 09/15/2027 | 953 | 954 |
|  |  | 12303 |
| **CMBS OTHER 2.0%** |  |  |
| **Arbor Realty Commercial Real Estate Notes Ltd.**<br>5.615% due 11/15/2036 •  | 2200 | 2205 |
| **AREIT Trust**<br>5.636% due 01/20/2037 •  | 2617 | 2619 |
| **BDS Ltd.**<br>5.600% due 12/16/2036 •  | 2293 | 2296 |
| **GPMT Ltd.**<br>5.750% due 07/16/2035 •  | 711 | 710 |
| **KREF Ltd.**<br>5.584% due 02/17/2039 •  | 2510 | 2515 |
| **LFT CRE Ltd.**<br>5.435% due 06/15/2039 •  | 1516 | 1520 |
| **LoanCore Issuer Ltd.**<br>5.931% due 01/17/2037 •  | 2621 | 2628 |
| **MF1 LLC**<br>6.284% due 06/19/2037 •  | 3690 | 3692 |
| **MF1 Ltd.**<br>5.484% due 02/19/2037 •  | 3594 | 3599 |
| **TRTX Issuer Ltd.** |  |  |
| 5.457% due 03/15/2038 •  | 740 | 741 |
| 5.793% due 02/15/2039 •  | 3748 | 3757 |
|  |  | 26282 |
| **CREDIT CARD OTHER 0.3%** |  |  |
| **Synchrony Card Funding LLC**<br>5.740% due 10/15/2029 | 4400 | 4483 |

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<br> Schedule of Investments PIMCO Low Duration Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **HOME EQUITY OTHER 0.7%** |  |  |
| **ACE Securities Corp. Home Equity Loan Trust** |  |  |
| 4.392% due 10/25/2036 •  | 42 | 16 |
| 5.172% due 12/25/2034 •  | 698 | 636 |
| 5.202% due 02/25/2036 •  | 1995 | 1882 |
| **Asset-Backed Securities Corp. Home Equity Loan Trust**<br>5.915% due 03/15/2032 •  | 7 | 7 |
| **Countrywide Asset-Backed Certificates**<br>4.972% due 12/25/2033 •  | 236 | 237 |
| **Credit Suisse First Boston Mortgage Securities Corp.**<br>4.168% due 01/25/2032 •  | 1 | 1 |
| **GE-WMC Mortgage Securities Trust**<br>4.352% due 08/25/2036 •  | 6 | 3 |
| **Morgan Stanley ABS Capital I, Inc. Trust**<br>4.522% due 05/25/2037 •  | 3523 | 3206 |
| **NovaStar Mortgage Funding Trust**<br>4.592% due 05/25/2036 •  | 474 | 470 |
| **Residential Asset Securities Corporation Trust**<br>5.157% due 01/25/2034 •  | 61 | 63 |
| **Structured Asset Investment Loan Trust**<br>4.977% due 03/25/2034 •  | 131 | 138 |
| **Structured Asset Securities Corp. Mortgage Loan Trust**<br>4.892% due 05/25/2036 •  | 2593 | 2557 |
|  |  | 9216 |
| **WHOLE LOAN COLLATERAL 0.0%** |  |  |
| **Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates**<br>4.832% due 12/25/2035 •  | 113 | 112 |
| **OTHER ABS 3.8%** |  |  |
| **Bain Capital Credit CLO Ltd.**<br>5.525% due 10/20/2034 •  | 1400 | 1402 |
| **Carlyle Euro CLO DAC** |  |  |
| 2.926% due 08/15/2032 •  | 3336 | 3921 |
| 3.221% due 08/15/2038 •  | 4500 | 5299 |
| **CarVal CLO III Ltd.**<br>5.315% due 07/20/2032 •  | $962 | 963 |
| **CCG Receivables Trust**<br>4.480% due 10/14/2032 | 2700 | 2716 |
| **CIFC Funding Ltd.**<br>5.530% due 10/24/2030 •  | 1309 | 1311 |
| **Elevation CLO Ltd.**<br>5.618% due 01/25/2035 •  | 1200 | 1204 |
| **Fortress Credit BSL VII Ltd.**<br>5.409% due 07/23/2032 •  | 491 | 491 |
| **Fortress Credit BSL X Ltd.**<br>0.000% due 04/20/2033 •(a) | 500 | 500 |
| **Indigo Credit Management II DAC**<br>3.479% due 07/15/2038 •  | 1200 | 1413 |
| **Madison Park Euro Funding XIV DAC**<br>2.826% due 07/15/2032 •  | 4179 | 4911 |
| **Massachusetts Educational Financing Authority**<br>5.552% due 04/25/2038 •  | $43 | 43 |
| **Pikes Peak CLO 2**<br>5.549% due 10/11/2034 •  | 1000 | 1001 |
| **Pikes Peak CLO 4**<br>5.528% due 07/15/2034 •  | 1100 | 1102 |
| **QTS Issuer ABS II LLC**<br>5.044% due 10/05/2055 | 2500 | 2514 |
| **Romark Credit Funding III Ltd.**<br>5.539% due 09/15/2042 | 700 | 703 |
| **Sandstone Peak Ltd.**<br>5.598% due 10/15/2034 •  | 2200 | 2205 |
| **Shackleton CLO Ltd.**<br>5.525% due 07/20/2034 •  | 1500 | 1502 |
| **SMB Private Education Loan Trust** |  |  |
| 3.940% due 02/16/2055 | 2236 | 2188 |
| 5.380% due 07/15/2053 | 857 | 881 |
| 5.670% due 11/15/2052 | 1981 | 2037 |
| 5.822% due 02/16/2055 •  | 2236 | 2258 |
| **Stonepeak ABS**<br>2.301% due 02/28/2033 | 1495 | 1446 |
| **Tesla Sustainable Energy Trust**<br>5.080% due 06/21/2050 | 435 | 438 |
| **Toro European CLO 7 DAC**<br>2.846% due 02/15/2034 •  | 5037 | 5920 |
| **Trinitas CLO VI Ltd.**<br>0.000% due 01/25/2034 •(a) | $1300 | 1300 |
| **Voya CLO Ltd.**<br>5.491% due 04/17/2030 •  | 269 | 269 |

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<br> Schedule of Investments PIMCO Low Duration Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Wind** **River CLO Ltd.**<br>5.378% due 10/15/2034 •  | 895 | 896 |
|  |  | 50834 |
| Total Asset-Backed Securities (Cost $102,333) |  | 103230 |
| **SOVEREIGN ISSUES 3.5%** |  |  |
| **Brazil Letras do Tesouro Nacional**<br>0.000% due 04/01/2026 (c) | 163400 | 28680 |
| **Cassa Depositi e Prestiti SpA**<br>5.875% due 04/30/2029 | $3100 | 3274 |
| **Israel Government International Bonds**<br>5.375% due 02/19/2030 | 1500 | 1549 |
| **Korea Expressway Corp.**<br>5.000% due 05/14/2027 | 2000 | 2031 |
| **Korea Housing Finance Corp.**<br>4.875% due 08/27/2027 | 1300 | 1322 |
| **Kuwait International Bonds**<br>4.016% due 10/09/2028 (a) | 2800 | 2800 |
| **Republic of Poland Government International Bonds**<br>4.625% due 03/18/2029 | 3850 | 3927 |
| **Saudi Government International Bonds**<br>5.125% due 01/13/2028 | 3600 | 3679 |
| Total Sovereign Issues (Cost $46,281) |  | 47262 |
| **SHORT-TERM INSTRUMENTS 25.0%** |  |  |
| **COMMERCIAL PAPER 1.6%** |  |  |
| **Alimentation Couche-Tard, Inc.** |  |  |
| 4.560% due 10/01/2025 | 850 | 850 |
| 4.560% due 10/02/2025 | 250 | 250 |
| 4.560% due 10/03/2025 | 1100 | 1100 |
| **AutoNation, Inc.**<br>4.550% due 10/08/2025 (a) | 1050 | 1049 |
| **Bacardi-Martini BV**<br>4.780% due 10/16/2025 | 300 | 299 |
| **Campbell's Co.**<br>4.550% due 10/09/2025 | 250 | 250 |
| **Canadian Natural Resources Ltd.**<br>4.450% due 10/22/2025 | 400 | 399 |
| **Crown Castle, Inc.** |  |  |
| 4.610% due 10/21/2025 (a) | 250 | 249 |
| 4.610% due 10/23/2025 | 1050 | 1047 |
| 4.620% due 10/21/2025 | 1300 | 1296 |
| 4.620% due 10/23/2025 | 1100 | 1097 |
| 4.800% due 10/07/2025 | 850 | 849 |
| 4.800% due 10/09/2025 | 250 | 250 |
| **Glencore Funding LLC**<br>4.360% due 10/16/2025 | 450 | 449 |
| **HA Sustainable Infrastructure Capital, Inc.**<br>4.620% due 10/01/2025 | 250 | 250 |
| **HCA, Inc.** |  |  |
| 4.580% due 10/15/2025 | 1400 | 1397 |
| 4.600% due 10/23/2025 | 3250 | 3240 |
| 4.650% due 10/17/2025 | 650 | 649 |
| 4.750% due 10/09/2025 | 1050 | 1049 |
| **Keurig Dr. Pepper, Inc.** |  |  |
| 4.410% due 10/01/2025 | 250 | 250 |
| 4.450% due 10/15/2025 | 550 | 549 |
| **NextEra Energy Capital Holdings, Inc.**<br>4.540% due 10/20/2025 | 250 | 249 |
| **Oracle Corp.** |  |  |
| 4.220% due 01/16/2026 | 1150 | 1136 |
| 4.330% due 11/19/2025 | 1950 | 1939 |
| **Southern California Edison Co.**<br>4.800% due 11/14/2025 | 450 | 447 |
| **Targa Resources Corp.**<br>4.380% due 10/17/2025 | 1100 | 1098 |
|  |  | 21687 |
| **REPURCHASE AGREEMENTS (f) 19.4%** |  | 258940 |
| **U.S. TREASURY BILLS 4.0%** |  |  |
| 4.122% due 12/30/2025 - 01/27/2026 (b)(c)(j) | 54364 | 53842 |

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<br> Schedule of Investments PIMCO Low Duration Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Total Short-Term Instruments (Cost $334,900) |  | <br> 334469 |
| Total Investments in Securities (Cost $1,472,485) |  | 1470391 |
|  | SHARES |  |
| **INVESTMENTS IN AFFILIATES 11.4%** |  |  |
| **SHORT-TERM INSTRUMENTS 11.4%** |  |  |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 11.4%** |  |  |
| **PIMCO Short Asset Portfolio** | 12694250 | 124543 |
| **PIMCO Short-Term Floating NAV Portfolio III** | 2940244 | 28635 |
| Total Short-Term Instruments (Cost $152,561) |  | 153178 |
| Total Investments in Affiliates (Cost $152,561) |  | 153178 |
| Total Investments 121.3% (Cost $1,625,046) |  | $1623569 |
| **Financial Derivative Instruments** **(g)(i)** **(0.1)**% (Cost or Premiums, net $1,715) |  | (1691) |
| Other Assets and Liabilities, net (21.2)% |  | (283744) |
| Net Assets 100.0% |  | $1338134 |

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------

<br> Schedule of Investments PIMCO Low Duration Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  |
| **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** |
| **¤** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** |
| **«** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** |
| **(b)** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** |
| **(c)** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** |
| **(d)** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** |
| **(e)** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** |
| Issuer Description | Issuer Description | Issuer Description | Issuer Description | Issuer Description | Coupon | Acquisition<br>Date | Acquisition<br>Date | Acquisition<br>Date | Acquisition<br>Date | Cost | Cost | Cost |  | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
| Hardwood Funding LLC | Hardwood Funding LLC | Hardwood Funding LLC | Hardwood Funding LLC | Hardwood Funding LLC | % | 03/11/2025 | 03/11/2025 | 03/11/2025 | 03/11/2025 | 1000 | 1000 | 1000 | $ | 1021 | 0.08% |
| **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** |
| **(f)** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** |
| Counterparty | Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | Collateral<br>(Received) | Collateral<br>(Received) | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | BOS | 4.290% | 09/30/2025 | 10/01/2025 | 66300 | &nbsp;&nbsp; U.S. Treasury Notes 4.500% due 05/15/2027 | &nbsp;&nbsp; U.S. Treasury Notes 4.500% due 05/15/2027 | &nbsp;&nbsp; U.S. Treasury Notes 4.500% due 05/15/2027 | &nbsp;&nbsp; U.S. Treasury Notes 4.500% due 05/15/2027 | &nbsp;&nbsp; U.S. Treasury Notes 4.500% due 05/15/2027 | $(67709) | (67709) | (67709) | 66300 | $66308 |
|  |  | 4.450 | 09/30/2025 | 10/01/2025 | 25000 | &nbsp;&nbsp; U.S. Treasury Notes 4.625% due 09/30/2028 | &nbsp;&nbsp; U.S. Treasury Notes 4.625% due 09/30/2028 | &nbsp;&nbsp; U.S. Treasury Notes 4.625% due 09/30/2028 | &nbsp;&nbsp; U.S. Treasury Notes 4.625% due 09/30/2028 | &nbsp;&nbsp; U.S. Treasury Notes 4.625% due 09/30/2028 | (24945) | (24945) | (24945) | 25000 | 25003 |
| MEI | MEI | 2.510 | 09/23/2025 | 10/01/2025 | 40000 | &nbsp;&nbsp; Canada Government Bond 2.000% due 06/01/2032 | &nbsp;&nbsp; Canada Government Bond 2.000% due 06/01/2032 | &nbsp;&nbsp; Canada Government Bond 2.000% due 06/01/2032 | &nbsp;&nbsp; Canada Government Bond 2.000% due 06/01/2032 | &nbsp;&nbsp; Canada Government Bond 2.000% due 06/01/2032 | (29483) | (29483) | (29483) | 28742 | 28758 |
|  |  | 2.510 | 10/01/2025 | 10/15/2025 | 30000 | &nbsp;&nbsp; Canada Government Bond 3.000% due 02/01/2027 | &nbsp;&nbsp; Canada Government Bond 3.000% due 02/01/2027 | &nbsp;&nbsp; Canada Government Bond 3.000% due 02/01/2027 | &nbsp;&nbsp; Canada Government Bond 3.000% due 02/01/2027 | &nbsp;&nbsp; Canada Government Bond 3.000% due 02/01/2027 | (22083) | (22083) | (22083) | 21556 | 21556 |
|  |  | 2.530 | 09/19/2025 | 10/03/2025 | 40000 | &nbsp;&nbsp; Canada Government Bond 2.750% due 09/01/2030 | &nbsp;&nbsp; Canada Government Bond 2.750% due 09/01/2030 | &nbsp;&nbsp; Canada Government Bond 2.750% due 09/01/2030 | &nbsp;&nbsp; Canada Government Bond 2.750% due 09/01/2030 | &nbsp;&nbsp; Canada Government Bond 2.750% due 09/01/2030 | (29435) | (29435) | (29435) | 28742 | 28766 |
| SAL | SAL | 4.180 | 10/01/2025 | 10/02/2025 | 77800 | &nbsp;&nbsp; U.S. Treasury Notes 3.750% due 08/15/2027 | &nbsp;&nbsp; U.S. Treasury Notes 3.750% due 08/15/2027 | &nbsp;&nbsp; U.S. Treasury Notes 3.750% due 08/15/2027 | &nbsp;&nbsp; U.S. Treasury Notes 3.750% due 08/15/2027 | &nbsp;&nbsp; U.S. Treasury Notes 3.750% due 08/15/2027 | (79336) | (79336) | (79336) | 77800 | 77800 |
|  |  | 4.230 | 09/30/2025 | 10/01/2025 | 10800 | &nbsp;&nbsp; U.S. Treasury Notes 1.500% due 08/15/2026 | &nbsp;&nbsp; U.S. Treasury Notes 1.500% due 08/15/2026 | &nbsp;&nbsp; U.S. Treasury Notes 1.500% due 08/15/2026 | &nbsp;&nbsp; U.S. Treasury Notes 1.500% due 08/15/2026 | &nbsp;&nbsp; U.S. Treasury Notes 1.500% due 08/15/2026 | (11026) | (11026) | (11026) | 10800 | 10801 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |  |  |  |  | $**(264017)** | **(264017)** | **(264017)** | **258940** | $**258992** |
| **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** |
| Description | Description | Description | Description | Description | Description | Description | Description | Coupon | Maturity<br>Date | Principal<br>Amount | Principal<br>Amount | Principal<br>Amount | Proceeds | Proceeds | Payable for<br>Short Sales |
| U.S. Government Agencies (8.2)% | U.S. Government Agencies (8.2)% | U.S. Government Agencies (8.2)% | U.S. Government Agencies (8.2)% | U.S. Government Agencies (8.2)% | U.S. Government Agencies (8.2)% | U.S. Government Agencies (8.2)% | U.S. Government Agencies (8.2)% | U.S. Government Agencies (8.2)% | U.S. Government Agencies (8.2)% | U.S. Government Agencies (8.2)% | U.S. Government Agencies (8.2)% | U.S. Government Agencies (8.2)% | U.S. Government Agencies (8.2)% | U.S. Government Agencies (8.2)% | U.S. Government Agencies (8.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.000% | 11/01/2055 | $63100 | 63100 | 63100 | $ | (56063) | $(55437) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 11/01/2055 | 34500 | 34500 | 34500 |  | (31636) | (31515) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.000 | 11/01/2055 | 22800 | 22800 | 22800 |  | (22634) | (22599) |
| **Total Short Sales (8.2)%** | **Total Short Sales (8.2)%** | **Total Short Sales (8.2)%** | **Total Short Sales (8.2)%** | **Total Short Sales (8.2)%** | **Total Short Sales (8.2)%** | **Total Short Sales (8.2)%** | **Total Short Sales (8.2)%** |  |  |  |  |  | **$** | **(110333)** | $**(109551)** |
| <sup>(1)</sup> | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. |
| **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(41) at a weighted average interest rate of 4.410%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(41) at a weighted average interest rate of 4.410%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(41) at a weighted average interest rate of 4.410%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(41) at a weighted average interest rate of 4.410%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(41) at a weighted average interest rate of 4.410%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(41) at a weighted average interest rate of 4.410%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(41) at a weighted average interest rate of 4.410%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(41) at a weighted average interest rate of 4.410%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(41) at a weighted average interest rate of 4.410%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(41) at a weighted average interest rate of 4.410%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(41) at a weighted average interest rate of 4.410%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(41) at a weighted average interest rate of 4.410%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(41) at a weighted average interest rate of 4.410%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(41) at a weighted average interest rate of 4.410%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(41) at a weighted average interest rate of 4.410%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(41) at a weighted average interest rate of 4.410%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** |
| **(g)** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** |
| **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** |
| **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> |
| Description | Description | Description | Description | Description | Description | Strike<br>Price | Expiration<br>Date | Expiration<br>Date | # of<br>Contracts | Notional Amount | Notional Amount | Premiums<br>(Received) | Premiums<br>(Received) | Premiums<br>(Received) | Market<br>Value |
| Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | 111.500 | 10/24/2025 | 10/24/2025 | 49 | 49 | 49 | (9) | (9) | (9) | (10) |
| Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | 113.500 | 10/24/2025 | 10/24/2025 | 38 | 38 | 38 | (9) | (9) | (9) | (8) |
| Put - EUREX Euro-Bund October 2025 Futures | Put - EUREX Euro-Bund October 2025 Futures | Put - EUREX Euro-Bund October 2025 Futures | Put - EUREX Euro-Bund October 2025 Futures | Put - EUREX Euro-Bund October 2025 Futures | Put - EUREX Euro-Bund October 2025 Futures | 127.500 | 10/24/2025 | 10/24/2025 | 14 | 14 | 14 | (5) | (5) | (5) | (3) |
| Call - EUREX Euro-Bund October 2025 Futures | Call - EUREX Euro-Bund October 2025 Futures | Call - EUREX Euro-Bund October 2025 Futures | Call - EUREX Euro-Bund October 2025 Futures | Call - EUREX Euro-Bund October 2025 Futures | Call - EUREX Euro-Bund October 2025 Futures | 129.500 | 10/24/2025 | 10/24/2025 | 6 | 6 | 6 | (1) | (1) | (1) | (2) |
| Call - EUREX Euro-Bund October 2025 Futures | Call - EUREX Euro-Bund October 2025 Futures | Call - EUREX Euro-Bund October 2025 Futures | Call - EUREX Euro-Bund October 2025 Futures | Call - EUREX Euro-Bund October 2025 Futures | Call - EUREX Euro-Bund October 2025 Futures | 130.500 | 10/24/2025 | 10/24/2025 | 8 | 8 | 8 | (4) | (4) | (4) | (1) |
|  |  |  |  |  |  |  |  |  |  |  | $ | $(28) | (28) | (28) | (24) |

---

------

<br> Schedule of Investments PIMCO Low Duration Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **OPTIONS** **ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS** **ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS** **ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS** **ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS** **ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS** **ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS** **ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS** **ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS** **ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS** **ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS** **ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS** **ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS** **ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS** **ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS** **ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS** **ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS** **ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS** **ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS** **ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS** **ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS** **ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS** **ON EXCHANGE-TRADED FUTURES CONTRACTS** |
| Description | Description | Description | Description | Description | Description | Description | Description | Description | Description | Strike<br>Price | Strike<br>Price | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional Amount | Notional Amount | Notional Amount | Premiums<br>(Received) | Premiums<br>(Received) |  | Market<br>Value |
| Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | $111.000 | 111.000 | 111.000 | 10/24/2025 | 20 | $20 | 20 | 20 | (3) | (3) | $ | (2) |
| Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | 114.000 | 114.000 | 114.000 | 10/24/2025 | 31 | 31 | 31 | 31 | (8) | (8) |  | (4) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (11) | (11) | $ | (6) |
| **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **$** | **(39)** | **(39)** | **$** | **(30)** |
| **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** |
| **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Description | Description | Description | Description | Description |  | Expiration<br>Month | Expiration<br>Month | Expiration<br>Month | # of<br>Contracts | # of<br>Contracts |  | Notional<br>Amount | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Asset | Liability |
| Euro-Bobl December Futures | Euro-Bobl December Futures | Euro-Bobl December Futures | Euro-Bobl December Futures | Euro-Bobl December Futures | Euro-Bobl December Futures | 12/2025 | 12/2025 | 12/2025 | 9 | 9 | $ | 1245 | 1245 | $0 | 0 | 0 | 0 | 2 | 2 | 2 | 0 |
| Euro-Bund December Futures | Euro-Bund December Futures | Euro-Bund December Futures | Euro-Bund December Futures | Euro-Bund December Futures | Euro-Bund December Futures | 12/2025 | 12/2025 | 12/2025 | 3 | 3 |  | 453 | 453 | 3 | 3 | 3 | 3 | 1 | 1 | 1 | 0 |
| U.S. Treasury 2-Year Note December Futures | U.S. Treasury 2-Year Note December Futures | U.S. Treasury 2-Year Note December Futures | U.S. Treasury 2-Year Note December Futures | U.S. Treasury 2-Year Note December Futures | U.S. Treasury 2-Year Note December Futures | 12/2025 | 12/2025 | 12/2025 | 5128 | 5128 |  | 1068667 | 1068667 | 952 | 952 | 952 | 952 | 561 | 561 | 561 | 0 |
| U.S. Treasury 5-Year Note December Futures | U.S. Treasury 5-Year Note December Futures | U.S. Treasury 5-Year Note December Futures | U.S. Treasury 5-Year Note December Futures | U.S. Treasury 5-Year Note December Futures | U.S. Treasury 5-Year Note December Futures | 12/2025 | 12/2025 | 12/2025 | 1470 | 1470 |  | 160517 | 160517 | 240 | 240 | 240 | 240 | 57 | 57 | 57 | 0 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1195 | 1195 | 1195 | $ | 621 | 621 | 621 | 0 |
| **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Description | Description | Description | Description | Description |  | Expiration<br>Month | Expiration<br>Month | Expiration<br>Month | # of<br>Contracts | # of<br>Contracts |  | Notional<br>Amount | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Asset | Liability |
| U.S. Treasury 10-Year Note December Futures | U.S. Treasury 10-Year Note December Futures | U.S. Treasury 10-Year Note December Futures | U.S. Treasury 10-Year Note December Futures | U.S. Treasury 10-Year Note December Futures | U.S. Treasury 10-Year Note December Futures | 12/2025 | 12/2025 | 12/2025 | 94 | 94 | $ | (10575) | (10575) | $(47) | (47) | (47) | (47) | 1 | 1 | 1 | 0 |
| U.S. Ultra Treasury 10-Year Note December Futures | U.S. Ultra Treasury 10-Year Note December Futures | U.S. Ultra Treasury 10-Year Note December Futures | U.S. Ultra Treasury 10-Year Note December Futures | U.S. Ultra Treasury 10-Year Note December Futures | U.S. Ultra Treasury 10-Year Note December Futures | 12/2025 | 12/2025 | 12/2025 | 1064 | 1064 |  | (122443) | (122443) | (1289) | (1289) | (1289) | (1289) | 67 | 67 | 67 | 0 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1336) | (1336) | (1336) | $ | 68 | 68 | 68 | 0 |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **(141)** | **(141)** | **(141)** | **$** | **689** | **689** | **689** | **0** |
| **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** |
| **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(2)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Reference Entity | Reference Entity | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> |  | Notional<br>Amount<sup>(4)</sup> | Notional<br>Amount<sup>(4)</sup> |  | Premiums<br>Paid/<br>(Received) | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) |  | Market<br>Value<sup>(5)</sup> | Market<br>Value<sup>(5)</sup> | Asset | Asset | Liability |
| Barclays Bank PLC | Barclays Bank PLC | Quarterly | 12/20/2025 | 12/20/2025 | 0.246 | 0.246 | % | EUR | 900 | 900 | $ | 5 | 5 | (3) | (3) | $ | 2 | 2 | 0 | 0 | 0 |
| Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Quarterly | 06/20/2026 | 06/20/2026 | 0.271 | 0.271 |  | $ | $500 | 500 |  | 3 | 3 | (1) | (1) |  | 2 | 2 | 0 | 0 | 0 |
| Morgan Stanley | Morgan Stanley | Quarterly | 12/20/2025 | 12/20/2025 | 0.227 | 0.227 |  |  | 3500 | 3500 |  | 11 | 11 | (4) | (4) |  | 7 | 7 | 0 | 0 | 0 |
| Oracle Corp. | Oracle Corp. | Quarterly | 06/20/2030 | 06/20/2030 | 0.528 | 0.528 |  |  | 1000 | 1000 |  | 22 | 22 | (1) | (1) |  | 21 | 21 | 0 | 0 | (1) |
|  |  |  |  |  |  |  |  |  |  |  | $ | 41 | 41 | (9) | (9) | $ | 32 | 32 | 0 | 0 | (1) |
| **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Index/Tranches | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date |  |  | Notional<br>Amount<sup>(4)</sup> | Notional<br>Amount<sup>(4)</sup> |  | Premiums<br>Paid/<br>(Received) | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) |  | Market<br>Value<sup>(5)</sup> | Market<br>Value<sup>(5)</sup> | Asset | Asset | Liability |
| CDX.IG-45 5-Year Index | CDX.IG-45 5-Year Index | 1.000% | Quarterly | Quarterly | 12/20/2030 | 12/20/2030 | $ | $ | 500 | 500 | $ | 11 | 11 | 1 | 1 | $ | 12 | 12 | 0 | 0 | 0 |
| **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Pay/<br>Receive<br>Floating Rate | Floating Rate Index | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date | Maturity<br>Date |  | Notional<br>Amount | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/<br>(Received) | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Market<br>Value | Asset | Asset | Liability |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | 09/17/2030 | 09/17/2030 | GBP | 19800 | 19800 | 19800 | $(107) | (107) | (7) | (7) | (7) | (114) | (114) | $27 | 27 | $0 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 1-Day GBP-SONIO Compounded-OIS | 3.930 | Annual | 01/06/2035 | 01/06/2035 | 01/06/2035 |  | 300 | 300 | 300 | (1) | (1) | (6) | (6) | (6) | (7) | (7) | 1 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2025 | 12/18/2025 | 12/18/2025 | $ | 27420 | 27420 | 27420 | 186 | 186 | 49 | 49 | 49 | 235 | 235 | 1 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 2.150 | Annual | 06/15/2027 | 06/15/2027 | 06/15/2027 |  | 31500 | 31500 | 31500 | (120) | (120) | (759) | (759) | (759) | (879) | (879) | 9 | 9 | 0 |

---

------

<br> Schedule of Investments PIMCO Low Duration Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 |  | 16000 | 36 | (195) | (159) | 0 | (9) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 |  | 2100 | (4) | (30) | (34) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.582 | Annual | 10/31/2030 |  | 7930 | 0 | (5) | (5) | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.623 | Annual | 10/31/2030 |  | 2600 | 0 | (8) | (8) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.664 | Annual | 10/31/2030 |  | 1700 | 0 | (9) | (9) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.677 | Annual | 10/31/2030 |  | 1400 | 0 | (8) | (8) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.689 | Annual | 10/31/2030 |  | 5900 | 0 | (39) | (39) | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 10/31/2030 |  | 2700 | 0 | (18) | (18) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.722 | Annual | 10/31/2030 |  | 5600 | 0 | (47) | (47) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 10/31/2030 |  | 3700 | 0 | (34) | (34) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.739 | Annual | 10/31/2030 |  | 2100 | 0 | (20) | (20) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 |  | 59700 | 5 | (972) | (967) | 0 | (20) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2032 |  | 12230 | 1262 | 148 | 1410 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 08/05/2034 |  | 400 | (2) | (5) | (7) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.679 | Annual | 08/13/2034 |  | 100 | 0 | (1) | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.558 | Annual | 08/21/2034 |  | 200 | (1) | 2 | 1 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.605 | Annual | 08/28/2034 |  | 200 | (1) | 1 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.514 | Annual | 09/04/2034 |  | 300 | (1) | 3 | 2 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.408 | Annual | 09/05/2034 |  | 200 | (1) | 4 | 3 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.232 | Annual | 09/10/2034 |  | 150 | (1) | 5 | 4 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.240 | Annual | 09/16/2034 |  | 300 | (1) | 9 | 8 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.278 | Annual | 09/16/2034 |  | 280 | (1) | 8 | 7 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.280 | Annual | 09/16/2034 |  | 200 | (1) | 6 | 5 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.231 | Annual | 09/18/2034 |  | 500 | (2) | 16 | 14 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 02/26/2035 |  | 100 | 0 | (3) | (3) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 |  | 150 | (1) | (2) | (3) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 |  | 900 | (3) | (15) | (18) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 |  | 300 | (1) | (4) | (5) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 |  | 1200 | (4) | (16) | (20) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 |  | 900 | (3) | (14) | (17) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 |  | 600 | (2) | (10) | (12) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 |  | 1300 | (4) | (29) | (33) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 |  | 1500 | (4) | (29) | (33) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 |  | 800 | (2) | (12) | (14) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 |  | 10000 | 213 | 146 | 359 | 0 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 | AUD | 35600 | 605 | (56) | 549 | 123 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.700 | Annual | 08/13/2029 | EUR | 700 | (1) | (12) | (13) | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.650 | Annual | 08/14/2029 |  | 300 | 0 | (5) | (5) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.300 | Annual | 09/25/2029 |  | 200 | 0 | 0 | 0 | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 04/09/2030 |  | 300 | (1) | 0 | (1) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.590 | Annual | 08/19/2034 |  | 200 | (1) | 2 | 1 | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 02/12/2035 |  | 100 | 0 | 1 | 1 | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.520 | Annual | 04/09/2035 |  | 200 | (1) | 4 | 3 | 0 | (1) |

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<br> Schedule of Investments PIMCO Low Duration Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 2.550 | Annual | Annual | 04/16/2035 | 300 |  | (1) |  | 4 |  | 3 |  | 0 | 0 |  | (1) |
| Receive | Receive | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 2.530 | Annual | Annual | 04/23/2035 | 170 |  | (1) |  | 3 |  | 2 |  | 0 | 0 |  | (1) |
| Receive | Receive | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 2.450 | Annual | Annual | 05/05/2035 | 300 |  | (1) |  | 7 |  | 6 |  | 0 | 0 |  | (1) |
|  |  |  |  |  |  |  |  | $ | $2032 | 2032 | $(1952) | (1952) | $80 | 80 | $161 | 161 | 161 | $(53) | (53) |
| **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **$** | $**2084** | **2084** | $**(1960)** | **(1960)** | $**124** | **124** | $**161** | **161** | **161** | $**(54)** | **(54)** |
| **(h)** | **Securities with an aggregate market value of $1,405 and cash of $16,658 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,405 and cash of $16,658 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,405 and cash of $16,658 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,405 and cash of $16,658 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,405 and cash of $16,658 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,405 and cash of $16,658 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,405 and cash of $16,658 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,405 and cash of $16,658 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,405 and cash of $16,658 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,405 and cash of $16,658 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,405 and cash of $16,658 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,405 and cash of $16,658 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,405 and cash of $16,658 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,405 and cash of $16,658 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,405 and cash of $16,658 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,405 and cash of $16,658 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,405 and cash of $16,658 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,405 and cash of $16,658 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,405 and cash of $16,658 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** |
| <sup>(1)</sup> | Future styled option variation margin asset of $2 and liability of $(1) is outstanding at period end. | Future styled option variation margin asset of $2 and liability of $(1) is outstanding at period end. | Future styled option variation margin asset of $2 and liability of $(1) is outstanding at period end. | Future styled option variation margin asset of $2 and liability of $(1) is outstanding at period end. | Future styled option variation margin asset of $2 and liability of $(1) is outstanding at period end. | Future styled option variation margin asset of $2 and liability of $(1) is outstanding at period end. | Future styled option variation margin asset of $2 and liability of $(1) is outstanding at period end. | Future styled option variation margin asset of $2 and liability of $(1) is outstanding at period end. | Future styled option variation margin asset of $2 and liability of $(1) is outstanding at period end. | Future styled option variation margin asset of $2 and liability of $(1) is outstanding at period end. | Future styled option variation margin asset of $2 and liability of $(1) is outstanding at period end. | Future styled option variation margin asset of $2 and liability of $(1) is outstanding at period end. | Future styled option variation margin asset of $2 and liability of $(1) is outstanding at period end. | Future styled option variation margin asset of $2 and liability of $(1) is outstanding at period end. | Future styled option variation margin asset of $2 and liability of $(1) is outstanding at period end. | Future styled option variation margin asset of $2 and liability of $(1) is outstanding at period end. | Future styled option variation margin asset of $2 and liability of $(1) is outstanding at period end. | Future styled option variation margin asset of $2 and liability of $(1) is outstanding at period end. | Future styled option variation margin asset of $2 and liability of $(1) is outstanding at period end. |
| <sup>(2)</sup> | If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. |
| **(i)** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** |
| **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** |
|  |  |  |  |  |  |  |  |  |  |  |  | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | Settlement<br>Month | Settlement<br>Month | Settlement<br>Month |  | Currency to<br>be Delivered | Currency to<br>be Delivered |  | Currency to<br>be Received | Currency to<br>be Received | Currency to<br>be Received | Asset | Asset | Asset | Asset | Liability | Liability | Liability |
| &nbsp;&nbsp;&nbsp;&nbsp; AZD | &nbsp;&nbsp;&nbsp;&nbsp; AZD | &nbsp;&nbsp;&nbsp;&nbsp; AZD | 10/2025 | 10/2025 | 10/2025 | EUR | 22809 | 22809 | $ | $26603 | 26603 | 26603 | 0 | 0 | 0 | 0 | $(176) | (176) | (176) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | $ | $2488 | 2488 | CAD | 3461 | 3461 | 3461 | 0 | 0 | 0 | 0 | (1) | (1) | (1) |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | CAD | 3455 | 3455 | $ | $2488 | 2488 | 2488 | 1 | 1 | 1 | 1 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOA | &nbsp;&nbsp;&nbsp;&nbsp; BOA | &nbsp;&nbsp;&nbsp;&nbsp; BOA | 10/2025 | 10/2025 | 10/2025 |  | 40039 | 40039 |  | 29033 | 29033 | 29033 | 261 | 261 | 261 | 261 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | INR | 871 | 871 |  | 10 | 10 | 10 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | JPY | 6581 | 6581 |  | 44 | 44 | 44 | 0 | 0 | 0 | 0 | (1) | (1) | (1) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | $ | $5 | 5 | JPY | 757 | 757 | 757 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 828 | 828 | NZD | 1438 | 1438 | 1438 | 6 | 6 | 6 | 6 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | NZD | 1438 | 1438 | $ | $829 | 829 | 829 | 0 | 0 | 0 | 0 | (6) | (6) | (6) |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | $ | $44 | 44 | JPY | 6558 | 6558 | 6558 | 1 | 1 | 1 | 1 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BPS | &nbsp;&nbsp;&nbsp;&nbsp; BPS | &nbsp;&nbsp;&nbsp;&nbsp; BPS | 10/2025 | 10/2025 | 10/2025 | BRL | 100900 | 100900 | $ | $16902 | 16902 | 16902 | 0 | 0 | 0 | 0 | (2056) | (2056) | (2056) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | CNH | 274 | 274 |  | 38 | 38 | 38 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | IDR | 2856712 | 2856712 |  | 173 | 173 | 173 | 2 | 2 | 2 | 2 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | JPY | 7624 | 7624 |  | 51 | 51 | 51 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | TWD | 2536 | 2536 |  | 85 | 85 | 85 | 2 | 2 | 2 | 2 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | $ | $18873 | 18873 | BRL | 100900 | 100900 | 100900 | 96 | 96 | 96 | 96 | (11) | (11) | (11) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 72 | 72 | IDR | 1209751 | 1209751 | 1209751 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 81 | 81 | PLN | 293 | 293 | 293 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 |  | 168 | 168 | BRL | 899 | 899 | 899 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 |  | 51 | 51 | JPY | 7598 | 7598 | 7598 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 12/2025 | 12/2025 | 12/2025 | IDR | 1213230 | 1213230 | $ | $72 | 72 | 72 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 04/2026 | 04/2026 | 04/2026 | BRL | 20300 | 20300 |  | 3554 | 3554 | 3554 | 0 | 0 | 0 | 0 | (98) | (98) | (98) |
| &nbsp;&nbsp;&nbsp;&nbsp; BRC | &nbsp;&nbsp;&nbsp;&nbsp; BRC | &nbsp;&nbsp;&nbsp;&nbsp; BRC | 10/2025 | 10/2025 | 10/2025 | CHF | 437 | 437 |  | 545 | 545 | 545 | 0 | 0 | 0 | 0 | (4) | (4) | (4) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | $ | $464 | 464 | CHF | 370 | 370 | 370 | 1 | 1 | 1 | 1 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 1127 | 1127 | ZAR | 19875 | 19875 | 19875 | 23 | 23 | 23 | 23 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | AUD | 365 | 365 | $ | $241 | 241 | 241 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | CHF | 369 | 369 |  | 464 | 464 | 464 | 0 | 0 | 0 | 0 | (1) | (1) | (1) |
|  |  |  | 12/2025 | 12/2025 | 12/2025 | $ | $30 | 30 | MYR | 126 | 126 | 126 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BSH | &nbsp;&nbsp;&nbsp;&nbsp; BSH | &nbsp;&nbsp;&nbsp;&nbsp; BSH | 10/2025 | 10/2025 | 10/2025 | BRL | 36100 | 36100 | $ | $6787 | 6787 | 6787 | 5 | 5 | 5 | 5 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | $ | $6638 | 6638 | BRL | 36100 | 36100 | 36100 | 144 | 144 | 144 | 144 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 244 | 244 | NZD | 422 | 422 | 422 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | NZD | 422 | 422 | $ | $245 | 245 | 245 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 04/2026 | 04/2026 | 04/2026 | BRL | 38700 | 38700 |  | 6814 | 6814 | 6814 | 0 | 0 | 0 | 0 | (147) | (147) | (147) |
| &nbsp;&nbsp;&nbsp;&nbsp; CBK | &nbsp;&nbsp;&nbsp;&nbsp; CBK | &nbsp;&nbsp;&nbsp;&nbsp; CBK | 10/2025 | 10/2025 | 10/2025 | AUD | 365 | 365 |  | 240 | 240 | 240 | 0 | 0 | 0 | 0 | (2) | (2) | (2) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | CAD | 40022 | 40022 |  | 28970 | 28970 | 28970 | 213 | 213 | 213 | 213 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | IDR | 846759 | 846759 |  | 51 | 51 | 51 | 1 | 1 | 1 | 1 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | INR | 3684 | 3684 |  | 42 | 42 | 42 | 1 | 1 | 1 | 1 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | TWD | 8413 | 8413 |  | 284 | 284 | 284 | 7 | 7 | 7 | 7 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | $ | $75 | 75 | IDR | 1249419 | 1249419 | 1249419 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 9 | 9 | INR | 812 | 812 | 812 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 53 | 53 | THB | 1709 | 1709 | 1709 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 66 | 66 | TWD | 2014 | 2014 | 2014 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | INR | 814 | 814 | $ | $9 | 9 | 9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 12/2025 | 12/2025 | 12/2025 | IDR | 1252960 | 1252960 |  | 75 | 75 | 75 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 12/2025 | 12/2025 | 12/2025 | TWD | 2002 | 2002 |  | 66 | 66 | 66 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; DUB | &nbsp;&nbsp;&nbsp;&nbsp; DUB | &nbsp;&nbsp;&nbsp;&nbsp; DUB | 10/2025 | 10/2025 | 10/2025 | CNH | 588 | 588 |  | 83 | 83 | 83 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | INR | 1678 | 1678 |  | 19 | 19 | 19 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | $ | $121 | 121 | ILS | 414 | 414 | 414 | 4 | 4 | 4 | 4 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 15 | 15 | INR | 1314 | 1314 | 1314 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |

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<br> Schedule of Investments PIMCO Low Duration Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 10/2025 | 10/2025 | 27 | 27 | KRW | 38171 |  | 0 | 0 | 0 |  | 0 |
|  |  | 11/2025 | 11/2025 | 413 | 413 | $ | 121 |  | 0 | 0 | 0 |  | (4) |
|  |  | 11/2025 | 11/2025 | 1317 | 1317 |  | 15 |  | 0 | 0 | 0 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; FAR | &nbsp;&nbsp;&nbsp;&nbsp; FAR | 10/2025 | 10/2025 | 30029 | 30029 |  | 21599 |  | 7 | 7 | 7 |  | 0 |
|  |  | 10/2025 | 10/2025 | 256 | 256 |  | 36 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 | 3512 | 3512 |  | 40 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 | $292 | 292 | AUD | 448 |  | 4 | 4 | 4 |  | 0 |
|  |  | 10/2025 | 10/2025 | 83 | 83 | CHF | 66 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 | 2045 | 2045 | JPY | 300672 |  | 0 | 0 | 0 |  | (12) |
|  |  | 10/2025 | 10/2025 | 47 | 47 | PLN | 170 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 | 689 | 689 | SGD | 887 |  | 0 | 0 | 0 |  | (1) |
|  |  | 11/2025 | 11/2025 | 448 | 448 | $ | 293 |  | 0 | 0 | 0 |  | (4) |
|  |  | 11/2025 | 11/2025 | 66 | 66 |  | 83 |  | 0 | 0 | 0 |  | 0 |
|  |  | 11/2025 | 11/2025 | 885 | 885 |  | 689 |  | 1 | 1 | 1 |  | 0 |
|  |  | 12/2025 | 12/2025 | 1400 | 1400 |  | 74 |  | 0 | 0 | 0 |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; GLM | &nbsp;&nbsp;&nbsp;&nbsp; GLM | 10/2025 | 10/2025 | 74100 | 74100 |  | 13307 |  | 6 | 6 | 6 |  | (622) |
|  |  | 10/2025 | 10/2025 | 20 | 20 |  | 3 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 | 854472 | 854472 |  | 52 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 | 1001 | 1001 |  | 11 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 | $13643 | 13643 | BRL | 74100 |  | 282 | 282 | 282 |  | (2) |
|  |  | 10/2025 | 10/2025 | 72 | 72 | IDR | 1200243 |  | 0 | 0 | 0 |  | 0 |
|  |  | 12/2025 | 12/2025 | 1203121 | 1203121 | $ | 72 |  | 0 | 0 | 0 |  | 0 |
|  |  | 04/2026 | 04/2026 | 79400 | 79400 |  | 13998 |  | 2 | 2 | 2 |  | (286) |
| &nbsp;&nbsp;&nbsp;&nbsp; JPM | &nbsp;&nbsp;&nbsp;&nbsp; JPM | 10/2025 | 10/2025 | 109 | 109 |  | 20 |  | 0 | 0 | 0 |  | (1) |
|  |  | 10/2025 | 10/2025 | 3457 | 3457 |  | 2501 |  | 17 | 17 | 17 |  | 0 |
|  |  | 10/2025 | 10/2025 | 915225 | 915225 |  | 56 |  | 1 | 1 | 1 |  | 0 |
|  |  | 10/2025 | 10/2025 | $20 | 20 | BRL | 109 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 | 48 | 48 | KRW | 66068 |  | 0 | 0 | 0 |  | (1) |
|  |  | 10/2025 | 10/2025 | 253 | 253 | ZAR | 4481 |  | 6 | 6 | 6 |  | 0 |
|  |  | 04/2026 | 04/2026 | 25000 | 25000 | $ | 4241 |  | 0 | 0 | 0 |  | (256) |
| &nbsp;&nbsp;&nbsp;&nbsp; MBC | &nbsp;&nbsp;&nbsp;&nbsp; MBC | 10/2025 | 10/2025 | 448 | 448 |  | 295 |  | 0 | 0 | 0 |  | (1) |
|  |  | 10/2025 | 10/2025 | 299 | 299 |  | 42 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 | 3779 | 3779 |  | 25 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 | 887 | 887 |  | 692 |  | 5 | 5 | 5 |  | 0 |
|  |  | 10/2025 | 10/2025 | $30 | 30 | CNH | 212 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 | 38 | 38 | KRW | 52470 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 | 125 | 125 | THB | 4033 |  | 0 | 0 | 0 |  | (1) |
|  |  | 11/2025 | 11/2025 | 211 | 211 | $ | 30 |  | 0 | 0 | 0 |  | 0 |
|  |  | 11/2025 | 11/2025 | $44 | 44 | JPY | 6460 |  | 0 | 0 | 0 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; MYI | &nbsp;&nbsp;&nbsp;&nbsp; MYI | 10/2025 | 10/2025 | 302 | 302 | $ | 42 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 | 144155 | 144155 |  | 966 |  | 0 | 0 | 0 |  | (9) |
|  |  | 10/2025 | 10/2025 | $23 | 23 | JPY | 3347 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 | 44 | 44 | PLN | 159 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 | 54 | 54 | TWD | 1615 |  | 0 | 0 | 0 |  | (1) |
|  |  | 11/2025 | 11/2025 | 966 | 966 | JPY | 143656 |  | 9 | 9 | 9 |  | 0 |
|  |  | 12/2025 | 12/2025 | 1605 | 1605 | $ | 54 |  | 1 | 1 | 1 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; NGF | &nbsp;&nbsp;&nbsp;&nbsp; NGF | 10/2025 | 10/2025 | 767440 | 767440 |  | 46 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 | $63 | 63 | KRW | 87506 |  | 0 | 0 | 0 |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; SCX | &nbsp;&nbsp;&nbsp;&nbsp; SCX | 10/2025 | 10/2025 | 220 | 220 | $ | 31 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 | 851451 | 851451 |  | 52 |  | 1 | 1 | 1 |  | 0 |
|  |  | 10/2025 | 10/2025 | 872 | 872 |  | 10 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 | 5107 | 5107 |  | 172 |  | 5 | 5 | 5 |  | 0 |
|  |  | 10/2025 | 10/2025 | $4018 | 4018 | GBP | 2997 |  | 16 | 16 | 16 |  | (3) |
|  |  | 10/2025 | 10/2025 | 58 | 58 | IDR | 966372 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 | 9 | 9 | INR | 837 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 | 116 | 116 | JPY | 17135 |  | 0 | 0 | 0 |  | (1) |
|  |  | 11/2025 | 11/2025 | 2176 | 2176 | $ | 2911 |  | 0 | 0 | 0 |  | (16) |
|  |  | 11/2025 | 11/2025 | 838 | 838 |  | 9 |  | 0 | 0 | 0 |  | 0 |
|  |  | 11/2025 | 11/2025 | $0 | 0 | JPY | 31 |  | 0 | 0 | 0 |  | 0 |
|  |  | 12/2025 | 12/2025 | 968815 | 968815 | $ | 58 |  | 0 | 0 | 0 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOG | &nbsp;&nbsp;&nbsp;&nbsp; SOG | 10/2025 | 10/2025 | 3619 | 3619 |  | 680 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 | 313933 | 313933 |  | 2110 |  | 0 | 0 | 0 |  | (13) |
|  |  | 10/2025 | 10/2025 | 1860 | 1860 |  | 1084 |  | 5 | 5 | 5 |  | 0 |
|  |  | 10/2025 | 10/2025 | $678 | 678 | BRL | 3619 |  | 2 | 2 | 2 |  | 0 |
|  |  | 10/2025 | 10/2025 | 26823 | 26823 | EUR | 22809 |  | 0 | 0 | 0 |  | (44) |
|  |  | 10/2025 | 10/2025 | 1067 | 1067 | JPY | 156900 |  | 0 | 0 | 0 |  | (6) |
|  |  | 11/2025 | 11/2025 | 22809 | 22809 | $ | 26877 |  | 45 | 45 | 45 |  | 0 |
|  |  | 11/2025 | 11/2025 | $2110 | 2110 | JPY | 312847 |  | 13 | 13 | 13 |  | 0 |
|  |  | 12/2025 | 12/2025 | 3671 | 3671 | $ | 678 |  | 0 | 0 | 0 |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; SSB | &nbsp;&nbsp;&nbsp;&nbsp; SSB | 10/2025 | 10/2025 | 2997 | 2997 |  | 4040 |  | 9 | 9 | 9 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; UAG | &nbsp;&nbsp;&nbsp;&nbsp; UAG | 10/2025 | 10/2025 | 455 | 455 |  | 136 |  | 0 | 0 | 0 |  | (1) |
|  |  | 10/2025 | 10/2025 | $12 | 12 | ILS | 42 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 | 44 | 44 | PLN | 159 |  | 0 | 0 | 0 |  | 0 |
|  |  | 11/2025 | 11/2025 | 41 | 41 | $ | 12 |  | 0 | 0 | 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** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | $**1205** | **1205** | **1205** | **$** | $**(3793)** | **(3793)** |
| **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** |
| **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** |
| Counterparty | Description | Description | Floating Rate<br>Index | Floating Rate<br>Index | Exercise<br>Rate | Exercise<br>Rate | Notional<br>Amount<sup>(1)</sup> | Notional<br>Amount<sup>(1)</sup> | Notional<br>Amount<sup>(1)</sup> | Cost | Cost |  | Market<br>Value |
| DUB | Put - OTC 1-Year Interest Rate Swap | Put - OTC 1-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3.757% | 3.757% | 87500 | 87500 | 87500 | $72 | 72 | $ | $78 |

---

------

<br> Schedule of Investments PIMCO Low Duration Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 5 | 8 | 28 | 30 | 41 | 55 | 59 | 76 | 77 | 96 | 107 | 130 | 143 | 152 | 177 | 190 | 201 |
| MYC | Put - OTC 1-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | Receive | 3.757 | 3.757 | 09/18/2026 | 09/18/2026 | 75000 |  | 58 | 58 | 67 | 67 |
| NGF | Put - OTC 1-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | Receive | 3.757 | 3.757 | 09/18/2026 | 09/18/2026 | 400 |  | 0 | 0 | 0 | 0 |
| **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **$** | **130** | **130** | $**145** | **145** |
| **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** |
| **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** |
| Counterparty | Description | Floating Rate<br>Index | Floating Rate<br>Index | Floating Rate<br>Index | Pay/Receive<br>Floating Rate | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Exercise<br>Rate | Expiration<br>Date | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> |  | Premiums<br>(Received) | Premiums<br>(Received) | Market<br>Value | Market<br>Value |
| BOA | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | Receive | 3.575% | 3.575% | 10/02/2025 | 10/02/2025 | 1100 | $ | (3) | (3) | $(1) | (1) |
|  | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | Receive | 3.325 | 3.325 | 10/14/2025 | 10/14/2025 | 700 |  | (2) | (2) | 0 | 0 |
|  | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | Receive | 3.375 | 3.375 | 10/14/2025 | 10/14/2025 | 1100 |  | (3) | (3) | 0 | 0 |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Pay | Pay | 3.625 | 3.625 | 10/14/2025 | 10/14/2025 | 700 |  | (2) | (2) | (4) | (4) |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Pay | Pay | 3.675 | 3.675 | 10/14/2025 | 10/14/2025 | 1100 |  | (3) | (3) | (4) | (4) |
| BPS | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | Receive | 3.375 | 3.375 | 10/14/2025 | 10/14/2025 | 500 |  | (1) | (1) | 0 | 0 |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Pay | Pay | 3.675 | 3.675 | 10/14/2025 | 10/14/2025 | 500 |  | (1) | (1) | (2) | (2) |
| BRC | Call - OTC 10-Year Interest Rate Swap | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | Receive | Receive | 2.610 | 2.610 | 10/02/2025 | 10/02/2025 | 400 |  | (1) | (1) | 0 | 0 |
|  | Put - OTC 10-Year Interest Rate Swap | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | Pay | Pay | 2.850 | 2.850 | 10/02/2025 | 10/02/2025 | 400 |  | (1) | (1) | 0 | 0 |
|  | Call - OTC 10-Year Interest Rate Swap | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | Receive | Receive | 2.550 | 2.550 | 10/17/2025 | 10/17/2025 | 400 |  | (1) | (1) | 0 | 0 |
|  | Put - OTC 10-Year Interest Rate Swap | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | Pay | Pay | 2.750 | 2.750 | 10/17/2025 | 10/17/2025 | 400 |  | (1) | (1) | (1) | (1) |
| CBK | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | Receive | 3.385 | 3.385 | 10/10/2025 | 10/10/2025 | 1000 |  | (3) | (3) | 0 | 0 |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Pay | Pay | 3.685 | 3.685 | 10/10/2025 | 10/10/2025 | 1000 |  | (3) | (3) | (3) | (3) |
| DUB | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | Receive | 3.506 | 3.506 | 10/06/2025 | 10/06/2025 | 1300 |  | (5) | (5) | (1) | (1) |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Pay | Pay | 3.806 | 3.806 | 10/06/2025 | 10/06/2025 | 1300 |  | (4) | (4) | 0 | 0 |
| GLM | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | Receive | 3.398 | 3.398 | 10/06/2025 | 10/06/2025 | 300 |  | (1) | (1) | 0 | 0 |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Pay | Pay | 3.698 | 3.698 | 10/06/2025 | 10/06/2025 | 300 |  | (1) | (1) | (1) | (1) |
|  | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | Receive | 3.550 | 3.550 | 10/27/2025 | 10/27/2025 | 1000 |  | (3) | (3) | (4) | (4) |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Pay | Pay | 3.850 | 3.850 | 10/27/2025 | 10/27/2025 | 1000 |  | (3) | (3) | (2) | (2) |
| MYC | Call - OTC 10-Year Interest Rate Swap | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | Receive | Receive | 2.550 | 2.550 | 10/06/2025 | 10/06/2025 | 400 |  | (1) | (1) | 0 | 0 |
|  | Put - OTC 10-Year Interest Rate Swap | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | Pay | Pay | 2.790 | 2.790 | 10/06/2025 | 10/06/2025 | 400 |  | (1) | (1) | 0 | 0 |
| UAG | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | Receive | 3.507 | 3.507 | 10/06/2025 | 10/06/2025 | 400 |  | (1) | (1) | 0 | 0 |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Pay | Pay | 3.807 | 3.807 | 10/06/2025 | 10/06/2025 | 400 |  | (1) | (1) | 0 | 0 |
|  | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | Receive | 3.385 | 3.385 | 10/10/2025 | 10/10/2025 | 600 |  | (2) | (2) | 0 | 0 |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Pay | Pay | 3.685 | 3.685 | 10/10/2025 | 10/10/2025 | 600 |  | (2) | (2) | (2) | (2) |
| **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **$** | **(50)** | **(50)** | $**(25)** | **(25)** |
| **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** |
| **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Swap</u><u>Agreements,</u> <u>at</u><u>Value</u><sup>(5)</sup> | <u>Swap</u><u>Agreements,</u> <u>at</u><u>Value</u><sup>(5)</sup> | <u>Swap</u><u>Agreements,</u> <u>at</u><u>Value</u><sup>(5)</sup> |
| Reference Entity | Reference Entity | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Liability |
| Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds | 1.000% | Quarterly | Quarterly | 06/20/2027 | 06/20/2027 | 0.933% | 0.933% | $800 | $(38) | (38) | $39 | $1 | 1 | $0 |
| Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds | 1.000 | Quarterly | Quarterly | 12/20/2027 | 12/20/2027 | 1.025 | 1.025 | 200 | (18) | (18) | 18 | 0 | 0 | 0 |
| Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds | 1.000 | Quarterly | Quarterly | 12/20/2026 | 12/20/2026 | 0.766 | 0.766 | 2400 | (117) | (117) | 124 | 7 | 7 | 0 |
| Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds | 1.000 | Quarterly | Quarterly | 06/20/2027 | 06/20/2027 | 0.933 | 0.933 | 900 | (32) | (32) | 33 | 1 | 1 | 0 |

---

------

<br> Schedule of Investments PIMCO Low Duration Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 2 | 3 | 5 | 30 | 41 | 59 | 73 | 77 | 105 | 107 | 136 | 152 | 158 | 177 | 201 |
| GST | GST | Soft Bank Group,Inc. | 1.000 | Quarterly | 06/20/2026 | 06/20/2026 | 0.872 |  | 300 | (3) | 4 | 4 | 1 | 0 |
| MYC | MYC | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 06/20/2027 | 0.933 |  | 1400 | (50) | 52 | 52 | 2 | 0 |
|  |  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 12/20/2027 | 1.025 |  | 1700 | (152) | 151 | 151 | 0 | (1) |
| **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **(410)** | $**421** | **421** | $**12** | $**(1)** |
| **(j)** | **Securities with an aggregate market value of $3,260 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $3,260 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $3,260 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $3,260 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $3,260 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $3,260 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $3,260 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $3,260 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $3,260 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $3,260 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $3,260 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $3,260 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $3,260 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $3,260 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** |
| <sup>(1)</sup> | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. |
| **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** |
| **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: |  |
| Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Level 1 | Level 1 | Level 2 | Level 2 | Level 3 | Level 3 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 |  |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |  |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |  |
| Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | $0 | 0 | $108840 | 108840 | $1021 | 1021 | $ | 109861 |  |
| Industrials | Industrials | Industrials | Industrials | Industrials | Industrials | 0 | 0 | 51356 | 51356 | 6700 | 6700 |  | 58056 |  |
| Utilities | Utilities | Utilities | Utilities | Utilities | Utilities | 0 | 0 | 13808 | 13808 | 0 | 0 |  | 13808 |  |
| U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | 0 | 0 | 571273 | 571273 | 7745 | 7745 |  | 579018 |  |
| U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | 0 | 0 | 180964 | 180964 | 0 | 0 |  | 180964 |  |
| Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | 0 | 0 | 43723 | 43723 | 0 | 0 |  | 43723 |  |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |  |
| Automobile Sequential | Automobile Sequential | Automobile Sequential | Automobile Sequential | Automobile Sequential | Automobile Sequential | 0 | 0 | 12303 | 12303 | 0 | 0 |  | 12303 |  |
| CMBS Other | CMBS Other | CMBS Other | CMBS Other | CMBS Other | CMBS Other | 0 | 0 | 26282 | 26282 | 0 | 0 |  | 26282 |  |
| Credit Card Other | Credit Card Other | Credit Card Other | Credit Card Other | Credit Card Other | Credit Card Other | 0 | 0 | 4483 | 4483 | 0 | 0 |  | 4483 |  |
| Home Equity Other | Home Equity Other | Home Equity Other | Home Equity Other | Home Equity Other | Home Equity Other | 0 | 0 | 9216 | 9216 | 0 | 0 |  | 9216 |  |
| Whole Loan Collateral | Whole Loan Collateral | Whole Loan Collateral | Whole Loan Collateral | Whole Loan Collateral | Whole Loan Collateral | 0 | 0 | 112 | 112 | 0 | 0 |  | 112 |  |
| Other ABS | Other ABS | Other ABS | Other ABS | Other ABS | Other ABS | 1300 | 1300 | 49534 | 49534 | 0 | 0 |  | 50834 |  |
| Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | 2800 | 2800 | 44462 | 44462 | 0 | 0 |  | 47262 |  |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |  |
| Commercial Paper | Commercial Paper | Commercial Paper | Commercial Paper | Commercial Paper | Commercial Paper | 0 | 0 | 21687 | 21687 | 0 | 0 |  | 21687 |  |
| Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | 0 | 0 | 258940 | 258940 | 0 | 0 |  | 258940 |  |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | 0 | 0 | 53842 | 53842 | 0 | 0 |  | 53842 |  |
|  |  |  |  |  |  | $4100 | 4100 | $1450825 | 1450825 | $15466 | 15466 | $ | 1470391 |  |
| **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** | **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 | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |  |
| Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | $153178 | 153178 | $0 | 0 | $0 | 0 | $ | 153178 |  |
| Total Investments | Total Investments | Total Investments | Total Investments | Total Investments | Total Investments | $157278 | 157278 | $1450825 | 1450825 | $15466 | 15466 | $ | 1623569 |  |
| **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** | **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** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** |  |
| U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | $0 | 0 | $(109551) | (109551) | $0 | 0 | $ | (109551) |  |
| **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** | **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 | 3 | 3 | 847 | 847 | 0 | 0 |  | 850 |  |
| Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | 0 | 0 | 1362 | 1362 | 0 | 0 |  | 1362 |  |
|  |  |  |  |  |  | $3 | 3 | $2209 | 2209 | $0 | 0 | $ | 2212 |  |
| **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** | **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 | (6) | (6) | (78) | (78) | 0 | 0 |  | (84) |  |
| Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | 0 | 0 | (3819) | (3819) | 0 | 0 |  | (3819) |  |
|  |  |  |  |  |  | $(6) | (6) | $(3897) | (3897) | $0 | 0 | $ | (3903) |  |
| Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | $(3) | (3) | $(1688) | (1688) | $0 | 0 | $ | (1691) |  |
| Totals | Totals | Totals | Totals | Totals | Totals | $157275 | 157275 | $1339586 | 1339586 | $15466 | 15466 | $ | 1512327 |  |

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<br> Schedule of Investments PIMCO Low Duration Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 3 | 12 | 19 | 27 | 39 | 42 | 69 | 85 | 95 | 100 | 124 | 146 | 160 | 176 | 191 | 196 | 200 |
| **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** |
| Category and Subcategory | Beginning<br>Balance<br>at 12/31/2024 | Net<br>Purchases | Net<br>Purchases | Net<br>Sales/Settlements | Net<br>Sales/Settlements | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(1)</sup> | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(1)</sup> | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(1)</sup> |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
| Corporate Bonds & Notes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Banking & Finance | $0 | $ | 1000 | $ | $0 | $0 | $0 | $ | $21 | $0 | $0 | 0 | 1021 | $ | $ | 21 |
| Industrials | 0 |  | 6700 |  | 0 | 0 | 0 |  | 0 | 0 | 0 | 0 | 6700 |  |  | 0 |
| U.S. Government Agencies | 0 |  | 7745 |  | 0 | 0 | 0 |  | 0 | 0 | 0 | 0 | 7745 |  |  | 0 |
| Totals | 0 | $ | 15445 | $ | $0 | $0 | $0 | $ | $21 | $0 | $0 | 0 | 15466 | $ | $ | 21 |
| <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** |
|  |  |  |  |  |  |  |  |  |  |  |  | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Category and Subcategory | Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | Input Value(s) | Input Value(s) | Input Value(s) | Weighted Average | Weighted 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** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| Banking & Finance | Banking & Finance | Banking & Finance | $1021 | 1021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | 4.470 | 4.470 | 4.470 |  |  |
| Industrials | Industrials | Industrials | 6700 | 6700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | 100.000 | 100.000 | 100.000 |  |  |
| U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | 7745 | 7745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | 99.938 | 99.938 | 99.938 |  |  |
| Total | Total | Total | $15466 | 15466 |  |  |  |  |  |  |  |  |  |  |  |  |
| Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. |

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Notes to Financial Statements

**1** **. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS**

**(a) Investment Valuation Policies** The net asset value ("NAV") of the Portfolio'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 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, the Portfolio'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 Portfolio 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 Portfolio may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The 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, the Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that the 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 the 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 Portfolio 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 Pacific Investment Management Company LLC ("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 Investment Company Act of 1940, as amended (the "Act"). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees has designated PIMCO as the valuation designee ("Valuation Designee") for the Portfolio to perform the fair value determination relating to all Portfolio investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of portfolio investments. The Valuation Designee may value portfolio securities for which market quotations are not readily available and other Portfolio assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, exchange-traded funds ("ETFs"), exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Portfolio's assets that are invested in one or more open-end management investment companies (other than ETFs), the 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, 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 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. The 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 the 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 the 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 the 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 the 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 the Portfolio may transact.

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 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 the 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 the Portfolio may differ from the value that would be realized if the securities were sold. The Portfolio's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the " Frequent or Excessive Purchases, Exchanges and Redemptions " section in the Portfolio's prospectus.

Under certain circumstances, the per share NAV of a class of the Portfolio'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 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:

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Notes to Financial Statements (Cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

• Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for 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 ofthe Portfolio'sassets 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 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.

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

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indexes, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices,indexes, reference rates and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are

------

Notes to Financial Statements (Cont.)

observed from actively quoted markets such as the overnight index swap rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

The Discounted Cash Flow model is based on future cash flows generated by the investment and may be normalized based on expected investment performance. Future cash flows are discounted to present value using an appropriate rate of return, typically calibrated to the initial transaction date and adjusted based on Capital Asset Pricing Model and/or other market-based inputs. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.<br>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.

**2. FEDERAL INCOME TAX MATTERS**

The 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.

The 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 Portfolio's tax positions for all open tax years. As of September 30, 2025, the Portfolio 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 Portfolio files U.S. federal, state and local tax returns as required. The Portfolio'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.

Shares of the Portfolio currently are sold to segregated asset accounts ("Separate Accounts") of insurance companies that fund variable annuity contracts and variable life insurance policies ("Variable Contracts"). Please refer to the prospectus for the Separate Account and Variable Contract for information regarding Federal income tax treatment of distributions to the Separate Account.

**3. INVESTMENTS IN AFFILIATES**

The 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 theAct, 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 Portfolio. A copy of each affiliate fund's shareholder report is available at the U.S. Securities and Exchange Commission ("SEC") website at www.sec.gov, on the Portfolio's website at www.pimco.com, or upon request, as applicable. The tables below show the Portfolio's transactions in and earnings from investments in the affiliated funds for the period ended September 30, 2025 (amounts in thousands<sup>†</sup>):

**Investment in PIMCO Short Asset Portfolio**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Market Value<br>12/31/2024** | **Purchases at<br>Cost** | **Proceeds from<br>Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>09/30/2025** | **Dividend<br>Income**<sup>(1)</sup> | **Realized Net<br>Capital<br>Gain<br>Distributions**<sup>(1)</sup> |
| $119840 | $4489 | $0 | $0 | $214 | $124543 | $4505 | $0 |

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**Investment in PIMCO Short-Term Floating NAV Portfolio III**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Market Value<br>12/31/2024** | **Purchases at<br>Cost** | **Proceeds from<br>Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>09/30/2025** | **Dividend<br>Income**<sup>(1)</sup> | **Realized Net<br>Capital<br>Gain<br>Distributions**<sup>(1)</sup> |
| $650 | $235084 | $(207100) | $(1) | 2 | $28635 | $783 | $0 |

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<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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** | **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. |
| **BOS** | BofA Securities, Inc. | **GST** | Goldman Sachs International | **SAL** | Citigroup Global Markets, Inc. |
| **BPS** | BNP Paribas S.A. | **JPM** | JP Morgan Chase Bank N.A. | **SCX** | Standard Chartered Bank, London |
| **BRC** | Barclays Bank PLC | **MBC** | HSBC Bank Plc | **SOG** | Societe Generale Paris |
| **BSH** | Banco Santander S.A. - New York Branch | **MEI** | Merrill Lynch International | **SSB** | State Street Bank and Trust Co. |
| **CBK** | Citibank N.A. | **MYC** | Morgan Stanley Capital Services LLC | **UAG** | UBS AG Stamford |
| **DUB** | Deutsche Bank AG |  |  |  |  |
| **Currency Abbreviations:** | **Currency Abbreviations:** |  |  |  |  |
| **AUD** | Australian Dollar | **IDR** | Indonesian Rupiah | **NZD** | New Zealand Dollar |
| **BRL** | Brazilian Real | **ILS** | Israeli Shekel | **PLN** | Polish Zloty |
| **CAD** | Canadian Dollar | **INR** | Indian Rupee | **SGD** | Singapore Dollar |
| **CHF** | Swiss Franc | **JPY** | Japanese Yen | **THB** | Thai Baht |
| **CNH** | Chinese Renminbi (Offshore) | **KRW** | South Korean Won | **TWD** | Taiwanese Dollar |
| **EUR** | Euro | **MXN** | Mexican Peso | **USD (or $)** | United States Dollar |
| **GBP** | British Pound | **MYR** | Malaysian Ringgit | **ZAR** | South African Rand |
| **Exchange Abbreviations:** | **Exchange Abbreviations:** |  |  |  |  |
| **CBOT** | Chicago Board of Trade | **EUREX** | Eurex Exchange | **OTC** | Over the Counter |
| **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** |  |  |  |  |
| **Bobl** | Bundesobligation, the German word for federal government bond | **CDX.IG** | Credit Derivatives Index - Investment Grade | **SOFR** | Secured Overnight Financing Rate |
| **BP0003M** | 3 Month GBP-LIBOR | **EUR003M** | 3 Month EUR Swap Rate | **SONIO** | Sterling Overnight Interbank Average Rate |
| **Other Abbreviations:** | **Other Abbreviations:** |  |  |  |  |
| **ABS** | Asset-Backed Security | **CLO** | Collateralized Loan Obligation | **OIS** | Overnight Index Swap |
| **ALT** | Alternate Loan Trust | **CMBS** | Collateralized Mortgage-Backed Security | **REMIC** | Real Estate Mortgage Investment Conduit |
| **BBR** | Bank Bill Rate | **DAC** | Designated Activity Company | **TBA** | To-Be-Announced |
| **BBSW** | Bank Bill Swap Reference Rate | **EURIBOR** | Euro Interbank Offered Rate |  |  |

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<br> Schedule of Investments PIMCO Real Return Portfolio September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(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 151.7% ¤** |  |  |
| **CORPORATE BONDS & NOTES 0.5%** |  |  |
| **BANKING & FINANCE 0.0%** |  |  |
| **Avolon Holdings Funding Ltd.**<br>2.528% due 11/18/2027 | $53 | $51 |
| **Credicorp Capital Sociedad Titulizadora SA**<br>9.700% due 03/05/2045 | 900 | 275 |
| **Lehman Brothers Holdings, Inc.**<br>0.000% due 04/05/2049 ^(b) | 23 | 0 |
| **UBS Group AG**<br>7.750% due 03/01/2029 •  | 100 | 131 |
|  |  | 457 |
| **INDUSTRIALS 0.5%** |  |  |
| **Beignet**<br>6.850% due 06/01/2049 «(a) | $7100 | 7100 |
| **VMware LLC**<br>3.900% due 08/21/2027 | 190 | 189 |
|  |  | 7289 |
| Total Corporate Bonds & Notes (Cost $7,701) |  | 7746 |
| **U.S. GOVERNMENT AGENCIES 17.9%** |  |  |
| **Federal Home Loan Mortgage Corp.** |  |  |
| 4.500% due 09/01/2052 | 509 | 497 |
| 6.430% due 01/01/2034 •  | 9 | 9 |
| **Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates**<br>2.920% due 01/25/2026 | 24 | 23 |
| **Federal Home Loan Mortgage Corp. REMICS** |  |  |
| 4.810% due 07/15/2044 •  | 534 | 525 |
| 4.837% due 01/15/2047 •  | 602 | 586 |
| 5.296% due 11/25/2054 •  | 12659 | 12680 |
| 5.306% due 02/25/2055 - 09/25/2055 •  | 16735 | 16806 |
| **Federal Home Loan Mortgage Corp. STRIPS**<br>4.937% due 09/15/2042 •  | 1090 | 1074 |
| **Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates** |  |  |
| 4.532% due 08/25/2031 •  | 7 | 7 |
| 5.353% due 10/25/2044 - 02/25/2045 •  | 790 | 735 |
| **Federal National Mortgage Association** |  |  |
| 4.500% due 11/01/2052 | 351 | 342 |
| 5.421% due 07/01/2044 - 09/01/2044 •  | 7 | 7 |
| 6.163% due 10/01/2035 •  | 11 | 11 |
| **Federal National Mortgage Association REMICS** |  |  |
| 4.523% due 12/25/2036 •  | 8 | 8 |
| 4.613% due 08/25/2034 •  | 3 | 3 |
| 4.821% due 07/25/2037 •  | 2 | 1 |
| 4.911% due 05/25/2036 •  | 4 | 4 |
| 5.306% due 11/25/2053 •  | 1664 | 1671 |
| 5.386% due 06/25/2055 •  | 6595 | 6640 |
| 5.516% due 03/25/2055 •  | 6476 | 6502 |
| 5.536% due 08/25/2055 •  | 1173 | 1178 |
| 6.373% due 05/25/2035 ~ | 38 | 39 |
| **Federal National Mortgage Association Trust**<br>4.821% due 05/25/2042 •  | 14 | 14 |
| **Government National Mortgage Association**<br>3.500% due 05/20/2052 - 10/20/2054 | 36004 | 32971 |
| **Government National Mortgage Association REMICS** |  |  |
| 4.927% due 08/20/2068 •  | 1507 | 1513 |
| 5.289% due 10/20/2072 •  | 2150 | 2158 |
| 5.489% due 05/20/2073 •  | 575 | 584 |
| 5.592% due 04/20/2067 •  | 696 | 705 |
| **Government National Mortgage Association, TBA**<br>3.500% due 11/01/2055 | 4000 | 3647 |
| **U.S. Small Business Administration**<br>6.020% due 08/01/2028 | 37 | 38 |
| **Uniform Mortgage-Backed Security, TBA** |  |  |
| 4.500% due 10/01/2055 - 11/01/2055 | 89400 | 86704 |
| 5.500% due 11/01/2055 | 17500 | 17634 |
| 6.000% due 11/01/2055 | 35800 | 36569 |

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------

<br> Schedule of Investments PIMCO Real Return Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| 6.500% due 10/01/2055 | 20600 | 21291 |
| Total U.S. Government Agencies (Cost $252,253) |  | 253176 |
| **U.S. TREASURY OBLIGATIONS 98.8%** |  |  |
| **U.S. Treasury Inflation Protected Securities** **(c)** |  |  |
| 0.125% due 02/15/2051 | 14951 | 8303 |
| 0.125% due 02/15/2052 | 6963 | 3778 |
| 0.250% due 02/15/2050 | 12527 | 7419 |
| 0.625% due 02/15/2043 | 9301 | 7071 |
| 0.750% due 02/15/2042 | 43102 | 34214 |
| 0.750% due 02/15/2045 | 38056 | 28406 |
| 0.875% due 02/15/2047 | 28510 | 21076 |
| 1.000% due 02/15/2046 | 26151 | 20186 |
| 1.000% due 02/15/2048 | 7109 | 5333 |
| 1.375% due 02/15/2044 | 36370 | 31131 |
| 1.500% due 02/15/2053 | 22821 | 18284 |
| 1.750% due 01/15/2028 (f) | 54765 | 55681 |
| 2.125% due 02/15/2040 | 9446 | 9526 |
| 2.125% due 02/15/2041 | 9662 | 9661 |
| 2.125% due 02/15/2054 | 19051 | 17605 |
| 2.375% due 01/15/2027 (f)(j) | 497 | 505 |
| 2.375% due 02/15/2055 (f) | 9623 | 9404 |
| 2.500% due 01/15/2029 | 18624 | 19466 |
| 3.375% due 04/15/2032 | 2741 | 3069 |
| 3.625% due 04/15/2028 (f) | 48017 | 51101 |
| 3.875% due 04/15/2029 (f) | 55193 | 60361 |
| 0.125% due 04/15/2026 | 20571 | 20463 |
| 0.125% due 07/15/2026 | 39324 | 39190 |
| 0.125% due 10/15/2026 (f) | 50123 | 49851 |
| 0.125% due 04/15/2027 (h) | 9382 | 9254 |
| 0.125% due 01/15/2030 | 39349 | 37579 |
| 0.125% due 07/15/2030 | 28096 | 26722 |
| 0.125% due 01/15/2031 | 16095 | 15118 |
| 0.125% due 07/15/2031 | 30758 | 28733 |
| 0.125% due 01/15/2032 | 10838 | 9982 |
| 0.250% due 07/15/2029 | 35457 | 34407 |
| 0.375% due 01/15/2027 (f)(h)(j) | 8960 | 8892 |
| 0.375% due 07/15/2027 | 9587 | 9524 |
| 0.500% due 01/15/2028 (f) | 84048 | 83091 |
| 0.625% due 01/15/2026 | 31127 | 31040 |
| 0.625% due 07/15/2032 (f) | 90834 | 86003 |
| 0.750% due 07/15/2028 | 42712 | 42523 |
| 0.875% due 01/15/2029 | 14546 | 14439 |
| 1.125% due 01/15/2033 | 26677 | 25865 |
| 1.250% due 04/15/2028 (f)(h)(j) | 2369 | 2379 |
| 1.375% due 07/15/2033 (f) | 59031 | 58144 |
| 1.625% due 10/15/2027 | 24209 | 24602 |
| 1.625% due 10/15/2029 (f) | 59441 | 60635 |
| 1.625% due 04/15/2030 | 31153 | 31641 |
| 1.750% due 01/15/2034 | 20702 | 20808 |
| 1.875% due 07/15/2034 (f) | 62695 | 63631 |
| 1.875% due 07/15/2035 (f) | 27062 | 27290 |
| 2.125% due 04/15/2029 | 12219 | 12616 |
| 2.125% due 01/15/2035 (f) | 26409 | 27196 |
| 2.375% due 10/15/2028 (f) | 74036 | 77132 |
| Total U.S. Treasury Obligations (Cost $1,491,561) |  | 1400330 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.9%** |  |  |
| **Adjustable Rate Mortgage Trust**<br>4.752% due 05/25/2036 ~ | 47 | 41 |
| **AG Trust**<br>6.166% due 07/15/2041 •  | 808 | 812 |
| **Alliance Bancorp Trust**<br>4.752% due 07/25/2037 •  | 454 | 399 |
| **Angel Oak Mortgage Trust**<br>1.469% due 06/25/2065 ~ | 53 | 51 |
| **Banc of America Funding Trust** |  |  |
| 4.971% due 01/20/2047 ~ | 51 | 44 |
| 6.063% due 02/20/2036 ~ | 52 | 50 |
| **Banc of America Mortgage Trust** |  |  |
| 5.046% due 02/25/2036 ~ | 64 | 59 |
| 5.333% due 06/25/2035 ~ | 8 | 7 |
| **Bear Stearns ALT-A Trust** |  |  |
| 4.058% due 03/25/2036 ~ | 156 | 127 |
| 4.838% due 09/25/2035 ~ | 464 | 254 |
| **Bear Stearns ARM Trust** |  |  |
| 4.225% due 07/25/2036 ~ | 76 | 65 |
| 4.475% due 02/25/2036 ~ | 17 | 16 |
| 4.807% due 03/25/2035 ~ | 75 | 69 |
| 5.302% due 01/25/2035 ~ | 45 | 44 |
| 6.420% due 10/25/2035 •  | 84 | 81 |
| **Chase Mortgage Finance Trust**<br>6.019% due 02/25/2037 ~ | 6 | 6 |

---

------

<br> Schedule of Investments PIMCO Real Return Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **ChaseFlex** **Trust**<br>6.000% due 02/25/2037 | 280 | 92 |
| **Chevy Chase Funding LLC Mortgage-Backed Certificates**<br>4.552% due 01/25/2035 •  | 1 | 1 |
| **CHL Mortgage Pass-Through Trust** |  |  |
| 4.032% due 05/20/2036 ~ | 35 | 33 |
| 4.747% due 10/20/2035 ~ | 503 | 476 |
| 5.500% due 08/25/2035 | 18 | 13 |
| 6.000% due 04/25/2036 | 227 | 107 |
| 6.000% due 03/25/2037 | 778 | 342 |
| **Citigroup Mortgage Loan Trust, Inc.** |  |  |
| 4.487% due 09/25/2037 ~ | 161 | 149 |
| 4.629% due 03/25/2037 ~ | 812 | 681 |
| 5.500% due 08/25/2034 | 20 | 20 |
| 6.300% due 03/25/2036 •  | 65 | 65 |
| 6.490% due 05/25/2035 •  | 2 | 2 |
| **Countrywide Alternative Loan Trust** |  |  |
| 4.430% due 02/20/2047 •  | 174 | 141 |
| 4.632% due 05/25/2047 •  | 44 | 41 |
| 4.652% due 09/25/2046 •  | 975 | 954 |
| 4.832% due 12/25/2035 •  | 13 | 12 |
| 5.153% due 12/25/2035 •  | 25 | 21 |
| 6.000% due 03/25/2037 | 2584 | 856 |
| 6.000% due 04/25/2037 | 209 | 176 |
| **CSMC Trust**<br>4.886% due 10/26/2036 ~ | 80 | 72 |
| **Deutsche Alt-B Securities, Inc. Mortgage Loan Trust**<br>4.372% due 10/25/2036 •  | 4 | 3 |
| **Eurosail-U.K. PLC**<br>5.055% due 06/13/2045 •  | 354 | 476 |
| **First Horizon Alternative Mortgage Securities Trust** |  |  |
| 5.856% due 06/25/2034 ~ | $39 | 39 |
| 6.000% due 02/25/2037 | 260 | 94 |
| **First Horizon Mortgage Pass-Through Trust**<br>6.002% due 08/25/2035 ~ | 72 | 49 |
| **GreenPoint Mortgage Funding Trust** |  |  |
| 4.632% due 09/25/2046 •  | 155 | 145 |
| 4.812% due 11/25/2045 •  | 47 | 45 |
| **GreenPoint MTA Trust**<br>4.712% due 06/25/2045 •  | 47 | 43 |
| **GSR Mortgage Loan Trust** |  |  |
| 5.010% due 07/25/2035 ~ | 20 | 20 |
| 5.191% due 09/25/2035 ~ | 38 | 36 |
| 5.406% due 12/25/2034 ~ | 60 | 57 |
| 6.625% due 01/25/2035 ~ | 18 | 17 |
| **HarborView Mortgage Loan Trust** |  |  |
| 4.628% due 09/19/2037 •  | 27 | 23 |
| 4.688% due 05/19/2035 •  | 21 | 20 |
| 4.808% due 02/19/2036 •  | 65 | 28 |
| 4.930% due 06/20/2035 •  | 30 | 28 |
| **IndyMac INDA Mortgage Loan Trust**<br>5.062% due 11/25/2035 ~ | 13 | 13 |
| **IndyMac INDX Mortgage Loan Trust** |  |  |
| 4.580% due 12/25/2034 ~ | 31 | 29 |
| 4.832% due 07/25/2035 •  | 104 | 76 |
| 5.052% due 05/25/2034 •  | 5 | 4 |
| **JP Morgan Mortgage Trust** |  |  |
| 4.063% due 07/27/2037 ~ | 160 | 151 |
| 5.106% due 08/25/2035 ~ | 34 | 30 |
| 5.203% due 09/25/2035 ~ | 7 | 7 |
| 5.204% due 07/25/2035 ~ | 62 | 59 |
| 5.583% due 02/25/2035 ~ | 22 | 21 |
| 5.913% due 07/25/2035 ~ | 13 | 13 |
| 6.037% due 08/25/2035 ~ | 35 | 34 |
| **MASTR Adjustable Rate Mortgages Trust**<br>5.578% due 11/21/2034 ~ | 27 | 26 |
| **Mellon Residential Funding Corp. Mortgage Pass-Through Certificates**<br>4.965% due 11/15/2031 •  | 12 | 11 |
| **Mellon Residential Funding Corp. Mortgage Pass-Through Trust**<br>4.705% due 12/15/2030 •  | 12 | 12 |
| **Merrill Lynch Mortgage Investors Trust**<br>4.772% due 11/25/2035 •  | 16 | 15 |
| **Morgan Stanley Mortgage Loan Trust**<br>6.035% due 06/25/2036 ~ | 75 | 73 |
| **New Residential Mortgage Loan Trust**<br>2.750% due 07/25/2059 ~ | 2207 | 2134 |
| **RALI Trust** |  |  |
| 4.572% due 08/25/2035 •  | 33 | 23 |
| 5.139% due 10/25/2037 ~ | 578 | 462 |
| **Residential Asset Securitization Trust** |  |  |
| 4.672% due 05/25/2035 •  | 392 | 236 |
| 6.500% due 09/25/2036 | 211 | 63 |
| **RFMSI Trust**<br>6.000% due 06/25/2037 | 112 | 89 |
| **Sequoia Mortgage Trust**<br>4.650% due 07/20/2036 •  | 114 | 98 |

---

------

<br> Schedule of Investments PIMCO Real Return Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Sequoia** **Mortgage Trust 5**<br>4.948% due 10/19/2026 •  | 5 | 5 |
| **Structured Adjustable Rate Mortgage Loan Trust** |  |  |
| 4.529% due 08/25/2035 ~ | 32 | 27 |
| 5.553% due 01/25/2035 •  | 37 | 34 |
| 6.336% due 02/25/2034 ~ | 16 | 16 |
| **Structured Asset Mortgage Investments II Trust** |  |  |
| 4.652% due 06/25/2036 •  | 9 | 9 |
| 4.692% due 04/25/2036 •  | 45 | 41 |
| 4.748% due 07/19/2035 •  | 121 | 119 |
| 4.908% due 10/19/2034 •  | 10 | 10 |
| **Thornburg Mortgage Securities Trust**<br>4.892% due 06/25/2044 •  | 1014 | 975 |
| **Wachovia Mortgage Loan Trust LLC**<br>1.616% due 01/25/2037 •  | 1002 | 344 |
| **WaMu Mortgage Pass-Through Certificates Trust** |  |  |
| 3.949% due 12/25/2046 •  | 24 | 21 |
| 4.883% due 01/25/2047 •  | 163 | 156 |
| 4.923% due 05/25/2047 •  | 126 | 112 |
| 5.051% due 12/25/2035 ~ | 21 | 20 |
| 5.153% due 02/25/2046 •  | 40 | 36 |
| 5.201% due 07/25/2046 •  | 223 | 204 |
| 5.353% due 11/25/2042 •  | 3 | 3 |
| 5.653% due 11/25/2046 •  | 37 | 33 |
| Total Non-Agency Mortgage-Backed Securities (Cost $16,264) |  | 13346 |
| **ASSET-BACKED SECURITIES 7.0%** |  |  |
| **CMBS OTHER 0.5%** |  |  |
| **Arbor Realty Commercial Real Estate Notes Ltd.**<br>5.822% due 01/15/2037 •  | 2325 | 2330 |
| **BDS LLC**<br>5.934% due 03/19/2039 •  | 935 | 937 |
| **LoanCore Issuer Ltd.**<br>5.931% due 01/17/2037 •  | 1123 | 1126 |
| **MF1 LLC**<br>6.284% due 06/19/2037 •  | 1373 | 1374 |
| **MF1 Ltd.**<br>5.350% due 07/16/2036 •  | 26 | 26 |
| **TRTX Issuer Ltd.**<br>5.793% due 02/15/2039 •  | 1222 | 1225 |
|  |  | 7018 |
| **HOME EQUITY OTHER 1.1%** |  |  |
| **ACE Securities Corp. Home Equity Loan Trust**<br>4.672% due 03/25/2037 •  | 322 | 131 |
| **Argent Mortgage Loan Trust**<br>4.752% due 05/25/2035 •  | 353 | 321 |
| **Argent Securities Trust**<br>4.592% due 05/25/2036 •  | 108 | 26 |
| **C-BASS Trust**<br>4.392% due 11/25/2036 •  | 45 | 21 |
| **CIT Mortgage Loan Trust**<br>6.522% due 10/25/2037 •  | 2315 | 2344 |
| **Citigroup Mortgage Loan Trust, Inc.**<br>4.432% due 01/25/2037 •  | 71 | 52 |
| **Countrywide Asset-Backed Certificates**<br>4.772% due 03/25/2037 •  | 434 | 430 |
| **Countrywide Asset-Backed Certificates Trust** |  |  |
| 4.462% due 11/25/2037 •  | 1886 | 1806 |
| 5.012% due 08/25/2047 •  | 90 | 88 |
| **Credit-Based Asset Servicing & Securitization LLC** |  |  |
| 3.475% due 06/25/2035 •  | 320 | 312 |
| 4.492% due 07/25/2037 •  | 553 | 369 |
| **Ellington Loan Acquisition Trust**<br>5.372% due 05/25/2037 •  | 188 | 185 |
| **Fremont Home Loan Trust**<br>4.542% due 10/25/2036 •  | 518 | 474 |
| **GSAA Trust**<br>6.720% due 03/25/2046 þ | 207 | 108 |
| **GSAMP Trust** |  |  |
| 4.342% due 12/25/2036 •  | 57 | 28 |
| 5.007% due 09/25/2035 •  | 19 | 19 |
| 5.247% due 03/25/2035 •  | 30 | 29 |
| **Home Equity Asset Trust**<br>4.947% due 02/25/2036 •  | 905 | 891 |
| **HSI Asset Securitization Corp. Trust**<br>4.372% due 10/25/2036 •  | 4 | 1 |
| **JP Morgan Mortgage Acquisition Trust**<br>4.482% due 10/25/2036 •  | 7 | 7 |
| **Long Beach Mortgage Loan Trust**<br>4.512% due 08/25/2036 •  | 881 | 352 |

---

------

<br> Schedule of Investments PIMCO Real Return Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **MASTR** **Asset-Backed Securities Trust**<br>5.022% due 10/25/2035 •  | 41 | 40 |
| **Merrill Lynch Mortgage Investors Trust** |  |  |
| 4.432% due 09/25/2037 •  | 12 | 2 |
| 4.512% due 02/25/2037 •  | 235 | 66 |
| **Morgan Stanley ABS Capital I, Inc. Trust**<br>4.492% due 10/25/2036 •  | 1481 | 652 |
| **Morgan Stanley IXIS Real Estate Capital Trust**<br>4.322% due 11/25/2036 •  | 8 | 3 |
| **New Century Home Equity Loan Trust** |  |  |
| 4.592% due 08/25/2036 •  | 754 | 750 |
| 5.037% due 02/25/2035 •  | 62 | 60 |
| **Park Place Securities, Inc. Asset-Backed Pass-Through Certificates** |  |  |
| 5.007% due 09/25/2035 •  | 177 | 174 |
| 5.322% due 10/25/2034 •  | 1022 | 1012 |
| **Renaissance Home Equity Loan Trust**<br>5.032% due 12/25/2032 •  | 40 | 38 |
| **Residential Asset Securities Corporation Trust** |  |  |
| 4.552% due 09/25/2036 •  | 530 | 526 |
| 4.732% due 06/25/2036 •  | 1506 | 1487 |
| **Saxon Asset Securities Trust**<br>4.582% due 09/25/2037 •  | 281 | 272 |
| **Securitized Asset-Backed Receivables LLC Trust** |  |  |
| 4.392% due 12/25/2036 •  | 250 | 54 |
| 4.572% due 07/25/2036 •  | 173 | 68 |
| 4.592% due 07/25/2036 •  | 2529 | 836 |
| **Soundview Home Loan Trust** |  |  |
| 4.392% due 11/25/2036 •  | 36 | 10 |
| 4.452% due 07/25/2037 •  | 577 | 524 |
| 4.472% due 06/25/2037 •  | 1214 | 835 |
|  |  | 15403 |
| **MANUFACTURING HOUSE ABS OTHER 0.1%** |  |  |
| **Lehman ABS Manufactured Housing Contract Trust**<br>7.170% due 04/15/2040 ~ | 786 | 748 |
| **WHOLE LOAN COLLATERAL 0.2%** |  |  |
| **First Franklin Mortgage Loan Trust**<br>4.977% due 11/25/2036 •  | 1518 | 1490 |
| **IndyMac INDB Mortgage Loan Trust**<br>4.412% due 07/25/2036 •  | 515 | 163 |
| **Lehman XS Trust** |  |  |
| 4.379% due 06/25/2036 þ | 343 | 337 |
| 4.592% due 05/25/2036 •  | 533 | 467 |
| 6.572% due 12/25/2037 •  | 1237 | 1236 |
|  |  | 3693 |
| **OTHER ABS 5.1%** |  |  |
| **522 Funding CLO Ltd.**<br>5.627% due 10/20/2031 •  | 319 | 320 |
| **AlbaCore Euro CLO IV DAC**<br>3.269% due 07/15/2035 •  | 1000 | 1175 |
| **Anchorage Capital CLO 20 Ltd.**<br>5.425% due 01/20/2035 •  | $700 | 701 |
| **ARES European CLO X DAC**<br>2.806% due 10/15/2031 •  | 135 | 158 |
| **ARES XLIV CLO Ltd.**<br>5.424% due 04/15/2034 •  | $700 | 701 |
| **Atlas Senior Loan Fund X Ltd.**<br>5.669% due 01/15/2031 •  | 11 | 11 |
| **Atlas Senior Loan Fund XVIII Ltd.**<br>5.439% due 01/18/2035 •  | 4500 | 4517 |
| **Bain Capital Credit CLO Ltd.**<br>5.355% due 10/21/2034 •  | 3200 | 3203 |
| **Bain Capital Euro CLO DAC**<br>3.267% due 01/22/2038 •  | 2000 | 2356 |
| **Black Diamond CLO DAC**<br>3.016% due 05/15/2032 •  | 181 | 213 |
| **BlueMountain Fuji EUR CLO III DAC**<br>2.746% due 01/15/2031 •  | 119 | 140 |
| **Cairn CLO X DAC**<br>3.059% due 10/15/2031 •  | 175 | 205 |
| **Capital Four U.S. CLO II Ltd.**<br>6.225% due 01/20/2037 •  | $1000 | 1004 |
| **Carlyle Euro CLO DAC**<br>3.221% due 08/15/2038 •  | 3800 | 4474 |
| **Carlyle Global Market Strategies Euro CLO Ltd.**<br>2.786% due 11/15/2031 •  | 412 | 484 |
| **Catamaran CLO Ltd.**<br>5.694% due 04/22/2030 •  | $107 | 107 |
| **Cedar Funding V CLO Ltd.**<br>5.684% due 07/17/2031 •  | 299 | 299 |

---

------

<br> Schedule of Investments PIMCO Real Return Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **CIFC** **European Funding CLO III DAC**<br>3.076% due 01/15/2034 •  | 4750 | 5584 |
| **CIFC Funding Ltd.**<br>5.530% due 10/24/2030 •  | $759 | 760 |
| **Contego CLO III BV**<br>3.297% due 04/15/2038 •  | 1600 | 1885 |
| **Contego CLO IV DAC**<br>2.611% due 01/23/2030 •  | 795 | 934 |
| **CVC Cordatus Loan Fund XXI DAC**<br>2.989% due 09/22/2034 •  | 1400 | 1646 |
| **CVC Cordatus Opportunity Loan Fund-R DAC**<br>2.876% due 08/15/2033 •  | 1661 | 1951 |
| **Dryden 44 Euro CLO DAC**<br>2.906% due 04/15/2034 •  | 2194 | 2577 |
| **Dryden 52 Euro CLO DAC**<br>2.896% due 05/15/2034 •  | 190 | 223 |
| **Dryden 60 CLO Ltd.**<br>5.629% due 07/15/2031 •  | $815 | 816 |
| **Dryden 64 CLO Ltd.**<br>5.561% due 04/18/2031 •  | 266 | 267 |
| **Fortress Credit BSL VII Ltd.**<br>5.409% due 07/23/2032 •  | 1129 | 1130 |
| **Gallatin CLO VIII Ltd.**<br>5.669% due 07/15/2031 •  | 337 | 337 |
| **Harvest CLO XXI DAC**<br>2.786% due 07/15/2031 •  | 946 | 1112 |
| **Henley CLO VII DAC**<br>2.929% due 04/25/2034 •  | 1100 | 1293 |
| **KKR CLO 9 Ltd.**<br>5.529% due 07/15/2030 •  | $54 | 54 |
| **LCM Loan Income Fund I Ltd.**<br>5.617% due 04/20/2031 •  | 184 | 184 |
| **Man GLG Euro CLO V DAC**<br>2.704% due 12/15/2031 •  | 119 | 140 |
| **Marble Point CLO XXII Ltd.**<br>5.538% due 07/25/2034 •  | $500 | 501 |
| **Mountain View CLO XIV Ltd.**<br>6.813% due 10/15/2034 •  | 4200 | 4206 |
| **Neuberger Berman Loan Advisers CLO 45 Ltd.**<br>5.380% due 10/14/2036 •  | 1100 | 1101 |
| **Oak Hill European Credit Partners VII DAC**<br>2.764% due 10/20/2031 •  | 605 | 711 |
| **Octagon Investment Partners 18-R Ltd.**<br>5.539% due 04/16/2031 •  | $241 | 242 |
| **OZLM XXIV Ltd.**<br>5.747% due 07/20/2032 •  | 323 | 324 |
| **Palmer Square European Loan Funding DAC**<br>3.006% due 05/15/2033 •  | 649 | 762 |
| **Providus CLO IV DAC**<br>2.844% due 04/20/2034 •  | 1900 | 2233 |
| **Rockford Tower Europe CLO DAC**<br>3.292% due 08/29/2036 •  | 1600 | 1885 |
| **Romark CLO Ltd.**<br>5.611% due 10/23/2030 •  | $132 | 132 |
| **Saranac CLO VI Ltd.**<br>5.439% due 08/13/2031 •  | 302 | 302 |
| **Segovia European CLO DAC**<br>2.904% due 07/20/2032 ~ | 427 | 501 |
| **SLM Student Loan Trust**<br>5.152% due 10/25/2064 •  | $1209 | 1213 |
| **Sound Point CLO IX Ltd.**<br>5.797% due 07/20/2032 •  | 916 | 916 |
| **Sounds Point CLO IV-R Ltd.**<br>5.741% due 04/18/2031 •  | 175 | 175 |
| **St. Paul's CLO II DAC**<br>2.919% due 10/25/2035 •  | 800 | 939 |
| **St. Paul's CLO IV DAC**<br>2.769% due 04/25/2030 •  | 551 | 647 |
| **St. Paul's CLO X DAC**<br>2.795% due 04/22/2035 •  | 798 | 934 |
| **TCW CLO AMR Ltd.**<br>5.484% due 08/16/2034 •  | $4700 | 4707 |
| **Tikehau CLO IX DAC**<br>3.244% due 01/20/2037 •  | 6200 | 7298 |
| **Venture XXVIII CLO Ltd.**<br>5.577% due 07/20/2030 •  | $31 | 31 |
| **Vibrant CLO XI Ltd.**<br>5.707% due 07/20/2032 •  | 574 | 575 |
| **Voya CLO Ltd.** |  |  |
| 5.491% due 04/17/2030 •  | 16 | 16 |
| 5.525% due 07/20/2032 •  | 425 | 425 |

---

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<br> Schedule of Investments PIMCO Real Return Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Wellfleet** **CLO Ltd.**<br>5.900% due 04/25/2034 •  | 1400 | 1402 |
|  |  | 73139 |
| Total Asset-Backed Securities (Cost $98,962) |  | 100001 |
| **SOVEREIGN ISSUES 4.2%** |  |  |
| **Canada Government Real Return Bonds**<br>4.250% due 12/01/2026 (c) | 7059 | 5288 |
| **French Republic Government Bonds OAT** |  |  |
| 0.100% due 03/01/2026 (c)(f) | 15400 | 18013 |
| 0.100% due 07/25/2031 (c) | 2571 | 2861 |
| **Italy Buoni Poliennali Del Tesoro** |  |  |
| 0.400% due 05/15/2030 (c) | 3599 | 4113 |
| 1.800% due 05/15/2036 (c) | 1349 | 1575 |
| **Japan Government CPI-Linked Bonds** |  |  |
| 0.100% due 03/10/2028 (c) | 1619992 | 11141 |
| 0.100% due 03/10/2029 (c) | 2202406 | 15205 |
| **Mexico Government International Bonds** |  |  |
| 5.850% due 07/02/2032 | $400 | 414 |
| 6.625% due 01/29/2038 | 300 | 316 |
| **Mexico Udibonos**<br>4.000% due 08/24/2034 (c) | 778 | 41 |
| Total Sovereign Issues (Cost $62,193) |  | 58967 |
|  | SHARES |  |
| **PREFERRED SECURITIES 0.1%** |  |  |
| **BANKING & FINANCE 0.1%** |  |  |
| **Bank of America Corp.**<br>5.875% due 03/15/2028 •(d) | 1220000 | 1234 |
| Total Preferred Securities (Cost $1,220) |  | 1234 |
| **SHORT-TERM INSTRUMENTS 22.3%** |  |  |
| **REPURCHASE AGREEMENTS (e) 22.3%** |  | 315900 |
| Total Short-Term Instruments (Cost $315,900) |  | 315900 |
| Total Investments in Securities (Cost $2,246,054) |  | 2150700 |
|  | SHARES |  |
| **INVESTMENTS IN AFFILIATES 0.1%** |  |  |
| **SHORT-TERM INSTRUMENTS 0.1%** |  |  |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1%** |  |  |
| **PIMCO Short-Term Floating NAV Portfolio III** | 144383 | 1406 |
| Total Short-Term Instruments (Cost $1,406) |  | 1406 |
| Total Investments in Affiliates (Cost $1,406) |  | 1406 |
| Total Investments 151.8% (Cost $2,247,460) |  | $2152106 |
| **Financial Derivative Instruments** **(g)(i)** **(0.1)**%(Cost or Premiums, net $(128)) |  | (1133) |
| Other Assets and Liabilities, net (51.7)% |  | (733353) |
| Net Assets 100.0% |  | $1417620 |

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------

<br> Schedule of Investments PIMCO Real Return Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  |
| **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** |
| **¤** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** |
| **^** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** |
| **«** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** |
| **(b)** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** |
| **(c)** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** |
| **(d)** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** |
| **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** |
| **(e)** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** |
| Counterparty | Maturity<br>Date | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 10/02/2025 | &nbsp;&nbsp; U.S. Treasury Notes 1.250% - 4.125% due 11/30/2026 - 02/15/2027 | &nbsp;&nbsp; U.S. Treasury Notes 1.250% - 4.125% due 11/30/2026 - 02/15/2027 | &nbsp;&nbsp; U.S. Treasury Notes 1.250% - 4.125% due 11/30/2026 - 02/15/2027 | (322566) | 315900 | 315900 | 315900 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |  | **(322566)** | **315900** | **315900** | **315900** |
| **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** |
| Counterparty | Counterparty | Borrowing Rate<sup>(2)</sup> | Settlement Date | Maturity Date | Amount<br>Borrowed<sup>(2)</sup> | Amount<br>Borrowed<sup>(2)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Reverse<br>Repurchase<br>Agreements |
| BRC | BRC | 2.050% | 09/10/2025 | 10/06/2025 | (15324) | (15324) | (18013) | (18013) |
| **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** |  |  |  |  |  | **(18013)** | **(18013)** |
| **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** | **SALE-BUYBACK TRANSACTIONS:** |
| Counterparty | Counterparty | Borrowing Rate<sup>(2)</sup> | Borrowing Date | Maturity Date | Amount<br>Borrowed<sup>(2)</sup> | Amount<br>Borrowed<sup>(2)</sup> | Payable for<br>Sale-Buyback<br>Transactions<sup>(3)</sup> | Payable for<br>Sale-Buyback<br>Transactions<sup>(3)</sup> |
| BCY | BCY | 4.150% | 09/22/2025 | 10/06/2025 | (24419) | (24419) | (24445) | (24445) |
|  |  | 4.250 | 09/24/2025 | 10/01/2025 | (3065) | (3065) | (3067) | (3067) |
|  |  | 4.350 | 10/02/2025 | 10/03/2025 | (405838) | (405838) | (405838) | (405838) |
|  |  | 4.360 | 09/24/2025 | 10/01/2025 | (164415) | (164415) | (164555) | (164555) |
|  |  | 4.400 | 10/01/2025 | 10/02/2025 | (619911) | (619911) | (619910) | (619910) |
| GSC | GSC | 4.280 | 09/17/2025 | 10/08/2025 | (15178) | (15178) | (15204) | (15204) |
| TDM | TDM | 4.270 | 09/22/2025 | 10/20/2025 | (38624) | (38624) | (38665) | (38665) |
| **Total Sale-Buyback Transactions** | **Total Sale-Buyback Transactions** |  |  |  |  |  | **(1271684)** | **(1271684)** |
| **(f)** | **Securities with an aggregate market value of $1,280,478 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,280,478 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,280,478 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,280,478 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,280,478 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,280,478 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,280,478 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,280,478 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** |
| <sup>(1)</sup> | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. |
| <sup>(2)</sup> | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(208263) at a weighted average interest rate of 4.285%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(208263) at a weighted average interest rate of 4.285%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(208263) at a weighted average interest rate of 4.285%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(208263) at a weighted average interest rate of 4.285%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(208263) at a weighted average interest rate of 4.285%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(208263) at a weighted average interest rate of 4.285%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(208263) at a weighted average interest rate of 4.285%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(208263) at a weighted average interest rate of 4.285%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. |
| <sup>(3)</sup> | Payable for sale-buyback transactions includes $(239) of deferred price drop. | Payable for sale-buyback transactions includes $(239) of deferred price drop. | Payable for sale-buyback transactions includes $(239) of deferred price drop. | Payable for sale-buyback transactions includes $(239) of deferred price drop. | Payable for sale-buyback transactions includes $(239) of deferred price drop. | Payable for sale-buyback transactions includes $(239) of deferred price drop. | Payable for sale-buyback transactions includes $(239) of deferred price drop. | Payable for sale-buyback transactions includes $(239) of deferred price drop. |
| **(g)** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** |

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<br> Schedule of Investments PIMCO Real Return Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FUTURES** **CONTRACTS:** | **FUTURES** **CONTRACTS:** | **FUTURES** **CONTRACTS:** | **FUTURES** **CONTRACTS:** | **FUTURES** **CONTRACTS:** | **FUTURES** **CONTRACTS:** | **FUTURES** **CONTRACTS:** | **FUTURES** **CONTRACTS:** | **FUTURES** **CONTRACTS:** |
| **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** |
|  |  |  |  |  |  | <u>Variation Margin</u><sup>(1)</sup> | <u>Variation Margin</u><sup>(1)</sup> | <u>Variation Margin</u><sup>(1)</sup> |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Liability |
| Arabica Coffee March Futures | 03/2026 | 1 | $135 | $29 | 29 | $1 | 1 | $0 |
| Brent Crude June Futures | 04/2026 | 4 | 260 | (4) | (4) | 0 | 0 | (3) |
| Carbon Emissions December Futures | 12/2025 | 2 | 178 | (4) | (4) | 3 | 3 | (2) |
| Cocoa December Futures | 12/2025 | 2 | 135 | (17) | (17) | 0 | 0 | (5) |
| Cocoa March Futures | 03/2026 | 3 | 204 | (13) | (13) | 0 | 0 | (7) |
| Copper December Futures | 12/2025 | 3 | 364 | (15) | (15) | 0 | 0 | (2) |
| Euro-Bobl December Futures | 12/2025 | 157 | 21715 | 6 | 6 | 29 | 29 | 0 |
| Euro-BTP Future December Futures | 12/2025 | 165 | 23215 | 213 | 213 | 74 | 74 | 0 |
| Euro-Buxl 30-Year Bond December Futures | 12/2025 | 39 | 5242 | 119 | 119 | 48 | 48 | (10) |
| Gas Oil March Futures | 03/2026 | 5 | 327 | 8 | 8 | 0 | 0 | (2) |
| Iron Ore January Futures | 01/2026 | 37 | 373 | (7) | (7) | 2 | 2 | 0 |
| Iron Ore November Futures | 11/2025 | 9 | 93 | (2) | (2) | 1 | 1 | 0 |
| Japan Government 10-Year Bond December Futures | 12/2025 | 1 | 918 | (9) | (9) | 1 | 1 | (1) |
| Live Cattle December Futures | 12/2025 | 9 | 845 | 5 | 5 | 3 | 3 | 0 |
| LME Zinc January Futures | 01/2026 | 6 | 444 | 9 | 9 | 10 | 10 | (1) |
| LME Zinc November Futures | 11/2025 | 1 | 74 | 3 | 3 | 3 | 3 | 0 |
| New York Harbor March Futures | 02/2026 | 6 | 565 | 4 | 4 | 0 | 0 | (6) |
| Palladium December Futures | 12/2025 | 1 | 129 | (4) | (4) | 0 | 0 | 0 |
| Platinum January Futures | 01/2026 | 2 | 161 | 23 | 23 | 0 | 0 | (3) |
| RBOB Gasoline March Futures | 02/2026 | 6 | 472 | (5) | (5) | 0 | 0 | (5) |
| Silver December Futures | 12/2025 | 2 | 466 | 68 | 68 | 0 | 0 | (4) |
| Soybean January Futures | 01/2026 | 6 | 306 | (7) | (7) | 0 | 0 | (3) |
| Soybean Meal January Futures | 01/2026 | 44 | 1223 | (33) | (33) | 0 | 0 | (8) |
| U.S. Treasury 10-Year Note December Futures | 12/2025 | 280 | 31500 | (268) | (268) | 0 | 0 | (4) |
| U.S. Treasury Ultra Long-Term Bond December Futures | 12/2025 | 496 | 59551 | 1178 | 1178 | 0 | 0 | (279) |
| U.S. Ultra Treasury 10-Year Note December Futures | 12/2025 | 1054 | 121292 | 895 | 895 | 0 | 0 | (86) |
| WTI Crude March Futures | 02/2026 | 2 | 123 | (4) | (4) | 0 | 0 | (2) |
|  |  |  |  | 2168 | $ | 175 | $ | (433) |
| **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** |
|  |  |  |  |  |  | <u>Variation Margin</u><sup>(1)</sup> | <u>Variation Margin</u><sup>(1)</sup> | <u>Variation Margin</u><sup>(1)</sup> |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Liability |
| Arabica Coffee December Futures | 12/2025 | 2 | $(281) | $(30) | (30) | $0 | 0 | $(2) |
| Cocoa December Futures | 12/2025 | 1 | (64) | 7 | 7 | 2 | 2 | 0 |
| Corn December Futures | 12/2025 | 72 | (1496) | 21 | 21 | 22 | 22 | 0 |
| Corn March Futures | 03/2026 | 29 | (626) | (2) | (2) | 9 | 9 | 0 |
| Cotton No. 2 December Futures | 12/2025 | 5 | (164) | 4 | 4 | 0 | 0 | (1) |
| Cotton No. 2 March Futures | 03/2026 | 13 | (439) | 8 | 8 | 0 | 0 | (1) |
| Euro-Bund December Futures | 12/2025 | 240 | (36227) | (168) | (168) | 9 | 9 | (96) |
| Euro-Oat December Futures | 12/2025 | 436 | (62117) | (477) | (477) | 0 | 0 | (148) |
| Gold 100 oz. December Futures | 12/2025 | 7 | (2711) | (151) | (151) | 0 | 0 | (13) |
| Hard Red Winter Wheat December Futures | 12/2025 | 12 | (299) | 37 | 37 | 6 | 6 | 0 |
| Hard Red Winter Wheat March Futures | 03/2026 | 8 | (208) | 13 | 13 | 4 | 4 | 0 |
| Lean Hogs December Futures | 12/2025 | 13 | (461) | (22) | (22) | 9 | 9 | 0 |
| LME Aluminum January Futures | 01/2026 | 2 | (134) | (3) | (3) | 0 | 0 | (3) |
| LME Lead January Futures | 01/2026 | 8 | (399) | 3 | 3 | 3 | 3 | 0 |
| Natural Gas December Futures | 11/2025 | 10 | (278) | 13 | 13 | 14 | 14 | 0 |
| Natural Gas January Futures | 12/2025 | 6 | (251) | (2) | (2) | 1 | 1 | 0 |
| Natural Gas March Futures | 02/2026 | 3 | (109) | (1) | (1) | 0 | 0 | 0 |
| Robusta Coffee January Futures | 01/2026 | 1 | (42) | (1) | (1) | 0 | 0 | 0 |
| Soybean March Futures | 03/2026 | 10 | (518) | 9 | 9 | 4 | 4 | 0 |
| Soybean Meal March Futures | 03/2026 | 8 | (228) | 11 | 11 | 1 | 1 | 0 |
| Soybean Oil January Futures | 01/2026 | 7 | (209) | 7 | 7 | 1 | 1 | 0 |
| Sugar No. 11 March Futures | 02/2026 | 35 | (651) | 5 | 5 | 0 | 0 | (6) |
| U.S. Treasury 2-Year Note December Futures | 12/2025 | 945 | (196937) | (270) | (270) | 0 | 0 | (103) |
| U.S. Treasury 5-Year Note December Futures | 12/2025 | 215 | (23477) | 42 | 42 | 4 | 4 | (2) |
| U.S. Treasury Long-Term Bond December Futures | 12/2025 | 1182 | (137814) | (2937) | (2937) | 296 | 296 | 0 |
| Wheat December Futures | 12/2025 | 15 | (164) | 15 | 15 | 3 | 3 | 0 |
| Wheat December Futures | 12/2025 | 23 | (584) | 60 | 60 | 13 | 13 | 0 |
| Wheat March Futures | 03/2026 | 17 | (448) | 33 | 33 | 9 | 9 | 0 |
| White Sugar March Futures | 02/2026 | 4 | (93) | (1) | (1) | 0 | 0 | (1) |
|  |  |  |  | (3777) | $ | 410 | $ | (376) |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **(1609)** | **$** | **585** | **$** | **(809)** |

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<br> Schedule of Investments PIMCO Real Return Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** |
| **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** |
|  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Pay/<br>Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | 63500 | $(308) | $(59) | (367) | $87 | $0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.300 | Semi-Annual | 09/20/2027 | 400000 | (7) | 45 | 38 | 1 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.300 | Semi-Annual | 03/20/2028 | 118480 | (2) | 17 | 15 | 0 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.550 | Annual | 09/14/2028 | 1600000 | (19) | 179 | 160 | 5 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.500 | Annual | 12/15/2031 | 1061000 | 21 | 304 | 325 | 8 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 12/20/2025 | $54750 | 364 | (312) | 52 | 0 | (1) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.300 | Semi-Annual | 11/15/2028 | 53300 | (704) | (1238) | (1942) | 28 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.340 | Semi-Annual | 11/21/2028 | 6020 | (76) | (134) | (210) | 3 | 0 |
| Receive<sup>(2)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 02/28/2030 | 51900 | (10) | 70 | 60 | 0 | (26) |
| Receive<sup>(2)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.325 | Annual | 02/28/2030 | 2500 | (12) | 12 | 0 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 81197 | (81) | (1234) | (1315) | 0 | (28) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2034 | 9600 | 427 | (152) | 275 | 0 | (1) |
| Receive<sup>(2)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 05/15/2035 | 3724 | (43) | 20 | (23) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.285 | Semi-Annual | 11/15/2053 | 6810 | 428 | 1803 | 2231 | 18 | 0 |
| Receive<sup>(2)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 11/15/2053 | 8888 | (223) | (10) | (233) | 26 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.237 | Semi-Annual | 11/21/2053 | 5300 | 329 | 1450 | 1779 | 14 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.865 | Annual | 02/13/2054 | 22300 | 462 | 3878 | 4340 | 60 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 8300 | 221 | 440 | 661 | 25 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.740 | Annual | 09/10/2035 | 5300 | (133) | 99 | (34) | 0 | (17) |
| Pay<sup>(2)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/18/2036 | 96200 | (61) | 195 | 134 | 322 | 0 |
| Receive | 6-Month EUR-EURIBOR | 0.190 | Annual | 11/04/2052 | 5400 | 334 | 2983 | 3317 | 0 | (24) |
| Receive | 6-Month EUR-EURIBOR | 0.195 | Annual | 11/04/2052 | 5600 | 3 | 3430 | 3433 | 0 | (25) |
| Receive | 6-Month EUR-EURIBOR | 0.197 | Annual | 11/08/2052 | 9900 | 616 | 5449 | 6065 | 0 | (45) |
| Receive<sup>(2)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 | 11980 | (161) | (59) | (220) | 0 | (94) |
| Receive | CPTFEMU | 2.000 | Maturity | 02/15/2027 | 2500 | 0 | (6) | (6) | 0 | (3) |
| Receive | CPTFEMU | 3.000 | Maturity | 05/15/2027 | 1900 | 1 | 36 | 37 | 0 | (4) |
| Receive | CPTFEMU | 3.130 | Maturity | 05/15/2027 | 1200 | 0 | 14 | 14 | 0 | (2) |
| Receive | CPTFEMU | 1.636 | Maturity | 06/15/2027 | 21300 | 0 | 99 | 99 | 0 | (29) |
| Pay | CPTFEMU | 1.380 | Maturity | 03/15/2031 | 13430 | (100) | (2750) | (2850) | 52 | 0 |
| Receive | CPTFEMU | 2.049 | Maturity | 08/15/2034 | 8700 | (4) | (110) | (114) | 0 | (33) |
| Receive | CPTFEMU | 2.034 | Maturity | 09/15/2034 | 5700 | (16) | (47) | (63) | 0 | (21) |
| Pay | CPTFEMU | 2.487 | Maturity | 05/15/2037 | 40 | 0 | 0 | 0 | 0 | 0 |
| Pay | CPTFEMU | 2.580 | Maturity | 03/15/2052 | 800 | 1 | 38 | 39 | 6 | 0 |
| Pay | CPTFEMU | 2.590 | Maturity | 03/15/2052 | 1300 | (34) | 101 | 67 | 9 | 0 |
| Pay | CPTFEMU | 2.550 | Maturity | 04/15/2052 | 200 | 0 | 10 | 10 | 1 | 0 |
| Pay | CPTFEMU | 2.421 | Maturity | 05/15/2052 | 550 | 0 | 6 | 6 | 3 | 0 |
| Pay | CPTFEMU | 2.590 | Maturity | 12/15/2052 | 2000 | 0 | 230 | 230 | 14 | 0 |
| Pay | CPTFEMU | 2.700 | Maturity | 04/15/2053 | 1800 | 12 | 279 | 291 | 13 | 0 |
| Pay | CPTFEMU | 2.763 | Maturity | 09/15/2053 | 800 | 5 | 143 | 148 | 6 | 0 |
| Pay | CPTFEMU | 2.682 | Maturity | 10/15/2053 | 900 | 0 | 142 | 142 | 6 | 0 |
| Pay | CPTFEMU | 2.736 | Maturity | 10/15/2053 | 1400 | 13 | 233 | 246 | 10 | 0 |
| Pay | CPURNSA | 2.208 | Maturity | 10/07/2025 | $14333 | 0 | (77) | (77) | 0 | 0 |
| Pay | CPURNSA | 2.380 | Maturity | 10/15/2025 | 7500 | 0 | (32) | (32) | 0 | 0 |
| Pay | CPURNSA | 2.700 | Maturity | 01/14/2026 | 11600 | 0 | (48) | (48) | 0 | (2) |
| Pay | CPURNSA | 2.820 | Maturity | 02/05/2026 | 6900 | 0 | (23) | (23) | 0 | 0 |
| Pay | CPURNSA | 2.842 | Maturity | 02/13/2026 | 7200 | 0 | (23) | (23) | 1 | 0 |

---

------

<br> Schedule of Investments PIMCO Real Return Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay | Pay | CPURNSA | CPURNSA | 3.042 | Maturity | Maturity | 02/21/2026 |  | 5500 |  | 0 |  | (6) |  | (6) |  | 1 | 1 |  | 0 |
| Receive | Receive | CPURNSA | CPURNSA | 2.313 | Maturity | Maturity | 02/26/2026 |  | 2700 |  | 0 |  | 343 |  | 343 |  | 0 | 0 |  | 0 |
| Receive | Receive | CPURNSA | CPURNSA | 2.418 | Maturity | Maturity | 03/05/2026 |  | 10200 |  | 0 |  | 1236 |  | 1236 |  | 0 | 0 |  | (3) |
| Pay | Pay | CPURNSA | CPURNSA | 3.323 | Maturity | Maturity | 04/23/2026 |  | 3800 |  | 0 |  | 10 |  | 10 |  | 1 | 1 |  | 0 |
| Receive | Receive | CPURNSA | CPURNSA | 2.767 | Maturity | Maturity | 05/13/2026 |  | 7700 |  | 0 |  | 772 |  | 772 |  | 0 | 0 |  | (2) |
| Receive | Receive | CPURNSA | CPURNSA | 2.813 | Maturity | Maturity | 05/14/2026 |  | 3300 |  | 0 |  | 322 |  | 322 |  | 0 | 0 |  | (1) |
| Receive | Receive | CPURNSA | CPURNSA | 2.703 | Maturity | Maturity | 05/25/2026 |  | 5980 |  | 0 |  | 612 |  | 612 |  | 0 | 0 |  | (1) |
| Receive | Receive | CPURNSA | CPURNSA | 2.690 | Maturity | Maturity | 06/01/2026 |  | 400 |  | 0 |  | 41 |  | 41 |  | 0 | 0 |  | 0 |
| Pay | Pay | CPURNSA | CPURNSA | 3.300 | Maturity | Maturity | 06/04/2026 |  | 7000 |  | 0 |  | 3 |  | 3 |  | 2 | 2 |  | 0 |
| Pay | Pay | CPURNSA | CPURNSA | 0.000 | Maturity | Maturity | 08/01/2026 |  | 14100 |  | 0 |  | 17 |  | 17 |  | 6 | 6 |  | 0 |
| Pay | Pay | CPURNSA | CPURNSA | 0.000 | Maturity | Maturity | 08/27/2026 |  | 14200 |  | 0 |  | 25 |  | 25 |  | 6 | 6 |  | 0 |
| Receive | Receive | CPURNSA | CPURNSA | 1.797 | Maturity | Maturity | 08/25/2027 |  | 7000 |  | 0 |  | 1267 |  | 1267 |  | 0 | 0 |  | (2) |
| Receive | Receive | CPURNSA | CPURNSA | 1.890 | Maturity | Maturity | 08/27/2027 |  | 7100 |  | 0 |  | 1235 |  | 1235 |  | 0 | 0 |  | (2) |
| Pay | Pay | CPURNSA | CPURNSA | 2.379 | Maturity | Maturity | 07/09/2028 |  | 3700 |  | (2) |  | (420) |  | (422) |  | 1 | 1 |  | 0 |
| Receive | Receive | CPURNSA | CPURNSA | 2.573 | Maturity | Maturity | 08/26/2028 |  | 800 |  | 0 |  | 69 |  | 69 |  | 0 | 0 |  | 0 |
| Receive | Receive | CPURNSA | CPURNSA | 2.645 | Maturity | Maturity | 09/10/2028 |  | 1900 |  | 0 |  | 149 |  | 149 |  | 0 | 0 |  | 0 |
| Pay | Pay | CPURNSA | CPURNSA | 2.165 | Maturity | Maturity | 04/16/2029 |  | 18000 |  | 0 |  | (2594) |  | (2594) |  | 0 | 0 |  | (2) |
| Pay | Pay | CPURNSA | CPURNSA | 1.954 | Maturity | Maturity | 06/03/2029 |  | 6450 |  | 0 |  | (1061) |  | (1061) |  | 0 | 0 |  | (2) |
| Pay | Pay | CPURNSA | CPURNSA | 1.997 | Maturity | Maturity | 07/25/2029 |  | 20100 |  | 0 |  | (3167) |  | (3167) |  | 0 | 0 |  | (2) |
| Pay | Pay | CPURNSA | CPURNSA | 1.760 | Maturity | Maturity | 11/04/2029 |  | 12300 |  | (11) |  | (2260) |  | (2271) |  | 0 | 0 |  | (2) |
| Receive | Receive | CPURNSA | CPURNSA | 2.311 | Maturity | Maturity | 02/24/2031 |  | 21800 |  | 0 |  | 2906 |  | 2906 |  | 7 | 7 |  | 0 |
| Receive | Receive | UKRPI | UKRPI | 0.000 | Maturity | Maturity | 09/15/2027 | GBP | 5600 |  | 0 |  | (6) |  | (6) |  | 0 | 0 |  | (8) |
| Pay | Pay | UKRPI | UKRPI | 3.500 | Maturity | Maturity | 08/15/2034 |  | 6300 |  | 36 |  | 83 |  | 119 |  | 23 | 23 |  | 0 |
| Pay | Pay | UKRPI | UKRPI | 3.466 | Maturity | Maturity | 09/15/2034 |  | 2700 |  | 0 |  | 38 |  | 38 |  | 8 | 8 |  | 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** | **Total Swap Agreements** | **$** | $**1266** | **1266** | $**15005** | **15005** | $**16271** | **16271** | $**773** | **773** | **773** | $**(383)** | **(383)** |
| **(h)** | **Securities with an aggregate market value of $11,719 and cash of $5,170 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $11,719 and cash of $5,170 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $11,719 and cash of $5,170 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $11,719 and cash of $5,170 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $11,719 and cash of $5,170 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $11,719 and cash of $5,170 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $11,719 and cash of $5,170 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $11,719 and cash of $5,170 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $11,719 and cash of $5,170 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $11,719 and cash of $5,170 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $11,719 and cash of $5,170 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $11,719 and cash of $5,170 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $11,719 and cash of $5,170 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $11,719 and cash of $5,170 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $11,719 and cash of $5,170 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $11,719 and cash of $5,170 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $11,719 and cash of $5,170 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $11,719 and cash of $5,170 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $11,719 and cash of $5,170 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $11,719 and cash of $5,170 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** |
| <sup>(1)</sup> | Unsettled variation margin asset of $15 and liability of $(44) for closed futures is outstanding at period end. | Unsettled variation margin asset of $15 and liability of $(44) for closed futures is outstanding at period end. | Unsettled variation margin asset of $15 and liability of $(44) for closed futures is outstanding at period end. | Unsettled variation margin asset of $15 and liability of $(44) for closed futures is outstanding at period end. | Unsettled variation margin asset of $15 and liability of $(44) for closed futures is outstanding at period end. | Unsettled variation margin asset of $15 and liability of $(44) for closed futures is outstanding at period end. | Unsettled variation margin asset of $15 and liability of $(44) for closed futures is outstanding at period end. | Unsettled variation margin asset of $15 and liability of $(44) for closed futures is outstanding at period end. | Unsettled variation margin asset of $15 and liability of $(44) for closed futures is outstanding at period end. | Unsettled variation margin asset of $15 and liability of $(44) for closed futures is outstanding at period end. | Unsettled variation margin asset of $15 and liability of $(44) for closed futures is outstanding at period end. | Unsettled variation margin asset of $15 and liability of $(44) for closed futures is outstanding at period end. | Unsettled variation margin asset of $15 and liability of $(44) for closed futures is outstanding at period end. | Unsettled variation margin asset of $15 and liability of $(44) for closed futures is outstanding at period end. | Unsettled variation margin asset of $15 and liability of $(44) for closed futures is outstanding at period end. | Unsettled variation margin asset of $15 and liability of $(44) for closed futures is outstanding at period end. | Unsettled variation margin asset of $15 and liability of $(44) for closed futures is outstanding at period end. | Unsettled variation margin asset of $15 and liability of $(44) for closed futures is outstanding at period end. | Unsettled variation margin asset of $15 and liability of $(44) for closed futures is outstanding at period end. | Unsettled variation margin asset of $15 and liability of $(44) for closed futures is outstanding at period end. |
| <sup>(2)</sup> | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. |
| **(i)** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** |
| **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** |
|  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | Settlement<br>Month | Settlement<br>Month | Settlement<br>Month |  | Currency to<br>be Delivered | Currency to<br>be Delivered | Currency to<br>be Delivered |  | Currency to<br>be Received | Currency to<br>be Received | Currency to<br>be Received | Asset | Asset | Asset | Asset | Liability | Liability | Liability |
| &nbsp;&nbsp;&nbsp;&nbsp; AZD | &nbsp;&nbsp;&nbsp;&nbsp; AZD | &nbsp;&nbsp;&nbsp;&nbsp; AZD | 10/2025 | 10/2025 | 10/2025 | EUR | 52075 | 52075 | 52075 | $ | $60737 | 60737 | 60737 | 0 | 0 | 0 | 0 | $(401) | (401) | (401) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | $ | $16887 | 16887 | 16887 | CAD | 23493 | 23493 | 23493 | 0 | 0 | 0 | 0 | (5) | (5) | (5) |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | CAD | 23455 | 23455 | 23455 | $ | $16887 | 16887 | 16887 | 5 | 5 | 5 | 5 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOA | &nbsp;&nbsp;&nbsp;&nbsp; BOA | &nbsp;&nbsp;&nbsp;&nbsp; BOA | 10/2025 | 10/2025 | 10/2025 | JPY | 6180 | 6180 | 6180 |  | 42 | 42 | 42 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | $ | $521 | 521 | 521 | ILS | 1751 | 1751 | 1751 | 8 | 8 | 8 | 8 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 1156 | 1156 | 1156 | INR | 102250 | 102250 | 102250 | 0 | 0 | 0 | 0 | (6) | (6) | (6) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 359 | 359 | 359 | JPY | 53802 | 53802 | 53802 | 5 | 5 | 5 | 5 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 662 | 662 | 662 | KRW | 916932 | 916932 | 916932 | 0 | 0 | 0 | 0 | (9) | (9) | (9) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 416 | 416 | 416 | NZD | 722 | 722 | 722 | 3 | 3 | 3 | 3 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 171 | 171 | 171 | PLN | 614 | 614 | 614 | 0 | 0 | 0 | 0 | (2) | (2) | (2) |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | JPY | 53616 | 53616 | 53616 | $ | $359 | 359 | 359 | 0 | 0 | 0 | 0 | (5) | (5) | (5) |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | NZD | 722 | 722 | 722 |  | 416 | 416 | 416 | 0 | 0 | 0 | 0 | (3) | (3) | (3) |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | $ | $209 | 209 | 209 | ILS | 699 | 699 | 699 | 2 | 2 | 2 | 2 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BPS | &nbsp;&nbsp;&nbsp;&nbsp; BPS | &nbsp;&nbsp;&nbsp;&nbsp; BPS | 10/2025 | 10/2025 | 10/2025 | BRL | 7551 | 7551 | 7551 | $ | $1420 | 1420 | 1420 | 1 | 1 | 1 | 1 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | CNH | 16390 | 16390 | 16390 |  | 2301 | 2301 | 2301 | 1 | 1 | 1 | 1 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | IDR | 50139915 | 50139915 | 50139915 |  | 3032 | 3032 | 3032 | 30 | 30 | 30 | 30 | (4) | (4) | (4) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | INR | 73920 | 73920 | 73920 |  | 839 | 839 | 839 | 8 | 8 | 8 | 8 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | TWD | 172275 | 172275 | 172275 |  | 5728 | 5728 | 5728 | 74 | 74 | 74 | 74 | (5) | (5) | (5) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | $ | $1380 | 1380 | 1380 | BRL | 7551 | 7551 | 7551 | 39 | 39 | 39 | 39 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 3696 | 3696 | 3696 | IDR | 61028323 | 61028323 | 61028323 | 0 | 0 | 0 | 0 | (38) | (38) | (38) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 420 | 420 | 420 | JPY | 62332 | 62332 | 62332 | 2 | 2 | 2 | 2 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 3220 | 3220 | 3220 | KRW | 4450013 | 4450013 | 4450013 | 0 | 0 | 0 | 0 | (49) | (49) | (49) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 1252 | 1252 | 1252 | PLN | 4555 | 4555 | 4555 | 2 | 2 | 2 | 2 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | IDR | 8857025 | 8857025 | 8857025 | $ | $530 | 530 | 530 | 0 | 0 | 0 | 0 | (1) | (1) | (1) |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | INR | 54296 | 54296 | 54296 |  | 610 | 610 | 610 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | JPY | 62116 | 62116 | 62116 |  | 420 | 420 | 420 | 0 | 0 | 0 | 0 | (2) | (2) | (2) |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | KRW | 462599 | 462599 | 462599 |  | 330 | 330 | 330 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | $ | $640 | 640 | 640 | ILS | 2152 | 2152 | 2152 | 9 | 9 | 9 | 9 | 0 | 0 | 0 |
|  |  |  | 12/2025 | 12/2025 | 12/2025 | TWD | 15846 | 15846 | 15846 | $ | $528 | 528 | 528 | 5 | 5 | 5 | 5 | 0 | 0 | 0 |
|  |  |  | 12/2025 | 12/2025 | 12/2025 | $ | $725 | 725 | 725 | IDR | 12189220 | 12189220 | 12189220 | 5 | 5 | 5 | 5 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BRC | &nbsp;&nbsp;&nbsp;&nbsp; BRC | &nbsp;&nbsp;&nbsp;&nbsp; BRC | 10/2025 | 10/2025 | 10/2025 | CHF | 3141 | 3141 | 3141 | $ | $3935 | 3935 | 3935 | 0 | 0 | 0 | 0 | (11) | (11) | (11) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | GBP | 1389 | 1389 | 1389 |  | 1876 | 1876 | 1876 | 8 | 8 | 8 | 8 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | IDR | 352369 | 352369 | 352369 |  | 21 | 21 | 21 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | $ | $4218 | 4218 | 4218 | CHF | 3382 | 3382 | 3382 | 31 | 31 | 31 | 31 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 6 | 6 | 6 | NOK | 55 | 55 | 55 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 1890 | 1890 | 1890 | PLN | 6911 | 6911 | 6911 | 11 | 11 | 11 | 11 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 |  | 1537 | 1537 | 1537 | ZAR | 27118 | 27118 | 27118 | 31 | 31 | 31 | 31 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | NOK | 55 | 55 | 55 | $ | $5 | 5 | 5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | $ | $3935 | 3935 | 3935 | CHF | 3128 | 3128 | 3128 | 11 | 11 | 11 | 11 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 |  | 1877 | 1877 | 1877 | GBP | 1389 | 1389 | 1389 | 0 | 0 | 0 | 0 | (8) | (8) | (8) |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | ZAR | 4968 | 4968 | 4968 | $ | $282 | 282 | 282 | 0 | 0 | 0 | 0 | (5) | (5) | (5) |
|  |  |  | 12/2025 | 12/2025 | 12/2025 | $ | $114 | 114 | 114 | MXN | 2103 | 2103 | 2103 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BSH | &nbsp;&nbsp;&nbsp;&nbsp; BSH | &nbsp;&nbsp;&nbsp;&nbsp; BSH | 10/2025 | 10/2025 | 10/2025 | EUR | 1419 | 1419 | 1419 | $ | $1649 | 1649 | 1649 | 0 | 0 | 0 | 0 | (17) | (17) | (17) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | $ | $123 | 123 | 123 | NZD | 212 | 212 | 212 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | NZD | 212 | 212 | 212 | $ | $123 | 123 | 123 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |

---

------

<br> Schedule of Investments PIMCO Real Return Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 02/2026 | 905 | 259 | 0 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; CBK | 10/2025 | 788 | 514 | 0 | (7) |
|  | 10/2025 | 27 | 19 | 0 | 0 |
|  | 10/2025 | 310 | 44 | 0 | 0 |
|  | 10/2025 | 2997 | 3498 | 0 | (21) |
|  | 10/2025 | 30669070 | 1855 | 20 | (3) |
|  | 10/2025 | 100907 | 1136 | 1 | 0 |
|  | 10/2025 | 427 | 42 | 0 | (1) |
|  | 10/2025 | 5827 | 4539 | 22 | 0 |
|  | 10/2025 | 5116 | 159 | 0 | 0 |
|  | 10/2025 | 214125 | 7225 | 190 | 0 |
|  | 10/2025 | $1100 | 18089428 | 0 | (16) |
|  | 10/2025 | 4922 | 432406 | 0 | (59) |
|  | 10/2025 | 542 | 5409 | 0 | 0 |
|  | 10/2025 | 1363 | 12935 | 11 | 0 |
|  | 10/2025 | 2502 | 76134 | 2 | (3) |
|  | 10/2025 | 1232 | $71 | 0 | 0 |
|  | 11/2025 | 5407 | 542 | 0 | 0 |
|  | 11/2025 | $19 | 27 | 0 | 0 |
|  | 11/2025 | 460 | 1542 | 5 | 0 |
|  | 11/2025 | 1136 | 101105 | 0 | (1) |
|  | 12/2025 | 49376 | $1633 | 4 | (1) |
|  | 12/2025 | $749 | 12588402 | 4 | 0 |
|  | 01/2026 | 26200 | $868 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; DUB | 10/2025 | 35121 | 4939 | 10 | 0 |
|  | 10/2025 | 18560538 | 1132 | 20 | 0 |
|  | 10/2025 | 163848 | 1844 | 2 | 0 |
|  | 10/2025 | 1178474 | 850 | 10 | 0 |
|  | 10/2025 | $1332 | 4550 | 42 | 0 |
|  | 10/2025 | 2378 | 210227 | 0 | (13) |
|  | 11/2025 | 4548 | $1332 | 0 | (41) |
|  | 11/2025 | 13268 | 149 | 0 | 0 |
|  | 11/2025 | $1844 | 164174 | 0 | (2) |
|  | 11/2025 | 11996 | $685 | 0 | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp; FAR | 10/2025 | 15169 | 9839 | 0 | (198) |
|  | 10/2025 | 563 | 706 | 0 | (1) |
|  | 10/2025 | 15313 | 2157 | 8 | 0 |
|  | 10/2025 | 2455305 | 16701 | 99 | 0 |
|  | 10/2025 | $10932 | 16743 | 147 | 0 |
|  | 10/2025 | 4674 | 412238 | 0 | (37) |
|  | 10/2025 | 2827 | 10328 | 14 | 0 |
|  | 10/2025 | 16695 | 21502 | 0 | (27) |
|  | 11/2025 | 16743 | $10937 | 0 | (147) |
|  | 11/2025 | 21447 | 16695 | 25 | 0 |
|  | 11/2025 | $706 | 561 | 1 | 0 |
|  | 12/2025 | 5283 | $277 | 0 | (9) |
|  | 12/2025 | $2471 | 46833 | 65 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; GLM | 10/2025 | 119 | $149 | 0 | (1) |
|  | 10/2025 | 1207 | 170 | 0 | 0 |
|  | 10/2025 | 12388914 | 743 | 0 | 0 |
|  | 10/2025 | 231 | 180 | 1 | 0 |
|  | 10/2025 | $1120 | 18514497 | 0 | (10) |
|  | 10/2025 | 1339 | 117475 | 0 | (17) |
|  | 11/2025 | 121 | 402 | 1 | 0 |
|  | 12/2025 | 260270 | $15 | 0 | 0 |
|  | 12/2025 | 1495 | 79 | 0 | (2) |
|  | 12/2025 | $723 | 12087624 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; IND | 10/2025 | 786 | $514 | 0 | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp; JPM | 10/2025 | 157 | 29 | 0 | (1) |
|  | 10/2025 | 23444 | 16965 | 118 | 0 |
|  | 10/2025 | 37336785 | 2236 | 0 | (2) |
|  | 10/2025 | 2039690 | 1471 | 18 | 0 |
|  | 10/2025 | 1085 | 844 | 3 | 0 |
|  | 10/2025 | $29 | 157 | 0 | 0 |
|  | 10/2025 | 3422 | 56870442 | 1 | (14) |
|  | 10/2025 | 558 | 1875 | 8 | 0 |
|  | 10/2025 | 1246 | 4577 | 14 | 0 |
|  | 10/2025 | 272 | 8275 | 0 | (1) |
|  | 10/2025 | 346 | 6114 | 8 | 0 |
|  | 11/2025 | 10623 | $606 | 0 | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp; MBC | 10/2025 | 129 | 162 | 0 | 0 |
|  | 10/2025 | 17873 | 2515 | 6 | 0 |
|  | 10/2025 | 418 | 496 | 5 | 0 |
|  | 10/2025 | 2012 | 2713 | 8 | (1) |
|  | 10/2025 | 1853533 | 113 | 1 | 0 |
|  | 10/2025 | 4394 | 30 | 0 | 0 |
|  | 10/2025 | 5141214 | 3688 | 24 | 0 |
|  | 10/2025 | 15024 | 1567 | 0 | (29) |
|  | 10/2025 | 14139 | 11033 | 72 | 0 |
|  | 10/2025 | 12077 | 375 | 2 | 0 |
|  | 10/2025 | $722 | 569 | 0 | (8) |
|  | 10/2025 | 1782 | 12694 | 0 | 0 |
|  | 10/2025 | 19210 | 16300 | 0 | (73) |
|  | 10/2025 | 1532 | 1137 | 0 | (3) |
|  | 10/2025 | 208 | 30892 | 1 | 0 |
|  | 10/2025 | 2521 | 3520104 | 0 | (13) |

---

------

<br> Schedule of Investments PIMCO Real Return Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 10/2025 | 10/2025 |  |  | 6 | NOK | 56 | 56 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 |  |  | 470 | THB | 15216 | 15216 |  | 0 | 0 | 0 |  | 0 |
|  |  | 11/2025 | 11/2025 | CNH | CNH | 12664 | $ | 1782 | 1782 |  | 0 | 0 | 0 |  | 0 |
|  |  | 11/2025 | 11/2025 | JPY | JPY | 52815 |  | 357 | 357 |  | 0 | 0 | 0 |  | (1) |
|  |  | 11/2025 | 11/2025 | NOK | NOK | 56 |  | 6 | 6 |  | 0 | 0 | 0 |  | 0 |
|  |  | 11/2025 | 11/2025 | $ | $ | 2713 | GBP | 2012 | 2012 |  | 1 | 1 | 1 |  | (8) |
|  |  | 11/2025 | 11/2025 |  |  | 128 | ILS | 425 | 425 |  | 1 | 1 | 1 |  | 0 |
|  |  | 12/2025 | 12/2025 |  |  | 167 | MXN | 3178 | 3178 |  | 5 | 5 | 5 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; MYI | &nbsp;&nbsp;&nbsp;&nbsp; MYI | 10/2025 | 10/2025 | CAD | CAD | 1019 | $ | 732 | 732 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 | CNH | CNH | 18044 |  | 2536 | 2536 |  | 3 | 3 | 3 |  | 0 |
|  |  | 10/2025 | 10/2025 | IDR | IDR | 7498276 |  | 455 | 455 |  | 6 | 6 | 6 |  | 0 |
|  |  | 10/2025 | 10/2025 | JPY | JPY | 27329 |  | 185 | 185 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 | $ | $ | 7894 | JPY | 1178500 | 1178500 |  | 75 | 75 | 75 |  | 0 |
|  |  | 10/2025 | 10/2025 |  |  | 0 | NOK | 2 | 2 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 |  |  | 682 | PLN | 2470 | 2470 |  | 0 | 0 | 0 |  | (3) |
|  |  | 10/2025 | 10/2025 |  |  | 1417 | TWD | 42692 | 42692 |  | 0 | 0 | 0 |  | (14) |
|  |  | 11/2025 | 11/2025 | JPY | JPY | 1174422 | $ | 7894 | 7894 |  | 0 | 0 | 0 |  | (75) |
|  |  | 11/2025 | 11/2025 | NOK | NOK | 2 |  | 0 | 0 |  | 0 | 0 | 0 |  | 0 |
|  |  | 12/2025 | 12/2025 | TWD | TWD | 42414 |  | 1417 | 1417 |  | 17 | 17 | 17 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; NGF | &nbsp;&nbsp;&nbsp;&nbsp; NGF | 10/2025 | 10/2025 | KRW | KRW | 2701636 |  | 1943 | 1943 |  | 17 | 17 | 17 |  | 0 |
|  |  | 10/2025 | 10/2025 | $ | $ | 990 | IDR | 16395168 | 16395168 |  | 0 | 0 | 0 |  | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp; SCX | &nbsp;&nbsp;&nbsp;&nbsp; SCX | 10/2025 | 10/2025 | CNH | CNH | 13123 | $ | 1847 | 1847 |  | 5 | 5 | 5 |  | 0 |
|  |  | 10/2025 | 10/2025 | GBP | GBP | 699 |  | 934 | 934 |  | 0 | 0 | 0 |  | (5) |
|  |  | 10/2025 | 10/2025 | IDR | IDR | 15599172 |  | 934 | 934 |  | 0 | 0 | 0 |  | (1) |
|  |  | 10/2025 | 10/2025 | INR | INR | 117223 |  | 1319 | 1319 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 | JPY | JPY | 139923 |  | 952 | 952 |  | 5 | 5 | 5 |  | 0 |
|  |  | 10/2025 | 10/2025 | SGD | SGD | 225 |  | 176 | 176 |  | 2 | 2 | 2 |  | 0 |
|  |  | 10/2025 | 10/2025 | TWD | TWD | 126974 |  | 4285 | 4285 |  | 113 | 113 | 113 |  | 0 |
|  |  | 10/2025 | 10/2025 | $ | $ | 1106 | IDR | 18189707 | 18189707 |  | 0 | 0 | 0 |  | (16) |
|  |  | 10/2025 | 10/2025 |  |  | 2315 | INR | 204405 | 204405 |  | 0 | 0 | 0 |  | (16) |
|  |  | 11/2025 | 11/2025 | JPY | JPY | 254 | $ | 2 | 2 |  | 0 | 0 | 0 |  | 0 |
|  |  | 11/2025 | 11/2025 | $ | $ | 934 | GBP | 699 | 699 |  | 5 | 5 | 5 |  | 0 |
|  |  | 11/2025 | 11/2025 |  |  | 1169 | INR | 104172 | 104172 |  | 0 | 0 | 0 |  | 0 |
|  |  | 12/2025 | 12/2025 |  |  | 934 | IDR | 15638598 | 15638598 |  | 1 | 1 | 1 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOG | &nbsp;&nbsp;&nbsp;&nbsp; SOG | 10/2025 | 10/2025 | BRL | BRL | 7414 | $ | 1389 | 1389 |  | 0 | 0 | 0 |  | (4) |
|  |  | 10/2025 | 10/2025 | JPY | JPY | 1281258 |  | 8712 | 8712 |  | 49 | 49 | 49 |  | 0 |
|  |  | 10/2025 | 10/2025 | NZD | NZD | 934 |  | 544 | 544 |  | 3 | 3 | 3 |  | 0 |
|  |  | 10/2025 | 10/2025 | $ | $ | 1394 | BRL | 7414 | 7414 |  | 0 | 0 | 0 |  | (1) |
|  |  | 10/2025 | 10/2025 |  |  | 47756 | EUR | 40609 | 40609 |  | 0 | 0 | 0 |  | (79) |
|  |  | 10/2025 | 10/2025 |  |  | 17248 | JPY | 2566477 | 2566477 |  | 107 | 107 | 107 |  | 0 |
|  |  | 10/2025 | 10/2025 |  |  | 18 | NOK | 183 | 183 |  | 0 | 0 | 0 |  | 0 |
|  |  | 11/2025 | 11/2025 | EUR | EUR | 40609 | $ | 47852 | 47852 |  | 80 | 80 | 80 |  | 0 |
|  |  | 11/2025 | 11/2025 | JPY | JPY | 2557602 |  | 17248 | 17248 |  | 0 | 0 | 0 |  | (107) |
|  |  | 11/2025 | 11/2025 | NOK | NOK | 183 |  | 18 | 18 |  | 0 | 0 | 0 |  | 0 |
|  |  | 11/2025 | 11/2025 | $ | $ | 15528 | BRL | 86494 | 86494 |  | 593 | 593 | 593 |  | 0 |
|  |  | 12/2025 | 12/2025 |  |  | 1389 |  | 7520 | 7520 |  | 4 | 4 | 4 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; SSB | &nbsp;&nbsp;&nbsp;&nbsp; SSB | 10/2025 | 10/2025 | CAD | CAD | 1019 | $ | 732 | 732 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 | $ | $ | 732 | CAD | 1019 | 1019 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 |  |  | 3994 | GBP | 2963 | 2963 |  | 0 | 0 | 0 |  | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp; UAG | &nbsp;&nbsp;&nbsp;&nbsp; UAG | 10/2025 | 10/2025 | CAD | CAD | 21 |  | 15 | 15 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 | ILS | ILS | 8633 |  | 2588 | 2588 |  | 0 | 0 | 0 |  | (19) |
|  |  | 10/2025 | 10/2025 | NOK | NOK | 5277 |  | 519 | 519 |  | 0 | 0 | 0 |  | (10) |
|  |  | 10/2025 | 10/2025 | $ | $ | 134 | ILS | 457 | 457 |  | 4 | 4 | 4 |  | 0 |
|  |  | 10/2025 | 10/2025 |  |  | 54 | INR | 4748 | 4748 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 |  |  | 788 | PLN | 2856 | 2856 |  | 0 | 0 | 0 |  | (2) |
|  |  | 10/2025 | 10/2025 |  |  | 470 | THB | 15210 | 15210 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 |  |  | 71 | ZAR | 1232 | 1232 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025 | 10/2025 | ZAR | ZAR | 1233 | $ | 71 | 71 |  | 0 | 0 | 0 |  | 0 |
|  |  | 11/2025 | 11/2025 | ILS | ILS | 457 |  | 134 | 134 |  | 0 | 0 | 0 |  | (4) |
|  |  | 11/2025 | 11/2025 | ZAR | ZAR | 5404 |  | 307 | 307 |  | 0 | 0 | 0 |  | (5) |
| **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** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | $**2380** | **2380** | **2380** | **$** | $**(1741)** | **(1741)** |
| **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** |
| **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** | **INFLATION-CAPPED OPTIONS** |
| Counterparty | Description | Description | Initial<br>Index | Initial<br>Index | &nbsp;&nbsp;&nbsp;&nbsp; Floating<br>Rate | &nbsp;&nbsp;&nbsp;&nbsp; Floating<br>Rate | &nbsp;&nbsp;&nbsp;&nbsp; Floating<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Notional<br>Amount<sup>(1)</sup> | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Premiums<br>(Received) |  | Market<br>Value |
| GLM | Cap - OTC CPALEMU | Cap - OTC CPALEMU | 100.151 | 100.151 | &nbsp;&nbsp;&nbsp;&nbsp; Maximum of [(Final Index/Initial Index - 1) - 3.000%] or 0 | &nbsp;&nbsp;&nbsp;&nbsp; Maximum of [(Final Index/Initial Index - 1) - 3.000%] or 0 | &nbsp;&nbsp;&nbsp;&nbsp; Maximum of [(Final Index/Initial Index - 1) - 3.000%] or 0 | 06/22/2035 | 8600 | 8600 | 8600 | $(392) | (392) | $ | $(191) |
| **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** |
| Counterparty | Description | Description | Floating Rate<br>Index | Floating Rate<br>Index | Floating Rate<br>Index | Exercise<br>Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Notional<br>Amount<sup>(1)</sup> | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Premiums<br>(Received) |  | Market<br>Value |
| BRC | Call - OTC 2-Year Interest Rate Swap | Call - OTC 2-Year Interest Rate Swap | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 2.440% | 2.440% | 01/25/2027 | 4900 | 4900 | 4900 | $(43) | (43) | $ | $(30) |
|  | Put - OTC 2-Year Interest Rate Swap | Put - OTC 2-Year Interest Rate Swap | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 2.440 | 2.440 | 01/25/2027 | 4900 | 4900 | 4900 | (43) | (43) |  | (22) |
| GLM | Call - OTC 2-Year Interest Rate Swap | Call - OTC 2-Year Interest Rate Swap | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 2.350 | 2.350 | 01/07/2027 | 19600 | 19600 | 19600 | (178) | (178) |  | (105) |
|  | Put - OTC 2-Year Interest Rate Swap | Put - OTC 2-Year Interest Rate Swap | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 2.350 | 2.350 | 01/07/2027 | 19600 | 19600 | 19600 | (178) | (178) |  | (105) |

---

------

<br> Schedule of Investments PIMCO Real Return Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Call - OTC 2-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Receive | Receive | 2.500 | 01/14/2027 | 01/14/2027 | 30500 |  | (280) | (280) | (221) | (221) |
|  |  |  | Put - OTC 2-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Pay | Pay | 2.500 | 01/14/2027 | 01/14/2027 | 30500 |  | (280) | (280) | (123) | (123) |
|  |  |  |  |  |  |  |  |  |  |  | $ | (1002) | (1002) | (606) | (606) |
| **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **$** | **(1394)** | **(1394)** | **(797)** | **(797)** |
| **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** |
| **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** |
|  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Swap Agreements, at Value</u> | <u>Swap Agreements, at Value</u> | <u>Swap Agreements, at Value</u> |
| &nbsp;&nbsp; Counterparty | &nbsp;&nbsp; Counterparty | Pay/Receive<sup>(2)</sup> | Underlying<br>Reference | &nbsp;&nbsp; Financing Rate | &nbsp;&nbsp; Financing Rate | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date | Notional<br>Amount |  |  | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Liability |
| &nbsp;&nbsp; MYC | &nbsp;&nbsp; MYC | Receive | U.S. Treasury Inflation Protected Securities | 4.33 | 4.33 | Maturity | 10/09/2025 | 10/09/2025 | 185000 | 0 | 0 | $(1112) | $0 | 0 | $(1112) |
| **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **0** | **0** | **(1112)** | **0** | **$** | **(1112)** |
| **(j)** | **Securities with an aggregate market value of $1,605 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,605 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,605 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,605 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,605 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,605 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,605 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,605 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,605 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,605 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,605 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,605 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,605 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,605 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,605 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** |
| <sup>(1)</sup> | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. |
| <sup>(2)</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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. |
| **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** |
| **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: |  |
| Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Level 1 | Level 1 | Level 1 | Level 2 | Level 3 | Level 3 | Level 3 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 |  |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |  |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |  |
| Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | $0 | 0 | 0 | 457 | $0 | 0 | 0 | 457 | 457 |  |
| Industrials | Industrials | Industrials | Industrials | Industrials | Industrials | 0 | 0 | 0 | 189 | 7100 | 7100 | 7100 | 7289 | 7289 |  |
| U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | 0 | 0 | 0 | 253176 | 0 | 0 | 0 | 253176 | 253176 |  |
| U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | 0 | 0 | 0 | 1400330 | 0 | 0 | 0 | 1400330 | 1400330 |  |
| Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | 0 | 0 | 0 | 13346 | 0 | 0 | 0 | 13346 | 13346 |  |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |  |
| CMBS Other | CMBS Other | CMBS Other | CMBS Other | CMBS Other | CMBS Other | 0 | 0 | 0 | 7018 | 0 | 0 | 0 | 7018 | 7018 |  |
| Home Equity Other | Home Equity Other | Home Equity Other | Home Equity Other | Home Equity Other | Home Equity Other | 0 | 0 | 0 | 15403 | 0 | 0 | 0 | 15403 | 15403 |  |
| Manufacturing House ABS Other | Manufacturing House ABS Other | Manufacturing House ABS Other | Manufacturing House ABS Other | Manufacturing House ABS Other | Manufacturing House ABS Other | 0 | 0 | 0 | 748 | 0 | 0 | 0 | 748 | 748 |  |
| Whole Loan Collateral | Whole Loan Collateral | Whole Loan Collateral | Whole Loan Collateral | Whole Loan Collateral | Whole Loan Collateral | 0 | 0 | 0 | 3693 | 0 | 0 | 0 | 3693 | 3693 |  |
| Other ABS | Other ABS | Other ABS | Other ABS | Other ABS | Other ABS | 0 | 0 | 0 | 73139 | 0 | 0 | 0 | 73139 | 73139 |  |
| Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | 0 | 0 | 0 | 58967 | 0 | 0 | 0 | 58967 | 58967 |  |
| Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |  |
| Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | 0 | 0 | 0 | 1234 | 0 | 0 | 0 | 1234 | 1234 |  |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |  |
| Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | 0 | 0 | 0 | 315900 | 0 | 0 | 0 | 315900 | 315900 |  |
|  |  |  |  |  |  | $0 | 0 | 0 | 2143600 | $7100 | 7100 | 7100 | 2150700 | 2150700 |  |
| **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** | **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 | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |  |
| Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | $1406 | 1406 | 1406 | 0 | $0 | 0 | 0 | 1406 | 1406 |  |
| Total Investments | Total Investments | Total Investments | Total Investments | Total Investments | Total Investments | $1406 | 1406 | 1406 | 2143600 | $7100 | 7100 | 7100 | 2152106 | 2152106 |  |
| **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** | **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 | 285 | 285 | 285 | 1073 | 0 | 0 | 0 | 1358 | 1358 |  |
| Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | 0 | 0 | 0 | 2380 | 0 | 0 | 0 | 2380 | 2380 |  |
|  |  |  |  |  |  | $285 | 285 | 285 | 3453 | $0 | 0 | 0 | 3738 | 3738 |  |
| **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** | **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** | **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 | (335) | (335) | (335) | (857) | 0 | 0 | 0 | (1192) | (1192) |  |
| Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | 0 | 0 | 0 | (3650) | 0 | 0 | 0 | (3650) | (3650) |  |
|  |  |  |  |  |  | $(335) | (335) | (335) | (4507) | $0 | 0 | 0 | (4842) | (4842) |  |
| Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | $(50) | (50) | (50) | (1054) | $0 | 0 | 0 | (1104) | (1104) |  |
| Totals | Totals | Totals | Totals | Totals | Totals | $1356 | 1356 | 1356 | 2142546 | $7100 | 7100 | 7100 | 2151002 | 2151002 |  |
| **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** |

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Notes to Financial Statements

**1** **. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS**

**(a) Investment Valuation Policies** The net asset value ("NAV") of the Portfolio'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 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, the Portfolio'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 Portfolio 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 Portfolio may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The 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, the Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that the 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 the 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 Portfolio 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 Pacific Investment Management Company LLC ("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 Investment Company Act of 1940, as amended (the "Act"). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees has designated PIMCO as the valuation designee ("Valuation Designee") for the Portfolio to perform the fair value determination relating to all Portfolio investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of portfolio investments. The Valuation Designee may value portfolio securities for which market quotations are not readily available and other Portfolio assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, exchange-traded funds ("ETFs"), exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Portfolio's assets that are invested in one or more open-end management investment companies (other than ETFs), the 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, 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 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. The 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 the 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 the 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 the 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 the 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 the Portfolio may transact.

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 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 the 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 the Portfolio may differ from the value that would be realized if the securities were sold. The Portfolio's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the " Frequent or Excessive Purchases, Exchanges and Redemptions " section in the Portfolio's prospectus.

Under certain circumstances, the per share NAV of a class of the Portfolio'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 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:

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Notes to Financial Statements (Cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

• Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the 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 ofthe Portfolio'sassets 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 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.

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

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indexes, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are

------

Notes to Financial Statements (Cont.)

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.

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.

**2. FEDERAL INCOME TAX MATTERS**

The 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.

The 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 Portfolio's tax positions for all open tax years. As of September 30, 2025, the Portfolio 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 Portfolio files U.S. federal, state and local tax returns as required. The Portfolio'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.

Shares of the Portfolio currently are sold to segregated asset accounts ("Separate Accounts") of insurance companies that fund variable annuity contracts and variable life insurance policies ("Variable Contracts"). Please refer to the prospectus for the Separate Account and Variable Contract for information regarding Federal income tax treatment of distributions to the Separate Account.

**3. INVESTMENTS IN AFFILIATES**

The 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 Portfolio. A copy of each affiliate fund's shareholder report is available at the U.S. Securities and Exchange Commission ("SEC") website at www.sec.gov, on the Portfolio's website at www.pimco.com, or upon request, as applicable. The table below shows the Portfolio's transactions in and earnings from investments in the affiliated funds for the period ended September 30, 2025 (amounts in thousands<sup>†</sup>):

**Investment in PIMCO Short-Term Floating NAV Portfolio III**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Market Value<br>12/31/2024** | **Purchases at<br>Cost** | **Proceeds from<br>Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>09/30/2025** | **Dividend<br>Income**<sup>(1)</sup> | **Realized Net<br>Capital<br>Gain<br>Distributions**<sup>(1)</sup> |
| $36 | $571980 | $(570600) | $(10) | $0 | $1406 | $180 | $0 |

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<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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** |  | (Unaudited) |
| **Counterparty Abbreviations:** | **Counterparty Abbreviations:** |  |  |  |  |
| **AZD** | Australia and New Zealand Banking Group | **DUB** | Deutsche Bank AG | **MYI** | Morgan Stanley & Co. International PLC |
| **BCY** | Barclays Capital, Inc. | **FAR** | Wells Fargo Bank National Association | **NGF** | Nomura Global Financial Products, Inc. |
| **BOA** | Bank of America N.A. | **GLM** | Goldman Sachs Bank USA | **SCX** | Standard Chartered Bank, London |
| **BOS** | BofA Securities, Inc. | **GSC** | Goldman Sachs & Co. LLC | **SOG** | Societe Generale Paris |
| **BPS** | BNP Paribas S.A. | **IND** | Crédit Agricole Corporate and Investment Bank <br> S.A. | **SSB** | State Street Bank and Trust Co. |
| **BRC** | Barclays Bank PLC | **JPM** | JP Morgan Chase Bank N.A. | **TDM** | TD Securities (USA) LLC |
| **BSH** | Banco Santander S.A. - New York Branch | **MBC** | HSBC Bank Plc | **UAG** | UBS AG Stamford |
| **CBK** | Citibank N.A. | **MYC** | Morgan Stanley Capital Services LLC |  |  |
| **Currency Abbreviations:** | **Currency Abbreviations:** |  |  |  |  |
| **AUD** | Australian Dollar | **ILS** | Israeli Shekel | **PLN** | Polish Zloty |
| **BRL** | Brazilian Real | **INR** | Indian Rupee | **SEK** | Swedish Krona |
| **CAD** | Canadian Dollar | **JPY** | Japanese Yen | **SGD** | Singapore Dollar |
| **CHF** | Swiss Franc | **KRW** | South Korean Won | **THB** | Thai Baht |
| **CNH** | Chinese Renminbi (Offshore) | **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 |
| **IDR** | Indonesian Rupiah | **PEN** | Peruvian New Sol |  |  |
| **Exchange Abbreviations:** | **Exchange Abbreviations:** |  |  |  |  |
| **LME** | London Metal Exchange | **OTC** | Over the Counter |  |  |
| **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** |  |  |  |  |
| **Bobl** | Bundesobligation, the German word for federal government bond | **CPTFEMU** | Eurozone HICP ex-Tobacco Index | **SOFR** | Secured Overnight Financing Rate |
| **Brent** | Brent Crude | **CPURNSA** | Consumer Price All Urban Non-Seasonally <br> Adjusted Index | **SONIO** | Sterling Overnight Interbank Average <br> Rate |
| **CPALEMU** | Euro Area All Items Non-Seasonally Adjusted Index | **MUTKCALM** | Tokyo Overnight Average Rate | **UKRPI** | United Kingdom Retail Prices Index |
| **CPI** | Consumer Price Index |  |  |  |  |
| **Other Abbreviations:** | **Other Abbreviations:** |  |  |  |  |
| **ABS** | Asset-Backed Security | **DAC** | Designated Activity Company | **RBOB** | Reformulated Blendstock for Oxygenate Blending |
| **ALT** | Alternate Loan Trust | **EURIBOR** | Euro Interbank Offered Rate | **REMIC** | Real Estate Mortgage Investment Conduit |
| **BTP** | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | **Oat** | Obligations Assimilables du Trésor | **TBA** | To-Be-Announced |
| **CLO** | Collateralized Loan Obligation | **OIS** | Overnight Index Swap | **WTI** | West Texas Intermediate |
| **CMBS** | Collateralized Mortgage-Backed Security | **oz.** | Ounce |  |  |

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<br> Schedule of Investments PIMCO Short-Term Portfolio September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(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% ¤** |  |  |
| **CORPORATE BONDS & NOTES 47.4%** |  |  |
| **BANKING & FINANCE 30.9%** |  |  |
| **ABN AMRO Bank NV** |  |  |
| 5.211% (SOFRINDX + 1.000%) due 12/03/2028 ~ | $5600 | $5613 |
| 5.939% due 09/18/2027 •  | 700 | 708 |
| 6.575% due 10/13/2026 •  | 1000 | 1001 |
| **AerCap Ireland Capital DAC/AerCap Global Aviation Trust** |  |  |
| 1.750% due 01/30/2026 | 700 | 694 |
| 2.450% due 10/29/2026 | 1500 | 1474 |
| **Air Lease Corp.** |  |  |
| 2.875% due 01/15/2026 | 200 | 199 |
| 5.300% due 06/25/2026 | 600 | 604 |
| **Aircastle Ltd.**<br>4.250% due 06/15/2026 | 200 | 200 |
| **American Express Co.**<br>5.645% due 04/23/2027 •  | 1000 | 1008 |
| **American Honda Finance Corp.** |  |  |
| 4.927% due 03/08/2027 •  | 1600 | 1603 |
| 4.985% due 08/13/2027 •  | 1900 | 1904 |
| 5.139% (SOFRINDX + 0.790%) due 10/03/2025 ~ | 1900 | 1900 |
| 5.202% (SOFRRATE + 0.870%) due 07/09/2027 ~ | 2400 | 2411 |
| **Athene Global Funding** |  |  |
| 4.950% due 01/07/2027 | 600 | 605 |
| 5.068% due 07/16/2026 •  | 1300 | 1303 |
| 5.252% (SOFRINDX + 1.030%) due 08/27/2026 ~ | 1200 | 1206 |
| 5.363% (SOFRINDX + 1.210%) due 03/25/2027 ~ | 5300 | 5344 |
| **Aviation Capital Group LLC** |  |  |
| 1.950% due 01/30/2026 | 1200 | 1189 |
| 1.950% due 09/20/2026 | 1200 | 1173 |
| 4.875% due 10/01/2025 | 200 | 200 |
| **Avolon Holdings Funding Ltd.** |  |  |
| 2.125% due 02/21/2026 | 1041 | 1030 |
| 4.375% due 05/01/2026 | 300 | 300 |
| 5.500% due 01/15/2026 | 1300 | 1302 |
| **Banco Santander SA**<br>5.452% (SOFRRATE + 1.120%) due 07/15/2028 ~ | 2000 | 2013 |
| **Bank of America Corp.** |  |  |
| 1.734% due 07/22/2027 •  | 1500 | 1470 |
| 5.272% (SOFRRATE + 0.970%) due 07/22/2027 ~ | 300 | 301 |
| **Bank of America NA**<br>4.752% (BBSW3M + 1.050%) due 10/30/2026 ~ | 1000 | 666 |
| **Bank of Montreal**<br>5.065% (SOFRINDX + 0.880%) due 09/10/2027 ~ | $1200 | 1205 |
| **Bank of Queensland Ltd.** |  |  |
| 4.232% (BBSW3M + 0.650%) due 12/09/2025 ~ | 2500 | 1655 |
| 4.806% (BBSW3M + 1.100%) due 10/29/2025 ~ | 1000 | 662 |
| **Banque Federative du Credit Mutuel SA** |  |  |
| 4.625% (BBSW3M + 1.070%) due 05/24/2027 ~ | 500 | 332 |
| 5.319% (SOFRINDX + 1.070%) due 02/16/2028 ~ | $1800 | 1816 |
| 5.433% (SOFRRATE + 1.130%) due 01/23/2027 ~ | 1200 | 1207 |
| 5.728% (SOFRINDX + 1.400%) due 07/13/2026 ~ | 800 | 807 |
| 5.790% due 07/13/2028 | 1000 | 1042 |
| **Barclays Bank PLC**<br>5.124% due 11/26/2027 •  | 500 | 502 |
| **Barclays PLC** |  |  |
| 4.375% due 01/12/2026 | 1200 | 1200 |
| 5.669% (SOFRRATE + 1.490%) due 03/12/2028 ~ | 700 | 707 |
| 7.325% due 11/02/2026 •  | 700 | 702 |
| **BNP Paribas SA**<br>1.323% due 01/13/2027 •  | 4000 | 3964 |
| **BPCE SA** |  |  |
| 1.652% due 10/06/2026 •  | 2600 | 2599 |
| 5.975% due 01/18/2027 •  | 3450 | 3463 |
| **Brighthouse Financial Global Funding** |  |  |
| 1.550% due 05/24/2026 | 1300 | 1275 |
| 5.550% due 04/09/2027 | 500 | 509 |
| **Canadian Imperial Bank of Commerce** |  |  |
| 4.997% (SOFRRATE + 0.800%) due 09/08/2028 ~ | 3200 | 3206 |
| 5.048% (SOFRRATE + 0.720%) due 01/13/2028 ~ | 1300 | 1301 |
| 5.092% (SOFRRATE + 0.940%) due 06/28/2027 ~ | 300 | 303 |
| 5.112% (SOFRINDX + 0.930%) due 09/11/2027 ~ | 200 | 201 |
| 5.572% (SOFRRATE + 1.220%) due 10/02/2026 ~ | 1400 | 1411 |

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<br> Schedule of Investments PIMCO Short-Term Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| **Cantor** **Fitzgerald LP**<br>4.500% due 04/14/2027 | 300 | 298 |
| **Caterpillar Financial Services Corp.**<br>5.008% due 10/16/2026 •  | 500 | 502 |
| **Citibank NA** |  |  |
| 4.980% (SOFRRATE + 0.708%) due 08/06/2026 ~ | 2100 | 2106 |
| 5.263% (SOFRINDX + 1.060%) due 12/04/2026 ~ | 1000 | 1008 |
| **Cooperatieve Rabobank UA** |  |  |
| 1.106% due 02/24/2027 •  | 400 | 395 |
| 1.980% due 12/15/2027 •  | 1000 | 973 |
| 4.910% (SOFRINDX + 0.710%) due 03/05/2027 ~ | 1400 | 1407 |
| **Corebridge Global Funding**<br>5.094% (SOFRRATE + 0.750%) due 01/07/2028 ~ | 1800 | 1802 |
| **Credit Agricole SA** |  |  |
| 1.247% due 01/26/2027 •  | 1300 | 1286 |
| 4.400% due 07/06/2027 | 200 | 132 |
| 5.052% (SOFRRATE + 0.870%) due 03/11/2027 ~ | $850 | 854 |
| 5.392% (SOFRRATE + 1.210%) due 09/11/2028 ~ | 1100 | 1108 |
| 5.635% (SOFRRATE + 1.290%) due 07/05/2026 ~ | 1200 | 1208 |
| **Crown Castle, Inc.**<br>1.050% due 07/15/2026 | 4800 | 4682 |
| **CubeSmart LP**<br>3.125% due 09/01/2026 | 800 | 793 |
| **Deutsche Bank AG** |  |  |
| 2.129% due 11/24/2026 •  | 2700 | 2690 |
| 4.100% due 01/13/2026 | 1200 | 1199 |
| 5.468% (SOFRRATE + 1.219%) due 11/16/2027 ~ | 600 | 603 |
| 7.146% due 07/13/2027 •  | 700 | 715 |
| **DNB Bank ASA**<br>5.896% due 10/09/2026 •  | 900 | 900 |
| **Federation des Caisses Desjardins du Quebec**<br>4.930% (SOFRRATE + 0.630%) due 01/27/2027 ~ | 2200 | 2201 |
| **Ford Motor Credit Co. LLC** |  |  |
| 3.375% due 11/13/2025 | 700 | 699 |
| 4.271% due 01/09/2027 | 1700 | 1687 |
| 4.542% due 08/01/2026 | 700 | 700 |
| 5.125% due 11/05/2026 | 300 | 301 |
| 6.950% due 06/10/2026 | 800 | 811 |
| 7.147% (SOFRRATE + 2.950%) due 03/06/2026 ~ | 550 | 554 |
| **FS KKR Capital Corp.**<br>3.400% due 01/15/2026 | 200 | 199 |
| **GA Global Funding Trust** |  |  |
| 2.250% due 01/06/2027 | 700 | 683 |
| 4.400% due 09/23/2027 | 200 | 200 |
| **General Motors Financial Co., Inc.** |  |  |
| 5.376% (SOFRINDX + 1.050%) due 07/15/2027 ~ | 4700 | 4702 |
| 5.617% (SOFRINDX + 1.350%) due 05/08/2027 ~ | 1000 | 1005 |
| 6.050% due 10/10/2025 | 1500 | 1501 |
| **Goldman Sachs Bank USA**<br>4.986% (SOFRRATE + 0.750%) due 05/21/2027 ~ | 1400 | 1405 |
| **Goldman Sachs Group, Inc.** |  |  |
| 1.431% due 03/09/2027 •  | 300 | 296 |
| 1.542% due 09/10/2027 •  | 200 | 195 |
| 4.984% due 12/09/2026 •  | 1200 | 1201 |
| 5.005% (SOFRRATE + 0.820%) due 09/10/2027 ~ | 400 | 401 |
| 5.353% (SOFRRATE + 1.120%) due 02/24/2028 ~ | 2400 | 2417 |
| 6.026% (SOFRRATE + 1.850%) due 03/15/2028 ~ | 200 | 203 |
| **HSBC Holdings PLC** |  |  |
| 5.836% (SOFRRATE + 1.570%) due 08/14/2027 ~ | 200 | 202 |
| 5.887% due 08/14/2027 •  | 400 | 405 |
| 7.336% due 11/03/2026 •  | 500 | 501 |
| **ING Groep NV**<br>5.163% due 04/01/2027 •  | 1600 | 1604 |
| **Jackson National Life Global Funding** |  |  |
| 5.084% due 06/09/2027 •  | 200 | 201 |
| 5.129% (SOFRRATE + 0.950%) due 09/12/2028 ~ | 2700 | 2712 |
| 5.298% (SOFRRATE + 0.970%) due 01/14/2028 ~ | 800 | 803 |
| **John Deere Capital Corp.**<br>5.012% (SOFRRATE + 0.680%) due 07/15/2027 ~ | 1100 | 1108 |
| **JPMorgan Chase & Co.** |  |  |
| 4.918% (SOFRRATE + 0.765%) due 09/22/2027 ~ | 500 | 502 |
| 5.226% (SOFRRATE + 0.920%) due 04/22/2028 ~ | 1400 | 1408 |
| 5.413% (SOFRRATE + 1.180%) due 02/24/2028 ~ | 3300 | 3332 |
| 5.503% (SOFRRATE + 1.200%) due 01/23/2028 ~ | 700 | 706 |
| **Lloyds Banking Group PLC** |  |  |
| 5.298% (SOFRINDX + 1.060%) due 11/26/2028 ~ | 2167 | 2179 |
| 5.842% (SOFRINDX + 1.560%) due 08/07/2027 ~ | 600 | 605 |
| 5.937% (SOFRINDX + 1.580%) due 01/05/2028 ~ | 1000 | 1011 |
| **Mizuho Bank Ltd.** |  |  |
| 4.415% (BBSW3M + 0.860%) due 02/23/2026 ~ | 1900 | 1260 |
| 4.430% (BBSW3M + 0.850%) due 09/14/2026 ~ | 1100 | 731 |
| **Mizuho Financial Group, Inc.**<br>5.361% (SOFRRATE + 1.080%) due 05/13/2031 ~ | $1300 | 1302 |
| **Morgan Stanley Bank NA** |  |  |
| 5.011% (SOFRRATE + 0.685%) due 10/15/2027 ~ | 4000 | 4010 |
| 5.085% (SOFRRATE + 0.865%) due 05/26/2028 ~ | 1100 | 1104 |

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<br> Schedule of Investments PIMCO Short-Term Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| 5.398% (SOFRRATE + 1.080%) due 01/14/2028 ~ | 1900 | 1910 |
| **MUFG Bank Ltd.**<br>4.460% (BBSW3M + 0.870%) due 02/17/2026 ~ | 2800 | 1857 |
| **National Bank of Canada** |  |  |
| 5.053% due 03/25/2027 •  | $2100 | 2103 |
| 5.382% (SOFRINDX + 1.030%) due 07/02/2027 ~ | 4600 | 4616 |
| **Nationwide Building Society**<br>5.539% (SOFRRATE + 1.290%) due 02/16/2028 ~ | 300 | 302 |
| **NatWest Group PLC**<br>5.475% (SOFRRATE + 1.250%) due 03/01/2028 ~ | 1100 | 1108 |
| **NatWest Markets PLC** |  |  |
| 4.935% (SOFRRATE + 0.760%) due 09/29/2026 ~ | 1300 | 1304 |
| 5.103% (SOFRRATE + 0.950%) due 03/21/2028 ~ | 900 | 904 |
| 5.149% (SOFRRATE + 0.900%) due 05/17/2027 ~ | 800 | 805 |
| **Nissan Motor Acceptance Co. LLC** |  |  |
| 1.850% due 09/16/2026 | 2400 | 2315 |
| 2.000% due 03/09/2026 | 1800 | 1773 |
| 6.950% due 09/15/2026 | 200 | 203 |
| **Nomura Holdings, Inc.** |  |  |
| 1.653% due 07/14/2026 | 600 | 589 |
| 5.615% (SOFRRATE + 1.250%) due 07/02/2027 ~ | 1400 | 1412 |
| 5.709% due 01/09/2026 | 1400 | 1405 |
| **Oversea-Chinese Banking Corp. Ltd.**<br>4.370% (BBSW3M + 0.780%) due 05/18/2026 ~ | 600 | 398 |
| **PNC Bank NA**<br>5.036% (SOFRRATE + 0.730%) due 07/21/2028 ~ | $2000 | 2004 |
| **Reliance Standard Life Global Funding II**<br>5.243% due 02/02/2026 | 400 | 401 |
| **RGA Global Funding**<br>2.000% due 11/30/2026 | 400 | 390 |
| **Royal Bank of Canada** |  |  |
| 4.972% (SOFRINDX + 0.820%) due 03/27/2028 ~ | 5000 | 5019 |
| 5.033% (SOFRINDX + 0.720%) due 10/18/2027 ~ | 1200 | 1203 |
| 5.093% (SOFRINDX + 0.790%) due 07/23/2027 ~ | 300 | 301 |
| 5.173% (SOFRINDX + 0.860%) due 10/18/2028 ~ | 500 | 502 |
| **Sammons Financial Group Global Funding**<br>5.064% due 09/02/2027 •  | 900 | 901 |
| **Sammons Financial Group, Inc.**<br>4.450% due 05/12/2027 | 100 | 100 |
| **Santander U.K. Group Holdings PLC**<br>6.833% due 11/21/2026 •  | 3600 | 3611 |
| **Shinhan Bank Co. Ltd.**<br>5.540% (BBSW3M + 1.950%) due 11/16/2025 ~ | 300 | 199 |
| **Societe Generale SA**<br>1.488% due 12/14/2026 •  | $2800 | 2783 |
| **Standard Chartered PLC** |  |  |
| 1.456% due 01/14/2027 •  | 2700 | 2676 |
| 5.423% (SOFRRATE + 1.170%) due 05/14/2028 ~ | 500 | 504 |
| **Stellantis Finance U.S., Inc.**<br>5.350% due 03/17/2028 | 500 | 507 |
| **Sumitomo Mitsui Banking Corp.** |  |  |
| 4.423% (BBSW3M + 0.850%) due 02/20/2026 ~ | 1400 | 928 |
| 4.751% (BBSW3M + 1.050%) due 07/28/2026 ~ | 1300 | 865 |
| **Sumitomo Mitsui Financial Group, Inc.**<br>5.767% (SOFRRATE + 1.430%) due 01/13/2026 ~ | $2100 | 2107 |
| **Sumitomo Mitsui Trust Bank Ltd.**<br>5.345% (SOFRRATE + 1.120%) due 03/09/2026 ~ | 825 | 828 |
| **Svenska Handelsbanken AB**<br>4.880% (SOFRRATE + 0.660%) due 05/28/2027 ~ | 700 | 704 |
| **Swedbank AB**<br>5.337% due 09/20/2027 | 1800 | 1844 |
| **Toronto-Dominion Bank**<br>4.208% (BBSW3M + 0.650%) due 03/17/2026 ~ | 300 | 199 |
| **UBS Group AG**<br>1.364% due 01/30/2027 •  | $800 | 792 |
| **Wells Fargo & Co.** |  |  |
| 1.500% due 05/24/2027 | 500 | 578 |
| 5.082% (SOFRRATE + 0.780%) due 01/24/2028 ~ | $4400 | 4410 |
| **Western Union Co.**<br>1.350% due 03/15/2026 | 500 | 493 |
|  |  | 197051 |
| **INDUSTRIALS 12.6%** |  |  |
| **7-Eleven, Inc.**<br>0.950% due 02/10/2026 | 1700 | 1679 |
| **Algonquin Power & Utilities Corp.**<br>5.365% due 06/15/2026 þ | 1500 | 1511 |
| **American Airlines, Inc./AAdvantage Loyalty IP Ltd.**<br>5.500% due 04/20/2026 | 275 | 275 |
| **Bayer U.S. Finance II LLC**<br>4.250% due 12/15/2025 | 6400 | 6395 |
| **Berry Global, Inc.** |  |  |
| 1.570% due 01/15/2026 | 3100 | 3074 |
| 1.650% due 01/15/2027 | 1404 | 1361 |
| 4.875% due 07/15/2026 | 1577 | 1577 |

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------

<br> Schedule of Investments PIMCO Short-Term Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **BMW U.S. Capital LLC** |  |  |
| 4.936% (SOFRINDX + 0.780%) due 03/19/2027 ~ | 1000 | 1005 |
| 5.056% (SOFRINDX + 0.800%) due 08/13/2026 ~ | 2000 | 2007 |
| 5.073% (SOFRINDX + 0.920%) due 03/21/2028 ~ | 2600 | 2615 |
| **Boeing Co.** |  |  |
| 2.196% due 02/04/2026 | 6500 | 6452 |
| 2.600% due 10/30/2025 | 800 | 799 |
| **Dyno Nobel Ltd.**<br>4.300% due 03/18/2026 | 1500 | 993 |
| **Expand Energy Corp.**<br>6.750% due 04/15/2029 | $200 | 202 |
| **Ford Motor Co.**<br>7.500% due 08/01/2026 | 300 | 306 |
| **Glencore Funding LLC**<br>4.901% (SOFRINDX + 0.750%) due 10/01/2026 ~ | 1800 | 1804 |
| **Harbour Energy PLC**<br>5.500% due 10/15/2026 | 500 | 495 |
| **HCA, Inc.** |  |  |
| 4.500% due 02/15/2027 | 300 | 301 |
| 5.085% (SOFRRATE + 0.870%) due 03/01/2028 ~ | 1000 | 1007 |
| 5.875% due 02/15/2026 | 603 | 604 |
| **Hyundai Capital America** |  |  |
| 4.300% due 09/24/2027 | 300 | 300 |
| 5.143% (SOFRRATE + 0.990%) due 03/25/2027 ~ | 1900 | 1908 |
| 5.183% (SOFRRATE + 1.030%) due 09/24/2027 ~ | 1200 | 1207 |
| 5.193% (SOFRRATE + 1.040%) due 06/24/2027 ~ | 1000 | 1005 |
| 5.836% (SOFRRATE + 1.500%) due 01/08/2027 ~ | 1300 | 1313 |
| **Illumina, Inc.** |  |  |
| 4.650% due 09/09/2026 | 900 | 904 |
| 5.800% due 12/12/2025 | 500 | 501 |
| **Imperial Brands Finance PLC**<br>3.500% due 07/26/2026 | 700 | 695 |
| **Keurig Dr. Pepper, Inc.**<br>5.056% (SOFRINDX + 0.880%) due 03/15/2027 ~ | 1700 | 1703 |
| **Las Vegas Sands Corp.** |  |  |
| 3.500% due 08/18/2026 | 400 | 397 |
| 5.900% due 06/01/2027 | 600 | 612 |
| **Mercedes-Benz Finance North America LLC** |  |  |
| 4.928% (SOFRRATE + 0.630%) due 07/31/2026 ~ | 1900 | 1905 |
| 4.931% (SOFRRATE + 0.780%) due 04/01/2027 ~ | 300 | 301 |
| 5.083% (SOFRRATE + 0.930%) due 03/31/2028 ~ | 1100 | 1105 |
| 5.101% (SOFRRATE + 0.850%) due 11/15/2027 ~ | 300 | 301 |
| **Mitsubishi Corp.**<br>4.942% (SOFRRATE + 0.700%) due 09/09/2028 ~ | 700 | 701 |
| **MPLX LP**<br>1.750% due 03/01/2026 | 1300 | 1287 |
| **NTT Finance Corp.** |  |  |
| 1.162% due 04/03/2026 | 1600 | 1575 |
| 5.413% (SOFRRATE + 1.080%) due 07/16/2028 ~ | 1205 | 1218 |
| **Rogers Communications, Inc.**<br>3.200% due 03/15/2027 | 1300 | 1282 |
| **Rolls-Royce PLC**<br>3.625% due 10/14/2025 | 2600 | 2599 |
| **Royal Caribbean Cruises Ltd.** |  |  |
| 4.250% due 07/01/2026 | 400 | 400 |
| 5.375% due 07/15/2027 | 1800 | 1816 |
| 5.500% due 08/31/2026 | 2400 | 2410 |
| 5.500% due 04/01/2028 | 1100 | 1122 |
| 7.500% due 10/15/2027 | 200 | 212 |
| **SK Hynix, Inc.** |  |  |
| 5.500% due 01/16/2027 | 400 | 407 |
| 6.250% due 01/17/2026 | 800 | 804 |
| **Skyworks Solutions, Inc.**<br>1.800% due 06/01/2026 | 300 | 295 |
| **Uber Technologies, Inc.**<br>4.500% due 08/15/2029 | 1400 | 1399 |
| **United Airlines, Inc.**<br>4.375% due 04/15/2026 | 3400 | 3398 |
| **Volkswagen Group of America Finance LLC** |  |  |
| 4.983% (SOFRRATE + 0.830%) due 03/20/2026 ~ | 3800 | 3807 |
| 5.213% (SOFRRATE + 1.060%) due 03/25/2027 ~ | 1600 | 1607 |
| 5.313% (SOFRRATE + 1.060%) due 08/14/2026 ~ | 2800 | 2811 |
| **Whitbread Group PLC**<br>3.375% due 10/16/2025 | 1400 | 1882 |
| **Williams Cos., Inc.**<br>5.400% due 03/02/2026 | $1100 | 1105 |
|  |  | 80756 |
| **UTILITIES 3.9%** |  |  |
| **AES Corp.**<br>1.375% due 01/15/2026 | 1700 | 1684 |
| **Electricite de France SA**<br>3.625% due 10/13/2025 | 500 | 500 |
| **Emera** **U.S. Finance LP**<br>3.550% due 06/15/2026 | 2500 | 2486 |

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<br> Schedule of Investments PIMCO Short-Term Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Enel Finance International NV** |  |  |
| 4.625% due 06/15/2027 | 800 | 806 |
| 7.050% due 10/14/2025 | 500 | 500 |
| **FirstEnergy Corp.**<br>1.600% due 01/15/2026 | 200 | 198 |
| **Fortis, Inc.**<br>3.055% due 10/04/2026 | 1000 | 989 |
| **Israel Electric Corp. Ltd.**<br>7.875% due 12/15/2026 | 250 | 260 |
| **New York State Electric & Gas Corp.**<br>3.250% due 12/01/2026 | 500 | 494 |
| **NextEra Energy Capital Holdings, Inc.** |  |  |
| 5.054% (SOFRINDX + 0.760%) due 01/29/2026 ~ | 1000 | 1002 |
| 5.082% (SOFRINDX + 0.800%) due 02/04/2028 ~ | 1500 | 1513 |
| **ONEOK, Inc.** |  |  |
| 4.250% due 09/24/2027 | 900 | 901 |
| 5.550% due 11/01/2026 | 200 | 202 |
| 5.850% due 01/15/2026 | 1000 | 1003 |
| **Pacific Gas & Electric Co.** |  |  |
| 3.150% due 01/01/2026 | 2700 | 2692 |
| 5.000% due 06/04/2028 | 1400 | 1420 |
| **Pinnacle West Capital Corp.**<br>5.005% (SOFRRATE + 0.820%) due 06/10/2026 ~ | 800 | 802 |
| **Southern California Edison Co.** |  |  |
| 1.200% due 02/01/2026 | 3500 | 3460 |
| 3.650% due 03/01/2028 | 300 | 295 |
| 4.400% due 09/06/2026 | 900 | 902 |
| 4.700% due 06/01/2027 | 200 | 201 |
| 4.875% due 02/01/2027 | 200 | 201 |
| 4.900% due 06/01/2026 | 200 | 201 |
| 5.300% due 03/01/2028 | 1100 | 1120 |
| 5.350% due 03/01/2026 | 1000 | 1004 |
| **Victoria Power Networks Finance Pty. Ltd.**<br>4.482% (BBSW3M + 0.800%) due 04/21/2026 ~ | 400 | 265 |
|  |  | 25101 |
| Total Corporate Bonds & Notes (Cost $301,470) |  | 302908 |
| **MUNICIPAL BONDS & NOTES 0.3%** |  |  |
| **LOUISIANA 0.3%** |  |  |
| **Tulane University, Louisiana Revenue Bonds, (NPFGC Insured), Series 2007**<br>4.773% (US0003M + 0.300%) due 02/15/2036 ~ | $1990 | 1854 |
| Total Municipal Bonds & Notes (Cost $1,852) |  | 1854 |
| **U.S. GOVERNMENT AGENCIES 17.4%** |  |  |
| **Federal Home Loan Mortgage Corp.**<br>4.000% due 08/01/2049 | 13 | 13 |
| **Federal Home Loan Mortgage Corp. REMICS** |  |  |
| 2.500% due 10/25/2048 | 133 | 123 |
| 4.937% due 09/15/2041 •  | 6 | 6 |
| 5.187% due 02/15/2038 •  | 7 | 7 |
| 5.256% due 09/25/2054 •  | 4207 | 4219 |
| 5.286% due 05/25/2055 •  | 4136 | 4150 |
| 5.296% due 11/25/2054 •  | 7741 | 7754 |
| 5.306% due 10/25/2054 - 08/25/2055 •  | 10572 | 10588 |
| 5.356% due 10/25/2052 - 06/25/2055 •  | 10156 | 10142 |
| 5.456% due 11/25/2054 - 07/25/2055 •  | 6512 | 6504 |
| 5.506% due 12/25/2054 - 08/25/2055 •  | 7769 | 7800 |
| 5.556% due 12/25/2054 - 08/25/2055 •  | 2398 | 2411 |
| 5.606% due 06/25/2055 •  | 4168 | 4197 |
| **Federal Home Loan Mortgage Corp. STRIPS**<br>5.506% due 05/25/2054 •  | 2886 | 2897 |
| **Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates** |  |  |
| 5.353% due 10/25/2044 - 02/25/2045 •  | 36 | 34 |
| 5.553% due 07/25/2044 •  | 6 | 6 |
| **Federal Home Loan Mortgage Corp. Whole Loan Securities Trust**<br>3.000% due 09/25/2045 | 216 | 190 |
| **Federal National Mortgage Association**<br>5.421% due 03/01/2044 - 07/01/2044 •  | 4 | 3 |
| **Federal National Mortgage Association REMICS** |  |  |
| 4.523% due 12/25/2036 •  | 1 | 1 |
| 4.671% due 02/25/2037 •  | 12 | 12 |
| 5.125% due 12/25/2047 •  | 431 | 431 |
| 5.151% due 12/25/2037 •  | 11 | 11 |
| 5.256% due 09/25/2054 •  | 5485 | 5492 |
| 5.306% due 03/25/2055 •  | 273 | 274 |
| 5.356% due 05/25/2055 •  | 931 | 937 |
| 5.406% due 01/25/2055 - 05/25/2055 •  | 3381 | 3390 |
| 5.456% due 12/25/2054 - 01/25/2055 •  | 3318 | 3324 |
| 5.506% due 01/25/2055 - 03/25/2055 •  | 4323 | 4341 |
| 5.516% due 03/25/2055 •  | 1665 | 1672 |
| 5.556% due 10/25/2053 - 07/25/2055 •  | 3606 | 3626 |
| 5.606% due 11/25/2053 - 02/25/2055 •  | 2538 | 2554 |

---

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<br> Schedule of Investments PIMCO Short-Term Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Federal National Mortgage Association Trust**<br>4.821% due 05/25/2042 •  | 1 | 1 |
| **Government National Mortgage Association** |  |  |
| 5.625% due 02/20/2032 •  | 1 | 1 |
| 6.599% due 05/20/2071 •  | 141 | 145 |
| **Government National Mortgage Association REMICS** |  |  |
| 2.500% due 01/20/2049 - 10/20/2049 | 93 | 83 |
| 4.966% due 11/20/2069 •  | 47 | 47 |
| 5.179% due 04/20/2074 •  | 287 | 287 |
| 5.266% due 01/20/2066 •  | 81 | 81 |
| 5.289% due 06/20/2055 - 07/20/2074 •  | 2513 | 2523 |
| 5.316% due 11/20/2066 •  | 125 | 126 |
| 5.339% due 05/20/2055 - 10/20/2073 •  | 4513 | 4547 |
| 5.369% due 09/20/2073 •  | 460 | 464 |
| 5.389% due 05/20/2073 •  | 1024 | 1035 |
| 5.466% due 01/20/2066 •  | 204 | 205 |
| 5.489% due 05/20/2073 - 11/20/2073 •  | 375 | 381 |
| **Uniform Mortgage-Backed Security, TBA**<br>5.500% due 11/01/2055 | 14000 | 14107 |
| Total U.S. Government Agencies (Cost $110,960) |  | 111142 |
| **U.S. TREASURY OBLIGATIONS 1.9%** |  |  |
| **U.S. Treasury Inflation Protected Securities** **(d)** |  |  |
| 0.125% due 07/15/2026 | 10377 | 10341 |
| 2.125% due 04/15/2029 (g) | 1943 | 2006 |
| Total U.S. Treasury Obligations (Cost $12,286) |  | 12347 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 5.9%** |  |  |
| **AG Trust**<br>6.166% due 07/15/2041 •  | 143 | 143 |
| **Avon Finance**<br>4.886% due 12/28/2049 •  | 1869 | 2519 |
| **Barclays Mortgage Loan Trust**<br>5.903% due 01/25/2064 þ | $616 | 621 |
| **Bear Stearns ALT-A Trust**<br>4.838% due 09/25/2035 ~ | 5 | 3 |
| **Bear Stearns ARM Trust**<br>6.513% due 01/25/2034 ~ | 1 | 1 |
| **Benchmark Mortgage Trust**<br>3.042% due 08/15/2052 | 805 | 788 |
| **BSREP Commercial Mortgage Trust**<br>5.215% due 08/15/2038 •  | 2130 | 2027 |
| **BSST Mortgage Trust**<br>5.451% due 02/15/2037 •  | 2600 | 2298 |
| **BX Trust**<br>4.964% due 01/15/2034 •  | 21 | 21 |
| **Chase Home Lending Mortgage Trust**<br>5.606% due 09/25/2055 •  | 701 | 700 |
| **CHL Reperforming Loan Trust REMICS**<br>4.612% due 06/25/2035 •  | 2 | 1 |
| **Citigroup Mortgage Loan Trust, Inc.** |  |  |
| 5.856% due 06/25/2055 •  | 549 | 554 |
| 6.000% due 09/25/2035 •  | 1 | 1 |
| **CLNY Trust**<br>5.717% due 11/15/2038 •  | 279 | 276 |
| **COLT Mortgage Loan Trust**<br>5.835% due 02/25/2069 þ | 1047 | 1056 |
| **Credit Suisse First Boston Mortgage Securities Corp.** |  |  |
| 5.063% due 03/25/2032 ~ | 1 | 1 |
| 5.683% due 06/25/2033 ~ | 2 | 1 |
| **CSMC Trust** |  |  |
| 3.904% due 04/25/2062 ~ | 146 | 141 |
| 4.136% due 12/27/2060 ~ | 584 | 582 |
| 5.000% due 07/25/2056 •  | 276 | 257 |
| 5.194% due 07/15/2032 •  | 93 | 93 |
| **Ellington Financial Mortgage Trust**<br>5.655% due 02/25/2060 þ | 462 | 467 |
| **Eurohome U.K. Mortgages PLC**<br>4.255% due 06/15/2044 •  | 10 | 14 |
| **Extended Stay America Trust**<br>5.344% due 07/15/2038 •  | $2108 | 2110 |
| **Finsbury Square Green PLC**<br>4.636% due 12/16/2067 •  | 26 | 35 |
| **GCAT Trust** |  |  |
| 1.091% due 05/25/2066 ~ | $597 | 519 |
| 2.885% due 12/27/2066 ~ | 668 | 631 |
| **Gemgarto PLC**<br>4.871% due 12/16/2067 •  | 45 | 61 |
| **GreenPoint MTA Trust**<br>4.712% due 06/25/2045 •  | $4 | 4 |
| **GS** **Mortgage-Backed Securities Corp. Trust**<br>1.750% due 12/25/2060 ~ | 1101 | 1036 |
| **GS Mortgage-Backed Securities Trust** |  |  |
| 5.000% due 12/25/2051 •  | 224 | 208 |

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<br> Schedule of Investments PIMCO Short-Term Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 5.000% due 02/25/2052 •  | 652 | 606 |
| 5.698% due 11/25/2054 •  | 1097 | 1099 |
| **GSR Mortgage Loan Trust**<br>5.191% due 09/25/2035 ~ | 1 | 1 |
| **HarborView Mortgage Loan Trust**<br>4.688% due 05/19/2035 •  | 8 | 8 |
| **Impac CMB Trust**<br>4.912% due 03/25/2035 •  | 46 | 45 |
| **JP Morgan Chase Commercial Mortgage Securities Trust** |  |  |
| 5.407% due 06/15/2035 •  | 291 | 250 |
| 5.648% due 12/15/2031 •  | 138 | 137 |
| **JP Morgan Mortgage Trust** |  |  |
| 3.500% due 05/25/2050 ~ | 71 | 64 |
| 5.000% due 02/25/2052 •  | 210 | 195 |
| **Kinbane 1 DAC**<br>3.870% due 09/25/2062 ~ | 489 | 586 |
| **Legacy Mortgage Asset Trust** |  |  |
| 5.250% due 07/25/2067 þ | $234 | 234 |
| 5.750% due 07/25/2061 þ | 304 | 304 |
| **MA Money Pinnacle Residential Securitisation Trust**<br>4.343% due 04/15/2066 •  | 253 | 168 |
| **MFA Trust**<br>1.381% due 04/25/2065 ~ | $117 | 115 |
| **Mill City Mortgage Loan Trust** |  |  |
| 1.125% due 11/25/2060 ~ | 334 | 322 |
| 2.750% due 08/25/2059 ~ | 206 | 201 |
| **Morgan Stanley Capital I Trust**<br>5.265% due 05/15/2036 •  | 800 | 118 |
| **Morgan Stanley Residential Mortgage Loan Trust**<br>5.000% due 09/25/2051 •  | 293 | 272 |
| **MortgageIT Trust**<br>4.912% due 02/25/2035 •  | 21 | 22 |
| **New Orleans Hotel Trust**<br>5.187% due 04/15/2032 •  | 1000 | 994 |
| **New Residential Mortgage Loan Trust** |  |  |
| 0.941% due 10/25/2058 ~ | 158 | 152 |
| 2.464% due 01/26/2060 ~ | 632 | 596 |
| 3.500% due 12/25/2057 ~ | 38 | 37 |
| 4.500% due 05/25/2058 ~ | 101 | 99 |
| **NYO Commercial Mortgage Trust**<br>5.360% due 11/15/2038 •  | 1600 | 1596 |
| **OBX Trust** |  |  |
| 5.988% due 01/25/2064 þ | 444 | 449 |
| 6.067% due 01/25/2064 þ | 640 | 647 |
| 6.129% due 12/25/2063 þ | 960 | 972 |
| 6.447% due 02/25/2064 þ | 660 | 671 |
| **Oceanview Mortgage Trust**<br>5.298% due 05/25/2055 •  | 872 | 874 |
| **PRKCM Trust**<br>6.333% due 03/25/2059 þ | 120 | 122 |
| **Progress Trust**<br>4.535% due 01/21/2051 •  | 896 | 593 |
| **PRPM Trust** |  |  |
| 5.674% due 12/26/2069 þ | $168 | 170 |
| 6.327% due 06/25/2069 þ | 381 | 390 |
| **RCKT Mortgage Trust** |  |  |
| 5.553% due 03/25/2055 þ | 271 | 274 |
| 5.653% due 01/25/2045 þ | 346 | 350 |
| **Sequoia Mortgage Trust** |  |  |
| 4.442% due 11/25/2063 ~ | 723 | 728 |
| 5.239% due 02/20/2034 •  | 42 | 38 |
| **Structured Asset Mortgage Investments II Trust** |  |  |
| 4.732% due 05/25/2045 •  | 9 | 8 |
| 4.748% due 07/19/2035 •  | 1 | 1 |
| **Towd Point Mortgage Funding - Granite 6 PLC**<br>4.978% due 07/20/2053 •  | 649 | 875 |
| **Towd Point Mortgage Trust** |  |  |
| 2.250% due 12/25/2061 ~ | $487 | 475 |
| 2.710% due 01/25/2060 ~ | 808 | 781 |
| 3.750% due 05/25/2058 ~ | 226 | 223 |
| 5.272% due 05/25/2058 •  | 177 | 181 |
| 5.272% due 10/25/2059 •  | 123 | 123 |
| **Triton Bond Trust**<br>4.256% due 02/09/2053 •  | 491 | 325 |
| **Verus Securitization Trust** |  |  |
| 5.402% due 05/25/2065 þ | $482 | 486 |
| 5.712% due 01/25/2069 þ | 708 | 714 |
| 5.811% due 05/25/2068 þ | 147 | 148 |
| 5.850% due 12/25/2067 þ | 192 | 192 |
| 6.443% due 08/25/2068 þ | 123 | 124 |
| 6.476% due 06/25/2068 þ | 245 | 246 |
| **WaMu** **Mortgage Pass-Through Certificates Trust** |  |  |
| 5.153% due 02/25/2046 •  | 5 | 5 |
| 5.153% due 08/25/2046 •  | 5 | 4 |
| 5.353% due 11/25/2042 •  | 2 | 1 |

---

------

<br> Schedule of Investments PIMCO Short-Term Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Wells Fargo Commercial Mortgage Trust**<br>5.793% due 07/15/2037 •  | 1000 | 1004 |
| Total Non-Agency Mortgage-Backed Securities (Cost $38,550) |  | 37584 |
| **ASSET-BACKED SECURITIES 16.2%** |  |  |
| **AUTOMOBILE ABS OTHER 0.6%** |  |  |
| **CarMax Auto Owner Trust**<br>4.992% due 03/15/2027 •  | 181 | 181 |
| **Chesapeake Funding II LLC**<br>5.622% due 05/15/2035 •  | 949 | 953 |
| **Ford Credit Floorplan Master Owner Trust A**<br>5.142% due 09/15/2029 •  | 1500 | 1509 |
| **GM Financial Automobile Leasing Trust**<br>4.799% due 05/20/2027 •  | 639 | 640 |
| **Toyota Lease Owner Trust**<br>4.829% due 02/22/2027 •  | 464 | 464 |
|  |  | 3747 |
| **AUTOMOBILE SEQUENTIAL 1.8%** |  |  |
| **BMW Vehicle Lease Trust**<br>5.990% due 09/25/2026 | 108 | 109 |
| **CarMax Auto Owner Trust**<br>4.590% due 07/17/2028 | 1600 | 1607 |
| **Carvana Auto Receivables Trust**<br>0.800% due 01/10/2027 | 31 | 31 |
| **Chesapeake Funding II LLC**<br>5.520% due 05/15/2036 | 587 | 594 |
| **Citizens Auto Receivables Trust** |  |  |
| 5.540% due 11/16/2026 | 58 | 58 |
| 5.840% due 01/18/2028 | 221 | 222 |
| **Enterprise Fleet Financing LLC** |  |  |
| 4.380% due 07/20/2029 | 143 | 143 |
| 5.740% due 12/20/2026 | 1038 | 1044 |
| 5.760% due 10/22/2029 | 316 | 318 |
| 6.400% due 03/20/2030 | 1065 | 1081 |
| **GM Financial Consumer Automobile Receivables Trust**<br>4.880% due 08/16/2028 | 1500 | 1511 |
| **GMF Canada Leasing Trust**<br>4.883% due 12/21/2026 | 358 | 258 |
| **Hertz Vehicle Financing III LLC**<br>5.490% due 06/25/2027 | $2100 | 2113 |
| **Hyundai Auto Receivables Trust**<br>4.530% due 09/15/2027 | 623 | 625 |
| **Oscar U.S. Funding XV LLC**<br>5.810% due 12/10/2027 | 592 | 595 |
| **Oscar U.S. Funding XVI LLC**<br>5.480% due 02/10/2027 | 212 | 213 |
| **SBNA Auto Lease Trust**<br>5.560% due 11/22/2027 | 900 | 906 |
|  |  | 11428 |
| **CMBS OTHER 0.4%** |  |  |
| **ACREC LLC**<br>6.380% due 02/19/2038 •  | 209 | 209 |
| **AREIT Trust**<br>6.385% due 06/17/2039 •  | 2102 | 2105 |
| **LoanCore Issuer Ltd.**<br>5.565% due 07/15/2036 •  | 146 | 146 |
| **M360 Ltd.**<br>5.750% due 11/22/2038 •  | 23 | 23 |
| **PFP Ltd.**<br>6.050% due 09/17/2039 •  | 339 | 340 |
| **Ready Capital Mortgage Financing LLC**<br>6.532% due 10/25/2039 •  | 3 | 3 |
|  |  | 2826 |
| **CREDIT CARD BULLET 0.6%** |  |  |
| **Master Credit Card Trust II**<br>5.131% due 01/21/2028 •  | 4000 | 4006 |
| **CREDIT CARD OTHER 1.2%** |  |  |
| **Golden Credit Card Trust**<br>1.970% due 01/15/2029 | 2000 | 1949 |

---

------

<br> Schedule of Investments PIMCO Short-Term Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Trillium** **Credit Card Trust II**<br>4.892% due 12/26/2028 •  | 5500 | 5507 |
|  |  | 7456 |
| **HOME EQUITY OTHER 0.6%** |  |  |
| **ACE Securities Corp. Home Equity Loan Trust**<br>5.052% due 04/25/2034 •  | 209 | 199 |
| **Countrywide Asset-Backed Certificates Trust**<br>5.772% due 10/25/2034 •  | 70 | 70 |
| **Credit Suisse First Boston Mortgage Securities Corp.**<br>3.691% due 08/25/2032 •  | 1 | 1 |
| **Finance America Mortgage Loan Trust**<br>5.097% due 08/25/2034 •  | 121 | 116 |
| **Fremont Home Loan Trust**<br>5.007% due 01/25/2035 •  | 27 | 27 |
| **Long Beach Mortgage Loan Trust**<br>5.247% due 04/25/2035 •  | 68 | 68 |
| **MASTR Asset-Backed Securities Trust** |  |  |
| 4.372% due 11/25/2036 •  | 1 | 1 |
| 4.972% due 09/25/2034 •  | 111 | 102 |
| **Morgan Stanley ABS Capital I, Inc. Trust**<br>5.172% due 05/25/2034 •  | 219 | 233 |
| **Renaissance Home Equity Loan Trust** |  |  |
| 3.434% due 08/25/2033 •  | 2 | 2 |
| 4.992% due 11/25/2034 •  | 3 | 3 |
| **Towd Point Mortgage Trust** |  |  |
| 5.278% due 08/25/2065 þ | 1484 | 1494 |
| 5.348% due 07/25/2065 þ | 192 | 193 |
| 5.848% due 01/25/2064 ~ | 313 | 315 |
| 6.290% due 05/25/2064 ~ | 679 | 688 |
|  |  | 3512 |
| **OTHER ABS 11.0%** |  |  |
| **ARES XLIV CLO Ltd.**<br>5.424% due 04/15/2034 •  | 3300 | 3304 |
| **Atlas Senior Loan Fund XVIII Ltd.**<br>5.439% due 01/18/2035 •  | 400 | 401 |
| **Bain Capital Credit CLO Ltd.**<br>5.548% due 07/16/2034 •  | 1000 | 1001 |
| **Bain Capital Euro CLO DAC**<br>2.764% due 01/20/2032 •  | 515 | 605 |
| **BlueMountain CLO Ltd.**<br>5.508% due 10/25/2030 •  | $522 | 523 |
| **CarVal CLO I Ltd.**<br>5.548% due 07/16/2031 •  | 1763 | 1765 |
| **CCG Receivables Trust**<br>4.480% due 10/14/2032 | 900 | 905 |
| **Cedar Funding VI CLO Ltd.**<br>5.637% due 04/20/2034 •  | 2200 | 2204 |
| **CIFC Funding Ltd.**<br>5.530% due 10/24/2030 •  | 733 | 734 |
| **Commonbond Student Loan Trust**<br>2.550% due 05/25/2041 | 22 | 21 |
| **Dell Equipment Finance Trust**<br>4.690% due 08/22/2030 | 786 | 788 |
| **Dryden 54 Senior Loan Fund**<br>5.475% due 10/19/2029 •  | 358 | 358 |
| **Dryden 95 CLO Ltd.**<br>5.244% due 08/20/2034 •  | 2400 | 2402 |
| **ECMC Group Student Loan Trust** |  |  |
| 5.221% due 02/27/2068 •  | 262 | 262 |
| 5.471% due 07/25/2069 •  | 226 | 226 |
| **ELFI Graduate Loan Program LLC**<br>1.530% due 12/26/2046 | 425 | 381 |
| **FirstKey Homes Trust**<br>1.266% due 10/19/2037 | 1592 | 1584 |
| **Gallatin CLO VIII Ltd.**<br>5.669% due 07/15/2031 •  | 606 | 607 |
| **Greywolf CLO III Ltd.**<br>5.562% due 04/22/2033 •  | 2828 | 2836 |
| **KKR CLO 36 Ltd.**<br>5.321% due 10/15/2034 •  | 3200 | 3200 |
| **KKR CLO 42 Ltd.**<br>5.349% due 07/20/2034 •  | 3100 | 3100 |
| **KKR CLO 9 Ltd.**<br>5.529% due 07/15/2030 •  | 59 | 59 |
| **LCM 30 Ltd.**<br>5.667% due 04/20/2031 •  | 846 | 848 |
| **LCM Loan Income Fund I Ltd.**<br>5.617% due 04/20/2031 •  | 460 | 460 |
| **Madison Park Funding XLVI Ltd.**<br>5.318% due 10/15/2034 •  | 2400 | 2403 |
| **MMAF** **Equipment Finance LLC** |  |  |
| 5.200% due 09/13/2027 | 879 | 882 |

---

------

<br> Schedule of Investments PIMCO Short-Term Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 5.790% due 11/13/2026 | 136 | 136 |
| **Navient Private Education Loan Trust**<br>5.165% due 11/15/2068 •  | 178 | 178 |
| **Navient Private Education Refi Loan Trust** |  |  |
| 1.170% due 09/16/2069 | 125 | 118 |
| 1.310% due 01/15/2069 | 311 | 294 |
| 1.690% due 05/15/2069 | 1015 | 960 |
| 5.265% due 04/15/2069 •  | 823 | 819 |
| **Navient Student Loan Trust**<br>6.072% due 03/15/2072 •  | 518 | 522 |
| **Nelnet Student Loan Trust** |  |  |
| 0.000% due 05/17/2055 •  | 2400 | 2418 |
| 4.712% due 09/27/2066 •  | 10 | 10 |
| 5.072% due 08/25/2067 •  | 348 | 348 |
| 5.171% due 09/27/2038 •  | 661 | 659 |
| 5.371% due 06/27/2067 •  | 146 | 147 |
| **Octagon Investment Partners 39 Ltd.**<br>5.475% due 10/20/2030 •  | 290 | 290 |
| **Pagaya AI Debt Trust**<br>6.660% due 07/15/2031 | 49 | 50 |
| **Palmer Square European Loan Funding DAC**<br>3.006% due 01/15/2033 •  | 892 | 1047 |
| **Pikes Peak CLO 4**<br>5.528% due 07/15/2034 •  | $3000 | 3005 |
| **SLM Student Loan Trust**<br>4.921% due 06/25/2043 •  | 351 | 346 |
| **SMB Private Education Loan Trust** |  |  |
| 1.340% due 03/17/2053 | 164 | 154 |
| 1.600% due 09/15/2054 | 189 | 179 |
| 5.122% due 09/15/2054 •  | 748 | 745 |
| 5.474% due 07/15/2053 •  | 1715 | 1712 |
| 5.822% due 04/15/2054 •  | 961 | 973 |
| 5.822% due 03/15/2056 •  | 246 | 249 |
| 5.924% due 11/15/2052 •  | 660 | 667 |
| 6.022% due 09/15/2053 •  | 587 | 598 |
| 6.172% due 10/16/2056 •  | 268 | 274 |
| 6.222% due 05/16/2050 •  | 532 | 540 |
| **SoFi Consumer Loan Program Trust**<br>4.820% due 06/25/2034 | 797 | 802 |
| **Sound Point CLO XXVIII Ltd.**<br>5.598% due 01/25/2032 •  | 848 | 850 |
| **Stonepeak ABS**<br>2.301% due 02/28/2033 | 90 | 87 |
| **TIAA CLO IV Ltd.**<br>5.465% due 01/20/2032 •  | 1292 | 1293 |
| **Towd Point Asset Trust**<br>4.950% due 11/20/2061 •  | 180 | 180 |
| **Tralee CLO V Ltd.**<br>5.405% due 10/20/2034 •  | 2400 | 2403 |
| **Trinitas CLO VI Ltd.**<br>0.000% due 01/25/2034 •(a) | 3100 | 3100 |
| **UPX HIL Issuer Trust**<br>5.160% due 01/25/2047 | 288 | 290 |
| **Venture 36 CLO Ltd.**<br>5.717% due 04/20/2032 •  | 1500 | 1503 |
| **Venture XXIX CLO Ltd.**<br>5.463% due 09/07/2030 •  | 344 | 345 |
| **Venture XXVII CLO Ltd.**<br>5.637% due 07/20/2030 •  | 521 | 522 |
| **Venture XXVIII CLO Ltd.**<br>5.577% due 07/20/2030 •  | 234 | 234 |
| **Verdelite Static CLO Ltd.**<br>5.455% due 07/20/2032 •  | 2377 | 2378 |
| **Verizon Master Trust**<br>5.031% due 12/20/2028 •  | 4000 | 4003 |
| **Volvo Financial Equipment LLC**<br>4.560% due 05/17/2027 | 1269 | 1271 |
| **Wellfleet CLO Ltd.**<br>5.505% due 04/20/2034 •  | 1700 | 1702 |
|  |  | 70260 |
| Total Asset-Backed Securities (Cost $103,017) |  | 103235 |
| **SOVEREIGN ISSUES 0.7%** |  |  |
| **Eagle Funding Luxco SARL**<br>5.500% due 08/17/2030 | 3800 | 3860 |
| **Israel Government Bonds - Fixed**<br>0.500% due 02/27/2026 | 2200 | 655 |

---

------

<br> Schedule of Investments PIMCO Short-Term Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Korea** **National Oil Corp.**<br>4.951% (SOFRRATE + 0.770%) due 03/31/2028 ~ | $300 | 301 |
| Total Sovereign Issues (Cost $4,719) |  | 4816 |
| **SHORT-TERM INSTRUMENTS 3.6%** |  |  |
| **COMMERCIAL PAPER 2.1%** |  |  |
| **Air Lease Corp.**<br>4.550% due 10/02/2025 | 6900 | 6898 |
| **Crown Castle, Inc.** |  |  |
| 4.610% due 10/21/2025 (a) | 300 | 299 |
| 4.610% due 10/23/2025 | 900 | 897 |
| 4.620% due 10/21/2025 | 1300 | 1297 |
| 4.620% due 10/23/2025 | 1000 | 997 |
| **HCA, Inc.**<br>4.750% due 10/09/2025 | 300 | 300 |
| **Keurig Dr. Pepper, Inc.**<br>4.410% due 10/01/2025 | 2500 | 2500 |
|  |  | 13188 |
| **REPURCHASE AGREEMENTS (e) 1.5%** |  | 9300 |
| **U.S. TREASURY BILLS 0.0%** |  |  |
| 4.026% due 12/11/2025 (b)(c)(i) | 275 | 273 |
| Total Short-Term Instruments (Cost $22,762) |  | 22761 |
| Total Investments in Securities (Cost $595,616) |  | 596647 |
|  | SHARES |  |
| **INVESTMENTS IN AFFILIATES 7.3%** |  |  |
| **SHORT-TERM INSTRUMENTS 7.3%** |  |  |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.3%** |  |  |
| **PIMCO Short Asset Portfolio** | 4781763 | 46914 |
| Total Short-Term Instruments (Cost $46,857) |  | 46914 |
| Total Investments in Affiliates (Cost $46,857) |  | 46914 |
| Total Investments 100.7% (Cost $642,473) |  | $643561 |
| **Financial Derivative Instruments** **(f)(h)** **0.0**%(Cost or Premiums, net $(336)) |  | 29 |
| Other Assets and Liabilities, net (0.7)% |  | (4666) |
| Net Assets 100.0% |  | $638924 |

---

------

<br> Schedule of Investments PIMCO Short-Term Portfolio (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  |
| **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** |
| **¤** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** |
| **~** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** |
| **(b)** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** |
| **(c)** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** |
| **(d)** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** |
| **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** |
| **(e)** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** |
| Counterparty | Maturity<br>Date | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | Collateral<br>(Received) | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| SAL | 10/01/2025 | &nbsp;&nbsp; U.S. Treasury Notes 1.500% due 08/15/2026 | &nbsp;&nbsp; U.S. Treasury Notes 1.500% due 08/15/2026 | &nbsp;&nbsp; U.S. Treasury Notes 1.500% due 08/15/2026 | (9495) | (9495) | 9300 | $ | 9301 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |  | **(9495)** | **(9495)** | **9300** | **$** | **9301** |
| <sup>(1)</sup> | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. |
| **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(8484) at a weighted average interest rate of 4.516%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(8484) at a weighted average interest rate of 4.516%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(8484) at a weighted average interest rate of 4.516%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(8484) at a weighted average interest rate of 4.516%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(8484) at a weighted average interest rate of 4.516%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(8484) at a weighted average interest rate of 4.516%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(8484) at a weighted average interest rate of 4.516%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(8484) at a weighted average interest rate of 4.516%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(8484) at a weighted average interest rate of 4.516%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(8484) at a weighted average interest rate of 4.516%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** |
| **(f)** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** |
| **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** |
| **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** |
|  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Description | Description | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Liability | Liability |
| 3-Month SOFR Active Contract September Futures | 3-Month SOFR Active Contract September Futures | 586 | $140578 | $(5) | (5) | $11 | 11 | $0 | 0 |
| Australia Government 3-Year Bond December Futures | Australia Government 3-Year Bond December Futures | 295 | 20855 | (76) | (76) | 29 | 29 | (6) | (6) |
| Canada Government 5-Year Bond December Futures | Canada Government 5-Year Bond December Futures | 262 | 21710 | 257 | 257 | 53 | 53 | 0 | 0 |
| U.S. Treasury 5-Year Note December Futures | U.S. Treasury 5-Year Note December Futures | 2316 | 252896 | (66) | (66) | 90 | 90 | 0 | 0 |
|  |  |  |  | 110 | $ | 183 | $ | (6) | (6) |
| **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** |
|  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Description | Description | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Liability | Liability |
| U.S. Treasury 2-Year Note December Futures | U.S. Treasury 2-Year Note December Futures | 1032 | $(215067) | $(166) | (166) | $0 | 0 | $(113) | (113) |
| U.S. Treasury 10-Year Note December Futures | U.S. Treasury 10-Year Note December Futures | 118 | (13275) | (59) | (59) | 2 | 2 | 0 | 0 |
| U.S. Treasury Ultra Long-Term Bond December Futures | U.S. Treasury Ultra Long-Term Bond December Futures | 58 | (6964) | (187) | (187) | 33 | 33 | 0 | 0 |
| U.S. Ultra Treasury 10-Year Note December Futures | U.S. Ultra Treasury 10-Year Note December Futures | 33 | (3798) | (15) | (15) | 2 | 2 | 0 | 0 |
|  |  |  |  | (427) | $ | 37 | $ | (113) | (113) |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **(317)** | **$** | **220** | **$** | **(119)** | **(119)** |

---

------

<br> Schedule of Investments PIMCO Short-Term Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** |
| **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Reference Entity | Reference Entity | Fixed<br>Receive Rate | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> |  | Premiums<br>Paid/<br>(Received) |  | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Asset | Liability |
| Barclays Bank PLC | Barclays Bank PLC | 1.000% | 1.000% | Quarterly | 12/20/2025 | 12/20/2025 | 0.246 | 0.246 | % | $ | 5 | $ | (3) | 2 | 0 | 0 | 0 |
| **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Pay/<br>Receive<br>Floating Rate | Pay/<br>Receive<br>Floating Rate | Floating Rate Index | Floating Rate Index | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/<br>(Received) | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Asset | Liability |
| Pay | Pay | 1-Day GBP-SONIO Compounded-OIS | 1-Day GBP-SONIO Compounded-OIS | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | Annual | 09/17/2030 | 09/17/2030 | 10300 | (50) | (50) | (10) | (60) | $14 | 14 | $0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | Annual | 02/11/2026 | 02/11/2026 | 101500 | 126 | 126 | 23 | 149 | 0 | 0 | (6) |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.920 | Annual | Annual | 02/27/2026 | 02/27/2026 | 800 | 0 | 0 | 2 | 2 | 0 | 0 | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.862 | Annual | Annual | 02/28/2029 | 02/28/2029 | 15500 | 0 | 0 | (208) | (208) | 0 | 0 | (10) |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | Annual | 12/18/2029 | 12/18/2029 | 23000 | (104) | (104) | (126) | (230) | 0 | 0 | (13) |
| Receive<sup>(5)</sup> | Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | Annual | 02/28/2030 | 02/28/2030 | 35566 | (14) | (14) | 55 | 41 | 0 | 0 | (18) |
| Receive<sup>(5)</sup> | Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.325 | Annual | Annual | 02/28/2030 | 02/28/2030 | 116058 | (705) | (705) | 726 | 21 | 0 | 0 | (58) |
|  |  |  |  |  |  |  |  |  |  | $ | (747) | $ | 462 | (285) | 14 | 14 | (105) |
| **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **$** | **(742)** | **$** | **459** | **(283)** | **14** | **14** | **(105)** |
| **(g)** | **Securities with an aggregate market value of $1,771 and cash of $7,900 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,771 and cash of $7,900 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,771 and cash of $7,900 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,771 and cash of $7,900 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,771 and cash of $7,900 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,771 and cash of $7,900 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,771 and cash of $7,900 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,771 and cash of $7,900 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,771 and cash of $7,900 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,771 and cash of $7,900 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,771 and cash of $7,900 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,771 and cash of $7,900 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,771 and cash of $7,900 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,771 and cash of $7,900 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,771 and cash of $7,900 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,771 and cash of $7,900 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $1,771 and cash of $7,900 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** |
| <sup>(1)</sup> | If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. |
| **(h)** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** |
| **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** |
|  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | Settlement<br>Month | Settlement<br>Month | Settlement<br>Month | Settlement<br>Month |  | Currency to<br>be Delivered | Currency to<br>be Delivered | Currency to<br>be Delivered | Currency to<br>be Received | Currency to<br>be Received | Currency to<br>be Received | Asset | Asset | Liability | Liability |
| &nbsp;&nbsp;&nbsp;&nbsp; AZD | &nbsp;&nbsp;&nbsp;&nbsp; AZD | &nbsp;&nbsp;&nbsp;&nbsp; AZD | 10/2025 | 10/2025 | 10/2025 | 10/2025 | EUR | 2366 | 2366 | 2366 | $2760 | 2760 | 2760 | 0 | 0 | $(18) | (18) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | 10/2025 | $ | $559 | 559 | 559 | 777 | 777 | 777 | 0 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | 11/2025 | CAD | 776 | 776 | 776 | $559 | 559 | 559 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BRC | &nbsp;&nbsp;&nbsp;&nbsp; BRC | &nbsp;&nbsp;&nbsp;&nbsp; BRC | 10/2025 | 10/2025 | 10/2025 | 10/2025 | CHF | 15 | 15 | 15 | 19 | 19 | 19 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | 10/2025 | $ | $16 | 16 | 16 | 13 | 13 | 13 | 0 | 0 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | 11/2025 | CHF | 13 | 13 | 13 | $16 | 16 | 16 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBK | &nbsp;&nbsp;&nbsp;&nbsp; CBK | &nbsp;&nbsp;&nbsp;&nbsp; CBK | 10/2025 | 10/2025 | 10/2025 | 10/2025 | CAD | 464 | 464 | 464 | 335 | 335 | 335 | 2 | 2 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; DUB | &nbsp;&nbsp;&nbsp;&nbsp; DUB | &nbsp;&nbsp;&nbsp;&nbsp; DUB | 10/2025 | 10/2025 | 10/2025 | 10/2025 | ILS | 210 | 210 | 210 | 61 | 61 | 61 | 0 | 0 | (2) | (2) |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | 11/2025 | $ | $62 | 62 | 62 | 210 | 210 | 210 | 2 | 2 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; FAR | &nbsp;&nbsp;&nbsp;&nbsp; FAR | &nbsp;&nbsp;&nbsp;&nbsp; FAR | 10/2025 | 10/2025 | 10/2025 | 10/2025 | AUD | 19595 | 19595 | 19595 | $12710 | 12710 | 12710 | 0 | 0 | (256) | (256) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | 10/2025 | $ | $12794 | 12794 | 12794 | 19595 | 19595 | 19595 | 172 | 172 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | 10/2025 |  | 2764 | 2764 | 2764 | 2366 | 2366 | 2366 | 14 | 14 | 0 | 0 |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | 11/2025 | AUD | 19595 | 19595 | 19595 | $12800 | 12800 | 12800 | 0 | 0 | (172) | (172) |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | 11/2025 | EUR | 2366 | 2366 | 2366 | 2770 | 2770 | 2770 | 0 | 0 | (14) | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp; JPM | &nbsp;&nbsp;&nbsp;&nbsp; JPM | &nbsp;&nbsp;&nbsp;&nbsp; JPM | 10/2025 | 10/2025 | 10/2025 | 10/2025 | CAD | 1242 | 1242 | 1242 | 899 | 899 | 899 | 6 | 6 | 0 | 0 |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | 10/2025 | $ | $670 | 670 | 670 | 930 | 930 | 930 | 0 | 0 | (2) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; MBC | &nbsp;&nbsp;&nbsp;&nbsp; MBC | &nbsp;&nbsp;&nbsp;&nbsp; MBC | 11/2025 | 11/2025 | 11/2025 | 11/2025 |  | 770 | 770 | 770 | 573 | 573 | 573 | 0 | 0 | 0 | 0 |
|  |  |  | 02/2026 | 02/2026 | 02/2026 | 02/2026 | ILS | 2211 | 2211 | 2211 | $605 | 605 | 605 | 0 | 0 | (64) | (64) |

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<br> Schedule of Investments PIMCO Short-Term Portfolio (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SCX | &nbsp;&nbsp;&nbsp;&nbsp; SCX | 10/2025 | $6422 | 6422 | 6422 | 6422 | GBP | 4801 | 4801 | 4801 |  | 35 | 35 | 35 |  | 0 |
|  |  | 11/2025 | 4801 | 4801 | 4801 | 4801 | $ | 6423 | 6423 | 6423 |  | 0 | 0 | 0 |  | (35) |
| &nbsp;&nbsp;&nbsp;&nbsp; SSB | &nbsp;&nbsp;&nbsp;&nbsp; SSB | 10/2025 | 4801 | 4801 | 4801 | 4801 |  | 6471 | 6471 | 6471 |  | 15 | 15 | 15 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; UAG | &nbsp;&nbsp;&nbsp;&nbsp; UAG | 10/2025 | $69 | 69 | 69 | 69 | ILS | 231 | 231 | 231 |  | 1 | 1 | 1 |  | 0 |
| **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **$** | $**247** | **247** | **247** | **$** | $**(563)** | **(563)** |
| **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** |
| **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** |
| Counterparty | Description | Floating Rate<br>Index | Floating Rate<br>Index | Pay/Receive<br>Floating Rate | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Exercise<br>Rate | Expiration<br>Date | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Notional<br>Amount<sup>(1)</sup> | Notional<br>Amount<sup>(1)</sup> | Cost | Cost |  | Market<br>Value |
| CBK | Call - OTC 1-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | Pay | Pay | 2.500% | 2.500% | 02/13/2026 | 02/13/2026 | 196600 | 196600 | 196600 | $131 | 131 | $ | $50 |
| DUB | Put - OTC 1-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | Receive | 3.650 | 3.650 | 09/09/2026 | 09/09/2026 | 139100 | 139100 | 139100 | 145 | 145 |  | 151 |
| MYC | Put - OTC 1-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | Receive | 3.650 | 3.650 | 09/09/2026 | 09/09/2026 | 10800 | 10800 | 10800 | 11 | 11 |  | 12 |
| NGF | Put - OTC 1-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | Receive | 3.650 | 3.650 | 09/09/2026 | 09/09/2026 | 112400 | 112400 | 112400 | 119 | 119 |  | 122 |
| **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | $**406** | **406** | **$** | $**335** |
| **Securities with an aggregate market value of $273 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $273 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $273 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $273 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $273 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $273 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $273 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $273 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $273 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $273 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $273 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $273 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $273 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $273 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $273 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $273 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $273 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** |
| Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. |
| **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** |
| **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: |
| Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Level 1 | Level 1 | Level 1 | Level 1 | Level 2 | Level 2 | Level 3 | Level 3 | Level 3 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **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** | **Investments in Securities, at Value** |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | $502 | 502 | 502 | 502 | $196549 | 196549 | $0 | 0 | 0 | $197051 | 197051 | 197051 |
| Industrials | Industrials | Industrials | Industrials | Industrials | 0 | 0 | 0 | 0 | 80756 | 80756 | 0 | 0 | 0 | 80756 | 80756 | 80756 |
| Utilities | Utilities | Utilities | Utilities | Utilities | 0 | 0 | 0 | 0 | 25101 | 25101 | 0 | 0 | 0 | 25101 | 25101 | 25101 |
| Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| Louisiana | Louisiana | Louisiana | Louisiana | Louisiana | 0 | 0 | 0 | 0 | 1854 | 1854 | 0 | 0 | 0 | 1854 | 1854 | 1854 |
| U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | 0 | 0 | 0 | 0 | 111142 | 111142 | 0 | 0 | 0 | 111142 | 111142 | 111142 |
| U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | 0 | 0 | 0 | 0 | 12347 | 12347 | 0 | 0 | 0 | 12347 | 12347 | 12347 |
| Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | 0 | 0 | 0 | 0 | 37584 | 37584 | 0 | 0 | 0 | 37584 | 37584 | 37584 |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| Automobile ABS Other | Automobile ABS Other | Automobile ABS Other | Automobile ABS Other | Automobile ABS Other | 0 | 0 | 0 | 0 | 3747 | 3747 | 0 | 0 | 0 | 3747 | 3747 | 3747 |
| Automobile Sequential | Automobile Sequential | Automobile Sequential | Automobile Sequential | Automobile Sequential | 0 | 0 | 0 | 0 | 11428 | 11428 | 0 | 0 | 0 | 11428 | 11428 | 11428 |
| CMBS Other | CMBS Other | CMBS Other | CMBS Other | CMBS Other | 0 | 0 | 0 | 0 | 2826 | 2826 | 0 | 0 | 0 | 2826 | 2826 | 2826 |
| Credit Card Bullet | Credit Card Bullet | Credit Card Bullet | Credit Card Bullet | Credit Card Bullet | 0 | 0 | 0 | 0 | 4006 | 4006 | 0 | 0 | 0 | 4006 | 4006 | 4006 |
| Credit Card Other | Credit Card Other | Credit Card Other | Credit Card Other | Credit Card Other | 0 | 0 | 0 | 0 | 7456 | 7456 | 0 | 0 | 0 | 7456 | 7456 | 7456 |
| Home Equity Other | Home Equity Other | Home Equity Other | Home Equity Other | Home Equity Other | 0 | 0 | 0 | 0 | 3512 | 3512 | 0 | 0 | 0 | 3512 | 3512 | 3512 |
| Other ABS | Other ABS | Other ABS | Other ABS | Other ABS | 3100 | 3100 | 3100 | 3100 | 67160 | 67160 | 0 | 0 | 0 | 70260 | 70260 | 70260 |
| Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | 0 | 0 | 0 | 0 | 4816 | 4816 | 0 | 0 | 0 | 4816 | 4816 | 4816 |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| Commercial Paper | Commercial Paper | Commercial Paper | Commercial Paper | Commercial Paper | 0 | 0 | 0 | 0 | 13188 | 13188 | 0 | 0 | 0 | 13188 | 13188 | 13188 |
| Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | 0 | 0 | 0 | 0 | 9300 | 9300 | 0 | 0 | 0 | 9300 | 9300 | 9300 |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | 0 | 0 | 0 | 0 | 273 | 273 | 0 | 0 | 0 | 273 | 273 | 273 |
|  |  |  |  |  | $3602 | 3602 | 3602 | 3602 | $593045 | 593045 | $0 | 0 | 0 | $596647 | 596647 | 596647 |
| **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** | **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** |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | $46914 | 46914 | 46914 | 46914 | $0 | 0 | $0 | 0 | 0 | $46914 | 46914 | 46914 |
| Total Investments | Total Investments | Total Investments | Total Investments | Total Investments | $50516 | 50516 | 50516 | 50516 | $593045 | 593045 | $0 | 0 | 0 | $643561 | 643561 | 643561 |
| **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** | **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 | 82 | 82 | 82 | 82 | 152 | 152 | 0 | 0 | 0 | 234 | 234 | 234 |
| Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | 0 | 0 | 0 | 0 | 582 | 582 | 0 | 0 | 0 | 582 | 582 | 582 |
|  |  |  |  |  | $82 | 82 | 82 | 82 | $734 | 734 | $0 | 0 | 0 | $816 | 816 | 816 |
| **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** | **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** | **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 | (6) | (6) | (6) | (6) | (218) | (218) | 0 | 0 | 0 | (224) | (224) | (224) |
| Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | 0 | 0 | 0 | 0 | (563) | (563) | 0 | 0 | 0 | (563) | (563) | (563) |
|  |  |  |  |  | $(6) | (6) | (6) | (6) | $(781) | (781) | $0 | 0 | 0 | $(787) | (787) | (787) |
| Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | $76 | 76 | 76 | 76 | $(47) | (47) | $0 | 0 | 0 | $29 | 29 | 29 |
| Totals | Totals | Totals | Totals | Totals | $50592 | 50592 | 50592 | 50592 | $592998 | 592998 | $0 | 0 | 0 | $643590 | 643590 | 643590 |
| **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** |

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------

Notes to Financial Statements

**1** **. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS**

**(a) Investment Valuation Policies** The net asset value ("NAV") of the Portfolio'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 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, the Portfolio'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 Portfolio 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 Portfolio may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The 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, the Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that the 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 the 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 Portfolio 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 Pacific Investment Management Company LLC ("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 Investment Company Act of 1940, as amended (the "Act"). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees has designated PIMCO as the valuation designee ("Valuation Designee") for the Portfolio to perform the fair value determination relating to all Portfolio investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of portfolio investments. The Valuation Designee may value portfolio securities for which market quotations are not readily available and other Portfolio assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, exchange-traded funds ("ETFs"), exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Portfolio's assets that are invested in one or more open-end management investment companies (other than ETFs), the 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, 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 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. The 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 the 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 the 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 the 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 the 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 the Portfolio may transact.

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 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 the 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 the Portfolio may differ from the value that would be realized if the securities were sold. The Portfolio's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the " Frequent or Excessive Purchases, Exchanges and Redemptions " section in the Portfolio's prospectus.

Under certain circumstances, the per share NAV of a class of the Portfolio'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 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:

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Notes to Financial Statements (Cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

• Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the 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 ofthe Portfolio'sassets 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 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.

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

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indexes, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are

------

Notes to Financial Statements (Cont.)

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.

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.

**2. FEDERAL INCOME TAX MATTERS**

The 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.

The 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 Portfolio's tax positions for all open tax years. As of September 30, 2025, the Portfolio 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 Portfolio files U.S. federal, state and local tax returns as required. The Portfolio'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.

Shares of the Portfolio currently are sold to segregated asset accounts ("Separate Accounts") of insurance companies that fund variable annuity contracts and variable life insurance policies ("Variable Contracts"). Please refer to the prospectus for the Separate Account and Variable Contract for information regarding Federal income tax treatment of distributions to the Separate Account.

**3. INVESTMENTS IN AFFILIATES**

The 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 Portfolio. A copy of each affiliate fund's shareholder report is available at the U.S. Securities and Exchange Commission ("SEC") website at www.sec.gov, on the Portfolio's website at www.pimco.com, or upon request, as applicable. The tables below show the Portfolio's transactions in and earnings from investments in the affiliated funds for the period ended September 30, 2025 (amounts in thousands<sup>†</sup>):

**Investment in PIMCO Short Asset Portfolio**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Market Value<br>12/31/2024** | **Purchases at<br>Cost** | **Proceeds from<br>Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>09/30/2025** | **Dividend<br>Income**<sup>(1)</sup> | **Realized Net<br>Capital<br>Gain<br>Distributions**<sup>(1)</sup> |
| $7581 | $39285 | $0 | $0 | $48 | $46914 | $1081 | $0 |

---

**Investment in PIMCO Short-Term Floating NAV Portfolio III**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Market Value<br>12/31/2024** | **Purchases at<br>Cost** | **Proceeds from<br>Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>09/30/2025** | **Dividend<br>Income**<sup>(1)</sup> | **Realized Net<br>Capital<br>Gain<br>Distributions**<sup>(1)</sup> |
| $4955 | $30625 | $(35575) | $(4) | $(1) | $0 | $28 | $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.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** |  | (Unaudited) |
| **Counterparty Abbreviations:** | **Counterparty Abbreviations:** |  |  |  |  |
| **AZD** | Australia and New Zealand Banking Group | **JPM** | JP Morgan Chase Bank N.A. | **SAL** | Citigroup Global Markets, Inc. |
| **BRC** | Barclays Bank PLC | **MBC** | HSBC Bank Plc | **SCX** | Standard Chartered Bank, London |
| **CBK** | Citibank N.A. | **MYC** | Morgan Stanley Capital Services LLC | **SSB** | State Street Bank and Trust Co. |
| **DUB** | Deutsche Bank AG | **NGF** | Nomura Global Financial Products, Inc. | **UAG** | UBS AG Stamford |
| **FAR** | Wells Fargo Bank National Association |  |  |  |  |
| **Currency Abbreviations:** | **Currency Abbreviations:** |  |  |  |  |
| **AUD** | Australian Dollar | **EUR** | Euro | **ILS** | Israeli Shekel |
| **CAD** | Canadian Dollar | **GBP** | British Pound | **USD (or $)** | United States Dollar |
| **CHF** | Swiss Franc |  |  |  |  |
| **Exchange Abbreviations:** | **Exchange Abbreviations:** |  |  |  |  |
| **OTC** | Over the Counter |  |  |  |  |
| **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** |  |  |  |  |
| **BBSW3M** | 3 Month Bank Bill Swap Rate | **SONIO** | Sterling Overnight Interbank Average Rate | **US0003M** | ICE 3-Month USD LIBOR |
| **SOFR** | Secured Overnight Financing Rate |  |  |  |  |
| **Municipal Bond or Agency Abbreviations:** | **Municipal Bond or Agency Abbreviations:** |  |  |  |  |
| **NPFGC** | National Public Finance Guarantee Corp. |  |  |  |  |
| **Other Abbreviations:** | **Other Abbreviations:** |  |  |  |  |
| **ABS** | Asset-Backed Security | **CMBS** | Collateralized Mortgage-Backed Security | **REMIC** | Real Estate Mortgage Investment Conduit |
| **ALT** | Alternate Loan Trust | **DAC** | Designated Activity Company | **TBA** | To-Be-Announced |
| **CLO** | Collateralized Loan Obligation | **OIS** | Overnight Index Swap |  |  |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; Schedule of Investments PIMCO Total Return Portfolio | &nbsp;&nbsp;&nbsp; September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(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 129.8% ¤** |  |  |
| **LOAN PARTICIPATIONS AND ASSIGNMENTS 0.7%** |  |  |
| **Castlelake LP**<br>2.950% due 05/12/2031 « | $6839 | $6536 |
| **Coreweave Compute Acquisition Co. IV LLC**<br>TBD% - 10.723% (TSFR3M + 6.000%) due 05/16/2029 «~µ | 200 | 206 |
| **Databricks, Inc.** |  |  |
| TBD% - 1.000% due 01/03/2031 «µ | 430 | 430 |
| TBD% - 1.000% (TSFR1M + 4.500%) due 01/03/2031 «~ | 1941 | 1975 |
| **Pantheon Senior Debt Secondaries III**<br>6.043% (TSFR3M + 2.000%) due 03/26/2026 «~(f) | 1500 | 1500 |
| **Project Alfa Investindustrial VIII SCSp**<br>4.117% (EUR003M + 2.100%) due 02/27/2026 «~(f) | 945 | 1109 |
| **Project Fenno** |  |  |
| TBD% - 0.500% due 07/10/2028 «µ(f) | 1460 | 1713 |
| TBD% - 0.500% (EUR003M + 2.350%) due 07/10/2028 «~(f) | 1466 | 1721 |
| **Project Flash** |  |  |
| TBD% (TSFR1M + 2.250%) due 04/30/2030 «~µ | $4000 | 4000 |
| TBD% due 04/30/2030 «~µ | 4000 | 4000 |
| TBD% (TSFR3M + 2.250%) due 04/30/2030 «~µ | 4000 | 4000 |
| **Project Hudson II**<br>7.730% due 05/29/2026 « | 2300 | 2329 |
| **Project Nova**<br>7.250% (PRIME) due 08/31/2026 «~ | 1000 | 1000 |
| **Stepstone Group MidCo 2 GmbH**<br>8.608% (TSFR3M + 4.500%) due 12/19/2031 ~ | 1097 | 1044 |
| Total Loan Participations and Assignments (Cost $31,655) |  | 31563 |
| **CORPORATE BONDS & NOTES 38.8%** |  |  |
| **BANKING & FINANCE 20.4%** |  |  |
| **Abu Dhabi Developmental Holding Co. PJSC**<br>4.375% due 10/02/2031 | 6800 | 6811 |
| **AerCap Ireland Capital DAC/AerCap Global Aviation Trust** |  |  |
| 2.450% due 10/29/2026 | 6450 | 6339 |
| 3.000% due 10/29/2028 | 801 | 772 |
| **Aircastle Ltd./Aircastle Ireland DAC**<br>5.000% due 09/15/2030 | 7200 | 7258 |
| **Alexandria Real Estate Equities, Inc.**<br>4.500% due 07/30/2029 | 4500 | 4519 |
| **Ally Financial, Inc.** |  |  |
| 5.548% due 07/31/2033 •  | 4000 | 4018 |
| 6.848% due 01/03/2030 •  | 8000 | 8466 |
| **American Assets Trust LP**<br>3.375% due 02/01/2031 | 2800 | 2545 |
| **American Express Co.** |  |  |
| 5.098% due 02/16/2028 •  | 2000 | 2027 |
| 5.645% due 04/23/2027 •  | 9000 | 9071 |
| **American Tower Corp.**<br>2.750% due 01/15/2027 | 13400 | 13168 |
| **Athene Global Funding**<br>5.033% due 07/17/2030 | 7100 | 7217 |
| **Aviation Capital Group LLC**<br>5.375% due 07/15/2029 | 3400 | 3484 |
| **Banco Santander SA** |  |  |
| 5.552% due 03/14/2028 •  | 8200 | 8350 |
| 5.565% due 01/17/2030 | 1100 | 1149 |
| 6.527% due 11/07/2027 •  | 4400 | 4508 |
| **Bank of America Corp.** |  |  |
| 1.197% due 10/24/2026 •  | 5700 | 5689 |
| 3.824% due 01/20/2028 •  | 9200 | 9159 |
| 4.376% due 04/27/2028 •  | 5250 | 5270 |
| 4.948% due 07/22/2028 •  | 3849 | 3905 |
| 5.162% due 01/24/2031 •  | 6000 | 6194 |
| 5.202% due 04/25/2029 •  | 1100 | 1128 |
| 5.819% due 09/15/2029 •  | 9500 | 9936 |
| **Bank of New York Mellon Corp.**<br>4.975% due 03/14/2030 •  | 9200 | 9456 |
| **Barclays PLC** |  |  |
| 4.476% due 11/11/2029 •  | 5700 | 5711 |
| 5.669% (SOFRRATE + 1.490%) due 03/12/2028 ~ | 3700 | 3739 |
| 7.437% due 11/02/2033 •  | 4500 | 5165 |

---

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| | |
|:---|:---|
| &nbsp;&nbsp; Schedule of Investments PIMCO Total Return Portfolio (Cont.) | &nbsp;&nbsp;&nbsp; September 30, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **BGC** **Group, Inc.**<br>8.000% due 05/25/2028 |  | 5000 | 5340 |
| **Blue Owl Finance LLC**<br>3.125% due 06/10/2031 |  | 8100 | 7380 |
| **BNP Paribas SA** |  |  |  |
| 2.871% due 04/19/2032 •  |  | 17000 | 15453 |
| 5.497% due 05/20/2030 •  |  | 8400 | 8690 |
| **BPCE SA** |  |  |  |
| 5.281% due 05/30/2029 |  | 3500 | 3608 |
| 6.612% due 10/19/2027 •  |  | 8800 | 9001 |
| **CaixaBank SA**<br>5.673% due 03/15/2030 •  |  | 7000 | 7263 |
| **Carlyle Finance Subsidiary LLC**<br>3.500% due 09/19/2029 |  | 4900 | 4750 |
| **CI Financial Corp.**<br>7.500% due 05/30/2029 |  | 4700 | 5011 |
| **Citibank NA**<br>4.879% (SOFRINDX + 0.590%) due 04/30/2026 ~ |  | 7000 | 7009 |
| **Citigroup, Inc.**<br>2.572% due 06/03/2031 •  |  | 3905 | 3594 |
| **Cooperatieve Rabobank UA** |  |  |  |
| 1.106% due 02/24/2027 •  |  | 8000 | 7898 |
| 5.447% due 03/05/2030 •  |  | 9200 | 9531 |
| **Corebridge Global Funding**<br>4.650% due 08/20/2027 |  | 1000 | 1012 |
| **Credit Opportunities Partners LLC**<br>6.740% due 03/20/2030 «(f) |  | 1800 | 1837 |
| **Credit Suisse AG AT1 Claim** |  | 12700 | 1651 |
| **Crown Castle, Inc.**<br>2.100% due 04/01/2031 |  | 6200 | 5431 |
| **CubeSmart LP**<br>2.250% due 12/15/2028 |  | 8200 | 7724 |
| **Danske Bank AS** |  |  |  |
| 4.298% due 04/01/2028 •  |  | 14000 | 14016 |
| 5.427% due 03/01/2028 •  |  | 4500 | 4578 |
| **Deutsche Bank AG** |  |  |  |
| 3.547% due 09/18/2031 •  |  | 10800 | 10241 |
| 5.706% due 02/08/2028 •  |  | 600 | 611 |
| **DOC Dr. LLC**<br>4.300% due 03/15/2027 |  | 1550 | 1551 |
| **EPR Properties**<br>3.750% due 08/15/2029 |  | 4300 | 4141 |
| **Ford Motor Credit Co. LLC** |  |  |  |
| 3.375% due 11/13/2025 |  | 6600 | 6588 |
| 5.918% due 03/20/2028 |  | 1300 | 1323 |
| **GA Global Funding Trust**<br>1.950% due 09/15/2028 |  | 15400 | 14390 |
| **General Motors Financial Co., Inc.**<br>5.617% (SOFRINDX + 1.350%) due 05/08/2027 ~ |  | 9200 | 9250 |
| **GLP Capital LP/GLP Financing II, Inc.**<br>5.750% due 06/01/2028 |  | 7900 | 8125 |
| **Goldman Sachs Bank USA**<br>4.929% (SOFRRATE + 0.770%) due 03/18/2027 ~ |  | 7700 | 7718 |
| **Goldman Sachs Group, Inc.**<br>3.691% due 06/05/2028 •  |  | 5900 | 5858 |
| **Goodman U.S. Finance Five LLC**<br>4.625% due 05/04/2032 |  | 14000 | 13931 |
| **Goodman U.S. Finance Three LLC**<br>3.700% due 03/15/2028 |  | 11200 | 11054 |
| **GSPA Monetization Trust**<br>6.422% due 10/09/2029 |  | 3559 | 3593 |
| **HA Sustainable Infrastructure Capital, Inc.**<br>6.150% due 01/15/2031 |  | 8100 | 8324 |
| **Highwoods Realty LP**<br>4.125% due 03/15/2028 |  | 3600 | 3561 |
| **HSBC Holdings PLC** |  |  |  |
| 4.899% due 03/03/2029 •  |  | 8000 | 8117 |
| 5.546% due 03/04/2030 •  |  | 4500 | 4670 |
| 6.254% due 03/09/2034 •  |  | 4600 | 5011 |
| 7.390% due 11/03/2028 •  |  | 7200 | 7648 |
| **ING Groep NV** |  |  |  |
| 3.950% due 03/29/2027 |  | 1000 | 996 |
| 4.625% due 01/06/2026 |  | 3700 | 3703 |
| 5.066% due 03/25/2031 •  |  | 12000 | 12296 |
| **Jackson National Life Global Funding**<br>4.550% due 09/09/2030 |  | 6900 | 6913 |
| **JPMorgan Chase & Co.** |  |  |  |
| 1.578% due 04/22/2027 •  |  | 17000 | 16759 |
| 2.182% due 06/01/2028 •  |  | 16000 | 15512 |
| 5.299% due 07/24/2029 •  |  | 9200 | 9481 |
| 6.070% due 10/22/2027 •  |  | 8200 | 8365 |
| **Kilroy Realty LP**<br>3.050% due 02/15/2030 |  | 2200 | 2032 |
| **Kona Spc Ltd.**<br>5.718% due 09/15/2026 «•  | EUR | 2000 | 2348 |

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| | |
|:---|:---|
| &nbsp;&nbsp; Schedule of Investments PIMCO Total Return Portfolio (Cont.) | &nbsp;&nbsp;&nbsp; September 30, 2025 (Unaudited) |

---

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| | | |
|:---|:---|:---|
| **Lloyds** **Bank PLC**<br>0.000% due 04/02/2032 þ | $14200 | 10561 |
| **Lloyds Banking Group PLC**<br>5.985% due 08/07/2027 •  | 3700 | 3753 |
| **Marsh & McLennan Cos., Inc.**<br>4.650% due 03/15/2030 | 4200 | 4272 |
| **MassMutual Global Funding II** |  |  |
| 4.300% due 10/22/2027 | 9500 | 9560 |
| 5.050% due 12/07/2027 | 7900 | 8066 |
| **Mid-America Apartments LP**<br>2.750% due 03/15/2030 | 3000 | 2824 |
| **Mitsubishi UFJ Financial Group, Inc.**<br>1.640% due 10/13/2027 •  | 11600 | 11299 |
| **Mizuho Financial Group, Inc.** |  |  |
| 2.201% due 07/10/2031 •  | 1700 | 1536 |
| 5.382% due 07/10/2030 •  | 9300 | 9630 |
| **Morgan Stanley** |  |  |
| 4.654% due 10/18/2030 •  | 9200 | 9303 |
| 5.123% due 02/01/2029 •  | 6100 | 6232 |
| 5.173% due 01/16/2030 •  | 4500 | 4626 |
| 5.449% due 07/20/2029 •  | 9200 | 9508 |
| **Morgan Stanley Bank NA** |  |  |
| 5.085% (SOFRRATE + 0.865%) due 05/26/2028 ~ | 5000 | 5020 |
| 5.398% (SOFRRATE + 1.080%) due 01/14/2028 ~ | 9300 | 9350 |
| 5.504% due 05/26/2028 •  | 3600 | 3680 |
| 5.882% due 10/30/2026 | 5700 | 5813 |
| **Morgan Stanley Direct Lending Fund**<br>4.500% due 02/11/2027 | 15000 | 14983 |
| **Nationwide Building Society** |  |  |
| 3.960% due 07/18/2030 •  | 3700 | 3641 |
| 6.557% due 10/18/2027 •  | 8800 | 9002 |
| **NatWest Group PLC** |  |  |
| 3.073% due 05/22/2028 •  | 2600 | 2555 |
| 5.778% due 03/01/2035 •  | 8500 | 8967 |
| **NatWest Markets PLC**<br>5.022% due 03/21/2030 | 6900 | 7089 |
| **New York Life Global Funding** |  |  |
| 4.732% (SOFRRATE + 0.550%) due 06/11/2027 ~ | 4900 | 4917 |
| 4.898% due 01/16/2026 •  | 7300 | 7308 |
| **Nissan Motor Acceptance Co. LLC**<br>1.850% due 09/16/2026 | 17000 | 16400 |
| **Nomura Holdings, Inc.** |  |  |
| 2.172% due 07/14/2028 | 500 | 473 |
| 2.679% due 07/16/2030 | 9400 | 8643 |
| 5.615% (SOFRRATE + 1.250%) due 07/02/2027 ~ | 7200 | 7260 |
| 5.842% due 01/18/2028 | 4400 | 4551 |
| **Omega Healthcare Investors, Inc.**<br>3.375% due 02/01/2031 | 12000 | 11143 |
| **Panama Infrastructure Receivable Purchaser PLC**<br>0.000% due 04/05/2032 (d) | 3700 | 2789 |
| **Prologis LP**<br>4.200% due 02/15/2033 | 12800 | 9410 |
| **Realty Income Corp.** |  |  |
| 3.250% due 06/15/2029 | $900 | 873 |
| 4.625% due 11/01/2025 | 4100 | 4100 |
| **Royal Bank of Canada**<br>4.875% due 01/19/2027 | 7200 | 7286 |
| **Sanders Re III Ltd.**<br>16.224% (BRMMUSDF + 12.320%) due 04/09/2029 ~ | 10000 | 6250 |
| **Santander U.K. Group Holdings PLC** |  |  |
| 4.320% due 09/22/2029 •  | 7300 | 7282 |
| 4.858% due 09/11/2030 •  | 6375 | 6450 |
| **Scentre Group Trust 1/Scentre Group Trust 2**<br>3.625% due 01/28/2026 | 15900 | 15863 |
| **Societe Generale SA**<br>6.447% due 01/12/2027 •  | 6100 | 6130 |
| **Sumitomo Mitsui Financial Group, Inc.** |  |  |
| 1.902% due 09/17/2028 | 17000 | 15967 |
| 5.464% due 01/13/2026 | 3200 | 3212 |
| 5.518% (SOFRRATE + 1.170%) due 07/09/2029 ~ | 6700 | 6776 |
| **Sumitomo Mitsui Trust Bank Ltd.**<br>4.969% (SOFRRATE + 0.750%) due 09/11/2028 ~ | 3500 | 3513 |
| **Sun Communities Operating LP**<br>4.200% due 04/15/2032 | 16000 | 15512 |
| **Toronto-Dominion Bank**<br>2.800% due 03/10/2027 | 8000 | 7870 |
| **UBS Group AG** |  |  |
| 4.125% due 04/15/2026 | 10300 | 10302 |
| 5.711% due 01/12/2027 •  | 4100 | 4115 |
| 6.442% due 08/11/2028 •  | 17900 | 18602 |
| 6.537% due 08/12/2033 •  | 7500 | 8276 |
| **Ventas Realty LP**<br>3.250% due 10/15/2026 | 4100 | 4059 |
| **Wells Fargo & Co.** |  |  |
| 1.741% due 05/04/2030 •  | 5200 | 5865 |
| 4.808% due 07/25/2028 •  | $7100 | 7185 |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; Schedule of Investments PIMCO Total Return Portfolio (Cont.) | &nbsp;&nbsp;&nbsp; September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| 6.303% due 10/23/2029 •  | 11000 | 11653 |
| **Wells Fargo Bank NA**<br>5.252% (SOFRRATE + 1.070%) due 12/11/2026 ~ | 9100 | 9174 |
| **Welltower OP LLC**<br>3.100% due 01/15/2030 | 7000 | 6689 |
|  |  | 927109 |
| **INDUSTRIALS 13.1%** |  |  |
| **Abu Dhabi National Energy Co. PJSC**<br>4.375% due 10/09/2031 | 7000 | 7018 |
| **Adnoc Murban Rsc Ltd.**<br>4.250% due 09/11/2029 | 4200 | 4224 |
| **Alaska Airlines Pass-Through Trust**<br>4.800% due 02/15/2029 | 9278 | 9299 |
| **Algonquin Power & Utilities Corp.**<br>5.365% due 06/15/2026 þ | 9700 | 9772 |
| **Amdocs Ltd.**<br>2.538% due 06/15/2030 | 6900 | 6325 |
| **American Airlines Pass-Through Trust** |  |  |
| 3.000% due 04/15/2030 | 4906 | 4723 |
| 3.250% due 04/15/2030 | 2511 | 2383 |
| 3.500% due 08/15/2033 | 4841 | 4436 |
| **American Airlines, Inc./AAdvantage Loyalty IP Ltd.**<br>5.500% due 04/20/2026 | 1950 | 1953 |
| **American Medical Systems Europe BV**<br>3.375% due 03/08/2029 | 6300 | 7551 |
| **Amgen, Inc.**<br>5.250% due 03/02/2030 | $7300 | 7569 |
| **BAE Systems PLC**<br>1.900% due 02/15/2031 | 5300 | 4667 |
| **Bayer U.S. Finance II LLC**<br>4.250% due 12/15/2025 | 4700 | 4696 |
| **Bayer U.S. Finance LLC** |  |  |
| 6.125% due 11/21/2026 | 2600 | 2646 |
| 6.250% due 01/21/2029 | 5898 | 6205 |
| 6.375% due 11/21/2030 | 4300 | 4597 |
| 6.875% due 11/21/2053 | 500 | 545 |
| **Beignet**<br>6.850% due 06/01/2049 «(b) | 52200 | 52200 |
| **BMW U.S. Capital LLC**<br>4.750% due 03/21/2028 | 9500 | 9641 |
| **Boeing Co.**<br>2.750% due 02/01/2026 | 15500 | 15413 |
| **Bristol-Myers Squibb Co.** |  |  |
| 4.900% due 02/22/2027 | 5700 | 5777 |
| 4.900% due 02/22/2029 | 3400 | 3492 |
| **Broadcom, Inc.** |  |  |
| 2.600% due 02/15/2033 | 16900 | 14842 |
| 3.137% due 11/15/2035 | 7063 | 6113 |
| 3.187% due 11/15/2036 | 700 | 598 |
| 5.050% due 07/12/2027 | 8900 | 9055 |
| **Centene Corp.** |  |  |
| 2.450% due 07/15/2028 | 575 | 535 |
| 3.000% due 10/15/2030 | 6400 | 5723 |
| 4.250% due 12/15/2027 | 2800 | 2752 |
| **Charter Communications Operating LLC/Charter Communications Operating Capital**<br>6.100% due 06/01/2029 | 7600 | 7977 |
| **Cheniere Energy Partners LP**<br>3.250% due 01/31/2032 | 4100 | 3737 |
| **Cigna Group**<br>5.000% due 05/15/2029 | 7500 | 7697 |
| **Conagra Brands, Inc.** |  |  |
| 5.000% due 08/01/2030 | 1300 | 1313 |
| 5.750% due 08/01/2035 | 6900 | 7029 |
| **CVS Health Corp.**<br>5.000% due 01/30/2029 | 6500 | 6629 |
| **Daimler Truck Finance North America LLC**<br>5.000% due 01/15/2027 | 3700 | 3740 |
| **Duke University**<br>2.682% due 10/01/2044 | 18900 | 13921 |
| **Emory University**<br>2.143% due 09/01/2030 | 12700 | 11556 |
| **Enbridge, Inc.**<br>5.900% due 11/15/2026 | 2900 | 2952 |
| **Energy Transfer LP**<br>6.050% due 12/01/2026 | 4400 | 4483 |
| **Entergy Louisiana LLC**<br>2.350% due 06/15/2032 | 15500 | 13642 |
| **EOG Resources, Inc.**<br>4.400% due 07/15/2028 | 7800 | 7874 |
| **Expedia Group, Inc.**<br>3.250% due 02/15/2030 (g) | 11700 | 11183 |
| **FirstEnergy Pennsylvania Electric Co.**<br>3.250% due 03/15/2028 | 1700 | 1660 |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; Schedule of Investments PIMCO Total Return Portfolio (Cont.) | &nbsp;&nbsp;&nbsp; September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Fiserv** **, Inc.**<br>4.550% due 02/15/2031 | 6800 | 6828 |
| **Fox Corp.**<br>4.709% due 01/25/2029 | 5600 | 5673 |
| **General Electric Co.**<br>4.963% (US0003M + 0.380%) due 05/05/2026 ~ | 3771 | 3780 |
| **Global Payments, Inc.**<br>1.200% due 03/01/2026 | 16000 | 15791 |
| **Gray Oak Pipeline LLC**<br>3.450% due 10/15/2027 | 13300 | 13116 |
| **Greensaif Pipelines Bidco SARL** |  |  |
| 6.129% due 02/23/2038 | 2500 | 2663 |
| 6.510% due 02/23/2042 | 4900 | 5317 |
| **HCA, Inc.** |  |  |
| 5.200% due 06/01/2028 | 1500 | 1536 |
| 5.450% due 04/01/2031 | 2300 | 2391 |
| **Huntington Ingalls Industries, Inc.**<br>2.043% due 08/16/2028 | 17000 | 15981 |
| **Hyundai Capital America** |  |  |
| 2.100% due 09/15/2028 | 14200 | 13312 |
| 5.300% due 01/08/2029 | 5500 | 5635 |
| 6.500% due 01/16/2029 | 2400 | 2545 |
| **International Flavors & Fragrances, Inc.**<br>1.832% due 10/15/2027 | 1276 | 1214 |
| **Mars, Inc.**<br>4.800% due 03/01/2030 | 6400 | 6523 |
| **Mercedes-Benz Finance North America LLC**<br>4.900% due 11/15/2027 | 9000 | 9146 |
| **MPLX LP**<br>4.000% due 03/15/2028 | 6900 | 6869 |
| **National Football League**<br>5.480% due 10/05/2028 «(f) | 2400 | 2463 |
| **Nissan Motor Co. Ltd.**<br>4.810% due 09/17/2030 | 16600 | 15649 |
| **NTT Finance Corp.** |  |  |
| 4.567% due 07/16/2027 | 400 | 403 |
| 4.620% due 07/16/2028 | 400 | 404 |
| 4.876% due 07/16/2030 | 600 | 610 |
| 5.171% due 07/16/2032 | 1500 | 1537 |
| 5.502% due 07/16/2035 | 400 | 414 |
| 5.643% (SOFRRATE + 1.310%) due 07/16/2030 ~ | 1000 | 1019 |
| **NXP BV/NXP Funding LLC/NXP USA, Inc.**<br>3.875% due 06/18/2026 | 12100 | 12072 |
| **NY Society for Relief of Ruptured & Crippled Maintaining Hosp Special Surgery**<br>2.667% due 10/01/2050 | 3000 | 1855 |
| **Oracle Corp.** |  |  |
| 4.500% due 05/06/2028 | 4900 | 4937 |
| 4.650% due 05/06/2030 | 4900 | 4970 |
| 4.800% due 08/03/2028 | 4000 | 4068 |
| **Paramount Global**<br>3.700% due 06/01/2028 | 1200 | 1174 |
| **Pfizer Investment Enterprises Pte. Ltd.**<br>4.750% due 05/19/2033 | 1700 | 1718 |
| **Pioneer Natural Resources Co.**<br>5.100% due 03/29/2026 | 4600 | 4623 |
| **Quanta Services, Inc.**<br>4.300% due 08/09/2028 | 9800 | 9850 |
| **RTX Corp.**<br>5.750% due 11/08/2026 | 6400 | 6508 |
| **Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC**<br>5.152% due 09/20/2029 | 5350 | 5371 |
| **Sutter Health**<br>3.161% due 08/15/2040 | 13100 | 10366 |
| **Synopsys, Inc.** |  |  |
| 4.650% due 04/01/2028 | 1300 | 1315 |
| 4.850% due 04/01/2030 | 3800 | 3872 |
| **T-Mobile USA, Inc.** |  |  |
| 4.200% due 10/01/2029 | 8000 | 7992 |
| 4.850% due 01/15/2029 | 5475 | 5586 |
| **Thames Water Super Senior Issuer PLC**<br>9.750% due 10/10/2027 | 243 | 365 |
| **Thames Water Utilities Finance PLC** |  |  |
| 4.375% due 01/18/2033 | 2100 | 1739 |
| 6.500% due 02/09/2034 | 400 | 381 |
| **Thames Water Utilities Ltd.**<br>0.000% due 03/22/2027 (d) | 16 | 19 |
| **United Airlines Pass-Through Trust** |  |  |
| 3.100% due 01/07/2030 | $578 | 559 |
| 5.800% due 07/15/2037 | 8490 | 8811 |
| **Venture Global LNG, Inc.**<br>9.875% due 02/01/2032 | 4500 | 4902 |
| **Venture Global Plaquemines LNG LLC** |  |  |
| 6.500% due 01/15/2034 | 2000 | 2107 |
| 6.750% due 01/15/2036 | 1600 | 1701 |
| **Vmed O2 U.K. Financing I PLC** |  |  |
| 5.625% due 04/15/2032 | 2300 | 2778 |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; Schedule of Investments PIMCO Total Return Portfolio (Cont.) | &nbsp;&nbsp;&nbsp; September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| 7.750% due 04/15/2032 | $1800 | 1893 |
| **Volkswagen Group of America Finance LLC** |  |  |
| 3.200% due 09/26/2026 | 9700 | 9603 |
| 4.750% due 11/13/2028 | 16100 | 16227 |
|  |  | 598324 |
| **UTILITIES 5.3%** |  |  |
| **AES Corp.**<br>3.950% due 07/15/2030 | 6400 | 6187 |
| **Alliant Energy Finance LLC**<br>5.950% due 03/30/2029 | 4400 | 4606 |
| **Ameren Missouri Securitization Funding I LLC**<br>4.850% due 10/01/2041 | 4500 | 4525 |
| **AT&T, Inc.**<br>4.500% due 05/15/2035 | 15550 | 15031 |
| **Columbia Pipelines Operating Co. LLC**<br>5.927% due 08/15/2030 | 3100 | 3281 |
| **DTE Energy Co.**<br>5.100% due 03/01/2029 | 4600 | 4715 |
| **Duke Energy Corp.**<br>3.750% due 04/01/2031 | 800 | 957 |
| **Duke Energy Progress LLC**<br>2.000% due 08/15/2031 | $12000 | 10559 |
| **Edison International** |  |  |
| 5.450% due 06/15/2029 | 9400 | 9477 |
| 6.250% due 03/15/2030 | 2250 | 2341 |
| **EDP Finance BV**<br>1.710% due 01/24/2028 | 13300 | 12551 |
| **Electricite de France SA** |  |  |
| 6.000% due 04/22/2064 | 3400 | 3366 |
| 6.250% due 05/23/2033 | 5200 | 5678 |
| **Enel Finance International NV** |  |  |
| 2.500% due 07/12/2031 | 17000 | 15188 |
| 5.125% due 06/26/2029 | 8600 | 8813 |
| **Eversource Energy**<br>5.950% due 02/01/2029 | 6700 | 7021 |
| **FORESEA Holding SA**<br>7.500% due 06/15/2030 | 497 | 487 |
| **Georgia Power Co.**<br>5.004% due 02/23/2027 | 4000 | 4058 |
| **IPALCO Enterprises, Inc.**<br>4.250% due 05/01/2030 | 1100 | 1078 |
| **Mid-Atlantic Interstate Transmission LLC**<br>4.100% due 05/15/2028 | 2100 | 2098 |
| **National Grid PLC** |  |  |
| 5.602% due 06/12/2028 | 3300 | 3418 |
| 5.809% due 06/12/2033 | 3500 | 3734 |
| **NextEra Energy Capital Holdings, Inc.**<br>2.250% due 06/01/2030 | 19000 | 17356 |
| **Pacific Gas & Electric Co.** |  |  |
| 2.500% due 02/01/2031 | 2790 | 2487 |
| 2.950% due 03/01/2026 | 1900 | 1887 |
| 3.150% due 01/01/2026 | 2400 | 2393 |
| 3.300% due 03/15/2027 | 3100 | 3060 |
| 3.300% due 12/01/2027 | 200 | 196 |
| 3.300% due 08/01/2040 | 4300 | 3261 |
| 4.200% due 03/01/2029 | 11000 | 10910 |
| 4.250% due 03/15/2046 | 1500 | 1183 |
| 4.550% due 07/01/2030 | 8700 | 8643 |
| 4.650% due 08/01/2028 | 2000 | 2006 |
| 4.750% due 02/15/2044 | 1900 | 1630 |
| 5.450% due 06/15/2027 | 3100 | 3153 |
| 5.700% due 03/01/2035 | 1900 | 1948 |
| 6.400% due 06/15/2033 | 3900 | 4194 |
| **PacifiCorp**<br>5.450% due 02/15/2034 | 9300 | 9531 |
| **Southern California Edison Co.** |  |  |
| 4.125% due 03/01/2048 | 950 | 727 |
| 4.650% due 10/01/2043 | 200 | 171 |
| 5.150% due 06/01/2029 | 9200 | 9362 |
| 5.250% due 03/15/2030 | 4300 | 4386 |
| **Southern California Gas Co.**<br>2.950% due 04/15/2027 | 11300 | 11135 |
| **Southwestern Electric Power Co.**<br>4.100% due 09/15/2028 | 1361 | 1357 |
| **Virginia Power Fuel Securitization LLC**<br>4.877% due 05/01/2033 | 9200 | 9419 |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; Schedule of Investments PIMCO Total Return Portfolio (Cont.) | &nbsp;&nbsp;&nbsp; September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **WEC** **Energy Group, Inc.**<br>1.375% due 10/15/2027 | 4525 | 4289 |
|  |  | 243853 |
| Total Corporate Bonds & Notes (Cost $1,792,442) |  | 1769286 |
| **MUNICIPAL BONDS & NOTES 0.6%** |  |  |
| **ILLINOIS 0.1%** |  |  |
| **Sales Tax Securitization Corp. Illinois Revenue Bonds, Series 2020** |  |  |
| 2.857% due 01/01/2031 | 5000 | 4694 |
| 3.007% due 01/01/2033 | 2000 | 1828 |
|  |  | 6522 |
| **LOUISIANA 0.2%** |  |  |
| **Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2023**<br>5.048% due 12/01/2034 | 6900 | 7163 |
| **TEXAS 0.2%** |  |  |
| **Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2020**<br>2.246% due 11/01/2031 | 2500 | 2258 |
| **Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023**<br>5.102% due 04/01/2035 | 6090 | 6279 |
|  |  | 8537 |
| **WEST VIRGINIA 0.1%** |  |  |
| **Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020**<br>3.151% due 06/01/2032 | 7095 | 6383 |
| Total Municipal Bonds & Notes (Cost $29,585) |  | 28605 |
| **U.S. GOVERNMENT AGENCIES 43.7%** |  |  |
| **Federal Home Loan Mortgage Corp.** |  |  |
| 2.000% due 02/01/2052 - 03/01/2052 | 20322 | 16434 |
| 2.500% due 07/01/2039 - 03/01/2040 | 781 | 712 |
| 3.000% due 04/01/2052 | 47730 | 42043 |
| 3.500% due 10/01/2025 - 06/01/2048 | 2584 | 2405 |
| 4.000% due 04/01/2029 - 10/01/2052 | 8190 | 7794 |
| 4.500% due 03/01/2029 - 04/01/2029 | 221 | 222 |
| 5.000% due 02/01/2053 - 06/01/2053 | 32812 | 32778 |
| 5.500% due 10/01/2034 - 01/01/2055 | 29811 | 30129 |
| 6.000% due 02/01/2033 - 04/01/2055 | 8150 | 8481 |
| 6.500% due 10/01/2037 | 2 | 2 |
| 7.500% due 01/01/2032 - 03/01/2032 | 11 | 12 |
| **Federal Home Loan Mortgage Corp. REMICS** |  |  |
| 4.677% due 10/15/2043 •  | 3770 | 3696 |
| 4.810% due 08/15/2040 - 10/15/2040 •  | 4837 | 4773 |
| 5.207% due 05/15/2037 •  | 153 | 153 |
| 5.656% due 05/25/2054 •  | 8081 | 8084 |
| 6.500% due 04/15/2029 | 4 | 4 |
| 7.500% due 07/15/2030 | 1 | 1 |
| **Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates**<br>5.353% due 02/25/2045 •  | 44 | 43 |
| **Federal National Mortgage Association** |  |  |
| 2.000% due 02/01/2052 - 03/01/2052 | 32865 | 26596 |
| 2.500% due 02/01/2035 | 3216 | 3114 |
| 3.000% due 09/01/2027 - 04/01/2052 | 94070 | 83672 |
| 3.500% due 12/01/2025 - 09/01/2047 | 1036 | 1027 |
| 4.000% due 01/01/2026 - 10/01/2052 | 11598 | 11135 |
| 4.300% due 11/01/2029 | 1500 | 1516 |
| 4.444% due 10/01/2032 •  | 24 | 23 |
| 4.500% due 11/01/2025 - 05/01/2053 | 21543 | 21031 |
| 4.842% due 11/01/2035 •  | 3 | 3 |
| 4.891% due 12/01/2036 •  | 11 | 11 |
| 5.000% due 01/01/2026 - 07/01/2053 | 29961 | 29925 |
| 5.420% due 06/01/2043 •  | 124 | 125 |
| 5.421% due 07/01/2044 •  | 25 | 25 |
| 5.500% due 01/01/2032 - 07/01/2054 | 19160 | 19448 |
| 5.613% due 09/01/2034 •  | 9 | 9 |
| 5.950% due 04/01/2035 •  | 96 | 97 |
| 6.000% due 05/01/2033 - 01/01/2054 | 2017 | 2106 |
| 6.227% due 08/01/2035 •  | 86 | 87 |
| 6.618% due 05/01/2038 •  | 1675 | 1739 |
| 7.000% due 06/01/2032 | 27 | 28 |
| 7.045% due 09/01/2039 •  | 6 | 6 |
| 7.465% due 09/01/2035 •  | 9 | 10 |
| **Federal National Mortgage Association REMICS** |  |  |
| 1.980% due 08/25/2055 ~(a) | 3012 | 173 |
| 4.523% due 12/25/2036 - 07/25/2037 •  | 164 | 161 |
| 4.721% due 05/25/2037 •  | 9 | 9 |
| 4.770% due 06/25/2055 •  | 628 | 622 |
| 4.881% due 09/25/2035 •  | 85 | 84 |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; Schedule of Investments PIMCO Total Return Portfolio (Cont.) | &nbsp;&nbsp;&nbsp; September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| 4.971% due 02/25/2042 •  | 3051 | 3023 |
| 5.000% due 04/25/2033 | 101 | 101 |
| 5.256% due 09/25/2054 •  | 8227 | 8238 |
| 6.373% due 05/25/2035 ~ | 16 | 17 |
| **Federal National Mortgage Association Trust**<br>4.821% due 03/25/2044 •  | 90 | 90 |
| **Federal National Mortgage Association-ACES**<br>2.349% due 01/25/2031 ~(a) | 14941 | 870 |
| **Government National Mortgage Association** |  |  |
| 2.000% due 04/20/2052 | 567 | 469 |
| 2.500% due 04/20/2052 | 10127 | 8729 |
| 3.000% due 07/15/2045 - 08/15/2045 | 914 | 823 |
| 3.500% due 07/20/2052 - 03/20/2053 | 15426 | 14101 |
| 4.000% due 06/15/2049 - 07/20/2055 | 8690 | 8196 |
| 4.500% due 04/20/2048 - 05/20/2048 | 2532 | 2504 |
| 4.750% due 10/20/2029 - 11/20/2029 •  | 8 | 8 |
| 5.000% due 07/20/2049 | 372 | 378 |
| 5.625% due 02/20/2027 - 02/20/2032 •  | 24 | 24 |
| 6.000% due 12/15/2038 - 11/15/2039 | 7 | 7 |
| **Government National Mortgage Association REMICS** |  |  |
| 4.695% due 10/20/2043 •  | 2771 | 2686 |
| 4.839% due 01/20/2072 •  | 348 | 347 |
| 4.916% due 08/20/2066 •  | 10 | 10 |
| 5.066% due 07/20/2065 - 08/20/2065 •  | 4800 | 4800 |
| 5.189% due 01/20/2073 •  | 8531 | 8552 |
| 5.227% due 06/20/2067 •  | 127 | 129 |
| 5.236% due 10/20/2066 •  | 2062 | 2066 |
| 5.266% due 06/20/2066 •  | 917 | 920 |
| 5.269% due 02/20/2073 - 03/20/2073 •  | 18638 | 18711 |
| 5.289% due 01/20/2073 •  | 7637 | 7654 |
| 5.296% due 08/20/2066 •  | 3565 | 3577 |
| 5.359% due 12/20/2073 •  | 19028 | 19214 |
| 5.409% due 12/20/2072 •  | 6031 | 6103 |
| 5.466% due 01/20/2066 •  | 1076 | 1082 |
| 5.592% due 04/20/2067 •  | 3330 | 3376 |
| 7.183% due 09/20/2066 ~ | 4672 | 4778 |
| **Government National Mortgage Association, TBA** |  |  |
| 2.000% due 11/01/2055 | 15300 | 12652 |
| 4.000% due 11/01/2055 | 43600 | 40993 |
| 4.500% due 10/01/2055 - 11/01/2055 | 40400 | 39166 |
| 5.000% due 10/01/2055 - 11/01/2055 | 62425 | 62088 |
| 6.000% due 11/01/2055 | 32060 | 32608 |
| **Uniform Mortgage-Backed Security, TBA** |  |  |
| 3.000% due 11/01/2055 | 230759 | 202734 |
| 4.000% due 10/01/2055 - 11/01/2055 | 212400 | 200168 |
| 4.500% due 11/01/2055 - 12/01/2055 | 326900 | 316934 |
| 5.000% due 11/01/2055 | 153545 | 152192 |
| 5.500% due 11/01/2055 | 203700 | 205259 |
| 6.000% due 10/01/2055 - 11/01/2055 | 226956 | 231834 |
| Total U.S. Government Agencies (Cost $2,010,420) |  | 1988759 |
| **U.S. TREASURY OBLIGATIONS 18.3%** |  |  |
| **U.S. Treasury Bonds** |  |  |
| 1.375% due 11/15/2040 | 75700 | 49419 |
| 1.375% due 08/15/2050 | 21600 | 10867 |
| 1.625% due 11/15/2050 | 6800 | 3650 |
| 1.875% due 02/15/2041 | 69000 | 48536 |
| 1.875% due 02/15/2051 | 50280 | 28731 |
| 1.875% due 11/15/2051 | 11825 | 6692 |
| 2.000% due 02/15/2050 | 35800 | 21416 |
| 2.000% due 08/15/2051 | 30125 | 17657 |
| 2.250% due 05/15/2041 | 19000 | 14086 |
| 2.250% due 08/15/2049 | 64989 | 41496 |
| 2.375% due 11/15/2049 (k) | 22158 | 14504 |
| 2.375% due 05/15/2051 | 10093 | 6496 |
| 2.500% due 02/15/2045 | 9800 | 7023 |
| 2.750% due 08/15/2047 | 3800 | 2756 |
| 2.875% due 05/15/2049 | 62500 | 45610 |
| 3.000% due 05/15/2042 (k) | 2400 | 1948 |
| 3.000% due 11/15/2044 | 155300 | 121552 |
| 3.000% due 02/15/2048 | 9900 | 7478 |
| 3.000% due 08/15/2048 | 4100 | 3084 |
| 3.000% due 02/15/2049 | 17900 | 13406 |
| 3.125% due 11/15/2041 (i) | 20500 | 17082 |
| 3.125% due 08/15/2044 | 30300 | 24270 |
| 3.125% due 05/15/2048 (k) | 3500 | 2700 |
| 3.375% due 05/15/2044 (i)(k) | 10100 | 8432 |
| 3.375% due 11/15/2048 | 17700 | 14224 |
| 3.625% due 02/15/2044 (k) | 2900 | 2518 |
| 3.750% due 08/15/2041 | 27700 | 25182 |
| 3.875% due 05/15/2043 | 4300 | 3896 |
| 4.250% due 08/15/2054 (g) | 13300 | 12282 |
| 4.500% due 11/15/2054 | 6100 | 5875 |
| 4.625% due 05/15/2044 | 7100 | 7050 |
| 4.625% due 05/15/2054 | 19600 | 19262 |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; Schedule of Investments PIMCO Total Return Portfolio (Cont.) | &nbsp;&nbsp;&nbsp; September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| 4.875% due 08/15/2045 (g) | 30800 | 31491 |
| **U.S. Treasury Inflation Protected Securities** **(e)** |  |  |
| 0.125% due 02/15/2051 | 50250 | 27906 |
| 0.125% due 02/15/2052 | 5570 | 3022 |
| 0.250% due 02/15/2050 | 13821 | 8186 |
| 0.625% due 02/15/2043 | 1827 | 1389 |
| 0.750% due 02/15/2045 | 27436 | 20479 |
| 0.875% due 02/15/2047 | 5085 | 3759 |
| 1.000% due 02/15/2046 | 545 | 421 |
| 1.000% due 02/15/2049 | 3209 | 2371 |
| 1.375% due 02/15/2044 | 3327 | 2847 |
| 1.500% due 02/15/2053 | 1521 | 1219 |
| 2.125% due 02/15/2054 | 14525 | 13422 |
| 2.375% due 02/15/2055 | 3174 | 3101 |
| 1.250% due 04/15/2028 (i) | 88848 | 89205 |
| **U.S. Treasury STRIPS** |  |  |
| 0.000% due 08/15/2040 (a) | 3700 | 1838 |
| 0.000% due 02/15/2041 (a) | 2700 | 1305 |
| 0.000% due 05/15/2041 (a) | 700 | 334 |
| 0.000% due 08/15/2041 (a) | 900 | 423 |
| 0.000% due 05/15/2042 (a) | 15100 | 6783 |
| 0.000% due 08/15/2042 (a) | 6800 | 3011 |
| Total U.S. Treasury Obligations (Cost $1,002,287) |  | 831692 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 9.0%** |  |  |
| **Alba PLC**<br>4.275% due 03/17/2039 •  | 3999 | 5324 |
| **American Home Mortgage Investment Trust**<br>6.700% due 06/25/2036 þ | $11432 | 1576 |
| **BAMLL Commercial Mortgage Securities Trust**<br>2.627% due 01/15/2032 | 14000 | 12399 |
| **Banc of America Funding Trust** |  |  |
| 5.000% due 07/26/2036 | 19510 | 2738 |
| 5.334% due 05/25/2035 ~ | 76 | 71 |
| 6.000% due 03/25/2037 | 1152 | 915 |
| **Banc of America Mortgage Trust**<br>7.022% due 05/25/2033 ~ | 1 | 1 |
| **BCAP LLC Trust** |  |  |
| 4.480% due 03/26/2037 þ | 80 | 80 |
| 4.692% due 05/25/2047 •  | 1042 | 1005 |
| **Bear Stearns ALT-A Trust** |  |  |
| 4.714% due 05/25/2036 ~ | 1100 | 523 |
| 4.838% due 09/25/2035 ~ | 331 | 181 |
| 5.425% due 05/25/2035 ~ | 280 | 269 |
| **Bear Stearns ARM Trust** |  |  |
| 4.839% due 07/25/2034 ~ | 147 | 139 |
| 5.028% due 01/25/2035 ~ | 34 | 33 |
| 5.125% due 01/25/2035 ~ | 72 | 65 |
| 5.278% due 04/25/2034 ~ | 153 | 137 |
| 5.391% due 11/25/2034 ~ | 370 | 341 |
| 5.923% due 01/25/2034 ~ | 74 | 71 |
| 6.530% due 02/25/2036 •  | 11 | 11 |
| 6.575% due 04/25/2033 ~ | 11 | 11 |
| **Bear Stearns Structured Products, Inc. Trust** |  |  |
| 3.965% due 12/26/2046 ~ | 430 | 343 |
| 4.972% due 01/26/2036 ~ | 493 | 350 |
| **Benchmark Mortgage Trust**<br>3.458% due 03/15/2055 | 15000 | 13902 |
| **BIG Commercial Mortgage Trust**<br>5.492% due 02/15/2039 •  | 12054 | 12024 |
| **CD Mortgage Trust**<br>3.431% due 08/15/2050 | 5900 | 5798 |
| **CFCRE Commercial Mortgage Trust**<br>3.644% due 12/10/2054 | 1489 | 1481 |
| **Chase Home Lending Mortgage Trust**<br>3.250% due 09/25/2063 ~ | 7389 | 6706 |
| **Chase Mortgage Finance Trust**<br>4.435% due 01/25/2036 ~ | 596 | 537 |
| **CHL Mortgage Pass-Through Trust** |  |  |
| 5.097% due 11/25/2034 ~ | 266 | 257 |
| 5.388% due 02/20/2035 ~ | 38 | 38 |
| 6.224% due 02/20/2036 •  | 40 | 35 |
| **Citigroup Mortgage Loan Trust, Inc.** |  |  |
| 4.469% due 05/25/2035 ~ | 107 | 104 |
| 5.500% due 12/25/2035 | 1764 | 857 |
| 6.190% due 09/25/2035 •  | 523 | 520 |
| 6.480% due 10/25/2035 •  | 28 | 29 |
| **Countrywide Alternative Loan Trust** |  |  |
| 4.440% due 09/20/2046 •  | 901 | 930 |
| 4.652% due 09/25/2046 •  | 4929 | 4824 |
| 4.672% due 05/25/2036 •  | 556 | 481 |
| 5.272% due 08/25/2035 •  | 2197 | 1159 |
| 6.000% due 03/25/2035 | 7032 | 5558 |
| 6.000% due 02/25/2037 | 5546 | 2159 |
| 6.000% due 08/25/2037 | 4427 | 2602 |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; Schedule of Investments PIMCO Total Return Portfolio (Cont.) | &nbsp;&nbsp;&nbsp; September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Cross** **Mortgage Trust**<br>6.093% due 04/25/2069 þ | 4028 | 4073 |
| **CSAIL Commercial Mortgage Trust**<br>2.968% due 12/15/2052 | 7446 | 7007 |
| **CSMC Trust**<br>5.665% due 07/15/2038 •  | 1500 | 1367 |
| **Deutsche Alt-A Securities, Inc. Mortgage Loan Trust** |  |  |
| 4.572% due 03/25/2037 •  | 2019 | 1896 |
| 4.772% due 02/25/2035 •  | 66 | 66 |
| **DOLP Trust**<br>2.956% due 05/10/2041 | 20100 | 17980 |
| **Ellington Financial Mortgage Trust**<br>2.006% due 05/25/2065 ~ | 35 | 35 |
| **Extended Stay America Trust**<br>5.344% due 07/15/2038 •  | 2951 | 2954 |
| **First Horizon Alternative Mortgage Securities Trust**<br>4.601% due 08/25/2035 ~ | 710 | 587 |
| **First Horizon Mortgage Pass-Through Trust**<br>4.747% due 10/25/2035 ~ | 451 | 414 |
| **GreenPoint Mortgage Funding Trust**<br>4.632% due 09/25/2046 •  | 87 | 81 |
| **GS Mortgage Securities Corp. Trust**<br>2.856% due 05/10/2034 | 9079 | 8009 |
| **GS Mortgage Securities Trust**<br>3.722% due 10/10/2049 ~ | 3037 | 2648 |
| **GS Mortgage-Backed Securities Corp. Trust**<br>2.500% due 06/25/2052 ~ | 10678 | 8884 |
| **GS Mortgage-Backed Securities Trust**<br>2.500% due 01/25/2052 ~ | 12891 | 10705 |
| **GSR Mortgage Loan Trust** |  |  |
| 4.290% due 11/25/2035 ~ | 80 | 69 |
| 5.191% due 09/25/2035 ~ | 330 | 318 |
| **HarborView Mortgage Loan Trust** |  |  |
| 4.688% due 05/19/2035 •  | 108 | 105 |
| 4.754% due 12/19/2035 ~ | 1301 | 643 |
| 4.815% due 07/19/2035 ~ | 438 | 326 |
| 5.748% due 10/19/2035 •  | 1191 | 858 |
| **Hilton USA Trust**<br>2.828% due 11/05/2035 | 14400 | 12074 |
| **IndyMac INDX Mortgage Loan Trust** |  |  |
| 3.561% due 06/25/2036 ~ | 3918 | 2681 |
| 4.612% due 01/25/2037 •  | 1071 | 966 |
| **JP Morgan Chase Commercial Mortgage Securities Trust** |  |  |
| 4.046% due 06/10/2042 ~ | 13200 | 12344 |
| 7.235% due 10/05/2040 | 6800 | 7204 |
| **JP Morgan Mortgage Trust** |  |  |
| 3.500% due 09/25/2052 ~ | 12189 | 10939 |
| 4.206% due 12/26/2037 ~ | 4507 | 3967 |
| 4.274% due 10/25/2036 ~ | 1024 | 735 |
| 4.960% due 08/25/2034 ~ | 285 | 283 |
| 5.750% due 01/25/2036 | 313 | 132 |
| 5.824% due 06/25/2035 ~ | 12 | 12 |
| 5.990% due 07/25/2064 ~ | 1516 | 1532 |
| **JP Morgan Resecuritization Trust**<br>4.747% due 05/26/2036 ~ | 7653 | 5279 |
| **Landmark Mortgage Securities No. 3 PLC**<br>4.463% due 04/17/2044 •  | 8232 | 10800 |
| **Manhattan West Mortgage Trust**<br>2.130% due 09/10/2039 | $16100 | 15352 |
| **MASTR Adjustable Rate Mortgages Trust**<br>5.356% due 08/25/2034 ~ | 1569 | 1188 |
| **Merrill Lynch Mortgage Investors Trust**<br>5.087% due 04/25/2035 ~ | 575 | 517 |
| **MFA Trust**<br>2.479% due 03/25/2065 ~ | 1428 | 1388 |
| **Morgan Stanley Mortgage Loan Trust**<br>5.252% due 07/25/2035 ~ | 840 | 684 |
| **MortgageIT Trust**<br>4.892% due 12/25/2035 •  | 429 | 428 |
| **MSSG Trust**<br>3.397% due 09/13/2039 | 17400 | 16629 |
| **New Residential Mortgage Loan Trust** |  |  |
| 3.000% due 03/25/2052 ~ | 11862 | 10253 |
| 6.864% due 10/25/2063 þ | 5653 | 5737 |
| **Nomura Resecuritization Trust**<br>4.339% due 11/26/2036 •  | 13170 | 11580 |
| **OBX Trust** |  |  |
| 3.000% due 01/25/2052 ~ | 12300 | 10644 |
| 6.113% due 03/25/2063 þ | 4037 | 4056 |
| **One New York Plaza Trust**<br>5.215% due 01/15/2036 •  | 17300 | 17031 |
| **PRET Trust**<br>3.900% due 10/25/2063 ~ | 2156 | 2088 |
| **Prime Mortgage Trust** |  |  |
| 4.672% due 02/25/2034 •  | 11 | 10 |
| 4.772% due 02/25/2035 •  | 190 | 190 |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; Schedule of Investments PIMCO Total Return Portfolio (Cont.) | &nbsp;&nbsp;&nbsp; September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **RALI** **Trust** |  |  |
| 4.472% due 05/25/2037 •  | 3561 | 3242 |
| 5.263% due 12/25/2035 ~ | 175 | 154 |
| 6.000% due 09/25/2036 | 362 | 291 |
| 6.500% due 09/25/2036 | 3325 | 1376 |
| **Residential Asset Securitization Trust**<br>4.722% due 10/25/2035 •  | 773 | 455 |
| **RFMSI Trust**<br>6.000% due 06/25/2037 | 1057 | 845 |
| **SFO Commercial Mortgage Trust**<br>5.414% due 05/15/2038 •  | 13680 | 13593 |
| **STARM Mortgage Loan Trust**<br>5.958% due 02/25/2037 ~ | 497 | 428 |
| **Structured Adjustable Rate Mortgage Loan Trust** |  |  |
| 3.925% due 01/25/2035 ~ | 156 | 155 |
| 4.607% due 11/25/2035 ~ | 3791 | 2445 |
| 4.672% due 04/25/2047 •  | 565 | 466 |
| **Structured Asset Mortgage Investments II Trust**<br>4.748% due 07/19/2035 •  | 285 | 281 |
| **Structured Asset Mortgage Investments Trust**<br>4.908% due 09/19/2032 •  | 2 | 2 |
| **Thornburg Mortgage Securities Trust** |  |  |
| 5.583% due 06/25/2047 •  | 1730 | 1516 |
| 5.633% due 03/25/2037 •  | 419 | 296 |
| **Towd Point Mortgage Funding - Granite 6 PLC**<br>4.978% due 07/20/2053 •  | 6561 | 8846 |
| **Towd Point Mortgage Trust**<br>2.900% due 10/25/2059 ~ | $11921 | 11471 |
| **UWM Mortgage Trust**<br>2.500% due 12/25/2051 ~ | 12041 | 9962 |
| **Verus Securitization Trust**<br>6.338% due 04/25/2069 þ | 2969 | 3012 |
| **Wachovia Mortgage Loan Trust LLC**<br>6.988% due 05/20/2036 ~ | 53 | 52 |
| **WaMu Mortgage Pass-Through Certificates Trust** |  |  |
| 3.411% due 05/25/2037 ~ | 1557 | 1282 |
| 4.206% due 12/25/2036 ~ | 114 | 103 |
| 4.470% due 12/25/2036 ~ | 2933 | 2618 |
| 4.662% due 07/25/2037 ~ | 1824 | 1665 |
| 4.772% due 02/25/2045 •  | 3829 | 3842 |
| 4.852% due 10/25/2045 •  | 67 | 66 |
| 5.223% due 01/25/2046 •  | 314 | 301 |
| **Warwick Finance Residential Mortgages Number Three PLC** |  |  |
| 0.000% due 12/21/2049 (d) | 0 | 2001 |
| 4.937% due 12/21/2049 •  | 5059 | 6828 |
| 5.636% due 12/21/2049 •  | 2259 | 3061 |
| 6.136% due 12/21/2049 •  | 1179 | 1588 |
| 6.636% due 12/21/2049 •  | 674 | 904 |
| 7.136% due 12/21/2049 •  | 674 | 897 |
| **Worldwide Plaza Trust**<br>3.526% due 11/10/2036 | $6000 | 4057 |
| Total Non-Agency Mortgage-Backed Securities (Cost $447,202) |  | 410433 |
| **ASSET-BACKED SECURITIES 9.1%** |  |  |
| **AUTOMOBILE SEQUENTIAL 0.3%** |  |  |
| **BMW Vehicle Lease Trust**<br>5.990% due 09/25/2026 | 689 | 691 |
| **CarMax Auto Owner Trust**<br>4.750% due 10/15/2027 | 3086 | 3092 |
| **Enterprise Fleet Financing LLC**<br>5.740% due 12/20/2026 | 4725 | 4749 |
| **FHF Trust**<br>6.570% due 06/15/2028 | 312 | 314 |
| **Toyota Auto Loan Extended Note Trust**<br>4.930% due 06/25/2036 | 4600 | 4712 |
|  |  | 13558 |
| **CMBS OTHER 1.6%** |  |  |
| **ACREC Ltd.**<br>5.400% due 10/16/2036 •  | 5583 | 5579 |
| **Arbor Realty Commercial Real Estate Notes Ltd.**<br>5.822% due 01/15/2037 •  | 7469 | 7484 |
| **AREIT Trust** |  |  |
| 5.636% due 01/20/2037 •  | 7852 | 7857 |
| 6.385% due 06/17/2039 •  | 10133 | 10151 |
| **FS Rialto Issuer LLC**<br>6.287% due 01/19/2039 •  | 4760 | 4760 |
| **KREF Ltd.**<br>5.584% due 02/17/2039 •  | 8368 | 8384 |
| **LFT CRE Ltd.**<br>5.435% due 06/15/2039 •  | 5156 | 5169 |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; Schedule of Investments PIMCO Total Return Portfolio (Cont.) | &nbsp;&nbsp;&nbsp; September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **MF1** **LLC**<br>6.769% due 09/17/2037 •  | 5405 | 5413 |
| **MF1 Ltd.** |  |  |
| 5.330% due 10/16/2036 •  | 5696 | 5700 |
| 5.350% due 07/16/2036 •  | 898 | 899 |
| 5.484% due 02/19/2037 •  | 10782 | 10795 |
| 5.957% due 12/15/2035 •  | 2433 | 2437 |
| **Ready Capital Mortgage Financing LLC**<br>6.532% due 10/25/2039 •  | 63 | 63 |
|  |  | 74691 |
| **HOME EQUITY OTHER 3.6%** |  |  |
| **Accredited Mortgage Loan Trust**<br>4.532% due 09/25/2036 •  | 536 | 534 |
| **ACE Securities Corp. Home Equity Loan Trust** |  |  |
| 4.512% due 12/25/2036 •  | 1786 | 946 |
| 4.572% due 07/25/2036 •  | 4590 | 1369 |
| 4.712% due 08/25/2036 •  | 9358 | 2110 |
| **Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates** |  |  |
| 4.977% due 11/25/2035 •  | 1020 | 1010 |
| 5.382% due 03/25/2035 •  | 5011 | 4999 |
| **Argent Securities Trust** |  |  |
| 4.572% due 07/25/2036 •  | 15088 | 4108 |
| 4.652% due 03/25/2036 •  | 4835 | 2710 |
| **Bear Stearns Asset-Backed Securities I Trust** |  |  |
| 4.572% due 11/25/2036 •  | 2535 | 2521 |
| 4.592% due 08/25/2036 •  | 386 | 375 |
| **C-BASS Trust**<br>4.392% due 11/25/2036 •  | 264 | 120 |
| **Countrywide Asset-Backed Certificates**<br>5.172% due 09/25/2036 •  | 1357 | 1292 |
| **Countrywide Asset-Backed Certificates Trust** |  |  |
| 4.265% due 10/25/2046 þ | 8132 | 6915 |
| 4.552% due 06/25/2047 •  | 4924 | 4466 |
| 4.732% due 05/25/2037 •  | 4935 | 4574 |
| **EMC Mortgage Loan Trust**<br>5.012% due 05/25/2040 •  | 44 | 43 |
| **Fremont Home Loan Trust** |  |  |
| 4.332% due 01/25/2037 •  | 54 | 25 |
| 4.887% due 11/25/2035 •  | 9097 | 8411 |
| **GSAA Home Equity Trust**<br>6.500% due 10/25/2037 | 8814 | 4890 |
| **GSAA Trust**<br>5.995% due 03/25/2046 ~ | 5488 | 1948 |
| **GSAMP Trust**<br>4.452% due 06/25/2036 •  | 2583 | 1429 |
| **Home Equity Loan Trust**<br>4.502% due 04/25/2037 •  | 4065 | 3976 |
| **JP Morgan Mortgage Acquisition Corp.** |  |  |
| 2.706% due 10/25/2035 •  | 929 | 918 |
| 4.857% due 05/25/2035 •  | 558 | 554 |
| **JP Morgan Mortgage Acquisition Trust** |  |  |
| 4.492% due 08/25/2036 •  | 1792 | 1348 |
| 4.752% due 08/25/2036 •  | 923 | 697 |
| **Long Beach Mortgage Loan Trust**<br>4.592% due 05/25/2036 •  | 32963 | 9511 |
| **MASTR Asset-Backed Securities Trust**<br>4.752% due 03/25/2036 •  | 3185 | 1916 |
| **Merrill Lynch Mortgage Investors Trust** |  |  |
| 3.862% due 03/25/2037 þ | 3974 | 781 |
| 4.492% due 07/25/2037 •  | 2286 | 884 |
| 4.752% due 08/25/2037 •  | 2086 | 1026 |
| **Morgan Stanley ABS Capital I, Inc. Trust** |  |  |
| 4.452% due 05/25/2037 •  | 6159 | 5605 |
| 4.572% due 06/25/2036 •  | 3488 | 1750 |
| 4.572% due 07/25/2036 •  | 5622 | 2042 |
| 4.772% due 08/25/2036 •  | 9768 | 4906 |
| **New Century Home Equity Loan Trust**<br>5.157% due 05/25/2034 •  | 6609 | 6844 |
| **Newcastle Mortgage Securities Trust**<br>4.992% due 03/25/2036 •  | 6757 | 6724 |
| **NovaStar Mortgage Funding Trust**<br>4.752% due 11/25/2036 •  | 2284 | 707 |
| **Option One Mortgage Loan Trust** |  |  |
| 4.412% due 03/25/2037 •  | 3209 | 2950 |
| 4.492% due 05/25/2037 •  | 6956 | 4201 |
| **Option One Mortgage Loan Trust Asset-Backed Certificates**<br>4.962% due 11/25/2035 •  | 5907 | 5720 |
| **Ownit Mortgage Loan Trust** |  |  |
| 4.492% due 09/25/2037 •  | 1708 | 763 |
| 4.737% due 05/25/2037 •  | 17281 | 14381 |
| 4.752% due 09/25/2037 •  | 8399 | 3750 |
| **Park Place Securities, Inc. Asset-Backed Pass-Through Certificates**<br>5.397% due 03/25/2035 •  | 1115 | 1101 |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; Schedule of Investments PIMCO Total Return Portfolio (Cont.) | &nbsp;&nbsp;&nbsp; September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Renaissance** **Home Equity Loan Trust**<br>5.285% due 01/25/2037 þ | 12617 | 3779 |
| **Residential Asset Securities Corporation Trust** |  |  |
| 4.872% due 02/25/2036 •  | 1974 | 1974 |
| 4.932% due 12/25/2035 •  | 1845 | 1628 |
| **Securitized Asset-Backed Receivables LLC Trust**<br>4.532% due 05/25/2037 •  | 583 | 452 |
| **SG Mortgage Securities Trust**<br>4.812% due 02/25/2036 •  | 1901 | 939 |
| **Soundview Home Loan Trust** |  |  |
| 4.492% due 02/25/2037 •  | 7298 | 1947 |
| 5.172% due 10/25/2037 •  | 11239 | 8755 |
| **Structured Asset Securities Corp. Mortgage Loan Trust**<br>5.172% due 05/25/2037 •  | 1984 | 1954 |
| **Wachovia Mortgage Loan Trust LLC**<br>4.962% due 10/25/2035 •  | 4119 | 3806 |
| **WaMu Asset-Backed Certificates WaMu Trust** |  |  |
| 4.572% due 01/25/2037 •  | 2379 | 1085 |
| 4.772% due 04/25/2037 •  | 4659 | 1691 |
|  |  | 165860 |
| **HOME EQUITY SEQUENTIAL 0.1%** |  |  |
| **JP Morgan Mortgage Acquisition Trust**<br>4.532% due 03/25/2037 •  | 391 | 388 |
| **Saxon Asset Securities Trust**<br>4.612% due 10/25/2046 •  | 1794 | 1767 |
|  |  | 2155 |
| **WHOLE LOAN COLLATERAL 0.2%** |  |  |
| **Citigroup Mortgage Loan Trust, Inc.**<br>7.250% due 05/25/2036 þ | 2277 | 1129 |
| **Lehman XS Trust**<br>4.625% due 06/25/2036 •  | 177 | 190 |
| **Specialty Underwriting & Residential Finance Trust**<br>4.572% due 11/25/2037 •  | 10830 | 5970 |
|  |  | 7289 |
| **OTHER ABS 3.3%** |  |  |
| **ARES XLIV CLO Ltd.**<br>5.424% due 04/15/2034 •  | 8800 | 8811 |
| **Avoca CLO XXV DAC**<br>2.986% due 10/15/2034 •  | 5000 | 5878 |
| **Bain Capital Credit CLO Ltd.** |  |  |
| 5.482% due 04/22/2035 •  | $3350 | 3357 |
| 5.482% due 07/17/2035 •  | 10250 | 10288 |
| **Benefit Street Partners CLO XXII Ltd.**<br>5.475% due 04/20/2035 •  | 7500 | 7526 |
| **Catamaran CLO Ltd.**<br>5.694% due 04/22/2030 •  | 1564 | 1566 |
| **Cumulus Static CLO DAC**<br>3.236% due 11/15/2033 •  | 6456 | 7583 |
| **Dryden 54 Senior Loan Fund**<br>5.475% due 10/19/2029 •  | $3294 | 3296 |
| **Dryden XXVI Senior Loan Fund**<br>5.479% due 04/15/2029 •  | 1921 | 1922 |
| **ICG U.S. CLO Ltd.**<br>5.475% due 10/20/2034 •  | 5700 | 5707 |
| **Invesco CLO Ltd.**<br>5.441% due 07/20/2035 •  | 13300 | 13354 |
| **Invesco Euro CLO I DAC**<br>2.676% due 07/15/2031 •  | 2535 | 2979 |
| **KKR CLO 41 Ltd.**<br>5.648% due 04/15/2035 •  | $7000 | 7027 |
| **Man GLG Euro CLO V DAC**<br>2.704% due 12/15/2031 •  | 4109 | 4830 |
| **Marble Point CLO XXII Ltd.**<br>5.538% due 07/25/2034 •  | $10700 | 10714 |
| **Nelnet Student Loan Trust** |  |  |
| 0.000% due 06/22/2065 •  | 4700 | 4707 |
| 4.670% due 06/22/2065 | 5900 | 5885 |
| 6.589% due 02/20/2041 •  | 2210 | 2258 |
| 6.640% due 02/20/2041 | 2360 | 2448 |
| **Octagon Investment Partners 39 Ltd.**<br>5.475% due 10/20/2030 •  | 2664 | 2666 |
| **Pagaya AI Debt Trust**<br>6.258% due 10/15/2031 | 3110 | 3129 |
| **Rockford Tower CLO Ltd.**<br>5.475% due 07/20/2035 •  | 7050 | 7077 |
| **Romark CLO V Ltd.**<br>5.476% due 01/15/2035 •  | 13000 | 13050 |
| **T-Mobile U.S. Trust**<br>5.050% due 09/20/2029 | 9200 | 9286 |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; Schedule of Investments PIMCO Total Return Portfolio (Cont.) | &nbsp;&nbsp;&nbsp; September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Venture** **33 CLO Ltd.**<br>5.639% due 07/15/2031 •  | 1941 | 1943 |
| **Venture XXVII CLO Ltd.**<br>5.637% due 07/20/2030 •  | 2591 | 2592 |
|  |  | 149879 |
| Total Asset-Backed Securities (Cost $452,866) |  | 413432 |
| **SOVEREIGN ISSUES 9.4%** |  |  |
| **Australia Government Bonds**<br>2.750% due 06/21/2035 | 17800 | 10343 |
| **Brazil Government International Bonds**<br>6.125% due 03/15/2034 | $9200 | 9425 |
| **Brazil Letras do Tesouro Nacional**<br>0.000% due 04/01/2026 (d) | 108800 | 19097 |
| **Chile Government International Bonds**<br>0.830% due 07/02/2031 | 14400 | 14815 |
| **CPPIB Capital, Inc.**<br>4.300% due 06/02/2034 | 6500 | 4931 |
| **Eagle Funding Luxco SARL**<br>5.500% due 08/17/2030 | $10700 | 10869 |
| **European Union**<br>2.875% due 10/05/2029 | 17800 | 21254 |
| **Italy Buoni Poliennali Del Tesoro**<br>1.300% due 05/15/2028 (e) | 18570 | 22093 |
| **Ivory Coast Government International Bonds**<br>5.875% due 10/17/2031 | 6200 | 7256 |
| **Japan Government Forty Year Bonds**<br>2.200% due 03/20/2064 | 886000 | 4594 |
| **Japan Government Thirty Year Bonds** |  |  |
| 2.300% due 12/20/2054 | 1560000 | 9000 |
| 2.400% due 03/20/2055 | 1769400 | 10426 |
| 2.800% due 06/20/2055 | 1240000 | 7947 |
| **Japan Government Twenty Year Bonds** |  |  |
| 2.000% due 12/20/2044 | 2040000 | 12645 |
| 2.400% due 03/20/2045 | 1140000 | 7509 |
| **Korea Development Bank**<br>5.019% (SOFRRATE + 0.700%) due 10/23/2026 ~ | $1900 | 1912 |
| **Kuwait International Bonds** |  |  |
| 4.016% due 10/09/2028 (b) | 2500 | 2500 |
| 4.136% due 10/09/2030 (b) | 2500 | 2500 |
| 4.652% due 10/09/2035 (b) | 1900 | 1900 |
| **Mexico Government International Bonds** |  |  |
| 3.500% due 09/19/2029 | 3200 | 3779 |
| 4.500% due 03/19/2034 | 3200 | 3818 |
| 5.125% due 03/19/2038 | 1300 | 1555 |
| 6.000% due 05/07/2036 | $2700 | 2766 |
| **Peru Government Bonds** |  |  |
| 6.850% due 08/12/2035 | 9950 | 3031 |
| 7.300% due 08/12/2033 | 69060 | 22182 |
| **Peru Government International Bonds** |  |  |
| 6.150% due 08/12/2032 | 26040 | 7950 |
| 6.950% due 08/12/2031 | 22241 | 7095 |
| **Province of British Columbia**<br>4.150% due 06/18/2034 | 3100 | 2326 |
| **Province of Ontario**<br>3.800% due 12/02/2034 | 7500 | 5463 |
| **Province of Quebec**<br>4.450% due 09/01/2034 | 28700 | 21979 |
| **Republic of Poland Government International Bonds**<br>5.125% due 09/18/2034 | $4600 | 4713 |
| **Republic of South Africa Government Bonds** |  |  |
| 6.250% due 03/31/2036 | 21300 | 979 |
| 7.000% due 02/28/2031 | 118900 | 6531 |
| 8.500% due 01/31/2037 | 72600 | 3874 |
| 8.750% due 01/31/2044 | 5390 | 272 |
| 8.750% due 02/28/2048 | 12000 | 601 |
| 8.875% due 02/28/2035 | 459180 | 26122 |
| 9.000% due 01/31/2040 | 17900 | 949 |
| **Republic of South Africa Government International Bonds**<br>7.100% due 11/19/2036 | $3000 | 3133 |
| **Romania Government International Bonds**<br>3.624% due 05/26/2030 | 14000 | 15799 |
| **Saudi Government International Bonds** |  |  |
| 4.750% due 01/18/2028 | $9700 | 9844 |
| 4.750% due 01/16/2030 | 9200 | 9405 |
| 5.125% due 01/13/2028 | 3200 | 3270 |
| **U.K. Gilts** |  |  |
| 0.500% due 10/22/2061 | 1700 | 559 |
| 3.750% due 03/07/2027 | 45000 | 60321 |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; Schedule of Investments PIMCO Total Return Portfolio (Cont.) | &nbsp;&nbsp;&nbsp; September 30, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| 4.375% due 07/31/2054 | 15295 | 17222 |
| Total Sovereign Issues (Cost $419,127) |  | 426554 |
|  | SHARES |  |
| **COMMON STOCKS 0.1%** |  |  |
| **INDUSTRIALS 0.1%** |  |  |
| **Drillco Holdings Luxembourg SA** **«(f)** | 48286 | 1047 |
| **Foresea Holdings SA** **«** | 142284 | 3082 |
| Total Common Stocks (Cost $3,811) |  | 4129 |
|  | PRINCIPAL<br>AMOUNT<br>(000s) |  |
| **SHORT-TERM INSTRUMENTS 0.1%** |  |  |
| **NIGERIA TREASURY BILLS 0.1%** |  |  |
| 32.258% due 06/11/2026 - 06/29/2026 ~(c)(d) | 7295946 | 4313 |
| **U.S. TREASURY BILLS 0.0%** |  |  |
| 4.257% due 11/12/2025 - 11/28/2025 (c)(d)(k) | $526 | 523 |
| Total Short-Term Instruments (Cost $4,444) |  | 4836 |
| Total Investments in Securities (Cost $6,193,839) |  | 5909289 |
|  | SHARES |  |
| **INVESTMENTS IN AFFILIATES 3.7%** |  |  |
| **SHORT-TERM INSTRUMENTS 3.7%** |  |  |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.7%** |  |  |
| **PIMCO Short Asset Portfolio** | 17043986 | 167219 |
| **PIMCO Short-Term Floating NAV Portfolio III** | 2890 | 28 |
| Total Short-Term Instruments (Cost $169,601) |  | 167247 |
| Total Investments in Affiliates (Cost $169,601) |  | 167247 |
| Total Investments 133.5% (Cost $6,363,440) |  | $6076536 |
| **Financial Derivative Instruments** **(h)(j)** **0.2**%(Cost or Premiums, net $21,247) |  | 10146 |
| Other Assets and Liabilities, net (33.7)% |  | (1534293) |
| Net Assets 100.0% |  | $4552389 |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; Schedule of Investments PIMCO Total Return Portfolio (Cont.) | &nbsp;&nbsp;&nbsp; September 30, 2025 (Unaudited) |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 0 | 3 | 36 | 92 | 95 | 112 | 129 | 144 | 167 | 183 | 199 | 208 | 215 |
| **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  |
| **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** |
| **¤** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** |
| **«** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** |
| **~** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** |
| **(b)** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** |
| **(c)** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** |
| **(d)** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** |
| **(e)** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** |
| **(f)** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** |
| Issuer Description | Issuer Description | Issuer Description | Acquisition<br>Date | Acquisition<br>Date | Acquisition<br>Date | Acquisition<br>Date | Cost | Cost | Market<br>Value | Market<br>Value | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
| Credit Opportunities Partners LLC 6.740% due 03/20/2030 | Credit Opportunities Partners LLC 6.740% due 03/20/2030 | Credit Opportunities Partners LLC 6.740% due 03/20/2030 | 02/20/2025 | 02/20/2025 | 02/20/2025 | 02/20/2025 | 1800 | 1800 | 1837 | 1837 | 1837 | 0.04 |
| Drillco Holdings Luxembourg SA | Drillco Holdings Luxembourg SA | Drillco Holdings Luxembourg SA | 06/08/2023 | 06/08/2023 | 06/08/2023 | 06/08/2023 | 966 | 966 | 1047 | 1047 | 1047 | 0.02 |
| National Football League 5.480% due 10/05/2028 | National Football League 5.480% due 10/05/2028 | National Football League 5.480% due 10/05/2028 | 03/14/2024 | 03/14/2024 | 03/14/2024 | 03/14/2024 | 2400 | 2400 | 2463 | 2463 | 2463 | 0.05 |
| Pantheon Senior Debt Secondaries III 6.043% due 03/26/2026 | Pantheon Senior Debt Secondaries III 6.043% due 03/26/2026 | Pantheon Senior Debt Secondaries III 6.043% due 03/26/2026 | 03/18/2025 | 03/18/2025 | 03/18/2025 | 03/18/2025 | 1500 | 1500 | 1500 | 1500 | 1500 | 0.03 |
| Project Alfa Investindustrial VIII SCSp 4.117% due 02/27/2026 | Project Alfa Investindustrial VIII SCSp 4.117% due 02/27/2026 | Project Alfa Investindustrial VIII SCSp 4.117% due 02/27/2026 | 02/28/2025 | 02/28/2025 | 02/28/2025 | 02/28/2025 | 980 | 980 | 1109 | 1109 | 1109 | 0.02 |
| Project Fenno 0.000% due 07/10/2028 | Project Fenno 0.000% due 07/10/2028 | Project Fenno 0.000% due 07/10/2028 | 07/16/2025 | 07/16/2025 | 07/16/2025 | 07/16/2025 | 3393 | 3393 | 3434 | 3434 | 3434 | 0.08 |
|  |  |  |  |  |  | $ | 11039 | $ | 11390 | 11390 | &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;0.25% | &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;0.25% |
| **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** |
| **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** |
| Counterparty | Counterparty | Borrowing Rate<sup>(1)</sup> | Settlement Date | Settlement Date | Maturity Date | Maturity Date | Maturity Date | Amount<br>Borrowed<sup>(1)</sup> | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Reverse<br>Repurchase<br>Agreements |
| BOS | BOS | 4.050% | 09/19/2025 | 09/19/2025 | 10/31/2025 | 10/31/2025 | 10/31/2025 | (447) | (447) | (448) | (448) | (448) |
| BRC | BRC | 4.150 | 10/01/2025 | 10/01/2025 | 10/06/2025 | 10/06/2025 | 10/06/2025 | (9145) | (9145) | (9145) | (9145) | (9145) |
|  |  | 4.250 | 09/30/2025 | 09/30/2025 | 10/01/2025 | 10/01/2025 | 10/01/2025 | (3193) | (3193) | (3193) | (3193) | (3193) |
| BSN | BSN | 4.380 | 09/25/2025 | 09/25/2025 | 10/02/2025 | 10/02/2025 | 10/02/2025 | (5088) | (5088) | (5091) | (5091) | (5091) |
| DEU | DEU | 4.250 | 09/22/2025 | 09/22/2025 | 10/17/2025 | 10/17/2025 | 10/17/2025 | (185) | (185) | (185) | (185) | (185) |
|  |  | 4.260 | 09/19/2025 | 09/19/2025 | 10/10/2025 | 10/10/2025 | 10/10/2025 | (1019) | (1019) | (1020) | (1020) | (1020) |
|  |  | 4.340 | 09/24/2025 | 09/24/2025 | 10/01/2025 | 10/01/2025 | 10/01/2025 | (6004) | (6004) | (6010) | (6010) | (6010) |
| JPS | JPS | 4.000 | 09/19/2025 | 09/19/2025 | 10/31/2025 | 10/31/2025 | 10/31/2025 | (347) | (347) | (348) | (348) | (348) |
|  |  | 4.130 | 09/30/2025 | 09/30/2025 | 10/01/2025 | 10/01/2025 | 10/01/2025 | (823) | (823) | (823) | (823) | (823) |
| **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** |  |  |  |  |  |  |  |  | **(26263)** | **(26263)** | **(26263)** |
| **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** |
| Description | Description | Description | Description | Coupon | Coupon | Maturity<br>Date | Principal<br>Amount | Principal<br>Amount | Proceeds | Proceeds | Payable for<br>Short Sales | Payable for<br>Short Sales |
| U.S. Government Agencies (2.4)% | U.S. Government Agencies (2.4)% | U.S. Government Agencies (2.4)% | U.S. Government Agencies (2.4)% | U.S. Government Agencies (2.4)% | U.S. Government Agencies (2.4)% | U.S. Government Agencies (2.4)% | U.S. Government Agencies (2.4)% | U.S. Government Agencies (2.4)% | U.S. Government Agencies (2.4)% | U.S. Government Agencies (2.4)% | U.S. Government Agencies (2.4)% | U.S. Government Agencies (2.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 2.000% | 11/01/2055 | $ | 60900 | $(49082) | (49082) | $ | $(49102) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.000 | 4.000 | 10/01/2055 |  | 43700 | (41238) | (41238) |  | (41191) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 6.000 | 6.000 | 10/01/2055 |  | 18616 | (19024) | (19024) |  | (19021) |
| **Total Short Sales (2.4)%** | **Total Short Sales (2.4)%** | **Total Short Sales (2.4)%** | **Total Short Sales (2.4)%** |  |  |  |  |  | $**(109344)** | **(109344)** | **$** | $**(109314)** |
| **(g)** | **Securities with an aggregate market value of $17,118 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $17,118 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $17,118 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $17,118 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $17,118 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $17,118 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $17,118 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $17,118 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $17,118 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $17,118 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $17,118 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $17,118 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** |
| <sup>(1)</sup> | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(7728) at a weighted average interest rate of 4.353%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(7728) at a weighted average interest rate of 4.353%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(7728) at a weighted average interest rate of 4.353%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(7728) at a weighted average interest rate of 4.353%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(7728) at a weighted average interest rate of 4.353%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(7728) at a weighted average interest rate of 4.353%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(7728) at a weighted average interest rate of 4.353%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(7728) at a weighted average interest rate of 4.353%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(7728) at a weighted average interest rate of 4.353%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(7728) at a weighted average interest rate of 4.353%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(7728) at a weighted average interest rate of 4.353%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(7728) at a weighted average interest rate of 4.353%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. |
| **(h)** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** |

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| | |
|:---|:---|
| &nbsp;&nbsp; Schedule of Investments PIMCO Total Return Portfolio (Cont.) | &nbsp;&nbsp;&nbsp; September 30, 2025 (Unaudited) |

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| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 0 | 6 | 20 | 31 | 34 | 52 | 60 | 71 | 89 | 94 | 116 | 128 | 143 | 160 | 176 | 184 | 196 | 215 |
| **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** |
| **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> | **FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS**<sup>(1)</sup> |
| Description | Description | Description | Description | Description | Description | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | # of<br>Contracts | Notional Amount | Notional Amount | Premiums<br>(Received) | Premiums<br>(Received) |  | Market<br>Value |
| Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | 111.500 | 111.500 | 10/24/2025 | 321 | 321 | $321 | 321 | (60) | (60) | $ | (65) |
| Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | 113.500 | 113.500 | 10/24/2025 | 239 | 239 | 239 | 239 | (54) | (54) |  | (51) |
| Put - EUREX Euro-Bund October 2025 Futures | Put - EUREX Euro-Bund October 2025 Futures | Put - EUREX Euro-Bund October 2025 Futures | Put - EUREX Euro-Bund October 2025 Futures | Put - EUREX Euro-Bund October 2025 Futures | Put - EUREX Euro-Bund October 2025 Futures | Put - EUREX Euro-Bund October 2025 Futures | 127.500 | 127.500 | 10/24/2025 | 156 | 156 | 156 | 156 | (57) | (57) |  | (35) |
| Call - EUREX Euro-Bund October 2025 Futures | Call - EUREX Euro-Bund October 2025 Futures | Call - EUREX Euro-Bund October 2025 Futures | Call - EUREX Euro-Bund October 2025 Futures | Call - EUREX Euro-Bund October 2025 Futures | Call - EUREX Euro-Bund October 2025 Futures | Call - EUREX Euro-Bund October 2025 Futures | 129.500 | 129.500 | 10/24/2025 | 44 | 44 | 44 | 44 | (10) | (10) |  | (13) |
| Call - EUREX Euro-Bund October 2025 Futures | Call - EUREX Euro-Bund October 2025 Futures | Call - EUREX Euro-Bund October 2025 Futures | Call - EUREX Euro-Bund October 2025 Futures | Call - EUREX Euro-Bund October 2025 Futures | Call - EUREX Euro-Bund October 2025 Futures | Call - EUREX Euro-Bund October 2025 Futures | 130.500 | 130.500 | 10/24/2025 | 112 | 112 | 112 | 112 | (51) | (51) |  | (12) |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (232) | (232) | $ | (176) |
| **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** |
| Description | Description | Description | Description | Description | Description | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Expiration<br>Date | # of<br>Contracts | Notional Amount | Notional Amount | Premiums<br>(Received) | Premiums<br>(Received) |  | Market<br>Value |
| Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | Put - CBOT U.S. Treasury 10-Year Note November Futures | $111.000 | 111.000 | 10/24/2025 | 10/24/2025 | 133 | $133 | 133 | (25) | (25) | $ | (15) |
| Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | Call - CBOT U.S. Treasury 10-Year Note November Futures | 114.000 | 114.000 | 10/24/2025 | 10/24/2025 | 215 | 215 | 215 | (54) | (54) |  | (29) |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (79) | (79) | $ | (44) |
| **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **$** | **(311)** | **(311)** | **$** | **(220)** |
| **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** |
| **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Description | Description | Description |  | Expiration<br>Month | Expiration<br>Month | # of<br>Contracts | # of<br>Contracts | Notional<br>Amount | Notional<br>Amount |  | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Asset | Liability |
| Australia Government 10-Year Bond December Futures | Australia Government 10-Year Bond December Futures | Australia Government 10-Year Bond December Futures | Australia Government 10-Year Bond December Futures | 12/2025 | 12/2025 | 196 | 196 | 14701 | 14701 |  | $(45) | (45) | (45) | 101 | 101 | 101 | 0 |
| Canada Government 10-Year Bond December Futures | Canada Government 10-Year Bond December Futures | Canada Government 10-Year Bond December Futures | Canada Government 10-Year Bond December Futures | 12/2025 | 12/2025 | 564 | 564 | 49628 | 49628 |  | 1030 | 1030 | 1030 | 223 | 223 | 223 | 0 |
| Euro-Bobl December Futures | Euro-Bobl December Futures | Euro-Bobl December Futures | Euro-Bobl December Futures | 12/2025 | 12/2025 | 21 | 21 | 2905 | 2905 |  | 1 | 1 | 1 | 4 | 4 | 4 | 0 |
| Long Guilt December Futures | Long Guilt December Futures | Long Guilt December Futures | Long Guilt December Futures | 12/2025 | 12/2025 | 152 | 152 | 18570 | 18570 |  | 77 | 77 | 77 | 80 | 80 | 80 | (10) |
| U.S. Treasury 2-Year Note December Futures | U.S. Treasury 2-Year Note December Futures | U.S. Treasury 2-Year Note December Futures | U.S. Treasury 2-Year Note December Futures | 12/2025 | 12/2025 | 91 | 91 | 18964 | 18964 |  | 33 | 33 | 33 | 10 | 10 | 10 | 0 |
| U.S. Treasury 5-Year Note December Futures | U.S. Treasury 5-Year Note December Futures | U.S. Treasury 5-Year Note December Futures | U.S. Treasury 5-Year Note December Futures | 12/2025 | 12/2025 | 4668 | 4668 | 509724 | 509724 |  | 818 | 818 | 818 | 182 | 182 | 182 | 0 |
| U.S. Treasury 10-Year Note December Futures | U.S. Treasury 10-Year Note December Futures | U.S. Treasury 10-Year Note December Futures | U.S. Treasury 10-Year Note December Futures | 12/2025 | 12/2025 | 4065 | 4065 | 457313 | 457313 |  | 2771 | 2771 | 2771 | 0 | 0 | 0 | (64) |
| U.S. Treasury Ultra Long-Term Bond December Futures | U.S. Treasury Ultra Long-Term Bond December Futures | U.S. Treasury Ultra Long-Term Bond December Futures | U.S. Treasury Ultra Long-Term Bond December Futures | 12/2025 | 12/2025 | 285 | 285 | 34218 | 34218 |  | 881 | 881 | 881 | 0 | 0 | 0 | (160) |
|  |  |  |  |  |  |  |  |  |  |  | 5566 | 5566 | $ | 600 | 600 | 600 | (234) |
| **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Description | Description | Description |  | Expiration<br>Month | Expiration<br>Month | # of<br>Contracts | # of<br>Contracts | Notional<br>Amount | Notional<br>Amount |  | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Asset | Liability |
| Euro-Bund December Futures | Euro-Bund December Futures | Euro-Bund December Futures | Euro-Bund December Futures | 12/2025 | 12/2025 | 162 | 162 | (24454) | (24454) |  | $(113) | (113) | (113) | 6 | 6 | 6 | (65) |
| U.S. Treasury Long-Term Bond December Futures | U.S. Treasury Long-Term Bond December Futures | U.S. Treasury Long-Term Bond December Futures | U.S. Treasury Long-Term Bond December Futures | 12/2025 | 12/2025 | 39 | 39 | (4547) | (4547) |  | (101) | (101) | (101) | 10 | 10 | 10 | 0 |
| U.S. Ultra Treasury 10-Year Note December Futures | U.S. Ultra Treasury 10-Year Note December Futures | U.S. Ultra Treasury 10-Year Note December Futures | U.S. Ultra Treasury 10-Year Note December Futures | 12/2025 | 12/2025 | 870 | 870 | (100118) | (100118) |  | (1054) | (1054) | (1054) | 54 | 54 | 54 | 0 |
|  |  |  |  |  |  |  |  |  |  |  | (1268) | (1268) | $ | 70 | 70 | 70 | (65) |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** |  | **4298** | **4298** | **$** | **670** | **670** | **670** | **(299)** |
| **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** |
| **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(2)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Reference Entity | Fixed<br>Receive Rate | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> |  | Notional<br>Amount<sup>(4)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/<br>(Received) | Premiums<br>Paid/<br>(Received) |  | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Market<br>Value<sup>(5)</sup> | Asset | Asset | Liability |
| Barclays Bank PLC | 1.000% | 12/20/2025 | 0.246 | 0.246 | EUR | 10200 | 10200 | $60 | 60 | $ | (37) | (37) | 23 | 23 | $0 | 0 | $0 |
| Boeing Co. | 1.000 | 12/20/2027 | 0.352 | 0.352 | $ | $4400 | 4400 | (195) | (195) |  | 258 | 258 | 63 | 63 | 1 | 1 | 0 |
| Boeing Co. | 1.000 | 12/20/2029 | 0.528 | 0.528 |  | 600 | 600 | (11) | (11) |  | 22 | 22 | 11 | 11 | 0 | 0 | 0 |
| Boeing Co. | 1.000 | 12/20/2030 | 0.648 | 0.648 |  | 21100 | 21100 | 361 | 361 |  | (4) | (4) | 357 | 357 | 1 | 1 | 0 |
| General Electric Co. | 1.000 | 06/20/2026 | 0.065 | 0.065 |  | 5300 | 5300 | 36 | 36 |  | 1 | 1 | 37 | 37 | 0 | 0 | 0 |
| Goldman Sachs Group, Inc. | 1.000 | 06/20/2026 | 0.271 | 0.271 |  | 7000 | 7000 | 44 | 44 |  | (6) | (6) | 38 | 38 | 0 | 0 | 0 |
| Oracle Corp. | 1.000 | 06/20/2030 | 0.528 | 0.528 |  | 3900 | 3900 | 86 | 86 |  | (5) | (5) | 81 | 81 | 0 | 0 | (4) |
| Verizon Communications, Inc. | 1.000 | 06/20/2028 | 0.391 | 0.391 |  | 6700 | 6700 | (24) | (24) |  | 132 | 132 | 108 | 108 | 0 | 0 | (1) |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; Schedule of Investments PIMCO Total Return Portfolio (Cont.) | &nbsp;&nbsp;&nbsp; September 30, 2025 (Unaudited) |

---

---

| | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 0 | 4 | 6 | 12 | 14 | 17 | 20 | 21 | 29 | 31 | 32 | 58 | 60 | 91 | 107 | 122 | 144 | 176 | 186 | 202 | 217 |
| Verizon Communications, Inc. | Verizon Communications, Inc. | 1.000 | 1.000 | Quarterly | Quarterly | 12/20/2028 | 12/20/2028 | 12/20/2028 | 0.430 | 0.430 |  | 1700 | (4) |  | 34 |  | 30 | 0 |  | 0 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | 353 | 353 | 395 | 395 | 748 | 2 | 2 | (5) |
| **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Index/Tranches | Index/Tranches | Index/Tranches | Fixed<br>Receive Rate | Fixed<br>Receive Rate | Payment<br>Frequency | Payment<br>Frequency | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/<br>(Received) |  | Unrealized<br>Appreciation/<br>(Depreciation) |  | Market<br>Value<sup>(5)</sup> | Asset |  | Liability |
| CDX.IG-45 5-Year Index | CDX.IG-45 5-Year Index | CDX.IG-45 5-Year Index | 1.000% | 1.000% | Quarterly | Quarterly | Quarterly | 12/20/2030 | 12/20/2030 | 12/20/2030 | 3200 | 3200 | 71 | $ | 3 | $ | 74 | 0 | $ | 0 |
| **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Pay/<br>Receive<br>Floating Rate | Floating Rate Index | Floating Rate Index | Floating Rate Index | Floating Rate Index | Fixed Rate | Fixed Rate | Payment<br>Frequency | Payment<br>Frequency | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/<br>(Received) | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Asset | Liability |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 1-Day GBP-SONIO Compounded-OIS | 1-Day GBP-SONIO Compounded-OIS | 1-Day GBP-SONIO Compounded-OIS | 3.750% | 3.750% | Annual | Annual | Annual | 09/17/2030 | 14900 | 14900 | $(77) | (77) | $(9) | (9) | (86) | $21 | 21 | $0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | 1.250 | Annual | Annual | Annual | 06/18/2032 | 9440000 | 9440000 | (1744) | (1744) | 1797 | 1797 | 53 | 80 | 80 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.655 | 3.655 | Annual | Annual | Annual | 05/31/2028 | $47480 | 47480 | 0 | 0 | (247) | (247) | (247) | 0 | 0 | (26) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.807 | 3.807 | Annual | Annual | Annual | 05/31/2028 | 25600 | 25600 | 0 | 0 | (246) | (246) | (246) | 0 | 0 | (14) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.750 | 3.750 | Annual | Annual | Annual | 12/18/2029 | 70530 | 70530 | (1307) | (1307) | 601 | 601 | (706) | 0 | 0 | (39) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.842 | 3.842 | Annual | Annual | Annual | 03/04/2030 | 6100 | 6100 | (12) | (12) | (87) | (87) | (99) | 0 | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.250 | 3.250 | Annual | Annual | Annual | 06/18/2030 | 56100 | 56100 | 803 | 803 | (310) | (310) | 493 | 0 | 0 | (25) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.585 | 3.585 | Annual | Annual | Annual | 10/31/2030 | 58120 | 58120 | 0 | 0 | (49) | (49) | (49) | 0 | 0 | (24) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.664 | 3.664 | Annual | Annual | Annual | 10/31/2030 | 27500 | 27500 | 0 | 0 | (144) | (144) | (144) | 0 | 0 | (11) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.689 | 3.689 | Annual | Annual | Annual | 10/31/2030 | 91500 | 91500 | 0 | 0 | (608) | (608) | (608) | 0 | 0 | (38) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.722 | 3.722 | Annual | Annual | Annual | 10/31/2030 | 3200 | 3200 | 0 | 0 | (27) | (27) | (27) | 0 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.727 | 3.727 | Annual | Annual | Annual | 10/31/2030 | 7400 | 7400 | 0 | 0 | (65) | (65) | (65) | 0 | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.732 | 3.732 | Annual | Annual | Annual | 10/31/2030 | 6300 | 6300 | 0 | 0 | (57) | (57) | (57) | 0 | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.739 | 3.739 | Annual | Annual | Annual | 10/31/2030 | 9400 | 9400 | 0 | 0 | (89) | (89) | (89) | 0 | 0 | (4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.750 | 3.750 | Annual | Annual | Annual | 05/15/2032 | 20676 | 20676 | (28) | (28) | (307) | (307) | (335) | 0 | 0 | (7) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.717 | 3.717 | Annual | Annual | Annual | 08/15/2033 | 16930 | 16930 | 0 | 0 | (191) | (191) | (191) | 0 | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.899 | 3.899 | Annual | Annual | Annual | 03/11/2035 | 3600 | 3600 | (12) | (12) | (57) | (57) | (69) | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.975 | 3.975 | Annual | Annual | Annual | 03/21/2035 | 4100 | 4100 | (12) | (12) | (93) | (93) | (105) | 0 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.930 | 3.930 | Annual | Annual | Annual | 03/24/2035 | 6900 | 6900 | (20) | (20) | (130) | (130) | (150) | 0 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.884 | 3.884 | Annual | Annual | Annual | 03/25/2035 | 580 | 580 | (2) | (2) | (8) | (8) | (10) | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.836 | 3.836 | Annual | Annual | Annual | 05/02/2035 | 16100 | 16100 | (115) | (115) | (111) | (111) | (226) | 0 | 0 | (1) |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.700 | 3.700 | Annual | Annual | Annual | 05/15/2035 | 19241 | 19241 | (220) | (220) | 99 | 99 | (121) | 0 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.551 | 3.551 | Annual | Annual | Annual | 09/17/2035 | 3100 | 3100 | (9) | (9) | 36 | 36 | 27 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1.750 | 1.750 | Annual | Annual | Annual | 12/21/2052 | 69300 | 69300 | 14010 | 14010 | 13079 | 13079 | 27089 | 189 | 189 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.500 | 3.500 | Annual | Annual | Annual | 06/20/2054 | 112375 | 112375 | 3182 | 3182 | 5648 | 5648 | 8830 | 320 | 320 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.765 | 3.765 | Annual | Annual | Annual | 12/17/2054 | 5500 | 5500 | 0 | 0 | 193 | 193 | 193 | 16 | 16 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.500 | 3.500 | Annual | Annual | Annual | 12/18/2054 | 17300 | 17300 | 336 | 336 | 1104 | 1104 | 1440 | 50 | 50 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.642 | 3.642 | Annual | Annual | Annual | 02/15/2055 | 3800 | 3800 | 0 | 0 | 208 | 208 | 208 | 11 | 11 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.655 | 3.655 | Annual | Annual | Annual | 02/15/2055 | 1900 | 1900 | 0 | 0 | 100 | 100 | 100 | 6 | 6 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.807 | 3.807 | Annual | Annual | Annual | 02/15/2055 | 2100 | 2100 | 0 | 0 | 53 | 53 | 53 | 6 | 6 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.250 | 3.250 | Annual | Annual | Annual | 06/18/2055 | 31300 | 31300 | 2919 | 2919 | 932 | 932 | 3851 | 90 | 90 | 0 |
| Pay | 1-Year BRL-CDI | 1-Year BRL-CDI | 1-Year BRL-CDI | 1-Year BRL-CDI | 11.496 | 11.496 | Maturity | Maturity | Maturity | 01/04/2027 | 54600 | 54600 | 0 | 0 | (376) | (376) | (376) | 0 | 0 | (2) |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; Schedule of Investments PIMCO Total Return Portfolio (Cont.) | &nbsp;&nbsp;&nbsp; September 30, 2025 (Unaudited) |

---

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 0 | 3 | 4 | 13 | 15 | 21 | 30 | 45 | 51 | 78 | 89 | 96 | 120 | 135 | 151 | 153 | 184 | 200 | 215 | 217 |
| Pay | Pay | 1-Year BRL-CDI | 1-Year BRL-CDI | 11.548 | Maturity | Maturity | 01/04/2027 |  | 218600 |  | 0 |  | (1459) |  | (1459) |  | 0 |  | (6) |
| Pay | Pay | 1-Year BRL-CDI | 1-Year BRL-CDI | 13.926 | Maturity | Maturity | 01/04/2027 |  | 16700 |  | 0 |  | (15) |  | (15) |  | 0 |  | (3) |
| Pay | Pay | 1-Year BRL-CDI | 1-Year BRL-CDI | 13.927 | Maturity | Maturity | 01/04/2027 |  | 162000 |  | 1 |  | (145) |  | (144) |  | 0 |  | (29) |
| Pay | Pay | 1-Year BRL-CDI | 1-Year BRL-CDI | 14.009 | Maturity | Maturity | 01/04/2027 |  | 10700 |  | 0 |  | (6) |  | (6) |  | 0 |  | 0 |
| Receive | Receive | 1-Year BRL-CDI | 1-Year BRL-CDI | 13.000 | Maturity | Maturity | 01/02/2029 |  | 39500 |  | 0 |  | 34 |  | 34 |  | 0 |  | (4) |
| Receive | Receive | 1-Year BRL-CDI | 1-Year BRL-CDI | 13.017 | Maturity | Maturity | 01/02/2029 |  | 162900 |  | 0 |  | 132 |  | 132 |  | 0 |  | (17) |
| Pay | Pay | 1-Year BRL-CDI | 1-Year BRL-CDI | 13.291 | Maturity | Maturity | 01/02/2029 |  | 89200 |  | (1) |  | (26) |  | (27) |  | 0 |  | 0 |
| Pay | Pay | 1-Year BRL-CDI | 1-Year BRL-CDI | 13.320 | Maturity | Maturity | 01/02/2029 |  | 9400 |  | 0 |  | (1) |  | (1) |  | 1 |  | 0 |
| Pay | Pay | 1-Year BRL-CDI | 1-Year BRL-CDI | 13.354 | Maturity | Maturity | 01/02/2029 |  | 12900 |  | 0 |  | 1 |  | 1 |  | 1 |  | 0 |
| Pay | Pay | 1-Year BRL-CDI | 1-Year BRL-CDI | 13.400 | Maturity | Maturity | 01/02/2029 |  | 118900 |  | (3) |  | 65 |  | 62 |  | 13 |  | 0 |
| Pay | Pay | 3-Month NZD-BBR | 3-Month NZD-BBR | 3.750 | Semi-Annual | Semi-Annual | 06/15/2027 | NZD | 49600 |  | (636) |  | 1462 |  | 826 |  | 22 |  | 0 |
| Pay | Pay | 3-Month NZD-BBR | 3-Month NZD-BBR | 4.250 | Semi-Annual | Semi-Annual | 12/21/2027 |  | 3900 |  | 3 |  | 99 |  | 102 |  | 2 |  | 0 |
| Pay | Pay | 6-Month AUD-BBR-BBSW | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | Semi-Annual | 09/20/2033 | AUD | 26500 |  | (326) |  | 804 |  | 478 |  | 70 |  | 0 |
| Pay<sup>(6)</sup> | Pay<sup>(6)</sup> | 6-Month AUD-BBR-BBSW | 6-Month AUD-BBR-BBSW | 4.750 | Semi-Annual | Semi-Annual | 12/20/2033 |  | 100 |  | (1) |  | 2 |  | 1 |  | 0 |  | 0 |
| Pay | Pay | 6-Month AUD-BBR-BBSW | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | Semi-Annual | 03/20/2034 |  | 13900 |  | (396) |  | 635 |  | 239 |  | 39 |  | 0 |
| Pay | Pay | 6-Month AUD-BBR-BBSW | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | Semi-Annual | 09/18/2034 |  | 24000 |  | 110 |  | 279 |  | 389 |  | 73 |  | 0 |
| Pay | Pay | 6-Month AUD-BBR-BBSW | 6-Month AUD-BBR-BBSW | 4.000 | Semi-Annual | Semi-Annual | 03/19/2035 |  | 15500 |  | (17) |  | (155) |  | (172) |  | 50 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 0.650 | Annual | Annual | 04/12/2027 | EUR | 32000 |  | (174) |  | (934) |  | (1108) |  | 6 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 1.000 | Annual | Annual | 05/13/2027 |  | 27400 |  | (101) |  | (618) |  | (719) |  | 4 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 1.000 | Annual | Annual | 05/18/2027 |  | 10900 |  | (515) |  | 226 |  | (289) |  | 2 |  | 0 |
| Receive | Receive | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 2.050 | Annual | Annual | 10/05/2029 |  | 3600 |  | 0 |  | 20 |  | 20 |  | 0 |  | (4) |
| Receive | Receive | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 2.056 | Annual | Annual | 10/05/2029 |  | 4000 |  | 0 |  | 21 |  | 21 |  | 0 |  | (4) |
| Receive | Receive | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 2.400 | Annual | Annual | 04/09/2030 |  | 3700 |  | (8) |  | (2) |  | (10) |  | 0 |  | (5) |
| Receive | Receive | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 2.350 | Annual | Annual | 04/29/2030 |  | 2900 |  | (5) |  | 4 |  | (1) |  | 0 |  | (4) |
| Pay | Pay | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 2.410 | Annual | Annual | 11/05/2034 |  | 2700 |  | (7) |  | (11) |  | (18) |  | 8 |  | 0 |
| Pay | Pay | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 2.460 | Annual | Annual | 03/13/2035 |  | 1600 |  | (4) |  | (3) |  | (7) |  | 5 |  | 0 |
| Pay<sup>(6)</sup> | Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 2.750 | Annual | Annual | 03/18/2036 |  | 21400 |  | 5 |  | 25 |  | 30 |  | 72 |  | 0 |
| Receive<sup>(6)</sup> | Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 3.000 | Annual | Annual | 03/18/2056 |  | 20880 |  | (298) |  | (86) |  | (384) |  | 0 |  | (163) |
| Pay | Pay | 28-Day MXN-TIIE | 28-Day MXN-TIIE | 7.750 | Lunar | Lunar | 04/01/2030 | MXN | 64600 |  | 3 |  | 64 |  | 67 |  | 4 |  | 0 |
| Receive | Receive | CAONREPO | CAONREPO | 3.500 | Semi-Annual | Semi-Annual | 06/01/2032 | CAD | 46600 |  | (413) |  | (1418) |  | (1831) |  | 0 |  | (89) |
| Receive | Receive | CAONREPO | CAONREPO | 3.000 | Semi-Annual | Semi-Annual | 06/01/2033 |  | 4800 |  | 17 |  | (87) |  | (70) |  | 0 |  | (10) |
| Receive | Receive | CAONREPO | CAONREPO | 2.740 | Semi-Annual | Semi-Annual | 06/01/2034 |  | 3400 |  | 0 |  | 10 |  | 10 |  | 0 |  | (8) |
| Receive | Receive | CAONREPO | CAONREPO | 3.000 | Semi-Annual | Semi-Annual | 06/01/2034 |  | 25800 |  | 25 |  | (338) |  | (313) |  | 0 |  | (58) |
|  |  |  |  |  |  |  |  |  | $ | $14951 | 14951 | $19218 | 19218 | $34169 | 34169 | $1161 | 1161 | $(611) | (611) |
| **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **$** | $**15375** | **15375** | $**19616** | **19616** | $**34991** | **34991** | $**1163** | **1163** | $**(616)** | **(616)** |
| **(i)** | **Securities with an aggregate market value of $77,880 and cash of $11,269 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $77,880 and cash of $11,269 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $77,880 and cash of $11,269 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $77,880 and cash of $11,269 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $77,880 and cash of $11,269 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $77,880 and cash of $11,269 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $77,880 and cash of $11,269 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $77,880 and cash of $11,269 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $77,880 and cash of $11,269 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $77,880 and cash of $11,269 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $77,880 and cash of $11,269 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $77,880 and cash of $11,269 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $77,880 and cash of $11,269 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $77,880 and cash of $11,269 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $77,880 and cash of $11,269 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $77,880 and cash of $11,269 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $77,880 and cash of $11,269 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $77,880 and cash of $11,269 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $77,880 and cash of $11,269 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** |
| <sup>(1)</sup> | Future styled option variation margin asset of $21 and liability of $(4) is outstanding at period end. | Future styled option variation margin asset of $21 and liability of $(4) is outstanding at period end. | Future styled option variation margin asset of $21 and liability of $(4) is outstanding at period end. | Future styled option variation margin asset of $21 and liability of $(4) is outstanding at period end. | Future styled option variation margin asset of $21 and liability of $(4) is outstanding at period end. | Future styled option variation margin asset of $21 and liability of $(4) is outstanding at period end. | Future styled option variation margin asset of $21 and liability of $(4) is outstanding at period end. | Future styled option variation margin asset of $21 and liability of $(4) is outstanding at period end. | Future styled option variation margin asset of $21 and liability of $(4) is outstanding at period end. | Future styled option variation margin asset of $21 and liability of $(4) is outstanding at period end. | Future styled option variation margin asset of $21 and liability of $(4) is outstanding at period end. | Future styled option variation margin asset of $21 and liability of $(4) is outstanding at period end. | Future styled option variation margin asset of $21 and liability of $(4) is outstanding at period end. | Future styled option variation margin asset of $21 and liability of $(4) is outstanding at period end. | Future styled option variation margin asset of $21 and liability of $(4) is outstanding at period end. | Future styled option variation margin asset of $21 and liability of $(4) is outstanding at period end. | Future styled option variation margin asset of $21 and liability of $(4) is outstanding at period end. | Future styled option variation margin asset of $21 and liability of $(4) is outstanding at period end. | Future styled option variation margin asset of $21 and liability of $(4) is outstanding at period end. |
| <sup>(2)</sup> | If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. |
| **(j)** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** |
| **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** |
|  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | Settlement<br>Month | Settlement<br>Month | Settlement<br>Month |  | Currency to<br>be Delivered | Currency to<br>be Delivered | Currency to<br>be Delivered |  | Currency to<br>be Received | Currency to<br>be Received | Currency to<br>be Received | Asset | Asset | Asset | Liability | Liability | Liability |
| &nbsp;&nbsp;&nbsp;&nbsp; AZD | &nbsp;&nbsp;&nbsp;&nbsp; AZD | &nbsp;&nbsp;&nbsp;&nbsp; AZD | 10/2025 | 10/2025 | 10/2025 | EUR | 113535 | 113535 | 113535 | $ | $132422 | 132422 | 132422 | 0 | 0 | 0 | $(875) | (875) | (875) |
|  |  |  | 10/2025 | 10/2025 | 10/2025 | $ | $76077 | 76077 | 76077 | CAD | 105838 | 105838 | 105838 | 0 | 0 | 0 | (24) | (24) | (24) |
|  |  |  | 11/2025 | 11/2025 | 11/2025 | CAD | 105671 | 105671 | 105671 | $ | $76077 | 76077 | 76077 | 24 | 24 | 24 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOA | &nbsp;&nbsp;&nbsp;&nbsp; BOA | &nbsp;&nbsp;&nbsp;&nbsp; BOA | 10/2025 | 10/2025 | 10/2025 | JPY | 10964 | 10964 | 10964 |  | 75 | 75 | 75 | 1 | 1 | 1 | 0 | 0 | 0 |

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| | |
|:---|:---|
| &nbsp;&nbsp; Schedule of Investments PIMCO Total Return Portfolio (Cont.) | &nbsp;&nbsp;&nbsp; September 30, 2025 (Unaudited) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 0 | 13 | 45 | 96 | 150 | 200 |
|  | 10/2025 | 1292 | 370 | 0 | (2) |
|  | 10/2025 | 5 | 4 | 0 | 0 |
|  | 10/2025 | $581 | 1953 | 9 | 0 |
|  | 10/2025 | 1340 | 118534 | 0 | (7) |
|  | 10/2025 | 637 | 95442 | 8 | 0 |
|  | 10/2025 | 733 | 1014182 | 0 | (10) |
|  | 10/2025 | 1214 | 2109 | 8 | 0 |
|  | 10/2025 | 341 | 1227 | 0 | (4) |
|  | 11/2025 | 1265 | $1488 | 0 | 0 |
|  | 11/2025 | 95112 | 637 | 0 | (8) |
|  | 11/2025 | 2109 | 1216 | 0 | (8) |
|  | 11/2025 | $408 | 1364 | 4 | 0 |
|  | 11/2025 | 239139 | $13742 | 0 | (58) |
| &nbsp;&nbsp;&nbsp;&nbsp; BPS | 10/2025 | 96911 | 18219 | 13 | (2) |
|  | 10/2025 | 19243 | 2702 | 1 | 0 |
|  | 10/2025 | 2388 | 2820 | 16 | 0 |
|  | 10/2025 | 74448698 | 4495 | 40 | (8) |
|  | 10/2025 | 121782 | 1383 | 13 | 0 |
|  | 10/2025 | 3621491 | 2610 | 30 | 0 |
|  | 10/2025 | 299121 | 9950 | 130 | (6) |
|  | 10/2025 | $17873 | 96911 | 336 | 0 |
|  | 10/2025 | 5331 | 87926534 | 0 | (61) |
|  | 10/2025 | 13370 | 1182557 | 0 | (68) |
|  | 10/2025 | 744 | 110574 | 4 | 0 |
|  | 10/2025 | 4675 | 6455841 | 0 | (75) |
|  | 10/2025 | 2484 | 9042 | 4 | (1) |
|  | 11/2025 | 17212709 | $1030 | 0 | (1) |
|  | 11/2025 | 104141 | 1170 | 0 | 0 |
|  | 11/2025 | 110190 | 744 | 0 | (4) |
|  | 11/2025 | 897162 | 640 | 0 | 0 |
|  | 11/2025 | $131 | 700 | 0 | 0 |
|  | 11/2025 | 711 | 2388 | 10 | 0 |
|  | 12/2025 | 17675 | $589 | 6 | 0 |
|  | 12/2025 | $1456 | 24486989 | 9 | 0 |
|  | 12/2025 | 148 | 2743 | 1 | 0 |
|  | 04/2026 | 16000 | $2801 | 0 | (77) |
| &nbsp;&nbsp;&nbsp;&nbsp; BRC | 10/2025 | 4214 | 5280 | 0 | (14) |
|  | 10/2025 | 392916 | 24 | 0 | 0 |
|  | 10/2025 | 25979 | 624 | 0 | 0 |
|  | 10/2025 | 225714 | 7469 | 56 | 0 |
|  | 10/2025 | $1969 | 1579 | 15 | 0 |
|  | 10/2025 | 4 | 43 | 0 | 0 |
|  | 10/2025 | 1947 | 7120 | 11 | 0 |
|  | 10/2025 | 15606 | 672891 | 273 | 0 |
|  | 11/2025 | 1026 | $1208 | 1 | 0 |
|  | 11/2025 | 43 | 4 | 0 | 0 |
|  | 11/2025 | $5280 | 4198 | 14 | 0 |
|  | 11/2025 | 23791 | 1037863 | 326 | 0 |
|  | 11/2025 | 19702 | $1119 | 0 | (18) |
|  | 12/2025 | $99 | 1836 | 0 | 0 |
|  | 12/2025 | 1253 | 55129 | 2 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BSH | 10/2025 | 28500 | $5359 | 4 | 0 |
|  | 10/2025 | $5241 | 28500 | 114 | 0 |
|  | 10/2025 | 358 | 618 | 0 | 0 |
|  | 11/2025 | 618 | $359 | 0 | 0 |
|  | 12/2025 | 17465 | 4812 | 0 | (210) |
|  | 12/2025 | $289 | 1029 | 7 | 0 |
|  | 01/2026 | 18642 | $5210 | 0 | (143) |
|  | 02/2026 | 18899 | 5405 | 0 | (18) |
|  | 04/2026 | 30500 | 5370 | 0 | (116) |
| &nbsp;&nbsp;&nbsp;&nbsp; CBK | 10/2025 | 14383 | 9555 | 46 | (8) |
|  | 10/2025 | 122 | 87 | 0 | 0 |
|  | 10/2025 | 97213 | 13688 | 44 | 0 |
|  | 10/2025 | 7921 | 1237 | 0 | (9) |
|  | 10/2025 | 8819 | 10379 | 26 | 0 |
|  | 10/2025 | 8081 | 10906 | 38 | 0 |
|  | 10/2025 | 45417871 | 2738 | 22 | (7) |
|  | 10/2025 | 1300943 | 14640 | 7 | 0 |
|  | 10/2025 | 333 | 33 | 0 | 0 |
|  | 10/2025 | 17266 | 4942 | 0 | (29) |
|  | 10/2025 | 6738 | 5250 | 26 | 0 |
|  | 10/2025 | 2072 | 64 | 0 | 0 |
|  | 10/2025 | 354524 | 11919 | 271 | 0 |
|  | 10/2025 | $1107 | 947 | 5 | 0 |
|  | 10/2025 | 2908 | 47807079 | 0 | (43) |
|  | 10/2025 | 5706 | 501273 | 0 | (68) |
|  | 10/2025 | 424 | 4224 | 0 | 0 |
|  | 10/2025 | 1515 | 14375 | 12 | 0 |
|  | 10/2025 | 12 | 15 | 0 | 0 |
|  | 10/2025 | 3179 | 96753 | 2 | (4) |
|  | 10/2025 | 4887 | $282 | 0 | (1) |
|  | 11/2025 | 4223 | 423 | 0 | 0 |
|  | 11/2025 | 15 | 12 | 0 | 0 |
|  | 11/2025 | $87 | 122 | 0 | 0 |
|  | 11/2025 | 506 | 1695 | 6 | 0 |
|  | 11/2025 | 14640 | 1303610 | 0 | (7) |

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------

---

| | |
|:---|:---|
| &nbsp;&nbsp; Schedule of Investments PIMCO Total Return Portfolio (Cont.) | &nbsp;&nbsp;&nbsp; September 30, 2025 (Unaudited) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 0 | 13 | 45 | 96 | 150 | 200 |
|  | 11/2025 | 35235 | $2030 | 0 | (3) |
|  | 12/2025 | 30154 | 8640 | 0 | (28) |
|  | 12/2025 | 66984 | 2215 | 5 | (1) |
|  | 12/2025 | $1505 | 25288941 | 8 | 0 |
|  | 01/2026 | 29078 | $964 | 1 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; DUB | 10/2025 | 41234 | 5799 | 12 | 0 |
|  | 10/2025 | 20695821 | 1263 | 22 | 0 |
|  | 10/2025 | 189969 | 2138 | 2 | 0 |
|  | 10/2025 | 1230751 | 888 | 11 | 0 |
|  | 10/2025 | 16997 | 13262 | 85 | 0 |
|  | 10/2025 | $2162 | 7387 | 68 | 0 |
|  | 10/2025 | 2752 | 243365 | 0 | (15) |
|  | 11/2025 | 7383 | $2162 | 0 | (67) |
|  | 11/2025 | 15037 | 169 | 0 | 0 |
|  | 11/2025 | $2138 | 190346 | 0 | (2) |
|  | 11/2025 | 47577 | $2718 | 0 | (27) |
|  | 02/2026 | 7719 | 2170 | 0 | (45) |
| &nbsp;&nbsp;&nbsp;&nbsp; FAR | 10/2025 | 33704 | 21862 | 0 | (440) |
|  | 10/2025 | 755 | 948 | 0 | (1) |
|  | 10/2025 | 17978 | 2532 | 9 | 0 |
|  | 10/2025 | 4355600 | 29628 | 175 | 0 |
|  | 10/2025 | 10 | 8 | 0 | 0 |
|  | 10/2025 | $31836 | 48760 | 429 | 0 |
|  | 10/2025 | 5418 | 477894 | 0 | (43) |
|  | 10/2025 | 3603 | 13156 | 16 | 0 |
|  | 10/2025 | 49916 | 64286 | 0 | (79) |
|  | 11/2025 | 48760 | $31851 | 0 | (429) |
|  | 11/2025 | 64124 | 49916 | 75 | 0 |
|  | 11/2025 | $948 | 752 | 1 | 0 |
|  | 12/2025 | 332 | $18 | 0 | 0 |
|  | 12/2025 | $34892 | 195693 | 1353 | 0 |
|  | 12/2025 | 15893 | 301369 | 430 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; GLM | 10/2025 | 167634 | $29388 | 0 | (2109) |
|  | 10/2025 | 134 | 168 | 0 | (1) |
|  | 10/2025 | 1417 | 199 | 0 | 0 |
|  | 10/2025 | 24589785 | 1474 | 1 | 0 |
|  | 10/2025 | 3642923 | 2581 | 0 | (16) |
|  | 10/2025 | 257 | 201 | 1 | 0 |
|  | 10/2025 | $31291 | 167634 | 222 | (16) |
|  | 10/2025 | 1230 | 20324045 | 0 | (11) |
|  | 10/2025 | 1552 | 136184 | 0 | (20) |
|  | 10/2025 | 2581 | 3644079 | 16 | 0 |
|  | 10/2025 | 6897 | 25089 | 4 | 0 |
|  | 11/2025 | 130 | 434 | 1 | 0 |
|  | 11/2025 | 15697 | $906 | 0 | 0 |
|  | 12/2025 | 287674 | 17 | 0 | 0 |
|  | 12/2025 | 1491 | 79 | 0 | (2) |
|  | 12/2025 | $14800 | 80158 | 46 | 0 |
|  | 12/2025 | 1452 | 24282924 | 0 | 0 |
|  | 04/2026 | 62300 | $10983 | 1 | (224) |
| &nbsp;&nbsp;&nbsp;&nbsp; IND | 10/2025 | 673 | 440 | 0 | (6) |
|  | 10/2025 | $1348 | 8621 | 8 | 0 |
|  | 11/2025 | 8601 | $1348 | 0 | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp; JPM | 10/2025 | 440 | 81 | 0 | (2) |
|  | 10/2025 | 93800 | 67876 | 473 | 0 |
|  | 10/2025 | 1265 | 1483 | 0 | (2) |
|  | 10/2025 | 41266960 | 2472 | 0 | (2) |
|  | 10/2025 | 2130171 | 1537 | 18 | 0 |
|  | 10/2025 | 1470 | 420 | 0 | (4) |
|  | 10/2025 | 1199 | 933 | 3 | 0 |
|  | 10/2025 | $83 | 440 | 0 | 0 |
|  | 10/2025 | 939 | 5978 | 1 | 0 |
|  | 10/2025 | 4809 | 79721820 | 1 | (31) |
|  | 10/2025 | 628 | 2107 | 9 | 0 |
|  | 10/2025 | 1283 | 4716 | 14 | 0 |
|  | 10/2025 | 302 | 9162 | 0 | (1) |
|  | 11/2025 | 5964 | $939 | 0 | (1) |
|  | 11/2025 | 998 | 299 | 0 | (2) |
|  | 11/2025 | 42131 | 2404 | 0 | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp; MBC | 10/2025 | 50 | 37 | 0 | 0 |
|  | 10/2025 | 137 | 172 | 0 | 0 |
|  | 10/2025 | 20983 | 2952 | 7 | 0 |
|  | 10/2025 | 8799 | 10420 | 90 | 0 |
|  | 10/2025 | 2048634 | 124 | 2 | 0 |
|  | 10/2025 | 7795 | 53 | 0 | 0 |
|  | 10/2025 | 7112330 | 5098 | 30 | 0 |
|  | 10/2025 | 21353 | 2227 | 0 | (41) |
|  | 10/2025 | 38666 | 30171 | 197 | 0 |
|  | 10/2025 | 4897 | 152 | 1 | 0 |
|  | 10/2025 | $4615 | 3661 | 0 | (16) |
|  | 10/2025 | 3562 | 25376 | 0 | (1) |
|  | 10/2025 | 10381 | 8826 | 0 | (19) |
|  | 10/2025 | 8223 | 6081 | 3 | (47) |
|  | 10/2025 | 368 | 54802 | 2 | 0 |
|  | 10/2025 | 3880 | 5419054 | 0 | (17) |
|  | 10/2025 | 4 | 44 | 0 | 0 |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; Schedule of Investments PIMCO Total Return Portfolio (Cont.) | &nbsp;&nbsp;&nbsp; September 30, 2025 (Unaudited) |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 0 | 7 | 13 | 45 | 75 | 96 | 103 | 133 | 149 | 150 | 189 | 199 | 206 |
|  |  | 10/2025 | 520 | 520 | 16835 | 16835 | 16835 |  | 0 | 0 |  | 0 |
|  |  | 11/2025 | 25316 | 25316 | $3562 | 3562 | 3562 |  | 1 | 1 |  | 0 |
|  |  | 11/2025 | 93691 | 93691 | 634 | 634 | 634 |  | 0 | 0 |  | (2) |
|  |  | 11/2025 | 44 | 44 | 4 | 4 | 4 |  | 0 | 0 |  | 0 |
|  |  | 11/2025 | $249 | 249 | 827 | 827 | 827 |  | 1 | 1 |  | 0 |
|  |  | 12/2025 | 187 | 187 | 3552 | 3552 | 3552 |  | 5 | 5 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; MYI | &nbsp;&nbsp;&nbsp;&nbsp; MYI | 10/2025 | 13900 | 13900 | $2286 | 2286 | 2286 |  | 0 | 0 |  | (326) |
|  |  | 10/2025 | 320 | 320 | 230 | 230 | 230 |  | 0 | 0 |  | 0 |
|  |  | 10/2025 | 21184 | 21184 | 2977 | 2977 | 2977 |  | 4 | 4 |  | 0 |
|  |  | 10/2025 | 8287596 | 8287596 | 503 | 503 | 503 |  | 7 | 7 |  | 0 |
|  |  | 10/2025 | 48481 | 48481 | 329 | 329 | 329 |  | 1 | 1 |  | 0 |
|  |  | 10/2025 | $2614 | 2614 | 13900 | 13900 | 13900 |  | 0 | 0 |  | (2) |
|  |  | 10/2025 | 14004 | 14004 | 2090607 | 2090607 | 2090607 |  | 133 | 133 |  | 0 |
|  |  | 10/2025 | 0 | 0 | 1 | 1 | 1 |  | 0 | 0 |  | 0 |
|  |  | 10/2025 | 1354 | 1354 | 4903 | 4903 | 4903 |  | 0 | 0 |  | (6) |
|  |  | 10/2025 | 1793 | 1793 | 54027 | 54027 | 54027 |  | 0 | 0 |  | (18) |
|  |  | 11/2025 | 2083372 | 2083372 | $14004 | 14004 | 14004 |  | 0 | 0 |  | (133) |
|  |  | 11/2025 | 1 | 1 | 0 | 0 | 0 |  | 0 | 0 |  | 0 |
|  |  | 12/2025 | 53676 | 53676 | 1793 | 1793 | 1793 |  | 21 | 21 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; NGF | &nbsp;&nbsp;&nbsp;&nbsp; NGF | 10/2025 | 2821481 | 2821481 | 2029 | 2029 | 2029 |  | 18 | 18 |  | 0 |
|  |  | 10/2025 | $1087 | 1087 | 17995828 | 17995828 | 17995828 |  | 0 | 0 |  | (9) |
|  |  | 11/2025 | 4131 | 4131 | 180125 | 180125 | 180125 |  | 29 | 29 |  | 0 |
|  |  | 12/2025 | 2296 | 2296 | 100663 | 100663 | 100663 |  | 7 | 7 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCX | &nbsp;&nbsp;&nbsp;&nbsp; SCX | 10/2025 | 15406 | 15406 | $2168 | 2168 | 2168 |  | 6 | 6 |  | 0 |
|  |  | 10/2025 | 6678 | 6678 | 1040 | 1040 | 1040 |  | 0 | 0 |  | (11) |
|  |  | 10/2025 | 26014677 | 26014677 | 1558 | 1558 | 1558 |  | 0 | 0 |  | (1) |
|  |  | 10/2025 | 135575 | 135575 | 1525 | 1525 | 1525 |  | 0 | 0 |  | 0 |
|  |  | 10/2025 | 248216 | 248216 | 1688 | 1688 | 1688 |  | 10 | 10 |  | 0 |
|  |  | 10/2025 | 5908 | 5908 | 1685 | 1685 | 1685 |  | 0 | 0 |  | (16) |
|  |  | 10/2025 | 429 | 429 | 336 | 336 | 336 |  | 4 | 4 |  | 0 |
|  |  | 10/2025 | 171974 | 171974 | 5803 | 5803 | 5803 |  | 153 | 153 |  | 0 |
|  |  | 10/2025 | $230 | 230 | 320 | 320 | 320 |  | 0 | 0 |  | 0 |
|  |  | 10/2025 | 126655 | 126655 | 94688 | 94688 | 94688 |  | 691 | 691 |  | 0 |
|  |  | 10/2025 | 1214 | 1214 | 19965567 | 19965567 | 19965567 |  | 0 | 0 |  | (18) |
|  |  | 10/2025 | 2680 | 2680 | 236616 | 236616 | 236616 |  | 0 | 0 |  | (19) |
|  |  | 11/2025 | 320 | 320 | $230 | 230 | 230 |  | 0 | 0 |  | 0 |
|  |  | 11/2025 | 94688 | 94688 | 126677 | 126677 | 126677 |  | 0 | 0 |  | (691) |
|  |  | 11/2025 | 451 | 451 | 3 | 3 | 3 |  | 0 | 0 |  | 0 |
|  |  | 11/2025 | $1356 | 1356 | 120789 | 120789 | 120789 |  | 0 | 0 |  | 0 |
|  |  | 12/2025 | 1558 | 1558 | 26080427 | 26080427 | 26080427 |  | 2 | 2 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOG | &nbsp;&nbsp;&nbsp;&nbsp; SOG | 10/2025 | 2272895 | 2272895 | $15455 | 15455 | 15455 |  | 86 | 86 |  | 0 |
|  |  | 10/2025 | 2727 | 2727 | 1589 | 1589 | 1589 |  | 8 | 8 |  | 0 |
|  |  | 10/2025 | $145551 | 145551 | 123768 | 123768 | 123768 |  | 0 | 0 |  | (241) |
|  |  | 10/2025 | 30597 | 30597 | 4552815 | 4552815 | 4552815 |  | 189 | 189 |  | 0 |
|  |  | 10/2025 | 14 | 14 | 143 | 143 | 143 |  | 0 | 0 |  | 0 |
|  |  | 11/2025 | 123768 | 123768 | $145843 | 145843 | 145843 |  | 242 | 242 |  | 0 |
|  |  | 11/2025 | 4537070 | 4537070 | 30597 | 30597 | 30597 |  | 0 | 0 |  | (190) |
|  |  | 11/2025 | 143 | 143 | 14 | 14 | 14 |  | 0 | 0 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; SSB | &nbsp;&nbsp;&nbsp;&nbsp; SSB | 10/2025 | 92688 | 92688 | 124936 | 124936 | 124936 |  | 280 | 280 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; UAG | &nbsp;&nbsp;&nbsp;&nbsp; UAG | 10/2025 | 11866 | 11866 | 8588 | 8588 | 8588 |  | 61 | 61 |  | 0 |
|  |  | 10/2025 | 12189 | 12189 | 3654 | 3654 | 3654 |  | 0 | 0 |  | (26) |
|  |  | 10/2025 | 4122 | 4122 | 405 | 405 | 405 |  | 0 | 0 |  | (8) |
|  |  | 10/2025 | $217 | 217 | 742 | 742 | 742 |  | 7 | 7 |  | 0 |
|  |  | 10/2025 | 62 | 62 | 5504 | 5504 | 5504 |  | 0 | 0 |  | 0 |
|  |  | 10/2025 | 1561 | 1561 | 5658 | 5658 | 5658 |  | 0 | 0 |  | (4) |
|  |  | 10/2025 | 520 | 520 | 16828 | 16828 | 16828 |  | 0 | 0 |  | 0 |
|  |  | 10/2025 | 283 | 283 | 4887 | 4887 | 4887 |  | 0 | 0 |  | 0 |
|  |  | 10/2025 | 4889 | 4889 | $283 | 283 | 283 |  | 0 | 0 |  | 0 |
|  |  | 11/2025 | 741 | 741 | 217 | 217 | 217 |  | 0 | 0 |  | (7) |
|  |  | 11/2025 | 21431 | 21431 | 1216 | 1216 | 1216 |  | 0 | 0 |  | (21) |
|  |  | 12/2025 | $4061 | 4061 | 77321 | 77321 | 77321 |  | 127 | 127 |  | 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** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | $**7941** | **7941** | **$** | $**(7550)** | **(7550)** |
| **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** |
| **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** |
| Counterparty | Description | Description | Description |  | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Notional<br>Amount<sup>(1)</sup> | Notional<br>Amount<sup>(1)</sup> | Cost |  | Market<br>Value |
| BPS | Put - OTC EUR versus USD | Put - OTC EUR versus USD | Put - OTC EUR versus USD | $ | 1.122 | 10/14/2025 | 491 | 491 | 491 | 60 | $ | $1 |
|  | Put - OTC EUR versus USD | Put - OTC EUR versus USD | Put - OTC EUR versus USD |  | 1.110 | 11/26/2025 | 4283 | 4283 | 4283 | 18 |  | 1 |
| BRC | Put - OTC AUD versus USD | Put - OTC AUD versus USD | Put - OTC AUD versus USD |  | 0.623 | 10/14/2025 | 3316 | 3316 | 3316 | 10 |  | 0 |
|  | Put - OTC EUR versus USD | Put - OTC EUR versus USD | Put - OTC EUR versus USD |  | 1.132 | 10/10/2025 | 22986 | 22986 | 22986 | 83 |  | 1 |
|  | Call - OTC USD versus SEK | Call - OTC USD versus SEK | Call - OTC USD versus SEK | SEK | 10.200 | 11/26/2025 | 9136 | 9136 | 9136 | 57 |  | 4 |
| GLM | Put - OTC AUD versus USD | Put - OTC AUD versus USD | Put - OTC AUD versus USD | $ | 0.625 | 10/08/2025 | 11281 | 11281 | 11281 | 43 |  | 0 |
|  | Put - OTC EUR versus USD | Put - OTC EUR versus USD | Put - OTC EUR versus USD |  | 1.129 | 10/14/2025 | 22536 | 22536 | 22536 | 87 |  | 1 |
|  | Put - OTC EUR versus USD | Put - OTC EUR versus USD | Put - OTC EUR versus USD |  | 1.100 | 12/17/2025 | 1042 | 1042 | 1042 | 119 |  | 21 |
| MBC | Put - OTC AUD versus USD | Put - OTC AUD versus USD | Put - OTC AUD versus USD |  | 0.618 | 10/10/2025 | 12109 | 12109 | 12109 | 32 |  | 0 |
|  | Put - OTC EUR versus USD | Put - OTC EUR versus USD | Put - OTC EUR versus USD |  | 1.098 | 12/23/2025 | 1212 | 1212 | 1212 | 141 |  | 24 |
| MYI | Put - OTC EUR versus USD | Put - OTC EUR versus USD | Put - OTC EUR versus USD |  | 1.145 | 10/08/2025 | 22273 | 22273 | 22273 | 139 |  | 2 |
|  | Put - OTC EUR versus USD | Put - OTC EUR versus USD | Put - OTC EUR versus USD |  | 1.110 | 11/24/2025 | 24426 | 24426 | 24426 | 115 |  | 8 |
|  | Call - OTC USD versus SEK | Call - OTC USD versus SEK | Call - OTC USD versus SEK | SEK | 10.125 | 10/14/2025 | 2074 | 2074 | 2074 | 11 |  | 0 |
| **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **915** | **$** | $**63** |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; Schedule of Investments PIMCO Total Return Portfolio (Cont.) | &nbsp;&nbsp;&nbsp; September 30, 2025 (Unaudited) |

---

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 0 | 5 | 7 | 26 | 28 | 39 | 55 | 59 | 76 | 77 | 99 | 114 | 141 | 155 | 166 | 193 | 206 | 220 |
| **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** | **WRITTEN** **OPTIONS:** |
| **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** |
| Counterparty | Counterparty | Description | Floating Rate<br>Index | Floating Rate<br>Index | Floating Rate<br>Index | Pay/Receive<br>Floating Rate | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Exercise<br>Rate | Expiration<br>Date | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> |  | Premiums<br>(Received) | Premiums<br>(Received) | Market<br>Value | Market<br>Value |
| BOA | BOA | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | Receive | 3.575% | 3.575% | 10/02/2025 | 10/02/2025 | 6200 | $ | (19) | (19) | $(2) | (2) |
|  |  | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | Receive | 3.325 | 3.325 | 10/14/2025 | 10/14/2025 | 6200 |  | (17) | (17) | (1) | (1) |
|  |  | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | Receive | 3.375 | 3.375 | 10/14/2025 | 10/14/2025 | 8500 |  | (22) | (22) | (2) | (2) |
|  |  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Pay | Pay | 3.625 | 3.625 | 10/14/2025 | 10/14/2025 | 6200 |  | (17) | (17) | (38) | (38) |
|  |  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Pay | Pay | 3.675 | 3.675 | 10/14/2025 | 10/14/2025 | 8500 |  | (22) | (22) | (33) | (33) |
| BRC | BRC | Call - OTC 10-Year Interest Rate Swap | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | Receive | Receive | 2.610 | 2.610 | 10/02/2025 | 10/02/2025 | 6500 |  | (17) | (17) | (1) | (1) |
|  |  | Put - OTC 10-Year Interest Rate Swap | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | Pay | Pay | 2.850 | 2.850 | 10/02/2025 | 10/02/2025 | 6500 |  | (17) | (17) | 0 | 0 |
|  |  | Call - OTC 10-Year Interest Rate Swap | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | Receive | Receive | 2.550 | 2.550 | 10/17/2025 | 10/17/2025 | 4400 |  | (10) | (10) | (3) | (3) |
|  |  | Put - OTC 10-Year Interest Rate Swap | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | Pay | Pay | 2.750 | 2.750 | 10/17/2025 | 10/17/2025 | 4400 |  | (10) | (10) | (10) | (10) |
| CBK | CBK | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | Receive | 3.385 | 3.385 | 10/10/2025 | 10/10/2025 | 8600 |  | (26) | (26) | (2) | (2) |
|  |  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Pay | Pay | 3.685 | 3.685 | 10/10/2025 | 10/10/2025 | 8600 |  | (25) | (25) | (29) | (29) |
| DUB | DUB | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | Receive | 3.506 | 3.506 | 10/06/2025 | 10/06/2025 | 8800 |  | (30) | (30) | (3) | (3) |
|  |  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Pay | Pay | 3.806 | 3.806 | 10/06/2025 | 10/06/2025 | 8800 |  | (30) | (30) | (2) | (2) |
| GLM | GLM | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | Receive | 3.398 | 3.398 | 10/06/2025 | 10/06/2025 | 5800 |  | (18) | (18) | 0 | 0 |
|  |  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Pay | Pay | 3.698 | 3.698 | 10/06/2025 | 10/06/2025 | 5800 |  | (18) | (18) | (10) | (10) |
|  |  | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | Receive | 3.550 | 3.550 | 10/27/2025 | 10/27/2025 | 6200 |  | (17) | (17) | (22) | (22) |
|  |  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Pay | Pay | 3.850 | 3.850 | 10/27/2025 | 10/27/2025 | 6200 |  | (17) | (17) | (10) | (10) |
| MYC | MYC | Call - OTC 10-Year Interest Rate Swap | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | Receive | Receive | 2.550 | 2.550 | 10/06/2025 | 10/06/2025 | 3700 |  | (10) | (10) | 0 | 0 |
|  |  | Put - OTC 10-Year Interest Rate Swap | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | Pay | Pay | 2.790 | 2.790 | 10/06/2025 | 10/06/2025 | 3700 |  | (10) | (10) | (1) | (1) |
| **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **$** | **(352)** | **(352)** | $**(169)** | **(169)** |
| **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** |
| **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Swap Agreements, at Value</u><sup>(5)</sup> | <u>Swap Agreements, at Value</u><sup>(5)</sup> | <u>Swap Agreements, at Value</u><sup>(5)</sup> |
| Counterparty | Reference Entity | Reference Entity | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Liability |
| BOA | South Africa Government International Bonds | South Africa Government International Bonds | South Africa Government International Bonds | 1.000% | Quarterly | Quarterly | 12/20/2026 | 12/20/2026 | 0.394% | 0.394% | $14400 | $(708) | (708) | $817 | $109 | 109 | $0 |
| BPS | Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds | 1.000 | Quarterly | Quarterly | 06/20/2027 | 06/20/2027 | 0.933 | 0.933 | 2500 | (120) | (120) | 123 | 3 | 3 | 0 |
|  | Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds | 1.000 | Quarterly | Quarterly | 12/20/2027 | 12/20/2027 | 1.025 | 1.025 | 500 | (45) | (45) | 45 | 0 | 0 | 0 |
| BRC | Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds | 1.000 | Quarterly | Quarterly | 12/20/2026 | 12/20/2026 | 0.766 | 0.766 | 4900 | (225) | (225) | 240 | 15 | 15 | 0 |
| CBK | Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds | 1.000 | Quarterly | Quarterly | 12/20/2026 | 12/20/2026 | 0.766 | 0.766 | 3000 | (148) | (148) | 157 | 9 | 9 | 0 |
|  | Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds | 1.000 | Quarterly | Quarterly | 06/20/2027 | 06/20/2027 | 0.933 | 0.933 | 700 | (25) | (25) | 26 | 1 | 1 | 0 |
|  | South Africa Government International Bonds | South Africa Government International Bonds | South Africa Government International Bonds | 1.000 | Quarterly | Quarterly | 12/20/2026 | 12/20/2026 | 0.394 | 0.394 | 3500 | (169) | (169) | 195 | 26 | 26 | 0 |
| DUB | Petroleos Mexicanos « | Petroleos Mexicanos « | Petroleos Mexicanos « | 4.750 | Monthly | Monthly | 07/06/2026 | 07/06/2026 | —◆ | —◆ | 2647 | 0 | 0 | 34 | 34 | 34 | 0 |
|  | Petroleos Mexicanos « | Petroleos Mexicanos « | Petroleos Mexicanos « | 4.850 | Monthly | Monthly | 07/06/2026 | 07/06/2026 | —◆ | —◆ | 1294 | 0 | 0 | 17 | 17 | 17 | 0 |
|  | South Africa Government International Bonds | South Africa Government International Bonds | South Africa Government International Bonds | 1.000 | Quarterly | Quarterly | 12/20/2026 | 12/20/2026 | 0.394 | 0.394 | 5200 | (236) | (236) | 275 | 39 | 39 | 0 |
| GST | Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds | 1.000 | Quarterly | Quarterly | 06/20/2027 | 06/20/2027 | 0.933 | 0.933 | 3600 | (135) | (135) | 140 | 5 | 5 | 0 |
|  | Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds | 1.000 | Quarterly | Quarterly | 12/20/2027 | 12/20/2027 | 1.025 | 1.025 | 1600 | (143) | (143) | 142 | 0 | 0 | (1) |
|  | Soft Bank Group,Inc. | Soft Bank Group,Inc. | Soft Bank Group,Inc. | 1.000 | Quarterly | Quarterly | 06/20/2026 | 06/20/2026 | 0.872 | 0.872 | 2500 | (21) | (21) | 24 | 3 | 3 | 0 |
| JPM | Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds | 1.000 | Quarterly | Quarterly | 06/20/2027 | 06/20/2027 | 0.933 | 0.933 | 500 | (19) | (19) | 20 | 1 | 1 | 0 |

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|:---|:---|
| &nbsp;&nbsp; Schedule of Investments PIMCO Total Return Portfolio (Cont.) | &nbsp;&nbsp;&nbsp; September 30, 2025 (Unaudited) |

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| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 2 | 3 | 5 | 28 | 43 | 61 | 72 | 82 | 101 | 112 | 114 | 149 | 157 | 166 | 173 | 193 | 210 | 220 |
| MYC | MYC | South Africa Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 12/20/2026 | 0.394 | 0.394 |  | 17500 | (837) | (837) | 969 | 969 | 132 | 132 | 0 |
|  |  |  |  |  |  |  |  |  |  |  | (2831) | (2831) | $3224 | 3224 | $394 | 394 | $(1) |
| **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(2)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Swap Agreements, at Value</u><sup>(5)</sup> | <u>Swap Agreements, at Value</u><sup>(5)</sup> | <u>Swap Agreements, at Value</u><sup>(5)</sup> |
| Counterparty | Counterparty | Index/Tranches | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | 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) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset |  | Liability |
| BPS | BPS | CDX.iTraxx Crossover 42 5-Year 35-100% Index | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000% | Quarterly | Quarterly | 12/20/2029 | EUR | 14110 | 14110 | 2725 | $ | 198 | 198 | 2923 | $ | 0 |
| GST | GST | CDX.iTraxx Crossover 42 5-Year 35-100% Index | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | Quarterly | 12/20/2029 |  | 11500 | 11500 | 2299 |  | 84 | 84 | 2383 |  | 0 |
| JPM | JPM | CDX.iTraxx Crossover 42 5-Year 35-100% Index | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | Quarterly | 12/20/2029 |  | 16719 | 16719 | 3427 |  | 37 | 37 | 3464 |  | 0 |
|  |  |  |  |  |  |  |  |  |  |  | 8451 | 8451 | $319 | 319 | $8770 | 8770 | $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** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **5620** | **5620** | $**3543** | **3543** | $**9164** | **9164** | $**(1)** |
| **(k)** | **Securities with an aggregate market value of $3,742 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $3,742 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $3,742 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $3,742 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $3,742 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $3,742 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $3,742 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $3,742 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $3,742 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $3,742 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $3,742 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $3,742 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $3,742 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $3,742 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $3,742 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $3,742 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $3,742 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** |
| <sup>◆</sup> | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | 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. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. |
| **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** |
| **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Portfolio's assets and liabilities**: |  |
| Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Level 1 | Level 1 | Level 2 | Level 2 | Level 2 | Level 3 | Level 3 | Level 3 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 |  |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **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** | **Investments in Securities, at Value** |  |
| Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | $0 | 0 | $ | $1044 | 1044 | $30519 | 30519 | 30519 | $ | 31563 | 31563 |  |
| 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 | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |  |
| Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | 0 | 0 |  | 922924 | 922924 | 4185 | 4185 | 4185 |  | 927109 | 927109 |  |
| Industrials | Industrials | Industrials | Industrials | Industrials | Industrials | 0 | 0 |  | 543661 | 543661 | 54663 | 54663 | 54663 |  | 598324 | 598324 |  |
| Utilities | Utilities | Utilities | Utilities | Utilities | Utilities | 0 | 0 |  | 243853 | 243853 | 0 | 0 | 0 |  | 243853 | 243853 |  |
| Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |  |
| Illinois | Illinois | Illinois | Illinois | Illinois | Illinois | 0 | 0 |  | 6522 | 6522 | 0 | 0 | 0 |  | 6522 | 6522 |  |
| Louisiana | Louisiana | Louisiana | Louisiana | Louisiana | Louisiana | 0 | 0 |  | 7163 | 7163 | 0 | 0 | 0 |  | 7163 | 7163 |  |
| Texas | Texas | Texas | Texas | Texas | Texas | 0 | 0 |  | 8537 | 8537 | 0 | 0 | 0 |  | 8537 | 8537 |  |
| West Virginia | West Virginia | West Virginia | West Virginia | West Virginia | West Virginia | 0 | 0 |  | 6383 | 6383 | 0 | 0 | 0 |  | 6383 | 6383 |  |
| U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | 0 | 0 |  | 1988759 | 1988759 | 0 | 0 | 0 |  | 1988759 | 1988759 |  |
| U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | 0 | 0 |  | 831692 | 831692 | 0 | 0 | 0 |  | 831692 | 831692 |  |
| Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | 0 | 0 |  | 410433 | 410433 | 0 | 0 | 0 |  | 410433 | 410433 |  |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |  |
| Automobile Sequential | Automobile Sequential | Automobile Sequential | Automobile Sequential | Automobile Sequential | Automobile Sequential | 0 | 0 |  | 13558 | 13558 | 0 | 0 | 0 |  | 13558 | 13558 |  |
| CMBS Other | CMBS Other | CMBS Other | CMBS Other | CMBS Other | CMBS Other | 0 | 0 |  | 74691 | 74691 | 0 | 0 | 0 |  | 74691 | 74691 |  |
| Home Equity Other | Home Equity Other | Home Equity Other | Home Equity Other | Home Equity Other | Home Equity Other | 0 | 0 |  | 165860 | 165860 | 0 | 0 | 0 |  | 165860 | 165860 |  |
| Home Equity Sequential | Home Equity Sequential | Home Equity Sequential | Home Equity Sequential | Home Equity Sequential | Home Equity Sequential | 0 | 0 |  | 2155 | 2155 | 0 | 0 | 0 |  | 2155 | 2155 |  |
| Whole Loan Collateral | Whole Loan Collateral | Whole Loan Collateral | Whole Loan Collateral | Whole Loan Collateral | Whole Loan Collateral | 0 | 0 |  | 7289 | 7289 | 0 | 0 | 0 |  | 7289 | 7289 |  |
| Other ABS | Other ABS | Other ABS | Other ABS | Other ABS | Other ABS | 0 | 0 |  | 149879 | 149879 | 0 | 0 | 0 |  | 149879 | 149879 |  |
| Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | 6900 | 6900 |  | 419654 | 419654 | 0 | 0 | 0 |  | 426554 | 426554 |  |
| Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |  |
| Industrials | Industrials | Industrials | Industrials | Industrials | Industrials | 0 | 0 |  | 0 | 0 | 4129 | 4129 | 4129 |  | 4129 | 4129 |  |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |  |
| Nigeria Treasury Bills | Nigeria Treasury Bills | Nigeria Treasury Bills | Nigeria Treasury Bills | Nigeria Treasury Bills | Nigeria Treasury Bills | 0 | 0 |  | 4313 | 4313 | 0 | 0 | 0 |  | 4313 | 4313 |  |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | 0 | 0 |  | 523 | 523 | 0 | 0 | 0 |  | 523 | 523 |  |
|  |  |  |  |  |  | $6900 | 6900 | $ | $5808893 | 5808893 | $93496 | 93496 | 93496 | $ | 5909289 | 5909289 |  |
| **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** | **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** |  |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |  |
| Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | $167247 | 167247 | $ | $0 | 0 | $0 | 0 | 0 | $ | 167247 | 167247 |  |
| Total Investments | Total Investments | Total Investments | Total Investments | Total Investments | Total Investments | $174147 | 174147 | $ | $5808893 | 5808893 | $93496 | 93496 | 93496 | $ | 6076536 | 6076536 |  |
| **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** | **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** | **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** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** |  |
| U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | $0 | 0 | $ | $(109314) | (109314) | $0 | 0 | 0 | $ | (109314) | (109314) |  |
| **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** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** |  |

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|:---|:---|
| &nbsp;&nbsp; Schedule of Investments PIMCO Total Return Portfolio (Cont.) | &nbsp;&nbsp;&nbsp; September 30, 2025 (Unaudited) |

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| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 1 | 3 | 10 | 11 | 25 | 37 | 40 | 64 | 72 | 88 | 98 | 112 | 134 | 149 | 159 | 175 | 182 | 191 | 214 | 218 |
| Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | 414 | 414 | 414 | 1419 | 1419 | 0 | 0 |  |  | 1833 |  |  |
| Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | 0 | 0 | 0 | 17117 | 17117 | 51 | 51 |  |  | 17168 |  |  |
|  |  |  |  |  |  |  |  | $414 | 414 | 414 | $18536 | 18536 | $51 | 51 | $ | $ | 19001 |  |  |
| **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** | **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** | **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 | Exchange-traded or centrally cleared | (135) | (135) | (135) | (1000) | (1000) | 0 | 0 |  |  | (1135) |  |  |
| Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | 0 | 0 | 0 | (7720) | (7720) | 0 | 0 |  |  | (7720) |  |  |
|  |  |  |  |  |  |  |  | $(135) | (135) | (135) | $(8720) | (8720) | $0 | 0 | $ | $ | (8855) |  |  |
| Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | $279 | 279 | 279 | $9816 | 9816 | $51 | 51 | $ | $ | 10146 |  |  |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $174426 | 174426 | 174426 | $5709395 | 5709395 | $93547 | 93547 | $ | $ | 5977368 |  |  |
| **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended September 30, 2025:** |
| Category and Subcategory | Category and Subcategory | Beginning<br>Balance<br>at 12/31/2024 | Beginning<br>Balance<br>at 12/31/2024 | Net<br>Purchases<sup>(1)</sup> | NetSales/Settlements<sup>(1)</sup> | NetSales/Settlements<sup>(1)</sup> | Accrued<br>Discounts/<br>(Premiums) | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Transfers into<br>Level 3 | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(2)</sup> | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(2)</sup> |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **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** | **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 | Loan Participations and Assignments | $12976 | 12976 | 18876 | $ | $(1853) | $ | 2 | $(42) | $ | 560 | $0 | 0 | $0 | 0 | $ | 30519 | $ | 448 |
| Corporate Bonds & Notes | Corporate Bonds & Notes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Banking & Finance | Banking & Finance |  | 2299 | 4140 |  | (2300) |  | 0 | 0 |  | 46 | 0 | 0 | 0 | 0 |  | 4185 |  | 45 |
| Industrials | Industrials |  | 3646 | 52200 |  | (1279) |  | 0 | 0 |  | 96 | 0 | 0 | 0 | 0 |  | 54663 |  | 56 |
| Common Stocks | Common Stocks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Industrials | Industrials |  | 4788 | 0 |  | 0 |  | 0 | 0 |  | (659) | 0 | 0 | 0 | 0 |  | 4129 |  | (659) |
|  |  | $23709 | 23709 | 75216 | $ | $(5432) | $ | 2 | $(42) | $ | 43 | $0 | 0 | $0 | 0 | $ | 93496 | $ | (110) |
| **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** | **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** |
| Over the counter | Over the counter | $0 | 0 | 14 | $ | $0 | $ | 0 | $0 | $ | 37 | $0 | 0 | $0 | 0 | $ | 51 | $ | 38 |
| Totals | Totals | $23709 | 23709 | 75230 | $ | $(5432) | $ | 2 | $(42) | $ | 80 | $0 | 0 | $0 | 0 | $ | 93547 | $ | (72) |
| <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | Input Value(s) | Input Value(s) | Input Value(s) | Weighted Average | Weighted 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** | **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** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
| Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | $4434 | 4434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | 100.000 | 100.000 | 100.000 |  |  |
|  |  |  |  | 17144 | 17144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | 4.070 - 6.818 | 4.070 - 6.818 | 4.070 - 6.818 | 5.731 | 5.731 |
|  |  |  |  | 8941 | 8941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | 95.559 - 101.750 | 95.559 - 101.750 | 95.559 - 101.750 | 97.224 | 97.224 |
| 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 | 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 |
| Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | 1837 | 1837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | 6.204 | 6.204 | 6.204 |  |  |
|  |  |  |  | 2348 | 2348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | 100.000 | 100.000 | 100.000 |  |  |
| Industrials | Industrials | Industrials | Industrials | 2463 | 2463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | 4.610 - 5.140 | 4.610 - 5.140 | 4.610 - 5.140 | 4.876 | 4.876 |
|  |  |  |  | 52200 | 52200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | 100.000 | 100.000 | 100.000 |  |  |
| Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| Industrials | Industrials | Industrials | Industrials | 4129 | 4129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | $21.667 | 21.667 | 21.667 |  |  |
| **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** | **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** |
| Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | 51 | 51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | 0.939 - 0.978 | 0.939 - 0.978 | 0.939 - 0.978 | 0.952 | 0.952 |
| Total | Total | Total | Total | $93547 | 93547 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <sup>(1)</sup> | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. |
| <sup>(2)</sup> | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. |

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Notes to Financial Statements

**1** **. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS**

**(a) Investment Valuation Policies** The net asset value ("NAV") of the Portfolio'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 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, the Portfolio'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 Portfolio 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 Portfolio may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The 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, the Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that the 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 the 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 Portfolio 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 Pacific Investment Management Company LLC ("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 Investment Company Act of 1940, as amended (the "Act"). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees has designated PIMCO as the valuation designee ("Valuation Designee") for the Portfolio to perform the fair value determination relating to all Portfolio investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of portfolio investments. The Valuation Designee may value portfolio securities for which market quotations are not readily available and other Portfolio assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, exchange-traded funds ("ETFs"), exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Portfolio's assets that are invested in one or more open-end management investment companies (other than ETFs), the 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, 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 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. The 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 the 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 the 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 the 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 the 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 the Portfolio may transact.

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 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 the 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 the Portfolio may differ from the value that would be realized if the securities were sold. The Portfolio's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the " Frequent or Excessive Purchases, Exchanges and Redemptions " section in the Portfolio's prospectus.

Under certain circumstances, the per share NAV of a class of the Portfolio'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 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:

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Notes to Financial Statements (Cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

• Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the 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 ofthe Portfolio'sassets 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 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.

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

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indexes, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

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Notes to Financial Statements (Cont.)

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.

**2. FEDERAL INCOME TAX MATTERS**

The 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.

The 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 Portfolio's tax positions for all open tax years. As of September 30, 2025, the Portfolio 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 Portfolio files U.S. federal, state and local tax returns as required. The Portfolio'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.

Shares of the Portfolio currently are sold to segregated asset accounts ("Separate Accounts") of insurance companies that fund variable annuity contracts and variable life insurance policies ("Variable Contracts"). Please refer to the prospectus for the Separate Account and Variable Contract for information regarding Federal income tax treatment of distributions to the Separate Account.

**3. INVESTMENTS IN AFFILIATES**

The 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 Portfolio. A copy of each affiliate fund's shareholder report is available at the U.S. Securities and Exchange Commission ("SEC") website at www.sec.gov, on the Portfolio's website at www.pimco.com, or upon request, as applicable. The tables below show the Portfolio's transactions in and earnings from investments in the affiliated funds for the period ended September 30, 2025 (amounts in thousands<sup>†</sup>):

**Investment in PIMCO Short Asset Portfolio**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Market Value<br>12/31/2024** | **Purchases at<br>Cost** | **Proceeds from<br>Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>09/30/2025** | **Dividend<br>Income**<sup>(1)</sup> | **Realized Net<br>Capital<br>Gain<br>Distributions**<sup>(1)</sup> |
| $160904 | $6028 | $0 | $0 | $287 | $167219 | $6049 | $0 |

---

**Investment in PIMCO Short-Term Floating NAV Portfolio III**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Market Value<br>12/31/2024** | **Purchases at<br>Cost** | **Proceeds from<br>Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>09/30/2025** | **Dividend<br>Income**<sup>(1)</sup> | **Realized Net<br>Capital<br>Gain<br>Distributions**<sup>(1)</sup> |
| $32102 | $526930 | $(559001) | $1 | $(4) | $28 | $1238 | $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 funds

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** |  | (Unaudited) |
| **Counterparty Abbreviations:** | **Counterparty Abbreviations:** |  |  |  |  |
| **AZD** | Australia and New Zealand Banking Group | **DEU** | Deutsche Bank Securities, Inc. | **MBC** | HSBC Bank Plc |
| **BOA** | Bank of America N.A. | **DUB** | Deutsche Bank AG | **MYC** | Morgan Stanley Capital Services LLC |
| **BOS** | BofA Securities, Inc. | **FAR** | Wells Fargo Bank National Association | **MYI** | Morgan Stanley & Co. International PLC |
| **BPS** | BNP Paribas S.A. | **GLM** | Goldman Sachs Bank USA | **NGF** | Nomura Global Financial Products, Inc. |
| **BRC** | Barclays Bank PLC | **GST** | Goldman Sachs International | **SCX** | Standard Chartered Bank, London |
| **BSH** | Banco Santander S.A. - New York Branch | **IND** | Crédit Agricole Corporate and Investment Bank <br> S.A. | **SOG** | Societe Generale Paris |
| **BSN** | The Bank of Nova Scotia - Toronto | **JPM** | JP Morgan Chase Bank N.A. | **SSB** | State Street Bank and Trust Co. |
| **CBK** | Citibank N.A. | **JPS** | J.P. Morgan Securities LLC | **UAG** | UBS AG Stamford |
| **Currency Abbreviations:** | **Currency Abbreviations:** |  |  |  |  |
| **AUD** | Australian Dollar | **ILS** | Israeli Shekel | **PLN** | Polish Zloty |
| **BRL** | Brazilian Real | **INR** | Indian Rupee | **SEK** | Swedish Krona |
| **CAD** | Canadian Dollar | **JPY** | Japanese Yen | **SGD** | Singapore Dollar |
| **CHF** | Swiss Franc | **KRW** | South Korean Won | **THB** | Thai Baht |
| **CNH** | Chinese Renminbi (Offshore) | **MXN** | Mexican Peso | **TRY** | Turkish New Lira |
| **DKK** | Danish Krone | **NGN** | Nigerian Naira | **TWD** | Taiwanese Dollar |
| **EUR** | Euro | **NOK** | Norwegian Krone | **USD (or $)** | United States Dollar |
| **GBP** | British Pound | **NZD** | New Zealand Dollar | **ZAR** | South African Rand |
| **IDR** | Indonesian Rupiah | **PEN** | Peruvian New Sol |  |  |
| **Exchange Abbreviations:** | **Exchange Abbreviations:** |  |  |  |  |
| **CBOT** | Chicago Board of Trade | **EUREX** | Eurex Exchange | **OTC** | Over the Counter |
| **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** |  |  |  |  |
| **Bobl** | Bundesobligation, the German word for federal government bond | **EUR003M** | 3 Month EUR Swap Rate | **SONIO** | Sterling Overnight Interbank Average Rate |
| **BRMMUSDF** | BlackRock Money Market US Treasury Fund Index | **MUTKCALM** | Tokyo Overnight Average Rate | **TSFR1M** | Term SOFR 1-Month |
| **CAONREPO** | Canadian Overnight Repo Rate Average | **PRIME** | Daily US Prime Rate | **TSFR3M** | Term SOFR 3-Month |
| **CDX.IG** | Credit Derivatives Index - Investment <br> Grade | **SOFR** | Secured Overnight Financing Rate | **US0003M** | ICE 3-Month USD LIBOR |
| **Other Abbreviations:** | **Other Abbreviations:** |  |  |  |  |
| **ABS** | Asset-Backed Security | **CMBS** | Collateralized Mortgage-Backed Security | **REMIC** | Real Estate Mortgage Investment Conduit |
| **ALT** | Alternate Loan Trust | **DAC** | Designated Activity Company | **TBA** | To-Be-Announced |
| **BBR** | Bank Bill Rate | **EURIBOR** | Euro Interbank Offered Rate | **TBD** | To-Be-Determined |
| **BBSW** | Bank Bill Swap Reference Rate | **Lunar** | Monthly payment based on 28-day periods. One <br> year consists of 13 periods. | **TBD%** | Interest rate to be determined when loan settles or at the time of funding |
| **BRL-CDI** | Brazil Interbank Deposit Rate | **OIS** | Overnight Index Swap | **TIIE** | Tasa de Interés Interbancaria de Equilibrio "Equilibrium Interbank Interest Rate" |
| **CLO** | Collateralized Loan Obligation |  |  |  |  |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** PIMCO Variable Insurance Trust

- **b. Investment Company Act file number:** 811-08399

- **c. CIK number of Registrant:** 0001047304

- **d. LEI of Registrant:** 549300KNGHUU7TTJOR56

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 650 Newport Center Drive

  - **City:** Newport Beach

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 92660

  - **Telephone number:** (888) 877-4626

**Item A.2. Information about the Series.**

- **a. Name of Series:** PIMCO Total Return Portfolio

- **b. EDGAR series identifier (if any):** S000009665

- **c. LEI of Series:** WXIJUDZ58N7QM7IEFC20

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $7889261365.51

**Total Liabilities:** $3361832027.12

**Net Assets:** $4527429338.39

**Delayed Delivery Securities:** $52200000.00

**Cash Not Reported:** $13785954.84

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 204082.511100 | **1-Year:** 293132.706000 | **5-Year:** 1132943.880500 | **10-Year:** 289291.202500 | **30-Year:** -20411.564100

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 10644.160100 | **1-Year:** 28823.483800 | **5-Year:** 118350.740700 | **10-Year:** 25285.326100 | **30-Year:** 0.000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000026489 | -0.19%               | 1.46%                | 1.30%                |
| Class ID C000030985 | -0.20%               | 1.45%                | 1.29%                |
| Class ID C000026490 | -0.18%               | 1.47%                | 1.31%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-4802350.29             | $-34545111.02                              |
| Month 2  | $11149855.90             | $36768647.20                               |
| Month 3  | $10926155.43             | $32950379.27                               |

**Designated Index Information**

- **Index Name:** Bloomberg US Aggregate Total Return Unhedged USD Index

- **Index Identifier:** LBUSTRUU

### Schedule of Portfolio Investments

| Name                                                                             | Title                                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |    Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| SOUTH AFRICA GOVT                                                                | REPUBLIC OF SOUTH AFRICA SR UNSECURED 02/48 8.75           | CUSIP: ACI0289D8<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |   12000000 | PA      | $600646.21    | 0.01%             | 2048-02-28      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| MEXICO GOVT                                                                      | UNITED MEXICAN STATES SR UNSECURED 09/29 3.5               | CUSIP: ACI30CGM7<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    3200000 | PA      | $3779240.91   | 0.08%             | 2029-09-19      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| DRYDEN XXVI SENIOR LOAN FUND 2013-26A                                            | DRYDEN SENIOR LOAN FUND DRSLF 2013 26A AR 144A             | CUSIP: 26250UAQ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1920815 | PA      | $1921772.45   | 0.04%             | 2029-04-15      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 902974 FN 12/36 FIXED 6                          | CUSIP: 31411BFP3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      49959 | PA      | $52673.80     | 0.00%             | 2036-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CONAGRA BRANDS INC                                                               | CONAGRA BRANDS INC SR UNSECURED 08/35 5.75                 | CUSIP: 205887CL4<br>LEI: 54930035UDEIH090K650 | Long             | DBT              | CORP              | US        |    6900000 | PA      | $7029190.43   | 0.16%             | 2035-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL 787239 FH 07/30 FLOATING VAR             | CUSIP: 31295LBG6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |         59 | PA      | $59.46        | 0.00%             | 2030-07-01      | Floating      | 6.54%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL SD8349 FR 08/53 FIXED 5.5                | CUSIP: 3132DWH22<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    4310184 | PA      | $4354998.67   | 0.10%             | 2053-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK NA                                                           | MORGAN STANLEY BANK NA MORGAN STANLEY BANK NA              | CUSIP: 61690U8B9<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |    3600000 | PA      | $3680465.11   | 0.08%             | 2028-05-26      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | RFR USD SOFR/3.75000 09/02/25-7Y* LCH                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |          1 | NC      | $-334821.10   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT PLN SOLD USD 20251022                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | PL        |          1 | NC      | $-2431.72     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD JPY BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |          1 | NC      | $86021.62     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MEXICO GOVT                                                                      | UNITED MEXICAN STATES UNITED MEXICAN STATES                | CUSIP: 91087BAZ3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    2700000 | PA      | $2766420.00   | 0.06%             | 2036-05-07      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MF1 2021-FL6 LTD                                                                 | MF1 MULTIFAMILY HOUSING MORTGA MF1 2021 FL6 A 144A         | CUSIP: 55283TAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     897576 | PA      | $898943.40    | 0.02%             | 2036-07-16      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | 317UADVA7 PIMCO SWAPTION 3.685 PUT USD 2025101             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |   -8600000 | NC      | $-28705.94    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT CAD SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CA        |          1 | NC      | $308.07       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL A65652 FG 09/37 FIXED 6                  | CUSIP: 3128KWH55<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       1602 | PA      | $1686.22      | 0.00%             | 2037-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SOUTH AFRICA GOVT                                                                | REPUBLIC OF SOUTH AFRICA SR UNSECURED 144A 11/36 7.1       | CUSIP: 836205BF0<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    3000000 | PA      | $3133138.56   | 0.07%             | 2036-11-19      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| EMCM MORTGAGE LOAN TRUST 2001-A                                                  | EMC MORTGAGE LOAN TRUST EMCM 2001 A A 144A                 | CUSIP: 268668AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      43805 | PA      | $43161.11     | 0.00%             | 2040-05-25      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| NOMURA RESECURITIZATION TRUST 2015-2R                                            | NOMURA RESECURITIZATION TRUST NMRR 2015 2R 3A2 144A        | CUSIP: 65540UAN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   13169929 | PA      | $11580124.60  | 0.26%             | 2036-11-26      | Floating      | 4.34%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL G04589 FG 08/37 FIXED 5.5                | CUSIP: 3128M6NE4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       2556 | PA      | $2664.45      | 0.00%             | 2037-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JAPAN GOVT                                                                       | JAPAN (30 YEAR ISSUE) BONDS 12/54 2.3                      | CUSIP: ACI2T3R46<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        | 1560000000 | PA      | $8999549.65   | 0.20%             | 2054-12-20      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL FM3098 FN 08/30 FIXED VAR                        | CUSIP: 3140X6NQ0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        377 | PA      | $375.91       | 0.00%             | 2030-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AMERIQUEST MORTGAGE SEC 2005-R1                                                  | AMERIQUEST MORTGAGE SECURITIES AMSI 2005 R1 M4             | CUSIP: 03072SYB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5010964 | PA      | $4998576.58   | 0.11%             | 2035-03-25      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD INR BOUGHT USD 20251015                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IN        |          1 | NC      | $5557.32      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT BRL SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $-1722.06     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FREDDIE MAC 2248                                                                 | FREDDIE MAC FHR 2248 FB                                    | CUSIP: 3133TPV48<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        451 | PA      | $450.04       | 0.00%             | 2030-09-15      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| AMERICAN ASSETS TRUST LP                                                         | AMERICAN ASSETS TRUST LP COMPANY GUAR 02/31 3.375          | CUSIP: 02401LAA2<br>LEI: 549300V1TI0SMG9Z6U69 | Long             | DBT              | CORP              | US        |    2800000 | PA      | $2544479.03   | 0.06%             | 2031-02-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | OIS CAD CAONREPO/3.0000 01/13/25-8Y* LCH                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | CA        |          1 | NC      | $-69663.51    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AREIT TRUST 2022-CRE7                                                            | AREIT CRE TRUST AREIT 2022 CRE7 A 144A                     | CUSIP: 00217VAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10133141 | PA      | $10151213.55  | 0.22%             | 2039-06-17      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT MXN SOLD USD 20251217                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | MX        |          1 | NC      | $370063.99    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MID-AMERICA APARTMENTS LP                                                        | MID AMERICA APARTMENTS SR UNSECURED 03/30 2.75             | CUSIP: 59523UAR8<br>LEI: 549300FXWGE3QSYCUJ38 | Long             | DBT              | CORP              | US        |    3000000 | PA      | $2824212.51   | 0.06%             | 2030-03-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL MA0736 FN 05/41 FIXED 5                          | CUSIP: 31417YZA8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      11156 | PA      | $11430.91     | 0.00%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD ILS BOUGHT USD 20251113                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IL        |          1 | NC      | $-67189.24    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SUN COMMUNITIES OPERATING LIMITED PARTNERSHIP                                    | SUN COMMUNITIES OPER LP COMPANY GUAR 04/32 4.2             | CUSIP: 866677AH0<br>LEI: 549300PUNBPJCGT6X741 | Long             | DBT              | CORP              | US        |   16000000 | PA      | $15512279.20  | 0.34%             | 2032-04-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL MA3211 FN 12/47 FIXED 4                          | CUSIP: 31418CR97<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     695304 | PA      | $670290.57    | 0.01%             | 2047-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INVESTINDUSTRIAL VIII SCSP                                                       | PRJCT ALFA INVSTINDUSTRAL VIII 2025 EUR TERM LOAN 2        | CUSIP: BA000GNP1<br>LEI: 213800KUK2RJHCSU9551 | Long             | LON              | CORP              | GB        |     945000 | PA      | $1109477.88   | 0.02%             | 2026-02-27      | Floating      | 4.12%                 | Yes           |                  3 | On Loan: No      |
| N/A                                                                              | SOLD ZAR BOUGHT USD 20251120                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ZA        |          1 | NC      | $-7643.53     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| STRUCTURED ADJUSTABLE RT MTG LN 2004-20                                          | STRUCTURED ADJUSTABLE RATE MOR SARM 2004 20 3A1            | CUSIP: 863579HD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     156045 | PA      | $154835.87    | 0.00%             | 2035-01-25      | Floating      | 3.93%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT ZAR SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ZA        |          1 | NC      | $103.19       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ORACLE CORPORATION                                                               | ORACLE CORP SR UNSECURED 08/28 4.8                         | CUSIP: 68389XCY9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    4000000 | PA      | $4067872.28   | 0.09%             | 2028-08-03      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD EUR BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $-2082.90     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| COUNTRYWIDE ALT LN TRUST 2005-1CB                                                | COUNTRYWIDE ALTERNATIVE LOAN T CWALT 2005 1CB 3A1          | CUSIP: 12667F2Y0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    7031658 | PA      | $5557631.44   | 0.12%             | 2035-03-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| STRUCTURED ASSEET MTGE INV INC 2002-AR3                                          | STRUCTURED ASSET MORTGAGE INVE SAMI 2002 AR3 A1            | CUSIP: 86358HNX3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       2059 | PA      | $1968.03      | 0.00%             | 2032-09-19      | Floating      | 4.91%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL A68998 FG 11/37 FIXED 6                  | CUSIP: 3128L07K2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      19191 | PA      | $20258.27     | 0.00%             | 2037-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CONAGRA BRANDS INC                                                               | CONAGRA BRANDS INC SR UNSECURED 08/30 5                    | CUSIP: 205887CK6<br>LEI: 54930035UDEIH090K650 | Long             | DBT              | CORP              | US        |    1300000 | PA      | $1313398.28   | 0.03%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AI8996 FN 08/26 FIXED 3.5                        | CUSIP: 3138AN7J6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        416 | PA      | $414.04       | 0.00%             | 2026-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | IRS EUR 3.00000 03/18/26-30Y LCH                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | N/A       |          1 | NC      | $-383855.25   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL BA4766 FN 01/46 FIXED 4                          | CUSIP: 3140E9JL1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      20798 | PA      | $19955.29     | 0.00%             | 2046-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | IRS AUD 4.50000 03/20/24-10Y LCH                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | AU        |          1 | NC      | $238549.40    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT COMPANY LLC                                                    | FORD MOTOR CREDIT CO LLC SR UNSECURED 11/25 3.375          | CUSIP: 345397B28<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    6600000 | PA      | $6588117.62   | 0.15%             | 2025-11-13      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                                     | BROADCOM INC SR UNSECURED 07/27 5.05                       | CUSIP: 11135FBZ3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    8900000 | PA      | $9055421.59   | 0.20%             | 2027-07-12      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD EUR BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $89975.38     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD BRL BOUGHT USD 20260402                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $-32808.77    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL SD3195 FR 06/53 FIXED 5                  | CUSIP: 3132DQRQ1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    7444465 | PA      | $7504217.93   | 0.17%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NTT FINANCE CORPORATION                                                          | NTT FINANCE CORP SR UNSECURED 144A 07/30 VAR               | CUSIP: 62954WAT2<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |    1000000 | PA      | $1019446.93   | 0.02%             | 2030-07-16      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT IDR SOLD USD 20251015                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $-11493.30    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                                                             | ROYAL BANK OF CANADA ROYAL BANK OF CANADA                  | CUSIP: 78016HZT0<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    7200000 | PA      | $7286255.21   | 0.16%             | 2027-01-19      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL ZK6470 FR 02/29 FIXED 3.5                | CUSIP: 3131XAFK2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       2633 | PA      | $2601.71      | 0.00%             | 2029-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINANCIAL GROUP INC                                              | SUMITOMO MITSUI FINL GRP SR UNSECURED 09/28 1.902          | CUSIP: 86562MCG3<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |   17000000 | PA      | $15966904.73  | 0.35%             | 2028-09-17      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 776975 FN 04/34 FIXED 5.5                        | CUSIP: 31404SFQ3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      74334 | PA      | $75136.91     | 0.00%             | 2034-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| EAGLE FUNDING LUXCO SA RL                                                        | EAGLE FUNDING LUXCO SARL SR UNSECURED 144A 08/30 5.5       | CUSIP: 26951TAA8<br>LEI: 894500VDP08MVIZ6OA60 | Long             | DBT              | CORP              | LU        |   10700000 | PA      | $10869167.00  | 0.24%             | 2030-08-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 952645 FN 07/37 FIXED 6                          | CUSIP: 31413QZJ0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       6254 | PA      | $6504.58      | 0.00%             | 2037-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| COUNTRYWIDE ALTERNATIVE LN TR 2006-45T1                                          | COUNTRYWIDE ALTERNATIVE LOAN T CWALT 2006 45T1 1A16        | CUSIP: 02149JCB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5546442 | PA      | $2159044.46   | 0.05%             | 2037-02-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| OCTAGON INVESTMENT PARTNERS 39 LTD 2018-3A                                       | OCTAGON INVESTMENT PARTNERS 39 OCT39 2018 3A AR 144A       | CUSIP: 67592CAL0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    2663546 | PA      | $2665577.23   | 0.06%             | 2030-10-20      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL G04621 FG 05/35 FIXED 6                  | CUSIP: 3128M6PE2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       5539 | PA      | $5703.26      | 0.00%             | 2035-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT PLN SOLD USD 20251022                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | PL        |          1 | NC      | $-5816.23     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD EUR BOUGHT USD 20251104                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $242434.84    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT TRY SOLD USD 20251120                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |          1 | NC      | $18477.55     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT JPY SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |          1 | NC      | $133043.56    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | US TREASURY N/B 11/48 3.375                                | CUSIP: 912810SE9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   17700000 | PA      | $14223609.38  | 0.31%             | 2048-11-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES 2016-3 CLASS A PASS THROUGH TRUST                              | AMER AIRLINE 16 3 A PTT PASS THRU CE 04/30 3.25            | CUSIP: 023771S25<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2511147 | PA      | $2383197.19   | 0.05%             | 2030-04-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 941448 FN 07/37 FIXED 6                          | CUSIP: 31413CL56<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       1397 | PA      | $1454.08      | 0.00%             | 2037-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BEAR STEARNS ARM 2003-1                                                          | BEAR STEARNS ADJUSTABLE RATE M BSARM 2003 1 6A1            | CUSIP: 07384MTN2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      11114 | PA      | $11213.42     | 0.00%             | 2033-04-25      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| PRIME MORTGAGE TR 2006-CL1                                                       | PRIME MORTGAGE TRUST PRIME 2006 CL1 A1                     | CUSIP: 74161QAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     189879 | PA      | $189725.46    | 0.00%             | 2035-02-25      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT TRY SOLD USD 20251030                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |          1 | NC      | $205917.97    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD NOK BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | NO        |          1 | NC      | $-399.05      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 257132 FN 03/28 FIXED 5                          | CUSIP: 31371NSV8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      66901 | PA      | $67331.88     | 0.00%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD IDR BOUGHT USD 20251015                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $-8004.73     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NATIONAL GRID PLC                                                                | NATIONAL GRID PLC SR UNSECURED 06/28 5.602                 | CUSIP: 636274AD4<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | DBT              | CORP              | GB        |    3300000 | PA      | $3417965.56   | 0.08%             | 2028-06-12      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| BEAR STEARNS ALT-A TRUST 2005-7                                                  | BEAR STEARNS ALT A TRUST BALTA 2005 7 22A1                 | CUSIP: 07386HVS7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     331159 | PA      | $181077.24    | 0.00%             | 2035-09-25      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 910724 FN 03/37 FIXED 6                          | CUSIP: 31411KYV9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      16591 | PA      | $17325.01     | 0.00%             | 2037-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UMBS PASS THRU POOLS                                                             | FNMA TBA 30 YR 5.5 SINGLE FAMILY MORTGAGE                  | CUSIP: 01F0526B3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  203700000 | PA      | $205258720.55 | 4.53%             | 2054-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ROCKFORD TOWER CLO 2022-1 LTD                                                    | ROCKFORD TOWER CLO LTD ROCKT 2022 1A A1R 144A              | CUSIP: 77340JAL9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    7050000 | PA      | $7076948.48   | 0.16%             | 2035-07-20      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| GNMA PASS THRU POOLS                                                             | GNMA II POOL 008847 G2 04/26 FLOATING VAR                  | CUSIP: 36202KZL2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        465 | PA      | $465.36       | 0.00%             | 2026-04-20      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD NOK BOUGHT USD 20251104                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | NO        |          1 | NC      | $-4.73        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD ZAR BOUGHT USD 20251120                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ZA        |          1 | NC      | $-19802.95    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE & CO                                                             | JPMORGAN CHASE + CO SR UNSECURED 10/27 VAR                 | CUSIP: 46647PDW3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    8200000 | PA      | $8364521.11   | 0.18%             | 2027-10-22      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL SD7578 FR 04/55 FIXED 6                  | CUSIP: 3132DVM36<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    7226716 | PA      | $7512078.00   | 0.17%             | 2055-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AU7545 FN 10/28 FIXED 3                          | CUSIP: 3138X7L35<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       1726 | PA      | $1699.44      | 0.00%             | 2028-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MIZUHO FINANCIAL GROUP INC                                                       | MIZUHO FINANCIAL GROUP MIZUHO FINANCIAL GROUP              | CUSIP: 60687YDF3<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |    9300000 | PA      | $9630059.70   | 0.21%             | 2030-07-10      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL ZS8518 FR 02/29 FIXED 3.5                | CUSIP: 3132A9PB7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      15334 | PA      | $15198.12     | 0.00%             | 2029-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT DKK SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | DK        |          1 | NC      | $7812.12      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 725423 FN 05/34 FIXED VAR                        | CUSIP: 31402C4G4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     685494 | PA      | $704423.44    | 0.02%             | 2034-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE GLOBAL FUNDING                                                        | COREBRIDGE GLOB FUNDING COREBRIDGE GLOB FUNDING            | CUSIP: 00138CBB3<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |    1000000 | PA      | $1011509.53   | 0.02%             | 2027-08-20      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| STRUCTURED ASSET SEC CORP 2007-GEL2                                              | STRUCTURED ASSET SECURITIES CO SASC 2007 GEL2 A3 144A      | CUSIP: 86363MAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1983991 | PA      | $1953705.56   | 0.04%             | 2037-05-25      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                                                | HSBC HOLDINGS PLC SR UNSECURED 03/29 VAR                   | CUSIP: 404280EQ8<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    8000000 | PA      | $8117086.24   | 0.18%             | 2029-03-03      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| UMBS PASS THRU POOLS                                                             | FNMA TBA 30 YR 3 SINGLE FAMILY MORTGAGE                    | CUSIP: 01F0306B9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  200000000 | PA      | $175710548.00 | 3.88%             | 2055-11-13      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL FS8865 FN 02/35 FIXED VAR                        | CUSIP: 3140XQZ75<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    3215832 | PA      | $3113897.14   | 0.07%             | 2035-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GRAY OAK PIPELINE LLC                                                            | GRAY OAK PIPELINE LLC SR UNSECURED 144A 10/27 3.45         | CUSIP: 38937LAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   13300000 | PA      | $13116307.85  | 0.29%             | 2027-10-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | OIS CAD CAONREPO/3.0000 01/23/25-9Y* LCH                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | CA        |          1 | NC      | $-228448.45   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD TWD BOUGHT USD 20251215                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TW        |          1 | NC      | $5155.31      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ACE SECURITIES CORP 2007-HE2                                                     | ACE SECURITIES CORP. ACE 2007 HE2 A2A                      | CUSIP: 00443PAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1786075 | PA      | $945454.46    | 0.02%             | 2036-12-25      | Floating      | 4.51%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT INR SOLD USD 20251017                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IN        |          1 | NC      | $-27523.10    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BEAR STEARNS  STRUC PROD INC 2007-R6                                             | BEAR STEARNS STRUCTURED PRODUC BSSP 2007 R6 2A1            | CUSIP: 07402FAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     429625 | PA      | $343183.55    | 0.01%             | 2046-12-26      | Floating      | 3.96%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD EUR BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $25518.99     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 544860 FN 09/34 FLOATING VAR                     | CUSIP: 31385HJD5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       8749 | PA      | $8674.42      | 0.00%             | 2034-09-01      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT TRY SOLD USD 20251010                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |          1 | NC      | $2102.04      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 938440 FN 07/37 FIXED 6                          | CUSIP: 31412YBH4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      28371 | PA      | $29912.73     | 0.00%             | 2037-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT INR SOLD USD 20251017                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IN        |          1 | NC      | $-10110.07    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 829768 FN 08/35 FIXED 6                          | CUSIP: 31407FZ94<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      12070 | PA      | $12330.01     | 0.00%             | 2035-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| THORNBURG MORTGAGE SECURITIES TR 2007-1                                          | THORNBURG MORTGAGE SECURITIES TMST 2007 1 A2B              | CUSIP: 88522EAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     419467 | PA      | $296210.03    | 0.01%             | 2037-03-25      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| ALBA PLC 2007-1                                                                  | ALBA PLC ALBA 2007 1 A3 REGS                               | CUSIP: 995NAMII0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | GB        |    3998610 | PA      | $5324417.97   | 0.12%             | 2039-03-17      | Floating      | 4.26%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AO7195 FN 09/27 FIXED 3                          | CUSIP: 3138LX7H6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       2471 | PA      | $2442.67      | 0.00%             | 2027-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK NA                                                           | MORGAN STANLEY BANK NA SR UNSECURED 01/28 VAR              | CUSIP: 61690U7Z7<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |    9300000 | PA      | $9349719.47   | 0.21%             | 2028-01-14      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | COLOMBIA LA SP BPS                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              |  | US        |          1 | NC      | $3434.79      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 256125 FN 01/26 FIXED 5                          | CUSIP: 31371MPJ0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        493 | PA      | $491.72       | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RESIDENTIAL ASSET SECURITIZATION TRUST 2005-A11                                  | RESIDENTIAL ASSET SECURITIZATI RAST 2005 A11 1A1           | CUSIP: 45660LZW2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     773279 | PA      | $454747.20    | 0.01%             | 2035-10-25      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AB1585 FN 10/30 FIXED 4.5                        | CUSIP: 31416WXP2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      63175 | PA      | $63536.81     | 0.00%             | 2030-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY DIRECT LENDING FUND                                               | MORGAN STANLEY DIRECT SR UNSECURED 02/27 4.5               | CUSIP: 61774AAD5<br>LEI: 549300QEX22T2J8IB029 | Long             | DBT              | CORP              | US        |   15000000 | PA      | $14982735.00  | 0.33%             | 2027-02-11      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT IDR SOLD USD 20251015                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $-25406.68    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 901132 FN 09/36 FIXED 6                          | CUSIP: 31410YED2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        670 | PA      | $698.41       | 0.00%             | 2036-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SAXON ASSET SECURITIES TRUST 2006-3                                              | SAXON ASSET SECURITIES TRUST SAST 2006 3 A3                | CUSIP: 80556AAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1794401 | PA      | $1766943.06   | 0.04%             | 2046-10-25      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CALIFORNIA EDISON COMPANY                                               | SOUTHERN CAL EDISON 1ST MORTGAGE 03/30 5.25                | CUSIP: 842400JJ3<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    4300000 | PA      | $4386126.76   | 0.10%             | 2030-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CMO PLACEHOLDER                                                                  | PROJECT NOVA TERM LOAN                                     | CUSIP: BA000QBV9<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |    1000000 | PA      | $1000000.00   | 0.02%             | 2026-08-31      | Floating      | 7.25%                 | No            |                  3 | On Loan: No      |
| BLUE OWL FINANCE LLC                                                             | BLUE OWL FINANCE LLC COMPANY GUAR 06/31 3.125              | CUSIP: 09581JAR7<br>LEI: 254900OF2NO2GYFV5T41 | Long             | DBT              | CORP              | US        |    8100000 | PA      | $7380286.33   | 0.16%             | 2031-06-10      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG/NEW YORK BRANCH                                                 | DEUTSCHE BANK NY 09/31 VAR                                 | CUSIP: 251526CD9<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   10800000 | PA      | $10240517.45  | 0.23%             | 2031-09-18      | Floating      | 3.55%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL CB4820 FN 10/52 FIXED 4.5                        | CUSIP: 3140QQLA1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    4050518 | PA      | $3948802.49   | 0.09%             | 2052-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 720087 FN 07/33 FIXED 5.5                        | CUSIP: 31401V6Y2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        793 | PA      | $802.21       | 0.00%             | 2033-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD PEN BOUGHT USD 20251031                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | PE        |          1 | NC      | $-2000.56     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UNITED KINGDOM GOVT                                                              | UNITED KINGDOM GILT BONDS REGS 10/61 0.5                   | CUSIP: BMBL1DII5<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |    1700000 | PA      | $559236.10    | 0.01%             | 2061-10-22      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD BRL BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $-49360.26    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT BRL SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $7321.28      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT BRL SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $1513.29      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BENCHMARK MORTGAGE TRUST  2022-B33                                               | BENCHMARK MORTGAGE TRUST BMARK 2022 B33 A5                 | CUSIP: 08163PBG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   15000000 | PA      | $13902489.00  | 0.31%             | 2055-03-15      | Fixed         | 3.46%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT BRL SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $89487.16     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | 317UAEOA3 PIMCO SWAPTION 3.625 PUT USD 2025101             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |   -6200000 | NC      | $-37814.42    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 255411 FN 10/34 FIXED 5.5                        | CUSIP: 31371LVC0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      58900 | PA      | $60456.62     | 0.00%             | 2034-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CFCRE COMMERCIAL MORTGAGE TRUST 2016-C7                                          | CFCRE COMMERCIAL MORTGAGE TRUS CFCRE 2016 C7 ASB           | CUSIP: 12532BAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1488964 | PA      | $1480762.16   | 0.03%             | 2054-12-10      | Fixed         | 3.64%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD BRL BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $-2343.03     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PERU GOVT                                                                        | BONOS DE TESORERIA SR UNSECURED 144A REGS 08/35 6          | CUSIP: ACI2XSL83<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    9950000 | PA      | $3030952.18   | 0.07%             | 2035-08-12      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL A68937 FG 11/37 FIXED 6                  | CUSIP: 3128L04W9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       4301 | PA      | $4496.68      | 0.00%             | 2037-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AH2666 FN 01/26 FIXED 4                          | CUSIP: 3138A36C6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |         45 | PA      | $44.76        | 0.00%             | 2026-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | EURO-BOBL FUTURE  DEC25 XEUR 20251208                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | DE        |         21 | NC      | $798.66       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                              | PEMEX LCDS SP DUB                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              |  | US        |          1 | NC      | $33931.13     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| DAIMLER TRUCK FINANCE NORTH AMERICA LLC                                          | DAIMLER TRUCK FINAN NA DAIMLER TRUCK FINAN NA              | CUSIP: 233853AV2<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |    3700000 | PA      | $3739880.67   | 0.08%             | 2027-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD GBP BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | GB        |          1 | NC      | $279596.25    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JP MORGAN MTGE ACQUIS CORP 2006-WMC3                                             | JP MORGAN MORTGAGE ACQUISITION JPMAC 2006 WMC3 A5          | CUSIP: 46629KAF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     922949 | PA      | $697437.36    | 0.02%             | 2036-08-25      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD SGD BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | SG        |          1 | NC      | $3246.79      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD CNH BOUGHT USD 20251016                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CN        |          1 | NC      | $8832.69      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FREDDIE MAC MTG 2142                                                             | FREDDIE MAC FHR 2142 Z                                     | CUSIP: 3133TKDP2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       3593 | PA      | $3623.52      | 0.00%             | 2029-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BEAR STEARNS ADJUSTABLE RATE MORTGAGE TRUST 2004-10                              | BEAR STEARNS ADJUSTABLE RATE M BSARM 2004 10 22A1          | CUSIP: 07384M4J8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      71989 | PA      | $64602.36     | 0.00%             | 2035-01-25      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | RFR USD SOFR/3.84200 03/04/25-5Y LCH                       | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |          1 | NC      | $-99123.41    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NEW CENTURY HOME EQUITY LOAN TR 2004-1                                           | NEW CENTURY HOME EQUITY LOAN T NCHET 2004 1 M1             | CUSIP: 64352VFQ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6609307 | PA      | $6844405.06   | 0.15%             | 2034-05-25      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD NOK BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | NO        |          1 | NC      | $-8000.47     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2017-H10                                | GOVERNMENT NATIONAL MORTGAGE A GNR 2017 H10 FB             | CUSIP: 38375UZZ6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    3329879 | PA      | $3376116.40   | 0.07%             | 2067-04-20      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT ILS SOLD USD 20251113                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IL        |          1 | NC      | $1483.07      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 256022 FN 12/35 FIXED 5.5                        | CUSIP: 31371MLB1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      35545 | PA      | $37002.70     | 0.00%             | 2035-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS AND ELECTRIC COMPANY                                                 | PACIFIC GAS + ELECTRIC 1ST MORTGAGE 03/29 4.2              | CUSIP: 694308KB2<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |   11000000 | PA      | $10910015.27  | 0.24%             | 2029-03-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL MA2941 FN 03/32 FIXED 3.5                        | CUSIP: 31418CHT4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      10837 | PA      | $10715.25     | 0.00%             | 2032-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PFIZER INVESTMENT ENTERPRISES PTE LTD                                            | PFIZER INVESTMENT ENTER COMPANY GUAR 05/33 4.75            | CUSIP: 716973AE2<br>LEI: 5493000FQO8XF9C0RT95 | Long             | DBT              | CORP              | SG        |    1700000 | PA      | $1717974.39   | 0.04%             | 2033-05-19      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| RESIDENTIAL ASSET SECURITIES 2006-EMX2                                           | RESIDENTIAL ASSET SECURITIES C RASC 2006 EMX2 M1           | CUSIP: 75406AAD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1974082 | PA      | $1974391.43   | 0.04%             | 2036-02-25      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| KONA SPC LTD                                                                     | KONA SPC LTD COMPANY GUAR 144A 09/26 VAR                   | CUSIP: ACI3000D0<br>LEI: 254900UKS4SVVOMZWX26 | Long             | DBT              | CORP              | KY        |    2000000 | PA      | $2348101.33   | 0.05%             | 2026-09-15      | Floating      | 5.72%                 | No            |                  3 | On Loan: No      |
| BPCE SA                                                                          | BPCE SA BPCE SA                                            | CUSIP: 05571AAX3<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    3500000 | PA      | $3608155.18   | 0.08%             | 2029-05-30      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | COLOMBIA LA SP GST                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              |  | US        |          1 | NC      | $-440.33      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MASTR ADJUSTABLE RT MTGE TRUST 2004-7                                            | MASTR ADJUSTABLE RATE MORTGAGE MARM 2004 7 B1              | CUSIP: 576433QG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1568908 | PA      | $1187884.00   | 0.03%             | 2034-08-25      | Variable      | 5.36%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD JPY BOUGHT USD 20251104                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |          1 | NC      | $-133102.43   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FANNIE MAE 2007-42                                                               | FANNIE MAE FNR 2007 42 AF                                  | CUSIP: 31396VN53<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       8992 | PA      | $8840.32      | 0.00%             | 2037-05-25      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2022-H06                                | GOVERNMENT NATIONAL MORTGAGE A GNR 2022 H06 FL             | CUSIP: 38382YPL1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     347563 | PA      | $346712.69    | 0.01%             | 2072-01-20      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| EMORY UNIVERSITY                                                                 | EMORY UNIVERSITY UNSECURED 09/30 2.143                     | CUSIP: 29157TAD8<br>LEI: 95MD72NUUVZ3P8PQ6919 | Long             | DBT              | CORP              | US        |   12700000 | PA      | $11555928.88  | 0.26%             | 2030-09-01      | Fixed         | 2.14%                 | No            |                  2 | On Loan: No      |
| CROSS 2024-H2 MORTGAGE TRUST                                                     | CROSS MORTGAGE TRUST CROSS 2024 H2 A1 144A                 | CUSIP: 22757BAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4027548 | PA      | $4073452.18   | 0.09%             | 2069-04-25      | Fixed         | 6.09%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | IRS NZD 4.25000 12/21/22-5Y LCH                            | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | NZ        |          1 | NC      | $102263.84    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NIGERIA GOVT                                                                     | NIGERIA OMO BILL OMO260629                                 | CUSIP: 958ZIBII4<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        | 1688546000 | PA      | $992792.46    | 0.02%             | 2026-06-29      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| COUNTRYWIDE ALTERNATIVE LOAN TR 2006-OA3                                         | COUNTRYWIDE ALTERNATIVE LOAN T CWALT 2006 OA3 1A1          | CUSIP: 12668BB44<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     556188 | PA      | $480917.47    | 0.01%             | 2036-05-25      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD IDR BOUGHT USD 20251015                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $-6562.83     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD TWD BOUGHT USD 20251020                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TW        |          1 | NC      | $53010.39     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GNMA PASS THRU POOLS                                                             | GNMA II POOL 080329 G2 10/29 FLOATING VAR                  | CUSIP: 36225CLK0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       3605 | PA      | $3607.14      | 0.00%             | 2029-10-20      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL BX6086 FN 03/53 FIXED 5                          | CUSIP: 3140NAXQ1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     261874 | PA      | $261549.05    | 0.01%             | 2053-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 831811 FN 09/36 FIXED 6                          | CUSIP: 31407JDQ2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       4162 | PA      | $4387.72      | 0.00%             | 2036-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 900130 FN 09/36 FIXED 6                          | CUSIP: 31410XA71<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      15963 | PA      | $16755.41     | 0.00%             | 2036-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                                 | T MOBILE USA INC COMPANY GUAR 10/29 4.2                    | CUSIP: 87264ADL6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    8000000 | PA      | $7992207.52   | 0.18%             | 2029-10-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | OIS CAD CAONREPO/3.5000 03/28/24-8Y* LCH                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | CA        |          1 | NC      | $-1832108.36  | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| HCA INC                                                                          | HCA INC COMPANY GUAR 04/31 5.45                            | CUSIP: 404119CT4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    2300000 | PA      | $2391353.54   | 0.05%             | 2031-04-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CALIFORNIA EDISON COMPANY                                               | SOUTHERN CAL EDISON 1ST MORTGAGE 06/29 5.15                | CUSIP: 842400JC8<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    9200000 | PA      | $9362344.58   | 0.21%             | 2029-06-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| PROVINCE OF BRITISH COLUMBIA CANADA                                              | BRITISH COLUMBIA PROV OF UNSECURED 06/34 4.15              | CUSIP: 110709AK8<br>LEI: 54930058TO7MEKUHWL16 | Long             | DBT              | NUSS              | CA        |    3100000 | PA      | $2325733.45   | 0.05%             | 2034-06-18      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                                                                     | ING GROEP NV SR UNSECURED 144A 01/26 4.625                 | CUSIP: 45685NAA4<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    3700000 | PA      | $3702858.10   | 0.08%             | 2026-01-06      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| SALES TAX SECURITIZATION CORPORATION                                             | SALES TAX SECURITIZATION CORP STSGEN 01/31 FIXED 2.857     | CUSIP: 79467BDE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    5000000 | PA      | $4694072.50   | 0.10%             | 2031-01-01      | Fixed         | 2.86%                 | No            |                  2 | On Loan: No      |
| PROVINCE OF ONTARIO CANADA                                                       | ONTARIO (PROVINCE OF) SR UNSECURED 12/34 3.8               | CUSIP: 68333ZBG1<br>LEI: C7PVKCRGLG18EBQGZV36 | Long             | DBT              | NUSS              | CA        |    7500000 | PA      | $5462606.38   | 0.12%             | 2034-12-02      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL A67153 FG 10/37 FIXED 6                  | CUSIP: 3128KX5N7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      17450 | PA      | $18457.86     | 0.00%             | 2037-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AH1515 FN 12/30 FIXED 4                          | CUSIP: 3138A2VH9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      21946 | PA      | $21845.35     | 0.00%             | 2030-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AJ0309 FN 08/41 FIXED 4.5                        | CUSIP: 3138ARKX1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      46716 | PA      | $46624.02     | 0.00%             | 2041-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GNMA PASS THRU POOLS                                                             | GNMA II POOL 080428 G2 07/30 FLOATING VAR                  | CUSIP: 36225CPN0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        415 | PA      | $415.48       | 0.00%             | 2030-07-20      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AD0915 FN 12/38 FIXED VAR                        | CUSIP: 31418NAR1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      47218 | PA      | $48925.87     | 0.00%             | 2038-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                                                     | ENBRIDGE INC ENBRIDGE INC                                  | CUSIP: 29250NBW4<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    2900000 | PA      | $2951742.82   | 0.07%             | 2026-11-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS BANK USA/NEW YORK BRANCH                                           | GOLDMAN SACHS BANK USA SR UNSECURED 03/27 VAR              | CUSIP: 38151LAE0<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |    7700000 | PA      | $7718424.48   | 0.17%             | 2027-03-18      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| QUANTA SERVICES INC                                                              | QUANTA SERVICES INC SR UNSECURED 08/28 4.3                 | CUSIP: 74762EAM4<br>LEI: SHVRXXEACT60MMH07S24 | Long             | DBT              | CORP              | US        |    9800000 | PA      | $9849867.89   | 0.22%             | 2028-08-09      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD KRW BOUGHT USD 20251022                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | KR        |          1 | NC      | $17762.48     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT CHF SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CH        |          1 | NC      | $-3966.13     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2018-38                                 | GOVERNMENT NATIONAL MORTGAGE A GNR 2018 38 WF              | CUSIP: 38380V2S9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    2771311 | PA      | $2685708.32   | 0.06%             | 2043-10-20      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                                                      | BNP PARIBAS BNP PARIBAS                                    | CUSIP: 09659W2W3<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    8400000 | PA      | $8690120.29   | 0.19%             | 2030-05-20      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| JAPAN GOVT                                                                       | JAPAN (30 YEAR ISSUE) BONDS 06/55 2.8                      | CUSIP: ACI2YH5D3<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        | 1240000000 | PA      | $7946615.28   | 0.18%             | 2055-06-20      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| HARBORVIEW MORTGAGE LOAN TR 2005-4                                               | HARBORVIEW MORTGAGE LOAN TRUST HVMLT 2005 4 3A1            | CUSIP: 41161PMX8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     438040 | PA      | $326182.75    | 0.01%             | 2035-07-19      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| WAMU MTGE P/T CERT 2007-HY7                                                      | WAMU MORTGAGE PASS THROUGH CER WAMU 2007 HY7 4A2           | CUSIP: 93364FAM3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1824005 | PA      | $1664910.92   | 0.04%             | 2037-07-25      | Floating      | 4.66%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 256253 FN 05/26 FIXED 5                          | CUSIP: 31371MTJ6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        636 | PA      | $634.51       | 0.00%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT TRY SOLD USD 20251014                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |          1 | NC      | $4132.96      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT ILS SOLD USD 20251113                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IL        |          1 | NC      | $10456.77     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ALASKA AIRLINES 2020-1 CLASS A PASS THROUGH TRUST                                | ALASKA AIRLINES 2020 TR PASS THRU CE 144A 02/29 4.8        | CUSIP: 01166VAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    9277758 | PA      | $9299272.39   | 0.21%             | 2029-02-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT TRY SOLD USD 20251020                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |          1 | NC      | $1063.92      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GNMA PASS THRU POOLS                                                             | GNMA POOL 698772 GN 12/38 FIXED 6                          | CUSIP: 36296RJR9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       2954 | PA      | $3075.60      | 0.00%             | 2038-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                                                      | BANK OF AMERICA CORP SR UNSECURED 10/26 VAR                | CUSIP: 06051GJK6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    5700000 | PA      | $5689100.86   | 0.13%             | 2026-10-24      | Floating      | 1.20%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL MA0098 FN 06/29 FIXED 4                          | CUSIP: 31417YDC8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      15074 | PA      | $15001.33     | 0.00%             | 2029-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD TWD BOUGHT USD 20251215                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TW        |          1 | NC      | $-799.54      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD BRL BOUGHT USD 20260402                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $-1644.72     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| THAMES WATER SUPER SENIOR ISSUER PLC                                             | THAMES WATER SUPER SEN SR SECURED 144A 10/27 9.75          | CUSIP: ACI2YYK31<br>LEI: 635400LBEYCV7F4FC741 | Long             | DBT              | CORP              | GB        |      26847 | PA      | $40050.97     | 0.00%             | 2027-10-10      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| GNMA PASS THRU POOLS                                                             | GNMA II TBA 30 YR 4 JUMBOS                                 | CUSIP: 21H0406B4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   43600000 | PA      | $40993422.40  | 0.91%             | 2055-11-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 948602 FN 08/37 FIXED 6                          | CUSIP: 31413LKP3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      59665 | PA      | $61343.43     | 0.00%             | 2037-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD PEN BOUGHT USD 20260218                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | PE        |          1 | NC      | $-18079.08    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD BRL BOUGHT USD 20260402                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $-1661.39     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF NEW YORK MELLON CORP (BNY MELLON)                                        | BANK OF NY MELLON CORP BANK OF NY MELLON CORP              | CUSIP: 06406RBV8<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    9200000 | PA      | $9455617.77   | 0.21%             | 2030-03-14      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AE0115 FN 12/35 FIXED VAR                        | CUSIP: 31419ADV6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        995 | PA      | $1024.14      | 0.00%             | 2035-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 555417 FN 05/33 FIXED VAR                        | CUSIP: 31385XAS6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        203 | PA      | $209.51       | 0.00%             | 2033-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| THAMES WATER UTILITIES LIMITED                                                   | THAMES WATER UTIL LTD SR SECURED 144A 03/27 0.00000        | CUSIP: ACI2VX3Q4<br>LEI: 213800JKM5UQHFJOTZ25 | Long             | DBT              | CORP              | GB        |      16260 | PA      | $18916.01     | 0.00%             | 2027-03-22      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WAMU ASSET-BACKED CERTIFICATES 2007-HE1                                          | WAMU ASSET BACKED CERTIFICATES WMHE 2007 HE1 2A3           | CUSIP: 933631AD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2378603 | PA      | $1084883.23   | 0.02%             | 2037-01-25      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC REMICS 4989                                                          | FREDDIE MAC FHR 4989 FA                                    | CUSIP: 3137FUKP8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    2533265 | PA      | $2500654.50   | 0.06%             | 2040-08-15      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD JPY BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |          1 | NC      | $724.71       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SOUTH AFRICA GOVT                                                                | REPUBLIC OF SOUTH AFRICA SR UNSECURED 02/35 8.875          | CUSIP: BYY9RYII7<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |  459180000 | PA      | $26121678.69  | 0.58%             | 2035-02-28      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| WASHINGTON MUTUAL 2006-AR16                                                      | WAMU MORTGAGE PASS THROUGH CER WAMU 2006 AR16 3A3          | CUSIP: 92925GAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     114443 | PA      | $102725.32    | 0.00%             | 2036-12-25      | Floating      | 4.21%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT TRY SOLD USD 20251106                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |          1 | NC      | $3407.05      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MPLX LP                                                                          | MPLX LP SR UNSECURED 03/28 4                               | CUSIP: 55336VAR1<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    6900000 | PA      | $6869321.91   | 0.15%             | 2028-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD PEN BOUGHT USD 20251020                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | PE        |          1 | NC      | $-39.90       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 904700 FN 11/36 FIXED 6                          | CUSIP: 31411DDD8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      10255 | PA      | $10572.36     | 0.00%             | 2036-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD TWD BOUGHT USD 20251020                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TW        |          1 | NC      | $44174.13     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BEAR STEARNS ADJUSTABLE RATE MORTGAGE TRUST 2003-8                               | BEAR STEARNS ADJUSTABLE RATE M BSARM 2003 8 2A1            | CUSIP: 07384MZS4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      73938 | PA      | $70939.15     | 0.00%             | 2034-01-25      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 735227 FN 02/35 FIXED VAR                        | CUSIP: 31402QYY1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     132017 | PA      | $137102.62    | 0.00%             | 2035-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL SD8402 FR 02/54 FIXED 6                  | CUSIP: 3132DWKP7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      81397 | PA      | $83299.73     | 0.00%             | 2054-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | US TREASURY N/B 08/54 4.25                                 | CUSIP: 912810UC0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   13300000 | PA      | $12281718.75  | 0.27%             | 2054-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CREDIT BASED ASSET SRVC & SEC 2006-CB9                                           | CREDIT BASED ASSET SERVICING A CBASS 2006 CB9 A1           | CUSIP: 12465MAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     264417 | PA      | $120398.36    | 0.00%             | 2036-11-25      | Floating      | 4.39%                 | No            |                  2 | On Loan: No      |
| COUNTRYWIDE ALTERNATIVE LN TR 2006-OA12                                          | COUNTRYWIDE ALTERNATIVE LOAN T CWALT 2006 OA12 A1B         | CUSIP: 23243AAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     901156 | PA      | $930192.07    | 0.02%             | 2046-09-20      | Floating      | 4.44%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL G04479 FG 01/38 FIXED 6                  | CUSIP: 3128M6JY5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      33638 | PA      | $35577.57     | 0.00%             | 2038-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 835168 FN 08/35 FIXED 5.5                        | CUSIP: 31407MZ99<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      68798 | PA      | $71620.40     | 0.00%             | 2035-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | RFR USD SOFR/3.65517 03/01/24-4Y* LCH                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |          1 | NC      | $-247319.83   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD CHF BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CH        |          1 | NC      | $-835.97      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | RFR USD SOFR/3.7165* 03/01/24-9Y* LCH                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |          1 | NC      | $-190559.81   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| COUNTRYWIDE ASSET-BACKED CERT 2006-24                                            | COUNTRYWIDE ASSET BACKED CERTI CWL 2006 24 1A              | CUSIP: 23243HAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4924170 | PA      | $4466415.37   | 0.10%             | 2047-06-25      | Floating      | 4.55%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | RFR JPY MUTK/1.25000 06/18/25-7Y LCH                       | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | JP        |          1 | NC      | $52735.01     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA (VMED O2 UK FINANCING I PLC)                                        | VMED O2 UK FINANCING I SR SECURED 144A 04/32 5.625         | CUSIP: ACI2NJDT7<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |    2300000 | PA      | $2778456.15   | 0.06%             | 2032-04-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD TWD BOUGHT USD 20251020                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TW        |          1 | NC      | $19306.60     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BEAR STEARNS ASSET BACKED SECURITIES TRUST 2006-HE9                              | BEAR STEARNS ASSET BACKED SECU BSABS 2006 HE9 1A2          | CUSIP: 07389MAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2535317 | PA      | $2520648.98   | 0.06%             | 2036-11-25      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL FS2190 FN 06/52 FIXED VAR                        | CUSIP: 3140XHNG8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    1214018 | PA      | $1160572.42   | 0.03%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                                                               | BANCO SANTANDER SA BANCO SANTANDER SA                      | CUSIP: 05964HAX3<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    4400000 | PA      | $4508443.10   | 0.10%             | 2027-11-07      | Floating      | 6.53%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA (VMED O2 UK FINANCING I PLC)                                        | VMED O2 UK FINANCING I VMED O2 UK FINANCING I              | CUSIP: 92858RAD2<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |    1800000 | PA      | $1893398.40   | 0.04%             | 2032-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD KRW BOUGHT USD 20251022                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | KR        |          1 | NC      | $-15472.17    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD KRW BOUGHT USD 20251020                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | KR        |          1 | NC      | $-87.31       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 256436 FN 10/36 FIXED 6                          | CUSIP: 31371MY92<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      33453 | PA      | $35270.49     | 0.00%             | 2036-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD PEN BOUGHT USD 20251204                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | PE        |          1 | NC      | $-210154.25   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                                                      | BANK OF AMERICA CORP SR UNSECURED 07/28 VAR                | CUSIP: 06051GKW8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    3849000 | PA      | $3905021.19   | 0.09%             | 2028-07-22      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | IRS EUR 2.35000 04/29/25-5Y LCH                            | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | N/A       |          1 | NC      | $-1423.67     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL A56718 FG 01/37 FIXED 6                  | CUSIP: 3128KKPB9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     552776 | PA      | $583480.43    | 0.01%             | 2037-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA PASS THRU POOLS                                                             | GNMA POOL BO1562 GN 07/49 FIXED 4                          | CUSIP: 3617KGWX4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       5801 | PA      | $5499.13      | 0.00%             | 2049-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2016 H20                                | GOVERNMENT NATIONAL MORTGAGE A GNR 2016 H20 PT             | CUSIP: 38376RYV2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    4671633 | PA      | $4778126.14   | 0.11%             | 2066-09-20      | Variable      | 7.18%                 | No            |                  2 | On Loan: No      |
| GNMA PASS THRU POOLS                                                             | GNMA II TBA 30 YR 2 JUMBOS                                 | CUSIP: 21H0206B6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   15300000 | PA      | $12652124.47  | 0.28%             | 2055-11-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 254983 FN 12/33 FIXED 5.5                        | CUSIP: 31371LFY0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        502 | PA      | $514.55       | 0.00%             | 2033-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE SECURITIES CORP TRUST 2017-GPTX                                      | GS MORTGAGE SECURITIES TRUST GSMS 2017 GPTX A 144A         | CUSIP: 36257CAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    9079386 | PA      | $8009071.10   | 0.18%             | 2034-05-10      | Fixed         | 2.86%                 | No            |                  2 | On Loan: No      |
| STRUCTURED ADJ RATE MTGE LOAN 2005-21                                            | STRUCTURED ADJUSTABLE RATE MOR SARM 2005 21 7A1            | CUSIP: 863579C63<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3791154 | PA      | $2445245.24   | 0.05%             | 2035-11-25      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | US TREASURY N/B 05/43 3.875                                | CUSIP: 912810TS7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    4300000 | PA      | $3896203.13   | 0.09%             | 2043-05-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                                                                    | BOEING CO SR UNSECURED 02/26 2.75                          | CUSIP: 097023DA0<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   15500000 | PA      | $15413425.84  | 0.34%             | 2026-02-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT PLN SOLD USD 20251022                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | PL        |          1 | NC      | $3605.31      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| VENTURE XXVII CLO LTD 2017-27A                                                   | VENTURE CDO LTD VENTR 2017 27A AR 144A                     | CUSIP: 92331LBC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    2590821 | PA      | $2592243.81   | 0.06%             | 2030-07-20      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL CB3918 FN 06/52 FIXED 4.5                        | CUSIP: 3140QPK89<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     302435 | PA      | $295467.37    | 0.01%             | 2052-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD NOK BOUGHT USD 20251104                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | NO        |          1 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WACHOVIA MTGE LOAN TRUST 2006-A                                                  | WACHOVIA MORTGAGE LOAN TRUST, WMLT 2006 A 2A1              | CUSIP: 92977TAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      52744 | PA      | $51537.79     | 0.00%             | 2036-05-20      | Floating      | 6.99%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 735635 FN 06/35 FIXED VAR                        | CUSIP: 31402RHL6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      28043 | PA      | $29082.77     | 0.00%             | 2035-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                                         | AT+T INC SR UNSECURED 05/35 4.5                            | CUSIP: 00206RCP5<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   15550000 | PA      | $15030686.76  | 0.33%             | 2035-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | US 2YR NOTE (CBT) DEC25 XCBT 20251231                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |         91 | NC      | $30815.87     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ENTERPRISE FLEET FINANCING 2024-2 LLC                                            | ENTERPRISE FLEET FINANCING LLC EFF 2024 2 A2 144A          | CUSIP: 29375RAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4725079 | PA      | $4748657.65   | 0.10%             | 2026-12-20      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| CIGNA GROUP/THE                                                                  | CIGNA GROUP/THE CIGNA GROUP/THE                            | CUSIP: 125523CT5<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    7500000 | PA      | $7696902.68   | 0.17%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT INR SOLD USD 20251017                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IN        |          1 | NC      | $-7092.78     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | US 10YR FUT OPTN  NOV25P 111.5 EXP 10/24/2025              | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |       -215 | NC      | $-43671.88    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| HA SUSTAINABLE INFRASTRUCTURE CAPITAL INC                                        | HA SUSTAINABLE INF CAP COMPANY GUAR 01/31 6.15             | CUSIP: 40408AAA9<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | DBT              | CORP              | US        |    8100000 | PA      | $8324225.98   | 0.18%             | 2031-01-15      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | RFR USD SOFR/3.50000 06/20/24-30Y LCH                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |          1 | NC      | $8829719.97   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT GBP SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | GB        |          1 | NC      | $-3139.10     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2005-S3                                                 | JP MORGAN MORTGAGE TRUST JPMMT 2005 S3 1A2                 | CUSIP: 466247ZP1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     312557 | PA      | $132150.77    | 0.00%             | 2036-01-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD INR BOUGHT USD 20251017                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IN        |          1 | NC      | $1524.95      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL C62771 FG 01/32 FIXED 7.5                | CUSIP: 31287NCG1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       1898 | PA      | $1952.75      | 0.00%             | 2032-01-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL SD8494 FR 01/55 FIXED 5.5                | CUSIP: 3132DWNK5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   15803459 | PA      | $15948270.85  | 0.35%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL RA7130 FR 04/52 FIXED 3                  | CUSIP: 3133KN4P5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    9503419 | PA      | $8364109.25   | 0.18%             | 2052-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT COMPANY LLC                                                    | FORD MOTOR CREDIT CO LLC SR UNSECURED 03/28 5.918          | CUSIP: 345397G72<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    1300000 | PA      | $1322520.20   | 0.03%             | 2028-03-20      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANK PLC                                                                  | LLOYDS BANK PLC SR UNSECURED REGS 04/32 VAR                | CUSIP: ACI14DZD4<br>LEI: H7FNTJ4851HG0EXQ1Z70 | Long             | DBT              | CORP              | GB        |   14200000 | PA      | $10560618.10  | 0.23%             | 2032-04-02      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD IDR BOUGHT USD 20251015                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $-290.21      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TOYOTA AUTO LOAN EXTENDED NOTE TRUST 2023-1A                                     | TOYOTA AUTO LOAN EXTENDED NOTE TALNT 2023 1A A 144A        | CUSIP: 89231WAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4600000 | PA      | $4711779.08   | 0.10%             | 2036-06-25      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | RFR USD SOFR/3.80662 04/02/25-30Y* LCH                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |          1 | NC      | $53207.55     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD SGD BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | SG        |          1 | NC      | $42.25        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD CNH BOUGHT USD 20251016                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CN        |          1 | NC      | $2650.08      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | RFR USD SOFR/3.72186 03/01/24-7Y* LCH                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |          1 | NC      | $-27138.87    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AB8601 FN 03/28 FIXED 3                          | CUSIP: 31417FRX8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       8186 | PA      | $8079.00      | 0.00%             | 2028-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD ZAR BOUGHT USD 20251120                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ZA        |          1 | NC      | $-3112.15     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 848220 FN 11/35 FIXED 5.5                        | CUSIP: 31408DK94<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      18108 | PA      | $18851.11     | 0.00%             | 2035-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT TRY SOLD USD 20251203                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |          1 | NC      | $7413.29      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD PEN BOUGHT USD 20251022                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | PE        |          1 | NC      | $-1947.50     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CROWN CASTLE INTERNATIONAL CORP (CCI)                                            | CROWN CASTLE INC SR UNSECURED 04/31 2.1                    | CUSIP: 22822VAW1<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    6200000 | PA      | $5430749.63   | 0.12%             | 2031-04-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINANCIAL GROUP INC                                              | SUMITOMO MITSUI FINL GRP SUMITOMO MITSUI FINL GRP          | CUSIP: 86562MDL1<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    6700000 | PA      | $6776475.27   | 0.15%             | 2029-07-09      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | ZCS BRL 13 08/13/25-01/02/29 CME                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | BR        |          1 | NC      | $34140.29     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                            | WELLS FARGO + COMPANY SR UNSECURED 07/28 VAR               | CUSIP: 95000U3A9<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    7100000 | PA      | $7185392.48   | 0.16%             | 2028-07-25      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL ZA5490 FR 06/48 FIXED 3.5                | CUSIP: 31329PC35<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    1161169 | PA      | $1080222.28   | 0.02%             | 2048-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 932840 FN 12/25 FIXED 3.5                        | CUSIP: 31412RLV7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        235 | PA      | $234.04       | 0.00%             | 2025-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| RESIDENTIAL ACCREDIT LOANS INC 2006-QS12                                         | RESIDENTIAL ACCREDIT LOANS, IN RALI 2006 QS12 1A1          | CUSIP: 751151AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3325199 | PA      | $1375544.12   | 0.03%             | 2036-09-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL ZK2981 FR 02/26 FIXED 3.5                | CUSIP: 3131X6J27<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       1085 | PA      | $1080.64      | 0.00%             | 2026-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL ZK3379 FR 06/26 FIXED 3.5                | CUSIP: 3131X6XG0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       1461 | PA      | $1453.08      | 0.00%             | 2026-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | US TREASURY N/B 11/50 1.625                                | CUSIP: 912810SS8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    6800000 | PA      | $3650484.39   | 0.08%             | 2050-11-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT BRL SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $18035.49     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD ZAR BOUGHT USD 20251120                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ZA        |          1 | NC      | $-14242.36    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA (EDF)                                                   | ELECTRICITE DE FRANCE SA SR UNSECURED 144A 04/64 6         | CUSIP: 268317BB9<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    3400000 | PA      | $3365574.63   | 0.07%             | 2064-04-22      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL FM3340 FN 05/35 FIXED VAR                        | CUSIP: 3140X6WA5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       5452 | PA      | $5364.32      | 0.00%             | 2035-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 889982 FN 11/38 FIXED VAR                        | CUSIP: 31410KXK5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     187530 | PA      | $194697.43    | 0.00%             | 2038-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NATIONWIDE BUILDING SOCIETY                                                      | NATIONWIDE BLDG SOCIETY 144A 10/27 VAR                     | CUSIP: 63861VAJ6<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |    8800000 | PA      | $9001593.22   | 0.20%             | 2027-10-18      | Floating      | 6.56%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE CORPORATION                                              | NISSAN MOTOR ACCEPTANCE SR UNSECURED 144A 09/26 1.85       | CUSIP: 65480CAC9<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |   17000000 | PA      | $16400177.10  | 0.36%             | 2026-09-16      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | 317UABCA2 PIMCO SWAPTION 3.806 PUT USD 2025100             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |   -8800000 | NC      | $-2382.16     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL MA0733 FN 05/26 FIXED 3.5                        | CUSIP: 31417YY76<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       8144 | PA      | $8105.73      | 0.00%             | 2026-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB COMPANY                                                     | BRISTOL MYERS SQUIBB CO BRISTOL MYERS SQUIBB CO            | CUSIP: 110122EF1<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    3400000 | PA      | $3491981.93   | 0.08%             | 2029-02-22      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FINANCE AUTHORITY                                             | TOBACCO SETTLEMENT FIN AUTH WV TOBGEN 06/32 FIXED 3.151    | CUSIP: 88880LAP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    7095000 | PA      | $6383495.66   | 0.14%             | 2032-06-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL A78008 FG 06/38 FIXED 6                  | CUSIP: 3128LB3R7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       6588 | PA      | $6947.67      | 0.00%             | 2038-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD KRW BOUGHT USD 20251020                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | KR        |          1 | NC      | $8201.13      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD NOK BOUGHT USD 20251104                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | NO        |          1 | NC      | $6.83         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| RESIDENTIAL FUNDING MTGE SEC 2007-S6                                             | RESIDENTIAL FUNDING MTG SEC I RFMSI 2007 S6 1A11           | CUSIP: 762009AL2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1057190 | PA      | $844660.03    | 0.02%             | 2037-06-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT IDR SOLD USD 20251008                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $1250.28      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 798819 FN 12/34 FIXED 5.5                        | CUSIP: 31405TPC0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       7258 | PA      | $7322.01      | 0.00%             | 2034-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CSAIL COMMERCIAL MORTGAGE TRUST 2019-C18                                         | CSAIL COMMERCIAL MORTGAGE TRUS CSAIL 2019 C18 A4           | CUSIP: 12597DAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    7446000 | PA      | $7007305.51   | 0.15%             | 2052-12-15      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 888795 FN 11/36 FIXED VAR                        | CUSIP: 31410GNL3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      52476 | PA      | $54628.43     | 0.00%             | 2036-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | OIS MXN TIIE1/7.75000 04/07/25-5Y* CME                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | MX        |          1 | NC      | $67136.79     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                                                | NATWEST GROUP PLC SR UNSECURED 03/35 VAR                   | CUSIP: 639057AN8<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    8500000 | PA      | $8966829.78   | 0.20%             | 2035-03-01      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC 2241                                                                 | FREDDIE MAC FHR 2241 PH                                    | CUSIP: 3133TPF87<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        716 | PA      | $747.22       | 0.00%             | 2030-07-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | 317UACKA1 PIMCO SWAPTION 3.398 CALL USD 202510             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |   -5800000 | NC      | $-211.12      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BEAR STEARNS ASSETBACK SEC 2006-HE7                                              | BEAR STEARNS ASSET BACKED SECU BSABS 2006 HE7 2A2          | CUSIP: 07388HAP4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     385668 | PA      | $375132.00    | 0.01%             | 2036-08-25      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE & CO                                                             | JPMORGAN CHASE + CO SR UNSECURED 04/27 VAR                 | CUSIP: 46647PCB0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   17000000 | PA      | $16758572.12  | 0.37%             | 2027-04-22      | Floating      | 1.58%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                                                         | LLOYDS BANKING GROUP PLC SR UNSECURED 08/27 VAR            | CUSIP: 539439AY5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    3700000 | PA      | $3753469.37   | 0.08%             | 2027-08-07      | Floating      | 5.99%                 | No            |                  2 | On Loan: No      |
| DATABRICKS INC                                                                   | DATABRICKS INC DELAYED DRAW TERM LOAN                      | CUSIP: BA000D1C1<br>LEI: 984500FEDAC7FBD96273 | Long             | LON              | CORP              | US        |     429630 | PA      | $429630.42    | 0.01%             | 2031-01-03      | Floating      | 1.00%                 | No            |                  3 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 745516 FN 05/36 FIXED VAR                        | CUSIP: 31403DGZ6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      42824 | PA      | $44580.71     | 0.00%             | 2036-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GNMA PASS THRU POOLS                                                             | GNMA II TBA 30 YR 6 JUMBOS                                 | CUSIP: 21H0606B2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   32060000 | PA      | $32607959.58  | 0.72%             | 2054-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SANDERS RE III LTD                                                               | SANDERS RE III LTD UNSECURED 144A 04/29 VAR                | CUSIP: 80000XAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   10000000 | PA      | $6250000.00   | 0.14%             | 2029-04-09      | Floating      | 16.28%                | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | TSY INFL IX N/B 02/45 0.75                                 | CUSIP: 912810RL4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   27435800 | PA      | $20479082.80  | 0.45%             | 2045-02-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | ZCS BRL 11.54841 06/13/24-01/04/27 CME                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | BR        |          1 | NC      | $-1459000.21  | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD EUR BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $-874523.37   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                   | MORGAN STANLEY SR UNSECURED 07/29 VAR                      | CUSIP: 61747YFF7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    9200000 | PA      | $9507678.91   | 0.21%             | 2029-07-20      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL BK3851 FN 04/48 FIXED 4                          | CUSIP: 3140HHH57<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     237299 | PA      | $227868.23    | 0.01%             | 2048-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT BRL SOLD USD 20251202                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $45778.48     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| COOPERATIEVE RABOBANK UA (AKA: RABOBANK NEDERLAND)                               | COOPERATIEVE RABOBANK UA SR UNSECURED 144A 02/27 VAR       | CUSIP: 74977RDK7<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    8000000 | PA      | $7898127.52   | 0.17%             | 2027-02-24      | Floating      | 1.11%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL CB6241 FN 05/53 FIXED 4.5                        | CUSIP: 3140QR5B5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    2202714 | PA      | $2149842.43   | 0.05%             | 2053-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT TRY SOLD USD 20251027                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |          1 | NC      | $2133.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GNMA PASS THRU POOLS                                                             | GNMA POOL CL6189 GN 03/52 FIXED 4                          | CUSIP: 3617YD2W1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     791217 | PA      | $750083.98    | 0.02%             | 2052-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT INR SOLD USD 20251119                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IN        |          1 | NC      | $-5932.08     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL MA0563 FN 11/30 FIXED 4                          | CUSIP: 31417YTV9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       1547 | PA      | $1540.27      | 0.00%             | 2030-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AL0578 FN 08/26 FIXED VAR                        | CUSIP: 3138EGUC6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       1978 | PA      | $1968.32      | 0.00%             | 2026-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| WARWICK FINANCE RESIDENTIAL MORTGAGES 3A                                         | WARWICK FINANCE RESIDENTIAL MO WARW 3A E 144A              | CUSIP: ACI0Y9JP3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | GB        |     674000 | PA      | $896672.45    | 0.02%             | 2049-12-21      | Floating      | 7.12%                 | No            |                  2 | On Loan: No      |
| NATWEST MARKETS PLC                                                              | NATWEST MARKETS PLC SR UNSECURED 144A 03/30 5.022          | CUSIP: 63906YAP3<br>LEI: RR3QWICWWIPCS8A4S074 | Long             | DBT              | CORP              | GB        |    6900000 | PA      | $7089065.59   | 0.16%             | 2030-03-21      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | COLOMBIA LA SP CBK                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              |  | US        |          1 | NC      | $9165.34      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL MA0818 FN 08/31 FIXED 4                          | CUSIP: 31417Y4C8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      10474 | PA      | $10423.60     | 0.00%             | 2031-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT EUR SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $5365.01      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD IDR BOUGHT USD 20251015                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $-1413.14     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL A81618 FG 09/38 FIXED 6                  | CUSIP: 312927YP5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      17640 | PA      | $18538.97     | 0.00%             | 2038-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD BRL BOUGHT USD 20260402                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $-1050.27     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 883947 FN 06/36 FIXED 6                          | CUSIP: 31410BBQ6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       1243 | PA      | $1293.51      | 0.00%             | 2036-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | US TREASURY N/B 08/45 4.875                                | CUSIP: 912810UN6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   30800000 | PA      | $31490593.90  | 0.70%             | 2045-08-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| WAMU ASSET-BACKED CERTIFICATES 2007-HE2                                          | WAMU ASSET BACKED CERTIFICATES WMHE 2007 HE2 2A3           | CUSIP: 92926SAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4658890 | PA      | $1690671.22   | 0.04%             | 2037-04-25      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| CENTENE CORPORATION                                                              | CENTENE CORP SR UNSECURED 10/30 3                          | CUSIP: 15135BAW1<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |    6400000 | PA      | $5722639.10   | 0.13%             | 2030-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT NZD SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | NZ        |          1 | NC      | $8330.43      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD JPY BOUGHT USD 20251104                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |          1 | NC      | $-3492.21     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OMEGA HEALTHCARE INVESTORS INC                                                   | OMEGA HLTHCARE INVESTORS COMPANY GUAR 02/31 3.375          | CUSIP: 681936BM1<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | DBT              | CORP              | US        |   12000000 | PA      | $11142501.00  | 0.25%             | 2031-02-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| HARBORVIEW MORTGAGE LOAN TRUST 2005-12                                           | HARBORVIEW MORTGAGE LOAN TRUST HVMLT 2005 12 2A12          | CUSIP: 41161PVK6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1191043 | PA      | $857832.04    | 0.02%             | 2035-10-19      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL MA3058 FN 07/47 FIXED 4                          | CUSIP: 31418CMG6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       7055 | PA      | $6725.51      | 0.00%             | 2047-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | TSY INFL IX N/B 02/50 0.25                                 | CUSIP: 912810SM1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   13821170 | PA      | $8185596.92   | 0.18%             | 2050-02-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 990649 FN 09/38 FIXED 6                          | CUSIP: 31415VQA6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     509155 | PA      | $536842.18    | 0.01%             | 2038-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT CAD SOLD USD 20251104                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CA        |          1 | NC      | $129.49       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NELNET STUDENT LOAN TRUST 2025-CA                                                | NELNET STUDENT LOAN TRUST NSLT 2025 CA A1B 144A            | CUSIP: 64035UAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4700000 | PA      | $4706709.25   | 0.10%             | 2065-06-22      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 357944 FN 09/35 FIXED 6                          | CUSIP: 31376KS98<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       7725 | PA      | $8095.11      | 0.00%             | 2035-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2016-H14                                | GOVERNMENT NATIONAL MORTGAGE A GNR 2016 H14 FA             | CUSIP: 38376RVV5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     917129 | PA      | $919611.27    | 0.02%             | 2066-06-20      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | ZCS BRL 13.3537 05/12/25-01/02/29 CME                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | BR        |          1 | NC      | $1004.56      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL C91273 FG 10/29 FIXED 4                  | CUSIP: 3128P7MW0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      41219 | PA      | $41182.01     | 0.00%             | 2029-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT BRL SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $24548.01     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | US TREASURY N/B 11/54 4.5                                  | CUSIP: 912810UE6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    6100000 | PA      | $5875062.50   | 0.13%             | 2054-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS AND ELECTRIC COMPANY                                                 | PACIFIC GAS + ELECTRIC 1ST MORTGAGE 08/40 3.3              | CUSIP: 694308JH1<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    4300000 | PA      | $3261241.35   | 0.07%             | 2040-08-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 994126 FN 11/38 FIXED 5.5                        | CUSIP: 31416ALF5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       1890 | PA      | $1953.31      | 0.00%             | 2038-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AC0793 FN 10/39 FIXED 4.5                        | CUSIP: 31417J3B4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      55903 | PA      | $55994.15     | 0.00%             | 2039-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 983471 FN 05/38 FIXED 5.5                        | CUSIP: 31415LQY6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       6542 | PA      | $6761.52      | 0.00%             | 2038-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT ILS SOLD USD 20251015                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IL        |          1 | NC      | $8546.51      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 942569 FN 08/37 FIXED 6                          | CUSIP: 31413DT23<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       2133 | PA      | $2232.71      | 0.00%             | 2037-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP MTGE LOAN TRUST INC 2005-2                                             | CITIGROUP MORTGAGE LOAN TRUST CMLTI 2005 2 1A4             | CUSIP: 17307GRE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     107434 | PA      | $103646.09    | 0.00%             | 2035-05-25      | Floating      | 4.47%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO BANK NA                                                              | WELLS FARGO BANK NA SR UNSECURED 12/26 VAR                 | CUSIP: 94988J6G7<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |    9100000 | PA      | $9174462.75   | 0.20%             | 2026-12-11      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 255111 FN 03/34 FIXED 5.5                        | CUSIP: 31371LKY4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       1160 | PA      | $1189.90      | 0.00%             | 2034-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NTT FINANCE CORPORATION                                                          | NTT FINANCE CORP SR UNSECURED 144A 07/28 4.62              | CUSIP: 62954WAQ8<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |     400000 | PA      | $404019.80    | 0.01%             | 2028-07-16      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| GNMA PASS THRU POOLS                                                             | GNMA POOL BS5196 GN 01/50 FIXED 4                          | CUSIP: 3617MFXZ8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     452658 | PA      | $429132.83    | 0.01%             | 2050-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL MA0720 FN 04/31 FIXED 5                          | CUSIP: 31417YYS0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      33990 | PA      | $34537.01     | 0.00%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT PEN SOLD USD 20251217                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | PE        |          1 | NC      | $6813.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL ZK2605 FR 10/25 FIXED 3.5                | CUSIP: 3131X53N0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        238 | PA      | $237.62       | 0.00%             | 2025-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AUSTRALIA GOVT                                                                   | AUSTRALIAN GOVERNMENT SR UNSECURED REGS 06/35 2.75         | CUSIP: ACI0C4L00<br>LEI: 213800J6B7JSBDETCB42 | Long             | DBT              | NUSS              | AU        |   17800000 | PA      | $10342640.16  | 0.23%             | 2035-06-21      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL MA5420 FN 07/54 FIXED 5.5                        | CUSIP: 31418FAW7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   12322104 | PA      | $12443459.00  | 0.27%             | 2054-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | ZCS BRL 14.0087 05/12/25-01/04/27 CME                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | BR        |          1 | NC      | $-5531.87     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ARBOR REALTY COLLATERALIZED LOAN OBLIGATION LTD 2022-FL1                         | ARBOR REALTY COLLATERALIZED LO ARCLO 2022 FL1 A 144A       | CUSIP: 03880XAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    7469447 | PA      | $7484341.85   | 0.17%             | 2037-01-15      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| GNMA PASS THRU POOLS                                                             | GNMA POOL CE4252 GN 10/51 FIXED 4                          | CUSIP: 3617VSWM0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     796938 | PA      | $753371.20    | 0.02%             | 2051-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP (AKA: AMERICAN TOWER REIT INC)                               | AMERICAN TOWER CORP SR UNSECURED 01/27 2.75                | CUSIP: 03027XAX8<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |   13400000 | PA      | $13168066.23  | 0.29%             | 2027-01-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT INR SOLD USD 20251015                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IN        |          1 | NC      | $-4222.80     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD PEN BOUGHT USD 20251027                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | PE        |          1 | NC      | $-3084.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| RESIDENTIAL ACCREDIT LOANS 2007-QA3                                              | RESIDENTIAL ACCREDIT LOANS, IN RALI 2007 QA3 A1            | CUSIP: 74923XAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3560564 | PA      | $3241732.23   | 0.07%             | 2037-05-25      | Floating      | 4.47%                 | No            |                  2 | On Loan: No      |
| NEWCASTLE MTGE SECURITIES TRUST 2006-1                                           | NEWCASTLE MORTGAGE SECURITIES NCMT 2006 1 M5               | CUSIP: 65106AAS2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6757000 | PA      | $6724129.22   | 0.15%             | 2036-03-25      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT CHF SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CH        |          1 | NC      | $-12269.84    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | US TREASURY N/B 05/48 3.125                                | CUSIP: 912810SC3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    3500000 | PA      | $2699785.17   | 0.06%             | 2048-05-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| NELNET STUDENT LOAN TRUST 2023-AA                                                | NELNET STUDENT LOAN TRUST NSLT 2023 AA AFL 144A            | CUSIP: 64032PAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2209610 | PA      | $2258363.74   | 0.05%             | 2041-02-20      | Floating      | 6.59%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                            | WELLS FARGO + COMPANY SR UNSECURED REGS 05/30 VAR          | CUSIP: ACI1M15X9<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    5200000 | PA      | $5864871.44   | 0.13%             | 2030-05-04      | Floating      | 1.74%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 828904 FN 04/35 FLOATING VAR                     | CUSIP: 31407E3M3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      96293 | PA      | $97349.79     | 0.00%             | 2035-04-01      | Floating      | 5.95%                 | No            |                  2 | On Loan: No      |
| FORESEA HOLDING SA                                                               | DRILLCO HLDG LUX S A COMMON STOCK                          | CUSIP: 000000000<br>LEI: 254900BAD50AKYGIMV79 | Long             | EC               | CORP              | LU        |     128056 | NS      | $2774546.71   | 0.06%             |  |  |  | No            |                  3 | On Loan: No      |
| CITIBANK NA                                                                      | CITIBANK NA CITIBANK NA                                    | CUSIP: 17325FBE7<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |    7000000 | PA      | $7009198.07   | 0.15%             | 2026-04-30      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | IRS AUD 4.50000 09/20/23-10Y LCH                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | AU        |          1 | NC      | $477550.81    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD MXN BOUGHT USD 20251217                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | MX        |          1 | NC      | $-2225.98     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL G05956 FG 07/38 FIXED 5.5                | CUSIP: 3128M75R3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     179910 | PA      | $187297.85    | 0.00%             | 2038-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MTGE ACQUIS CORP 2006-WMC3                                             | JP MORGAN MORTGAGE ACQUISITION JPMAC 2006 WMC3 A3          | CUSIP: 46629KAD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1792473 | PA      | $1348380.99   | 0.03%             | 2036-08-25      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL A80378 FG 12/36 FIXED 5.5                | CUSIP: 312926M39<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        452 | PA      | $468.32       | 0.00%             | 2036-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORPORATION                                                           | CVS HEALTH CORP SR UNSECURED 01/29 5                       | CUSIP: 126650DW7<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    6500000 | PA      | $6629191.79   | 0.15%             | 2029-01-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | US TREASURY N/B 11/41 3.125                                | CUSIP: 912810QT8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   20500000 | PA      | $17082265.63  | 0.38%             | 2041-11-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 994451 FN 11/38 FIXED 5.5                        | CUSIP: 31416AWL0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      52100 | PA      | $53985.47     | 0.00%             | 2038-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| OWNIT MORTGAGE LOAN ASSET BACKED CERTIFICATES 2006-4                             | OWNIT MORTGAGE LOAN ASSET BACK OWNIT 2006 4 A2C            | CUSIP: 69121QAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   17281302 | PA      | $14381040.03  | 0.32%             | 2037-05-25      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD TWD BOUGHT USD 20251020                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TW        |          1 | NC      | $3928.54      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AI8100 FN 08/41 FIXED 4.5                        | CUSIP: 3138ANAA1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      96502 | PA      | $96350.83     | 0.00%             | 2041-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT BRL SOLD USD 20251202                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $1352600.03   | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| VERUS SECURITIZATION TRUST 2024-3                                                | VERUS SECURITIZATION TRUST VERUS 2024 3 A1 144A            | CUSIP: 92540MAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2968637 | PA      | $3012194.04   | 0.07%             | 2069-04-25      | Variable      | 6.34%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | IRS AUD 4.75000 12/20/28-5Y LCH                            | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | AU        |          1 | NC      | $861.60       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE & CO                                                             | JPMORGAN CHASE + CO SR UNSECURED 06/28 VAR                 | CUSIP: 46647PBR6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   16000000 | PA      | $15512318.24  | 0.34%             | 2028-06-01      | Floating      | 2.18%                 | No            |                  2 | On Loan: No      |
| ACE SECURITIES CORP 2006-NC2                                                     | ACE SECURITIES CORP. ACE 2006 NC2 A2C                      | CUSIP: 00441XAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4589887 | PA      | $1368899.71   | 0.03%             | 2036-07-25      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AL1013 FN 01/37 FIXED VAR                        | CUSIP: 3138EHDT6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       3831 | PA      | $3932.58      | 0.00%             | 2037-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MSSG TRUST 2017-237P                                                             | MORGAN STANLEY MORTGAGE CAPITA MSSG 2017 237P A 144A       | CUSIP: 55375KAS5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   17400000 | PA      | $16628616.23  | 0.37%             | 2039-09-13      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| ACE SECURITIES CORP 2006-FM2                                                     | ACE SECURITIES CORP. ACE 2006 FM2 A2D                      | CUSIP: 00442CAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    9358229 | PA      | $2109885.71   | 0.05%             | 2036-08-25      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CALIFORNIA EDISON COMPANY                                               | SOUTHERN CAL EDISON 1ST REF MORT 10/43 4.65                | CUSIP: 842400FZ1<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |     200000 | PA      | $170581.65    | 0.00%             | 2043-10-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                                                     | UBS GROUP AG SR UNSECURED 144A 08/28 VAR                   | CUSIP: 225401AV0<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   17900000 | PA      | $18602195.88  | 0.41%             | 2028-08-11      | Floating      | 6.44%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT PLN SOLD USD 20251022                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | PL        |          1 | NC      | $-2042.90     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD BRL BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $-1729305.16  | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | RFR USD SOFR/3.76473 12/17/24-30Y LCH                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |          1 | NC      | $193177.27    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | RFR GBP SONIO/3.75000 09/17/25-5Y LCH                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |          1 | NC      | $-86095.94    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HARBORVIEW MORTGAGE LOAN TR 2005-2                                               | HARBORVIEW MORTGAGE LOAN TRUST HVMLT 2005 2 2A1A           | CUSIP: 41161PLR2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     108475 | PA      | $104874.64    | 0.00%             | 2035-05-19      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |
| CENTENE CORPORATION                                                              | CENTENE CORP SR UNSECURED 07/28 2.45                       | CUSIP: 15135BAY7<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |     575000 | PA      | $534768.95    | 0.01%             | 2028-07-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | RFR USD SOFR/3.55100 09/17/25-10Y LCH                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |          1 | NC      | $27271.16     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 798412 FN 10/34 FIXED 5.5                        | CUSIP: 31405TAM4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       1060 | PA      | $1091.99      | 0.00%             | 2034-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SOUTH AFRICA GOVT                                                                | REPUBLIC OF SOUTH AFRICA SR UNSECURED 01/40 9              | CUSIP: ACI0GYHC9<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |   17900000 | PA      | $949145.69    | 0.02%             | 2040-01-31      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | EURO-BUND OPTION  NOV25C 130.5 EXP 10/24/2025              | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | DE        |       -112 | NC      | $-11834.43    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| WASHINGTON MUTUAL 2006-AR16                                                      | WAMU MORTGAGE PASS THROUGH CER WAMU 2006 AR16 2A2          | CUSIP: 92925GAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2932566 | PA      | $2618465.15   | 0.06%             | 2036-12-25      | Floating      | 4.47%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | EURO-BUND FUTURE  DEC25 XEUR 20251208                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | DE        |       -162 | NC      | $-113251.13   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                              | RFR USD SOFR/3.70000 12/31/25-9Y* LCH                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |          1 | NC      | $-120719.96   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL C91244 FG 04/29 FIXED 4.5                | CUSIP: 3128P7LZ4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     141565 | PA      | $142381.47    | 0.00%             | 2029-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT PLN SOLD USD 20251015                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | PL        |          1 | NC      | $-92.40       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FREMONT HOME LOAN TRUST 2006-E                                                   | FREMONT HOME LOAN TRUST FHLT 2006 E 2A1                    | CUSIP: 35729NAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      54248 | PA      | $25111.55     | 0.00%             | 2037-01-25      | Floating      | 4.33%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL HOLDINGS INC                                              | NEXTERA ENERGY CAPITAL COMPANY GUAR 06/30 2.25             | CUSIP: 65339KBR0<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   19000000 | PA      | $17356142.23  | 0.38%             | 2030-06-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT PLN SOLD USD 20251022                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | PL        |          1 | NC      | $-839.61      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS COMPANY                                                         | AMERICAN EXPRESS CO SR UNSECURED 04/27 VAR                 | CUSIP: 025816DT3<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    9000000 | PA      | $9071286.12   | 0.20%             | 2027-04-23      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 357705 FN 02/35 FIXED 5.5                        | CUSIP: 31376KKS4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        418 | PA      | $434.37       | 0.00%             | 2035-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT TRY SOLD USD 20251107                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |          1 | NC      | $10660.01     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 732218 FN 06/43 FLOATING VAR                     | CUSIP: 31402LPB2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     123588 | PA      | $124902.75    | 0.00%             | 2043-06-01      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| NATIONWIDE BUILDING SOCIETY                                                      | NATIONWIDE BLDG SOCIETY SR UNSECURED 144A 07/30 VAR        | CUSIP: 63861VAE7<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |    3700000 | PA      | $3641083.09   | 0.08%             | 2030-07-18      | Floating      | 3.96%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | ZCS BRL 13.2914 05/08/25-01/02/29 CME                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | BR        |          1 | NC      | $-27300.43    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 940415 FN 06/37 FIXED 6                          | CUSIP: 31413BGY1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      57095 | PA      | $59003.09     | 0.00%             | 2037-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD BRL BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $-224346.44   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL MA0156 FN 08/29 FIXED 5                          | CUSIP: 31417YE60<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       8936 | PA      | $9050.74      | 0.00%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES 2019-1 CLASS A PASS THROUGH TRUST                              | AMER AIRLINE 19 1A PTT PASS THRU CE 08/33 3.5              | CUSIP: 02378MAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    4840816 | PA      | $4436271.07   | 0.10%             | 2033-08-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 825707 FN 07/35 FIXED 5.5                        | CUSIP: 31407BKU2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        333 | PA      | $345.02       | 0.00%             | 2035-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT TRY SOLD USD 20251027                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |          1 | NC      | $2128.92      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL G03646 FG 01/38 FIXED 6                  | CUSIP: 3128M5L32<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      13060 | PA      | $13783.42     | 0.00%             | 2038-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PAGAYA AI DEBT TRUST 2024-3                                                      | PAGAYA AI DEBT SELECTION TRUST PAID 2024 3 A 144A          | CUSIP: 69547XAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3110173 | PA      | $3129048.37   | 0.07%             | 2031-10-15      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                                                      | BANK OF AMERICA CORP SR UNSECURED 01/31 VAR                | CUSIP: 06051GML0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    6000000 | PA      | $6194346.84   | 0.14%             | 2031-01-24      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD TWD BOUGHT USD 20251007                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TW        |          1 | NC      | $-4006.18     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 893589 FN 09/36 FIXED 6                          | CUSIP: 31410PXS7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       2800 | PA      | $2911.72      | 0.00%             | 2036-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | IRS EUR 2.75000 03/18/26-10Y LCH                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | N/A       |          1 | NC      | $29908.42     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT CHF SOLD USD 20251104                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CH        |          1 | NC      | $14296.25     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NEW YORK LIFE GLOBAL FUNDING                                                     | NEW YORK LIFE GLOBAL FDG SR SECURED 144A 06/27 VAR         | CUSIP: 64953BBY3<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |    4900000 | PA      | $4916696.06   | 0.11%             | 2027-06-11      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE REMICS 2015-58                                                        | FANNIE MAE FNR 2015 58 AI                                  | CUSIP: 3136APU75<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    3011938 | PA      | $172946.08    | 0.00%             | 2055-08-25      | Floating      | 1.98%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | GENERAL ELECTRIC COMPANY SNR S* ICE                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              |  | US        |          1 | NC      | $36827.91     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GNMA PASS THRU POOLS                                                             | GNMA II POOL MA7986 G2 04/52 FIXED 2                       | CUSIP: 36179W2T4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     566841 | PA      | $469006.58    | 0.01%             | 2052-04-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MORTGAGEIT TRUST 2005-5                                                          | MORTGAGEIT TRUST MHL 2005 5 A2                             | CUSIP: 61915RAV8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     428893 | PA      | $428430.13    | 0.01%             | 2035-12-25      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                                                                     | ING GROEP NV SR UNSECURED 03/31 VAR                        | CUSIP: 456837BR3<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   12000000 | PA      | $12295833.72  | 0.27%             | 2031-03-25      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD JPY BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |          1 | NC      | $174958.66    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL CB6672 FN 07/53 FIXED 5                          | CUSIP: 3140QSMW8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    4473252 | PA      | $4472228.57   | 0.10%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOWD POINT MORTGAGE FUNDING 2024 - GRANITE 6 PLC 24-GR6A                         | TOWD POINT MORTGAGE FUNDING TPMF 2024 GR6A A1 144A         | CUSIP: ACI2NQX93<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | GB        |    6560881 | PA      | $8846167.45   | 0.20%             | 2053-07-20      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2022-H26                                | GOVERNMENT NATIONAL MORTGAGE A GNR 2022 H26 DF             | CUSIP: 38382YJ20<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    6031228 | PA      | $6103175.37   | 0.13%             | 2072-12-20      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT CHF SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CH        |          1 | NC      | $14520.90     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT IDR SOLD USD 20251015                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $-15625.42    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD BRL BOUGHT USD 20260402                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $-98376.29    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JAPAN GOVT                                                                       | JAPAN (30 YEAR ISSUE) BONDS 03/55 2.4                      | CUSIP: ACI2W94G7<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        | 1769400000 | PA      | $10426041.59  | 0.23%             | 2055-03-20      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2006-A6                                                 | JP MORGAN MORTGAGE TRUST JPMMT 2006 A6 1A4L                | CUSIP: 46628BAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1023890 | PA      | $734673.98    | 0.02%             | 2036-10-25      | Floating      | 4.27%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL BV3101 FN 03/52 FIXED 2                          | CUSIP: 3140MGNT4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    9524934 | PA      | $7707140.33   | 0.17%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT BRL SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $1317.53      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CUMULUS STATIC CLO 2024-1 DAC 24-1A                                              | CUMULUS STATIC CLO CMLST 2024 1A A 144A                    | CUSIP: ACI2NK2H2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | IE        |    6456090 | PA      | $7583451.93   | 0.17%             | 2033-11-15      | Floating      | 3.24%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT INR SOLD USD 20251017                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IN        |          1 | NC      | $-24336.03    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GSAMP TRUST 2006-NC2                                                             | GSAMP TRUST GSAMP 2006 NC2 A2B                             | CUSIP: 362463AC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2582943 | PA      | $1428661.43   | 0.03%             | 2036-06-25      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD ZAR BOUGHT USD 20251009                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ZA        |          1 | NC      | $-102.48      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORPORATION                                                          | DUKE ENERGY CORP DUKE ENERGY CORP                          | CUSIP: ACI2NP7R4<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |     800000 | PA      | $957128.52    | 0.02%             | 2031-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 994904 FN 09/35 FIXED 5.5                        | CUSIP: 31416BGM4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      90600 | PA      | $94027.02     | 0.00%             | 2035-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JAPAN GOVT                                                                       | JAPAN (20 YEAR ISSUE) BONDS 12/44 2                        | CUSIP: ACI2T82B6<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        | 2040000000 | PA      | $12644592.76  | 0.28%             | 2044-12-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 735022 FN 12/34 FIXED VAR                        | CUSIP: 31402QSK8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       3489 | PA      | $3622.90      | 0.00%             | 2034-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | IRS NZD 3.75000 06/15/22-5Y LCH                            | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | NZ        |          1 | NC      | $833608.54    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT INR SOLD USD 20251119                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IN        |          1 | NC      | $-1194.44     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NEW RESIDENTIAL MORTGAGE LOAN TRUST 2023-NQM1                                    | NEW RESIDENTIAL MORTGAGE LOAN NRZT 2023 NQM1 A1A 144A      | CUSIP: 64831HAM5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5653336 | PA      | $5737018.24   | 0.13%             | 2063-10-25      | Fixed         | 6.86%                 | No            |                  2 | On Loan: No      |
| JYSKE REALKREDIT A/S                                                             | JYSKE REALKREDIT A/S COVERED 10/53 1.5                     | CUSIP: ACI1X8QV3<br>LEI: 529900R9HQNZRT2OXB26 | Long             | DBT              | CORP              | DK        |          1 | PA      | $0.16         | 0.00%             | 2053-10-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | US 10YR ULTRA FUT DEC25 XCBT 20251219                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |       -870 | NC      | $-1061005.53  | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | BARCLAYS BANK PLC SNR SE ICE                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              |  | GB        |          1 | NC      | $23191.66     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 800006 FN 11/34 FIXED 5.5                        | CUSIP: 31405UYB9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       4279 | PA      | $4378.85      | 0.00%             | 2034-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL MA4918 FN 02/53 FIXED 5                          | CUSIP: 31418EPC8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    5780782 | PA      | $5763472.52   | 0.13%             | 2053-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD CAD BOUGHT USD 20251104                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CA        |          1 | NC      | $23829.67     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FIRST NATIONWIDE TRUST 2001-3                                                    | FIRST NATIONWIDE TRUST FNT 2001 3 1A1                      | CUSIP: 22540A3S5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        248 | PA      | $247.68       | 0.00%             | 2031-08-21      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | US TREASURY N/B 11/40 1.375                                | CUSIP: 912810ST6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   75700000 | PA      | $49419384.67  | 1.09%             | 2040-11-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AC0268 FN 10/36 FIXED 5.5                        | CUSIP: 31417JJN1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       5444 | PA      | $5649.95      | 0.00%             | 2036-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MARSH & MCLENNAN COMPANIES INC                                                   | MARSH + MCLENNAN COS INC SR UNSECURED 03/30 4.65           | CUSIP: 571748CA8<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |    4200000 | PA      | $4272024.46   | 0.09%             | 2030-03-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTERNATIONAL NV                                                    | ENEL FINANCE INTL NV COMPANY GUAR 144A 07/31 2.25          | CUSIP: 29278GAP3<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |   17000000 | PA      | $15188381.91  | 0.34%             | 2031-07-12      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| BEIGNET INVESTOR LLC                                                             | PROJECT BEIGNET SR SEC 144A PROJECT BEIGNET SR SEC 144A    | CUSIP: 990AAXQG4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   52200000 | PA      | $52200000.00  | 1.15%             | 2049-06-01      | Fixed         | 6.85%                 | No            |                  3 | On Loan: No      |
| MORGAN STANLEY ABS CAPITAL I 2006-HE4                                            | MORGAN STANLEY CAPITAL INC MSAC 2006 HE4 A3                | CUSIP: 61748BAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3488305 | PA      | $1749589.56   | 0.04%             | 2036-06-25      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT ILS SOLD USD 20251015                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IL        |          1 | NC      | $68223.15     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD KRW BOUGHT USD 20251022                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | KR        |          1 | NC      | $18337.74     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AMEREN MISSOURI SECURITIZATION FUNDING I LLC                                     | AMEREN MISSOURI SEC FU I SR SECURED 10/41 4.85             | CUSIP: 023940AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    4500000 | PA      | $4524651.99   | 0.10%             | 2041-10-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | 317UAALA4 PIMCO SWAPTION 3.575 CALL USD 202510             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |   -6200000 | NC      | $-2274.16     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL BM2003 FN 10/47 FIXED VAR                        | CUSIP: 3140J6GM3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     403275 | PA      | $387938.34    | 0.01%             | 2047-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GNMA PASS THRU POOLS                                                             | GNMA POOL BP1508 GN 09/49 FIXED 4                          | CUSIP: 3617L7U98<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     222487 | PA      | $211293.93    | 0.00%             | 2049-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT BRL SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $97298.83     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GNMA PASS THRU POOLS                                                             | GNMA II POOL MA8266 G2 09/52 FIXED 3.5                     | CUSIP: 36179XFF8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     393909 | PA      | $360823.70    | 0.01%             | 2052-09-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                                                | HSBC HOLDINGS PLC SR UNSECURED 03/34 VAR                   | CUSIP: 404280DV8<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    4600000 | PA      | $5011417.56   | 0.11%             | 2034-03-09      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL G04614 FG 02/34 FIXED 6                  | CUSIP: 3128M6N79<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      65010 | PA      | $67435.21     | 0.00%             | 2034-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD ZAR BOUGHT USD 20251120                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ZA        |          1 | NC      | $-15833.09    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 255843 FN 09/35 FIXED 5.5                        | CUSIP: 31371MEQ6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      49829 | PA      | $51871.95     | 0.00%             | 2035-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | RFR USD SOFR/3.93000 03/24/25-10Y LCH                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |          1 | NC      | $-150216.96   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL SB8033 FR 02/35 FIXED 3.5                | CUSIP: 3132D54S8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      13440 | PA      | $13120.67     | 0.00%             | 2035-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                                                | HSBC HOLDINGS PLC SR UNSECURED 11/28 VAR                   | CUSIP: 404280DR7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    7200000 | PA      | $7647667.13   | 0.17%             | 2028-11-03      | Floating      | 7.39%                 | No            |                  2 | On Loan: No      |
| MEXICO GOVT                                                                      | UNITED MEXICAN STATES SR UNSECURED 03/34 4.5               | CUSIP: ACI30CSR3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    3200000 | PA      | $3817975.19   | 0.08%             | 2034-03-19      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | REVERSE REPO DEUTSCHE REVERSE REPO                         | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |   -1018875 | PA      | $-1020321.80  | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | CDX ITRAXX XOV42 5Y 35-100% SP JPM                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              |  | N/A       |          1 | NC      | $3464011.10   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT JPY SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |          1 | NC      | $3497.47      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2015-H19                                | GOVERNMENT NATIONAL MORTGAGE A GNR 2015 H19 FK             | CUSIP: 38376RGB6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    2091354 | PA      | $2090916.23   | 0.05%             | 2065-08-20      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| NELNET STUDENT LOAN TRUST 2023-AA                                                | NELNET STUDENT LOAN TRUST NSLT 2023 AA AFX 144A            | CUSIP: 64032PAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2360265 | PA      | $2447636.60   | 0.05%             | 2041-02-20      | Fixed         | 6.64%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | REVERSE REPO THE BANK OF NOVA REVERSE REPO                 | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |   -5087500 | PA      | $-5091213.87  | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD ILS BOUGHT USD 20251113                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IL        |          1 | NC      | $-2092.57     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NEW YORK LIFE GLOBAL FUNDING                                                     | NEW YORK LIFE GLOBAL FDG SECURED 144A 01/26 VAR            | CUSIP: 64953BBK3<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |    7300000 | PA      | $7308162.35   | 0.16%             | 2026-01-16      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 713975 FN 07/33 FIXED 5.5                        | CUSIP: 31401PFQ2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       5897 | PA      | $6047.55      | 0.00%             | 2033-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHASE HOME LENDING MORTGAGE TRUST 2023-RPL3                                      | CHASE MORTGAGE FINANCE CORPORA CHASE 2023 RPL3 A1 144A     | CUSIP: 161927AC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    7389240 | PA      | $6705934.43   | 0.15%             | 2063-09-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT IDR SOLD USD 20251015                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $-10763.58    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | CAN 10YR BOND FUT DEC25 XMOD 20251218                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | CA        |        564 | NC      | $1029503.63   | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | US TREASURY N/B 05/49 2.875                                | CUSIP: 912810SH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   62500000 | PA      | $45610351.25  | 1.01%             | 2049-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | US 5YR NOTE (CBT) DEC25 XCBT 20251231                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |       4668 | NC      | $726590.91    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| ABU DHABI DEVELOPMENTAL HOLDING COMPANY PJSC                                     | ABU DHABI DEVELOPMENT HO SR UNSECURED 144A 10/31 4.375     | CUSIP: 00402D2C8<br>LEI: 254900G082ZFKTCR2Q75 | Long             | DBT              | CORP              | AE        |    6800000 | PA      | $6811116.44   | 0.15%             | 2031-10-02      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AU7240 FN 10/28 FIXED 3                          | CUSIP: 3138X7BJ1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      33962 | PA      | $33387.42     | 0.00%             | 2028-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL FM9011 FN 09/32 FIXED VAR                        | CUSIP: 3140XDAM8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       5353 | PA      | $5291.40      | 0.00%             | 2032-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ABILENE DC 3 LLC/ABILENE DC 4 LLC                                                | PROJECT FLASH DELAYED DRAW TERM LOAN 2                     | CUSIP: BA000KJT9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4000000 | PA      | $4000000.00   | 0.09%             | 2030-04-30      | Floating      | 3.55%                 | No            |                  3 | On Loan: No      |
| BEAR STEARNS ADJUST RT MTGE TR 2000-                                             | BEAR STEARNS ADJUSTABLE RATE M BSARM 2000 2 A1             | CUSIP: 07384MAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        202 | PA      | $200.96       | 0.00%             | 2030-11-25      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| BAE SYSTEMS PLC                                                                  | BAE SYSTEMS PLC SR UNSECURED 144A 02/31 1.9                | CUSIP: 05523RAF4<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | DBT              | CORP              | GB        |    5300000 | PA      | $4666930.53   | 0.10%             | 2031-02-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD INR BOUGHT USD 20251020                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IN        |          1 | NC      | $7078.51      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD THB BOUGHT USD 20251020                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TH        |          1 | NC      | $341.82       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AL9381 FN 06/30 FIXED VAR                        | CUSIP: 3138ERM72<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    7857755 | PA      | $7717231.05   | 0.17%             | 2030-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GNMA PASS THRU POOLS                                                             | GNMA II POOL 080408 G2 05/30 FLOATING VAR                  | CUSIP: 36225CN28<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        262 | PA      | $262.07       | 0.00%             | 2030-05-20      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 257101 FN 02/28 FIXED 5                          | CUSIP: 31371NRW7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       1375 | PA      | $1384.70      | 0.00%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOC DR LLC                                                                       | PHYSICIANS REALTY LP COMPANY GUAR 03/27 4.3                | CUSIP: 71951QAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1550000 | PA      | $1551124.34   | 0.03%             | 2027-03-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT MXN SOLD USD 20251217                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | MX        |          1 | NC      | $23507.63     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL ZK2808 FR 12/25 FIXED 3.5                | CUSIP: 3131X6DM9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       1895 | PA      | $1888.44      | 0.00%             | 2025-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD INR BOUGHT USD 20251008                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IN        |          1 | NC      | $1281.50      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BAMLL COMMERCIAL MORTGAGE SECURITIES TRUST 2020-BOC                              | BANC OF AMERICA MERRILL LYNCH BAMLL 2020 BOC A 144A        | CUSIP: 05551JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   14000000 | PA      | $12399219.00  | 0.27%             | 2032-01-15      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| PRETIUM MORTGAGE CREDIT PARTNERS LLC 2024-RPL1                                   | PRETIUM MORTGAGE CREDIT PARTNE PRET 2024 RPL1 A1 144A      | CUSIP: 693989AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2155950 | PA      | $2088480.26   | 0.05%             | 2063-10-25      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 255771 FN 07/35 FIXED 6                          | CUSIP: 31371MCG0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       1141 | PA      | $1200.72      | 0.00%             | 2035-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL G04715 FG 06/38 FIXED 6                  | CUSIP: 3128M6SC3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       8566 | PA      | $9040.18      | 0.00%             | 2038-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ACCREDITED MORTGAGE LOAN TRUST 2006-2                                            | ACCREDITED MORTGAGE LOAN TRUST ACCR 2006 2 A4              | CUSIP: 00437NAD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     535847 | PA      | $534437.33    | 0.01%             | 2036-09-25      | Floating      | 4.53%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL G05666 FG 04/38 FIXED 6                  | CUSIP: 3128M7TX4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      14294 | PA      | $15070.64     | 0.00%             | 2038-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL A76476 FG 04/38 FIXED 6                  | CUSIP: 3128LAFR6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       9468 | PA      | $9776.80      | 0.00%             | 2038-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FANNIEMAE WHOLE LOAN 2004-W2                                                     | FANNIEMAE WHOLE LOAN FNW 2004 W2 5AF                       | CUSIP: 31393XGV3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      89778 | PA      | $89604.57     | 0.00%             | 2044-03-25      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD CNH BOUGHT USD 20251016                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CN        |          1 | NC      | $44031.34     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 888893 FN 08/37 FIXED VAR                        | CUSIP: 31410GRN5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       2575 | PA      | $2680.48      | 0.00%             | 2037-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FISERV INC                                                                       | FISERV INC SR UNSECURED 02/31 4.55                         | CUSIP: 337738BP2<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |    6800000 | PA      | $6828232.99   | 0.15%             | 2031-02-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| FIRST HORIZON ALT MTG SEC 2005-AA6                                               | FIRST HORIZON ALTERNATIVE MORT FHAMS 2005 AA6 3A1          | CUSIP: 32051GQA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     710429 | PA      | $587195.30    | 0.01%             | 2035-08-25      | Floating      | 4.60%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 683351 FN 02/33 FIXED 5.5                        | CUSIP: 31400CEY6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        402 | PA      | $411.98       | 0.00%             | 2033-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | US TREASURY N/B 08/44 3.125                                | CUSIP: 912810RH3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   30300000 | PA      | $24269589.77  | 0.54%             | 2044-08-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL G06840 FG 05/40 FIXED 6                  | CUSIP: 3128M84Z4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       4103 | PA      | $4284.27      | 0.00%             | 2040-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| OBX 2023-NQM4 TRUST                                                              | ONSLOW BAY FINANCIAL LLC OBX 2023 NQM4 A1 144A             | CUSIP: 67448GAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4037437 | PA      | $4055579.99   | 0.09%             | 2063-03-25      | Variable      | 6.11%                 | No            |                  2 | On Loan: No      |
| CARLYLE FINANCE SUBSIDIARY LLC                                                   | CARLYLE FINANCE SUB LLC COMPANY GUAR 144A 09/29 3.5        | CUSIP: 14314DAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    4900000 | PA      | $4750387.71   | 0.10%             | 2029-09-19      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | 31750R9K5 PIMCO FXVAN PUT AUD USD 0.62250000               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | US        |    3316000 | NC      | $26.33        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD ZAR BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ZA        |          1 | NC      | $-777.81      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NOMURA HOLDINGS INC                                                              | NOMURA HOLDINGS INC SR UNSECURED 01/28 5.842               | CUSIP: 65535HBH1<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |    4400000 | PA      | $4550746.07   | 0.10%             | 2028-01-18      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS AND ELECTRIC COMPANY                                                 | PACIFIC GAS + ELECTRIC 1ST MORTGAGE 03/35 5.7              | CUSIP: 694308KU0<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    1900000 | PA      | $1947675.54   | 0.04%             | 2035-03-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 739439 FN 09/33 FIXED 5.5                        | CUSIP: 31402VPY0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      26996 | PA      | $27236.70     | 0.00%             | 2033-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2017-H14                                | GOVERNMENT NATIONAL MORTGAGE A GNR 2017 H14 FB             | CUSIP: 38376R4Z6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     126898 | PA      | $128520.16    | 0.00%             | 2067-06-20      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | US TREASURY N/B 08/47 2.75                                 | CUSIP: 912810RY6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    3800000 | PA      | $2755890.64   | 0.06%             | 2047-08-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                                           | VENTURE GLOBAL LNG INC SR SECURED 144A 02/32 9.875         | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    4500000 | PA      | $4902066.90   | 0.11%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| ABILENE DC 7 LLC/ABILENE DC 8 LLC                                                | PROJECT FLASH TERM LOAN 1                                  | CUSIP: BA000KZ61<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4000000 | PA      | $4000000.00   | 0.09%             | 2030-04-30      | Floating      | 1.18%                 | No            |                  3 | On Loan: No      |
| ELLINGTON FINANCIAL MORTGAGE TRUST 2020-1                                        | ELLINGTON FINANCIAL MORTGAGE T EFMT 2020 1 A1 144A         | CUSIP: 31574PAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      35464 | PA      | $35316.14     | 0.00%             | 2065-05-25      | Variable      | 2.01%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | IRS EUR 2.40000 04/09/25-5Y LCH                            | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | N/A       |          1 | NC      | $-10243.22    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 256476 FN 11/36 FIXED 6                          | CUSIP: 31371M2H9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       1554 | PA      | $1638.62      | 0.00%             | 2036-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 916385 FN 05/37 FIXED 6                          | CUSIP: 31411WCW5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        716 | PA      | $731.43       | 0.00%             | 2037-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD JPY BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |          1 | NC      | $483.02       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AD3128 FN 04/40 FIXED 5                          | CUSIP: 31418QPN7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      12498 | PA      | $12806.09     | 0.00%             | 2040-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DUKE UNIVERSITY                                                                  | DUKE UNIVERSITY UNSECURED 10/44 2.682                      | CUSIP: 26442TAF4<br>LEI: FY5ICUIRRDCHN4HHL592 | Long             | DBT              | CORP              | US        |   18900000 | PA      | $13921035.22  | 0.31%             | 2044-10-01      | Fixed         | 2.68%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY ABS CAPITAL I 2006-WMC2                                           | MORGAN STANLEY CAPITAL INC MSAC 2006 WMC2 A2C              | CUSIP: 61749KAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5621698 | PA      | $2042009.19   | 0.05%             | 2036-07-25      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL ZS6378 FR 01/26 FIXED 3.5                | CUSIP: 3132A7CP4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |         90 | PA      | $89.43        | 0.00%             | 2026-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 357797 FN 06/35 FIXED 5.5                        | CUSIP: 31376KNN2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        787 | PA      | $819.15       | 0.00%             | 2035-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                                                      | BANK OF AMERICA CORP SR UNSECURED 04/28 VAR                | CUSIP: 06051GKP3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    5250000 | PA      | $5269781.84   | 0.12%             | 2028-04-27      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | OIS CAD CAONREPO/3.0000 01/10/25-9Y* LCH                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | CA        |          1 | NC      | $-36454.66    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | COLOMBIA LA SP BPS                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              |  | US        |          1 | NC      | $-137.60      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 962062 FN 03/38 FIXED 5                          | CUSIP: 31414CJF6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      38123 | PA      | $39076.08     | 0.00%             | 2038-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | RFR USD SOFR/3.83600 05/02/25-10Y LCH                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |          1 | NC      | $-226090.68   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EVERSOURCE ENERGY                                                                | EVERSOURCE ENERGY EVERSOURCE ENERGY                        | CUSIP: 30040WAW8<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |    6700000 | PA      | $7020634.33   | 0.16%             | 2029-02-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| SALES TAX SECURITIZATION CORPORATION                                             | SALES TAX SECURITIZATION CORP STSGEN 01/33 FIXED 3.007     | CUSIP: 79467BDG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    2000000 | PA      | $1827796.40   | 0.04%             | 2033-01-01      | Fixed         | 3.01%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINANCIAL GROUP INC                                              | SUMITOMO MITSUI FINL GRP SR UNSECURED 01/26 5.464          | CUSIP: 86562MCT5<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    3200000 | PA      | $3211630.59   | 0.07%             | 2026-01-13      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | IRS EUR 2.46000 03/13/25-10Y LCH                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | N/A       |          1 | NC      | $-7945.56     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT CAD SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CA        |          1 | NC      | $-23671.01    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                                     | BARCLAYS PLC SR UNSECURED 11/29 VAR                        | CUSIP: 06738EDD4<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    5700000 | PA      | $5711072.76   | 0.13%             | 2029-11-11      | Floating      | 4.48%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | RFR USD SOFR/3.58526 03/01/24-7Y* LCH                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |          1 | NC      | $-49341.45    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | RFR USD SOFR/3.7317* 03/01/24-7Y* LCH                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |          1 | NC      | $-56900.14    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DOLP TRUST 2021-NYC                                                              | DOLP TRUST DOLP 2021 NYC A 144A                            | CUSIP: 23345LAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   20100000 | PA      | $17980356.51  | 0.40%             | 2041-05-10      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| PANTHEON SENIOR DEBT SECONDARIES III                                             | PANTHEON SNR DBT SCNDRS IIIUSD TERM LOAN                   | CUSIP: BA000HYC6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1500000 | PA      | $1500178.65   | 0.03%             | 2026-03-26      | Floating      | 6.38%                 | Yes           |                  3 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 751259 FN 02/34 FIXED 5.5                        | CUSIP: 31403KTQ6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       3759 | PA      | $3838.91      | 0.00%             | 2034-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 838797 FN 08/35 FIXED 6                          | CUSIP: 31407R3E2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       3062 | PA      | $3157.77      | 0.00%             | 2035-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD IDR BOUGHT USD 20251008                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $3149.96      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD CAD BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CA        |          1 | NC      | $-71.59       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD TWD BOUGHT USD 20251020                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TW        |          1 | NC      | $32758.89     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 775474 FN 05/34 FIXED 5.5                        | CUSIP: 31404QQ36<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      10230 | PA      | $10605.80     | 0.00%             | 2034-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ROMARK CLO V LTD                                                                 | ROMARK CLO LTD RMRK 2021 5A AR 144A                        | CUSIP: 77588PAN2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   13000000 | PA      | $13050353.94  | 0.29%             | 2035-01-15      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT GBP SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | GB        |          1 | NC      | $691172.10    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD MXN BOUGHT USD 20251217                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | MX        |          1 | NC      | $-397.38      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FANNIE MAE REMICS 2012-7                                                         | FANNIE MAE FNR 2012 7 QF                                   | CUSIP: 3136A3VW8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    3050789 | PA      | $3022718.72   | 0.07%             | 2042-02-25      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | RFR USD SOFR/3.88400 03/25/25-10Y LCH                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |          1 | NC      | $-10349.40    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 357843 FN 07/35 FIXED 6                          | CUSIP: 31376KP42<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       4702 | PA      | $4942.29      | 0.00%             | 2035-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 702916 FN 05/33 FIXED 5.5                        | CUSIP: 31401A3Z8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        723 | PA      | $746.47       | 0.00%             | 2033-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS COMPANY                                                         | AMERICAN EXPRESS CO SR UNSECURED 02/28 VAR                 | CUSIP: 025816DP1<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    2000000 | PA      | $2027077.96   | 0.04%             | 2028-02-16      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 727051 FN 09/33 FIXED 5.5                        | CUSIP: 31402EWL8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        226 | PA      | $229.29       | 0.00%             | 2033-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOUTH AFRICA EM SP BOA                                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              |  | US        |          1 | NC      | $108495.28    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CREDIT SUISSE GROUP AG                                                           | CS AT1 CLAIMS US22546DAB29 CREDIT SUISSE GROUP AG          | CUSIP: 952NPKII9<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | US        |   12300000 | PA      | $1599000.00   | 0.04%             | 2060-12-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL FM3343 FN 02/30 FIXED VAR                        | CUSIP: 3140X6WD9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      62884 | PA      | $61810.18     | 0.00%             | 2030-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GNMA PASS THRU POOLS                                                             | GNMA POOL BP1218 GN 09/49 FIXED 4                          | CUSIP: 3617L7K73<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      21557 | PA      | $20472.81     | 0.00%             | 2049-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BEAR STEARNS ARM TRUST 2002-11                                                   | BEAR STEARNS ADJUSTABLE RATE M BSARM 2002 11 1A1           | CUSIP: 07384MSH6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        192 | PA      | $203.24       | 0.00%             | 2033-02-25      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC REMICS 4989                                                          | FREDDIE MAC FHR 4989 FB                                    | CUSIP: 3137FUKQ6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    2303618 | PA      | $2272392.21   | 0.05%             | 2040-10-15      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT THB SOLD USD 20251020                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TH        |          1 | NC      | $270.78       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT JPY SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |          1 | NC      | $2167.29      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 806214 FN 01/35 FIXED 5.5                        | CUSIP: 31406CVF2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      28179 | PA      | $29244.44     | 0.00%             | 2035-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MTGE ACQUIS CORP 2007-CH3                                              | JP MORGAN MORTGAGE ACQUISITION JPMAC 2007 CH3 A5           | CUSIP: 46630XAF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     390931 | PA      | $387842.48    | 0.01%             | 2037-03-25      | Floating      | 4.53%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | US TREASURY N/B 02/41 1.875                                | CUSIP: 912810SW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   69000000 | PA      | $48535839.93  | 1.07%             | 2041-02-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOEING CO/THE SNR S* ICE                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              |  | US        |          1 | NC      | $62293.02     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD TWD BOUGHT USD 20251020                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TW        |          1 | NC      | $52985.20     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JAPAN GOVT                                                                       | JAPAN (20 YEAR ISSUE) BONDS 03/45 2.4                      | CUSIP: ACI2WJ7V9<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        | 1140000000 | PA      | $7509422.86   | 0.17%             | 2045-03-20      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 768217 FN 04/34 FIXED 5.5                        | CUSIP: 31404GPA3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      51534 | PA      | $52056.89     | 0.00%             | 2034-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PIMCO FUNDS                                                                      | PIMCO PRV SHORT TERM FLT III MUTUAL FUND                   | CUSIP: 000000000<br>LEI: LWVQWTQCFH3YG7CVH718 | Long             | STIV             | RF                | US        |       2183 | PA      | $21262.22     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UWM-2021-INV4                                                                    | UNITED WHOLESALE MORTGAGE LLC UWM 2021 INV4 A3 144A        | CUSIP: 918307AC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   12041425 | PA      | $9962451.56   | 0.22%             | 2051-12-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL ZK2724 FR 11/25 FIXED 3.5                | CUSIP: 3131X6AZ3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        103 | PA      | $102.51       | 0.00%             | 2025-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUNDING                                                            | ATHENE GLOBAL FUNDING SECURED 144A 07/30 5.033             | CUSIP: 04685A4R9<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |    7100000 | PA      | $7217149.15   | 0.16%             | 2030-07-17      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| UNITED KINGDOM GOVT                                                              | UNITED KINGDOM GILT BONDS REGS 07/54 4.375                 | CUSIP: ACI2MLPN3<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |   15295000 | PA      | $17222019.84  | 0.38%             | 2054-07-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD ZAR BOUGHT USD 20251120                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ZA        |          1 | NC      | $-6080.36     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | 317UA9TA9 PIMCO SWAPTION 2.85 PUT EUR 20251002             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |   -6500000 | NC      | $-6.11        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD PEN BOUGHT USD 20251020                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | PE        |          1 | NC      | $-1739.57     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SYNOPSYS INC                                                                     | SYNOPSYS INC SR UNSECURED 04/28 4.65                       | CUSIP: 871607AB3<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |    1300000 | PA      | $1314776.55   | 0.03%             | 2028-04-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD AUD BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | AU        |          1 | NC      | $-5576.10     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | CDX ITRAXX XOV42 5Y 35-100% SP GST                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              |  | N/A       |          1 | NC      | $2382759.07   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 831232 FN 01/36 FIXED 5.5                        | CUSIP: 31407HPR1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       5531 | PA      | $5757.59      | 0.00%             | 2036-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT KRW SOLD USD 20251022                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | KR        |          1 | NC      | $-9858.21     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AL6722 FN 11/30 FIXED VAR                        | CUSIP: 3138EPPG3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        324 | PA      | $326.87       | 0.00%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 745343 FN 03/36 FIXED VAR                        | CUSIP: 31403DBL2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        604 | PA      | $629.12       | 0.00%             | 2036-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT BRL SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $18613.98     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IPALCO ENTERPRISES INC                                                           | IPALCO ENTERPRISES INC SR SECURED 05/30 4.25               | CUSIP: 462613AP5<br>LEI: 5493000YFVK2DZX0JV43 | Long             | DBT              | CORP              | US        |    1100000 | PA      | $1077955.27   | 0.02%             | 2030-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL MA0443 FN 05/30 FIXED 5                          | CUSIP: 31417YP50<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       5173 | PA      | $5238.74      | 0.00%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD GBP BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | GB        |          1 | NC      | $38323.58     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | US TREASURY N/B 11/49 2.375                                | CUSIP: 912810SK5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   22158000 | PA      | $14503968.93  | 0.32%             | 2049-11-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD IDR BOUGHT USD 20251006                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $4439.92      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL G04731 FG 04/38 FIXED 5.5                | CUSIP: 3128M6SU3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      88848 | PA      | $92424.10     | 0.00%             | 2038-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD IDR BOUGHT USD 20251008                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $16405.21     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 256059 FN 01/36 FIXED 5.5                        | CUSIP: 31371MMG9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      12660 | PA      | $13179.57     | 0.00%             | 2036-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC/AADVANTAGE LOYALTY IP LTD                                  | AMERICAN AIRLINES/AADVAN SR SECURED 144A 04/26 5.5         | CUSIP: 00253XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1950000 | PA      | $1952517.45   | 0.04%             | 2026-04-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD IDR BOUGHT USD 20251006                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $1056.43      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MANHATTAN WEST 2020-1MW                                                          | MANHATTAN WEST OMW 2020 1MW A 144A                         | CUSIP: 563136AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   16100000 | PA      | $15352383.62  | 0.34%             | 2039-09-10      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD CHF BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CH        |          1 | NC      | $-753.74      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                                                     | UBS GROUP AG SR UNSECURED 144A 04/26 4.125                 | CUSIP: 90351DAF4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   10300000 | PA      | $10301553.45  | 0.23%             | 2026-04-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| AES CORPORATION                                                                  | AES CORP/THE SR UNSECURED 144A 07/30 3.95                  | CUSIP: 00130HCC7<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |    6400000 | PA      | $6187360.13   | 0.14%             | 2030-07-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | 31750R5C7 PIMCO FXVAN PUT EUR USD 1.11000000               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | US        |   24426000 | NC      | $7714.21      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | STRIPS 05/41 0.00000                                       | CUSIP: 912834KH0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     700000 | PA      | $333942.29    | 0.01%             | 2041-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT PLN SOLD USD 20251015                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | PL        |          1 | NC      | $13947.95     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PACIFIC GAS AND ELECTRIC COMPANY                                                 | PACIFIC GAS + ELECTRIC 1ST MORTGAGE 12/27 3.3              | CUSIP: 694308HW0<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     200000 | PA      | $195784.78    | 0.00%             | 2027-12-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| SPECIALTY UNDERWRNG & RES FIN 2006-BC5                                           | SPECIALTY UNDERWRITING + RESID SURF 2006 BC5 A2D           | CUSIP: 84751NAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10830330 | PA      | $5969550.27   | 0.13%             | 2037-11-25      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD TWD BOUGHT USD 20251020                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TW        |          1 | NC      | $46992.89     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | US TREASURY N/B 08/50 1.375                                | CUSIP: 912810SP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   21600000 | PA      | $10867078.15  | 0.24%             | 2050-08-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD SGD BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | SG        |          1 | NC      | $1342.61      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FANNIE MAE REMICS 2015-38                                                        | FANNIE MAE FNR 2015 38 DF                                  | CUSIP: 3136APAH5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     628381 | PA      | $622292.09    | 0.01%             | 2055-06-25      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT INR SOLD USD 20251017                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IN        |          1 | NC      | $-8467.51     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT NOK SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | NO        |          1 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD TWD BOUGHT USD 20260122                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TW        |          1 | NC      | $493.21       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BANC OF AMERICA FUNDING CORP 2007-2                                              | BANC OF AMERICA FUNDING CORPOR BAFC 2007 2 1A2             | CUSIP: 05951GAQ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1151800 | PA      | $915168.16    | 0.02%             | 2037-03-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | 31750R8V2 PIMCO FXVAN PUT AUD USD 0.61750000               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | US        |   12109000 | NC      | $16.03        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD JPY BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |          1 | NC      | $5300.31      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2016-H02                                | GOVERNMENT NATIONAL MORTGAGE A GNR 2016 H02 FH             | CUSIP: 38376RPV2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    1076431 | PA      | $1081770.81   | 0.02%             | 2066-01-20      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC 3360                                                                 | FREDDIE MAC FHR 3360 FC                                    | CUSIP: 31397KE31<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     153099 | PA      | $153410.18    | 0.00%             | 2037-05-15      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD TRY BOUGHT USD 20251001                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |          1 | NC      | $-439.26      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AP5725 FN 08/42 FIXED 5                          | CUSIP: 3138M9LF6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      39424 | PA      | $40154.17     | 0.00%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PIONEER NATURAL RESOURCES COMPANY                                                | PIONEER NATURAL RESOURCE SR UNSECURED 03/26 5.1            | CUSIP: 723787AV9<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | DBT              | CORP              | US        |    4600000 | PA      | $4623283.50   | 0.10%             | 2026-03-29      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 820266 FN 07/35 FIXED 5.5                        | CUSIP: 31406UJK5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      22785 | PA      | $23719.95     | 0.00%             | 2035-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | 317UADUA8 PIMCO SWAPTION 3.385 CALL USD 202510             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |   -8600000 | NC      | $-1816.32     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AO9556 FN 07/42 FIXED 4                          | CUSIP: 3138M1TN8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       3784 | PA      | $3678.09      | 0.00%             | 2042-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL                                                             | EDISON INTERNATIONAL SR UNSECURED 03/30 6.25               | CUSIP: 281020BC0<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |    2250000 | PA      | $2340750.76   | 0.05%             | 2030-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SAUDI ARABIA GOVT                                                                | SAUDI INTERNATIONAL BOND SR UNSECURED 144A 01/30 4.75      | CUSIP: 80413TBF5<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    9200000 | PA      | $9405012.16   | 0.21%             | 2030-01-16      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| FORESEA HOLDING SA                                                               | DRILLCO HLDG LUX SA COMMON STOCK                           | CUSIP: 000000000<br>LEI: 254900BAD50AKYGIMV79 | Long             | EC               | CORP              | LU        |       4828 | NS      | $104606.67    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| OPTION ONE MORTGAGE LOAN TRUST 2007-5                                            | OPTION ONE MORTGAGE LOAN TRUST OOMLT 2007 5 1A1            | CUSIP: 68403HAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6955689 | PA      | $4201431.04   | 0.09%             | 2037-05-25      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT DKK SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | DK        |          1 | NC      | $1278.85      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 766604 FN 03/34 FIXED 5.5                        | CUSIP: 31404EU53<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       5131 | PA      | $5201.72      | 0.00%             | 2034-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 935536 FN 08/39 FIXED 4.5                        | CUSIP: 31412UY95<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      13416 | PA      | $13386.01     | 0.00%             | 2039-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GNMA PASS THRU POOLS                                                             | GNMA II POOL MA5138 G2 04/48 FIXED 4.5                     | CUSIP: 36179TV77<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     660189 | PA      | $653082.91    | 0.01%             | 2048-04-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT IDR SOLD USD 20251217                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $9057.90      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | RFR USD SOFR/3.80740 03/01/24-4Y* LCH                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |          1 | NC      | $-245623.66   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 941919 FN 07/37 FIXED 5.5                        | CUSIP: 31413C4C0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       1608 | PA      | $1646.66      | 0.00%             | 2037-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AK0931 FN 01/42 FIXED 5                          | CUSIP: 3138E5A99<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      54219 | PA      | $54986.06     | 0.00%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 255814 FN 08/35 FIXED 5.5                        | CUSIP: 31371MDT1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      34634 | PA      | $36054.39     | 0.00%             | 2035-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NELNET STUDENT LOAN TRUST 2025-CA                                                | NELNET STUDENT LOAN TRUST NSLT 2025 CA A1A 144A            | CUSIP: 64035UAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    5900000 | PA      | $5885422.87   | 0.13%             | 2065-06-22      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| CITIGROUP MORTGAGE LOAN TRUST 2009-7                                             | CITIGROUP MORTGAGE LOAN TRUST CMLTI 2009 7 5A2 144A        | CUSIP: 17315MAK1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1763801 | PA      | $856542.65    | 0.02%             | 2035-12-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINANCIAL COMPANY INC                                             | GENERAL MOTORS FINL CO GENERAL MOTORS FINL CO              | CUSIP: 37045XES1<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    9200000 | PA      | $9250367.15   | 0.20%             | 2027-05-08      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL BH2668 FN 09/47 FIXED 3.5                        | CUSIP: 3140GQ6E1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      24900 | PA      | $23083.97     | 0.00%             | 2047-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BAIN CAPITAL CREDIT CLO 2022-3 LTD                                               | BAIN CAPITAL CREDIT CLO, LIMIT BCC 2022 3A A1R 144A        | CUSIP: 05684NAL5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   10250000 | PA      | $10287788.88  | 0.23%             | 2035-07-17      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD IDR BOUGHT USD 20251006                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $2648.51      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | AUST 10Y BOND FUT DEC25 XSFE 20251215                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | AU        |        196 | NC      | $-44688.12    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                              | BOUGHT KRW SOLD USD 20251020                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | KR        |          1 | NC      | $-16005.31    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PRIME MORTGAGE TRUST 2004-CL1                                                    | PRIME MORTGAGE TRUST PRIME 2004 CL1 1A2                    | CUSIP: 74160MDL3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      10848 | PA      | $10327.75     | 0.00%             | 2034-02-25      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD IDR BOUGHT USD 20251217                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $-102.09      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GNMA PASS THRU POOLS                                                             | GNMA POOL AO7556 GN 08/45 FIXED 3                          | CUSIP: 3617A8MD8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     570662 | PA      | $513924.94    | 0.01%             | 2045-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | TSY INFL IX N/B 04/28 1.25                                 | CUSIP: 91282CGW5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   88848375 | PA      | $89204956.40  | 1.97%             | 2028-04-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| UMBS PASS THRU POOLS                                                             | FNMA TBA 30 YR 3 SINGLE FAMILY MORTGAGE                    | CUSIP: 01F0306A1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   30758963 | PA      | $27022169.47  | 0.60%             | 2055-10-14      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | RFR EUR ESTRON/2.05630 11/18/24-5Y* LCH                    | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | N/A       |          1 | NC      | $19076.56     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ONE NEW YORK PLAZA TRUST 2020-1NYP                                               | ONE NEW YORK PLAZA TRUST 2020 ONYP 2020 1NYP A 144A        | CUSIP: 68249DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   17300000 | PA      | $17031161.46  | 0.38%             | 2036-01-15      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY COMPANY                                                               | DTE ENERGY CO DTE ENERGY CO                                | CUSIP: 233331BK2<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |    4600000 | PA      | $4715236.30   | 0.10%             | 2029-03-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| BEAR STEARNS ADJUSTABLE RATE MORTGAGE TRUST 2004-1                               | BEAR STEARNS ADJUSTABLE RATE M BSARM 2004 1 12A5           | CUSIP: 07384MG97<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     152654 | PA      | $136770.05    | 0.00%             | 2034-04-25      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL ZK3022 FR 02/26 FIXED 3.5                | CUSIP: 3131X6LB4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        827 | PA      | $822.92       | 0.00%             | 2026-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CARMAX AUTO OWNER TRUST 2023-1                                                   | CARMAX AUTO OWNER TRUST CARMX 2023 1 A3                    | CUSIP: 14318DAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3085636 | PA      | $3092505.33   | 0.07%             | 2027-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | COLOMBIA LA SP JPM                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              |  | US        |          1 | NC      | $686.96       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SOUTHERN CALIFORNIA EDISON COMPANY                                               | SOUTHERN CAL EDISON 1ST REF MORT 03/48 4.125               | CUSIP: 842400GK3<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |     950000 | PA      | $726902.28    | 0.02%             | 2048-03-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 870702 FN 08/36 FIXED 6                          | CUSIP: 31409GKP0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      40534 | PA      | $42606.98     | 0.00%             | 2036-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD TWD BOUGHT USD 20251020                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TW        |          1 | NC      | $58186.12     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| KKR CLO 41 LTD                                                                   | KKR FINANCIAL CLO LTD KKR 2022 41A A1 144A                 | CUSIP: 48255PAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    7000000 | PA      | $7026567.94   | 0.16%             | 2035-04-15      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| MERCEDES-BENZ FINANCE NORTH AMERICA LLC                                          | MERCEDES BENZ FIN NA COMPANY GUAR 144A 11/27 4.9           | CUSIP: 58769JAZ0<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |    9000000 | PA      | $9145577.07   | 0.20%             | 2027-11-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| WARWICK FINANCE RESIDENTIAL MORTGAGES 3A                                         | WARWICK FINANCE RESIDENTIAL MO WARW 3A D 144A              | CUSIP: ACI0Y9JX6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | GB        |     674000 | PA      | $903652.21    | 0.02%             | 2049-12-21      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD ZAR BOUGHT USD 20251120                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ZA        |          1 | NC      | $48.04        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOFTBANK GROUP CORP SNR JP SP GST                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              |  | US        |          1 | NC      | $2905.52      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL BY0178 FN 05/53 FIXED 5                          | CUSIP: 3140NGFU9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     293689 | PA      | $294582.21    | 0.01%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KOREA DEVELOPMENT BANK                                                           | KOREA DEVELOPMENT BANK SR UNSECURED 10/26 VAR              | CUSIP: 500630DY1<br>LEI: 549300ML2LNRZUCS7149 | Long             | DBT              | CORP              | KR        |    1900000 | PA      | $1912316.48   | 0.04%             | 2026-10-23      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2023-H01                                | GOVERNMENT NATIONAL MORTGAGE A GNR 2023 H01 FA             | CUSIP: 38382YQ30<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    8530870 | PA      | $8551557.81   | 0.19%             | 2073-01-20      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD CAD BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CA        |          1 | NC      | $12028.77     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | TSY INFL IX N/B 02/55 2.375                                | CUSIP: 912810UH9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    3173501 | PA      | $3101458.12   | 0.07%             | 2055-02-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| BEAR STEARNS  STRUC PROD INC 2007-R6                                             | BEAR STEARNS STRUCTURED PRODUC BSSP 2007 R6 1A1            | CUSIP: 07402FAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     493226 | PA      | $349608.86    | 0.01%             | 2036-01-26      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK NA                                                           | MORGAN STANLEY BANK NA SR UNSECURED 05/28 VAR              | CUSIP: 61690U8C7<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |    5000000 | PA      | $5019747.90   | 0.11%             | 2028-05-26      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 750548 FN 02/34 FIXED 5.5                        | CUSIP: 31403JZM1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       2469 | PA      | $2555.07      | 0.00%             | 2034-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT BRL SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $25674.28     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL CB6728 FN 07/53 FIXED 5                          | CUSIP: 3140QSPN5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    5601573 | PA      | $5604665.56   | 0.12%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC 2266                                                                 | FREDDIE MAC FHR 2266 F                                     | CUSIP: 3133TQFM4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |         10 | PA      | $9.97         | 0.00%             | 2030-11-15      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| BCAP LLC TRUST 2007-AA2                                                          | BCAP LLC TRUST BCAP 2007 AA2 12A1                          | CUSIP: 05530NAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1041750 | PA      | $1004633.06   | 0.02%             | 2047-05-25      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |
| PIMCO FUNDS                                                                      | PIMCO SHORT ASSET PORTFOLIO MUTUAL FUND                    | CUSIP: 000000000<br>LEI: 549300F9QJIJF2GM8419 | Long             | STIV             | RF                | US        |   16977564 | PA      | $166566879.28 | 3.68%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                              | SOLD TWD BOUGHT USD 20251020                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TW        |          1 | NC      | $48505.98     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD CNH BOUGHT USD 20251016                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CN        |          1 | NC      | $3784.98      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | US 10YR FUT OPTN  NOV25C 114 EXP 10/24/2025                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |       -215 | NC      | $-29591.74    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ORACLE CORPORATION                                                               | ORACLE CORP SR UNSECURED 05/28 4.5                         | CUSIP: 68389XCM5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    4900000 | PA      | $4937045.57   | 0.11%             | 2028-05-06      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD GBP BOUGHT USD 20251104                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | GB        |          1 | NC      | $-691100.26   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | US TREASURY N/B 08/48 3                                    | CUSIP: 912810SD1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    4100000 | PA      | $3083648.46   | 0.07%             | 2048-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT PLN SOLD USD 20251015                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | PL        |          1 | NC      | $11875.69     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WACHOVIA MTGE LOAN TRUST 2005-WMC1                                               | WACHOVIA MORTGAGE LOAN TRUST, WMLT 2005 WMC1 M2            | CUSIP: 92977YAY7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4119500 | PA      | $3805846.98   | 0.08%             | 2035-10-25      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| CENTENE CORPORATION                                                              | CENTENE CORP SR UNSECURED 12/27 4.25                       | CUSIP: 15135BAR2<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |    2800000 | PA      | $2751888.58   | 0.06%             | 2027-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | RFR USD SOFR/3.50000 12/18/24-30Y LCH                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |          1 | NC      | $1440324.99   | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD PEN BOUGHT USD 20251017                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | PE        |          1 | NC      | $-3521.69     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT IDR SOLD USD 20251008                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $87.75        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | IRS EUR 1.00000 05/13/22-5Y LCH                            | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | N/A       |          1 | NC      | $-717559.75   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 768601 FN 02/34 FIXED 5.5                        | CUSIP: 31404G3J8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      38130 | PA      | $38981.61     | 0.00%             | 2034-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL QD9898 FR 04/52 FIXED 3                  | CUSIP: 3133B77K8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   20067107 | PA      | $17671141.05  | 0.39%             | 2052-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 254145 FN 01/32 FIXED 5.5                        | CUSIP: 31371KHW4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       1582 | PA      | $1633.75      | 0.00%             | 2032-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JP MORGAN REREMIC 2009-12                                                        | JP MORGAN REREMIC JPMRR 2009 12 3A2 144A                   | CUSIP: 46634BBN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    7652738 | PA      | $5278615.90   | 0.12%             | 2036-05-26      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | RFR EUR ESTRON/2.05000 11/18/24-5Y* LCH                    | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | N/A       |          1 | NC      | $18421.38     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY ABS CAPITAL I 2006-HE5                                            | MORGAN STANLEY CAPITAL INC MSAC 2006 HE5 A2D               | CUSIP: 61749NAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    9767652 | PA      | $4906296.68   | 0.11%             | 2036-08-25      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS AND ELECTRIC COMPANY                                                 | PACIFIC GAS + ELECTRIC 1ST MORTGAGE 06/33 6.4              | CUSIP: 694308KM8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    3900000 | PA      | $4194103.25   | 0.09%             | 2033-06-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| HOME EQUITY LOAN TRUST 2007-FRE1                                                 | HOME EQUITY LOAN TRUST HELT 2007 FRE1 2AV3                 | CUSIP: 43710XAD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4065220 | PA      | $3975955.06   | 0.09%             | 2037-04-25      | Floating      | 4.50%                 | No            |                  2 | On Loan: No      |
| BRAZIL GOVT                                                                      | LETRA TESOURO NACIONAL BILLS 04/26 0.00000                 | CUSIP: ACI2MFC91<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |  108800000 | PA      | $19096741.99  | 0.42%             | 2026-04-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                                                 | SOCIETE GENERALE 144A 01/27 VAR                            | CUSIP: 83368RBQ4<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    6100000 | PA      | $6130090.20   | 0.14%             | 2027-01-12      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | EURO-BUND OPTION  NOV25P 127.5 EXP 10/24/2025              | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | DE        |       -156 | NC      | $-34798.86    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 535341 FN 09/39 FLOATING VAR                     | CUSIP: 31384VWA6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       5652 | PA      | $5713.84      | 0.00%             | 2039-09-01      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| ROMANIA GOVT                                                                     | ROMANIA BONDS REGS 05/30 3.624                             | CUSIP: ACI1MJRS7<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |   14000000 | PA      | $15799458.06  | 0.35%             | 2030-05-26      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE 2006-118                                                              | FANNIE MAE FNR 2006 118 A1                                 | CUSIP: 31396L4R8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      46084 | PA      | $45098.60     | 0.00%             | 2036-12-25      | Floating      | 4.52%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL A81614 FG 09/38 FIXED 6                  | CUSIP: 312927YK6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       1163 | PA      | $1224.27      | 0.00%             | 2038-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2005-A3                                                 | JP MORGAN MORTGAGE TRUST JPMMT 2005 A3 3A4                 | CUSIP: 466247QA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      11901 | PA      | $11932.20     | 0.00%             | 2035-06-25      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 828005 FN 06/35 FIXED 5.5                        | CUSIP: 31407D3N3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       1197 | PA      | $1233.89      | 0.00%             | 2035-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 905896 FN 12/36 FIXED 5.5                        | CUSIP: 31411ENM5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       1009 | PA      | $1038.94      | 0.00%             | 2036-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MID-ATLANTIC INTERSTATE TRANSMISSION LLC                                         | MID ATLANTIC INTERSTATE SR UNSECURED 144A 05/28 4.1        | CUSIP: 59524QAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2100000 | PA      | $2098416.01   | 0.05%             | 2028-05-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 808413 FN 01/35 FIXED 5.5                        | CUSIP: 31406FDS7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       3746 | PA      | $3868.32      | 0.00%             | 2035-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 966590 FN 01/38 FIXED 6                          | CUSIP: 31414HKB2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       2423 | PA      | $2547.39      | 0.00%             | 2038-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MERRILL LYNCH MORTGAGE INV 2006-MLN1                                             | MERRILL LYNCH MORTGAGE INVESTO MLMI 2006 MLN1 A2B          | CUSIP: 59023AAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2286015 | PA      | $883879.66    | 0.02%             | 2037-07-25      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| PROLOGIS LP                                                                      | PROLOGIS LP SR UNSECURED 02/33 4.2                         | CUSIP: 74340XCP4<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |   12800000 | PA      | $9409976.88   | 0.21%             | 2033-02-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST 2022-LTV2                                             | JP MORGAN MORTGAGE TRUST JPMMT 2022 LTV2 A3 144A           | CUSIP: 46655LAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   12189157 | PA      | $10939214.73  | 0.24%             | 2052-09-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD SGD BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | SG        |          1 | NC      | $14646.29     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ENTERGY LOUISIANA LLC                                                            | ENTERGY LOUISIANA LLC 1ST MORTGAGE 06/32 2.35              | CUSIP: 29364WBH0<br>LEI: 0V5453U14HDZO63CGH17 | Long             | DBT              | CORP              | US        |   15500000 | PA      | $13642316.63  | 0.30%             | 2032-06-15      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| ABILENE DC 5 LLC/ABILENE DC 6 LLC                                                | PROJECT FLASH TERM LOAN                                    | CUSIP: BA000KZ79<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4000000 | PA      | $4000000.00   | 0.09%             | 2030-04-30      | Floating      | 1.98%                 | No            |                  3 | On Loan: No      |
| N/A                                                                              | SOLD IDR BOUGHT USD 20251015                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $381.46       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 936805 FN 06/37 FIXED 6                          | CUSIP: 31412WGN0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      11453 | PA      | $11849.92     | 0.00%             | 2037-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BAYER US FINANCE LLC                                                             | BAYER US FINANCE LLC BAYER US FINANCE LLC                  | CUSIP: 07274EAM5<br>LEI: 54930093Q75GSEM74I71 | Long             | DBT              | CORP              | US        |     500000 | PA      | $544702.73    | 0.01%             | 2053-11-21      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ITALY GOVT                                                                       | BUONI POLIENNALI DEL TES SR UNSECURED 144A REGS 05/28 1    | CUSIP: ACI0SY7X1<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |   18570295 | PA      | $22093094.03  | 0.49%             | 2028-05-15      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 339016 FN 11/35 FLOATING VAR                     | CUSIP: 31375MSD6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       2706 | PA      | $2674.76      | 0.00%             | 2035-11-01      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| NY SOCIETY FOR RELIEF OF RUPTURED & CRIPPLED MAINTAINING HOSP SPECIAL SURGERY    | HOSPITAL SPECIAL SURGERY SECURED 10/50 2.667               | CUSIP: 44107HAF9<br>LEI: 549300U0XV0GGBTV6I72 | Long             | DBT              | CORP              | US        |    3000000 | PA      | $1854885.81   | 0.04%             | 2050-10-01      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| GSPA MONETIZATION TRUST                                                          | GSPA MONETIZATION TRUST PASS THRU CE 144A 10/29 6.422      | CUSIP: 36298GAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    3559403 | PA      | $3592872.77   | 0.08%             | 2029-10-09      | Fixed         | 6.42%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | COLOMBIA LA SP CBK                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              |  | US        |          1 | NC      | $961.74       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 888566 FN 01/37 FIXED VAR                        | CUSIP: 31410GFF5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        532 | PA      | $553.91       | 0.00%             | 2037-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 798675 FN 11/34 FIXED 5.5                        | CUSIP: 31405TJU7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       3462 | PA      | $3567.86      | 0.00%             | 2034-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL CB6395 FN 02/53 FIXED 5                          | CUSIP: 3140QSC90<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    4856836 | PA      | $4842156.41   | 0.11%             | 2053-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RENAISSANCE HOME EQUITY LOAN TR 2006-4                                           | RENAISSANCE HOME EQUITY LOAN T RAMC 2006 4 AF2             | CUSIP: 75970HAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   12617230 | PA      | $3778561.24   | 0.08%             | 2037-01-25      | Variable      | 5.29%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD PEN BOUGHT USD 20251023                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | PE        |          1 | NC      | $-2954.72     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ARGENT SECURITIES INC 2006-M1                                                    | ARGENT SECURITIES INC. ARSI 2006 M1 A2C                    | CUSIP: 04012MAQ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   15088070 | PA      | $4107787.46   | 0.09%             | 2036-07-25      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | US TREASURY N/B 08/49 2.25                                 | CUSIP: 912810SJ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   64988500 | PA      | $41496172.37  | 0.92%             | 2049-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| WASHINGTON MUTUAL 2005-AR6                                                       | WAMU MORTGAGE PASS THROUGH CER WAMU 2005 AR6 1A1A          | CUSIP: 92922FH84<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3829477 | PA      | $3841628.57   | 0.08%             | 2045-02-25      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| NATIONAL GRID PLC                                                                | NATIONAL GRID PLC SR UNSECURED 06/33 5.809                 | CUSIP: 636274AE2<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | DBT              | CORP              | GB        |    3500000 | PA      | $3733671.48   | 0.08%             | 2033-06-12      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| PANAMA INFRASTRUCTURE RECEIVABLE PURCHASER PLC                                   | PANAMA INFRASTRUCTURE SR SECURED 144A 04/32 0.00000        | CUSIP: 69828QAD9<br>LEI: 213800QSH7EDGMUDJW25 | Long             | DBT              | CORP              | GB        |    3700000 | PA      | $2788597.50   | 0.06%             | 2032-04-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT TRY SOLD USD 20251110                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |          1 | NC      | $232427.54    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | RFR USD SOFR/3.65471 04/07/25-30Y* LCH                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |          1 | NC      | $99735.13     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 948689 FN 08/37 FIXED 6                          | CUSIP: 31413LNE5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      89989 | PA      | $93782.25     | 0.00%             | 2037-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                                                              | GLOBAL PAYMENTS INC SR UNSECURED 03/26 1.2                 | CUSIP: 37940XAE2<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |   16000000 | PA      | $15790707.84  | 0.35%             | 2026-03-01      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD TWD BOUGHT USD 20251015                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TW        |          1 | NC      | $14772.42     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT KRW SOLD USD 20251022                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | KR        |          1 | NC      | $-8270.08     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT INR SOLD USD 20251017                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IN        |          1 | NC      | $-20298.46    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GSR MORTGAGE LOAN TRUST 2005-AR6                                                 | GSR MORTGAGE LOAN TRUST GSR 2005 AR6 2A1                   | CUSIP: 362341RX9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     329857 | PA      | $318143.37    | 0.01%             | 2035-09-25      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES 2023-1 CLASS A PASS THROUGH TRUST                                | UNITED AIR 2023 1 A PTT PASS THRU CE 07/37 5.8             | CUSIP: 90932LAJ6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    8490036 | PA      | $8810927.36   | 0.19%             | 2037-07-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD NZD BOUGHT USD 20251104                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | NZ        |          1 | NC      | $-8361.94     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 713974 FN 07/33 FIXED 5.5                        | CUSIP: 31401PFP4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       7549 | PA      | $7630.76      | 0.00%             | 2033-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ICG-2021-3A                                                                      | ICG US CLO LTD ICG 2021 3A AR 144A                         | CUSIP: 449249AS0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    5700000 | PA      | $5706706.05   | 0.13%             | 2034-10-20      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 953781 FN 11/37 FIXED 6                          | CUSIP: 31413SCS1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      23341 | PA      | $24535.02     | 0.00%             | 2037-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CHARTER COMMUNICATIONS OPERATING LLC/CHARTER COMMUNICATIONS OPERATING CAPITAL    | CHARTER COMM OPT LLC/CAP CHARTER COMM OPT LLC/CAP          | CUSIP: 161175CQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    7600000 | PA      | $7976809.14   | 0.18%             | 2029-06-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| UMBS PASS THRU POOLS                                                             | FNMA TBA 30 YR 6 SINGLE FAMILY MORTGAGE                    | CUSIP: 01F0606B6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  208340000 | PA      | $212813161.89 | 4.70%             | 2054-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT CHF SOLD USD 20251104                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CH        |          1 | NC      | $846.86       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GA GLOBAL FUNDING TRUST                                                          | GA GLOBAL FUNDING TRUST SECURED 144A 09/28 1.95            | CUSIP: 36143L2D6<br>LEI: 54930029I8ROQ4OROZ88 | Long             | DBT              | CORP              | US        |   15400000 | PA      | $14390236.94  | 0.32%             | 2028-09-15      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL SD0935 FR 04/52 FIXED 3                  | CUSIP: 3132DNBC6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   18159005 | PA      | $16007874.29  | 0.35%             | 2052-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 745886 FN 04/36 FIXED VAR                        | CUSIP: 31403DUK3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        227 | PA      | $236.33       | 0.00%             | 2036-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT TWD SOLD USD 20251020                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TW        |          1 | NC      | $-658.98      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AMGEN INC                                                                        | AMGEN INC SR UNSECURED 03/30 5.25                          | CUSIP: 031162DQ0<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    7300000 | PA      | $7568746.00   | 0.17%             | 2030-03-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 995112 FN 07/36 FIXED VAR                        | CUSIP: 31416BN53<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       2566 | PA      | $2664.47      | 0.00%             | 2036-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2016-H22 FJ                             | GOVERNMENT NATIONAL MORTGAGE A GNR 2016 H22 FA             | CUSIP: 38376RC95<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    2061552 | PA      | $2066250.73   | 0.05%             | 2066-10-20      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT TRY SOLD USD 20251103                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |          1 | NC      | $9596.36      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL MA0534 FN 10/30 FIXED 4                          | CUSIP: 31417YSY4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      66956 | PA      | $66679.22     | 0.00%             | 2030-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH AFRICA GOVT                                                                | REPUBLIC OF SOUTH AFRICA SR UNSECURED 01/44 8.75           | CUSIP: BPXR8CII6<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    5390000 | PA      | $271697.20    | 0.01%             | 2044-01-31      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | RFR USD SOFR/3.75000 12/18/24-5Y LCH                       | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |          1 | NC      | $-706433.85   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AV3789 FN 11/43 FIXED 5                          | CUSIP: 3138XFF75<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        815 | PA      | $828.60       | 0.00%             | 2043-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD ZAR BOUGHT USD 20251120                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ZA        |          1 | NC      | $-14680.90    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | ZCS BRL 13.32 05/08/25-01/02/29 CME                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | BR        |          1 | NC      | $-1107.27     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP MORTGAGE LOAN TR 2006-WF2                                              | CITIGROUP MORTGAGE LOAN TRUST CMLTI 2006 WF2 A1            | CUSIP: 17309BAL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2276976 | PA      | $1129176.08   | 0.02%             | 2036-05-25      | Variable      | 7.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD BRL BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $-2020.82     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ALEXANDRIA REAL ESTATE EQUITIES INC                                              | ALEXANDRIA REAL ESTATE E COMPANY GUAR 07/29 4.5            | CUSIP: 015271AG4<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              | CORP              | US        |    4500000 | PA      | $4519270.67   | 0.10%             | 2029-07-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CAIXABANK SA (AKA: LA CAIXA)                                                     | CAIXABANK SA SR UNSECURED 144A 03/30 VAR                   | CUSIP: 12803RAG9<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |    7000000 | PA      | $7263056.22   | 0.16%             | 2030-03-15      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 928027 FN 01/37 FIXED 6                          | CUSIP: 31412LA42<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      23884 | PA      | $25181.74     | 0.00%             | 2037-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 257238 FN 06/28 FIXED 5                          | CUSIP: 31371NV77<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       1702 | PA      | $1713.48      | 0.00%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | IRS EUR 1.00000 05/18/22-5Y LCH                            | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | N/A       |          1 | NC      | $-288509.25   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD PEN BOUGHT USD 20260217                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | PE        |          1 | NC      | $-44628.60    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT ILS SOLD USD 20251113                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IL        |          1 | NC      | $856.13       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WEST STREET GLOBAL GROWTH PARTNERS LP                                            | PROJECT HUDSON II FIXED TERM LOAN                          | CUSIP: BA0004RR0<br>LEI: 549300VKOBL0QVVJAP44 | Long             | ABS-MBS          | CORP              | US        |    2300000 | PA      | $2329046.06   | 0.05%             | 2026-05-29      | Fixed         | 7.73%                 | No            |                  3 | On Loan: No      |
| N/A                                                                              | BOUGHT BRL SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $69325.22     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 824324 FN 06/35 FIXED 6                          | CUSIP: 31406YYV6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        875 | PA      | $911.35       | 0.00%             | 2035-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 766197 FN 02/34 FIXED 5.5                        | CUSIP: 31404EGE0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       8446 | PA      | $8530.32      | 0.00%             | 2034-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COUNTRYWIDE ASSET-BACKED CERT 2006-15                                            | COUNTRYWIDE ASSET BACKED CERTI CWL 2006 15 A5A             | CUSIP: 12666UAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8132140 | PA      | $6915098.45   | 0.15%             | 2046-10-25      | Variable      | 6.76%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                                     | BROADCOM INC SR UNSECURED 144A 11/35 3.137                 | CUSIP: 11135FBP5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    7063000 | PA      | $6113238.11   | 0.14%             | 2035-11-15      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| DALLAS FORT WORTH INTERNATIONAL AIRPORT                                          | DALLAS FORT WORTH TX INTERNATI DALAPT 11/31 FIXED 2.246    | CUSIP: 2350366T2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    2500000 | PA      | $2258019.25   | 0.05%             | 2031-11-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| FOOTBALL CLUB TERM NOTES 2024-XVII TRUST                                         | NATIONAL FOOTBAL LEAGUE 4.5YR                              | CUSIP: 902EYJ902<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1200000 | PA      | $1229277.58   | 0.03%             | 2028-10-05      | Fixed         | 5.48%                 | Yes           |                  3 | On Loan: No      |
| NORVESTOR SPV III SCSP                                                           | PROJECT FENNO EUR DELAYED DRAW TERM LOAN A                 | CUSIP: BA000MLQ8<br>LEI: N/A                  | Long             | LON              | CORP              | LU        |    1465724 | PA      | $1720833.89   | 0.04%             | 2028-07-10      | Floating      | 4.37%                 | Yes           |                  3 | On Loan: No      |
| DRSLF-2017-54A                                                                   | DRYDEN SENIOR LOAN FUND DRSLF 2017 54A AR 144A             | CUSIP: 26244RAF8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    3294458 | PA      | $3296107.72   | 0.07%             | 2029-10-19      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD PEN BOUGHT USD 20251027                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | PE        |          1 | NC      | $-3635.18     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD ILS BOUGHT USD 20251015                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IL        |          1 | NC      | $-17180.83    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 878386 FN 02/36 FIXED 6                          | CUSIP: 31409T2T4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       5497 | PA      | $5669.09      | 0.00%             | 2036-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| WARWICK FINANCE RESIDENTIAL MORTGAGES 3A                                         | WARWICK FINANCE RESIDENTIAL MO WARW 3A PRC 144A            | CUSIP: ACI0YB0Q6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | GB        |        184 | PA      | $1919917.37   | 0.04%             | 2049-12-21      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD EUR BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $16144.88     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| INDYMAC ARM TRUST 2001-H2                                                        | INDYMAC ARM TRUST INARM 2001 H2 A2                         | CUSIP: 45660UAT6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        280 | PA      | $270.97       | 0.00%             | 2032-01-25      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL C91335 FG 09/30 FIXED 4                  | CUSIP: 3128P7PU1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      47010 | PA      | $46869.17     | 0.00%             | 2030-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT KRW SOLD USD 20251022                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | KR        |          1 | NC      | $87.08        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FORESEA HOLDING SA                                                               | FORESEA HOLDING SA SR SECURED REGS 06/30 7.5               | CUSIP: L26915AA3<br>LEI: 254900BAD50AKYGIMV79 | Long             | DBT              | CORP              | LU        |     497052 | PA      | $486888.08    | 0.01%             | 2030-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                                     | BROADCOM INC COMPANY GUAR 144A 02/33 2.6                   | CUSIP: 11135FBF7<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   16900000 | PA      | $14841530.82  | 0.33%             | 2033-02-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 544861 FN 12/36 FLOATING VAR                     | CUSIP: 31385HJE3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      11001 | PA      | $10910.14     | 0.00%             | 2036-12-01      | Floating      | 4.91%                 | No            |                  2 | On Loan: No      |
| ALLIANT ENERGY FINANCE LLC                                                       | ALLIANT ENERGY FINANCE COMPANY GUAR 144A 03/29 5.95        | CUSIP: 01882YAE6<br>LEI: 54930033ER6EOI5DL570 | Long             | DBT              | CORP              | US        |    4400000 | PA      | $4606149.11   | 0.10%             | 2029-03-30      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD SGD BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | SG        |          1 | NC      | $12817.06     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA (EDF)                                                   | ELECTRICITE DE FRANCE SA SR UNSECURED 144A 05/33 6.25      | CUSIP: 28504DAC7<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    5200000 | PA      | $5678471.03   | 0.13%             | 2033-05-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GNMA PASS THRU POOLS                                                             | GNMA II TBA 30 YR 4.5 JUMBOS                               | CUSIP: 21H0426B0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   32400000 | PA      | $31407500.20  | 0.69%             | 2055-11-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT TRY SOLD USD 20251128                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |          1 | NC      | $15655.75     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD SGD BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | SG        |          1 | NC      | $85361.24     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| EPR PROPERTIES                                                                   | EPR PROPERTIES SR UNSECURED 08/29 3.75                     | CUSIP: 26884UAF6<br>LEI: 549300YSSXFHMPOWZ492 | Long             | DBT              | CORP              | US        |    4300000 | PA      | $4140946.14   | 0.09%             | 2029-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NORDEA KREDIT REALKREDITAKTIESELSKAB                                             | NORDEA KREDIT REALKREDIT COVERED 10/53 1.5                 | CUSIP: BL6K5DII1<br>LEI: 52990080NNXXLC14OC65 | Long             | DBT              | CORP              | DK        |          1 | PA      | $0.13         | 0.00%             | 2053-10-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| THAMES WATER SUPER SENIOR ISSUER PLC                                             | THAMES WATER SUPER SEN SR SECURED 144A 10/27 9.75          | CUSIP: ACI2ZHVB7<br>LEI: 635400LBEYCV7F4FC741 | Long             | DBT              | CORP              | GB        |      94824 | PA      | $142810.19    | 0.00%             | 2027-10-10      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| NIGERIA GOVT                                                                     | NIGERIA OMO BILL OMO120626                                 | CUSIP: 955PDJII7<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        | 2160400000 | PA      | $1281135.56   | 0.03%             | 2026-06-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT KRW SOLD USD 20251020                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | KR        |          1 | NC      | $-33455.28    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GNMA PASS THRU POOLS                                                             | GNMA POOL BR6233 GN 12/49 FIXED 4                          | CUSIP: 3617M44S1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      85083 | PA      | $81413.08     | 0.00%             | 2049-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FIRST HORIZON MTGE PASS-THRU TR 2005-AR4                                         | FIRST HORIZON MORTGAGE PASS TH FHASI 2005 AR4 2A1          | CUSIP: 32051GTX3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     451236 | PA      | $414062.28    | 0.01%             | 2035-10-25      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| DATABRICKS INC                                                                   | DATABRICKS INC LAST OUT TERM LOAN                          | CUSIP: BA000D206<br>LEI: 984500FEDAC7FBD96273 | Long             | LON              | CORP              | US        |    1941101 | PA      | $1975070.56   | 0.04%             | 2031-01-03      | Floating      | 8.72%                 | No            |                  3 | On Loan: No      |
| N/A                                                                              | BOUGHT MXN SOLD USD 20251217                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | MX        |          1 | NC      | $152.79       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT TWD SOLD USD 20251020                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TW        |          1 | NC      | $-18116.66    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NTT FINANCE CORPORATION                                                          | NTT FINANCE CORP SR UNSECURED 144A 07/32 5.171             | CUSIP: 62954WAU9<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |    1500000 | PA      | $1536683.93   | 0.03%             | 2032-07-16      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| ARES XLIV CLO LTD 2017-44A                                                       | ARES CLO LTD ARES 2017 44A A1RR 144A                       | CUSIP: 04016NBH5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    8800000 | PA      | $8811272.36   | 0.19%             | 2034-04-15      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | 317UAFDA2 PIMCO SWAPTION 3.375 CALL USD 202510             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | KY        |   -8500000 | NC      | $-2061.25     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | US TREASURY N/B 02/44 3.625                                | CUSIP: 912810RE0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    2900000 | PA      | $2518128.90   | 0.06%             | 2044-02-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD CAD BOUGHT USD 20251104                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CA        |          1 | NC      | $-306.86      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FANNIE MAE 2007-73                                                               | FANNIE MAE FNR 2007 73 A1                                  | CUSIP: 31396V4Q8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     117915 | PA      | $115853.72    | 0.00%             | 2037-07-25      | Floating      | 4.52%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | IRS EUR 2.41000 11/05/24-10Y LCH                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | N/A       |          1 | NC      | $-21177.03    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD INR BOUGHT USD 20251006                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IN        |          1 | NC      | $1125.04      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NORVESTOR SPV III SCSP                                                           | PROJECT FENNO EUR DELAYED DRAW TERM LOAN B                 | CUSIP: BA000MLR6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | LU        |     696219 | PA      | $817396.10    | 0.02%             | 2028-07-10      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| GNMA PASS THRU POOLS                                                             | GNMA POOL CL6201 GN 03/52 FIXED 4                          | CUSIP: 3617YD3J9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     688579 | PA      | $650874.17    | 0.01%             | 2052-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | REVERSE REPO DEUTSCHE REVERSE REPO                         | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |    -184750 | PA      | $-184946.30   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GREENPOINT MTGE FUUNDING TRUST 2006-AR4                                          | GREENPOINT MORTGAGE FUNDING TR GPMF 2006 AR4 A6A           | CUSIP: 39539FAK0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      87295 | PA      | $81409.72     | 0.00%             | 2046-09-25      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT TRY SOLD USD 20251003                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |          1 | NC      | $28656.64     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 889684 FN 08/37 FIXED VAR                        | CUSIP: 31410KM92<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       3621 | PA      | $3769.41      | 0.00%             | 2037-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT BRL SOLD USD 20251104                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $-218.18      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL SD2524 FR 10/52 FIXED 4                  | CUSIP: 3132DPYV4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    5937412 | PA      | $5614889.80   | 0.12%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUEMINES LNG LLC                                               | VENTURE GLOBAL PLAQUE SR SECURED 144A 01/36 6.75           | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    1600000 | PA      | $1700483.20   | 0.04%             | 2036-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | TSY INFL IX N/B 02/47 0.875                                | CUSIP: 912810RW0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    5085160 | PA      | $3759071.71   | 0.08%             | 2047-02-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                          | HCA INC COMPANY GUAR 06/28 5.2                             | CUSIP: 404119CP2<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    1500000 | PA      | $1536483.02   | 0.03%             | 2028-06-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | US TREASURY N/B 02/50 2                                    | CUSIP: 912810SL3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   35800000 | PA      | $21416371.23  | 0.47%             | 2050-02-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | ZCS BRL 13.0166 08/12/25-01/02/29 CME                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | BR        |          1 | NC      | $131635.81    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 942283 FN 08/37 FIXED 6                          | CUSIP: 31413DJ40<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       2348 | PA      | $2475.20      | 0.00%             | 2037-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA PASS THRU POOLS                                                             | GNMA POOL BQ1005 GN 10/49 FIXED 4                          | CUSIP: 3617LKDJ6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      68219 | PA      | $64673.04     | 0.00%             | 2049-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | REVERSE REPO JPM CHASE                                     | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |    -823000 | PA      | $-823094.42   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT INR SOLD USD 20251017                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IN        |          1 | NC      | $-13898.65    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD IDR BOUGHT USD 20251008                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $542.55       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| POLAND GOVT                                                                      | REPUBLIC OF POLAND REPUBLIC OF POLAND                      | CUSIP: 731011AY8<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    4600000 | PA      | $4713082.58   | 0.10%             | 2034-09-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SCENTRE MANAGEMENT LTD (SCENTRE GROUP TRUST 1/SCENTRE GROUP TRUST 2)             | SCENTRE GROUP TRUST 1/2 COMPANY GUAR 144A 01/26 3.625      | CUSIP: 80622GAD6<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |   15900000 | PA      | $15863453.37  | 0.35%             | 2026-01-28      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAPITAL DAC / AERCAP GLOBAL AVIATION TRUST                        | AERCAP IRELAND CAP/GLOBA COMPANY GUAR 10/26 2.45           | CUSIP: 00774MAV7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    6450000 | PA      | $6338838.57   | 0.14%             | 2026-10-29      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| COUNTRYWIDE HOME LOANS 2004-22                                                   | COUNTRYWIDE HOME LOANS CWHL 2004 22 A3                     | CUSIP: 12669F6Z1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     266376 | PA      | $256831.63    | 0.01%             | 2034-11-25      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD PEN BOUGHT USD 20251017                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | PE        |          1 | NC      | $-3501.47     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD CNH BOUGHT USD 20251016                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CN        |          1 | NC      | $9182.49      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | 31750R5R4 PIMCO FXVAN CALL USD SEK 10.20000000             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | US        |    9136000 | NC      | $4440.10      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD KRW BOUGHT USD 20251022                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | KR        |          1 | NC      | $10486.17     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE & CO                                                             | JPMORGAN CHASE + CO SR UNSECURED 07/29 VAR                 | CUSIP: 46647PDU7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    9200000 | PA      | $9480630.45   | 0.21%             | 2029-07-24      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                                                     | UBS GROUP AG SR UNSECURED 144A 01/27 VAR                   | CUSIP: 902613AU2<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    4100000 | PA      | $4114773.69   | 0.09%             | 2027-01-12      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | TSY INFL IX N/B 02/49 1                                    | CUSIP: 912810SG4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    3209325 | PA      | $2370519.84   | 0.05%             | 2049-02-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                                                | HSBC HLDGS PLC SR GLBL 03/30 1                             | CUSIP: 404280ED7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    4500000 | PA      | $4670280.32   | 0.10%             | 2030-03-04      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 888222 FN 02/37 FIXED VAR                        | CUSIP: 31410FYT6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     172919 | PA      | $182311.95    | 0.00%             | 2037-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | RFR USD SOFR/3.72680 03/01/24-7Y* LCH                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |          1 | NC      | $-64800.81    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AMDOCS LIMITED                                                                   | AMDOCS LTD SR UNSECURED 06/30 2.538                        | CUSIP: 02342TAE9<br>LEI: 549300HQV672RJ7RQV66 | Long             | DBT              | CORP              | GG        |    6900000 | PA      | $6325149.34   | 0.14%             | 2030-06-15      | Fixed         | 2.54%                 | No            |                  2 | On Loan: No      |
| GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2023-H05                                | GOVERNMENT NATIONAL MORTGAGE A GNR 2023 H05 GF             | CUSIP: 38382YY64<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    9404840 | PA      | $9423341.71   | 0.21%             | 2073-02-20      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE-ACES 2020-M33                                                         | FANNIEMAE ACES FNA 2020 M33 X2                             | CUSIP: 3136BBAR3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   14941340 | PA      | $870442.15    | 0.02%             | 2031-01-25      | Variable      | 2.35%                 | No            |                  2 | On Loan: No      |
| MEXICO GOVT                                                                      | UNITED MEXICAN STATES SR UNSECURED 03/38 5.125             | CUSIP: ACI30CT50<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    1300000 | PA      | $1555219.12   | 0.03%             | 2038-03-19      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT EUR SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $-241265.98   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD BRL BOUGHT USD 20260402                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $-26369.22    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD TWD BOUGHT USD 20251215                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TW        |          1 | NC      | $21438.02     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JP MORGAN MTGE ACQUIS CORP 2005-FRE1                                             | JP MORGAN MORTGAGE ACQUISITION JPMAC 2005 FRE1 M1          | CUSIP: 46626LCC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     929309 | PA      | $917874.26    | 0.02%             | 2035-10-25      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| BMW US CAPITAL LLC                                                               | BMW US CAPITAL LLC COMPANY GUAR 144A 03/28 4.75            | CUSIP: 05565ECW3<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |    9500000 | PA      | $9641465.93   | 0.21%             | 2028-03-21      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT MXN SOLD USD 20251217                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | MX        |          1 | NC      | $572.12       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| COUNTRYWIDE ALTERNATIVE LN TR 2007-18CB                                          | COUNTRYWIDE ALTERNATIVE LOAN T CWALT 2007 18CB 2A25        | CUSIP: 02151NBH4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4426983 | PA      | $2602434.30   | 0.06%             | 2037-08-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 834558 FN 09/35 FLOATING VAR                     | CUSIP: 31407ME76<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       9480 | PA      | $9706.78      | 0.00%             | 2035-09-01      | Floating      | 6.59%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD BRL BOUGHT USD 20260402                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $-43583.90    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL BM1231 FN 11/31 FIXED VAR                        | CUSIP: 3140J5LM9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      11417 | PA      | $11315.56     | 0.00%             | 2031-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD INR BOUGHT USD 20251119                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IN        |          1 | NC      | $181.26       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 777557 FN 05/34 FIXED 5.5                        | CUSIP: 31404SZW8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       8698 | PA      | $8954.87      | 0.00%             | 2034-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                                                     | UBS GROUP AG SR UNSECURED 144A 08/33 VAR                   | CUSIP: 225401AZ1<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    7500000 | PA      | $8275758.60   | 0.18%             | 2033-08-12      | Floating      | 6.54%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL G04598 FG 10/34 FIXED 5.5                | CUSIP: 3128M6NP9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      13604 | PA      | $13800.35     | 0.00%             | 2034-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SAUDI ARABIA GOVT                                                                | SAUDI INTERNATIONAL BOND SR UNSECURED 144A 01/28 4.75      | CUSIP: 80413TBC2<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    9700000 | PA      | $9843831.31   | 0.22%             | 2028-01-18      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| WEC ENERGY GROUP INC                                                             | WEC ENERGY GROUP INC SR UNSECURED 10/27 1.375              | CUSIP: 92939UAD8<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |    4525000 | PA      | $4289317.09   | 0.09%             | 2027-10-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD IDR BOUGHT USD 20251020                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $7305.74      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL G03620 FG 10/37 FIXED 6.5                | CUSIP: 3128M5K90<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       1825 | PA      | $1935.68      | 0.00%             | 2037-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 255706 FN 05/35 FIXED 5.5                        | CUSIP: 31371MAF4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       1975 | PA      | $2053.80      | 0.00%             | 2035-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 888086 FN 02/36 FIXED VAR                        | CUSIP: 31410FUK9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        905 | PA      | $950.91       | 0.00%             | 2036-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD BRL BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $-2373.54     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL C91239 FG 03/29 FIXED 4.5                | CUSIP: 3128P7LU5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      79347 | PA      | $79631.53     | 0.00%             | 2029-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2023-H28                                | GOVERNMENT NATIONAL MORTGAGE A GNR 2023 H28 BF             | CUSIP: 38383KLM2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   19028462 | PA      | $19213536.77  | 0.42%             | 2073-12-20      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | 31750R594 PIMCO FXVAN PUT EUR USD 1.09750000               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | US        |    1212000 | NC      | $24285.47     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GNMA PASS THRU POOLS                                                             | GNMA II TBA 30 YR 5 JUMBOS                                 | CUSIP: 21H0506A5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   50355000 | PA      | $50095851.01  | 1.11%             | 2054-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AU9223 FN 09/28 FIXED 3                          | CUSIP: 3138X9G94<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       4993 | PA      | $4903.31      | 0.00%             | 2028-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ABU DHABI NATIONAL ENERGY COMPANY PJSC (TAQA)                                    | ABU DHABI NATIONAL ENERG SR UNSECURED 144A 10/31 4.375     | CUSIP: 00388WAQ4<br>LEI: 213800UNJSVQFNUYYW03 | Long             | DBT              | CORP              | AE        |    7000000 | PA      | $7017689.00   | 0.16%             | 2031-10-09      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 792160 FN 07/37 FIXED 6                          | CUSIP: 31405LB57<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      15385 | PA      | $15824.13     | 0.00%             | 2037-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | EURO-BUND OPTION  NOV25C 129.5 EXP 10/24/2025              | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | DE        |        -44 | NC      | $-12397.97    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 891386 FN 10/35 FIXED 5.5                        | CUSIP: 31410MJ76<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       7749 | PA      | $8035.68      | 0.00%             | 2035-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT IDR SOLD USD 20251217                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $1771.09      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 930407 FN 01/39 FIXED 6                          | CUSIP: 31412NU87<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        362 | PA      | $377.45       | 0.00%             | 2039-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST 2022-PJ2                                     | GS MORTGAGE BACKED SECURITIES GSMBS 2022 PJ2 A4 144A       | CUSIP: 36267EAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10677742 | PA      | $8884179.24   | 0.20%             | 2052-06-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT INR SOLD USD 20251017                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IN        |          1 | NC      | $-12012.20    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BAYER US FINANCE LLC                                                             | BAYER US FINANCE LLC BAYER US FINANCE LLC                  | CUSIP: 07274EAK9<br>LEI: 54930093Q75GSEM74I71 | Long             | DBT              | CORP              | US        |    4300000 | PA      | $4597028.48   | 0.10%             | 2030-11-21      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 255844 FN 09/35 FIXED 6                          | CUSIP: 31371MER4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       9952 | PA      | $10492.61     | 0.00%             | 2035-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AD9501 FN 07/40 FIXED 5                          | CUSIP: 31418XRX8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       1409 | PA      | $1411.82      | 0.00%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORESEA HOLDING SA                                                               | DRILLCO HLDG LUX S A COMMON STOCK                          | CUSIP: 000000000<br>LEI: 254900BAD50AKYGIMV79 | Long             | EC               | CORP              | LU        |      43458 | NS      | $941590.01    | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL G06479 FG 01/41 FIXED 4                  | CUSIP: 3128M8Q80<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     472710 | PA      | $462027.58    | 0.01%             | 2041-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AS1594 FN 01/44 FIXED 5                          | CUSIP: 3138WAXY8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      44770 | PA      | $45543.82     | 0.00%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT INR SOLD USD 20251017                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IN        |          1 | NC      | $-18177.97    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT TRY SOLD USD 20251121                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |          1 | NC      | $28937.28     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT EUR SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $-3209.01     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UMBS PASS THRU POOLS                                                             | FNMA TBA 30 YR 4 SINGLE FAMILY MORTGAGE                    | CUSIP: 01F0406B8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  168700000 | PA      | $158976547.00 | 3.51%             | 2055-11-13      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | ZCS BRL 13.9271 05/08/25-01/04/27 CME                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | BR        |          1 | NC      | $-143887.80   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BPCE SA                                                                          | BPCE SA 144A 10/27 VAR                                     | CUSIP: 05571AAQ8<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    8800000 | PA      | $9001297.27   | 0.20%             | 2027-10-19      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | US TREASURY N/B 11/44 3                                    | CUSIP: 912810RJ9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  155300000 | PA      | $121552581.64 | 2.68%             | 2044-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| COUNTRYWIDE HOME LOANS 2004-HYB9                                                 | COUNTRYWIDE HOME LOANS CWHL 2004 HYB9 1A1                  | CUSIP: 12669GHG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      37607 | PA      | $37893.01     | 0.00%             | 2035-02-20      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | 317UACJA3 PIMCO SWAPTION 3.698 PUT USD 2025100             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |   -5800000 | NC      | $-10361.12    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | OIS CAD CAONREPO/3.0000 01/08/25-9Y* LCH                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | CA        |          1 | NC      | $-48606.12    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 922989 FN 12/36 FIXED 6                          | CUSIP: 31412ENE2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      90665 | PA      | $93804.72     | 0.00%             | 2036-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD TWD BOUGHT USD 20251007                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TW        |          1 | NC      | $-2083.41     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | IRS AUD 4.00000 03/19/25-10Y LCH                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | AU        |          1 | NC      | $-172141.09   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AL0520 FN 07/41 FIXED VAR                        | CUSIP: 3138EGSJ4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     327043 | PA      | $338875.22    | 0.01%             | 2041-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL ZK3078 FR 03/26 FIXED 3.5                | CUSIP: 3131X6M31<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       1990 | PA      | $1981.07      | 0.00%             | 2026-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AJ1758 FN 09/26 FIXED 3.5                        | CUSIP: 3138AS5U2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        695 | PA      | $691.13       | 0.00%             | 2026-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GNMA PASS THRU POOLS                                                             | GNMA II POOL MA7987 G2 04/52 FIXED 2.5                     | CUSIP: 36179W2U1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   10127411 | PA      | $8729257.86   | 0.19%             | 2052-04-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| EOG RESOURCES INC                                                                | EOG RESOURCES INC SR UNSECURED 07/28 4.4                   | CUSIP: 26875PAX9<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | DBT              | CORP              | US        |    7800000 | PA      | $7874087.44   | 0.17%             | 2028-07-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY ABS CAPITAL I 2007-HE6                                            | MORGAN STANLEY CAPITAL INC MSAC 2007 HE6 A3                | CUSIP: 61755CAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6159055 | PA      | $5604742.86   | 0.12%             | 2037-05-25      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA MTGE SEC 2003-D                                                  | BANC OF AMERICA MORTGAGE SECUR BOAMS 2003 D 2A4            | CUSIP: 05948XBV2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        755 | PA      | $741.61       | 0.00%             | 2033-05-25      | Floating      | 7.02%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD PEN BOUGHT USD 20260126                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | PE        |          1 | NC      | $-143398.47   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 745822 FN 09/36 FIXED VAR                        | CUSIP: 31403DSK6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       6030 | PA      | $6357.53      | 0.00%             | 2036-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 889176 FN 03/38 FIXED VAR                        | CUSIP: 31410G2H5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     183262 | PA      | $190116.40    | 0.00%             | 2038-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2006-A3                                                 | JP MORGAN MORTGAGE TRUST JPMMT 2006 A3 6A1                 | CUSIP: 46628KAT7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     285374 | PA      | $283177.70    | 0.01%             | 2034-08-25      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| CUBESMART LP                                                                     | CUBESMART LP COMPANY GUAR 12/28 2.25                       | CUSIP: 22966RAH9<br>LEI: 549300MPHKO3I3FJRA97 | Long             | DBT              | CORP              | US        |    8200000 | PA      | $7723865.93   | 0.17%             | 2028-12-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| CI FINANCIAL CORP                                                                | CI FINANCIAL CORP CI FINANCIAL CORP                        | CUSIP: 125491AT7<br>LEI: 549300M9W7JJQSVCEM78 | Long             | DBT              | CORP              | CA        |    4700000 | PA      | $5010960.60   | 0.11%             | 2029-05-30      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 255073 FN 02/34 FIXED 5.5                        | CUSIP: 31371LJS9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      47851 | PA      | $49078.25     | 0.00%             | 2034-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PERU GOVT                                                                        | REPUBLIC OF PERU SR UNSECURED 144A 08/32 6.15              | CUSIP: 715638BY7<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |   23340000 | PA      | $7126328.08   | 0.16%             | 2032-08-12      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 255900 FN 10/35 FIXED 6                          | CUSIP: 31371MGH4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       6110 | PA      | $6442.06      | 0.00%             | 2035-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| RTX CORPORATION                                                                  | RTX CORP RTX CORP                                          | CUSIP: 75513ECT6<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    6400000 | PA      | $6507818.88   | 0.14%             | 2026-11-08      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | CDX IG45 5Y ICE                                            | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              |  | US        |          1 | NC      | $73545.64     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 823544 FN 07/35 FIXED 6                          | CUSIP: 31406X5D0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       9262 | PA      | $9557.78      | 0.00%             | 2035-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL CB3410 FN 03/52 FIXED 3                          | CUSIP: 3140QNYG1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   13397170 | PA      | $11802490.59  | 0.26%             | 2052-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS AND ELECTRIC COMPANY                                                 | PACIFIC GAS + ELECTRIC 1ST MORTGAGE 07/30 4.55             | CUSIP: 694308JM0<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    8700000 | PA      | $8643073.90   | 0.19%             | 2030-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| THAMES WATER SUPER SENIOR ISSUER PLC                                             | THAMES WATER SUPER SEN SR SECURED 144A 10/27 9.75          | CUSIP: ACI2VXTH6<br>LEI: 635400LBEYCV7F4FC741 | Long             | DBT              | CORP              | GB        |     120832 | PA      | $181492.35    | 0.00%             | 2027-10-10      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 735224 FN 02/35 FIXED VAR                        | CUSIP: 31402QYV7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      41338 | PA      | $42514.77     | 0.00%             | 2035-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2023-H08                                | GOVERNMENT NATIONAL MORTGAGE A GNR 2023 H08 GF             | CUSIP: 38382Y3J0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    9233496 | PA      | $9287758.96   | 0.21%             | 2073-03-20      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD SGD BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | SG        |          1 | NC      | $183944.91    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FANNIE MAE 2005-79                                                               | FANNIE MAE FNR 2005 79 NF                                  | CUSIP: 31394FHD0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      84617 | PA      | $84138.43     | 0.00%             | 2035-09-25      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 190367 FN 01/36 FIXED VAR                        | CUSIP: 31368HMQ3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      15386 | PA      | $16017.60     | 0.00%             | 2036-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AE7072 FN 12/40 FIXED 5                          | CUSIP: 31419H2E1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       6910 | PA      | $7027.35      | 0.00%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 783793 FN 07/34 FIXED 6                          | CUSIP: 31405AXW8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        498 | PA      | $511.12       | 0.00%             | 2034-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CATAMARAN CLO LTD 2014-1A                                                        | CATAMARAN CLO LTD CRMN 2014 1A A1AR 144A                   | CUSIP: 14889DAJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1564357 | PA      | $1566312.21   | 0.03%             | 2030-04-22      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | 31750R8E0 PIMCO FXVAN PUT EUR USD 1.14500000               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | US        |   22273000 | NC      | $1725.88      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NOMURA HOLDINGS INC                                                              | NOMURA HOLDINGS INC SR UNSECURED 07/27 VAR                 | CUSIP: 65535HBQ1<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |    7200000 | PA      | $7260452.28   | 0.16%             | 2027-07-02      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOUTH AFRICA EM SP DUB                                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              |  | US        |          1 | NC      | $39178.85     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD DKK BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | DK        |          1 | NC      | $-10743.79    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JYSKE REALKREDIT A/S                                                             | JYSKE REALKREDIT A/S COVERED 10/53 1.5                     | CUSIP: ACI1W77N5<br>LEI: 529900R9HQNZRT2OXB26 | Long             | DBT              | CORP              | DK        |          2 | PA      | $0.19         | 0.00%             | 2053-10-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD CAD BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CA        |          1 | NC      | $449.30       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT BRL SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $43009.04     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT THB SOLD USD 20251020                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TH        |          1 | NC      | $61.87        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | LONG GILT FUTURE  DEC25 IFLL 20251229                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |        152 | NC      | $77219.93     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL ZA2584 FR 12/25 FIXED 3.5                | CUSIP: 31329K2R4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        392 | PA      | $390.84       | 0.00%             | 2025-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HARBORVIEW MORTGAGE LOAN TR 2005-14                                              | HARBORVIEW MORTGAGE LOAN TRUST HVMLT 2005 14 4A1A          | CUSIP: 41161PWV1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1301337 | PA      | $643172.82    | 0.01%             | 2035-12-19      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG/NEW YORK BRANCH                                                 | DEUTSCHE BANK NY DEUTSCHE BANK NY                          | CUSIP: 251526CV9<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |     600000 | PA      | $610986.52    | 0.01%             | 2028-02-08      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD KRW BOUGHT USD 20251010                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | KR        |          1 | NC      | $9138.52      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT INR SOLD USD 20251015                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IN        |          1 | NC      | $-63988.48    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL CB6220 FN 05/53 FIXED 4.5                        | CUSIP: 3140QR4E0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    2233994 | PA      | $2180976.56   | 0.05%             | 2053-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT IDR SOLD USD 20251015                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $-17092.86    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD BRL BOUGHT USD 20260402                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $-90434.20    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT IDR SOLD USD 20251006                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $219.18       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL BD3604 FN 05/48 FIXED 4                          | CUSIP: 3140FBAE0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     453452 | PA      | $432245.57    | 0.01%             | 2048-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| REALTY INCOME CORPORATION                                                        | REALTY INCOME CORP SR UNSECURED 11/25 4.625                | CUSIP: 756109BE3<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |    4100000 | PA      | $4099781.27   | 0.09%             | 2025-11-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| SOUNDVIEW HOME EQUITY LOAN TR 2007-OPT5                                          | SOUNDVIEW HOME EQUITY LOAN TRU SVHE 2007 OPT5 1A1          | CUSIP: 83613FAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   11239436 | PA      | $8754732.42   | 0.19%             | 2037-10-25      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL 786223 FH 01/28 FLOATING VAR             | CUSIP: 31348S4G6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |          8 | PA      | $7.80         | 0.00%             | 2028-01-01      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | US TREASURY N/B 02/48 3                                    | CUSIP: 912810SA7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    9900000 | PA      | $7477980.44   | 0.17%             | 2048-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD CHF BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CH        |          1 | NC      | $-373.09      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AV9273 FN 02/29 FIXED 3.5                        | CUSIP: 3138XMJT8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       8181 | PA      | $8086.25      | 0.00%             | 2029-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MF1 2022-FL8 LTD                                                                 | MF1 MULTIFAMILY HOUSING MORTGA MF1 2022 FL8 A 144A         | CUSIP: 55284JAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   10781531 | PA      | $10795082.40  | 0.24%             | 2037-02-19      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | RFR USD SOFR/3.97500 03/21/25-10Y LCH                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |          1 | NC      | $-105034.37   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | 31750R9M1 PIMCO FXVAN PUT EUR USD 1.12200000               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | LU        |     491000 | NC      | $940.78       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | 317UABYA8 PIMCO SWAPTION 2.55 CALL EUR 2025100             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |   -3700000 | NC      | $-202.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | STRIPS 02/41 0.00000                                       | CUSIP: 912834JP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    2700000 | PA      | $1305070.00   | 0.03%             | 2041-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GSAA HOME EQUITY TRUST 2006-7                                                    | GSAA HOME EQUITY TRUST GSAA 2006 7 AF2                     | CUSIP: 362334NB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5487791 | PA      | $1947656.01   | 0.04%             | 2046-03-25      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD TWD BOUGHT USD 20251020                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TW        |          1 | NC      | $21002.49     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL C91245 FG 04/29 FIXED 4                  | CUSIP: 3128P7L27<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        517 | PA      | $515.00       | 0.00%             | 2029-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                   | MORGAN STANLEY SR UNSECURED 10/30 VAR                      | CUSIP: 61747YFU4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    9200000 | PA      | $9303387.12   | 0.21%             | 2030-10-18      | Floating      | 4.65%                 | No            |                  2 | On Loan: No      |
| CHASE MORGAGE FINANCE CORP 2005-A2                                               | CHASE MORTGAGE FINANCE CORPORA CHASE 2005 A2 3A5           | CUSIP: 16162WQM4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     595619 | PA      | $536704.62    | 0.01%             | 2036-01-25      | Floating      | 4.43%                 | No            |                  2 | On Loan: No      |
| CD 2017-CD5 MORTGAGE TRUST                                                       | CD COMMERCIAL MORTGAGE TRUST CD 2017 CD5 A4                | CUSIP: 12515HAZ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5900000 | PA      | $5797695.18   | 0.13%             | 2050-08-15      | Fixed         | 3.43%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | RFR USD SOFR/3.64159 04/07/25-30Y* LCH                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |          1 | NC      | $208414.72    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| REALTY INCOME CORPORATION                                                        | REALTY INCOME CORP SR UNSECURED 06/29 3.25                 | CUSIP: 756109AW4<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |     900000 | PA      | $872774.10    | 0.02%             | 2029-06-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| THORNBURG MORTGAGE SECURITIES TR 2007-3                                          | THORNBURG MORTGAGE SECURITIES TMST 2007 3 3A1              | CUSIP: 88522XAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1730310 | PA      | $1515935.92   | 0.03%             | 2047-06-25      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | RFR USD SOFR/3.89900 03/11/25-10Y LCH                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |          1 | NC      | $-68485.90    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MERRILL LYNCH MORTGAGE INVESTORS TRUST 2006-WMC2                                 | MERRILL LYNCH MORTGAGE INVESTO MLMI 2006 WMC2 A2B          | CUSIP: 59020U6K6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3973911 | PA      | $781249.07    | 0.02%             | 2037-03-25      | Variable      | 6.11%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | US TREASURY N/B 05/44 3.375                                | CUSIP: 912810RG5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   10100000 | PA      | $8431921.88   | 0.19%             | 2044-05-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT KRW SOLD USD 20251015                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | KR        |          1 | NC      | $15506.31     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AW7396 FN 01/27 FIXED 3.5                        | CUSIP: 3138XXGE0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      13574 | PA      | $13496.13     | 0.00%             | 2027-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AR3206 FN 03/28 FIXED 3                          | CUSIP: 3138W0R43<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       8752 | PA      | $8627.46      | 0.00%             | 2028-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 845341 FN 01/36 FIXED 5.5                        | CUSIP: 31408AEN6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       1540 | PA      | $1603.65      | 0.00%             | 2036-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | US TREASURY N/B 05/44 4.625                                | CUSIP: 912810UB2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    7100000 | PA      | $7049800.80   | 0.16%             | 2044-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| OWNIT MORTGAGE LN ASSET-BCK CERT 2006-6                                          | OWNIT MORTGAGE LOAN ASSET BACK OWNIT 2006 6 A2B            | CUSIP: 69121TAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1707984 | PA      | $762587.36    | 0.02%             | 2037-09-25      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL MA5072 FN 07/53 FIXED 5.5                        | CUSIP: 31418ET67<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     427603 | PA      | $432048.50    | 0.01%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| STEPSTONE GROUP MIDCO 2 GMBH                                                     | STEPSTNE GRUP MDCO 2 GMBH THE USD TERM LOAN                | CUSIP: BA000BVC2<br>LEI: 894500DB5T5ENCFFQU61 | Long             | LON              | CORP              | US        |    1097250 | PA      | $1043759.06   | 0.02%             | 2031-12-19      | Floating      | 8.61%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT ILS SOLD USD 20251113                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IL        |          1 | NC      | $1155.58      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | US TREASURY N/B 02/45 2.5                                  | CUSIP: 912810RK6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    9800000 | PA      | $7022695.29   | 0.16%             | 2045-02-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT NOK SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | NO        |          1 | NC      | $4.71         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | RFR USD SOFR/3.68900 03/01/24-7Y* LCH                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |          1 | NC      | $-608019.02   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 943891 FN 07/37 FIXED 6                          | CUSIP: 31413FC42<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      18640 | PA      | $19285.40     | 0.00%             | 2037-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL ZM2479 FR 01/47 FIXED 4                  | CUSIP: 3131XVXG5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    1674558 | PA      | $1610869.24   | 0.04%             | 2047-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD CAD BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CA        |          1 | NC      | $-129.73      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINES OPERATING COMPANY LLC                                         | COLUMBIA PIPELINES OPCO SR UNSECURED 144A 08/30 5.927      | CUSIP: 19828TAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    3100000 | PA      | $3281312.83   | 0.07%             | 2030-08-15      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 772297 FN 03/34 FIXED 5.5                        | CUSIP: 31404L7J3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       3605 | PA      | $3637.72      | 0.00%             | 2034-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | CDX ITRAXX XOV42 5Y 35-100% SP BPS                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              |  | N/A       |          1 | NC      | $2923385.05   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| REALKREDIT DANMARK A/S                                                           | REALKREDIT DANMARK COVERED REGS 10/53 1.5                  | CUSIP: BMXQXJII2<br>LEI: 549300NLOMBOWE943Y30 | Long             | DBT              | CORP              | DK        |          1 | PA      | $0.14         | 0.00%             | 2053-10-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL G03698 FG 12/37 FIXED 6                  | CUSIP: 3128M5NP1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      18433 | PA      | $19453.80     | 0.00%             | 2037-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FOX CORPORATION                                                                  | FOX CORP SR UNSECURED 01/29 4.709                          | CUSIP: 35137LAH8<br>LEI: 549300DDU6FDRBIELS05 | Long             | DBT              | CORP              | US        |    5600000 | PA      | $5673074.34   | 0.13%             | 2029-01-25      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON INGALLS INDUSTRIES INC                                                | HUNTINGTON INGALLS INDUS COMPANY GUAR 08/28 2.043          | CUSIP: 446413AZ9<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | DBT              | CORP              | US        |   17000000 | PA      | $15980769.59  | 0.35%             | 2028-08-16      | Fixed         | 2.04%                 | No            |                  2 | On Loan: No      |
| EUROPEAN UNION (EU)                                                              | EUROPEAN UNION SR UNSECURED REGS 10/29 2.875               | CUSIP: ACI2Q0PD7<br>LEI: 529900FZRK8FGMPEOM08 | Long             | DBT              | NUSS              | N/A       |   17800000 | PA      | $21253771.81  | 0.47%             | 2029-10-05      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD ZAR BOUGHT USD 20251120                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ZA        |          1 | NC      | $-20974.38    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT EUR SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $-15317.94    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 920422 FN 11/36 FIXED 6                          | CUSIP: 31412BSK9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       8902 | PA      | $9276.80      | 0.00%             | 2036-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP MTGE LOAN TRUST INC 2005-11                                            | CITIGROUP MORTGAGE LOAN TRUST CMLTI 2005 11 A2A            | CUSIP: 17307GW79<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      28212 | PA      | $29448.32     | 0.00%             | 2035-10-25      | Floating      | 6.48%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 256464 FN 09/26 FIXED 4.5                        | CUSIP: 31371MZ59<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       1508 | PA      | $1503.75      | 0.00%             | 2026-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| KREF 2022-FL3 LTD                                                                | KREF 2022 FL3 LTD KREF 2022 FL3 A 144A                     | CUSIP: 48275EAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    8368322 | PA      | $8384242.63   | 0.19%             | 2039-02-17      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| NOMURA HOLDINGS INC                                                              | NOMURA HOLDINGS INC SR UNSECURED 07/30 2.679               | CUSIP: 65535HAS8<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |    9400000 | PA      | $8643072.99   | 0.19%             | 2030-07-16      | Fixed         | 2.68%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD AUD BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | AU        |          1 | NC      | $-439872.49   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL MA3321 FN 03/28 FIXED 3.5                        | CUSIP: 31418CVP6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       4584 | PA      | $4556.42      | 0.00%             | 2028-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL MA3462 FN 09/33 FIXED 3.5                        | CUSIP: 31418CZ49<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       7909 | PA      | $7805.74      | 0.00%             | 2033-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AMERIQUEST MTGE SECURITIES INC 2005-R9                                           | AMERIQUEST MORTGAGE SECURITIES AMSI 2005 R9 M1             | CUSIP: 03072SQ32<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1020430 | PA      | $1010248.85   | 0.02%             | 2035-11-25      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 842150 FN 10/35 FIXED 6                          | CUSIP: 31407VTF2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       4163 | PA      | $4342.53      | 0.00%             | 2035-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT ILS SOLD USD 20251113                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IL        |          1 | NC      | $3868.76      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | TREASURY BILL 11/25 0.00000                                | CUSIP: 912797RN9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     263000 | PA      | $261774.95    | 0.01%             | 2025-11-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | REVERSE REPO JPM CHASE                                     | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |    -347273 | PA      | $-347736.35   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| READY CAPITAL MORTGAGE FINANCING 2023-FL11 LLC                                   | READYCAP COMMERCIAL MORTGAGE T RCMT 2023 FL11 A 144A       | CUSIP: 75575RAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      62846 | PA      | $63038.57     | 0.00%             | 2039-10-25      | Floating      | 6.53%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 953725 FN 11/37 FIXED 6                          | CUSIP: 31413SA20<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        288 | PA      | $302.36       | 0.00%             | 2037-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GEORGIA POWER COMPANY                                                            | GEORGIA POWER CO GEORGIA POWER CO                          | CUSIP: 373334KV2<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |    4000000 | PA      | $4058022.52   | 0.09%             | 2027-02-23      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT IDR SOLD USD 20251015                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $-8584.59     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD CNH BOUGHT USD 20251016                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CN        |          1 | NC      | $5794.46      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GNMA PASS THRU POOLS                                                             | GNMA POOL AO3585 GN 08/45 FIXED 3                          | CUSIP: 3617A36W5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     232481 | PA      | $209368.80    | 0.00%             | 2045-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WARWICK FINANCE RESIDENTIAL MORTGAGES 3A                                         | WARWICK FINANCE RESIDENTIAL MO WARW 3A A 144A              | CUSIP: ACI0Y9KL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | GB        |    5058881 | PA      | $6828179.46   | 0.15%             | 2049-12-21      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AT3223 FN 03/27 FIXED 3.5                        | CUSIP: 3138WQSM5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        720 | PA      | $715.48       | 0.00%             | 2027-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 995939 FN 06/39 FIXED VAR                        | CUSIP: 31416CLU8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     153088 | PA      | $159313.77    | 0.00%             | 2039-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | 317UA9UA7 PIMCO SWAPTION 2.61 CALL EUR 2025100             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |   -6500000 | NC      | $-561.67      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD KRW BOUGHT USD 20251015                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | KR        |          1 | NC      | $29696.80     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DANSKE BANK A/S                                                                  | DANSKE BANK A/S DANSKE BANK A/S                            | CUSIP: 23636ABG5<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |    4500000 | PA      | $4578170.18   | 0.10%             | 2028-03-01      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                                     | BROADCOM INC SR UNSECURED 144A 11/36 3.187                 | CUSIP: 11135FBQ3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     700000 | PA      | $597634.94    | 0.01%             | 2036-11-15      | Fixed         | 3.19%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT GBP SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | GB        |          1 | NC      | $2495.66      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT INR SOLD USD 20251008                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IN        |          1 | NC      | $-153.01      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AB1720 FN 11/30 FIXED 4.5                        | CUSIP: 31416W4E9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      47697 | PA      | $47760.63     | 0.00%             | 2030-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AREIT TRUST 2022-CRE6                                                            | AREIT CRE TRUST AREIT 2022 CRE6 A 144A                     | CUSIP: 04002VAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |    7852371 | PA      | $7857333.30   | 0.17%             | 2037-01-20      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL CB4130 FN 07/52 FIXED 4.5                        | CUSIP: 3140QPSU2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    3966748 | PA      | $3868365.41   | 0.09%             | 2052-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GNMA PASS THRU POOLS                                                             | GNMA II POOL MA8149 G2 07/52 FIXED 3.5                     | CUSIP: 36179XBS4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   14745578 | PA      | $13476599.96  | 0.30%             | 2052-07-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                               | ENERGY TRANSFER LP SR UNSECURED 12/26 6.05                 | CUSIP: 29273VAR1<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    4400000 | PA      | $4483389.72   | 0.10%             | 2026-12-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD ZAR BOUGHT USD 20251120                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ZA        |          1 | NC      | $66.50        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 910088 FN 03/37 FIXED 6                          | CUSIP: 31411KCZ4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        557 | PA      | $585.98       | 0.00%             | 2037-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD PEN BOUGHT USD 20251215                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | PE        |          1 | NC      | $-27768.25    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | 317UABZA7 PIMCO SWAPTION 2.79 PUT EUR 20251006             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |   -3700000 | NC      | $-724.14      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BAIN CAPITAL CREDIT CLO 2022-2 LTD                                               | BAIN CAPITAL CREDIT CLO, LIMIT BCC 2022 2A A1R 144A        | CUSIP: 05682GAQ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    3350000 | PA      | $3356693.00   | 0.07%             | 2035-04-22      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| NXP BV / NXP FUNDING LLC / NXP USA INC                                           | NXP BV/NXP FDG/NXP USA COMPANY GUAR 06/26 3.875            | CUSIP: 62954HAZ1<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |   12100000 | PA      | $12071819.58  | 0.27%             | 2026-06-18      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| GSR MORTGAGE LOAN TRUST 2005-AR7                                                 | GSR MORTGAGE LOAN TRUST GSR 2005 AR7 6A1                   | CUSIP: 362341XG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      79528 | PA      | $69441.90     | 0.00%             | 2035-11-25      | Floating      | 4.29%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT PLN SOLD USD 20251015                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | PL        |          1 | NC      | $4477.58      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AA9350 FN 08/39 FIXED 5                          | CUSIP: 31416TL80<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     450454 | PA      | $461739.55    | 0.01%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD CNH BOUGHT USD 20251016                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CN        |          1 | NC      | $475.73       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD BRL BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $-103852.42   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 815696 FN 03/35 FIXED 5                          | CUSIP: 31406PGD5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        162 | PA      | $163.33       | 0.00%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 915635 FN 06/37 FIXED 6                          | CUSIP: 31411VHL6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       2398 | PA      | $2520.37      | 0.00%             | 2037-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LANDMARK MORTGAGE SECURITIES NO 3 PLC                                            | LANDMARK MORTGAGE SECURITIES P LMS 3 A REGS                | CUSIP: ACI0B57H7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | GB        |    8232484 | PA      | $10799598.05  | 0.24%             | 2044-04-17      | Floating      | 4.47%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AA0653 FN 12/38 FIXED 5                          | CUSIP: 31416HWP6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      41410 | PA      | $42464.08     | 0.00%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 373183 FN 10/32 FLOATING VAR                     | CUSIP: 31377CRC9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      23726 | PA      | $23453.66     | 0.00%             | 2032-10-01      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | US TREASURY N/B 08/41 3.75                                 | CUSIP: 912810QS0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   27700000 | PA      | $25182113.21  | 0.56%             | 2041-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE ALT-A SEC INC MTGE LO 2005-1                                            | DEUTSCHE ALT A SECURITIES INC DBALT 2005 1 1A1             | CUSIP: 251510CV3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      66488 | PA      | $65859.69     | 0.00%             | 2035-02-25      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 831149 FN 12/35 FIXED 6                          | CUSIP: 31407HL61<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       6278 | PA      | $6589.82      | 0.00%             | 2035-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AL0898 FN 02/31 FIXED VAR                        | CUSIP: 3138EG7L2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       1845 | PA      | $1868.28      | 0.00%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHILEAN GOVT                                                                     | REPUBLIC OF CHILE SR UNSECURED 07/31 0.83                  | CUSIP: ACI1CXLV6<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |   14400000 | PA      | $14815185.64  | 0.33%             | 2031-07-02      | Fixed         | 0.83%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD IDR BOUGHT USD 20251015                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $21923.87     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD PEN BOUGHT USD 20251029                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | PE        |          1 | NC      | $-6873.07     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BCAP LLC TRUST 2011-RR5                                                          | BCAP LLC TRUST BCAP 2011 RR5 12A1 144A                     | CUSIP: 05534AAN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      79875 | PA      | $79628.36     | 0.00%             | 2037-03-26      | Floating      | 4.48%                 | No            |                  2 | On Loan: No      |
| GNMA PASS THRU POOLS                                                             | GNMA II POOL MB0482 G2 07/55 FIXED 4                       | CUSIP: 3618N5RC5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    4999997 | PA      | $4704450.01   | 0.10%             | 2055-07-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN MEDICAL SYSTEMS EUROPE BV                                               | AMERICAN MEDICAL SYST EU COMPANY GUAR 03/29 3.375          | CUSIP: ACI2N0SQ8<br>LEI: 549300AA2JE6ZQ5D2493 | Long             | DBT              | CORP              | NL        |    6300000 | PA      | $7551342.08   | 0.17%             | 2029-03-08      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL QD5748 FR 02/52 FIXED 2                  | CUSIP: 3133B3L54<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   12059404 | PA      | $9752484.33   | 0.22%             | 2052-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS AND ELECTRIC COMPANY                                                 | PACIFIC GAS + ELECTRIC 1ST MORTGAGE 08/28 4.65             | CUSIP: 694308JC2<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    2000000 | PA      | $2006112.22   | 0.04%             | 2028-08-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| AMERICAN HOME MTGE INV TRUST 2006-2                                              | AMERICAN HOME MORTGAGE INVESTM AHM 2006 2 3A2              | CUSIP: 02660YAU6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   11432472 | PA      | $1576497.85   | 0.03%             | 2036-06-25      | Variable      | 6.70%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | TSY INFL IX N/B 02/53 1.5                                  | CUSIP: 912810TP3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1521408 | PA      | $1218935.14   | 0.03%             | 2053-02-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| GOODMAN US FINANCE THREE LLC                                                     | GOODMAN US FIN THREE COMPANY GUAR 144A 03/28 3.7           | CUSIP: 38239JAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   11200000 | PA      | $11053897.79  | 0.24%             | 2028-03-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT NZD SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | NZ        |          1 | NC      | $388.40       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 866593 FN 01/36 FIXED 5.5                        | CUSIP: 31409BXW2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       1739 | PA      | $1804.47      | 0.00%             | 2036-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 699537 FN 07/33 FIXED 5.5                        | CUSIP: 31400WEJ5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        738 | PA      | $754.19       | 0.00%             | 2033-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | STRIPS 08/40 0.00000                                       | CUSIP: 912834JB5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    3700000 | PA      | $1838518.49   | 0.04%             | 2040-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT JPY SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |          1 | NC      | $189310.21    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT IDR SOLD USD 20251015                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $-17556.72    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT PLN SOLD USD 20251022                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | PL        |          1 | NC      | $3509.32      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT MXN SOLD USD 20251217                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | MX        |          1 | NC      | $5212.24      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT BRL SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $24008.85     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL MA5190 FN 11/53 FIXED 5.5                        | CUSIP: 31418EXU9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    1742147 | PA      | $1761940.32   | 0.04%             | 2053-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | TSY INFL IX N/B 02/54 2.125                                | CUSIP: 912810TY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   14525190 | PA      | $13422287.24  | 0.30%             | 2054-02-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT PLN SOLD USD 20251022                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | PL        |          1 | NC      | $-3498.31     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MASTR ASSET BACKED SEC TR 2006-FRE2                                              | MASTR ASSET BACKED SECURITIES MABS 2006 FRE2 A5            | CUSIP: 57643GAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3184822 | PA      | $1915992.14   | 0.04%             | 2036-03-25      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL FS4354 FN 09/52 FIXED VAR                        | CUSIP: 3140XKZU7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    7554356 | PA      | $7366303.30   | 0.16%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT KRW SOLD USD 20251022                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | KR        |          1 | NC      | $-9702.90     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FHF TRUST 2023-1A                                                                | FIRST HELP FINANCIAL LLC FHF 2023 1A A2 144A               | CUSIP: 30331GAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     312107 | PA      | $314480.57    | 0.01%             | 2028-06-15      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE 2003-25                                                               | FANNIE MAE FNR 2003 25 KP                                  | CUSIP: 31393APU5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     101331 | PA      | $101196.77    | 0.00%             | 2033-04-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT INR SOLD USD 20251006                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IN        |          1 | NC      | $-134.64      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AV1821 FN 12/28 FIXED 3.5                        | CUSIP: 3138XDAX8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       3110 | PA      | $3085.26      | 0.00%             | 2028-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| WARWICK FINANCE RESIDENTIAL MORTGAGES 3A                                         | WARWICK FINANCE RESIDENTIAL MO WARW 3A B 144A              | CUSIP: ACI0Y9KJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | GB        |    2259000 | PA      | $3060913.86   | 0.07%             | 2049-12-21      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | TSY INFL IX N/B 02/43 0.625                                | CUSIP: 912810RA8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1826539 | PA      | $1388669.27   | 0.03%             | 2043-02-15      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT GBP SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | GB        |          1 | NC      | $-44336.89    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NYKREDIT REALKREDIT A/S                                                          | NYKREDIT REALKREDIT AS COVERED REGS 10/50 1                | CUSIP: BK9CXBII1<br>LEI: LIU16F6VZJSD6UKHD557 | Long             | DBT              | CORP              | DK        |          1 | PA      | $0.12         | 0.00%             | 2050-10-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| PERU GOVT                                                                        | BONOS DE TESORERIA SR UNSECURED 144A REGS 08/33 7          | CUSIP: ACI2GGZ75<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |   69060000 | PA      | $22182221.97  | 0.49%             | 2033-08-12      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| CREDIT OPPORTUNITIES PARTNERS JV LLC                                             | CREDIT OPPORTUNITIES PARTNERS 2025A SR UNSECD NT TRANCHE B | CUSIP: 955SEVII3<br>LEI: 5493003CSKFS2RY0JR63 | Long             | DBT              | CORP              | US        |    1800000 | PA      | $1837411.97   | 0.04%             | 2030-03-20      | Fixed         | 6.74%                 | Yes           |                  3 | On Loan: No      |
| N/A                                                                              | BOUGHT TWD SOLD USD 20251020                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TW        |          1 | NC      | $-3834.33     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 972606 FN 04/38 FIXED 5.5                        | CUSIP: 31414QAF4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      33923 | PA      | $34893.27     | 0.00%             | 2038-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB COMPANY                                                     | BRISTOL MYERS SQUIBB CO BRISTOL MYERS SQUIBB CO            | CUSIP: 110122EE4<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    5700000 | PA      | $5776752.78   | 0.13%             | 2027-02-22      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 900232 FN 08/36 FIXED 6                          | CUSIP: 31410XED4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       3583 | PA      | $3660.46      | 0.00%             | 2036-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                                                      | BNP PARIBAS 144A 04/32 VAR                                 | CUSIP: 09659W2P8<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   17000000 | PA      | $15452484.22  | 0.34%             | 2032-04-19      | Floating      | 2.87%                 | No            |                  2 | On Loan: No      |
| GNMA PASS THRU POOLS                                                             | GNMA II TBA 30 YR 4.5 JUMBOS                               | CUSIP: 21H0426A2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    8000000 | PA      | $7759313.36   | 0.17%             | 2055-10-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MF1 2021-FL7 LTD                                                                 | MF1 MULTIFAMILY HOUSING MORTGA MF1 2021 FL7 A 144A         | CUSIP: 55284AAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    5695956 | PA      | $5699961.70   | 0.13%             | 2036-10-16      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD IDR BOUGHT USD 20251015                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $-1191.58     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD IDR BOUGHT USD 20251015                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $22307.43     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AI9323 FN 08/41 FIXED 5                          | CUSIP: 3138APLD8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      27312 | PA      | $27851.10     | 0.00%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 735718 FN 07/35 FIXED VAR                        | CUSIP: 31402RK73<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       7084 | PA      | $7445.45      | 0.00%             | 2035-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AC6652 FN 12/39 FIXED 4.5                        | CUSIP: 31417TMA3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      91176 | PA      | $91529.69     | 0.00%             | 2039-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MAN GLG EURO CLO V DAC 5A                                                        | MAN GLG EURO CLO GLGE 5A A1R 144A                          | CUSIP: ACI1WBHS4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | IE        |    4108977 | PA      | $4829710.21   | 0.11%             | 2031-12-15      | Floating      | 2.70%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD SEK BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | SE        |          1 | NC      | $-40883.64    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 745418 FN 04/36 FIXED VAR                        | CUSIP: 31403DDX4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       6601 | PA      | $6871.39      | 0.00%             | 2036-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL BV3083 FN 02/52 FIXED 2                          | CUSIP: 3140MGM99<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    7206036 | PA      | $5830305.54   | 0.13%             | 2052-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 832446 FN 08/35 FLOATING VAR                     | CUSIP: 31407JZK1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      85756 | PA      | $87185.91     | 0.00%             | 2035-08-01      | Floating      | 6.23%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD JPY BOUGHT USD 20251104                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |          1 | NC      | $-2165.20     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BAYER US FINANCE LLC                                                             | BAYER US FINANCE LLC COMPANY GUAR 144A 01/29 6.25          | CUSIP: 07274EAJ2<br>LEI: 54930093Q75GSEM74I71 | Long             | DBT              | CORP              | US        |    5898000 | PA      | $6204602.81   | 0.14%             | 2029-01-21      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FHLMC STRUCTURED PASS THROUGH SEC T-63                                           | FHLMC STRUCTURED PASS THROUGH FSPC T 63 1A1                | CUSIP: 31395M2F5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      44062 | PA      | $42762.95     | 0.00%             | 2045-02-25      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| SG MORTGAGE SECURITIES TRUST 2006-FRE1                                           | SG MORTGAGE SECURITIES TRUST SGMS 2006 FRE1 A2C            | CUSIP: 81879MAW9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1900610 | PA      | $939159.29    | 0.02%             | 2036-02-25      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| FS RIALTO 2022-FL4                                                               | FS RIALTO ISSUER LTD FSRIA 2022 FL4 A 144A                 | CUSIP: 30326MAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    4760007 | PA      | $4759979.38   | 0.11%             | 2039-01-19      | Floating      | 6.29%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 254393 FN 06/32 FIXED 7                          | CUSIP: 31371KRN3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      27095 | PA      | $28190.88     | 0.00%             | 2032-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SYNOPSYS INC                                                                     | SYNOPSYS INC SR UNSECURED 04/30 4.85                       | CUSIP: 871607AC1<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |    3800000 | PA      | $3871775.96   | 0.09%             | 2030-04-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 850548 FN 09/36 FIXED 6                          | CUSIP: 31408F5H8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      14622 | PA      | $14938.18     | 0.00%             | 2036-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP LLC                                                       | AVIATION CAPITAL GROUP AVIATION CAPITAL GROUP              | CUSIP: 05369AAQ4<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    3400000 | PA      | $3484206.64   | 0.08%             | 2029-07-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | US ULTRA BOND CBT DEC25 XCBT 20251219                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |        285 | NC      | $912380.08    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| DANSKE BANK A/S                                                                  | DANSKE BANK A/S 144A 04/28 VAR                             | CUSIP: 23636ABC4<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |   14000000 | PA      | $14016372.58  | 0.31%             | 2028-04-01      | Floating      | 4.30%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 823767 FN 05/35 FIXED 6                          | CUSIP: 31406YFG0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       5040 | PA      | $5203.78      | 0.00%             | 2035-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 889692 FN 05/38 FIXED VAR                        | CUSIP: 31410KNH3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        327 | PA      | $339.49       | 0.00%             | 2038-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | STRIPS 05/42 0.00000                                       | CUSIP: 912834LK2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   15100000 | PA      | $6782939.33   | 0.15%             | 2042-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                                                               | ALLY FINANCIAL INC ALLY FINANCIAL INC                      | CUSIP: 02005NBU3<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    8000000 | PA      | $8465872.00   | 0.19%             | 2030-01-03      | Floating      | 6.85%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | ZCS BRL 13.4 07/10/25-01/02/29 CME                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | BR        |          1 | NC      | $62325.74     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NTT FINANCE CORPORATION                                                          | NTT FINANCE CORP SR UNSECURED 144A 07/27 4.567             | CUSIP: 62954WAP0<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |     400000 | PA      | $402940.88    | 0.01%             | 2027-07-16      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 965309 FN 10/38 FIXED 6                          | CUSIP: 31414F3S8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       1115 | PA      | $1167.30      | 0.00%             | 2038-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD CHF BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CH        |          1 | NC      | $-14266.47    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NTT FINANCE CORPORATION                                                          | NTT FINANCE CORP SR UNSECURED 144A 07/30 4.876             | CUSIP: 62954WAS4<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |     600000 | PA      | $609831.80    | 0.01%             | 2030-07-16      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD BRL BOUGHT USD 20260402                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $-7558.35     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AVOCA CLO XXV DAC                                                                | AVOCA CLO AVOCA 25A A 144A                                 | CUSIP: ACI2RSH69<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | IE        |    5000000 | PA      | $5877474.90   | 0.13%             | 2034-10-15      | Floating      | 2.99%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                                                      | BANK OF AMERICA CORP SR UNSECURED 09/29 VAR                | CUSIP: 06051GLS6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    9500000 | PA      | $9936458.79   | 0.22%             | 2029-09-15      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT TWD SOLD USD 20251007                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TW        |          1 | NC      | $257.61       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT IDR SOLD USD 20251015                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $-18940.02    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT ILS SOLD USD 20251113                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IL        |          1 | NC      | $318.08       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | TSY INFL IX N/B 02/51 0.125                                | CUSIP: 912810SV1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   50250375 | PA      | $27905772.40  | 0.62%             | 2051-02-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD ILS BOUGHT USD 20251015                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IL        |          1 | NC      | $-9060.96     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL ZK3482 FR 08/26 FIXED 3.5                | CUSIP: 3131X62P4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        727 | PA      | $723.05       | 0.00%             | 2026-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOEING CO/THE SNR S* ICE                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              |  | US        |          1 | NC      | $11230.88     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HIGHWOODS REALTY LP                                                              | HIGHWOODS REALTY LP SR UNSECURED 03/28 4.125               | CUSIP: 431282AQ5<br>LEI: JUJNVZX73BIYHLR58F51 | Long             | DBT              | CORP              | US        |    3600000 | PA      | $3560860.12   | 0.08%             | 2028-03-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 891157 FN 05/36 FIXED 6                          | CUSIP: 31410MB25<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     245322 | PA      | $257077.81    | 0.01%             | 2036-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SOUTHWESTERN ELECTRIC POWER COMPANY                                              | SOUTHWESTERN ELEC POWER SR UNSECURED 09/28 4.1             | CUSIP: 845437BR2<br>LEI: R64UBJHEC74EB3HGQ410 | Long             | DBT              | CORP              | US        |    1361000 | PA      | $1357233.68   | 0.03%             | 2028-09-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT TRY SOLD USD 20251125                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |          1 | NC      | $2042.87      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD PEN BOUGHT USD 20251017                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | PE        |          1 | NC      | $-9690.40     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SAUDI ARABIA GOVT                                                                | SAUDI INTERNATIONAL BOND SR UNSECURED 144A 01/28 5.125     | CUSIP: 80413TBJ7<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    3200000 | PA      | $3270404.77   | 0.07%             | 2028-01-13      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD BRL BOUGHT USD 20260402                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $1346.65      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD TWD BOUGHT USD 20251215                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TW        |          1 | NC      | $5504.92      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| INVESCO CLO 2022-2A LTD                                                          | INVESCO CLO 2022 2, LTD. INVCO 2022 2A A1R 144A            | CUSIP: 46145XAL0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   13300000 | PA      | $13353897.59  | 0.29%             | 2035-07-20      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                   | MORGAN STANLEY MORGAN STANLEY                              | CUSIP: 61747YFK6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    4500000 | PA      | $4625924.54   | 0.10%             | 2030-01-16      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD INR BOUGHT USD 20251017                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IN        |          1 | NC      | $1199.04      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST 2021-HP1                                     | GS MORTGAGE BACKED SECURITIES GSMBS 2021 HP1 A2 144A       | CUSIP: 36262RAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   12891304 | PA      | $10705493.12  | 0.24%             | 2052-01-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| SOUTH AFRICA GOVT                                                                | REPUBLIC OF SOUTH AFRICA SR UNSECURED 03/36 6.25           | CUSIP: B1W32LII9<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |   21300000 | PA      | $979035.32    | 0.02%             | 2036-03-31      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GNMA PASS THRU POOLS                                                             | GNMA POOL BN3897 GN 06/49 FIXED 4                          | CUSIP: 3617K7KJ8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      46654 | PA      | $44228.81     | 0.00%             | 2049-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | TSY INFL IX N/B 02/44 1.375                                | CUSIP: 912810RF7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    3326520 | PA      | $2847389.55   | 0.06%             | 2044-02-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| EXPEDIA GROUP INC                                                                | EXPEDIA GROUP INC COMPANY GUAR 02/30 3.25                  | CUSIP: 30212PAR6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   11700000 | PA      | $11182953.37  | 0.25%             | 2030-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                                                 | PARAMOUNT GLOBAL SR UNSECURED 06/28 3.7                    | CUSIP: 124857AX1<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    1200000 | PA      | $1174336.68   | 0.03%             | 2028-06-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AL0958 FN 10/26 FIXED VAR                        | CUSIP: 3138EHB43<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     100713 | PA      | $100299.76    | 0.00%             | 2026-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 745412 FN 12/35 FIXED VAR                        | CUSIP: 31403DDR7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       1469 | PA      | $1524.47      | 0.00%             | 2035-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL CB5405 FN 10/52 FIXED 4.5                        | CUSIP: 3140QRAF0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     514301 | PA      | $501446.62    | 0.01%             | 2052-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD NOK BOUGHT USD 20251104                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | NO        |          1 | NC      | $-0.02        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                                          | HYUNDAI CAPITAL AMERICA HYUNDAI CAPITAL AMERICA            | CUSIP: 44891ACR6<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    2400000 | PA      | $2544883.01   | 0.06%             | 2029-01-16      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BEAR STEARNS ALT-A TRUST 2006-3                                                  | BEAR STEARNS ALT A TRUST BALTA 2006 3 35A1                 | CUSIP: 07386HQ87<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1100394 | PA      | $523504.04    | 0.01%             | 2036-05-25      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| PARK PLACE SEC INC 2005-WHQ1                                                     | PARK PLACE SECURITIES INC PPSI 2005 WHQ1 M5                | CUSIP: 70069FGE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1115159 | PA      | $1100792.18   | 0.02%             | 2035-03-25      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| COUNTRYWIDE ALTERNATIVE LOAN 2006-OA11                                           | COUNTRYWIDE ALTERNATIVE LOAN T CWALT 2006 OA11 A1B         | CUSIP: 02147DAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4929075 | PA      | $4823813.68   | 0.11%             | 2046-09-25      | Floating      | 4.65%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 843492 FN 10/35 FIXED 6                          | CUSIP: 31407XC58<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       1207 | PA      | $1269.06      | 0.00%             | 2035-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SUTTER HEALTH                                                                    | SUTTER HEALTH UNSECURED 08/40 3.161                        | CUSIP: 86944BAH6<br>LEI: 549300MJCC12LU768G81 | Long             | DBT              | CORP              | US        |   13100000 | PA      | $10365685.08  | 0.23%             | 2040-08-15      | Fixed         | 3.16%                 | No            |                  2 | On Loan: No      |
| BAYER US FINANCE LLC                                                             | BAYER US FINANCE LLC BAYER US FINANCE LLC                  | CUSIP: 07274EAH6<br>LEI: 54930093Q75GSEM74I71 | Long             | DBT              | CORP              | US        |    2600000 | PA      | $2645841.02   | 0.06%             | 2026-11-21      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| INDYMAC INDX MTGE LOAN TRUST 2006-AR9                                            | INDYMAC INDX MORTGAGE LOAN TRU INDX 2006 AR9 2A1           | CUSIP: 45661EGE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3918418 | PA      | $2681344.78   | 0.06%             | 2036-06-25      | Variable      | 3.56%                 | No            |                  2 | On Loan: No      |
| GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2016-H17                                | GOVERNMENT NATIONAL MORTGAGE A GNR 2016 H17 FC             | CUSIP: 38376RXT8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    3565256 | PA      | $3576663.94   | 0.08%             | 2066-08-20      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MTGE ACQUIS CORP 2006-FRE1                                             | JP MORGAN MORTGAGE ACQUISITION JPMAC 2006 FRE1 M1          | CUSIP: 46626LFN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     558169 | PA      | $553845.26    | 0.01%             | 2035-05-25      | Floating      | 4.86%                 | No            |                  2 | On Loan: No      |
| RESIDENTIAL ACCREDIT LOANS 2005-QA13                                             | RESIDENTIAL ACCREDIT LOANS, IN RALI 2005 QA13 2A1          | CUSIP: 761118PE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     175326 | PA      | $154496.65    | 0.00%             | 2035-12-25      | Variable      | 5.26%                 | No            |                  2 | On Loan: No      |
| BAYER US FINANCE II LLC                                                          | BAYER US FINANCE II LLC COMPANY GUAR 144A 12/25 4.25       | CUSIP: 07274NAJ2<br>LEI: 529900XWNEXYNJ3X6T40 | Long             | DBT              | CORP              | US        |    4700000 | PA      | $4696195.91   | 0.10%             | 2025-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PACIFICORP                                                                       | PACIFICORP 1ST MORTGAGE 02/34 5.45                         | CUSIP: 695114DD7<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |    9300000 | PA      | $9531282.82   | 0.21%             | 2034-02-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD DKK BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | DK        |          1 | NC      | $-8775.13     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| COUNTRYWIDE ALTERNATIVE LOAN TRUST 2005-32T1                                     | COUNTRYWIDE ALTERNATIVE LOAN T CWALT 2005 32T1 A3          | CUSIP: 12667GC84<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2196812 | PA      | $1159009.97   | 0.03%             | 2035-08-25      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 827898 FN 07/35 FIXED 6                          | CUSIP: 31407DX34<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      10776 | PA      | $11082.80     | 0.00%             | 2035-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP OF AMERICA FINANCE LLC                                          | VOLKSWAGEN GROUP AMERICA COMPANY GUAR 144A 11/28 4.75      | CUSIP: 928668AU6<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |   16100000 | PA      | $16227278.23  | 0.36%             | 2028-11-13      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL QF7047 FR 02/53 FIXED 5                  | CUSIP: 3133BUZL4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    4276319 | PA      | $4256592.37   | 0.09%             | 2053-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD TWD BOUGHT USD 20251015                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TW        |          1 | NC      | $15170.83     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GREENSAIF PIPELINES BIDCO SARL                                                   | GREENSAIF PIPELINES BIDC SR SECURED 144A 02/38 6.129       | CUSIP: 39541EAA1<br>LEI: 549300YWDGUXPB8GRP47 | Long             | DBT              | CORP              | LU        |    2500000 | PA      | $2662968.03   | 0.06%             | 2038-02-23      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| GNMA PASS THRU POOLS                                                             | GNMA POOL AN1786 GN 07/45 FIXED 3                          | CUSIP: 36185G6X8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     110532 | PA      | $99541.58     | 0.00%             | 2045-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GNMA PASS THRU POOLS                                                             | GNMA POOL BT9024 GN 03/50 FIXED 4                          | CUSIP: 3617MYAZ2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      80268 | PA      | $76095.93     | 0.00%             | 2050-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AR8122 FN 03/28 FIXED 3                          | CUSIP: 3138W6AY2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       1636 | PA      | $1615.76      | 0.00%             | 2028-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 889274 FN 12/35 FIXED VAR                        | CUSIP: 31410G6K4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     167260 | PA      | $174123.42    | 0.00%             | 2035-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                            | WELLS FARGO + COMPANY SR UNSECURED 10/29 VAR               | CUSIP: 95000U3G6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   11000000 | PA      | $11653218.06  | 0.26%             | 2029-10-23      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 725425 FN 04/34 FIXED VAR                        | CUSIP: 31402C4J8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     322717 | PA      | $331643.30    | 0.01%             | 2034-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL BY4071 FN 06/53 FIXED 5                          | CUSIP: 3140NLQZ5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     520197 | PA      | $520902.70    | 0.01%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT BRL SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $33017.61     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD BRL BOUGHT USD 20260402                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $-70742.68    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GNMA PASS THRU POOLS                                                             | GNMA II POOL 080045 G2 02/27 FLOATING VAR                  | CUSIP: 36225CBP0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |         66 | PA      | $66.35        | 0.00%             | 2027-02-20      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | 317UAM1A0 PIMCO SWAPTION 3.85 PUT USD 20251027             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |   -6200000 | NC      | $-10534.42    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD TWD BOUGHT USD 20251020                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TW        |          1 | NC      | $42591.53     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PACIFIC GAS AND ELECTRIC COMPANY                                                 | PACIFIC GAS + ELECTRIC 1ST MORTGAGE 02/44 4.75             | CUSIP: 694308HH3<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    1900000 | PA      | $1629758.40   | 0.04%             | 2044-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | 317UAEPA2 PIMCO SWAPTION 3.325 CALL USD 202510             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |   -6200000 | NC      | $-827.70      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT SGD SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | SG        |          1 | NC      | $4.08         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2008-R1                                                 | JP MORGAN MORTGAGE TRUST JPMMT 2008 R1 1A1 144A            | CUSIP: 46632GAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4506605 | PA      | $3966711.11   | 0.09%             | 2037-12-26      | Variable      | 4.21%                 | No            |                  2 | On Loan: No      |
| STRUCTURED ASSET MTG INV INC 2005-AR5                                            | STRUCTURED ASSET MORTGAGE INVE SAMI 2005 AR5 A3            | CUSIP: 86359LPF0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     285020 | PA      | $280691.10    | 0.01%             | 2035-07-19      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| COUNTRYWIDE ASSET BACKED CERTS 2006-21                                           | COUNTRYWIDE ASSET BACKED CERTI CWL 2006 21 2A4             | CUSIP: 12667LAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4934930 | PA      | $4574444.49   | 0.10%             | 2037-05-25      | Floating      | 4.73%                 | No            |                  2 | On Loan: No      |
| LFT CRE 2021-FL1 LTD                                                             | LFT CRE LLC LMNT 2021 FL1 A 144A                           | CUSIP: 50203JAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    5155801 | PA      | $5169141.66   | 0.11%             | 2039-06-15      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AA7022 FN 06/39 FIXED 4.5                        | CUSIP: 31416QYU3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      41956 | PA      | $42054.47     | 0.00%             | 2039-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL FS4439 FN 04/53 FIXED VAR                        | CUSIP: 3140XK4Z0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    5659283 | PA      | $5642921.32   | 0.12%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL MA3277 FN 02/48 FIXED 4                          | CUSIP: 31418CUB8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    4806998 | PA      | $4621925.92   | 0.10%             | 2048-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL                                                             | EDISON INTERNATIONAL SR UNSECURED 06/29 5.45               | CUSIP: 281020BA4<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |    9400000 | PA      | $9476569.49   | 0.21%             | 2029-06-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | US 10YR FUT OPTN  NOV25P 111 EXP 10/24/2025                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |       -133 | NC      | $-14824.58    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 806143 FN 12/34 FIXED 5.5                        | CUSIP: 31406CS82<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       4730 | PA      | $4850.65      | 0.00%             | 2034-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| RESIDENTIAL ASSET SECURITIES 2005-EMX5                                           | RESIDENTIAL ASSET SECURITIES C RASC 2005 EMX5 A3           | CUSIP: 76110W7R1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1844651 | PA      | $1628270.72   | 0.04%             | 2035-12-25      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | 31750R9N9 PIMCO FXVAN PUT EUR USD 1.12900000               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | LU        |   22536000 | NC      | $793.75       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL ZK4118 FR 05/27 FIXED 3.5                | CUSIP: 3131X7SF6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       2370 | PA      | $2347.90      | 0.00%             | 2027-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY PROGRESS LLC (AKA: PROGRESS ENERGY CAROLINAS INC)                    | DUKE ENERGY PROGRESS LLC 1ST MORTGAGE 08/31 2              | CUSIP: 26442UAL8<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |   12000000 | PA      | $10559046.96  | 0.23%             | 2031-08-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD SGD BOUGHT USD 20251104                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | SG        |          1 | NC      | $75291.89     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2015-H18                                | GOVERNMENT NATIONAL MORTGAGE A GNR 2015 H18 FB             | CUSIP: 38376REZ5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    2708398 | PA      | $2708755.64   | 0.06%             | 2065-07-20      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| WAMU MTGE P/T CERT 2007-HY5                                                      | WAMU MORTGAGE PASS THROUGH CER WAMU 2007 HY5 2A1           | CUSIP: 92990GAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1556557 | PA      | $1282089.52   | 0.03%             | 2037-05-25      | Floating      | 3.41%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | 31750R5B9 PIMCO FXVAN PUT EUR USD 1.10000000               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | US        |    1042000 | NC      | $21402.70     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DEUTSCHE ALT-A SECURITIES INC 2007-AR2                                           | DEUTSCHE ALT A SECURITIES INC DBALT 2007 AR2 A1            | CUSIP: 25151UAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2019425 | PA      | $1896186.36   | 0.04%             | 2037-03-25      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 995938 FN 01/39 FIXED VAR                        | CUSIP: 31416CLT1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      11531 | PA      | $12157.40     | 0.00%             | 2039-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON MUTUAL 2005-AR13                                                      | WAMU MORTGAGE PASS THROUGH CER WAMU 2005 AR13 A1A1         | CUSIP: 92922F4M7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      66542 | PA      | $65880.51     | 0.00%             | 2045-10-25      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 885569 FN 08/36 FIXED 6                          | CUSIP: 31410C2A9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       2179 | PA      | $2270.46      | 0.00%             | 2036-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ARGENT SECURITIES INC. 2006-W2                                                   | ARGENT SECURITIES INC. ARSI 2006 W2 A2B                    | CUSIP: 040104RV5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4834686 | PA      | $2710244.19   | 0.06%             | 2036-03-25      | Floating      | 4.65%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD SGD BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | SG        |          1 | NC      | $3806.96      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PACIFIC GAS AND ELECTRIC COMPANY                                                 | PACIFIC GAS + ELECTRIC 1ST MORTGAGE 03/26 2.95             | CUSIP: 694308HP5<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    1900000 | PA      | $1887134.07   | 0.04%             | 2026-03-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| OPTION ONE MORTGAGE LOAN TRUST 2007-CP1                                          | OPTION ONE MORTGAGE LOAN TRUST OOMLT 2007 CP1 1A1          | CUSIP: 68402YAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3208738 | PA      | $2950195.45   | 0.07%             | 2037-03-25      | Floating      | 4.41%                 | No            |                  2 | On Loan: No      |
| STRUCTURED ADJUSTABLE RT MTGE LN 2007-3                                          | STRUCTURED ADJUSTABLE RATE MOR SARM 2007 3 1A1             | CUSIP: 86363GAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     565118 | PA      | $466115.59    | 0.01%             | 2047-04-25      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AA1927 FN 01/39 FIXED 5                          | CUSIP: 31416KD96<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        991 | PA      | $1015.83      | 0.00%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI TRUST BANK LIMITED                                               | SUMITOMO MITSUI TR BK LT SR UNSECURED 144A 09/28 VAR       | CUSIP: 86563VCC1<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |    3500000 | PA      | $3513181.88   | 0.08%             | 2028-09-11      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS AND ELECTRIC COMPANY                                                 | PACIFIC GAS + ELECTRIC 1ST MORTGAGE 02/31 2.5              | CUSIP: 694308JG3<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    2790000 | PA      | $2486789.11   | 0.05%             | 2031-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| RESIDENTIAL ACCREDIT LOANS 2006-QS13                                             | RESIDENTIAL ACCREDIT LOANS, IN RALI 2006 QS13 1A10         | CUSIP: 75115DAK1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     362441 | PA      | $291007.10    | 0.01%             | 2036-09-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD ZAR BOUGHT USD 20251120                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ZA        |          1 | NC      | $-9039.63     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 735124 FN 11/34 FIXED VAR                        | CUSIP: 31402QVR9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        804 | PA      | $810.52       | 0.00%             | 2034-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                                     | BARCLAYS PLC SR UNSECURED 11/33 VAR                        | CUSIP: 06738ECE3<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    4500000 | PA      | $5164856.60   | 0.11%             | 2033-11-02      | Floating      | 7.44%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD CNH BOUGHT USD 20251016                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CN        |          1 | NC      | $1047.18      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CSMC 2021-ADV TRUST                                                              | CREDIT SUISSE MORTGAGE TRUST CSMC 2021 ADV A 144A          | CUSIP: 12660WAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1500000 | PA      | $1366539.45   | 0.03%             | 2038-07-15      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 905141 FN 02/37 FIXED 5.5                        | CUSIP: 31411DS67<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        519 | PA      | $538.46       | 0.00%             | 2037-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ONSLOW BAY MORTGAGE LOAN TRUST 2022-INV2                                         | ONSLOW BAY FINANCIAL LLC OBX 2022 INV2 A1 144A             | CUSIP: 67114WAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   12300106 | PA      | $10643679.34  | 0.24%             | 2052-01-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA LOCAL GOVERNMENT ENVIRONMENTAL FACILITIES & COMMUNITY DEVELOPMENT AUTH | LOUISIANA ST LOCAL GOVT ENVRNM LASGOV 12/34 FIXED 5.048    | CUSIP: 54627RAS9<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    6900000 | PA      | $7163087.34   | 0.16%             | 2034-12-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 890836 FN 11/27 FIXED VAR                        | CUSIP: 31410LV58<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     187888 | PA      | $187044.88    | 0.00%             | 2027-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BENEFIT STREET PARTNERS CLO XXII LTD 2020-22A                                    | BENEFIT STREET PARTNERS CLO LT BSP 2020 22A ARR 144A       | CUSIP: 08186UAU6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    7500000 | PA      | $7526295.08   | 0.17%             | 2035-04-20      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD IDR BOUGHT USD 20251020                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $9598.48      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD THB BOUGHT USD 20251020                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TH        |          1 | NC      | $0.60         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL FM8873 FN 07/34 FIXED VAR                        | CUSIP: 3140XC2F4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      11953 | PA      | $11830.54     | 0.00%             | 2034-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| VIRGINIA POWER FUEL SECURITIZATION LLC                                           | VIRGINIA POWER FUEL SEC SR SECURED 05/33 4.877             | CUSIP: 92808VAB8<br>LEI: 254900BELJ95ONW6U791 | Long             | DBT              | CORP              | US        |    9200000 | PA      | $9419443.46   | 0.21%             | 2033-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD THB BOUGHT USD 20251020                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TH        |          1 | NC      | $384.73       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 795297 FN 07/44 FLOATING VAR                     | CUSIP: 31405PRS1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      25169 | PA      | $25344.39     | 0.00%             | 2044-07-01      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| NYKREDIT REALKREDIT A/S                                                          | NYKREDIT REALKREDIT AS COVERED REGS 10/53 1.5              | CUSIP: ACI1P1CP5<br>LEI: LIU16F6VZJSD6UKHD557 | Long             | DBT              | CORP              | DK        |          1 | PA      | $0.19         | 0.00%             | 2053-10-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT INR SOLD USD 20251017                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IN        |          1 | NC      | $-433.57      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | US TREASURY N/B 11/51 1.875                                | CUSIP: 912810TB4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   11825000 | PA      | $6691749.05   | 0.15%             | 2051-11-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| MARS INCORPORATED                                                                | MARS INC SR UNSECURED 144A 03/30 4.8                       | CUSIP: 571676AY1<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    6400000 | PA      | $6522517.38   | 0.14%             | 2030-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| SOUTH AFRICA GOVT                                                                | REPUBLIC OF SOUTH AFRICA SR UNSECURED 01/37 8.5            | CUSIP: ACI06HB74<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |   72600000 | PA      | $3873485.35   | 0.09%             | 2037-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT ILS SOLD USD 20251015                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IL        |          1 | NC      | $8787.42      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                   | MORGAN STANLEY SR UNSECURED 02/29 VAR                      | CUSIP: 61747YFA8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    6100000 | PA      | $6232123.80   | 0.14%             | 2029-02-01      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| MASSMUTUAL GLOBAL FUNDING II                                                     | MASSMUTUAL GLOBAL FUNDIN SR SECURED 144A 12/27 5.05        | CUSIP: 57629WDL1<br>LEI: 549300K1IE3K7YU6VG29 | Long             | DBT              | CORP              | US        |    7900000 | PA      | $8065671.93   | 0.18%             | 2027-12-07      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS AND ELECTRIC COMPANY                                                 | PACIFIC GAS + ELECTRIC 1ST MORTGAGE 06/27 5.45             | CUSIP: 694308KF3<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    3100000 | PA      | $3153402.06   | 0.07%             | 2027-06-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| BMW VEHICLE LEASE TRUST 2023-2                                                   | BMW VEHICLE LEASE TRUST BMWLT 2023 2 A3                    | CUSIP: 055979AC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     689284 | PA      | $690515.24    | 0.02%             | 2026-09-25      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 928490 FN 06/37 FIXED 6                          | CUSIP: 31412LRK8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       4596 | PA      | $4831.04      | 0.00%             | 2037-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SOUTH AFRICA GOVT                                                                | REPUBLIC OF SOUTH AFRICA SR UNSECURED 02/31 7              | CUSIP: S69124NF8<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |  118900000 | PA      | $6531031.73   | 0.14%             | 2031-02-28      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | US TREASURY N/B 05/51 2.375                                | CUSIP: 912810SX7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   10093000 | PA      | $6495791.72   | 0.14%             | 2051-05-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | OIS CAD CAONREPO/2.7404 03/10/25-9Y* LCH                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | CA        |          1 | NC      | $9768.10      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD JPY BOUGHT USD 20251104                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |          1 | NC      | $-8167.52     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAPITAL DAC / AERCAP GLOBAL AVIATION TRUST                        | AERCAP IRELAND CAP/GLOBA COMPANY GUAR 10/28 3              | CUSIP: 00774MAW5<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |     801000 | PA      | $772160.52    | 0.02%             | 2028-10-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| VENTURE CLO LTD 2018-33A                                                         | VENTURE CDO LTD VENTR 2018 33A A1LR 144A                   | CUSIP: 92330YAN3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1941003 | PA      | $1943136.62   | 0.04%             | 2031-07-15      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| SFO COMMERCIAL MORTGAGE TRUST 2021-555                                           | SFO COMMERICAL MORTGAGE TRUST SFO 2021 555 A 144A          | CUSIP: 78432WAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   13680000 | PA      | $13592695.61  | 0.30%             | 2038-05-15      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| JAPAN GOVT                                                                       | JAPAN (40 YEAR ISSUE) BONDS 03/64 2.2                      | CUSIP: ACI2P7MX2<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  886000000 | PA      | $4593767.86   | 0.10%             | 2064-03-20      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| UNITED KINGDOM GOVT                                                              | UNITED KINGDOM GILT BONDS REGS 03/27 3.75                  | CUSIP: BPSNB4II5<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |   45000000 | PA      | $60320758.52  | 1.33%             | 2027-03-07      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD BRL BOUGHT USD 20260402                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $-24635.90    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD NOK BOUGHT USD 20251104                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | NO        |          1 | NC      | $-0.01        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UMBS PASS THRU POOLS                                                             | FNMA TBA 30 YR 2 SINGLE FAMILY MORTGAGE                    | CUSIP: 01F0206A2<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |  -60900000 | PA      | $-49099596.40 | -1.08%            | 2055-10-14      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD PEN BOUGHT USD 20251020                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | PE        |          1 | NC      | $-1581.03     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 745933 FN 09/36 FIXED VAR                        | CUSIP: 31403DV22<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      20484 | PA      | $21594.62     | 0.00%             | 2036-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL BV4122 FN 03/52 FIXED 2                          | CUSIP: 3140MHSL4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   16133784 | PA      | $13058685.67  | 0.29%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | 317UAFCA3 PIMCO SWAPTION 3.675 PUT USD 2025101             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |   -8500000 | NC      | $-33406.70    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | IRS AUD 4.50000 09/18/24-10Y LCH                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | AU        |          1 | NC      | $389352.59    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                                                               | BANCO SANTANDER SA BANCO SANTANDER SA                      | CUSIP: 05964HBA2<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    8200000 | PA      | $8350023.18   | 0.18%             | 2028-03-14      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD TWD BOUGHT USD 20251015                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TW        |          1 | NC      | $55705.41     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BANC OF AMERICA FUNDING CORP 2005-D                                              | BANC OF AMERICA FUNDING CORPOR BAFC 2005 D A1              | CUSIP: 06051GDM8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      75802 | PA      | $71056.00     | 0.00%             | 2035-05-25      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | ZCS BRL 13.9255 05/08/25-01/04/27 CME                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | BR        |          1 | NC      | $-14910.57    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AA4298 FN 03/29 FIXED 4.5                        | CUSIP: 31416MX41<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      52545 | PA      | $52780.84     | 0.00%             | 2029-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 256750 FN 06/27 FIXED 5                          | CUSIP: 31371NEX9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       1448 | PA      | $1449.54      | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GSAA HOME EQUITY TRUST 2007-9                                                    | GSAA HOME EQUITY TRUST GSAA 2007 9 A2A                     | CUSIP: 3622EEAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8813969 | PA      | $4889816.47   | 0.11%             | 2037-10-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| JACKSON NATIONAL LIFE GLOBAL FUNDING                                             | JACKSON NATL LIFE GLOBAL SECURED 144A 09/30 4.55           | CUSIP: 46849LVH1<br>LEI: 635400PQXLYXWJI5QD78 | Long             | DBT              | CORP              | US        |    6900000 | PA      | $6912546.75   | 0.15%             | 2030-09-09      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                                                               | BANCO SANTANDER SA 01/30 5.565                             | CUSIP: 05964HBJ3<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    1100000 | PA      | $1148645.74   | 0.03%             | 2030-01-17      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL MA5247 FN 01/54 FIXED 6                          | CUSIP: 31418EZM5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     200283 | PA      | $205046.08    | 0.00%             | 2054-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA PASS THRU POOLS                                                             | GNMA II POOL MA8722 G2 03/53 FIXED 3.5                     | CUSIP: 36179XVP8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     286725 | PA      | $263436.63    | 0.01%             | 2053-03-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE SECURITIES TRUST 2016-GS3                                            | GS MORTGAGE SECURITIES TRUST GSMS 2016 GS3 WMB 144A        | CUSIP: 36251PBD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3037000 | PA      | $2648124.30   | 0.06%             | 2049-10-10      | Fixed         | 3.72%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD JPY BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |          1 | NC      | $588.31       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| COUNTRYWIDE ASSET-BACKED CERTIFICATES 2006-QH1                                   | COUNTRYWIDE ASSET BACKED CERTI CWL 2006 QH1 A1B 144A       | CUSIP: 12666XAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1356834 | PA      | $1291679.37   | 0.03%             | 2036-09-25      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD BRL BOUGHT USD 20260402                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $-18382.10    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT PLN SOLD USD 20251015                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | PL        |          1 | NC      | $11307.74     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WORLDWIDE PLAZA TRUST 2017-WWP                                                   | WORLDWIDE PLAZA TRUST WPT 2017 WWP A 144A                  | CUSIP: 98162JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6000000 | PA      | $4056537.60   | 0.09%             | 2036-11-10      | Fixed         | 3.53%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD NZD BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | NZ        |          1 | NC      | $7848.56      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | US LONG BOND(CBT) DEC25 XCBT 20251219                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |        -39 | NC      | $-101514.78   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BEAR STEARNS ADJUSTABLE RATE MORTGAGE TRUST 2004-10                              | BEAR STEARNS ADJUSTABLE RATE M BSARM 2004 10 23A1          | CUSIP: 07384M4K5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      34478 | PA      | $32771.98     | 0.00%             | 2035-01-25      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| UMBS PASS THRU POOLS                                                             | FNMA TBA 30 YR 4.5 SINGLE FAMILY MORTGAGE                  | CUSIP: 01F0426B4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  326900000 | PA      | $316957143.63 | 7.00%             | 2055-11-13      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD BRL BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $-325869.13   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| PERU GOVT                                                                        | REPUBLIC OF PERU SR UNSECURED REGS 08/31 6.95              | CUSIP: 715638BE1<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |   22241000 | PA      | $7095045.87   | 0.16%             | 2031-08-12      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD IDR BOUGHT USD 20251008                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $270.57       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AB1490 FN 09/30 FIXED 4.5                        | CUSIP: 31416WUQ3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        949 | PA      | $952.70       | 0.00%             | 2030-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MF1 2020-FL4 LTD                                                                 | MF1 MULTIFAMILY HOUSING MORTGA MF1 2020 FL4 A 144A         | CUSIP: 58003UAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    2432699 | PA      | $2436688.67   | 0.05%             | 2035-12-15      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | ZCS BRL 11.49576 06/14/24-01/04/27 CME                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | BR        |          1 | NC      | $-375847.33   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL RA9057 FR 05/53 FIXED 5                  | CUSIP: 3133KRB29<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   15695201 | PA      | $15638399.05  | 0.35%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 765670 FN 01/34 FIXED 5.5                        | CUSIP: 31404DT32<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      39499 | PA      | $39991.33     | 0.00%             | 2034-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                                                            | TORONTO DOMINION BANK SR UNSECURED 03/27 2.8               | CUSIP: 89114TZT2<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    8000000 | PA      | $7869833.12   | 0.17%             | 2027-03-10      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| SPRINT SPECTRUM CO LLC / SPRINT SPECTRUM CO II LLC  / SPRINT SPECTRUM CO III LLC | SPRINT SPECTRUM / SPEC I SR SECURED 144A 09/29 5.152       | CUSIP: 85208NAE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    5350000 | PA      | $5371262.77   | 0.12%             | 2029-09-20      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| BGC GROUP INC                                                                    | BGC GROUP INC SR UNSECURED 05/28 8                         | CUSIP: 088929AC8<br>LEI: 2549001IGRCG4F0RLD36 | Long             | DBT              | CORP              | US        |    5000000 | PA      | $5340415.25   | 0.12%             | 2028-05-25      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD ZAR BOUGHT USD 20251120                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ZA        |          1 | NC      | $-2936.66     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UMBS PASS THRU POOLS                                                             | FNMA TBA 30 YR 5 SINGLE FAMILY MORTGAGE                    | CUSIP: 01F0506B7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  153545000 | PA      | $152192022.88 | 3.36%             | 2055-11-13      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ACREC 2021-FL1 LTD                                                               | ACREC 2021 FL1 LTD. ACREC 2021 FL1 A 144A                  | CUSIP: 00500RAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    5583215 | PA      | $5579193.58   | 0.12%             | 2036-10-16      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| BEAR STEARNS ARM TR 2004-8                                                       | BEAR STEARNS ADJUSTABLE RATE M BSARM 2004 8 2A1            | CUSIP: 07384M2E1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     370010 | PA      | $340696.32    | 0.01%             | 2034-11-25      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AL2051 FN 06/26 FIXED VAR                        | CUSIP: 3138EJH50<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     138630 | PA      | $138101.89    | 0.00%             | 2026-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | US TREASURY N/B 05/54 4.625                                | CUSIP: 912810UA4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   19600000 | PA      | $19262359.42  | 0.43%             | 2054-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| EXTENDED STAY AMERICA TRUST 2021-ESH                                             | EXTENDED STAY AMERICA TRUST ESA 2021 ESH A1 144A           | CUSIP: 30227FAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2951466 | PA      | $2953761.15   | 0.07%             | 2038-07-15      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL CB3122 FN 03/52 FIXED 3                          | CUSIP: 3140QNPG1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   30830882 | PA      | $27166814.39  | 0.60%             | 2052-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD SGD BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | SG        |          1 | NC      | $7029.63      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | US 10YR FUT OPTN  NOV25C 113.5 EXP 10/24/2025              | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |       -133 | NC      | $-28493.65    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | STRIPS 08/42 0.00000                                       | CUSIP: 912834LR7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    6800000 | PA      | $3010732.16   | 0.07%             | 2042-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BEAR STEARNS ARM TR 2004-3                                                       | BEAR STEARNS ADJUSTABLE RATE M BSARM 2004 3 1A1            | CUSIP: 07384MQ70<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     147459 | PA      | $138563.75    | 0.00%             | 2034-07-25      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 766366 FN 02/34 FIXED 5.5                        | CUSIP: 31404EMP8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       4411 | PA      | $4567.55      | 0.00%             | 2034-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD ILS BOUGHT USD 20251113                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IL        |          1 | NC      | $-7077.94     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| COUNTRYWIDE HOME LOANS 2005-HYB9                                                 | COUNTRYWIDE HOME LOANS CWHL 2005 HYB9 3A2A                 | CUSIP: 126670JY5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      40456 | PA      | $35136.88     | 0.00%             | 2036-02-20      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| COOPERATIEVE RABOBANK UA (AKA: RABOBANK NEDERLAND)                               | COOPERATIEVE RABOBANK UA COOPERATIEVE RABOBANK UA          | CUSIP: 74977RDT8<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    9200000 | PA      | $9531359.62   | 0.21%             | 2030-03-05      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| BIG COMMERCIAL MORTGAGE TRUST 2022-BIG                                           | BIG COMMERCIAL MORTGAGE TRUST BIG 2022 BIG A 144A          | CUSIP: 05551UAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   12054078 | PA      | $12023529.13  | 0.27%             | 2039-02-15      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTERNATIONAL NV                                                    | ENEL FINANCE INTL NV ENEL FINANCE INTL NV                  | CUSIP: 29278GBD9<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    8600000 | PA      | $8812764.95   | 0.19%             | 2029-06-26      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | RFR USD SOFR/3.73910 03/01/24-7Y* LCH                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |          1 | NC      | $-88774.78    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT IDR SOLD USD 20251015                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $-15465.19    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MIZUHO FINANCIAL GROUP INC                                                       | MIZUHO FINANCIAL GROUP SR UNSECURED 07/31 VAR              | CUSIP: 60687YBH1<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |    1700000 | PA      | $1535990.89   | 0.03%             | 2031-07-10      | Floating      | 2.20%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT TWD SOLD USD 20251020                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TW        |          1 | NC      | $2205.43      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | STRIPS 08/41 0.00000                                       | CUSIP: 912834KP2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     900000 | PA      | $422603.84    | 0.01%             | 2041-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                                 | T MOBILE USA INC COMPANY GUAR 01/29 4.85                   | CUSIP: 87264ADE2<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    5475000 | PA      | $5586384.00   | 0.12%             | 2029-01-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT BRL SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $58540.78     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                                                               | ALLY FINANCIAL INC SR UNSECURED 07/33 VAR                  | CUSIP: 02005NCA6<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    4000000 | PA      | $4018228.56   | 0.09%             | 2033-07-31      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2016-H17                                | GOVERNMENT NATIONAL MORTGAGE A GNR 2016 H17 FM             | CUSIP: 38376RXJ0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       9555 | PA      | $9518.84      | 0.00%             | 2066-08-20      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD AUD BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | AU        |          1 | NC      | $-8089.21     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EDP FINANCE BV                                                                   | EDP FINANCE BV SR UNSECURED 144A 01/28 1.71                | CUSIP: 26835PAH3<br>LEI: 5299007L43AQDFOW5739 | Long             | DBT              | CORP              | NL        |   13300000 | PA      | $12551116.77  | 0.28%             | 2028-01-24      | Fixed         | 1.71%                 | No            |                  2 | On Loan: No      |
| TEXAS NATURAL GAS SECURITIZATION FINANCE CORP                                    | TEXAS NATURAL GAS SECURITIZTN TNGUTL 04/35 FIXED 5.102     | CUSIP: 88258MAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    6090428 | PA      | $6278860.51   | 0.14%             | 2035-04-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CALIFORNIA GAS COMPANY                                                  | SOUTHERN CALIF GAS CO SR UNSECURED 04/27 2.95              | CUSIP: 842434CW0<br>LEI: XY0N0J73VHV5F4CUJV89 | Long             | DBT              | CORP              | US        |   11300000 | PA      | $11135364.09  | 0.25%             | 2027-04-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| MASSMUTUAL GLOBAL FUNDING II                                                     | MASSMUTUAL GLOBAL FUNDIN SR SECURED 144A 10/27 4.3         | CUSIP: 57629W3T5<br>LEI: 549300K1IE3K7YU6VG29 | Long             | DBT              | CORP              | US        |    9500000 | PA      | $9559782.27   | 0.21%             | 2027-10-22      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD DKK BOUGHT USD 20251104                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | DK        |          1 | NC      | $-7826.60     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | US TREASURY N/B 02/51 1.875                                | CUSIP: 912810SU3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   50280000 | PA      | $28731288.22  | 0.63%             | 2051-02-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 766154 FN 02/34 FIXED 5.5                        | CUSIP: 31404EE36<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      39826 | PA      | $40187.43     | 0.00%             | 2034-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                                                | NATWEST GROUP PLC SR UNSECURED 05/28 VAR                   | CUSIP: 780097BP5<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    2600000 | PA      | $2554888.99   | 0.06%             | 2028-05-22      | Floating      | 3.07%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | REVERSE REPO DEUTSCHE REVERSE REPO                         | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |   -6004375 | PA      | $-6009442.03  | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AL9109 FN 01/34 FIXED VAR                        | CUSIP: 3138ERDP2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     193837 | PA      | $194342.56    | 0.00%             | 2034-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD KRW BOUGHT USD 20251022                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | KR        |          1 | NC      | $12218.27     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FANNIE MAE 2006-5                                                                | FANNIE MAE FNR 2006 5 3A2                                  | CUSIP: 31394VL73<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      16394 | PA      | $16771.89     | 0.00%             | 2035-05-25      | Floating      | 6.37%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL ZK3302 FR 06/26 FIXED 3.5                | CUSIP: 3131X6U32<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       3543 | PA      | $3521.59      | 0.00%             | 2026-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | 31750R8D2 PIMCO FXVAN PUT AUD USD 0.62500000               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | US        |   11281000 | NC      | $22.39        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | GOLDMAN SACHS GROUP INC SNR S* ICE                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              |  | US        |          1 | NC      | $38274.05     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | 317UAG9A5 PIMCO SWAPTION 2.55 CALL EUR 2025101             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |   -4400000 | NC      | $-2715.16     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AIRCASTLE LTD / AIRCASTLE IRELAND DAC                                            | AIRCASTLE / IRELAND DAC COMPANY GUAR 144A 09/30 5          | CUSIP: 00929JAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    7200000 | PA      | $7257594.17   | 0.16%             | 2030-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | 317UAGAA3 PIMCO SWAPTION 2.75 PUT EUR 20251017             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |   -4400000 | NC      | $-9853.29     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT NOK SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | NO        |          1 | NC      | $-0.04        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FIRSTENERGY PENNSYLVANIA ELECTRIC CO                                             | FIRSTENERGY PENN ELECTRI SR UNSECURED 144A 03/28 3.25      | CUSIP: 708696BY4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1700000 | PA      | $1660394.93   | 0.04%             | 2028-03-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT TRY SOLD USD 20251110                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |          1 | NC      | $33524.53     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | US TREASURY N/B 08/51 2                                    | CUSIP: 912810SZ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   30125000 | PA      | $17656662.56  | 0.39%             | 2051-08-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ADNOC MURBAN RSC LTD                                                             | ADNOC MURBAN RSC LTD ADNOC MURBAN RSC LTD                  | CUSIP: 00723L2A6<br>LEI: 213800OWGH7RAYG61M70 | Long             | DBT              | CORP              | AE        |    4200000 | PA      | $4224019.63   | 0.09%             | 2029-09-11      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD IDR BOUGHT USD 20251008                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $3391.44      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD SGD BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | SG        |          1 | NC      | $14.64        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL BY2258 FN 05/53 FIXED 5                          | CUSIP: 3140NJQL1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     714931 | PA      | $710524.04    | 0.02%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LONG BEACH MORTGAGE LOAN TR 2006-4                                               | LONG BEACH MORTGAGE LOAN TRUST LBMLT 2006 4 2A3            | CUSIP: 54251MAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   32963190 | PA      | $9510674.72   | 0.21%             | 2036-05-25      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| OPTION ONE MORTGAGE LOAN TRUST 2005-4                                            | OPTION ONE MORTGAGE LOAN TRUST OOMLT 2005 4 M2             | CUSIP: 68389FJJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5907329 | PA      | $5720265.43   | 0.13%             | 2035-11-25      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| CREDIT SUISSE GROUP AG                                                           | CS AT1 CLAIMS US225436AA21 CREDIT SUISSE GROUP AG          | CUSIP: 952NPH004<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | US        |     400000 | PA      | $52000.00     | 0.00%             | 2060-12-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY PARTNERS LP                                                      | CHENIERE ENERGY PARTNERS COMPANY GUAR 01/32 3.25           | CUSIP: 16411QAN1<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |    4100000 | PA      | $3736688.34   | 0.08%             | 2032-01-31      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT TRY SOLD USD 20251208                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |          1 | NC      | $1460.43      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FORESEA HOLDING SA                                                               | FORESEA HLDG S A COMMON STOCK                              | CUSIP: 000000000<br>LEI: 254900BAD50AKYGIMV79 | Long             | EC               | CORP              | LU        |      14228 | NS      | $308273.34    | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| T-MOBILE US TRUST 2024-1A                                                        | T MOBILE US TRUST TMUST 2024 1A A 144A                     | CUSIP: 87267RAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    9200000 | PA      | $9286338.32   | 0.21%             | 2029-09-20      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| OWNIT MORTGAGE LN ASSET-BCK CERT 2006-6                                          | OWNIT MORTGAGE LOAN ASSET BACK OWNIT 2006 6 A2D            | CUSIP: 69121TAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8398519 | PA      | $3749497.07   | 0.08%             | 2037-09-25      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AH0101 FN 11/30 FIXED 4                          | CUSIP: 3138A1DF5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       3758 | PA      | $3741.66      | 0.00%             | 2030-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS AND ELECTRIC COMPANY                                                 | PACIFIC GAS + ELECTRIC 1ST MORTGAGE 03/46 4.25             | CUSIP: 694308HN0<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    1500000 | PA      | $1182506.57   | 0.03%             | 2046-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | IRS EUR 0.65000 04/12/22-5Y LCH                            | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | N/A       |          1 | NC      | $-1104100.41  | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD AUD BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | AU        |          1 | NC      | $45874.42     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD INR BOUGHT USD 20251020                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IN        |          1 | NC      | $3462.14      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BEAR STEARNS ADJ RATE MTGE TR 2006-1                                             | BEAR STEARNS ADJUSTABLE RATE M BSARM 2006 1 A1             | CUSIP: 07387AGZ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      11041 | PA      | $10655.57     | 0.00%             | 2036-02-25      | Floating      | 6.53%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD NZD BOUGHT USD 20251104                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | NZ        |          1 | NC      | $-385.27      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL ZK2827 FR 12/25 FIXED 3.5                | CUSIP: 3131X6D80<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        659 | PA      | $656.75       | 0.00%             | 2025-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD NOK BOUGHT USD 20251104                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | NO        |          1 | NC      | $187.52       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT NOK SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | NO        |          1 | NC      | $-184.59      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HILTON USA TRUST 2016-SFP                                                        | HILTON USA TRUST HILT 2016 SFP A 144A                      | CUSIP: 43289VAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   14400000 | PA      | $12074263.20  | 0.27%             | 2035-11-05      | Fixed         | 2.83%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT SGD SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | SG        |          1 | NC      | $-79326.42    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | REVERSE REPO BARCLAYS REVERSE REPO                         | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |   -3193000 | PA      | $-3193376.95  | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | US TREASURY N/B 05/41 2.25                                 | CUSIP: 912810SY5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   19000000 | PA      | $14085976.61  | 0.31%             | 2041-05-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| BRAZIL GOVT                                                                      | FED REPUBLIC OF BRAZIL SR UNSECURED 03/34 6.125            | CUSIP: 105756CH1<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    9200000 | PA      | $9425400.00   | 0.21%             | 2034-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES 2016-3 CLASS AA PASS THROUGH TRUST                             | AMER AIRLINE 16 3 AA PTT PASS THRU CE 04/30 3              | CUSIP: 023771R91<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    4905985 | PA      | $4722982.54   | 0.10%             | 2030-04-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT INR SOLD USD 20251017                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IN        |          1 | NC      | $-6457.27     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD PEN BOUGHT USD 20251016                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | PE        |          1 | NC      | $-5929.09     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GREENSAIF PIPELINES BIDCO SARL                                                   | GREENSAIF PIPELINES BIDC SR SECURED 144A 02/42 6.51        | CUSIP: 39541EAC7<br>LEI: 549300YWDGUXPB8GRP47 | Long             | DBT              | CORP              | LU        |    4900000 | PA      | $5316894.50   | 0.12%             | 2042-02-23      | Fixed         | 6.51%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST 2024-VIS1                                             | JP MORGAN MORTGAGE TRUST JPMMT 2024 VIS1 A1 144A           | CUSIP: 465970AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1516143 | PA      | $1532413.61   | 0.03%             | 2064-07-25      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT JPY SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |          1 | NC      | $8165.28      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL RB5037 FR 03/40 FIXED 2.5                | CUSIP: 3133KYS26<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     575436 | PA      | $524757.79    | 0.01%             | 2040-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| THAMES WATER UTILITIES FINANCE PLC                                               | THAMES WATER UTIL FIN SR SECURED 02/34 6.5                 | CUSIP: 005048II6<br>LEI: 213800ESMPQ4RQ7G8351 | Long             | DBT              | CORP              | GB        |     400000 | PA      | $381202.38    | 0.01%             | 2034-02-09      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD ZAR BOUGHT USD 20251120                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ZA        |          1 | NC      | $-17962.70    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| INTERNATIONAL FLAVORS & FRAGRANCES INC                                           | INTL FLAVOR + FRAGRANCES SR UNSECURED 144A 10/27 1.832     | CUSIP: 459506AP6<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |    1276000 | PA      | $1214252.79   | 0.03%             | 2027-10-15      | Fixed         | 1.83%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD THB BOUGHT USD 20251020                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TH        |          1 | NC      | $178.09       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD INR BOUGHT USD 20251017                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IN        |          1 | NC      | $645.02       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FREDDIE MAC 4790                                                                 | FREDDIE MAC FHR 4790 F                                     | CUSIP: 3137F5BX6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    3770327 | PA      | $3695931.82   | 0.08%             | 2043-10-15      | Floating      | 4.68%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | VERIZON COMMUNICATIONS INC SNR S* ICE                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              |  | US        |          1 | NC      | $107964.11    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT ILS SOLD USD 20251113                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IL        |          1 | NC      | $4268.33      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | RFR USD SOFR/3.6637* 03/01/24-7Y* LCH                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |          1 | NC      | $-144003.89   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                                     | BARCLAYS PLC SR UNSECURED 03/28 VAR                        | CUSIP: 06738ECQ6<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    3700000 | PA      | $3739437.19   | 0.08%             | 2028-03-12      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| SOUNDVIEW HOME EQUITY LOAN TR 2007-WMC1                                          | SOUNDVIEW HOME EQUITY LOAN TRU SVHE 2007 WMC1 3A1          | CUSIP: 83612NAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    7298248 | PA      | $1946698.29   | 0.04%             | 2037-02-25      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | US TREASURY N/B 05/42 3                                    | CUSIP: 912810QW1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    2400000 | PA      | $1947843.74   | 0.04%             | 2042-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | PEMEX LCDS SP DUB                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              |  | US        |          1 | NC      | $17183.16     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL A64142 FG 08/37 FIXED 6                  | CUSIP: 3128KUS73<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      34342 | PA      | $36251.86     | 0.00%             | 2037-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA PASS THRU POOLS                                                             | GNMA POOL CK0445 GN 02/52 FIXED 4                          | CUSIP: 3617XUP66<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     279050 | PA      | $264291.76    | 0.01%             | 2052-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT KRW SOLD USD 20251010                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | KR        |          1 | NC      | $-12473.21    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PROVINCE OF QUEBEC                                                               | PROVINCE OF QUEBEC SR UNSECURED 09/34 4.45                 | CUSIP: 74814ZFT5<br>LEI: 549300WN65YFEQH74Y36 | Long             | DBT              | NUSS              | CA        |   28700000 | PA      | $21979030.83  | 0.49%             | 2034-09-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| SUNTRUST ADJR MRTG LN TR 2007-1                                                  | SUNTRUST ADJUSTABLE RATE MORTG STARM 2007 1 2A1            | CUSIP: 78473NAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     496628 | PA      | $427686.33    | 0.01%             | 2037-02-25      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT AUD SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | AU        |          1 | NC      | $429087.69    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| THAMES WATER UTILITIES FINANCE PLC                                               | THAMES WATER UTIL FIN SR SECURED REGS 01/33 4.375          | CUSIP: ACI2C9PD3<br>LEI: 213800ESMPQ4RQ7G8351 | Long             | DBT              | CORP              | GB        |    2100000 | PA      | $1738506.71   | 0.04%             | 2033-01-18      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT INR SOLD USD 20251017                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IN        |          1 | NC      | $-8739.19     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL ZK2595 FR 10/25 FIXED 3.5                | CUSIP: 3131X53C4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |         86 | PA      | $86.16        | 0.00%             | 2025-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | TREASURY BILL 11/25 0.00000                                | CUSIP: 912797NL7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     263000 | PA      | $261307.44    | 0.01%             | 2025-11-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP OF AMERICA FINANCE LLC                                          | VOLKSWAGEN GROUP AMERICA COMPANY GUAR 144A 09/26 3.2       | CUSIP: 928668BB7<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    9700000 | PA      | $9603336.30   | 0.21%             | 2026-09-26      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT ILS SOLD USD 20251015                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IL        |          1 | NC      | $7179.94      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | US 10YR NOTE (CBT)DEC25 XCBT 20251219                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |       4065 | NC      | $2739399.11   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL C91263 FG 08/29 FIXED 4                  | CUSIP: 3128P7ML4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       7535 | PA      | $7528.41      | 0.00%             | 2029-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT MXN SOLD USD 20251217                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | MX        |          1 | NC      | $60363.30     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                                          | HYUNDAI CAPITAL AMERICA SR UNSECURED 144A 09/28 2.1        | CUSIP: 44891ACA3<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   14200000 | PA      | $13311515.37  | 0.29%             | 2028-09-15      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD SGD BOUGHT USD 20251104                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | SG        |          1 | NC      | $-4.34        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CPPIB CAPITAL INC                                                                | CPPIB CAPITAL INC COMPANY GUAR REGS 06/34 4.3              | CUSIP: 12593CAY7<br>LEI: 549300KW9NB55HTDK075 | Long             | DBT              | CORP              | CA        |    6500000 | PA      | $4930657.56   | 0.11%             | 2034-06-02      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| MLCC MORTGAGE INVESTORS INC 2005-1                                               | MLCC MORTGAGE INVESTORS INC MLCC 2005 1 2A5                | CUSIP: 59020UVM4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     574951 | PA      | $517214.80    | 0.01%             | 2035-04-25      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC REMICS 5468                                                          | FREDDIE MAC FHR 5468 QF                                    | CUSIP: 3137HHBP5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    8081173 | PA      | $8083796.44   | 0.18%             | 2054-05-25      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| SANTANDER UK GROUP HOLDINGS PLC                                                  | SANTANDER UK GROUP HLDGS SANTANDER UK GROUP HLDGS          | CUSIP: 80281LAU9<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |    6375000 | PA      | $6450249.80   | 0.14%             | 2030-09-11      | Floating      | 4.86%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | COLOMBIA LA SP GST                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              |  | US        |          1 | NC      | $4946.09      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                          | GOLDMAN SACHS GROUP INC SR UNSECURED 06/28 VAR             | CUSIP: 38141GWL4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    5900000 | PA      | $5858052.36   | 0.13%             | 2028-06-05      | Floating      | 3.69%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT TRY SOLD USD 20251001                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |          1 | NC      | $27065.57     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP MTGE LOAN TRUST INC 2005-6                                             | CITIGROUP MORTGAGE LOAN TRUST CMLTI 2005 6 A2              | CUSIP: 17307GXQ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     523016 | PA      | $520012.00    | 0.01%             | 2035-09-25      | Floating      | 6.19%                 | No            |                  2 | On Loan: No      |
| GNMA PASS THRU POOLS                                                             | GNMA POOL 782798 GN 11/39 FIXED 6                          | CUSIP: 36241LDB9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       3556 | PA      | $3748.79      | 0.00%             | 2039-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL 786190 FH 07/27 FLOATING VAR             | CUSIP: 31348S2X1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |          8 | PA      | $7.62         | 0.00%             | 2027-07-01      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2023-H02                                | GOVERNMENT NATIONAL MORTGAGE A GNR 2023 H02 FB             | CUSIP: 38382YN90<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    7636556 | PA      | $7653972.26   | 0.17%             | 2073-01-20      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| NORVESTOR SPV III SCSP                                                           | PROJECT FENNO EUR REVOLVER                                 | CUSIP: BA000MLP0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | LU        |     763398 | PA      | $896267.65    | 0.02%             | 2028-07-10      | Floating      | 0.50%                 | Yes           |                  3 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL G04624 FG 02/33 FIXED 6                  | CUSIP: 3128M6PH5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       4557 | PA      | $4733.38      | 0.00%             | 2033-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BEAR STEARNS ALT-A TRUST 2005-4                                                  | BEAR STEARNS ALT A TRUST BALTA 2005 4 23A1                 | CUSIP: 07386HSY8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     260603 | PA      | $249870.71    | 0.01%             | 2035-05-25      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AL0396 FN 12/35 FIXED VAR                        | CUSIP: 3138EGNN0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        945 | PA      | $971.50       | 0.00%             | 2035-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT INR SOLD USD 20251017                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IN        |          1 | NC      | $-6901.51     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT IDR SOLD USD 20251015                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $-19805.64    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | 31750R9L3 PIMCO FXVAN CALL USD SEK 10.12500000             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | US        |    2074000 | NC      | $16.59        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK NA                                                           | MORGAN STANLEY BANK NA MORGAN STANLEY BANK NA              | CUSIP: 61690U7W4<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |    5700000 | PA      | $5813076.94   | 0.13%             | 2026-10-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL A80388 FG 12/36 FIXED 6                  | CUSIP: 312926ND6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       9220 | PA      | $9703.17      | 0.00%             | 2036-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA PASS THRU POOLS                                                             | GNMA II TBA 30 YR 5 JUMBOS                                 | CUSIP: 21H0506B3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   12070000 | PA      | $11991851.94  | 0.26%             | 2054-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | COLOMBIA LA SP BRC                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              |  | US        |          1 | NC      | $14970.06     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AL5548 FN 05/38 FLOATING VAR                     | CUSIP: 3138ENEW5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    1674707 | PA      | $1738819.04   | 0.04%             | 2038-05-01      | Floating      | 6.54%                 | No            |                  2 | On Loan: No      |
| GNMA PASS THRU POOLS                                                             | GNMA POOL BQ7187 GN 10/49 FIXED 4                          | CUSIP: 3617LR6Y6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     129044 | PA      | $122336.84    | 0.00%             | 2049-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD JPY BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |          1 | NC      | $4239.88      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FOOTBALL CLUB TERM NOTES 2024-XVII TRUST                                         | NATIONAL FOOTBAL LEAGUE 4.5YR                              | CUSIP: 902EZU906<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1200000 | PA      | $1233961.14   | 0.03%             | 2028-10-05      | Fixed         | 5.48%                 | Yes           |                  3 | On Loan: No      |
| LEHMAN XS TRUST 2006-8                                                           | LEHMAN XS TRUST LXS 2006 8 2A1                             | CUSIP: 52522HAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     176755 | PA      | $190023.64    | 0.00%             | 2036-06-25      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD PEN BOUGHT USD 20251016                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | PE        |          1 | NC      | $-2924.48     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NOVASTAR HOME EQUITY LOAN 2006-5                                                 | NOVASTAR HOME EQUITY LOAN NHEL 2006 5 A2D                  | CUSIP: 66988YAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2283552 | PA      | $707322.38    | 0.02%             | 2036-11-25      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL QD8010 FR 03/52 FIXED 2                  | CUSIP: 3133B53T7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    8262618 | PA      | $6681988.49   | 0.15%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 889633 FN 08/37 FIXED VAR                        | CUSIP: 31410KLN2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      10369 | PA      | $10794.32     | 0.00%             | 2037-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO LTD                                                              | NISSAN MOTOR CO SR UNSECURED 144A 09/30 4.81               | CUSIP: 654744AD3<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |   16600000 | PA      | $15648569.51  | 0.35%             | 2030-09-17      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| SANTANDER UK GROUP HOLDINGS PLC                                                  | SANTANDER UK GROUP HLDGS SR UNSECURED 09/29 VAR            | CUSIP: 80281LAX3<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |    7300000 | PA      | $7282238.44   | 0.16%             | 2029-09-22      | Floating      | 4.32%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUEMINES LNG LLC                                               | VENTURE GLOBAL PLAQUE SR SECURED 144A 01/34 6.5            | CUSIP: 922966AC0<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    2000000 | PA      | $2106564.80   | 0.05%             | 2034-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOUTH AFRICA EM SP CBK                                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              |  | US        |          1 | NC      | $26370.38     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | RFR USD SOFR/3.25000 06/18/25-30Y LCH                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |          1 | NC      | $3850750.18   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD CAD BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CA        |          1 | NC      | $380.32       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                                                      | BANK OF AMERICA CORP SR UNSECURED 01/28 VAR                | CUSIP: 06051GGF0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    9200000 | PA      | $9158710.86   | 0.20%             | 2028-01-20      | Floating      | 3.82%                 | No            |                  2 | On Loan: No      |
| MERRILL LYNCH MORTGAGE INVS 2006-HE5                                             | MERRILL LYNCH MORTGAGE INVESTO MLMI 2006 HE5 A2D           | CUSIP: 59022QAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2085545 | PA      | $1026354.74   | 0.02%             | 2037-08-25      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT INR SOLD USD 20251017                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IN        |          1 | NC      | $-8553.20     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT INR SOLD USD 20251119                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IN        |          1 | NC      | $-1533.05     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PACIFIC GAS AND ELECTRIC COMPANY                                                 | PACIFIC GAS + ELECTRIC 1ST MORTGAGE 03/27 3.3              | CUSIP: 694308HS9<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    3100000 | PA      | $3059565.06   | 0.07%             | 2027-03-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL SD8299 FR 02/53 FIXED 5                  | CUSIP: 3132DWGG2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    5395665 | PA      | $5379230.36   | 0.12%             | 2053-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD AUD BOUGHT USD 20251104                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | AU        |          1 | NC      | $-428709.28   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD DKK BOUGHT USD 20251104                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | DK        |          1 | NC      | $-1296.38     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AE0484 FN 12/38 FIXED VAR                        | CUSIP: 31419ARE9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       3271 | PA      | $3360.29      | 0.00%             | 2038-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 735894 FN 09/35 FIXED VAR                        | CUSIP: 31402RRP6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        733 | PA      | $762.55       | 0.00%             | 2035-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | 31750R8W0 PIMCO FXVAN PUT EUR USD 1.13150000               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | US        |   22986000 | NC      | $593.71       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 829372 FN 06/35 FIXED 6                          | CUSIP: 31407FMV9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      16781 | PA      | $17143.11     | 0.00%             | 2035-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL ZS6228 FR 04/26 FIXED 3.5                | CUSIP: 3132A64M2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        435 | PA      | $433.16       | 0.00%             | 2026-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOUTH AFRICA EM SP MYC                                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              |  | US        |          1 | NC      | $131851.91    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | 317UAM2A9 PIMCO SWAPTION 3.55 CALL USD 2025102             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |   -6200000 | NC      | $-21635.52    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TOWD POINT MORTGAGE TRUST 2019-4                                                 | TOWD POINT MORTGAGE TRUST TPMT 2019 4 A1 144A              | CUSIP: 89178BAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   11921450 | PA      | $11471229.53  | 0.25%             | 2059-10-25      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| WASHINGTON MUTUAL 2006-AR1                                                       | WAMU MORTGAGE PASS THROUGH CER WAMU 2006 AR1 2A1A          | CUSIP: 92925CCE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     313603 | PA      | $301374.92    | 0.01%             | 2046-01-25      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| NEW RESIDENTIAL MORTGAGE LOAN TRUST 2022-INV1                                    | NEW RESIDENTIAL MORTGAGE LOAN NRZT 2022 INV1 A2 144A       | CUSIP: 64831DAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   11861865 | PA      | $10253352.44  | 0.23%             | 2052-03-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 993888 FN 12/38 FIXED 6                          | CUSIP: 31416ACZ1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      55560 | PA      | $57381.66     | 0.00%             | 2038-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PERU GOVT                                                                        | REPUBLIC OF PERU SR UNSECURED REGS 08/32 6.15              | CUSIP: P78024AF6<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    2700000 | PA      | $824382.43    | 0.02%             | 2032-08-12      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| GNMA PASS THRU POOLS                                                             | GNMA II POOL MA5193 G2 05/48 FIXED 4.5                     | CUSIP: 36179TXW0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    1872116 | PA      | $1850670.43   | 0.04%             | 2048-05-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FREMONT HOME LOAN TRUST 2005-D                                                   | FREMONT HOME LOAN TRUST FHLT 2005 D M1                     | CUSIP: 35729PMF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    9097012 | PA      | $8411145.70   | 0.19%             | 2035-11-25      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS AND ELECTRIC COMPANY                                                 | PACIFIC GAS + ELECTRIC 1ST MORTGAGE 01/26 3.15             | CUSIP: 694308JP3<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    2400000 | PA      | $2392538.66   | 0.05%             | 2026-01-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL FS3097 FN 10/52 FIXED VAR                        | CUSIP: 3140XJNP4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    3615369 | PA      | $3462072.80   | 0.08%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT NOK SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | NO        |          1 | NC      | $0.02         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ FINANCIAL GROUP INC (MUFG)                                        | MITSUBISHI UFJ FIN GRP SR UNSECURED 10/27 VAR              | CUSIP: 606822BZ6<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |   11600000 | PA      | $11298869.34  | 0.25%             | 2027-10-13      | Floating      | 1.64%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT BRL SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $159168.13    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | 317UABDA1 PIMCO SWAPTION 3.506 CALL USD 202510             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |   -8800000 | NC      | $-2732.40     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL FM3099 FN 09/32 FIXED VAR                        | CUSIP: 3140X6NR8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     196732 | PA      | $195683.85    | 0.00%             | 2032-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | RFR USD SOFR/1.75000 12/21/22-30Y CME                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |          1 | NC      | $27089039.45  | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2023-CCDC                 | JP MORGAN CHASE COMMERCIAL MOR JPMCC 2023 CCDC A 144A      | CUSIP: 465981AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6800000 | PA      | $7203879.20   | 0.16%             | 2040-10-05      | Fixed         | 7.24%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / GLP FINANCING II INC                                            | GLP CAPITAL LP / FIN II COMPANY GUAR 06/28 5.75            | CUSIP: 361841AK5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    7900000 | PA      | $8125189.50   | 0.18%             | 2028-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT SEK SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | SE        |          1 | NC      | $11831.40     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GOODMAN US FINANCE FIVE LLC                                                      | GOODMAN US FIN FIVE LLC COMPANY GUAR 144A 05/32 4.625      | CUSIP: 38239PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   14000000 | PA      | $13930860.16  | 0.31%             | 2032-05-04      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL MA5165 FN 10/53 FIXED 5.5                        | CUSIP: 31418EW30<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     852138 | PA      | $862240.49    | 0.02%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL SD8367 FR 10/53 FIXED 5.5                | CUSIP: 3132DWJL8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    9202438 | PA      | $9311539.85   | 0.21%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL CB0199 FN 04/51 FIXED 3                          | CUSIP: 3140QKGH5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     431215 | PA      | $381045.44    | 0.01%             | 2051-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AB1939 FN 12/25 FIXED 3.5                        | CUSIP: 31416XEM8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      55321 | PA      | $55140.01     | 0.00%             | 2025-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT KRW SOLD USD 20251010                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | KR        |          1 | NC      | $-3390.79     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UNITED AIRLINES 2016-1 CLASS AA PASS THROUGH TRUST                               | UNITED AIR 2016 1 AA PTT PASS THRU CE 01/30 3.1            | CUSIP: 90931LAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     577873 | PA      | $558999.06    | 0.01%             | 2030-01-07      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| WELLTOWER OP LLC                                                                 | WELLTOWER OP LLC COMPANY GUAR 01/30 3.1                    | CUSIP: 95040QAJ3<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              | CORP              | US        |    7000000 | PA      | $6688788.40   | 0.15%             | 2030-01-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| ALGONQUIN POWER & UTILITIES CORP                                                 | ALGONQUIN PWR + UTILITY SR UNSECURED 06/26 VAR             | CUSIP: 015857AF2<br>LEI: 549300K5VIUTJXQL7X75 | Long             | DBT              | CORP              | CA        |    9700000 | PA      | $9771944.80   | 0.22%             | 2026-06-15      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 852463 FN 12/35 FIXED 6                          | CUSIP: 31408JB83<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      12771 | PA      | $13169.70     | 0.00%             | 2035-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2022-DATA                 | JP MORGAN CHASE COMMERCIAL MOR JPMCC 2022 DATA A 144A      | CUSIP: 465972AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   13200000 | PA      | $12344258.52  | 0.27%             | 2042-06-10      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| GENERAL ELECTRIC COMPANY                                                         | GENERAL ELECTRIC CO SR UNSECURED 05/26 VAR                 | CUSIP: 36962GW75<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | DBT              | CORP              | US        |    3771000 | PA      | $3779676.62   | 0.08%             | 2026-05-05      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD JPY BOUGHT USD 20251104                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |          1 | NC      | $-189543.01   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | REVERSE REPO BANK OF AMERICA REVERSE REPO                  | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |    -447211 | PA      | $-447814.73   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | 31750R5N3 PIMCO FXVAN PUT EUR USD 1.11000000               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | US        |    4283000 | NC      | $1463.28      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL RB5010 FR 07/39 FIXED 2.5                | CUSIP: 3133KYR76<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     205217 | PA      | $187420.90    | 0.00%             | 2039-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL CB3364 FN 04/52 FIXED 3                          | CUSIP: 3140QNW24<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    8352769 | PA      | $7357010.44   | 0.16%             | 2052-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 257203 FN 05/28 FIXED 5                          | CUSIP: 31371NU45<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       1384 | PA      | $1392.19      | 0.00%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GNMA PASS THRU POOLS                                                             | GNMA II POOL MA6042 G2 07/49 FIXED 5                       | CUSIP: 36179UWB4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     371932 | PA      | $377698.37    | 0.01%             | 2049-07-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD TWD BOUGHT USD 20251020                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TW        |          1 | NC      | $41747.82     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD SGD BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | SG        |          1 | NC      | $4728.80      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL FS1405 FN 04/52 FIXED VAR                        | CUSIP: 3140XGR35<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   16891808 | PA      | $14884691.14  | 0.33%             | 2052-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL C01353 FG 03/32 FIXED 7.5                | CUSIP: 31292HQE7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       9246 | PA      | $9739.00      | 0.00%             | 2032-03-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD INR BOUGHT USD 20251017                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IN        |          1 | NC      | $190.05       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AB2694 FN 04/41 FIXED 4.5                        | CUSIP: 31416X7G9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      12591 | PA      | $12598.02     | 0.00%             | 2041-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                                                                     | ING GROEP NV SR UNSECURED 03/27 3.95                       | CUSIP: 456837AH6<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    1000000 | PA      | $996189.53    | 0.02%             | 2027-03-29      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| ORACLE CORPORATION                                                               | ORACLE CORP SR UNSECURED 05/30 4.65                        | CUSIP: 68389XCN3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    4900000 | PA      | $4970446.12   | 0.11%             | 2030-05-06      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| GNMA PASS THRU POOLS                                                             | GNMA II POOL 080578 G2 02/32 FLOATING VAR                  | CUSIP: 36225CUC8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      23617 | PA      | $23971.28     | 0.00%             | 2032-02-20      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| NIGERIA GOVT                                                                     | NIGERIA OMO BILL OMO110626                                 | CUSIP: 955PDHII1<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        | 2162300000 | PA      | $1282908.39   | 0.03%             | 2026-06-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT MXN SOLD USD 20251217                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | MX        |          1 | NC      | $103147.38    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | US TREASURY N/B 02/49 3                                    | CUSIP: 912810SF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   17900000 | PA      | $13406470.64  | 0.30%             | 2049-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ALT-2 STRUCTURED TRUST                                                           | CASTLELAKE LP FIRST LIEN TERM LOAN                         | CUSIP: 937CJTII1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6838572 | PA      | $6535520.61   | 0.14%             | 2031-05-12      | Fixed         | 2.95%                 | No            |                  3 | On Loan: No      |
| BANC OF AMERICA FUNDING TRUST 2014-R2                                            | BANC OF AMERICA FUNDING CORPOR BAFC 2014 R2 3A2 144A       | CUSIP: 05968KAM6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   19509917 | PA      | $2737752.50   | 0.06%             | 2036-07-26      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT IDR SOLD USD 20251217                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $7587.95      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD IDR BOUGHT USD 20251015                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $369.08       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | VERIZON COMMUNICATIONS INC SNR S* ICE                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              |  | US        |          1 | NC      | $30033.92     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL Q54900 FG 03/48 FIXED 3.5                | CUSIP: 3132XXNS4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    1375451 | PA      | $1279483.13   | 0.03%             | 2048-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MF1 2022-FL10 LLC                                                                | MF1 MULTIFAMILY HOUSING MORTGA MF1 2022 FL10 A 144A        | CUSIP: 55285BAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    5405118 | PA      | $5412417.14   | 0.12%             | 2037-09-17      | Floating      | 6.77%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | TSY INFL IX N/B 02/52 0.125                                | CUSIP: 912810TE8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    5570016 | PA      | $3022310.90   | 0.07%             | 2052-02-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT IDR SOLD USD 20251217                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $-16.81       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AL2056 FN 08/26 FIXED VAR                        | CUSIP: 3138EJJA7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     173903 | PA      | $172949.37    | 0.00%             | 2026-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AI9468 FN 08/31 FIXED 4                          | CUSIP: 3138APQW1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      17227 | PA      | $17058.56     | 0.00%             | 2031-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL C91339 FG 10/30 FIXED 4                  | CUSIP: 3128P7PY3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       9374 | PA      | $9346.45      | 0.00%             | 2030-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL BZ2346 FN 11/29 FIXED 4.3                        | CUSIP: 3140NWTC9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    1500000 | PA      | $1516364.30   | 0.03%             | 2029-11-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 829307 FN 09/35 FIXED 6                          | CUSIP: 31407FKU3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      16693 | PA      | $17546.00     | 0.00%             | 2035-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| COREWEAVE COMPUTE ACQUISITION CO II LLC                                          | COREWEAVE CMPTE ACQU CO II LLC 2024 DELAYED DRAW TERM LOAN | CUSIP: BA0004JK4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     200000 | PA      | $205783.29    | 0.00%             | 2029-05-30      | Floating      | 6.78%                 | No            |                  3 | On Loan: No      |
| N/A                                                                              | BOUGHT INR SOLD USD 20251119                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IN        |          1 | NC      | $-602.51      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY MORTGAGE TRUST-2005-3AR                                           | MORGAN STANLEY MORTGAGE LOAN T MSM 2005 3AR 3A             | CUSIP: 61745M4R1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     839762 | PA      | $684375.26    | 0.02%             | 2035-07-25      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                               | TSY INFL IX N/B 02/46 1                                    | CUSIP: 912810RR1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     545328 | PA      | $420933.67    | 0.01%             | 2046-02-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL G03776 FG 01/38 FIXED 6                  | CUSIP: 3128M5Q52<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       1230 | PA      | $1298.40      | 0.00%             | 2038-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 815549 FN 03/35 FIXED 5.5                        | CUSIP: 31406PBS7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       6388 | PA      | $6576.14      | 0.00%             | 2035-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 898493 FN 10/36 FIXED 6                          | CUSIP: 31410VGA2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       2170 | PA      | $2250.17      | 0.00%             | 2036-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MFA 2020-NQM1 TRUST                                                              | MFRA TRUST MFRA 2020 NQM1 A1 144A                          | CUSIP: 552754AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1427683 | PA      | $1388055.63   | 0.03%             | 2065-03-25      | Variable      | 2.48%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | RFR USD SOFR/3.25000 06/18/25-5Y LCH                       | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |          1 | NC      | $492729.81    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL BY2483 FN 04/53 FIXED 5                          | CUSIP: 3140NJXM1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     945088 | PA      | $941151.77    | 0.02%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                                                      | BANK OF AMERICA CORP SR UNSECURED 04/29 VAR                | CUSIP: 06051GLG2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    1100000 | PA      | $1127704.13   | 0.02%             | 2029-04-25      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD TWD BOUGHT USD 20251020                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TW        |          1 | NC      | $59067.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT KRW SOLD USD 20251022                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | KR        |          1 | NC      | $-9204.76     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| WARWICK FINANCE RESIDENTIAL MORTGAGES 3A                                         | WARWICK FINANCE RESIDENTIAL MO WARW 3A RRC 144A            | CUSIP: ACI0YB0R4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | GB        |        184 | PA      | $80809.58     | 0.00%             | 2049-12-21      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL FS1073 FN 03/52 FIXED VAR                        | CUSIP: 3140XGFP9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   16246319 | PA      | $14302021.44  | 0.32%             | 2052-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOEING CO/THE SNR S* ICE                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              |  | US        |          1 | NC      | $357089.88    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT IDR SOLD USD 20251015                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $-11388.99    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VENTAS REALTY LP                                                                 | VENTAS REALTY LP COMPANY GUAR 10/26 3.25                   | CUSIP: 92277GAJ6<br>LEI: 32SXKSJ72K64GM3HOU64 | Long             | DBT              | CORP              | US        |    4100000 | PA      | $4058505.09   | 0.09%             | 2026-10-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| NIGERIA GOVT                                                                     | NIGERIA OMO BILL OMO260626                                 | CUSIP: 958ZIAII6<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        | 1284700000 | PA      | $756488.63    | 0.02%             | 2026-06-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE REMICS 2025-18                                                        | FANNIE MAE FNR 2025 18 FM                                  | CUSIP: 3136BVKH0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    8226974 | PA      | $8238432.96   | 0.18%             | 2054-09-25      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AD0570 FN 08/37 FIXED VAR                        | CUSIP: 31418MT44<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       2751 | PA      | $2827.24      | 0.00%             | 2037-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| INDYMAC INDX MORTGAGE LOAN TR 2006-AR35                                          | INDYMAC INDX MORTGAGE LOAN TRU INDX 2006 AR35 2A1A         | CUSIP: 45667SAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1070594 | PA      | $965660.60    | 0.02%             | 2037-01-25      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD CAD BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CA        |          1 | NC      | $473063.28    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| IVORY COAST GOVT (AKA: COTE D'IVOIRE)                                            | IVORY COAST SR UNSECURED 144A 10/31 5.875                  | CUSIP: ACI1G4C61<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    6200000 | PA      | $7256476.06   | 0.16%             | 2031-10-17      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT NOK SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | NO        |          1 | NC      | $-6.83        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| KILROY REALTY LP                                                                 | KILROY REALTY LP COMPANY GUAR 02/30 3.05                   | CUSIP: 49427RAP7<br>LEI: 5493008CT3N3JR7P1552 | Long             | DBT              | CORP              | US        |    2200000 | PA      | $2031886.08   | 0.04%             | 2030-02-15      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| WARWICK FINANCE RESIDENTIAL MORTGAGES 3A                                         | WARWICK FINANCE RESIDENTIAL MO WARW 3A C 144A              | CUSIP: ACI0Y9KH9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | GB        |    1179000 | PA      | $1588014.93   | 0.04%             | 2049-12-21      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| NOMURA HOLDINGS INC                                                              | NOMURA HOLDINGS INC SR UNSECURED 07/28 2.172               | CUSIP: 65535HAY5<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |     500000 | PA      | $472561.81    | 0.01%             | 2028-07-14      | Fixed         | 2.17%                 | No            |                  2 | On Loan: No      |
| SECURITIZED ASSET BACKED RECEIVABLES LLC 2007-BR5                                | SECURITIZED ASSET BACKED RECEI SABR 2007 BR5 A2A           | CUSIP: 81379EAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     582710 | PA      | $452132.93    | 0.01%             | 2037-05-25      | Floating      | 4.53%                 | No            |                  2 | On Loan: No      |
| NTT FINANCE CORPORATION                                                          | NTT FINANCE CORP SR UNSECURED 144A 07/35 5.502             | CUSIP: 62954WAV7<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |     400000 | PA      | $413932.86    | 0.01%             | 2035-07-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD CAD BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CA        |          1 | NC      | $48747.03     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | ORACLE CORPORATION SNR S* ICE                              | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              |  | US        |          1 | NC      | $80982.63     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 969064 FN 03/38 FIXED 5.5                        | CUSIP: 31414LB98<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     422368 | PA      | $438165.00    | 0.01%             | 2038-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD ZAR BOUGHT USD 20251120                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ZA        |          1 | NC      | $-958.52      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BEAR STEARNS ALT-A TRUST 2005-4                                                  | BEAR STEARNS ALT A TRUST BALTA 2005 4 23A2                 | CUSIP: 07386HSZ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      19545 | PA      | $18783.35     | 0.00%             | 2035-05-25      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| MARBLE POINT CLO XXII LTD                                                        | MARBLE POINT CLO MP22 2021 2A AR 144A                      | CUSIP: 56606GAJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   10700000 | PA      | $10714214.09  | 0.24%             | 2034-07-25      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| INVESCO EURO CLO I DAC 1A                                                        | INVESCO EURO CLO INVSC 1A A1R 144A                         | CUSIP: ACI1VT7W8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | IE        |    2535336 | PA      | $2978801.82   | 0.07%             | 2031-07-15      | Floating      | 2.68%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD CNH BOUGHT USD 20251016                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CN        |          1 | NC      | $7073.02      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC PASS THRU POOLS                                                            | FED HM LN PC POOL G01820 FG 06/35 FIXED 5.5                | CUSIP: 3128LXAV2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     209358 | PA      | $217935.88    | 0.00%             | 2035-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                                          | HYUNDAI CAPITAL AMERICA HYUNDAI CAPITAL AMERICA            | CUSIP: 44891ACU9<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    5500000 | PA      | $5634981.77   | 0.12%             | 2029-01-08      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | SOLD ZAR BOUGHT USD 20251120                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ZA        |          1 | NC      | $-21458.08    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 255984 FN 11/25 FIXED 4.5                        | CUSIP: 31371MJ57<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |         47 | PA      | $47.19        | 0.00%             | 2025-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                                    | CITIGROUP INC SR UNSECURED 06/31 VAR                       | CUSIP: 172967MS7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    3905000 | PA      | $3593722.84   | 0.08%             | 2031-06-03      | Floating      | 2.57%                 | Yes           |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL AE3326 FN 10/30 FIXED 4                          | CUSIP: 31419DVU2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       3945 | PA      | $3925.67      | 0.00%             | 2030-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | BOUGHT BRL SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $848.88       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 897984 FN 07/36 FIXED 6                          | CUSIP: 31410UUH3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        741 | PA      | $759.29       | 0.00%             | 2036-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA PASS THRU POOLS                                                             | GNMA II POOL 080344 G2 11/29 FLOATING VAR                  | CUSIP: 36225CL20<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       4109 | PA      | $4124.95      | 0.00%             | 2029-11-20      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| GNMA PASS THRU POOLS                                                             | GNMA POOL BO1629 GN 07/49 FIXED 4                          | CUSIP: 3617KGY20<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      22569 | PA      | $21430.36     | 0.00%             | 2049-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA PASS THRU POOLS                                                             | FNMA POOL 828351 FN 07/35 FIXED 5.5                        | CUSIP: 31407EH48<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       2851 | PA      | $2959.26      | 0.00%             | 2035-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-26

**Name of Applicant:** PIMCO Variable Insurance Trust

**Signature:** /s/ Bijal Parikh

**Name of Signer:** Bijal Parikh

**Title:** Treasurer