# EDGAR Filing Document

**Accession Number:** 0000810893
**File Stem:** 0001193125-25-136499
**Filing Date:** 2025-6
**Character Count:** 3010859
**Document Hash:** 04a491d5566a6fdeeba74112f3596997
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-136499.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0001193125-25-136499

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 92

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**EFFECTIVENESS DATE**: 20250606

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05028
- **FILM NUMBER:** 251029197

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### PIMCO TRENDS Managed Futures Strategy Fund (Series ID: S000042791)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000132356 | Institutional Class | PQTIX           |
| C000132357 | I-2                 | PQTPX           |
| C000132360 | Class A             | PQTAX           |
| C000132361 | Class C             | PQTCX           |
| C000200466 | I-3                 | PQTNX           |

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

#### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

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

### PIMCO Funds

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

#### (Address of principal executive office)

#### Bijal Y. Parikh

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

#### PIMCO Funds

#### 650 Newport Center Drive

#### Newport Beach, CA 92660

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

#### Adam T. Teufel

#### Dechert LLP

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

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

Date of fiscal year end: March 31

Date of reporting period: March 31, 2025

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

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

------

#### EXPLANATORY NOTE
The Registrant is filing this Certified Shareholder Report on Form N-CSR in six (6) separate submissions due to file size limitations on EDGAR submissions. The initial submission (the "initially filed submission") of the Certified Shareholder Report on Form N-CSR (accession #0001193125-25-135849), the immediately following companion submission (the "first companion submission") of the Certified Shareholder Report on Form N-CSR (accession #0001193125-25-136038), the immediately following companion submission (the "second companion submission") of the Certified Shareholder Report on Form N-CSR (accession #0001193125-25-136096), the immediately following companion submission (the "third companion submission") of the Certified Shareholder Report on Form N-CSR (accession #0001193125-25-136139) and the immediately following companion submission (the "fourth companion submission") of the Certified Shareholder Report on Form N-CSR (accession #0001193125-25-136286) provide the information required by Item 1, 6 and 7 with respect to certain reports transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (the "Act") (17 CFR 270.30e-1). This submission (the "fifth companion submission") provides the information required by Items 1, 6 and 7 with respect to the remaining reports transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1) that were not included in the Registrant's initially filed submission, the Registrant's first companion submission, the Registrant's second companion submission, the Registrant's third companion submission and the Registrant's fourth companion submission. Apart from Items 1, 6 and 7, this submission is identical in all material respects to the initially filed submission, the first companion submission, the second companion submission, the third companion submission and the fourth companion submission.

------

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

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

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

• PIMCO All Asset Fund Class A

• PIMCO All Asset Fund Administrative Class

• PIMCO All Asset Fund Class C

• PIMCO All Asset Fund Institutional Class

• PIMCO All Asset Fund I-2

• PIMCO All Asset Fund Class R

• PIMCO All Asset Fund I-3

• PIMCO All Asset All Authority Fund Class A

• PIMCO All Asset All Authority Fund Class C

• PIMCO All Asset All Authority Fund Institutional Class

• PIMCO All Asset All Authority Fund I-2

• PIMCO All Asset All Authority Fund I-3

• PIMCO Global Core Asset Allocation Fund Class A

• PIMCO Global Core Asset Allocation Fund Class C

• PIMCO Global Core Asset Allocation Fund Institutional Class

• PIMCO Global Core Asset Allocation Fund I-2

• PIMCO California Intermediate Municipal Bond Fund Class A

• PIMCO California Intermediate Municipal Bond Fund Class C

• PIMCO California Intermediate Municipal Bond Fund Institutional Class

• PIMCO California Intermediate Municipal Bond Fund I-2

• PIMCO California Municipal Bond Fund Class A

• PIMCO California Municipal Bond Fund Class C

• PIMCO California Municipal Bond Fund Institutional Class

• PIMCO California Municipal Bond Fund I-2

• PIMCO California Short Duration Municipal Income Fund Class A

• PIMCO California Short Duration Municipal Income Fund Institutional Class

• PIMCO California Short Duration Municipal Income Fund I-2

• PIMCO High Yield Municipal Bond Fund Class A

• PIMCO High Yield Municipal Bond Fund Class C

• PIMCO High Yield Municipal Bond Fund Institutional Class

• PIMCO High Yield Municipal Bond Fund I-2

• PIMCO High Yield Municipal Bond Fund I-3

• PIMCO Municipal Bond Fund Class A

• PIMCO Municipal Bond Fund Class C

• PIMCO Municipal Bond Fund Institutional Class

• PIMCO Municipal Bond Fund I-2

• PIMCO Municipal Bond Fund I-3

• PIMCO National Intermediate Municipal Bond Fund Class A

• PIMCO National Intermediate Municipal Bond Fund Class C

• PIMCO National Intermediate Municipal Bond Fund Institutional Class

• PIMCO National Intermediate Municipal Bond Fund I-2

• PIMCO New York Municipal Bond Fund Class A

• PIMCO New York Municipal Bond Fund Class C

• PIMCO New York Municipal Bond Fund Institutional Class

• PIMCO New York Municipal Bond Fund I-2

• PIMCO New York Municipal Bond Fund I-3

• PIMCO Short Duration Municipal Income Fund Class A

• PIMCO Short Duration Municipal Income Fund Class C

• PIMCO Short Duration Municipal Income Fund Institutional Class

• PIMCO Short Duration Municipal Income Fund I-2

• PIMCO Short Duration Municipal Income Fund Class C-2

• PIMCO Short Duration Municipal Income Fund I-3

------

• PIMCO California Municipal Intermediate Value Fund Institutional Class

• PIMCO California Municipal Opportunistic Value Fund Institutional Class

• PIMCO National Municipal Intermediate Value Fund Institutional Class

• PIMCO National Municipal Opportunistic Value Fund Institutional Class

• PIMCO Emerging Markets Bond Fund Class A

• PIMCO Emerging Markets Bond Fund Class C

• PIMCO Emerging Markets Bond Fund Institutional Class

• PIMCO Emerging Markets Bond Fund I-2

• PIMCO Emerging Markets Bond Fund I-3

• PIMCO Emerging Markets Corporate Bond Fund Institutional Class

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

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

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

• PIMCO Emerging Markets Full Spectrum Bond Fund Institutional Class

• PIMCO Emerging Markets Local Currency and Bond Fund Class A

• PIMCO Emerging Markets Local Currency and Bond Fund Class C

• PIMCO Emerging Markets Local Currency and Bond Fund Institutional Class

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

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

• PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund Class A

• PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund Institutional Class

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

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

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

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

• PIMCO International Bond Fund (Unhedged) Class A

• PIMCO International Bond Fund (Unhedged) Administrative Class

• PIMCO International Bond Fund (Unhedged) Class C

• PIMCO International Bond Fund (Unhedged) Institutional Class

• PIMCO International Bond Fund (Unhedged) I-2

• PIMCO International Bond Fund (Unhedged) I-3

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

• PIMCO RAE Fundamental Advantage PLUS Fund Class A

• PIMCO RAE Fundamental Advantage PLUS Fund Institutional Class

• PIMCO RAE PLUS EMG Fund Institutional Class

• PIMCO RAE PLUS EMG Fund I-2

• PIMCO RAE PLUS EMG Fund Class A

• PIMCO RAE PLUS EMG Fund Class C

• PIMCO RAE PLUS Fund Class A

• PIMCO RAE PLUS Fund Class C

• PIMCO RAE PLUS Fund Institutional Class

• PIMCO RAE PLUS Fund I-2

• PIMCO RAE PLUS Fund I-3

• PIMCO RAE PLUS International Fund Institutional Class

• PIMCO RAE PLUS International Fund Class A

• PIMCO RAE PLUS International Fund I-2

• PIMCO RAE PLUS Small Fund Institutional Class

• PIMCO RAE PLUS Small Fund Class A

• PIMCO RAE PLUS Small Fund Class C

• PIMCO RAE PLUS Small Fund I-2

• PIMCO RAE Worldwide Long/Short PLUS Fund Class A

• PIMCO RAE Worldwide Long/Short PLUS Fund Class C

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

• PIMCO RAE Worldwide Long/Short PLUS Fund Institutional Class

• PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund Class A

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

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

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

------

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

• PIMCO Climate Bond Fund Class A

• PIMCO Climate Bond Fund Class C

• PIMCO Climate Bond Fund Institutional Class

• PIMCO Climate Bond Fund I-2

• PIMCO Climate Bond Fund I-3

• PIMCO Dynamic Bond Fund Class A

• PIMCO Dynamic Bond Fund Class C

• PIMCO Dynamic Bond Fund Institutional Class

• PIMCO Dynamic Bond Fund I-2

• PIMCO Dynamic Bond Fund Class R

• PIMCO Dynamic Bond Fund I-3

• PIMCO Extended Duration Fund Institutional Class

• PIMCO Extended Duration Fund I-2

• PIMCO GNMA and Government Securities Fund Class A

• PIMCO GNMA and Government Securities Fund Class C

• PIMCO GNMA and Government Securities Fund Institutional Class

• PIMCO GNMA and Government Securities Fund I-2

• PIMCO GNMA and Government Securities Fund I-3

• PIMCO Investment Grade Credit Bond Fund Class A

• PIMCO Investment Grade Credit Bond Fund Administrative Class

• PIMCO Investment Grade Credit Bond Fund Class C

• PIMCO Investment Grade Credit Bond Fund Institutional Class

• PIMCO Investment Grade Credit Bond Fund I-2

• PIMCO Investment Grade Credit Bond Fund I-3

• PIMCO Long Duration Total Return Fund Institutional Class

• PIMCO Long Duration Total Return Fund I-2

• PIMCO Long Duration Total Return Fund Class A

• PIMCO Long Duration Total Return Fund Class C

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

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

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

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

• PIMCO Low Duration Opportunities Fund Class A

------

• PIMCO Low Duration Opportunities Fund Class C

• PIMCO Low Duration Opportunities Fund Institutional Class

• PIMCO Low Duration Opportunities Fund I-2

• PIMCO Moderate Duration Fund Institutional Class

• PIMCO Moderate Duration Fund I-2

• PIMCO Mortgage Opportunities and Bond Fund I-3

• PIMCO Mortgage Opportunities and Bond Fund Class A

• PIMCO Mortgage Opportunities and Bond Fund Class C

• PIMCO Mortgage Opportunities and Bond Fund Institutional Class

• PIMCO Mortgage Opportunities and Bond Fund I-2

• PIMCO Total Return ESG Fund Administrative Class

• PIMCO Total Return ESG Fund Institutional Class

• PIMCO Total Return ESG Fund I-2

• PIMCO Total Return ESG Fund Class A

• PIMCO Total Return ESG Fund Class C

• PIMCO Total Return ESG Fund I-3

• PIMCO Total Return Fund II Institutional Class

• PIMCO Total Return Fund II I-2

• PIMCO Total Return Fund IV Class A

• PIMCO Total Return Fund IV Institutional Class

• PIMCO Total Return Fund V Institutional Class

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

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

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

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

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

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

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

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

• PIMCO ABS and Short-Term Investments Portfolio

• PIMCO EM Bond and Short-Term Investments Portfolio

• PIMCO High Yield and Short-Term Investments Portfolio

• PIMCO Investment Grade Credit Bond Portfolio

• PIMCO Long Duration Credit Bond Portfolio

• PIMCO Low Duration Portfolio

• PIMCO Moderate Duration Portfolio

• PIMCO Mortgage and Short-Term Investments Portfolio

• PIMCO Municipal Portfolio

• PIMCO Real Return Portfolio

• PIMCO Sector Funds Series – AM

• PIMCO Sector Fund Series – H

• PIMCO Sector Fund Series – I

• PIMCO Short-Term Portfolio

• PIMCO Short-Term Floating NAV Portfolio II

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

• PIMCO International Portfolio

• PIMCO Short Asset Portfolio

• PIMCO Short-Term Floating NAV Portfolio III

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

• PIMCO All Asset: Multi-RAE PLUS Fund

• PIMCO All Asset: Multi-Real Fund

• PIMCO All Authority: Multi-RAE PLUS Fund

• PIMCO Income Fund Class A

• PIMCO Income Fund Administrative Class

• PIMCO Income Fund Class C

• PIMCO Income Fund Institutional Class

• PIMCO Income Fund I-2

------

• PIMCO Income Fund Class R

• PIMCO Income Fund I-3

• PIMCO Total Return Fund Class A

• PIMCO Total Return Fund Administrative Class

• PIMCO Total Return Fund Class C

• PIMCO Total Return Fund Institutional Class

• PIMCO Total Return Fund I-2

• PIMCO Total Return Fund Class R

• PIMCO Total Return Fund I-3

• PIMCO Credit Opportunities Bond Fund Class A

• PIMCO Credit Opportunities Bond Fund Class C

• PIMCO Credit Opportunities Bond Fund Institutional Class

• PIMCO Credit Opportunities Bond Fund I-2

• PIMCO Diversified Income Fund Class A

• PIMCO Diversified Income Fund Administrative Class

• PIMCO Diversified Income Fund Class C

• PIMCO Diversified Income Fund Institutional Class

• PIMCO Diversified Income Fund I-2

• PIMCO Diversified Income Fund I-3

• PIMCO ESG Income Fund Class A

• PIMCO ESG Income Fund Class C

• PIMCO ESG Income Fund Institutional Class

• PIMCO ESG Income Fund I-2

• PIMCO ESG Income Fund I-3

• PIMCO High Yield Fund Class A

• PIMCO High Yield Fund Administrative Class

• PIMCO High Yield Fund Class C

• PIMCO High Yield Fund Institutional Class

• PIMCO High Yield Fund I-2

• PIMCO High Yield Fund Class R

• PIMCO High Yield Fund I-3

• PIMCO High Yield Spectrum Fund Class A

• PIMCO High Yield Spectrum Fund Class C

• PIMCO High Yield Spectrum Fund Institutional Class

• PIMCO High Yield Spectrum Fund I-2

• PIMCO High Yield Spectrum Fund I-3

• PIMCO Long-Term Credit Bond Fund Institutional Class

• PIMCO Long-Term Credit Bond Fund I-2

• PIMCO Low Duration Credit Fund Class A

• PIMCO Low Duration Credit Fund Class C

• PIMCO Low Duration Credit Fund Institutional Class

• PIMCO Low Duration Credit Fund I-2

• PIMCO Low Duration Income Fund Class A

• PIMCO Low Duration Income Fund Class C

• PIMCO Low Duration Income Fund Institutional Class

• PIMCO Low Duration Income Fund I-2

• PIMCO Low Duration Income Fund I-3

• PIMCO Low Duration Income Fund Class C-2

• PIMCO Preferred and Capital Securities Fund Class A

• PIMCO Preferred and Capital Securities Fund Class C

• PIMCO Preferred and Capital Securities Fund I-2

• PIMCO Preferred and Capital Securities Fund Institutional Class

• PIMCO Preferred and Capital Securities Fund I-3

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

• PIMCO Government Money Market Fund Class A

• PIMCO Government Money Market Fund Class C

• PIMCO Government Money Market Fund Class M

• PIMCO Government Money Market Fund I-2

• PIMCO Government Money Market Fund Institutional Class

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• PIMCO Government Money Market Fund Administrative Class

• PIMCO Low Duration Fund Class A

• PIMCO Low Duration Fund Administrative Class

• PIMCO Low Duration Fund Class C

• PIMCO Low Duration Fund Institutional Class

• PIMCO Low Duration Fund I-2

• PIMCO Low Duration Fund Class R

• PIMCO Low Duration Fund I-3

• PIMCO Low Duration Fund Class C-2

• PIMCO Low Duration Fund II Administrative Class

• PIMCO Low Duration Fund II Institutional Class

• PIMCO Low Duration ESG Fund Institutional Class

• PIMCO Low Duration ESG Fund I-2

• PIMCO Short Asset Investment Fund Class A

• PIMCO Short Asset Investment Fund Administrative Class

• PIMCO Short Asset Investment Fund Institutional Class

• PIMCO Short Asset Investment Fund I-2

• PIMCO Short Asset Investment Fund Class M

• PIMCO Short Asset Investment Fund I-3

• PIMCO Short-Term Fund Class A

• PIMCO Short-Term Fund Administrative Class

• PIMCO Short-Term Fund Class C

• PIMCO Short-Term Fund Institutional Class

• PIMCO Short-Term Fund I-2

• PIMCO Short-Term Fund Class R

• PIMCO Short-Term Fund I-3

• PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund Class A

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

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

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

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

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

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

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

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

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

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

• PIMCO CommodityRealReturnStrategy Fund<sup>®</sup> I-3

• PIMCO Inflation Response Multi-Asset Fund Class A

• PIMCO Inflation Response Multi-Asset Fund Institutional Class

• PIMCO Inflation Response Multi-Asset Fund I-2

• PIMCO Inflation Response Multi-Asset Fund I-3

• PIMCO Long-Term Real Return Fund Institutional Class

• PIMCO Long-Term Real Return Fund I-2

• PIMCO Real Return Fund Class A

• PIMCO Real Return Fund Administrative Class

• PIMCO Real Return Fund Class C

• PIMCO Real Return Fund Institutional Class

• PIMCO Real Return Fund I-2

• PIMCO Real Return Fund Class R

• PIMCO Real Return Fund I-3

• PIMCO RealEstateRealReturn Strategy Fund Class A

• PIMCO RealEstateRealReturn Strategy Fund Class C

• PIMCO RealEstateRealReturn Strategy Fund Institutional Class

• PIMCO RealEstateRealReturn Strategy Fund I-2

• PIMCO RealEstateRealReturn Strategy Fund I-3

• PIMCO TRENDS Managed Futures Strategy Fund I-3

• PIMCO TRENDS Managed Futures Strategy Fund Class C

• PIMCO TRENDS Managed Futures Strategy Fund Class A

• PIMCO TRENDS Managed Futures Strategy Fund Institutional Class

• PIMCO TRENDS Managed Futures Strategy Fund I-2

# Class A: PCLAX

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

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $130 | 1.27% |

---

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

* Active commodity strategies within the agriculture sector, including underweight exposure to corn, as well as overweight exposure to coffee, contributed to relative performance versus the UBS Prompt Commodity Index Total Return ("Index"), as corn posted negative returns, while coffee posted positive returns. 

* Overweight exposure to silver contributed to relative performance versus the Index, as silver posted positive returns. 

* Exposure to securitized assets, including collateralized loan obligations, contributed to relative performance versus the Index, as spreads broadly tightened. 

* Duration strategies in the U.S., including overweight exposure to the front-end of the curve, contributed to relative performance versus the Index, as front-end U.S. interest rates fell. 

* Exposure to California Carbon Allowances ("CCAs") detracted from relative performance versus the Index, as CCAs posted negative returns. 

* Overweight exposure to base metals detracted from relative performance versus the Index, as base metals posted positive returns. 

* Underweight exposure to natural gas detracted from relative performance versus the Index, as natural gas posted positive returns.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the S&P 500 Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g23367i8c6ed2a804ae69a2ec61.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **S&P 500 Index** | **UBS Prompt Commodity Index Total Return** |
| **3/31/15** | $9444 | $10000 | $10000 |
| **4/30/15** | $10410 | $10096 | $11039 |
| **5/31/15** | $10106 | $10226 | $10748 |
| **6/30/15** | $10094 | $10028 | $10778 |
| **7/31/15** | $8832 | $10238 | $9366 |
| **8/31/15** | $8805 | $9620 | $9398 |
| **9/30/15** | $8205 | $9382 | $8859 |
| **10/31/15** | $8379 | $10174 | $8944 |
| **11/30/15** | $7696 | $10204 | $8186 |
| **12/31/15** | $7195 | $10043 | $7630 |
| **1/31/16** | $6765 | $9545 | $7250 |
| **2/29/16** | $6658 | $9532 | $7175 |
| **3/31/16** | $7127 | $10178 | $7575 |
| **4/30/16** | $7893 | $10218 | $8366 |
| **5/31/16** | $7960 | $10401 | $8468 |
| **6/30/16** | $8075 | $10428 | $8586 |
| **7/31/16** | $7577 | $10813 | $7996 |
| **8/31/16** | $7698 | $10828 | $8077 |
| **9/30/16** | $8075 | $10830 | $8435 |
| **10/31/16** | $8021 | $10632 | $8309 |
| **11/30/16** | $8263 | $11026 | $8527 |
| **12/31/16** | $8531 | $11244 | $8813 |
| **1/31/17** | $8612 | $11457 | $8808 |
| **2/28/17** | $8639 | $11912 | $8842 |
| **3/31/17** | $8297 | $11926 | $8522 |
| **4/30/17** | $8095 | $12049 | $8291 |
| **5/31/17** | $7961 | $12218 | $8173 |
| **6/30/17** | $7856 | $12294 | $8054 |
| **7/31/17** | $8280 | $12547 | $8454 |
| **8/31/17** | $8308 | $12586 | $8454 |
| **9/30/17** | $8544 | $12845 | $8672 |
| **10/31/17** | $8898 | $13145 | $8997 |
| **11/30/17** | $9045 | $13548 | $9123 |
| **12/31/17** | $9408 | $13699 | $9487 |
| **1/31/18** | $9714 | $14483 | $9795 |
| **2/28/18** | $9485 | $13949 | $9556 |
| **3/31/18** | $9714 | $13595 | $9749 |
| **4/30/18** | $10111 | $13647 | $10177 |
| **5/31/18** | $10325 | $13976 | $10383 |
| **6/30/18** | $10249 | $14062 | $10311 |
| **7/31/18** | $9946 | $14585 | $9986 |
| **8/31/18** | $9994 | $15060 | $10026 |
| **9/30/18** | $10332 | $15146 | $10350 |
| **10/31/18** | $9781 | $14111 | $9871 |
| **11/30/18** | $8680 | $14398 | $8933 |
| **12/31/18** | $8224 | $13098 | $8401 |
| **1/31/19** | $8933 | $14148 | $9103 |
| **2/28/19** | $9394 | $14602 | $9463 |
| **3/31/19** | $9506 | $14886 | $9557 |
| **4/30/19** | $9790 | $15489 | $9788 |
| **5/31/19** | $9007 | $14504 | $9132 |
| **6/30/19** | $9376 | $15526 | $9519 |
| **7/31/19** | $9394 | $15750 | $9505 |
| **8/31/19** | $8838 | $15500 | $9031 |
| **9/30/19** | $8984 | $15790 | $9208 |
| **10/31/19** | $9147 | $16132 | $9372 |
| **11/30/19** | $9147 | $16718 | $9359 |
| **12/31/19** | $9801 | $17222 | $9989 |
| **1/31/20** | $8896 | $17216 | $9119 |
| **2/29/20** | $8171 | $15798 | $8429 |
| **3/31/20** | $5891 | $13847 | $6380 |
| **4/30/20** | $5618 | $15622 | $5971 |
| **5/31/20** | $6709 | $16366 | $7088 |
| **6/30/20** | $7084 | $16692 | $7477 |
| **7/31/20** | $7484 | $17633 | $7824 |
| **8/31/20** | $7903 | $18900 | $8247 |
| **9/30/20** | $7635 | $18182 | $7962 |
| **10/31/20** | $7307 | $17699 | $7603 |
| **11/30/20** | $8309 | $19636 | $8647 |
| **12/31/20** | $8856 | $20391 | $9181 |
| **1/31/21** | $9275 | $20185 | $9597 |
| **2/28/21** | $10259 | $20742 | $10622 |
| **3/31/21** | $10077 | $21650 | $10429 |
| **4/30/21** | $10879 | $22806 | $11273 |
| **5/31/21** | $11207 | $22965 | $11593 |
| **6/30/21** | $11688 | $23501 | $12099 |
| **7/31/21** | $11887 | $24059 | $12337 |
| **8/31/21** | $11738 | $24791 | $12153 |
| **9/30/21** | $12263 | $23638 | $12767 |
| **10/31/21** | $12933 | $25294 | $13454 |
| **11/30/21** | $11745 | $25119 | $12215 |
| **12/31/21** | $12699 | $26244 | $13159 |
| **1/31/22** | $13870 | $24886 | $14482 |
| **2/28/22** | $14857 | $24141 | $15600 |
| **3/31/22** | $16221 | $25038 | $17043 |
| **4/30/22** | $16840 | $22854 | $17695 |
| **5/31/22** | $17512 | $22896 | $18383 |
| **6/30/22** | $16086 | $21006 | $16986 |
| **7/31/22** | $16165 | $22943 | $17018 |
| **8/31/22** | $15749 | $22007 | $16623 |
| **9/30/22** | $14607 | $19981 | $15568 |
| **10/31/22** | $15300 | $21598 | $16275 |
| **11/30/22** | $15516 | $22805 | $16511 |
| **12/31/22** | $15582 | $21491 | $16511 |
| **1/31/23** | $15796 | $22842 | $16637 |
| **2/28/23** | $15273 | $22284 | $15999 |
| **3/31/23** | $15148 | $23103 | $15881 |
| **4/30/23** | $15124 | $23463 | $15818 |
| **5/31/23** | $14135 | $23565 | $14791 |
| **6/30/23** | $14690 | $25122 | $15335 |
| **7/31/23** | $16137 | $25929 | $16832 |
| **8/31/23** | $16185 | $25516 | $16850 |
| **9/30/23** | $16435 | $24300 | $17217 |
| **10/31/23** | $16000 | $23789 | $16775 |
| **11/30/23** | $15710 | $25961 | $16365 |
| **12/31/23** | $15371 | $27141 | $15992 |
| **1/31/24** | $15789 | $27597 | $16398 |
| **2/29/24** | $15838 | $29070 | $16486 |
| **3/31/24** | $16639 | $30006 | $17356 |
| **4/30/24** | $16910 | $28780 | $17720 |
| **5/31/24** | $16836 | $30207 | $17608 |
| **6/30/24** | $16860 | $31291 | $17648 |
| **7/31/24** | $16256 | $31672 | $16996 |
| **8/31/24** | $16054 | $32440 | $16794 |
| **9/30/24** | $16222 | $33133 | $16979 |
| **10/31/24** | $16196 | $32833 | $16960 |
| **11/30/24** | $16222 | $34760 | $17023 |
| **12/31/24** | $16627 | $33931 | $17438 |
| **1/31/25** | $17104 | $34876 | $18005 |
| **2/28/25** | $16865 | $34421 | $17759 |
| **3/31/25** | $17299 | $32482 | $18268 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 3.96% | 24.04% | 6.24% |
| Class A (including sales charge) | (1.71%) | 22.64% | 5.63% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| UBS Prompt Commodity Index Total Return | 5.26% | 23.42% | 6.21% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $4684149 |
| # of Portfolio Holdings | 1079 |
| Portfolio Turnover Rate | 201% |
| Total Net Advisory Fees Paid During the Reporting Period | $22011 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Asset-Backed Securities | 17.0% |
| Commodities | 14.8% |
| Corporate Bonds & Notes | 11.5% |
| U.S. Government Agencies | 11.0% |
| U.S. Treasury Obligations | 3.2% |
| Sovereign Issues | 2.3% |
| Non-Agency Mortgage-Backed Securities | 2.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 51.4% |
| Affiliated Investments | 5.3% |
| Financial Derivative Instruments | 1.5% |
| Other Assets and Liabilities, Net | (20.2%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# Class A: PCLAX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

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

March 31, 2025

PIMS6016TSRAR_033125

# Class C: PCPCX

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

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $205 | 2.02% |

---

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

* Active commodity strategies within the agriculture sector, including underweight exposure to corn, as well as overweight exposure to coffee, contributed to relative performance versus the UBS Prompt Commodity Index Total Return ("Index"), as corn posted negative returns, while coffee posted positive returns. 

* Overweight exposure to silver contributed to relative performance versus the Index, as silver posted positive returns. 

* Exposure to securitized assets, including collateralized loan obligations, contributed to relative performance versus the Index, as spreads broadly tightened. 

* Duration strategies in the U.S., including overweight exposure to the front-end of the curve, contributed to relative performance versus the Index, as front-end U.S. interest rates fell. 

* Exposure to California Carbon Allowances ("CCAs") detracted from relative performance versus the Index, as CCAs posted negative returns. 

* Overweight exposure to base metals detracted from relative performance versus the Index, as base metals posted positive returns. 

* Underweight exposure to natural gas detracted from relative performance versus the Index, as natural gas posted positive returns.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the S&P 500 Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g23367ide25e036b817c230f160.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **S&P 500 Index** | **UBS Prompt Commodity Index Total Return** |
| **3/31/15** | $10000 | $10000 | $10000 |
| **4/30/15** | $11019 | $10096 | $11039 |
| **5/31/15** | $10689 | $10226 | $10748 |
| **6/30/15** | $10660 | $10028 | $10778 |
| **7/31/15** | $9337 | $10238 | $9366 |
| **8/31/15** | $9293 | $9620 | $9398 |
| **9/30/15** | $8655 | $9382 | $8859 |
| **10/31/15** | $8829 | $10174 | $8944 |
| **11/30/15** | $8105 | $10204 | $8186 |
| **12/31/15** | $7562 | $10043 | $7630 |
| **1/31/16** | $7113 | $9545 | $7250 |
| **2/29/16** | $6997 | $9532 | $7175 |
| **3/31/16** | $7489 | $10178 | $7575 |
| **4/30/16** | $8286 | $10218 | $8366 |
| **5/31/16** | $8358 | $10401 | $8468 |
| **6/30/16** | $8460 | $10428 | $8586 |
| **7/31/16** | $7953 | $10813 | $7996 |
| **8/31/16** | $8069 | $10828 | $8077 |
| **9/30/16** | $8445 | $10830 | $8435 |
| **10/31/16** | $8387 | $10632 | $8309 |
| **11/30/16** | $8634 | $11026 | $8527 |
| **12/31/16** | $8923 | $11244 | $8813 |
| **1/31/17** | $8981 | $11457 | $8808 |
| **2/28/17** | $9010 | $11912 | $8842 |
| **3/31/17** | $8663 | $11926 | $8522 |
| **4/30/17** | $8445 | $12049 | $8291 |
| **5/31/17** | $8301 | $12218 | $8173 |
| **6/30/17** | $8175 | $12294 | $8054 |
| **7/31/17** | $8615 | $12547 | $8454 |
| **8/31/17** | $8646 | $12586 | $8454 |
| **9/30/17** | $8874 | $12845 | $8672 |
| **10/31/17** | $9239 | $13145 | $8997 |
| **11/30/17** | $9382 | $13548 | $9123 |
| **12/31/17** | $9756 | $13699 | $9487 |
| **1/31/18** | $10068 | $14483 | $9795 |
| **2/28/18** | $9822 | $13949 | $9556 |
| **3/31/18** | $10052 | $13595 | $9749 |
| **4/30/18** | $10463 | $13647 | $10177 |
| **5/31/18** | $10677 | $13976 | $10383 |
| **6/30/18** | $10586 | $14062 | $10311 |
| **7/31/18** | $10275 | $14585 | $9986 |
| **8/31/18** | $10310 | $15060 | $10026 |
| **9/30/18** | $10656 | $15146 | $10350 |
| **10/31/18** | $10080 | $14111 | $9871 |
| **11/30/18** | $8946 | $14398 | $8933 |
| **12/31/18** | $8473 | $13098 | $8401 |
| **1/31/19** | $9199 | $14148 | $9103 |
| **2/28/19** | $9658 | $14602 | $9463 |
| **3/31/19** | $9762 | $14886 | $9557 |
| **4/30/19** | $10050 | $15489 | $9788 |
| **5/31/19** | $9244 | $14504 | $9132 |
| **6/30/19** | $9608 | $15526 | $9519 |
| **7/31/19** | $9627 | $15750 | $9505 |
| **8/31/19** | $9048 | $15500 | $9031 |
| **9/30/19** | $9187 | $15790 | $9208 |
| **10/31/19** | $9362 | $16132 | $9372 |
| **11/30/19** | $9362 | $16718 | $9359 |
| **12/31/19** | $10006 | $17222 | $9989 |
| **1/31/20** | $9073 | $17216 | $9119 |
| **2/29/20** | $8335 | $15798 | $8429 |
| **3/31/20** | $5993 | $13847 | $6380 |
| **4/30/20** | $5740 | $15622 | $5971 |
| **5/31/20** | $6830 | $16366 | $7088 |
| **6/30/20** | $7223 | $16692 | $7477 |
| **7/31/20** | $7612 | $17633 | $7824 |
| **8/31/20** | $8041 | $18900 | $8247 |
| **9/30/20** | $7749 | $18182 | $7962 |
| **10/31/20** | $7418 | $17699 | $7603 |
| **11/30/20** | $8430 | $19636 | $8647 |
| **12/31/20** | $8975 | $20391 | $9181 |
| **1/31/21** | $9384 | $20185 | $9597 |
| **2/28/21** | $10397 | $20742 | $10622 |
| **3/31/21** | $10202 | $21650 | $10429 |
| **4/30/21** | $11010 | $22806 | $11273 |
| **5/31/21** | $11331 | $22965 | $11593 |
| **6/30/21** | $11808 | $23501 | $12099 |
| **7/31/21** | $11994 | $24059 | $12337 |
| **8/31/21** | $11845 | $24791 | $12153 |
| **9/30/21** | $12368 | $23638 | $12767 |
| **10/31/21** | $13024 | $25294 | $13454 |
| **11/30/21** | $11844 | $25119 | $12215 |
| **12/31/21** | $12781 | $26244 | $13159 |
| **1/31/22** | $13961 | $24886 | $14482 |
| **2/28/22** | $14936 | $24141 | $15600 |
| **3/31/22** | $16303 | $25038 | $17043 |
| **4/30/22** | $16899 | $22854 | $17695 |
| **5/31/22** | $17578 | $22896 | $18383 |
| **6/30/22** | $16134 | $21006 | $16986 |
| **7/31/22** | $16224 | $22943 | $17018 |
| **8/31/22** | $15771 | $22007 | $16623 |
| **9/30/22** | $14623 | $19981 | $15568 |
| **10/31/22** | $15298 | $21598 | $16275 |
| **11/30/22** | $15498 | $22805 | $16511 |
| **12/31/22** | $15563 | $21491 | $16511 |
| **1/31/23** | $15758 | $22842 | $16637 |
| **2/28/23** | $15229 | $22284 | $15999 |
| **3/31/23** | $15090 | $23103 | $15881 |
| **4/30/23** | $15062 | $23463 | $15818 |
| **5/31/23** | $14073 | $23565 | $14791 |
| **6/30/23** | $14638 | $25122 | $15335 |
| **7/31/23** | $16051 | $25929 | $16832 |
| **8/31/23** | $16080 | $25516 | $16850 |
| **9/30/23** | $16334 | $24300 | $17217 |
| **10/31/23** | $15882 | $23789 | $16775 |
| **11/30/23** | $15571 | $25961 | $16365 |
| **12/31/23** | $15256 | $27141 | $15992 |
| **1/31/24** | $15630 | $27597 | $16398 |
| **2/29/24** | $15688 | $29070 | $16486 |
| **3/31/24** | $16486 | $30006 | $17356 |
| **4/30/24** | $16716 | $28780 | $17720 |
| **5/31/24** | $16659 | $30207 | $17608 |
| **6/30/24** | $16665 | $31291 | $17648 |
| **7/31/24** | $16074 | $31672 | $16996 |
| **8/31/24** | $15837 | $32440 | $16794 |
| **9/30/24** | $16008 | $33133 | $16979 |
| **10/31/24** | $15977 | $32833 | $16960 |
| **11/30/24** | $15977 | $34760 | $17023 |
| **12/31/24** | $16361 | $33931 | $17438 |
| **1/31/25** | $16829 | $34876 | $18005 |
| **2/28/25** | $16580 | $34421 | $17759 |
| **3/31/25** | $17003 | $32482 | $18268 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class C (excluding sales charge) | 3.14% | 23.19% | 5.45% |
| Class C (including sales charge) | 2.20% | 23.19% | 5.45% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| UBS Prompt Commodity Index Total Return | 5.26% | 23.42% | 6.21% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $4684149 |
| # of Portfolio Holdings | 1079 |
| Portfolio Turnover Rate | 201% |
| Total Net Advisory Fees Paid During the Reporting Period | $22011 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Asset-Backed Securities | 17.0% |
| Commodities | 14.8% |
| Corporate Bonds & Notes | 11.5% |
| U.S. Government Agencies | 11.0% |
| U.S. Treasury Obligations | 3.2% |
| Sovereign Issues | 2.3% |
| Non-Agency Mortgage-Backed Securities | 2.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 51.4% |
| Affiliated Investments | 5.3% |
| Financial Derivative Instruments | 1.5% |
| Other Assets and Liabilities, Net | (20.2%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# Class C: PCPCX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

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

March 31, 2025

PIMS6216TSRAR_033125

# I-3: PCLNX

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

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $99 | 0.97% |

---

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

* Active commodity strategies within the agriculture sector, including underweight exposure to corn, as well as overweight exposure to coffee, contributed to relative performance versus the UBS Prompt Commodity Index Total Return ("Index"), as corn posted negative returns, while coffee posted positive returns. 

* Overweight exposure to silver contributed to relative performance versus the Index, as silver posted positive returns. 

* Exposure to securitized assets, including collateralized loan obligations, contributed to relative performance versus the Index, as spreads broadly tightened. 

* Duration strategies in the U.S., including overweight exposure to the front-end of the curve, contributed to relative performance versus the Index, as front-end U.S. interest rates fell. 

* Exposure to California Carbon Allowances ("CCAs") detracted from relative performance versus the Index, as CCAs posted negative returns. 

* Overweight exposure to base metals detracted from relative performance versus the Index, as base metals posted positive returns. 

* Underweight exposure to natural gas detracted from relative performance versus the Index, as natural gas posted positive returns.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the S&P 500 Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g23367ica3e29de0968f2c25273.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-3** | **S&P 500 Index** | **UBS Prompt Commodity Index Total Return** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1100978 | $1009593 | $1103873 |
| **5/31/15** | $1070372 | $1022576 | $1074822 |
| **6/30/15** | $1068583 | $1002781 | $1077753 |
| **7/31/15** | $934884 | $1023790 | $936551 |
| **8/31/15** | $931988 | $962021 | $939768 |
| **9/30/15** | $868761 | $938217 | $885889 |
| **10/31/15** | $886893 | $1017360 | $894412 |
| **11/30/15** | $816624 | $1020385 | $818552 |
| **12/31/15** | $762415 | $1004292 | $762979 |
| **1/31/16** | $717229 | $954455 | $725002 |
| **2/29/16** | $707284 | $953167 | $717486 |
| **3/31/16** | $756500 | $1017828 | $757514 |
| **4/30/16** | $838112 | $1021774 | $836616 |
| **5/31/16** | $845049 | $1040123 | $846843 |
| **6/30/16** | $857722 | $1042818 | $858601 |
| **7/31/16** | $805419 | $1081265 | $799584 |
| **8/31/16** | $818008 | $1082784 | $807729 |
| **9/30/16** | $858806 | $1082988 | $843465 |
| **10/31/16** | $853055 | $1063233 | $830904 |
| **11/30/16** | $878331 | $1102610 | $852719 |
| **12/31/16** | $907824 | $1124405 | $881252 |
| **1/31/17** | $916165 | $1145730 | $880773 |
| **2/28/17** | $918878 | $1191223 | $884185 |
| **3/31/17** | $884202 | $1192612 | $852160 |
| **4/30/17** | $862872 | $1204860 | $829127 |
| **5/31/17** | $848617 | $1221816 | $817310 |
| **6/30/17** | $836859 | $1229442 | $805369 |
| **7/31/17** | $882749 | $1254723 | $845391 |
| **8/31/17** | $887089 | $1258564 | $845403 |
| **9/30/17** | $911461 | $1284525 | $867222 |
| **10/31/17** | $948546 | $1314500 | $899693 |
| **11/30/17** | $965476 | $1354816 | $912263 |
| **12/31/17** | $1004724 | $1369880 | $948717 |
| **1/31/18** | $1036744 | $1448311 | $979501 |
| **2/28/18** | $1012517 | $1394930 | $955592 |
| **3/31/18** | $1037461 | $1359480 | $974890 |
| **4/30/18** | $1080793 | $1364697 | $1017724 |
| **5/31/18** | $1103411 | $1397561 | $1038345 |
| **6/30/18** | $1093540 | $1406163 | $1031075 |
| **7/31/18** | $1063070 | $1458492 | $998642 |
| **8/31/18** | $1068148 | $1506017 | $1002617 |
| **9/30/18** | $1103679 | $1514589 | $1035015 |
| **10/31/18** | $1045312 | $1411067 | $987111 |
| **11/30/18** | $928576 | $1439822 | $893278 |
| **12/31/18** | $879587 | $1309819 | $840103 |
| **1/31/19** | $956645 | $1414783 | $910333 |
| **2/28/19** | $1005511 | $1460209 | $946295 |
| **3/31/19** | $1017817 | $1488583 | $955689 |
| **4/30/19** | $1048031 | $1548856 | $978843 |
| **5/31/19** | $964944 | $1450428 | $913193 |
| **6/30/19** | $1004680 | $1552649 | $951876 |
| **7/31/19** | $1006583 | $1574964 | $950481 |
| **8/31/19** | $947596 | $1550016 | $903112 |
| **9/30/19** | $963897 | $1579018 | $920803 |
| **10/31/19** | $981178 | $1613219 | $937221 |
| **11/30/19** | $981178 | $1671777 | $935942 |
| **12/31/19** | $1049776 | $1722235 | $998876 |
| **1/31/20** | $953467 | $1721559 | $911889 |
| **2/29/20** | $876419 | $1579842 | $842933 |
| **3/31/20** | $632573 | $1384711 | $637991 |
| **4/30/20** | $603556 | $1562223 | $597074 |
| **5/31/20** | $719624 | $1636628 | $708827 |
| **6/30/20** | $761758 | $1669176 | $747675 |
| **7/31/20** | $804401 | $1763293 | $782429 |
| **8/31/20** | $850921 | $1890039 | $824720 |
| **9/30/20** | $821063 | $1818224 | $796199 |
| **10/31/20** | $784183 | $1769870 | $760320 |
| **11/30/20** | $892882 | $1963607 | $864721 |
| **12/31/20** | $953555 | $2039105 | $918095 |
| **1/31/21** | $998222 | $2018518 | $959685 |
| **2/28/21** | $1105036 | $2074179 | $1062177 |
| **3/31/21** | $1084644 | $2165019 | $1042880 |
| **4/30/21** | $1172037 | $2280563 | $1127329 |
| **5/31/21** | $1207966 | $2296491 | $1159290 |
| **6/30/21** | $1260807 | $2350103 | $1209899 |
| **7/31/21** | $1281849 | $2405929 | $1233749 |
| **8/31/21** | $1266067 | $2479083 | $1215251 |
| **9/30/21** | $1323144 | $2363781 | $1276744 |
| **10/31/21** | $1395669 | $2529392 | $1345440 |
| **11/30/21** | $1268308 | $2511866 | $1221538 |
| **12/31/21** | $1371030 | $2624438 | $1315853 |
| **1/31/22** | $1498403 | $2488631 | $1448176 |
| **2/28/22** | $1604547 | $2414118 | $1560016 |
| **3/31/22** | $1753188 | $2503753 | $1704321 |
| **4/30/22** | $1820397 | $2285421 | $1769459 |
| **5/31/22** | $1893366 | $2289614 | $1838298 |
| **6/30/22** | $1739648 | $2100621 | $1698572 |
| **7/31/22** | $1750102 | $2294307 | $1701820 |
| **8/31/22** | $1704102 | $2200741 | $1662348 |
| **9/30/22** | $1580630 | $1998056 | $1556755 |
| **10/31/22** | $1655789 | $2159821 | $1627524 |
| **11/30/22** | $1678565 | $2280521 | $1651058 |
| **12/31/22** | $1686253 | $2149130 | $1651124 |
| **1/31/23** | $1711234 | $2284168 | $1663664 |
| **2/28/23** | $1653777 | $2228437 | $1599917 |
| **3/31/23** | $1641493 | $2310252 | $1588110 |
| **4/30/23** | $1638960 | $2346311 | $1581811 |
| **5/31/23** | $1532567 | $2356510 | $1479141 |
| **6/30/23** | $1593363 | $2512217 | $1533521 |
| **7/31/23** | $1750420 | $2592922 | $1683176 |
| **8/31/23** | $1755486 | $2551639 | $1684968 |
| **9/30/23** | $1784089 | $2429982 | $1721668 |
| **10/31/23** | $1738343 | $2378888 | $1677506 |
| **11/30/23** | $1705304 | $2596140 | $1636490 |
| **12/31/23** | $1671462 | $2714085 | $1599203 |
| **1/31/24** | $1715447 | $2759693 | $1639802 |
| **2/29/24** | $1723210 | $2907048 | $1648587 |
| **3/31/24** | $1808274 | $3000582 | $1735565 |
| **4/30/24** | $1839406 | $2878024 | $1771963 |
| **5/31/24** | $1831623 | $3020730 | $1760799 |
| **6/30/24** | $1835284 | $3129120 | $1764777 |
| **7/31/24** | $1768980 | $3167209 | $1699553 |
| **8/31/24** | $1747763 | $3244035 | $1679375 |
| **9/30/24** | $1766682 | $3313318 | $1697916 |
| **10/31/24** | $1763960 | $3283271 | $1696007 |
| **11/30/24** | $1766682 | $3476003 | $1702287 |
| **12/31/24** | $1811133 | $3393141 | $1743837 |
| **1/31/25** | $1864073 | $3487632 | $1800531 |
| **2/28/25** | $1838996 | $3442124 | $1775866 |
| **3/31/25** | $1885595 | $3248180 | $1826777 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-3 | 4.28% | 24.41% | 6.55% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| UBS Prompt Commodity Index Total Return | 5.26% | 23.42% | 6.21% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $4684149 |
| # of Portfolio Holdings | 1079 |
| Portfolio Turnover Rate | 201% |
| Total Net Advisory Fees Paid During the Reporting Period | $22011 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Asset-Backed Securities | 17.0% |
| Commodities | 14.8% |
| Corporate Bonds & Notes | 11.5% |
| U.S. Government Agencies | 11.0% |
| U.S. Treasury Obligations | 3.2% |
| Sovereign Issues | 2.3% |
| Non-Agency Mortgage-Backed Securities | 2.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 51.4% |
| Affiliated Investments | 5.3% |
| Financial Derivative Instruments | 1.5% |
| Other Assets and Liabilities, Net | (20.2%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# I-3: PCLNX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

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

March 31, 2025

PIMS2176TSRAR_033125

# Institutional Class: PCLIX

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

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $84 | 0.82% |

---

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

* Active commodity strategies within the agriculture sector, including underweight exposure to corn, as well as overweight exposure to coffee, contributed to relative performance versus the UBS Prompt Commodity Index Total Return ("Index"), as corn posted negative returns, while coffee posted positive returns. 

* Overweight exposure to silver contributed to relative performance versus the Index, as silver posted positive returns. 

* Exposure to securitized assets, including collateralized loan obligations, contributed to relative performance versus the Index, as spreads broadly tightened. 

* Duration strategies in the U.S., including overweight exposure to the front-end of the curve, contributed to relative performance versus the Index, as front-end U.S. interest rates fell. 

* Exposure to California Carbon Allowances ("CCAs") detracted from relative performance versus the Index, as CCAs posted negative returns. 

* Overweight exposure to base metals detracted from relative performance versus the Index, as base metals posted positive returns. 

* Underweight exposure to natural gas detracted from relative performance versus the Index, as natural gas posted positive returns.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the S&P 500 Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g23367i692d358b24cf109b515a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **S&P 500 Index** | **UBS Prompt Commodity Index Total Return** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1101108 | $1009593 | $1103873 |
| **5/31/15** | $1070637 | $1022576 | $1074822 |
| **6/30/15** | $1068979 | $1002781 | $1077753 |
| **7/31/15** | $935357 | $1023790 | $936551 |
| **8/31/15** | $932573 | $962021 | $939768 |
| **9/30/15** | $869415 | $938217 | $885889 |
| **10/31/15** | $887674 | $1017360 | $894412 |
| **11/30/15** | $817447 | $1020385 | $818552 |
| **12/31/15** | $763282 | $1004292 | $762979 |
| **1/31/16** | $718134 | $954455 | $725002 |
| **2/29/16** | $708258 | $953167 | $717486 |
| **3/31/16** | $757638 | $1017828 | $757514 |
| **4/30/16** | $839469 | $1021774 | $836616 |
| **5/31/16** | $846523 | $1040123 | $846843 |
| **6/30/16** | $859324 | $1042818 | $858601 |
| **7/31/16** | $807029 | $1081265 | $799584 |
| **8/31/16** | $819749 | $1082784 | $807729 |
| **9/30/16** | $860737 | $1082988 | $843465 |
| **10/31/16** | $855083 | $1063233 | $830904 |
| **11/30/16** | $880524 | $1102610 | $852719 |
| **12/31/16** | $910205 | $1124405 | $881252 |
| **1/31/17** | $918685 | $1145730 | $880773 |
| **2/28/17** | $921511 | $1191223 | $884185 |
| **3/31/17** | $886848 | $1192612 | $852160 |
| **4/30/17** | $865564 | $1204860 | $829127 |
| **5/31/17** | $851374 | $1221816 | $817310 |
| **6/30/17** | $839680 | $1229442 | $805369 |
| **7/31/17** | $885832 | $1254723 | $845391 |
| **8/31/17** | $890299 | $1258564 | $845403 |
| **9/30/17** | $914870 | $1284525 | $867222 |
| **10/31/17** | $952212 | $1314500 | $899693 |
| **11/30/17** | $969327 | $1354816 | $912263 |
| **12/31/17** | $1008856 | $1369880 | $948717 |
| **1/31/18** | $1041139 | $1448311 | $979501 |
| **2/28/18** | $1016926 | $1394930 | $955592 |
| **3/31/18** | $1042109 | $1359480 | $974890 |
| **4/30/18** | $1085732 | $1364697 | $1017724 |
| **5/31/18** | $1108351 | $1397561 | $1038345 |
| **6/30/18** | $1101304 | $1406163 | $1031075 |
| **7/31/18** | $1069162 | $1458492 | $998642 |
| **8/31/18** | $1074237 | $1506017 | $1002617 |
| **9/30/18** | $1109761 | $1514589 | $1035015 |
| **10/31/18** | $1051446 | $1411067 | $987111 |
| **11/30/18** | $933048 | $1439822 | $893278 |
| **12/31/18** | $886423 | $1309819 | $840103 |
| **1/31/19** | $961544 | $1414783 | $910333 |
| **2/28/19** | $1012250 | $1460209 | $946295 |
| **3/31/19** | $1024910 | $1488583 | $955689 |
| **4/30/19** | $1055110 | $1548856 | $978843 |
| **5/31/19** | $972060 | $1450428 | $913193 |
| **6/30/19** | $1010197 | $1552649 | $951876 |
| **7/31/19** | $1014002 | $1574964 | $950481 |
| **8/31/19** | $955026 | $1550016 | $903112 |
| **9/30/19** | $969797 | $1579018 | $920803 |
| **10/31/19** | $989001 | $1613219 | $937221 |
| **11/30/19** | $989001 | $1671777 | $935942 |
| **12/31/19** | $1058010 | $1722235 | $998876 |
| **1/31/20** | $961652 | $1721559 | $911889 |
| **2/29/20** | $884566 | $1579842 | $842933 |
| **3/31/20** | $637023 | $1384711 | $637991 |
| **4/30/20** | $609916 | $1562223 | $597074 |
| **5/31/20** | $726090 | $1636628 | $708827 |
| **6/30/20** | $768395 | $1669176 | $747675 |
| **7/31/20** | $811084 | $1763293 | $782429 |
| **8/31/20** | $857653 | $1890039 | $824720 |
| **9/30/20** | $828139 | $1818224 | $796199 |
| **10/31/20** | $791203 | $1769870 | $760320 |
| **11/30/20** | $902010 | $1963607 | $864721 |
| **12/31/20** | $961233 | $2039105 | $918095 |
| **1/31/21** | $1005987 | $2018518 | $959685 |
| **2/28/21** | $1114952 | $2074179 | $1062177 |
| **3/31/21** | $1095494 | $2165019 | $1042880 |
| **4/30/21** | $1184029 | $2280563 | $1127329 |
| **5/31/21** | $1220027 | $2296491 | $1159290 |
| **6/30/21** | $1272827 | $2350103 | $1209899 |
| **7/31/21** | $1293779 | $2405929 | $1233749 |
| **8/31/21** | $1278065 | $2479083 | $1215251 |
| **9/30/21** | $1336146 | $2363781 | $1276744 |
| **10/31/21** | $1408417 | $2529392 | $1345440 |
| **11/30/21** | $1281501 | $2511866 | $1221538 |
| **12/31/21** | $1384497 | $2624438 | $1315853 |
| **1/31/22** | $1515010 | $2488631 | $1448176 |
| **2/28/22** | $1622595 | $2414118 | $1560016 |
| **3/31/22** | $1772878 | $2503753 | $1704321 |
| **4/30/22** | $1839815 | $2285421 | $1769459 |
| **5/31/22** | $1914402 | $2289614 | $1838298 |
| **6/30/22** | $1757821 | $2100621 | $1698572 |
| **7/31/22** | $1770303 | $2294307 | $1701820 |
| **8/31/22** | $1724537 | $2200741 | $1662348 |
| **9/30/22** | $1598506 | $1998056 | $1556755 |
| **10/31/22** | $1675488 | $2159821 | $1627524 |
| **11/30/22** | $1698130 | $2280521 | $1651058 |
| **12/31/22** | $1707196 | $2149130 | $1651124 |
| **1/31/23** | $1732010 | $2284168 | $1663664 |
| **2/28/23** | $1674938 | $2228437 | $1599917 |
| **3/31/23** | $1660818 | $2310252 | $1588110 |
| **4/30/23** | $1658301 | $2346311 | $1581811 |
| **5/31/23** | $1552613 | $2356510 | $1479141 |
| **6/30/23** | $1615523 | $2512217 | $1533521 |
| **7/31/23** | $1774055 | $2592922 | $1683176 |
| **8/31/23** | $1779088 | $2551639 | $1684968 |
| **9/30/23** | $1808498 | $2429982 | $1721668 |
| **10/31/23** | $1760507 | $2378888 | $1677506 |
| **11/30/23** | $1727672 | $2596140 | $1636490 |
| **12/31/23** | $1694359 | $2714085 | $1599203 |
| **1/31/24** | $1738068 | $2759693 | $1639802 |
| **2/29/24** | $1745781 | $2907048 | $1648587 |
| **3/31/24** | $1833352 | $3000582 | $1735565 |
| **4/30/24** | $1864295 | $2878024 | $1771963 |
| **5/31/24** | $1856559 | $3020730 | $1760799 |
| **6/30/24** | $1860705 | $3129120 | $1764777 |
| **7/31/24** | $1794816 | $3167209 | $1699553 |
| **8/31/24** | $1771096 | $3244035 | $1679375 |
| **9/30/24** | $1793261 | $3313318 | $1697916 |
| **10/31/24** | $1790556 | $3283271 | $1696007 |
| **11/30/24** | $1793261 | $3476003 | $1702287 |
| **12/31/24** | $1838027 | $3393141 | $1743837 |
| **1/31/25** | $1893389 | $3487632 | $1800531 |
| **2/28/25** | $1865708 | $3442124 | $1775866 |
| **3/31/25** | $1915285 | $3248180 | $1826777 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 4.47% | 24.63% | 6.71% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| UBS Prompt Commodity Index Total Return | 5.26% | 23.42% | 6.21% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $4684149 |
| # of Portfolio Holdings | 1079 |
| Portfolio Turnover Rate | 201% |
| Total Net Advisory Fees Paid During the Reporting Period | $22011 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Asset-Backed Securities | 17.0% |
| Commodities | 14.8% |
| Corporate Bonds & Notes | 11.5% |
| U.S. Government Agencies | 11.0% |
| U.S. Treasury Obligations | 3.2% |
| Sovereign Issues | 2.3% |
| Non-Agency Mortgage-Backed Securities | 2.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 51.4% |
| Affiliated Investments | 5.3% |
| Financial Derivative Instruments | 1.5% |
| Other Assets and Liabilities, Net | (20.2%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# Institutional Class: PCLIX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

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

March 31, 2025

PIMS1970TSRAR_033125

# I-2: PCLPX

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

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $94 | 0.92% |

---

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

* Active commodity strategies within the agriculture sector, including underweight exposure to corn, as well as overweight exposure to coffee, contributed to relative performance versus the UBS Prompt Commodity Index Total Return ("Index"), as corn posted negative returns, while coffee posted positive returns. 

* Overweight exposure to silver contributed to relative performance versus the Index, as silver posted positive returns. 

* Exposure to securitized assets, including collateralized loan obligations, contributed to relative performance versus the Index, as spreads broadly tightened. 

* Duration strategies in the U.S., including overweight exposure to the front-end of the curve, contributed to relative performance versus the Index, as front-end U.S. interest rates fell. 

* Exposure to California Carbon Allowances ("CCAs") detracted from relative performance versus the Index, as CCAs posted negative returns. 

* Overweight exposure to base metals detracted from relative performance versus the Index, as base metals posted positive returns. 

* Underweight exposure to natural gas detracted from relative performance versus the Index, as natural gas posted positive returns.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the S&P 500 Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g23367ibfe29d401f1e775e5bb1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **S&P 500 Index** | **UBS Prompt Commodity Index Total Return** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1101671 | $1009593 | $1103873 |
| **5/31/15** | $1069638 | $1022576 | $1074822 |
| **6/30/15** | $1069184 | $1002781 | $1077753 |
| **7/31/15** | $936236 | $1023790 | $936551 |
| **8/31/15** | $932037 | $962021 | $939768 |
| **9/30/15** | $869681 | $938217 | $885889 |
| **10/31/15** | $888035 | $1017360 | $894412 |
| **11/30/15** | $816032 | $1020385 | $818552 |
| **12/31/15** | $762559 | $1004292 | $762979 |
| **1/31/16** | $718701 | $954455 | $725002 |
| **2/29/16** | $707383 | $953167 | $717486 |
| **3/31/16** | $756900 | $1017828 | $757514 |
| **4/30/16** | $837541 | $1021774 | $836616 |
| **5/31/16** | $846030 | $1040123 | $846843 |
| **6/30/16** | $858726 | $1042818 | $858601 |
| **7/31/16** | $806295 | $1081265 | $799584 |
| **8/31/16** | $819049 | $1082784 | $807729 |
| **9/30/16** | $858726 | $1082988 | $843465 |
| **10/31/16** | $854475 | $1063233 | $830904 |
| **11/30/16** | $879981 | $1102610 | $852719 |
| **12/31/16** | $909739 | $1124405 | $881252 |
| **1/31/17** | $916824 | $1145730 | $880773 |
| **2/28/17** | $919659 | $1191223 | $884185 |
| **3/31/17** | $885503 | $1192612 | $852160 |
| **4/30/17** | $864182 | $1204860 | $829127 |
| **5/31/17** | $849969 | $1221816 | $817310 |
| **6/30/17** | $838071 | $1229442 | $805369 |
| **7/31/17** | $884300 | $1254723 | $845391 |
| **8/31/17** | $887282 | $1258564 | $845403 |
| **9/30/17** | $913123 | $1284525 | $867222 |
| **10/31/17** | $950521 | $1314500 | $899693 |
| **11/30/17** | $966103 | $1354816 | $912263 |
| **12/31/17** | $1005449 | $1369880 | $948717 |
| **1/31/18** | $1039395 | $1448311 | $979501 |
| **2/28/18** | $1013531 | $1394930 | $955592 |
| **3/31/18** | $1038730 | $1359480 | $974890 |
| **4/30/18** | $1082415 | $1364697 | $1017724 |
| **5/31/18** | $1105066 | $1397561 | $1038345 |
| **6/30/18** | $1097910 | $1406163 | $1031075 |
| **7/31/18** | $1065718 | $1458492 | $998642 |
| **8/31/18** | $1070801 | $1506017 | $1002617 |
| **9/30/18** | $1107789 | $1514589 | $1035015 |
| **10/31/18** | $1049392 | $1411067 | $987111 |
| **11/30/18** | $930826 | $1439822 | $893278 |
| **12/31/18** | $882059 | $1309819 | $840103 |
| **1/31/19** | $959168 | $1414783 | $910333 |
| **2/28/19** | $1008067 | $1460209 | $946295 |
| **3/31/19** | $1020587 | $1488583 | $955689 |
| **4/30/19** | $1050826 | $1548856 | $978843 |
| **5/31/19** | $967667 | $1450428 | $913193 |
| **6/30/19** | $1007560 | $1552649 | $951876 |
| **7/31/19** | $1009465 | $1574964 | $950481 |
| **8/31/19** | $950420 | $1550016 | $903112 |
| **9/30/19** | $966889 | $1579018 | $920803 |
| **10/31/19** | $984190 | $1613219 | $937221 |
| **11/30/19** | $984190 | $1671777 | $935942 |
| **12/31/19** | $1053021 | $1722235 | $998876 |
| **1/31/20** | $956590 | $1721559 | $911889 |
| **2/29/20** | $879446 | $1579842 | $842933 |
| **3/31/20** | $633406 | $1384711 | $637991 |
| **4/30/20** | $606287 | $1562223 | $597074 |
| **5/31/20** | $722509 | $1636628 | $708827 |
| **6/30/20** | $764776 | $1669176 | $747675 |
| **7/31/20** | $807480 | $1763293 | $782429 |
| **8/31/20** | $852124 | $1890039 | $824720 |
| **9/30/20** | $822378 | $1818224 | $796199 |
| **10/31/20** | $787383 | $1769870 | $760320 |
| **11/30/20** | $896256 | $1963607 | $864721 |
| **12/31/20** | $957323 | $2039105 | $918095 |
| **1/31/21** | $1002076 | $2018518 | $959685 |
| **2/28/21** | $1109094 | $2074179 | $1062177 |
| **3/31/21** | $1088663 | $2165019 | $1042880 |
| **4/30/21** | $1176223 | $2280563 | $1127329 |
| **5/31/21** | $1212220 | $2296491 | $1159290 |
| **6/30/21** | $1265133 | $2350103 | $1209899 |
| **7/31/21** | $1286189 | $2405929 | $1233749 |
| **8/31/21** | $1270397 | $2479083 | $1215251 |
| **9/30/21** | $1328276 | $2363781 | $1276744 |
| **10/31/21** | $1399118 | $2529392 | $1345440 |
| **11/30/21** | $1273374 | $2511866 | $1221538 |
| **12/31/21** | $1376507 | $2624438 | $1315853 |
| **1/31/22** | $1504060 | $2488631 | $1448176 |
| **2/28/22** | $1610354 | $2414118 | $1560016 |
| **3/31/22** | $1759094 | $2503753 | $1704321 |
| **4/30/22** | $1826382 | $2285421 | $1769459 |
| **5/31/22** | $1901360 | $2289614 | $1838298 |
| **6/30/22** | $1745748 | $2100621 | $1698572 |
| **7/31/22** | $1756214 | $2294307 | $1701820 |
| **8/31/22** | $1710163 | $2200741 | $1662348 |
| **9/30/22** | $1586879 | $1998056 | $1556755 |
| **10/31/22** | $1662119 | $2159821 | $1627524 |
| **11/30/22** | $1687199 | $2280521 | $1651058 |
| **12/31/22** | $1693165 | $2149130 | $1651124 |
| **1/31/23** | $1718175 | $2284168 | $1663664 |
| **2/28/23** | $1660653 | $2228437 | $1599917 |
| **3/31/23** | $1648574 | $2310252 | $1588110 |
| **4/30/23** | $1646038 | $2346311 | $1581811 |
| **5/31/23** | $1539514 | $2356510 | $1479141 |
| **6/30/23** | $1600385 | $2512217 | $1533521 |
| **7/31/23** | $1760170 | $2592922 | $1683176 |
| **8/31/23** | $1762706 | $2551639 | $1684968 |
| **9/30/23** | $1794214 | $2429982 | $1721668 |
| **10/31/23** | $1745859 | $2378888 | $1677506 |
| **11/30/23** | $1712774 | $2596140 | $1636490 |
| **12/31/23** | $1678737 | $2714085 | $1599203 |
| **1/31/24** | $1722778 | $2759693 | $1639802 |
| **2/29/24** | $1730550 | $2907048 | $1648587 |
| **3/31/24** | $1818458 | $3000582 | $1735565 |
| **4/30/24** | $1847034 | $2878024 | $1771963 |
| **5/31/24** | $1839241 | $3020730 | $1760799 |
| **6/30/24** | $1843059 | $3129120 | $1764777 |
| **7/31/24** | $1779322 | $3167209 | $1699553 |
| **8/31/24** | $1755421 | $3244035 | $1679375 |
| **9/30/24** | $1777372 | $3313318 | $1697916 |
| **10/31/24** | $1774646 | $3283271 | $1696007 |
| **11/30/24** | $1774646 | $3476003 | $1702287 |
| **12/31/24** | $1819324 | $3393141 | $1743837 |
| **1/31/25** | $1872341 | $3487632 | $1800531 |
| **2/28/25** | $1847228 | $3442124 | $1775866 |
| **3/31/25** | $1896862 | $3248180 | $1826777 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 4.31% | 24.53% | 6.61% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| UBS Prompt Commodity Index Total Return | 5.26% | 23.42% | 6.21% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $4684149 |
| # of Portfolio Holdings | 1079 |
| Portfolio Turnover Rate | 201% |
| Total Net Advisory Fees Paid During the Reporting Period | $22011 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Asset-Backed Securities | 17.0% |
| Commodities | 14.8% |
| Corporate Bonds & Notes | 11.5% |
| U.S. Government Agencies | 11.0% |
| U.S. Treasury Obligations | 3.2% |
| Sovereign Issues | 2.3% |
| Non-Agency Mortgage-Backed Securities | 2.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 51.4% |
| Affiliated Investments | 5.3% |
| Financial Derivative Instruments | 1.5% |
| Other Assets and Liabilities, Net | (20.2%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# I-2: PCLPX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

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

March 31, 2025

PIMS1980TSRAR_033125

# Class A: PCRAX

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

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $144 | 1.35% |

---

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

* The structural allocation to short-term U.S. Treasury inflation-protected securities ("TIPS"), contributed to relative performance versus the Bloomberg Commodity Index Total Return ("Index"), as short-term TIPS underperformed 3-month Treasury Bills. 

* Eurozone interest rate strategies, including short exposure to duration and exposure to swap spreads, contributed to relative performance versus the Index, as eurozone rates rose, while swaps spreads tightened. 

* Positioning within the agriculture sector, including an underweight exposure to corn, contributed to relative performance versus the Index, as corn posted negative returns. 

* Exposure to U.S. non-agency residential mortgage-backed securities and collateralized loan obligations contributed to relative performance versus the Index, as spreads broadly tightened across these sectors. 

* Exposure to California Carbon Allowances ("CCAs") detracted from relative performance versus the Index, as CCAs posted negative returns. 

* Positioning within the energy sector, including an underweight exposure to natural gas, detracted from relative performance versus the Index, as natural gas posted positive returns. 

* There were no other material detractors for this Fund.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the S&P 500 Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g23367i8d573fa7252fb6a2de08.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **S&P 500 Index** | **Bloomberg Commodity Index Total Return** |
| **3/31/15** | $9456 | $10000 | $10000 |
| **4/30/15** | $5011 | $10096 | $10573 |
| **5/31/15** | $19456 | $10226 | $10288 |
| **6/30/15** | $9883 | $10028 | $10466 |
| **7/31/15** | $8826 | $10238 | $9354 |
| **8/31/15** | $8642 | $9620 | $9269 |
| **9/30/15** | $8276 | $9382 | $8952 |
| **10/31/15** | $8276 | $10174 | $8912 |
| **11/30/15** | $7643 | $10204 | $8265 |
| **12/31/15** | $7375 | $10043 | $8010 |
| **1/31/16** | $7256 | $9545 | $7876 |
| **2/29/16** | $7077 | $9532 | $7748 |
| **3/31/16** | $7495 | $10178 | $8044 |
| **4/30/16** | $8151 | $10218 | $8728 |
| **5/31/16** | $8092 | $10401 | $8712 |
| **6/30/16** | $8503 | $10428 | $9072 |
| **7/31/16** | $8084 | $10813 | $8608 |
| **8/31/16** | $7929 | $10828 | $8456 |
| **9/30/16** | $8234 | $10830 | $8721 |
| **10/31/16** | $8186 | $10632 | $8679 |
| **11/30/16** | $8246 | $11026 | $8794 |
| **12/31/16** | $8418 | $11244 | $8953 |
| **1/31/17** | $8478 | $11457 | $8965 |
| **2/28/17** | $8490 | $11912 | $8984 |
| **3/31/17** | $8272 | $11926 | $8745 |
| **4/30/17** | $8139 | $12049 | $8613 |
| **5/31/17** | $8006 | $12218 | $8499 |
| **6/30/17** | $7937 | $12294 | $8482 |
| **7/31/17** | $8149 | $12547 | $8674 |
| **8/31/17** | $8198 | $12586 | $8709 |
| **9/30/17** | $8178 | $12845 | $8696 |
| **10/31/17** | $8382 | $13145 | $8882 |
| **11/30/17** | $8331 | $13548 | $8841 |
| **12/31/17** | $8615 | $13699 | $9105 |
| **1/31/18** | $8771 | $14483 | $9286 |
| **2/28/18** | $8576 | $13949 | $9126 |
| **3/31/18** | $8576 | $13595 | $9069 |
| **4/30/18** | $8784 | $13647 | $9303 |
| **5/31/18** | $8901 | $13976 | $9435 |
| **6/30/18** | $8605 | $14062 | $9105 |
| **7/31/18** | $8393 | $14585 | $8911 |
| **8/31/18** | $8260 | $15060 | $8753 |
| **9/30/18** | $8405 | $15146 | $8921 |
| **10/31/18** | $8108 | $14111 | $8728 |
| **11/30/18** | $7920 | $14398 | $8679 |
| **12/31/18** | $7388 | $13098 | $8081 |
| **1/31/19** | $7881 | $14148 | $8522 |
| **2/28/19** | $8018 | $14602 | $8608 |
| **3/31/19** | $8064 | $14886 | $8593 |
| **4/30/19** | $8091 | $15489 | $8556 |
| **5/31/19** | $7762 | $14504 | $8268 |
| **6/30/19** | $8025 | $15526 | $8490 |
| **7/31/19** | $7955 | $15750 | $8433 |
| **8/31/19** | $7732 | $15500 | $8238 |
| **9/30/19** | $7771 | $15790 | $8335 |
| **10/31/19** | $7955 | $16132 | $8503 |
| **11/30/19** | $7771 | $16718 | $8285 |
| **12/31/19** | $8257 | $17222 | $8703 |
| **1/31/20** | $7631 | $17216 | $8063 |
| **2/29/20** | $7233 | $15798 | $7656 |
| **3/31/20** | $5900 | $13847 | $6676 |
| **4/30/20** | $5986 | $15622 | $6573 |
| **5/31/20** | $6371 | $16366 | $6858 |
| **6/30/20** | $6608 | $16692 | $7015 |
| **7/31/20** | $7066 | $17633 | $7415 |
| **8/31/20** | $7640 | $18900 | $7917 |
| **9/30/20** | $7365 | $18182 | $7651 |
| **10/31/20** | $7437 | $17699 | $7759 |
| **11/30/20** | $7782 | $19636 | $8032 |
| **12/31/20** | $8291 | $20391 | $8431 |
| **1/31/21** | $8579 | $20185 | $8653 |
| **2/28/21** | $9142 | $20742 | $9212 |
| **3/31/21** | $8997 | $21650 | $9015 |
| **4/30/21** | $9805 | $22806 | $9762 |
| **5/31/21** | $10165 | $22965 | $10028 |
| **6/30/21** | $10327 | $23501 | $10214 |
| **7/31/21** | $10626 | $24059 | $10402 |
| **8/31/21** | $10573 | $24791 | $10371 |
| **9/30/21** | $11055 | $23638 | $10887 |
| **10/31/21** | $11378 | $25294 | $11168 |
| **11/30/21** | $10535 | $25119 | $10352 |
| **12/31/21** | $11010 | $26244 | $10717 |
| **1/31/22** | $11838 | $24886 | $11658 |
| **2/28/22** | $12648 | $24141 | $12384 |
| **3/31/22** | $13674 | $25038 | $13455 |
| **4/30/22** | $14211 | $22854 | $14012 |
| **5/31/22** | $14461 | $22896 | $14225 |
| **6/30/22** | $12628 | $21006 | $12693 |
| **7/31/22** | $13407 | $22943 | $13234 |
| **8/31/22** | $13112 | $22007 | $13245 |
| **9/30/22** | $11548 | $19981 | $12171 |
| **10/31/22** | $11924 | $21598 | $12414 |
| **11/30/22** | $12252 | $22805 | $12754 |
| **12/31/22** | $11940 | $21491 | $12441 |
| **1/31/23** | $11914 | $22842 | $12380 |
| **2/28/23** | $11322 | $22284 | $11799 |
| **3/31/23** | $11422 | $23103 | $11774 |
| **4/30/23** | $11332 | $23463 | $11686 |
| **5/31/23** | $10540 | $23565 | $11027 |
| **6/30/23** | $10900 | $25122 | $11473 |
| **7/31/23** | $11638 | $25929 | $12190 |
| **8/31/23** | $11521 | $25516 | $12097 |
| **9/30/23** | $11377 | $24300 | $12013 |
| **10/31/23** | $11359 | $23789 | $12045 |
| **11/30/23** | $11215 | $25961 | $11774 |
| **12/31/23** | $10999 | $27141 | $11457 |
| **1/31/24** | $11071 | $27597 | $11503 |
| **2/29/24** | $10846 | $29070 | $11333 |
| **3/31/24** | $11243 | $30006 | $11708 |
| **4/30/24** | $11416 | $28780 | $12023 |
| **5/31/24** | $11651 | $30207 | $12234 |
| **6/30/24** | $11499 | $31291 | $12046 |
| **7/31/24** | $11124 | $31672 | $11560 |
| **8/31/24** | $11115 | $32440 | $11566 |
| **9/30/24** | $11699 | $33133 | $12128 |
| **10/31/24** | $11385 | $32833 | $11903 |
| **11/30/24** | $11413 | $34760 | $11952 |
| **12/31/24** | $11463 | $33931 | $12073 |
| **1/31/25** | $11945 | $34876 | $12551 |
| **2/28/25** | $12130 | $34421 | $12649 |
| **3/31/25** | $12683 | $32482 | $13146 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 12.81% | 16.54% | 2.98% |
| Class A (including sales charge) | 6.62% | 15.23% | 2.41% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Bloomberg Commodity Index Total Return | 12.28% | 14.51% | 2.77% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $3745951 |
| # of Portfolio Holdings | 1303 |
| Portfolio Turnover Rate | 268% |
| Total Net Advisory Fees Paid During the Reporting Period | $19836 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 76.2% |
| U.S. Government Agencies | 13.8% |
| Sovereign Issues | 10.9% |
| Asset-Backed Securities | 9.4% |
| Non-Agency Mortgage-Backed Securities | 1.2% |
| Corporate Bonds & Notes | 0.2% |
| Preferred Securities | 0.1% |
| Short-Term Instruments | 12.0% |
| Affiliated Investments | 8.1% |
| Financial Derivative Instruments | 1.4% |
| Other Assets and Liabilities, Net | (33.3%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.10% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# Class A: PCRAX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

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

March 31, 2025

PIMS4049TSRAR_033125

# Administrative Class: PCRRX

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

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $122 | 1.15% |

---

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

* The structural allocation to short-term U.S. Treasury inflation-protected securities ("TIPS"), contributed to relative performance versus the Bloomberg Commodity Index Total Return ("Index"), as short-term TIPS underperformed 3-month Treasury Bills. 

* Eurozone interest rate strategies, including short exposure to duration and exposure to swap spreads, contributed to relative performance versus the Index, as eurozone rates rose, while swaps spreads tightened. 

* Positioning within the agriculture sector, including an underweight exposure to corn, contributed to relative performance versus the Index, as corn posted negative returns. 

* Exposure to U.S. non-agency residential mortgage-backed securities and collateralized loan obligations contributed to relative performance versus the Index, as spreads broadly tightened across these sectors. 

* Exposure to California Carbon Allowances ("CCAs") detracted from relative performance versus the Index, as CCAs posted negative returns. 

* Positioning within the energy sector, including an underweight exposure to natural gas, detracted from relative performance versus the Index, as natural gas posted positive returns. 

* There were no other material detractors for this Fund.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the S&P 500 Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g23367idd4486c27845a4b44119.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Administrative Class** | **S&P 500 Index** | **Bloomberg Commodity Index Total Return** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1062201 | $1009593 | $1057338 |
| **5/31/15** | $1028708 | $1022576 | $1028810 |
| **6/30/15** | $1047959 | $1002781 | $1046581 |
| **7/31/15** | $933945 | $1023790 | $935445 |
| **8/31/15** | $915751 | $962021 | $926850 |
| **9/30/15** | $876429 | $938217 | $895178 |
| **10/31/15** | $876429 | $1017360 | $891184 |
| **11/30/15** | $810913 | $1020385 | $826535 |
| **12/31/15** | $781860 | $1004292 | $801030 |
| **1/31/16** | $769249 | $954455 | $787568 |
| **2/29/16** | $750333 | $953167 | $774758 |
| **3/31/16** | $795731 | $1017828 | $804366 |
| **4/30/16** | $865090 | $1021774 | $872835 |
| **5/31/16** | $858785 | $1040123 | $871186 |
| **6/30/16** | $902182 | $1042818 | $907173 |
| **7/31/16** | $857958 | $1081265 | $860803 |
| **8/31/16** | $841532 | $1082784 | $845635 |
| **9/30/16** | $874363 | $1082988 | $872120 |
| **10/31/16** | $869287 | $1063233 | $867860 |
| **11/30/16** | $875632 | $1102610 | $879433 |
| **12/31/16** | $894155 | $1124405 | $895285 |
| **1/31/17** | $900505 | $1145730 | $896497 |
| **2/28/17** | $901776 | $1191223 | $898369 |
| **3/31/17** | $879119 | $1192612 | $874459 |
| **4/30/17** | $865043 | $1204860 | $861293 |
| **5/31/17** | $850967 | $1221816 | $849853 |
| **6/30/17** | $843980 | $1229442 | $848220 |
| **7/31/17** | $866363 | $1254723 | $867399 |
| **8/31/17** | $871630 | $1258564 | $870895 |
| **9/30/17** | $869954 | $1284525 | $869597 |
| **10/31/17** | $891534 | $1314500 | $888244 |
| **11/30/17** | $887488 | $1354816 | $884147 |
| **12/31/17** | $916675 | $1369880 | $910542 |
| **1/31/18** | $933217 | $1448311 | $928625 |
| **2/28/18** | $912540 | $1394930 | $912565 |
| **3/31/18** | $912540 | $1359480 | $906893 |
| **4/30/18** | $934595 | $1364697 | $930332 |
| **5/31/18** | $948380 | $1397561 | $943512 |
| **6/30/18** | $915999 | $1406163 | $910526 |
| **7/31/18** | $893520 | $1458492 | $891093 |
| **8/31/18** | $879471 | $1506017 | $875316 |
| **9/30/18** | $895199 | $1514589 | $892101 |
| **10/31/18** | $865216 | $1411067 | $872843 |
| **11/30/18** | $845228 | $1439822 | $867927 |
| **12/31/18** | $786576 | $1309819 | $808148 |
| **1/31/19** | $840272 | $1414783 | $852163 |
| **2/28/19** | $856236 | $1460209 | $860791 |
| **3/31/19** | $860057 | $1488583 | $859254 |
| **4/30/19** | $862973 | $1548856 | $855632 |
| **5/31/19** | $827987 | $1450428 | $826844 |
| **6/30/19** | $856234 | $1552649 | $849049 |
| **7/31/19** | $848840 | $1574964 | $843338 |
| **8/31/19** | $825179 | $1550016 | $823777 |
| **9/30/19** | $831173 | $1579018 | $833453 |
| **10/31/19** | $849177 | $1613219 | $850305 |
| **11/30/19** | $829673 | $1671777 | $828533 |
| **12/31/19** | $881772 | $1722235 | $870302 |
| **1/31/20** | $815337 | $1721559 | $806275 |
| **2/29/20** | $773060 | $1579842 | $765637 |
| **3/31/20** | $631767 | $1384711 | $667566 |
| **4/30/20** | $639342 | $1562223 | $657296 |
| **5/31/20** | $681763 | $1636628 | $685825 |
| **6/30/20** | $705657 | $1669176 | $701478 |
| **7/31/20** | $755953 | $1763293 | $741515 |
| **8/31/20** | $818441 | $1890039 | $791665 |
| **9/30/20** | $788176 | $1818224 | $765133 |
| **10/31/20** | $795828 | $1769870 | $775911 |
| **11/30/20** | $832558 | $1963607 | $803165 |
| **12/31/20** | $887674 | $2039105 | $843115 |
| **1/31/21** | $918389 | $2018518 | $865252 |
| **2/28/21** | $979820 | $2074179 | $921239 |
| **3/31/21** | $962926 | $2165019 | $901460 |
| **4/30/21** | $1050465 | $2280563 | $976197 |
| **5/31/21** | $1088859 | $2296491 | $1002832 |
| **6/30/21** | $1106409 | $2350103 | $1021397 |
| **7/31/21** | $1138289 | $2405929 | $1040176 |
| **8/31/21** | $1134538 | $2479083 | $1037099 |
| **9/30/21** | $1186443 | $2363781 | $1088697 |
| **10/31/21** | $1220833 | $2529392 | $1116831 |
| **11/30/21** | $1129127 | $2511866 | $1035184 |
| **12/31/21** | $1179773 | $2624438 | $1071677 |
| **1/31/22** | $1269788 | $2488631 | $1165757 |
| **2/28/22** | $1357888 | $2414118 | $1238380 |
| **3/31/22** | $1467727 | $2503753 | $1345463 |
| **4/30/22** | $1526926 | $2285421 | $1401174 |
| **5/31/22** | $1553463 | $2289614 | $1422542 |
| **6/30/22** | $1354665 | $2100621 | $1269269 |
| **7/31/22** | $1439751 | $2294307 | $1323371 |
| **8/31/22** | $1408404 | $2200741 | $1324537 |
| **9/30/22** | $1240225 | $1998056 | $1217138 |
| **10/31/22** | $1280152 | $2159821 | $1241373 |
| **11/30/22** | $1315088 | $2280521 | $1275363 |
| **12/31/22** | $1282921 | $2149130 | $1244144 |
| **1/31/23** | $1282921 | $2284168 | $1238048 |
| **2/28/23** | $1217271 | $2228437 | $1179872 |
| **3/31/23** | $1228410 | $2310252 | $1177442 |
| **4/30/23** | $1218843 | $2346311 | $1168594 |
| **5/31/23** | $1133696 | $2356510 | $1102728 |
| **6/30/23** | $1171964 | $2512217 | $1147271 |
| **7/31/23** | $1252327 | $2592922 | $1219048 |
| **8/31/23** | $1239890 | $2551639 | $1209708 |
| **9/30/23** | $1224583 | $2429982 | $1201309 |
| **10/31/23** | $1222669 | $2378888 | $1204500 |
| **11/30/23** | $1208319 | $2596140 | $1177367 |
| **12/31/23** | $1183874 | $2714085 | $1145700 |
| **1/31/24** | $1192488 | $2759693 | $1150258 |
| **2/29/24** | $1168561 | $2907048 | $1133338 |
| **3/31/24** | $1211289 | $3000582 | $1170830 |
| **4/30/24** | $1230562 | $2878024 | $1202337 |
| **5/31/24** | $1255617 | $3020730 | $1223445 |
| **6/30/24** | $1238953 | $3129120 | $1204629 |
| **7/31/24** | $1199081 | $3167209 | $1156009 |
| **8/31/24** | $1198108 | $3244035 | $1156572 |
| **9/30/24** | $1261823 | $3313318 | $1212799 |
| **10/31/24** | $1228462 | $3283271 | $1190324 |
| **11/30/24** | $1231406 | $3476003 | $1195165 |
| **12/31/24** | $1237623 | $3393141 | $1207347 |
| **1/31/25** | $1288903 | $3487632 | $1255084 |
| **2/28/25** | $1309612 | $3442124 | $1264860 |
| **3/31/25** | $1369201 | $3248180 | $1314556 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Administrative Class | 13.04% | 16.73% | 3.19% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Bloomberg Commodity Index Total Return | 12.28% | 14.51% | 2.77% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $3745951 |
| # of Portfolio Holdings | 1303 |
| Portfolio Turnover Rate | 268% |
| Total Net Advisory Fees Paid During the Reporting Period | $19836 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 76.2% |
| U.S. Government Agencies | 13.8% |
| Sovereign Issues | 10.9% |
| Asset-Backed Securities | 9.4% |
| Non-Agency Mortgage-Backed Securities | 1.2% |
| Corporate Bonds & Notes | 0.2% |
| Preferred Securities | 0.1% |
| Short-Term Instruments | 12.0% |
| Affiliated Investments | 8.1% |
| Financial Derivative Instruments | 1.4% |
| Other Assets and Liabilities, Net | (33.3%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.10% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# Administrative Class: PCRRX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

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

March 31, 2025

PIMS0410TSRAR_033125

# Class C: PCRCX

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

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $223 | 2.10% |

---

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

* The structural allocation to short-term U.S. Treasury inflation-protected securities ("TIPS"), contributed to relative performance versus the Bloomberg Commodity Index Total Return ("Index"), as short-term TIPS underperformed 3-month Treasury Bills. 

* Eurozone interest rate strategies, including short exposure to duration and exposure to swap spreads, contributed to relative performance versus the Index, as eurozone rates rose, while swaps spreads tightened. 

* Positioning within the agriculture sector, including an underweight exposure to corn, contributed to relative performance versus the Index, as corn posted negative returns. 

* Exposure to U.S. non-agency residential mortgage-backed securities and collateralized loan obligations contributed to relative performance versus the Index, as spreads broadly tightened across these sectors. 

* Exposure to California Carbon Allowances ("CCAs") detracted from relative performance versus the Index, as CCAs posted negative returns. 

* Positioning within the energy sector, including an underweight exposure to natural gas, detracted from relative performance versus the Index, as natural gas posted positive returns. 

* There were no other material detractors for this Fund.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the S&P 500 Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g23367ic04e42f5db65e10aee4d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **S&P 500 Index** | **Bloomberg Commodity Index Total Return** |
| **3/31/15** | $10000 | $10000 | $10000 |
| **4/30/15** | $10599 | $10096 | $10573 |
| **5/31/15** | $10274 | $10226 | $10288 |
| **6/30/15** | $10429 | $10028 | $10466 |
| **7/31/15** | $9293 | $10238 | $9354 |
| **8/31/15** | $9103 | $9620 | $9269 |
| **9/30/15** | $8708 | $9382 | $8952 |
| **10/31/15** | $8708 | $10174 | $8912 |
| **11/30/15** | $8040 | $10204 | $8265 |
| **12/31/15** | $7751 | $10043 | $8010 |
| **1/31/16** | $7621 | $9545 | $7876 |
| **2/29/16** | $7425 | $9532 | $7748 |
| **3/31/16** | $7869 | $10178 | $8044 |
| **4/30/16** | $8549 | $10218 | $8728 |
| **5/31/16** | $8483 | $10401 | $8712 |
| **6/30/16** | $8909 | $10428 | $9072 |
| **7/31/16** | $8464 | $10813 | $8608 |
| **8/31/16** | $8294 | $10828 | $8456 |
| **9/30/16** | $8599 | $10830 | $8721 |
| **10/31/16** | $8546 | $10632 | $8679 |
| **11/30/16** | $8612 | $11026 | $8794 |
| **12/31/16** | $8782 | $11244 | $8953 |
| **1/31/17** | $8848 | $11457 | $8965 |
| **2/28/17** | $8848 | $11912 | $8984 |
| **3/31/17** | $8611 | $11926 | $8745 |
| **4/30/17** | $8466 | $12049 | $8613 |
| **5/31/17** | $8321 | $12218 | $8499 |
| **6/30/17** | $8244 | $12294 | $8482 |
| **7/31/17** | $8461 | $12547 | $8674 |
| **8/31/17** | $8501 | $12586 | $8709 |
| **9/30/17** | $8490 | $12845 | $8696 |
| **10/31/17** | $8698 | $13145 | $8882 |
| **11/30/17** | $8629 | $13548 | $8841 |
| **12/31/17** | $8920 | $13699 | $9105 |
| **1/31/18** | $9075 | $14483 | $9286 |
| **2/28/18** | $8863 | $13949 | $9126 |
| **3/31/18** | $8849 | $13595 | $9069 |
| **4/30/18** | $9061 | $13647 | $9303 |
| **5/31/18** | $9189 | $13976 | $9435 |
| **6/30/18** | $8869 | $14062 | $9105 |
| **7/31/18** | $8652 | $14585 | $8911 |
| **8/31/18** | $8508 | $15060 | $8753 |
| **9/30/18** | $8649 | $15146 | $8921 |
| **10/31/18** | $8342 | $14111 | $8728 |
| **11/30/18** | $8151 | $14398 | $8679 |
| **12/31/18** | $7584 | $13098 | $8081 |
| **1/31/19** | $8089 | $14148 | $8522 |
| **2/28/19** | $8237 | $14602 | $8608 |
| **3/31/19** | $8274 | $14886 | $8593 |
| **4/30/19** | $8289 | $15489 | $8556 |
| **5/31/19** | $7946 | $14504 | $8268 |
| **6/30/19** | $8205 | $15526 | $8490 |
| **7/31/19** | $8144 | $15750 | $8433 |
| **8/31/19** | $7903 | $15500 | $8238 |
| **9/30/19** | $7943 | $15790 | $8335 |
| **10/31/19** | $8127 | $16132 | $8503 |
| **11/30/19** | $7928 | $16718 | $8285 |
| **12/31/19** | $8417 | $17222 | $8703 |
| **1/31/20** | $7773 | $17216 | $8063 |
| **2/29/20** | $7359 | $15798 | $7656 |
| **3/31/20** | $6017 | $13847 | $6676 |
| **4/30/20** | $6079 | $15622 | $6573 |
| **5/31/20** | $6478 | $16366 | $6858 |
| **6/30/20** | $6710 | $16692 | $7015 |
| **7/31/20** | $7172 | $17633 | $7415 |
| **8/31/20** | $7759 | $18900 | $7917 |
| **9/30/20** | $7467 | $18182 | $7651 |
| **10/31/20** | $7528 | $17699 | $7759 |
| **11/30/20** | $7884 | $19636 | $8032 |
| **12/31/20** | $8384 | $20391 | $8431 |
| **1/31/21** | $8678 | $20185 | $8653 |
| **2/28/21** | $9250 | $20742 | $9212 |
| **3/31/21** | $9080 | $21650 | $9015 |
| **4/30/21** | $9900 | $22806 | $9762 |
| **5/31/21** | $10255 | $22965 | $10028 |
| **6/30/21** | $10405 | $23501 | $10214 |
| **7/31/21** | $10712 | $24059 | $10402 |
| **8/31/21** | $10655 | $24791 | $10371 |
| **9/30/21** | $11124 | $23638 | $10887 |
| **10/31/21** | $11456 | $25294 | $11168 |
| **11/30/21** | $10597 | $25119 | $10352 |
| **12/31/21** | $11055 | $26244 | $10717 |
| **1/31/22** | $11876 | $24886 | $11658 |
| **2/28/22** | $12696 | $24141 | $12384 |
| **3/31/22** | $13719 | $25038 | $13455 |
| **4/30/22** | $14242 | $22854 | $14012 |
| **5/31/22** | $14493 | $22896 | $14225 |
| **6/30/22** | $12649 | $21006 | $12693 |
| **7/31/22** | $13412 | $22943 | $13234 |
| **8/31/22** | $13112 | $22007 | $13245 |
| **9/30/22** | $11532 | $19981 | $12171 |
| **10/31/22** | $11896 | $21598 | $12414 |
| **11/30/22** | $12235 | $22805 | $12754 |
| **12/31/22** | $11910 | $21491 | $12441 |
| **1/31/23** | $11881 | $22842 | $12380 |
| **2/28/23** | $11277 | $22284 | $11799 |
| **3/31/23** | $11373 | $23103 | $11774 |
| **4/30/23** | $11272 | $23463 | $11686 |
| **5/31/23** | $10484 | $23565 | $11027 |
| **6/30/23** | $10827 | $25122 | $11473 |
| **7/31/23** | $11555 | $25929 | $12190 |
| **8/31/23** | $11434 | $25516 | $12097 |
| **9/30/23** | $11282 | $24300 | $12013 |
| **10/31/23** | $11262 | $23789 | $12045 |
| **11/30/23** | $11110 | $25961 | $11774 |
| **12/31/23** | $10888 | $27141 | $11457 |
| **1/31/24** | $10959 | $27597 | $11503 |
| **2/29/24** | $10726 | $29070 | $11333 |
| **3/31/24** | $11106 | $30006 | $11708 |
| **4/30/24** | $11268 | $28780 | $12023 |
| **5/31/24** | $11502 | $30207 | $12234 |
| **6/30/24** | $11336 | $31291 | $12046 |
| **7/31/24** | $10956 | $31672 | $11560 |
| **8/31/24** | $10946 | $32440 | $11566 |
| **9/30/24** | $11508 | $33133 | $12128 |
| **10/31/24** | $11198 | $32833 | $11903 |
| **11/30/24** | $11219 | $34760 | $11952 |
| **12/31/24** | $11262 | $33931 | $12073 |
| **1/31/25** | $11728 | $34876 | $12551 |
| **2/28/25** | $11904 | $34421 | $12649 |
| **3/31/25** | $12436 | $32482 | $13146 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class C (excluding sales charge) | 11.98% | 15.63% | 2.20% |
| Class C (including sales charge) | 10.98% | 15.63% | 2.20% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Bloomberg Commodity Index Total Return | 12.28% | 14.51% | 2.77% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $3745951 |
| # of Portfolio Holdings | 1303 |
| Portfolio Turnover Rate | 268% |
| Total Net Advisory Fees Paid During the Reporting Period | $19836 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 76.2% |
| U.S. Government Agencies | 13.8% |
| Sovereign Issues | 10.9% |
| Asset-Backed Securities | 9.4% |
| Non-Agency Mortgage-Backed Securities | 1.2% |
| Corporate Bonds & Notes | 0.2% |
| Preferred Securities | 0.1% |
| Short-Term Instruments | 12.0% |
| Affiliated Investments | 8.1% |
| Financial Derivative Instruments | 1.4% |
| Other Assets and Liabilities, Net | (33.3%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.10% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# Class C: PCRCX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

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

March 31, 2025

PIMS4249TSRAR_033125

# I-3: PCRNX

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

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $112 | 1.05% |

---

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

* The structural allocation to short-term U.S. Treasury inflation-protected securities ("TIPS"), contributed to relative performance versus the Bloomberg Commodity Index Total Return ("Index"), as short-term TIPS underperformed 3-month Treasury Bills. 

* Eurozone interest rate strategies, including short exposure to duration and exposure to swap spreads, contributed to relative performance versus the Index, as eurozone rates rose, while swaps spreads tightened. 

* Positioning within the agriculture sector, including an underweight exposure to corn, contributed to relative performance versus the Index, as corn posted negative returns. 

* Exposure to U.S. non-agency residential mortgage-backed securities and collateralized loan obligations contributed to relative performance versus the Index, as spreads broadly tightened across these sectors. 

* Exposure to California Carbon Allowances ("CCAs") detracted from relative performance versus the Index, as CCAs posted negative returns. 

* Positioning within the energy sector, including an underweight exposure to natural gas, detracted from relative performance versus the Index, as natural gas posted positive returns. 

* There were no other material detractors for this Fund.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the S&P 500 Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g23367i72b9a064ed2e9e4e02dd.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-3** | **S&P 500 Index** | **Bloomberg Commodity Index Total Return** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1061049 | $1009593 | $1057338 |
| **5/31/15** | $1027978 | $1022576 | $1028810 |
| **6/30/15** | $1047205 | $1002781 | $1046581 |
| **7/31/15** | $934964 | $1023790 | $935445 |
| **8/31/15** | $915768 | $962021 | $926850 |
| **9/30/15** | $876359 | $938217 | $895178 |
| **10/31/15** | $876245 | $1017360 | $891184 |
| **11/30/15** | $810515 | $1020385 | $826535 |
| **12/31/15** | $782297 | $1004292 | $801030 |
| **1/31/16** | $768564 | $954455 | $787568 |
| **2/29/16** | $751121 | $953167 | $774758 |
| **3/31/16** | $795642 | $1017828 | $804366 |
| **4/30/16** | $864943 | $1021774 | $872835 |
| **5/31/16** | $858639 | $1040123 | $871186 |
| **6/30/16** | $903173 | $1042818 | $907173 |
| **7/31/16** | $858338 | $1081265 | $860803 |
| **8/31/16** | $842080 | $1082784 | $845635 |
| **9/30/16** | $874799 | $1082988 | $872120 |
| **10/31/16** | $869696 | $1063233 | $867860 |
| **11/30/16** | $877077 | $1102610 | $879433 |
| **12/31/16** | $894698 | $1124405 | $895285 |
| **1/31/17** | $902081 | $1145730 | $896497 |
| **2/28/17** | $903226 | $1191223 | $898369 |
| **3/31/17** | $880019 | $1192612 | $874459 |
| **4/30/17** | $866062 | $1204860 | $861293 |
| **5/31/17** | $852106 | $1221816 | $849853 |
| **6/30/17** | $844217 | $1229442 | $848220 |
| **7/31/17** | $867416 | $1254723 | $867399 |
| **8/31/17** | $872485 | $1258564 | $870895 |
| **9/30/17** | $871276 | $1284525 | $869597 |
| **10/31/17** | $893709 | $1314500 | $888244 |
| **11/30/17** | $888294 | $1354816 | $884147 |
| **12/31/17** | $917446 | $1369880 | $910542 |
| **1/31/18** | $934945 | $1448311 | $928625 |
| **2/28/18** | $914515 | $1394930 | $912565 |
| **3/31/18** | $914398 | $1359480 | $906893 |
| **4/30/18** | $937332 | $1364697 | $930332 |
| **5/31/18** | $950917 | $1397561 | $943512 |
| **6/30/18** | $919770 | $1406163 | $910526 |
| **7/31/18** | $897607 | $1458492 | $891093 |
| **8/31/18** | $882370 | $1506017 | $875316 |
| **9/30/18** | $898580 | $1514589 | $892101 |
| **10/31/18** | $867595 | $1411067 | $872843 |
| **11/30/18** | $847877 | $1439822 | $867927 |
| **12/31/18** | $789848 | $1309819 | $808148 |
| **1/31/19** | $844222 | $1414783 | $852163 |
| **2/28/19** | $858531 | $1460209 | $860791 |
| **3/31/19** | $863875 | $1488583 | $859254 |
| **4/30/19** | $866749 | $1548856 | $855632 |
| **5/31/19** | $832252 | $1450428 | $826844 |
| **6/30/19** | $860193 | $1552649 | $849049 |
| **7/31/19** | $852904 | $1574964 | $843338 |
| **8/31/19** | $828118 | $1550016 | $823777 |
| **9/30/19** | $834210 | $1579018 | $833453 |
| **10/31/19** | $853438 | $1613219 | $850305 |
| **11/30/19** | $834210 | $1671777 | $828533 |
| **12/31/19** | $885730 | $1722235 | $870302 |
| **1/31/20** | $820230 | $1721559 | $806275 |
| **2/29/20** | $777060 | $1579842 | $765637 |
| **3/31/20** | $634905 | $1384711 | $667566 |
| **4/30/20** | $642375 | $1562223 | $657296 |
| **5/31/20** | $685698 | $1636628 | $685825 |
| **6/30/20** | $709554 | $1669176 | $701478 |
| **7/31/20** | $759163 | $1763293 | $741515 |
| **8/31/20** | $822301 | $1890039 | $791665 |
| **9/30/20** | $792714 | $1818224 | $765133 |
| **10/31/20** | $800264 | $1769870 | $775911 |
| **11/30/20** | $838012 | $1963607 | $803165 |
| **12/31/20** | $892089 | $2039105 | $843115 |
| **1/31/21** | $923895 | $2018518 | $865252 |
| **2/28/21** | $984478 | $2074179 | $921239 |
| **3/31/21** | $969332 | $2165019 | $901460 |
| **4/30/21** | $1057178 | $2280563 | $976197 |
| **5/31/21** | $1095043 | $2296491 | $1002832 |
| **6/30/21** | $1112635 | $2350103 | $1021397 |
| **7/31/21** | $1145793 | $2405929 | $1040176 |
| **8/31/21** | $1142109 | $2479083 | $1037099 |
| **9/30/21** | $1193258 | $2363781 | $1088697 |
| **10/31/21** | $1228905 | $2529392 | $1116831 |
| **11/30/21** | $1136972 | $2511866 | $1035184 |
| **12/31/21** | $1187675 | $2624438 | $1071677 |
| **1/31/22** | $1278021 | $2488631 | $1165757 |
| **2/28/22** | $1366485 | $2414118 | $1238380 |
| **3/31/22** | $1478485 | $2503753 | $1345463 |
| **4/30/22** | $1536583 | $2285421 | $1401174 |
| **5/31/22** | $1564630 | $2289614 | $1422542 |
| **6/30/22** | $1365676 | $2100621 | $1269269 |
| **7/31/22** | $1451168 | $2294307 | $1323371 |
| **8/31/22** | $1418286 | $2200741 | $1324537 |
| **9/30/22** | $1249622 | $1998056 | $1217138 |
| **10/31/22** | $1291032 | $2159821 | $1241373 |
| **11/30/22** | $1327571 | $2280521 | $1275363 |
| **12/31/22** | $1293841 | $2149130 | $1244144 |
| **1/31/23** | $1291179 | $2284168 | $1238048 |
| **2/28/23** | $1227286 | $2228437 | $1179872 |
| **3/31/23** | $1238430 | $2310252 | $1177442 |
| **4/30/23** | $1228203 | $2346311 | $1168594 |
| **5/31/23** | $1143596 | $2356510 | $1102728 |
| **6/30/23** | $1181715 | $2512217 | $1147271 |
| **7/31/23** | $1262604 | $2592922 | $1219048 |
| **8/31/23** | $1250517 | $2551639 | $1209708 |
| **9/30/23** | $1234711 | $2429982 | $1201309 |
| **10/31/23** | $1233782 | $2378888 | $1204500 |
| **11/30/23** | $1218905 | $2596140 | $1177367 |
| **12/31/23** | $1194474 | $2714085 | $1145700 |
| **1/31/24** | $1203776 | $2759693 | $1150258 |
| **2/29/24** | $1178659 | $2907048 | $1133338 |
| **3/31/24** | $1222298 | $3000582 | $1170830 |
| **4/30/24** | $1241030 | $2878024 | $1202337 |
| **5/31/24** | $1267256 | $3020730 | $1223445 |
| **6/30/24** | $1250479 | $3129120 | $1204629 |
| **7/31/24** | $1209836 | $3167209 | $1156009 |
| **8/31/24** | $1209836 | $3244035 | $1156572 |
| **9/30/24** | $1273915 | $3313318 | $1212799 |
| **10/31/24** | $1240542 | $3283271 | $1190324 |
| **11/30/24** | $1242449 | $3476003 | $1195165 |
| **12/31/24** | $1249497 | $3393141 | $1207347 |
| **1/31/25** | $1302198 | $3487632 | $1255084 |
| **2/28/25** | $1322320 | $3442124 | $1264860 |
| **3/31/25** | $1383251 | $3248180 | $1314556 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-3 | 13.17% | 16.85% | 3.30% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Bloomberg Commodity Index Total Return | 12.28% | 14.51% | 2.77% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $3745951 |
| # of Portfolio Holdings | 1303 |
| Portfolio Turnover Rate | 268% |
| Total Net Advisory Fees Paid During the Reporting Period | $19836 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 76.2% |
| U.S. Government Agencies | 13.8% |
| Sovereign Issues | 10.9% |
| Asset-Backed Securities | 9.4% |
| Non-Agency Mortgage-Backed Securities | 1.2% |
| Corporate Bonds & Notes | 0.2% |
| Preferred Securities | 0.1% |
| Short-Term Instruments | 12.0% |
| Affiliated Investments | 8.1% |
| Financial Derivative Instruments | 1.4% |
| Other Assets and Liabilities, Net | (33.3%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.10% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# I-3: PCRNX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

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

March 31, 2025

PIMS2177TSRAR_033125

# Institutional Class: PCRIX

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

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $96 | 0.90% |

---

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

* The structural allocation to short-term U.S. Treasury inflation-protected securities ("TIPS"), contributed to relative performance versus the Bloomberg Commodity Index Total Return ("Index"), as short-term TIPS underperformed 3-month Treasury Bills. 

* Eurozone interest rate strategies, including short exposure to duration and exposure to swap spreads, contributed to relative performance versus the Index, as eurozone rates rose, while swaps spreads tightened. 

* Positioning within the agriculture sector, including an underweight exposure to corn, contributed to relative performance versus the Index, as corn posted negative returns. 

* Exposure to U.S. non-agency residential mortgage-backed securities and collateralized loan obligations contributed to relative performance versus the Index, as spreads broadly tightened across these sectors. 

* Exposure to California Carbon Allowances ("CCAs") detracted from relative performance versus the Index, as CCAs posted negative returns. 

* Positioning within the energy sector, including an underweight exposure to natural gas, detracted from relative performance versus the Index, as natural gas posted positive returns. 

* There were no other material detractors for this Fund.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the S&P 500 Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g23367i1329470985bb1da4c523.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **S&P 500 Index** | **Bloomberg Commodity Index Total Return** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1061176 | $1009593 | $1057338 |
| **5/31/15** | $1028235 | $1022576 | $1028810 |
| **6/30/15** | $1047592 | $1002781 | $1046581 |
| **7/31/15** | $935435 | $1023790 | $935445 |
| **8/31/15** | $916345 | $962021 | $926850 |
| **9/30/15** | $877020 | $938217 | $895178 |
| **10/31/15** | $877020 | $1017360 | $891184 |
| **11/30/15** | $811335 | $1020385 | $826535 |
| **12/31/15** | $783188 | $1004292 | $801030 |
| **1/31/16** | $769535 | $954455 | $787568 |
| **2/29/16** | $752159 | $953167 | $774758 |
| **3/31/16** | $796841 | $1017828 | $804366 |
| **4/30/16** | $866348 | $1021774 | $872835 |
| **5/31/16** | $860142 | $1040123 | $871186 |
| **6/30/16** | $904864 | $1042818 | $907173 |
| **7/31/16** | $860056 | $1081265 | $860803 |
| **8/31/16** | $843875 | $1082784 | $845635 |
| **9/30/16** | $876770 | $1082988 | $872120 |
| **10/31/16** | $871767 | $1063233 | $867860 |
| **11/30/16** | $879271 | $1102610 | $879433 |
| **12/31/16** | $897050 | $1124405 | $895285 |
| **1/31/17** | $904567 | $1145730 | $896497 |
| **2/28/17** | $905820 | $1191223 | $898369 |
| **3/31/17** | $882658 | $1192612 | $874459 |
| **4/30/17** | $868768 | $1204860 | $861293 |
| **5/31/17** | $854878 | $1221816 | $849853 |
| **6/30/17** | $847067 | $1229442 | $848220 |
| **7/31/17** | $870452 | $1254723 | $867399 |
| **8/31/17** | $875649 | $1258564 | $870895 |
| **9/30/17** | $874544 | $1284525 | $869597 |
| **10/31/17** | $897173 | $1314500 | $888244 |
| **11/30/17** | $891849 | $1354816 | $884147 |
| **12/31/17** | $921231 | $1369880 | $910542 |
| **1/31/18** | $938921 | $1448311 | $928625 |
| **2/28/18** | $918510 | $1394930 | $912565 |
| **3/31/18** | $918510 | $1359480 | $906893 |
| **4/30/18** | $941643 | $1364697 | $930332 |
| **5/31/18** | $955250 | $1397561 | $943512 |
| **6/30/18** | $923686 | $1406163 | $910526 |
| **7/31/18** | $901495 | $1458492 | $891093 |
| **8/31/18** | $886239 | $1506017 | $875316 |
| **9/30/18** | $902439 | $1514589 | $892101 |
| **10/31/18** | $871418 | $1411067 | $872843 |
| **11/30/18** | $851677 | $1439822 | $867927 |
| **12/31/18** | $794351 | $1309819 | $808148 |
| **1/31/19** | $847403 | $1414783 | $852163 |
| **2/28/19** | $863176 | $1460209 | $860791 |
| **3/31/19** | $868810 | $1488583 | $859254 |
| **4/30/19** | $871692 | $1548856 | $855632 |
| **5/31/19** | $837113 | $1450428 | $826844 |
| **6/30/19** | $863964 | $1552649 | $849049 |
| **7/31/19** | $858116 | $1574964 | $843338 |
| **8/31/19** | $833265 | $1550016 | $823777 |
| **9/30/19** | $839700 | $1579018 | $833453 |
| **10/31/19** | $858986 | $1613219 | $850305 |
| **11/30/19** | $838216 | $1671777 | $828533 |
| **12/31/19** | $891789 | $1722235 | $870302 |
| **1/31/20** | $824569 | $1721559 | $806275 |
| **2/29/20** | $781249 | $1579842 | $765637 |
| **3/31/20** | $638815 | $1384711 | $667566 |
| **4/30/20** | $647813 | $1562223 | $657296 |
| **5/31/20** | $689801 | $1636628 | $685825 |
| **6/30/20** | $715224 | $1669176 | $701478 |
| **7/31/20** | $765019 | $1763293 | $741515 |
| **8/31/20** | $828393 | $1890039 | $791665 |
| **9/30/20** | $798912 | $1818224 | $765133 |
| **10/31/20** | $806492 | $1769870 | $775911 |
| **11/30/20** | $844391 | $1963607 | $803165 |
| **12/31/20** | $899075 | $2039105 | $843115 |
| **1/31/21** | $931022 | $2018518 | $865252 |
| **2/28/21** | $993394 | $2074179 | $921239 |
| **3/31/21** | $976660 | $2165019 | $901460 |
| **4/30/21** | $1066416 | $2280563 | $976197 |
| **5/31/21** | $1104447 | $2296491 | $1002832 |
| **6/30/21** | $1121903 | $2350103 | $1021397 |
| **7/31/21** | $1157021 | $2405929 | $1040176 |
| **8/31/21** | $1151476 | $2479083 | $1037099 |
| **9/30/21** | $1203331 | $2363781 | $1088697 |
| **10/31/21** | $1239111 | $2529392 | $1116831 |
| **11/30/21** | $1148720 | $2511866 | $1035184 |
| **12/31/21** | $1200087 | $2624438 | $1071677 |
| **1/31/22** | $1290802 | $2488631 | $1165757 |
| **2/28/22** | $1379628 | $2414118 | $1238380 |
| **3/31/22** | $1492316 | $2503753 | $1345463 |
| **4/30/22** | $1552653 | $2285421 | $1401174 |
| **5/31/22** | $1580809 | $2289614 | $1422542 |
| **6/30/22** | $1379539 | $2100621 | $1269269 |
| **7/31/22** | $1465347 | $2294307 | $1323371 |
| **8/31/22** | $1434544 | $2200741 | $1324537 |
| **9/30/22** | $1261177 | $1998056 | $1217138 |
| **10/31/22** | $1305172 | $2159821 | $1241373 |
| **11/30/22** | $1341834 | $2280521 | $1275363 |
| **12/31/22** | $1306294 | $2149130 | $1244144 |
| **1/31/23** | $1306294 | $2284168 | $1238048 |
| **2/28/23** | $1239510 | $2228437 | $1179872 |
| **3/31/23** | $1252780 | $2310252 | $1177442 |
| **4/30/23** | $1242519 | $2346311 | $1168594 |
| **5/31/23** | $1156700 | $2356510 | $1102728 |
| **6/30/23** | $1195878 | $2512217 | $1147271 |
| **7/31/23** | $1277967 | $2592922 | $1219048 |
| **8/31/23** | $1265840 | $2551639 | $1209708 |
| **9/30/23** | $1249982 | $2429982 | $1201309 |
| **10/31/23** | $1249049 | $2378888 | $1204500 |
| **11/30/23** | $1234124 | $2596140 | $1177367 |
| **12/31/23** | $1210000 | $2714085 | $1145700 |
| **1/31/24** | $1218409 | $2759693 | $1150258 |
| **2/29/24** | $1194116 | $2907048 | $1133338 |
| **3/31/24** | $1238304 | $3000582 | $1170830 |
| **4/30/24** | $1257123 | $2878024 | $1202337 |
| **5/31/24** | $1284411 | $3020730 | $1223445 |
| **6/30/24** | $1267780 | $3129120 | $1204629 |
| **7/31/24** | $1225995 | $3167209 | $1156009 |
| **8/31/24** | $1225995 | $3244035 | $1156572 |
| **9/30/24** | $1290599 | $3313318 | $1212799 |
| **10/31/24** | $1257065 | $3283271 | $1190324 |
| **11/30/24** | $1259939 | $3476003 | $1195165 |
| **12/31/24** | $1266777 | $3393141 | $1207347 |
| **1/31/25** | $1320723 | $3487632 | $1255084 |
| **2/28/25** | $1341916 | $3442124 | $1264860 |
| **3/31/25** | $1402664 | $3248180 | $1314556 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 13.27% | 17.03% | 3.44% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Bloomberg Commodity Index Total Return | 12.28% | 14.51% | 2.77% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $3745951 |
| # of Portfolio Holdings | 1303 |
| Portfolio Turnover Rate | 268% |
| Total Net Advisory Fees Paid During the Reporting Period | $19836 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 76.2% |
| U.S. Government Agencies | 13.8% |
| Sovereign Issues | 10.9% |
| Asset-Backed Securities | 9.4% |
| Non-Agency Mortgage-Backed Securities | 1.2% |
| Corporate Bonds & Notes | 0.2% |
| Preferred Securities | 0.1% |
| Short-Term Instruments | 12.0% |
| Affiliated Investments | 8.1% |
| Financial Derivative Instruments | 1.4% |
| Other Assets and Liabilities, Net | (33.3%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.10% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# Institutional Class: PCRIX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

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

March 31, 2025

PIMS0045TSRAR_033125

# I-2: PCRPX

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

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $107 | 1.00% |

---

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

* The structural allocation to short-term U.S. Treasury inflation-protected securities ("TIPS"), contributed to relative performance versus the Bloomberg Commodity Index Total Return ("Index"), as short-term TIPS underperformed 3-month Treasury Bills. 

* Eurozone interest rate strategies, including short exposure to duration and exposure to swap spreads, contributed to relative performance versus the Index, as eurozone rates rose, while swaps spreads tightened. 

* Positioning within the agriculture sector, including an underweight exposure to corn, contributed to relative performance versus the Index, as corn posted negative returns. 

* Exposure to U.S. non-agency residential mortgage-backed securities and collateralized loan obligations contributed to relative performance versus the Index, as spreads broadly tightened across these sectors. 

* Exposure to California Carbon Allowances ("CCAs") detracted from relative performance versus the Index, as CCAs posted negative returns. 

* Positioning within the energy sector, including an underweight exposure to natural gas, detracted from relative performance versus the Index, as natural gas posted positive returns. 

* There were no other material detractors for this Fund.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the S&P 500 Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g23367i3e34d5633693a2ab1e26.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **S&P 500 Index** | **Bloomberg Commodity Index Total Return** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1061321 | $1009593 | $1057338 |
| **5/31/15** | $1028302 | $1022576 | $1028810 |
| **6/30/15** | $1045126 | $1002781 | $1046581 |
| **7/31/15** | $935112 | $1023790 | $935445 |
| **8/31/15** | $914784 | $962021 | $926850 |
| **9/30/15** | $876303 | $938217 | $895178 |
| **10/31/15** | $876303 | $1017360 | $891184 |
| **11/30/15** | $810488 | $1020385 | $826535 |
| **12/31/15** | $782095 | $1004292 | $801030 |
| **1/31/16** | $769661 | $954455 | $787568 |
| **2/29/16** | $751010 | $953167 | $774758 |
| **3/31/16** | $795772 | $1017828 | $804366 |
| **4/30/16** | $865402 | $1021774 | $872835 |
| **5/31/16** | $859185 | $1040123 | $871186 |
| **6/30/16** | $903797 | $1042818 | $907173 |
| **7/31/16** | $858919 | $1081265 | $860803 |
| **8/31/16** | $842713 | $1082784 | $845635 |
| **9/30/16** | $875364 | $1082988 | $872120 |
| **10/31/16** | $870355 | $1063233 | $867860 |
| **11/30/16** | $877869 | $1102610 | $879433 |
| **12/31/16** | $895439 | $1124405 | $895285 |
| **1/31/17** | $902964 | $1145730 | $896497 |
| **2/28/17** | $904218 | $1191223 | $898369 |
| **3/31/17** | $880869 | $1192612 | $874459 |
| **4/30/17** | $866967 | $1204860 | $861293 |
| **5/31/17** | $853065 | $1221816 | $849853 |
| **6/30/17** | $845089 | $1229442 | $848220 |
| **7/31/17** | $868492 | $1254723 | $867399 |
| **8/31/17** | $873692 | $1258564 | $870895 |
| **9/30/17** | $872330 | $1284525 | $869597 |
| **10/31/17** | $894971 | $1314500 | $888244 |
| **11/30/17** | $889644 | $1354816 | $884147 |
| **12/31/17** | $918768 | $1369880 | $910542 |
| **1/31/18** | $936463 | $1448311 | $928625 |
| **2/28/18** | $916046 | $1394930 | $912565 |
| **3/31/18** | $916046 | $1359480 | $906893 |
| **4/30/18** | $937824 | $1364697 | $930332 |
| **5/31/18** | $951435 | $1397561 | $943512 |
| **6/30/18** | $919778 | $1406163 | $910526 |
| **7/31/18** | $897581 | $1458492 | $891093 |
| **8/31/18** | $883708 | $1506017 | $875316 |
| **9/30/18** | $899665 | $1514589 | $892101 |
| **10/31/18** | $868642 | $1411067 | $872843 |
| **11/30/18** | $848900 | $1439822 | $867927 |
| **12/31/18** | $791201 | $1309819 | $808148 |
| **1/31/19** | $844234 | $1414783 | $852163 |
| **2/28/19** | $860001 | $1460209 | $860791 |
| **3/31/19** | $865444 | $1488583 | $859254 |
| **4/30/19** | $868324 | $1548856 | $855632 |
| **5/31/19** | $833764 | $1450428 | $826844 |
| **6/30/19** | $860425 | $1552649 | $849049 |
| **7/31/19** | $854582 | $1574964 | $843338 |
| **8/31/19** | $829748 | $1550016 | $823777 |
| **9/30/19** | $835999 | $1579018 | $833453 |
| **10/31/19** | $855268 | $1613219 | $850305 |
| **11/30/19** | $834517 | $1671777 | $828533 |
| **12/31/19** | $887827 | $1722235 | $870302 |
| **1/31/20** | $820681 | $1721559 | $806275 |
| **2/29/20** | $778901 | $1579842 | $765637 |
| **3/31/20** | $636522 | $1384711 | $667566 |
| **4/30/20** | $644010 | $1562223 | $657296 |
| **5/31/20** | $685946 | $1636628 | $685825 |
| **6/30/20** | $711294 | $1669176 | $701478 |
| **7/31/20** | $761024 | $1763293 | $741515 |
| **8/31/20** | $824318 | $1890039 | $791665 |
| **9/30/20** | $794715 | $1818224 | $765133 |
| **10/31/20** | $800770 | $1769870 | $775911 |
| **11/30/20** | $838614 | $1963607 | $803165 |
| **12/31/20** | $894545 | $2039105 | $843115 |
| **1/31/21** | $924920 | $2018518 | $865252 |
| **2/28/21** | $987189 | $2074179 | $921239 |
| **3/31/21** | $970482 | $2165019 | $901460 |
| **4/30/21** | $1060089 | $2280563 | $976197 |
| **5/31/21** | $1098057 | $2296491 | $1002832 |
| **6/30/21** | $1115506 | $2350103 | $1021397 |
| **7/31/21** | $1148750 | $2405929 | $1040176 |
| **8/31/21** | $1145056 | $2479083 | $1037099 |
| **9/30/21** | $1196515 | $2363781 | $1088697 |
| **10/31/21** | $1232260 | $2529392 | $1116831 |
| **11/30/21** | $1140076 | $2511866 | $1035184 |
| **12/31/21** | $1191052 | $2624438 | $1071677 |
| **1/31/22** | $1281655 | $2488631 | $1165757 |
| **2/28/22** | $1370370 | $2414118 | $1238380 |
| **3/31/22** | $1482674 | $2503753 | $1345463 |
| **4/30/22** | $1540936 | $2285421 | $1401174 |
| **5/31/22** | $1569063 | $2289614 | $1422542 |
| **6/30/22** | $1369850 | $2100621 | $1269269 |
| **7/31/22** | $1455603 | $2294307 | $1323371 |
| **8/31/22** | $1422622 | $2200741 | $1324537 |
| **9/30/22** | $1253544 | $1998056 | $1217138 |
| **10/31/22** | $1295084 | $2159821 | $1241373 |
| **11/30/22** | $1331738 | $2280521 | $1275363 |
| **12/31/22** | $1298511 | $2149130 | $1244144 |
| **1/31/23** | $1295840 | $2284168 | $1238048 |
| **2/28/23** | $1229044 | $2228437 | $1179872 |
| **3/31/23** | $1242977 | $2310252 | $1177442 |
| **4/30/23** | $1232713 | $2346311 | $1168594 |
| **5/31/23** | $1146861 | $2356510 | $1102728 |
| **6/30/23** | $1186054 | $2512217 | $1147271 |
| **7/31/23** | $1267240 | $2592922 | $1219048 |
| **8/31/23** | $1255109 | $2551639 | $1209708 |
| **9/30/23** | $1239245 | $2429982 | $1201309 |
| **10/31/23** | $1238312 | $2378888 | $1204500 |
| **11/30/23** | $1223381 | $2596140 | $1177367 |
| **12/31/23** | $1199073 | $2714085 | $1145700 |
| **1/31/24** | $1208411 | $2759693 | $1150258 |
| **2/29/24** | $1183197 | $2907048 | $1133338 |
| **3/31/24** | $1227115 | $3000582 | $1170830 |
| **4/30/24** | $1245922 | $2878024 | $1202337 |
| **5/31/24** | $1272251 | $3020730 | $1223445 |
| **6/30/24** | $1255396 | $3129120 | $1204629 |
| **7/31/24** | $1215542 | $3167209 | $1156009 |
| **8/31/24** | $1214593 | $3244035 | $1156572 |
| **9/30/24** | $1279078 | $3313318 | $1212799 |
| **10/31/24** | $1245569 | $3283271 | $1190324 |
| **11/30/24** | $1248441 | $3476003 | $1195165 |
| **12/31/24** | $1254908 | $3393141 | $1207347 |
| **1/31/25** | $1307837 | $3487632 | $1255084 |
| **2/28/25** | $1328047 | $3442124 | $1264860 |
| **3/31/25** | $1388470 | $3248180 | $1314556 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 13.15% | 16.88% | 3.34% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Bloomberg Commodity Index Total Return | 12.28% | 14.51% | 2.77% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $3745951 |
| # of Portfolio Holdings | 1303 |
| Portfolio Turnover Rate | 268% |
| Total Net Advisory Fees Paid During the Reporting Period | $19836 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 76.2% |
| U.S. Government Agencies | 13.8% |
| Sovereign Issues | 10.9% |
| Asset-Backed Securities | 9.4% |
| Non-Agency Mortgage-Backed Securities | 1.2% |
| Corporate Bonds & Notes | 0.2% |
| Preferred Securities | 0.1% |
| Short-Term Instruments | 12.0% |
| Affiliated Investments | 8.1% |
| Financial Derivative Instruments | 1.4% |
| Other Assets and Liabilities, Net | (33.3%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.10% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# I-2: PCRPX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

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

March 31, 2025

PIMS1921TSRAR_033125

# Class R: PCSRX

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

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $170 | 1.60% |

---

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

* The structural allocation to short-term U.S. Treasury inflation-protected securities ("TIPS"), contributed to relative performance versus the Bloomberg Commodity Index Total Return ("Index"), as short-term TIPS underperformed 3-month Treasury Bills. 

* Eurozone interest rate strategies, including short exposure to duration and exposure to swap spreads, contributed to relative performance versus the Index, as eurozone rates rose, while swaps spreads tightened. 

* Positioning within the agriculture sector, including an underweight exposure to corn, contributed to relative performance versus the Index, as corn posted negative returns. 

* Exposure to U.S. non-agency residential mortgage-backed securities and collateralized loan obligations contributed to relative performance versus the Index, as spreads broadly tightened across these sectors. 

* Exposure to California Carbon Allowances ("CCAs") detracted from relative performance versus the Index, as CCAs posted negative returns. 

* Positioning within the energy sector, including an underweight exposure to natural gas, detracted from relative performance versus the Index, as natural gas posted positive returns. 

* There were no other material detractors for this Fund.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the S&P 500 Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g23367iec15bdfe0730e7003ce8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **S&P 500 Index** | **Bloomberg Commodity Index Total Return** |
| **3/31/15** | $10000 | $10000 | $10000 |
| **4/30/15** | $10610 | $10096 | $10573 |
| **5/31/15** | $10268 | $10226 | $10288 |
| **6/30/15** | $10456 | $10028 | $10466 |
| **7/31/15** | $9319 | $10238 | $9354 |
| **8/31/15** | $9133 | $9620 | $9269 |
| **9/30/15** | $8735 | $9382 | $8952 |
| **10/31/15** | $8735 | $10174 | $8912 |
| **11/30/15** | $8068 | $10204 | $8265 |
| **12/31/15** | $7788 | $10043 | $8010 |
| **1/31/16** | $7646 | $9545 | $7876 |
| **2/29/16** | $7467 | $9532 | $7748 |
| **3/31/16** | $7903 | $10178 | $8044 |
| **4/30/16** | $8596 | $10218 | $8728 |
| **5/31/16** | $8532 | $10401 | $8712 |
| **6/30/16** | $8970 | $10428 | $9072 |
| **7/31/16** | $8520 | $10813 | $8608 |
| **8/31/16** | $8353 | $10828 | $8456 |
| **9/30/16** | $8663 | $10830 | $8721 |
| **10/31/16** | $8611 | $10632 | $8679 |
| **11/30/16** | $8688 | $11026 | $8794 |
| **12/31/16** | $8856 | $11244 | $8953 |
| **1/31/17** | $8920 | $11457 | $8965 |
| **2/28/17** | $8933 | $11912 | $8984 |
| **3/31/17** | $8696 | $11926 | $8745 |
| **4/30/17** | $8553 | $12049 | $8613 |
| **5/31/17** | $8423 | $12218 | $8499 |
| **6/30/17** | $8345 | $12294 | $8482 |
| **7/31/17** | $8558 | $12547 | $8674 |
| **8/31/17** | $8612 | $12586 | $8709 |
| **9/30/17** | $8598 | $12845 | $8696 |
| **10/31/17** | $8803 | $13145 | $8882 |
| **11/30/17** | $8748 | $13548 | $8841 |
| **12/31/17** | $9034 | $13699 | $9105 |
| **1/31/18** | $9201 | $14483 | $9286 |
| **2/28/18** | $9006 | $13949 | $9126 |
| **3/31/18** | $8992 | $13595 | $9069 |
| **4/30/18** | $9215 | $13647 | $9303 |
| **5/31/18** | $9341 | $13976 | $9435 |
| **6/30/18** | $9019 | $14062 | $9105 |
| **7/31/18** | $8791 | $14585 | $8911 |
| **8/31/18** | $8649 | $15060 | $8753 |
| **9/30/18** | $8813 | $15146 | $8921 |
| **10/31/18** | $8496 | $14111 | $8728 |
| **11/30/18** | $8308 | $14398 | $8679 |
| **12/31/18** | $7732 | $13098 | $8081 |
| **1/31/19** | $8245 | $14148 | $8522 |
| **2/28/19** | $8392 | $14602 | $8608 |
| **3/31/19** | $8437 | $14886 | $8593 |
| **4/30/19** | $8467 | $15489 | $8556 |
| **5/31/19** | $8128 | $14504 | $8268 |
| **6/30/19** | $8391 | $15526 | $8490 |
| **7/31/19** | $8317 | $15750 | $8433 |
| **8/31/19** | $8078 | $15500 | $8238 |
| **9/30/19** | $8129 | $15790 | $8335 |
| **10/31/19** | $8311 | $16132 | $8503 |
| **11/30/19** | $8114 | $16718 | $8285 |
| **12/31/19** | $8614 | $17222 | $8703 |
| **1/31/20** | $7974 | $17216 | $8063 |
| **2/29/20** | $7548 | $15798 | $7656 |
| **3/31/20** | $6163 | $13847 | $6676 |
| **4/30/20** | $6239 | $15622 | $6573 |
| **5/31/20** | $6651 | $16366 | $6858 |
| **6/30/20** | $6887 | $16692 | $7015 |
| **7/31/20** | $7378 | $17633 | $7415 |
| **8/31/20** | $7976 | $18900 | $7917 |
| **9/30/20** | $7678 | $18182 | $7651 |
| **10/31/20** | $7740 | $17699 | $7759 |
| **11/30/20** | $8109 | $19636 | $8032 |
| **12/31/20** | $8632 | $20391 | $8431 |
| **1/31/21** | $8941 | $20185 | $8653 |
| **2/28/21** | $9526 | $20742 | $9212 |
| **3/31/21** | $9372 | $21650 | $9015 |
| **4/30/21** | $10220 | $22806 | $9762 |
| **5/31/21** | $10574 | $22965 | $10028 |
| **6/30/21** | $10743 | $23501 | $10214 |
| **7/31/21** | $11065 | $24059 | $10402 |
| **8/31/21** | $11009 | $24791 | $10371 |
| **9/30/21** | $11501 | $23638 | $10887 |
| **10/31/21** | $11829 | $25294 | $11168 |
| **11/30/21** | $10961 | $25119 | $10352 |
| **12/31/21** | $11445 | $26244 | $10717 |
| **1/31/22** | $12295 | $24886 | $11658 |
| **2/28/22** | $13146 | $24141 | $12384 |
| **3/31/22** | $14206 | $25038 | $13455 |
| **4/30/22** | $14764 | $22854 | $14012 |
| **5/31/22** | $15032 | $22896 | $14225 |
| **6/30/22** | $13097 | $21006 | $12693 |
| **7/31/22** | $13915 | $22943 | $13234 |
| **8/31/22** | $13597 | $22007 | $13245 |
| **9/30/22** | $11967 | $19981 | $12171 |
| **10/31/22** | $12374 | $21598 | $12414 |
| **11/30/22** | $12705 | $22805 | $12754 |
| **12/31/22** | $12384 | $21491 | $12441 |
| **1/31/23** | $12356 | $22842 | $12380 |
| **2/28/23** | $11739 | $22284 | $11799 |
| **3/31/23** | $11834 | $23103 | $11774 |
| **4/30/23** | $11735 | $23463 | $11686 |
| **5/31/23** | $10920 | $23565 | $11027 |
| **6/30/23** | $11284 | $25122 | $11473 |
| **7/31/23** | $12050 | $25929 | $12190 |
| **8/31/23** | $11932 | $25516 | $12097 |
| **9/30/23** | $11775 | $24300 | $12013 |
| **10/31/23** | $11755 | $23789 | $12045 |
| **11/30/23** | $11608 | $25961 | $11774 |
| **12/31/23** | $11372 | $27141 | $11457 |
| **1/31/24** | $11451 | $27597 | $11503 |
| **2/29/24** | $11215 | $29070 | $11333 |
| **3/31/24** | $11624 | $30006 | $11708 |
| **4/30/24** | $11792 | $28780 | $12023 |
| **5/31/24** | $12039 | $30207 | $12234 |
| **6/30/24** | $11878 | $31291 | $12046 |
| **7/31/24** | $11489 | $31672 | $11560 |
| **8/31/24** | $11469 | $32440 | $11566 |
| **9/30/24** | $12078 | $33133 | $12128 |
| **10/31/24** | $11757 | $32833 | $11903 |
| **11/30/24** | $11777 | $34760 | $11952 |
| **12/31/24** | $11824 | $33931 | $12073 |
| **1/31/25** | $12319 | $34876 | $12551 |
| **2/28/25** | $12511 | $34421 | $12649 |
| **3/31/25** | $13079 | $32482 | $13146 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class R | 12.52% | 16.24% | 2.72% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Bloomberg Commodity Index Total Return | 12.28% | 14.51% | 2.77% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $3745951 |
| # of Portfolio Holdings | 1303 |
| Portfolio Turnover Rate | 268% |
| Total Net Advisory Fees Paid During the Reporting Period | $19836 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 76.2% |
| U.S. Government Agencies | 13.8% |
| Sovereign Issues | 10.9% |
| Asset-Backed Securities | 9.4% |
| Non-Agency Mortgage-Backed Securities | 1.2% |
| Corporate Bonds & Notes | 0.2% |
| Preferred Securities | 0.1% |
| Short-Term Instruments | 12.0% |
| Affiliated Investments | 8.1% |
| Financial Derivative Instruments | 1.4% |
| Other Assets and Liabilities, Net | (33.3%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.10% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# Class R: PCSRX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

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

March 31, 2025

PIMS4549TSRAR_033125

# Class A: AMAXX

# PIMCO Government Money Market Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Government Money Market Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $34 | 0.33% |

---

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

* Underweight U.S. duration positioning detracted from relative performance, as interest rates fell. 

* There were no material contributors for this Fund.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g23367i39f35d962b647b953ef2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg U.S. Aggregate Index** | **FTSE 3-Month Treasury Bill Index** |
| **3/31/15** | $10000 | $10000 | $10000 |
| **4/30/15** | $10000 | $9964 | $10000 |
| **5/31/15** | $10000 | $9940 | $10000 |
| **6/30/15** | $10000 | $9832 | $10000 |
| **7/31/15** | $10000 | $9900 | $10001 |
| **8/31/15** | $10000 | $9886 | $10001 |
| **9/30/15** | $10000 | $9953 | $10001 |
| **10/31/15** | $10000 | $9954 | $10001 |
| **11/30/15** | $10001 | $9928 | $10002 |
| **12/31/15** | $10003 | $9896 | $10002 |
| **1/31/16** | $10004 | $10032 | $10004 |
| **2/29/16** | $10006 | $10103 | $10005 |
| **3/31/16** | $10007 | $10196 | $10008 |
| **4/30/16** | $10007 | $10235 | $10010 |
| **5/31/16** | $10008 | $10238 | $10012 |
| **6/30/16** | $10009 | $10422 | $10014 |
| **7/31/16** | $10011 | $10488 | $10016 |
| **8/31/16** | $10013 | $10476 | $10019 |
| **9/30/16** | $10015 | $10470 | $10021 |
| **10/31/16** | $10016 | $10389 | $10024 |
| **11/30/16** | $10017 | $10144 | $10026 |
| **12/31/16** | $10018 | $10158 | $10029 |
| **1/31/17** | $10020 | $10178 | $10033 |
| **2/28/17** | $10023 | $10246 | $10037 |
| **3/31/17** | $10026 | $10241 | $10042 |
| **4/30/17** | $10030 | $10320 | $10047 |
| **5/31/17** | $10035 | $10399 | $10053 |
| **6/30/17** | $10041 | $10389 | $10060 |
| **7/31/17** | $10047 | $10434 | $10068 |
| **8/31/17** | $10054 | $10527 | $10077 |
| **9/30/17** | $10061 | $10477 | $10086 |
| **10/31/17** | $10068 | $10483 | $10095 |
| **11/30/17** | $10075 | $10470 | $10104 |
| **12/31/17** | $10084 | $10518 | $10114 |
| **1/31/18** | $10093 | $10397 | $10125 |
| **2/28/18** | $10101 | $10298 | $10136 |
| **3/31/18** | $10113 | $10364 | $10149 |
| **4/30/18** | $10125 | $10287 | $10163 |
| **5/31/18** | $10138 | $10360 | $10178 |
| **6/30/18** | $10152 | $10348 | $10193 |
| **7/31/18** | $10166 | $10350 | $10210 |
| **8/31/18** | $10182 | $10417 | $10227 |
| **9/30/18** | $10195 | $10350 | $10244 |
| **10/31/18** | $10212 | $10268 | $10263 |
| **11/30/18** | $10230 | $10329 | $10282 |
| **12/31/18** | $10248 | $10519 | $10302 |
| **1/31/19** | $10267 | $10631 | $10323 |
| **2/28/19** | $10284 | $10625 | $10342 |
| **3/31/19** | $10303 | $10829 | $10364 |
| **4/30/19** | $10322 | $10831 | $10385 |
| **5/31/19** | $10342 | $11024 | $10406 |
| **6/30/19** | $10359 | $11162 | $10427 |
| **7/31/19** | $10379 | $11187 | $10448 |
| **8/31/19** | $10397 | $11476 | $10468 |
| **9/30/19** | $10412 | $11415 | $10486 |
| **10/31/19** | $10427 | $11450 | $10504 |
| **11/30/19** | $10439 | $11444 | $10519 |
| **12/31/19** | $10450 | $11436 | $10534 |
| **1/31/20** | $10462 | $11656 | $10548 |
| **2/29/20** | $10473 | $11866 | $10562 |
| **3/31/20** | $10477 | $11796 | $10575 |
| **4/30/20** | $10478 | $12006 | $10584 |
| **5/31/20** | $10478 | $12062 | $10588 |
| **6/30/20** | $10478 | $12137 | $10589 |
| **7/31/20** | $10478 | $12319 | $10591 |
| **8/31/20** | $10478 | $12219 | $10592 |
| **9/30/20** | $10478 | $12213 | $10593 |
| **10/31/20** | $10478 | $12158 | $10594 |
| **11/30/20** | $10479 | $12277 | $10595 |
| **12/31/20** | $10479 | $12294 | $10595 |
| **1/31/21** | $10479 | $12206 | $10596 |
| **2/28/21** | $10479 | $12030 | $10597 |
| **3/31/21** | $10479 | $11880 | $10597 |
| **4/30/21** | $10479 | $11974 | $10598 |
| **5/31/21** | $10479 | $12013 | $10598 |
| **6/30/21** | $10479 | $12097 | $10598 |
| **7/31/21** | $10479 | $12232 | $10598 |
| **8/31/21** | $10479 | $12209 | $10599 |
| **9/30/21** | $10479 | $12103 | $10599 |
| **10/31/21** | $10479 | $12100 | $10599 |
| **11/30/21** | $10479 | $12136 | $10600 |
| **12/31/21** | $10479 | $12105 | $10600 |
| **1/31/22** | $10479 | $11844 | $10601 |
| **2/28/22** | $10479 | $11712 | $10602 |
| **3/31/22** | $10479 | $11386 | $10603 |
| **4/30/22** | $10479 | $10954 | $10606 |
| **5/31/22** | $10483 | $11025 | $10611 |
| **6/30/22** | $10489 | $10852 | $10619 |
| **7/31/22** | $10500 | $11117 | $10630 |
| **8/31/22** | $10516 | $10803 | $10645 |
| **9/30/22** | $10536 | $10336 | $10666 |
| **10/31/22** | $10558 | $10202 | $10693 |
| **11/30/22** | $10587 | $10578 | $10723 |
| **12/31/22** | $10624 | $10530 | $10759 |
| **1/31/23** | $10657 | $10854 | $10799 |
| **2/28/23** | $10692 | $10573 | $10837 |
| **3/31/23** | $10735 | $10842 | $10880 |
| **4/30/23** | $10772 | $10908 | $10923 |
| **5/31/23** | $10816 | $10789 | $10970 |
| **6/30/23** | $10862 | $10750 | $11016 |
| **7/31/23** | $10904 | $10743 | $11067 |
| **8/31/23** | $10951 | $10674 | $11118 |
| **9/30/23** | $10999 | $10403 | $11168 |
| **10/31/23** | $11045 | $10239 | $11221 |
| **11/30/23** | $11092 | $10702 | $11272 |
| **12/31/23** | $11142 | $11112 | $11325 |
| **1/31/24** | $11188 | $11082 | $11378 |
| **2/29/24** | $11234 | $10925 | $11428 |
| **3/31/24** | $11282 | $11026 | $11480 |
| **4/30/24** | $11330 | $10747 | $11532 |
| **5/31/24** | $11382 | $10930 | $11586 |
| **6/30/24** | $11427 | $11033 | $11638 |
| **7/31/24** | $11477 | $11291 | $11692 |
| **8/31/24** | $11530 | $11453 | $11746 |
| **9/30/24** | $11574 | $11606 | $11797 |
| **10/31/24** | $11620 | $11319 | $11848 |
| **11/30/24** | $11663 | $11438 | $11895 |
| **12/31/24** | $11706 | $11251 | $11942 |
| **1/31/25** | $11748 | $11311 | $11988 |
| **2/28/25** | $11785 | $11560 | $12029 |
| **3/31/25** | $11824 | $11564 | $12074 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 4.80% | 2.45% | 1.69% |
| Class A (including sales charge) | 4.80% | 2.45% | 1.69% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| FTSE 3-Month Treasury Bill Index | 5.17% | 2.69% | 1.90% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $4462627 |
| # of Portfolio Holdings | 15 |
| Total Net Advisory Fees Paid During the Reporting Period | $4188 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Short-Term Instruments | 146.9% |
| Other Assets and Liabilities, Net | (46.9%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# Class A: AMAXX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO Government Money Market Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4099TSRAR_033125

# Administrative Class: PGOXX

# PIMCO Government Money Market Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Government Money Market Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $18 | 0.18% |

---

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

* Underweight U.S. duration positioning detracted from relative performance, as interest rates fell. 

* There were no material contributors for this Fund.

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

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. For periods prior to the inception date of Administrative Class shares (5/13/2016), performance information shown in the graph and table for these shares is based on the performance of the Fund's Class M shares, adjusted to reflect the fees and other expenses paid by Administrative Class shares. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g23367i837373b4dd4934898a15.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Administrative Class** | **Bloomberg U.S. Aggregate Index** | **FTSE 3-Month Treasury Bill Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1000010 | $996412 | $1000016 |
| **5/31/15** | $1000016 | $994012 | $1000030 |
| **6/30/15** | $1000024 | $983174 | $1000041 |
| **7/31/15** | $1000045 | $990008 | $1000050 |
| **8/31/15** | $1000079 | $988586 | $1000075 |
| **9/30/15** | $1000094 | $995273 | $1000101 |
| **10/31/15** | $1000105 | $995439 | $1000125 |
| **11/30/15** | $1000114 | $992809 | $1000152 |
| **12/31/15** | $1000457 | $989601 | $1000229 |
| **1/31/16** | $1000700 | $1003219 | $1000354 |
| **2/29/16** | $1000945 | $1010335 | $1000534 |
| **3/31/16** | $1001171 | $1019605 | $1000767 |
| **4/30/16** | $1001378 | $1023519 | $1001004 |
| **5/31/16** | $1001515 | $1023781 | $1001216 |
| **6/30/16** | $1001799 | $1042177 | $1001416 |
| **7/31/16** | $1002081 | $1048765 | $1001638 |
| **8/31/16** | $1002326 | $1047566 | $1001877 |
| **9/30/16** | $1002671 | $1046952 | $1002116 |
| **10/31/16** | $1002928 | $1038944 | $1002369 |
| **11/30/16** | $1003232 | $1014369 | $1002627 |
| **12/31/16** | $1003475 | $1015800 | $1002938 |
| **1/31/17** | $1003833 | $1017793 | $1003311 |
| **2/28/17** | $1004177 | $1024634 | $1003703 |
| **3/31/17** | $1004652 | $1024097 | $1004153 |
| **4/30/17** | $1005169 | $1032000 | $1004663 |
| **5/31/17** | $1005760 | $1039943 | $1005272 |
| **6/30/17** | $1006561 | $1038896 | $1005984 |
| **7/31/17** | $1007289 | $1043367 | $1006794 |
| **8/31/17** | $1008110 | $1052726 | $1007683 |
| **9/30/17** | $1008941 | $1047712 | $1008552 |
| **10/31/17** | $1009733 | $1048319 | $1009463 |
| **11/30/17** | $1010574 | $1046973 | $1010364 |
| **12/31/17** | $1011609 | $1051778 | $1011376 |
| **1/31/18** | $1012653 | $1039665 | $1012488 |
| **2/28/18** | $1013626 | $1029809 | $1013578 |
| **3/31/18** | $1014962 | $1036414 | $1014900 |
| **4/30/18** | $1016312 | $1028705 | $1016269 |
| **5/31/18** | $1017728 | $1036047 | $1017787 |
| **6/30/18** | $1019253 | $1034773 | $1019327 |
| **7/31/18** | $1020786 | $1035019 | $1020980 |
| **8/31/18** | $1022532 | $1041679 | $1022701 |
| **9/30/18** | $1023971 | $1034971 | $1024424 |
| **10/31/18** | $1025797 | $1026792 | $1026288 |
| **11/30/18** | $1027729 | $1032921 | $1028181 |
| **12/31/18** | $1029666 | $1051898 | $1030216 |
| **1/31/19** | $1031658 | $1063068 | $1032309 |
| **2/28/19** | $1033503 | $1062452 | $1034221 |
| **3/31/19** | $1035582 | $1082853 | $1036364 |
| **4/30/19** | $1037602 | $1083130 | $1038451 |
| **5/31/19** | $1039789 | $1102358 | $1040621 |
| **6/30/19** | $1041637 | $1116201 | $1042721 |
| **7/31/19** | $1043727 | $1118657 | $1044805 |
| **8/31/19** | $1045659 | $1147643 | $1046791 |
| **9/30/19** | $1047358 | $1141531 | $1048587 |
| **10/31/19** | $1048942 | $1144969 | $1050362 |
| **11/30/19** | $1050249 | $1144386 | $1051926 |
| **12/31/19** | $1051525 | $1143588 | $1053424 |
| **1/31/20** | $1052871 | $1165596 | $1054843 |
| **2/29/20** | $1054063 | $1186575 | $1056175 |
| **3/31/20** | $1054535 | $1179592 | $1057509 |
| **4/30/20** | $1054703 | $1200561 | $1058376 |
| **5/31/20** | $1054712 | $1206151 | $1058833 |
| **6/30/20** | $1054715 | $1213749 | $1058937 |
| **7/31/20** | $1054729 | $1231878 | $1059058 |
| **8/31/20** | $1054731 | $1221935 | $1059176 |
| **9/30/20** | $1054735 | $1221265 | $1059278 |
| **10/31/20** | $1054742 | $1215812 | $1059369 |
| **11/30/20** | $1054749 | $1227742 | $1059456 |
| **12/31/20** | $1054754 | $1229433 | $1059538 |
| **1/31/21** | $1054756 | $1220618 | $1059615 |
| **2/28/21** | $1054771 | $1202992 | $1059676 |
| **3/31/21** | $1054772 | $1187971 | $1059730 |
| **4/30/21** | $1054772 | $1197356 | $1059766 |
| **5/31/21** | $1054783 | $1201268 | $1059790 |
| **6/30/21** | $1054783 | $1209708 | $1059806 |
| **7/31/21** | $1054783 | $1223233 | $1059829 |
| **8/31/21** | $1054784 | $1220905 | $1059862 |
| **9/30/21** | $1054799 | $1210334 | $1059903 |
| **10/31/21** | $1054804 | $1210000 | $1059941 |
| **11/30/21** | $1054804 | $1213580 | $1059981 |
| **12/31/21** | $1054815 | $1210475 | $1060025 |
| **1/31/22** | $1054818 | $1184396 | $1060075 |
| **2/28/22** | $1054819 | $1171183 | $1060155 |
| **3/31/22** | $1054872 | $1138645 | $1060323 |
| **4/30/22** | $1054983 | $1095436 | $1060623 |
| **5/31/22** | $1055447 | $1102499 | $1061136 |
| **6/30/22** | $1056225 | $1085203 | $1061852 |
| **7/31/22** | $1057452 | $1111719 | $1062953 |
| **8/31/22** | $1059232 | $1080306 | $1064534 |
| **9/30/22** | $1061341 | $1033630 | $1066619 |
| **10/31/22** | $1063684 | $1020242 | $1069261 |
| **11/30/22** | $1066701 | $1057762 | $1072326 |
| **12/31/22** | $1070572 | $1052991 | $1075945 |
| **1/31/23** | $1074106 | $1085385 | $1079916 |
| **2/28/23** | $1077746 | $1057322 | $1083683 |
| **3/31/23** | $1082167 | $1084180 | $1088015 |
| **4/30/23** | $1086077 | $1090751 | $1092346 |
| **5/31/23** | $1090655 | $1078874 | $1096968 |
| **6/30/23** | $1095435 | $1075027 | $1101639 |
| **7/31/23** | $1099813 | $1074277 | $1106658 |
| **8/31/23** | $1104692 | $1067415 | $1111804 |
| **9/30/23** | $1109611 | $1040290 | $1116824 |
| **10/31/23** | $1114410 | $1023873 | $1122085 |
| **11/30/23** | $1119238 | $1070241 | $1127216 |
| **12/31/23** | $1124441 | $1111209 | $1132519 |
| **1/31/24** | $1129299 | $1108157 | $1137809 |
| **2/29/24** | $1134006 | $1092501 | $1142751 |
| **3/31/24** | $1139069 | $1102589 | $1148046 |
| **4/30/24** | $1143993 | $1074739 | $1153200 |
| **5/31/24** | $1149413 | $1092959 | $1158559 |
| **6/30/24** | $1154059 | $1103307 | $1163774 |
| **7/31/24** | $1159261 | $1129077 | $1169185 |
| **8/31/24** | $1164817 | $1145301 | $1174577 |
| **9/30/24** | $1169353 | $1160636 | $1179725 |
| **10/31/24** | $1174120 | $1131854 | $1184817 |
| **11/30/24** | $1178683 | $1143821 | $1189527 |
| **12/31/24** | $1183158 | $1125101 | $1194204 |
| **1/31/25** | $1187556 | $1131070 | $1198799 |
| **2/28/25** | $1191459 | $1155956 | $1202884 |
| **3/31/25** | $1195481 | $1156391 | $1207357 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Administrative Class | 4.95% | 2.54% | 1.80% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| FTSE 3-Month Treasury Bill Index | 5.17% | 2.69% | 1.90% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $4462627 |
| # of Portfolio Holdings | 15 |
| Total Net Advisory Fees Paid During the Reporting Period | $4188 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Short-Term Instruments | 146.9% |
| Other Assets and Liabilities, Net | (46.9%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# Administrative Class: PGOXX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO Government Money Market Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2169TSRAR_033125

# Class C: AMGXX

# PIMCO Government Money Market Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Government Money Market Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $34 | 0.33% |

---

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

* Underweight U.S. duration positioning detracted from relative performance, as interest rates fell. 

* There were no material contributors for this Fund.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g23367i813a06d4e6f67171f4af.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg U.S. Aggregate Index** | **FTSE 3-Month Treasury Bill Index** |
| **3/31/15** | $10000 | $10000 | $10000 |
| **4/30/15** | $10000 | $9964 | $10000 |
| **5/31/15** | $10000 | $9940 | $10000 |
| **6/30/15** | $10000 | $9832 | $10000 |
| **7/31/15** | $10000 | $9900 | $10001 |
| **8/31/15** | $10000 | $9886 | $10001 |
| **9/30/15** | $10000 | $9953 | $10001 |
| **10/31/15** | $10001 | $9954 | $10001 |
| **11/30/15** | $10001 | $9928 | $10002 |
| **12/31/15** | $10003 | $9896 | $10002 |
| **1/31/16** | $10004 | $10032 | $10004 |
| **2/29/16** | $10006 | $10103 | $10005 |
| **3/31/16** | $10007 | $10196 | $10008 |
| **4/30/16** | $10007 | $10235 | $10010 |
| **5/31/16** | $10008 | $10238 | $10012 |
| **6/30/16** | $10010 | $10422 | $10014 |
| **7/31/16** | $10011 | $10488 | $10016 |
| **8/31/16** | $10013 | $10476 | $10019 |
| **9/30/16** | $10015 | $10470 | $10021 |
| **10/31/16** | $10016 | $10389 | $10024 |
| **11/30/16** | $10017 | $10144 | $10026 |
| **12/31/16** | $10018 | $10158 | $10029 |
| **1/31/17** | $10020 | $10178 | $10033 |
| **2/28/17** | $10023 | $10246 | $10037 |
| **3/31/17** | $10026 | $10241 | $10042 |
| **4/30/17** | $10030 | $10320 | $10047 |
| **5/31/17** | $10035 | $10399 | $10053 |
| **6/30/17** | $10041 | $10389 | $10060 |
| **7/31/17** | $10047 | $10434 | $10068 |
| **8/31/17** | $10054 | $10527 | $10077 |
| **9/30/17** | $10061 | $10477 | $10086 |
| **10/31/17** | $10068 | $10483 | $10095 |
| **11/30/17** | $10075 | $10470 | $10104 |
| **12/31/17** | $10084 | $10518 | $10114 |
| **1/31/18** | $10093 | $10397 | $10125 |
| **2/28/18** | $10101 | $10298 | $10136 |
| **3/31/18** | $10113 | $10364 | $10149 |
| **4/30/18** | $10126 | $10287 | $10163 |
| **5/31/18** | $10138 | $10360 | $10178 |
| **6/30/18** | $10152 | $10348 | $10193 |
| **7/31/18** | $10166 | $10350 | $10210 |
| **8/31/18** | $10182 | $10417 | $10227 |
| **9/30/18** | $10195 | $10350 | $10244 |
| **10/31/18** | $10212 | $10268 | $10263 |
| **11/30/18** | $10230 | $10329 | $10282 |
| **12/31/18** | $10248 | $10519 | $10302 |
| **1/31/19** | $10267 | $10631 | $10323 |
| **2/28/19** | $10284 | $10625 | $10342 |
| **3/31/19** | $10303 | $10829 | $10364 |
| **4/30/19** | $10322 | $10831 | $10385 |
| **5/31/19** | $10342 | $11024 | $10406 |
| **6/30/19** | $10359 | $11162 | $10427 |
| **7/31/19** | $10379 | $11187 | $10448 |
| **8/31/19** | $10396 | $11476 | $10468 |
| **9/30/19** | $10412 | $11415 | $10486 |
| **10/31/19** | $10427 | $11450 | $10504 |
| **11/30/19** | $10438 | $11444 | $10519 |
| **12/31/19** | $10450 | $11436 | $10534 |
| **1/31/20** | $10462 | $11656 | $10548 |
| **2/29/20** | $10472 | $11866 | $10562 |
| **3/31/20** | $10476 | $11796 | $10575 |
| **4/30/20** | $10478 | $12006 | $10584 |
| **5/31/20** | $10478 | $12062 | $10588 |
| **6/30/20** | $10478 | $12137 | $10589 |
| **7/31/20** | $10478 | $12319 | $10591 |
| **8/31/20** | $10478 | $12219 | $10592 |
| **9/30/20** | $10478 | $12213 | $10593 |
| **10/31/20** | $10478 | $12158 | $10594 |
| **11/30/20** | $10478 | $12277 | $10595 |
| **12/31/20** | $10478 | $12294 | $10595 |
| **1/31/21** | $10478 | $12206 | $10596 |
| **2/28/21** | $10478 | $12030 | $10597 |
| **3/31/21** | $10478 | $11880 | $10597 |
| **4/30/21** | $10478 | $11974 | $10598 |
| **5/31/21** | $10478 | $12013 | $10598 |
| **6/30/21** | $10478 | $12097 | $10598 |
| **7/31/21** | $10478 | $12232 | $10598 |
| **8/31/21** | $10478 | $12209 | $10599 |
| **9/30/21** | $10479 | $12103 | $10599 |
| **10/31/21** | $10479 | $12100 | $10599 |
| **11/30/21** | $10479 | $12136 | $10600 |
| **12/31/21** | $10479 | $12105 | $10600 |
| **1/31/22** | $10479 | $11844 | $10601 |
| **2/28/22** | $10479 | $11712 | $10602 |
| **3/31/22** | $10479 | $11386 | $10603 |
| **4/30/22** | $10479 | $10954 | $10606 |
| **5/31/22** | $10482 | $11025 | $10611 |
| **6/30/22** | $10489 | $10852 | $10619 |
| **7/31/22** | $10500 | $11117 | $10630 |
| **8/31/22** | $10516 | $10803 | $10645 |
| **9/30/22** | $10535 | $10336 | $10666 |
| **10/31/22** | $10557 | $10202 | $10693 |
| **11/30/22** | $10586 | $10578 | $10723 |
| **12/31/22** | $10623 | $10530 | $10759 |
| **1/31/23** | $10657 | $10854 | $10799 |
| **2/28/23** | $10692 | $10573 | $10837 |
| **3/31/23** | $10734 | $10842 | $10880 |
| **4/30/23** | $10772 | $10908 | $10923 |
| **5/31/23** | $10816 | $10789 | $10970 |
| **6/30/23** | $10862 | $10750 | $11016 |
| **7/31/23** | $10904 | $10743 | $11067 |
| **8/31/23** | $10951 | $10674 | $11118 |
| **9/30/23** | $10998 | $10403 | $11168 |
| **10/31/23** | $11045 | $10239 | $11221 |
| **11/30/23** | $11091 | $10702 | $11272 |
| **12/31/23** | $11141 | $11112 | $11325 |
| **1/31/24** | $11188 | $11082 | $11378 |
| **2/29/24** | $11233 | $10925 | $11428 |
| **3/31/24** | $11282 | $11026 | $11480 |
| **4/30/24** | $11329 | $10747 | $11532 |
| **5/31/24** | $11382 | $10930 | $11586 |
| **6/30/24** | $11426 | $11033 | $11638 |
| **7/31/24** | $11476 | $11291 | $11692 |
| **8/31/24** | $11530 | $11453 | $11746 |
| **9/30/24** | $11573 | $11606 | $11797 |
| **10/31/24** | $11619 | $11319 | $11848 |
| **11/30/24** | $11663 | $11438 | $11895 |
| **12/31/24** | $11706 | $11251 | $11942 |
| **1/31/25** | $11748 | $11311 | $11988 |
| **2/28/25** | $11785 | $11560 | $12029 |
| **3/31/25** | $11823 | $11564 | $12074 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class C (excluding sales charge) | 4.80% | 2.45% | 1.69% |
| Class C (including sales charge) | 4.80% | 2.45% | 1.69% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| FTSE 3-Month Treasury Bill Index | 5.17% | 2.69% | 1.90% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $4462627 |
| # of Portfolio Holdings | 15 |
| Total Net Advisory Fees Paid During the Reporting Period | $4188 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Short-Term Instruments | 146.9% |
| Other Assets and Liabilities, Net | (46.9%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# Class C: AMGXX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO Government Money Market Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4299TSRAR_033125

# Institutional Class: PGYXX

# PIMCO Government Money Market Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Government Money Market Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $18 | 0.18% |

---

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

* Underweight U.S. duration positioning detracted from relative performance, as interest rates fell. 

* There were no material contributors for this Fund.

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

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. For periods prior to the inception date of Institutional Class shares (5/13/2016), performance information shown in the graph and table for these shares is based on the performance of the Fund's Class M shares, adjusted to reflect the fees and other expenses paid by Institutional Class shares. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g23367ib3ab3f44bdc0630bddbc.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg U.S. Aggregate Index** | **FTSE 3-Month Treasury Bill Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1000010 | $996412 | $1000016 |
| **5/31/15** | $1000016 | $994012 | $1000030 |
| **6/30/15** | $1000024 | $983174 | $1000041 |
| **7/31/15** | $1000045 | $990008 | $1000050 |
| **8/31/15** | $1000079 | $988586 | $1000075 |
| **9/30/15** | $1000094 | $995273 | $1000101 |
| **10/31/15** | $1000105 | $995439 | $1000125 |
| **11/30/15** | $1000114 | $992809 | $1000152 |
| **12/31/15** | $1000457 | $989601 | $1000229 |
| **1/31/16** | $1000700 | $1003219 | $1000354 |
| **2/29/16** | $1000945 | $1010335 | $1000534 |
| **3/31/16** | $1001171 | $1019605 | $1000767 |
| **4/30/16** | $1001378 | $1023519 | $1001004 |
| **5/31/16** | $1001515 | $1023781 | $1001216 |
| **6/30/16** | $1001799 | $1042177 | $1001416 |
| **7/31/16** | $1002088 | $1048765 | $1001638 |
| **8/31/16** | $1002362 | $1047566 | $1001877 |
| **9/30/16** | $1002726 | $1046952 | $1002116 |
| **10/31/16** | $1002982 | $1038944 | $1002369 |
| **11/30/16** | $1003286 | $1014369 | $1002627 |
| **12/31/16** | $1003453 | $1015800 | $1002938 |
| **1/31/17** | $1003811 | $1017793 | $1003311 |
| **2/28/17** | $1004155 | $1024634 | $1003703 |
| **3/31/17** | $1004629 | $1024097 | $1004153 |
| **4/30/17** | $1005147 | $1032000 | $1004663 |
| **5/31/17** | $1005738 | $1039943 | $1005272 |
| **6/30/17** | $1006539 | $1038896 | $1005984 |
| **7/31/17** | $1007267 | $1043367 | $1006794 |
| **8/31/17** | $1008087 | $1052726 | $1007683 |
| **9/30/17** | $1008919 | $1047712 | $1008552 |
| **10/31/17** | $1009710 | $1048319 | $1009463 |
| **11/30/17** | $1010551 | $1046973 | $1010364 |
| **12/31/17** | $1011587 | $1051778 | $1011376 |
| **1/31/18** | $1012631 | $1039665 | $1012488 |
| **2/28/18** | $1013605 | $1029809 | $1013578 |
| **3/31/18** | $1014940 | $1036414 | $1014900 |
| **4/30/18** | $1016291 | $1028705 | $1016269 |
| **5/31/18** | $1017708 | $1036047 | $1017787 |
| **6/30/18** | $1019236 | $1034773 | $1019327 |
| **7/31/18** | $1020769 | $1035019 | $1020980 |
| **8/31/18** | $1022515 | $1041679 | $1022701 |
| **9/30/18** | $1023956 | $1034971 | $1024424 |
| **10/31/18** | $1025782 | $1026792 | $1026288 |
| **11/30/18** | $1027714 | $1032921 | $1028181 |
| **12/31/18** | $1029653 | $1051898 | $1030216 |
| **1/31/19** | $1031644 | $1063068 | $1032309 |
| **2/28/19** | $1033490 | $1062452 | $1034221 |
| **3/31/19** | $1035569 | $1082853 | $1036364 |
| **4/30/19** | $1037590 | $1083130 | $1038451 |
| **5/31/19** | $1039777 | $1102358 | $1040621 |
| **6/30/19** | $1041624 | $1116201 | $1042721 |
| **7/31/19** | $1043715 | $1118657 | $1044805 |
| **8/31/19** | $1045647 | $1147643 | $1046791 |
| **9/30/19** | $1047346 | $1141531 | $1048587 |
| **10/31/19** | $1048930 | $1144969 | $1050362 |
| **11/30/19** | $1050236 | $1144386 | $1051926 |
| **12/31/19** | $1051513 | $1143588 | $1053424 |
| **1/31/20** | $1052859 | $1165596 | $1054843 |
| **2/29/20** | $1054052 | $1186575 | $1056175 |
| **3/31/20** | $1054525 | $1179592 | $1057509 |
| **4/30/20** | $1054692 | $1200561 | $1058376 |
| **5/31/20** | $1054701 | $1206151 | $1058833 |
| **6/30/20** | $1054704 | $1213749 | $1058937 |
| **7/31/20** | $1054718 | $1231878 | $1059058 |
| **8/31/20** | $1054721 | $1221935 | $1059176 |
| **9/30/20** | $1054725 | $1221265 | $1059278 |
| **10/31/20** | $1054732 | $1215812 | $1059369 |
| **11/30/20** | $1054739 | $1227742 | $1059456 |
| **12/31/20** | $1054744 | $1229433 | $1059538 |
| **1/31/21** | $1054746 | $1220618 | $1059615 |
| **2/28/21** | $1054761 | $1202992 | $1059676 |
| **3/31/21** | $1054762 | $1187971 | $1059730 |
| **4/30/21** | $1054762 | $1197356 | $1059766 |
| **5/31/21** | $1054773 | $1201268 | $1059790 |
| **6/30/21** | $1054773 | $1209708 | $1059806 |
| **7/31/21** | $1054773 | $1223233 | $1059829 |
| **8/31/21** | $1054774 | $1220905 | $1059862 |
| **9/30/21** | $1054789 | $1210334 | $1059903 |
| **10/31/21** | $1054794 | $1210000 | $1059941 |
| **11/30/21** | $1054794 | $1213580 | $1059981 |
| **12/31/21** | $1054805 | $1210475 | $1060025 |
| **1/31/22** | $1054808 | $1184396 | $1060075 |
| **2/28/22** | $1054808 | $1171183 | $1060155 |
| **3/31/22** | $1054862 | $1138645 | $1060323 |
| **4/30/22** | $1054971 | $1095436 | $1060623 |
| **5/31/22** | $1055436 | $1102499 | $1061136 |
| **6/30/22** | $1056214 | $1085203 | $1061852 |
| **7/31/22** | $1057440 | $1111719 | $1062953 |
| **8/31/22** | $1059220 | $1080306 | $1064534 |
| **9/30/22** | $1061330 | $1033630 | $1066619 |
| **10/31/22** | $1063672 | $1020242 | $1069261 |
| **11/30/22** | $1066689 | $1057762 | $1072326 |
| **12/31/22** | $1070562 | $1052991 | $1075945 |
| **1/31/23** | $1074096 | $1085385 | $1079916 |
| **2/28/23** | $1077736 | $1057322 | $1083683 |
| **3/31/23** | $1082157 | $1084180 | $1088015 |
| **4/30/23** | $1086066 | $1090751 | $1092346 |
| **5/31/23** | $1090645 | $1078874 | $1096968 |
| **6/30/23** | $1095426 | $1075027 | $1101639 |
| **7/31/23** | $1099803 | $1074277 | $1106658 |
| **8/31/23** | $1104682 | $1067415 | $1111804 |
| **9/30/23** | $1109602 | $1040290 | $1116824 |
| **10/31/23** | $1114401 | $1023873 | $1122085 |
| **11/30/23** | $1119229 | $1070241 | $1127216 |
| **12/31/23** | $1124433 | $1111209 | $1132519 |
| **1/31/24** | $1129290 | $1108157 | $1137809 |
| **2/29/24** | $1133997 | $1092501 | $1142751 |
| **3/31/24** | $1139061 | $1102589 | $1148046 |
| **4/30/24** | $1143986 | $1074739 | $1153200 |
| **5/31/24** | $1149407 | $1092959 | $1158559 |
| **6/30/24** | $1154053 | $1103307 | $1163774 |
| **7/31/24** | $1159256 | $1129077 | $1169185 |
| **8/31/24** | $1164812 | $1145301 | $1174577 |
| **9/30/24** | $1169349 | $1160636 | $1179725 |
| **10/31/24** | $1174115 | $1131854 | $1184817 |
| **11/30/24** | $1178677 | $1143821 | $1189527 |
| **12/31/24** | $1183151 | $1125101 | $1194204 |
| **1/31/25** | $1187550 | $1131070 | $1198799 |
| **2/28/25** | $1191453 | $1155956 | $1202884 |
| **3/31/25** | $1195475 | $1156391 | $1207357 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 4.95% | 2.54% | 1.80% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| FTSE 3-Month Treasury Bill Index | 5.17% | 2.69% | 1.90% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $4462627 |
| # of Portfolio Holdings | 15 |
| Total Net Advisory Fees Paid During the Reporting Period | $4188 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Short-Term Instruments | 146.9% |
| Other Assets and Liabilities, Net | (46.9%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# Institutional Class: PGYXX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO Government Money Market Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2168TSRAR_033125

# Class M: PGFXX

# PIMCO Government Money Market Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Government Money Market Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class M | $18 | 0.18% |

---

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

* Underweight U.S. duration positioning detracted from relative performance, as interest rates fell. 

* There were no material contributors for this Fund.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g23367ib0fa6fa8dcfc2dddbd95.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class M** | **Bloomberg U.S. Aggregate Index** | **FTSE 3-Month Treasury Bill Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1000010 | $996412 | $1000016 |
| **5/31/15** | $1000016 | $994012 | $1000030 |
| **6/30/15** | $1000024 | $983174 | $1000041 |
| **7/31/15** | $1000045 | $990008 | $1000050 |
| **8/31/15** | $1000079 | $988586 | $1000075 |
| **9/30/15** | $1000094 | $995273 | $1000101 |
| **10/31/15** | $1000105 | $995439 | $1000125 |
| **11/30/15** | $1000114 | $992809 | $1000152 |
| **12/31/15** | $1000457 | $989601 | $1000229 |
| **1/31/16** | $1000700 | $1003219 | $1000354 |
| **2/29/16** | $1000945 | $1010335 | $1000534 |
| **3/31/16** | $1001171 | $1019605 | $1000767 |
| **4/30/16** | $1001378 | $1023519 | $1001004 |
| **5/31/16** | $1001532 | $1023781 | $1001216 |
| **6/30/16** | $1001824 | $1042177 | $1001416 |
| **7/31/16** | $1002116 | $1048765 | $1001638 |
| **8/31/16** | $1002387 | $1047566 | $1001877 |
| **9/30/16** | $1002748 | $1046952 | $1002116 |
| **10/31/16** | $1003000 | $1038944 | $1002369 |
| **11/30/16** | $1003181 | $1014369 | $1002627 |
| **12/31/16** | $1003425 | $1015800 | $1002938 |
| **1/31/17** | $1003778 | $1017793 | $1003311 |
| **2/28/17** | $1004119 | $1024634 | $1003703 |
| **3/31/17** | $1004589 | $1024097 | $1004153 |
| **4/30/17** | $1005101 | $1032000 | $1004663 |
| **5/31/17** | $1005688 | $1039943 | $1005272 |
| **6/30/17** | $1006485 | $1038896 | $1005984 |
| **7/31/17** | $1007209 | $1043367 | $1006794 |
| **8/31/17** | $1008025 | $1052726 | $1007683 |
| **9/30/17** | $1008852 | $1047712 | $1008552 |
| **10/31/17** | $1009639 | $1048319 | $1009463 |
| **11/30/17** | $1010476 | $1046973 | $1010364 |
| **12/31/17** | $1011505 | $1051778 | $1011376 |
| **1/31/18** | $1012544 | $1039665 | $1012488 |
| **2/28/18** | $1013512 | $1029809 | $1013578 |
| **3/31/18** | $1014844 | $1036414 | $1014900 |
| **4/30/18** | $1016190 | $1028705 | $1016269 |
| **5/31/18** | $1017602 | $1036047 | $1017787 |
| **6/30/18** | $1019122 | $1034773 | $1019327 |
| **7/31/18** | $1020652 | $1035019 | $1020980 |
| **8/31/18** | $1022394 | $1041679 | $1022701 |
| **9/30/18** | $1023830 | $1034971 | $1024424 |
| **10/31/18** | $1025651 | $1026792 | $1026288 |
| **11/30/18** | $1027580 | $1032921 | $1028181 |
| **12/31/18** | $1029508 | $1051898 | $1030216 |
| **1/31/19** | $1031499 | $1063068 | $1032309 |
| **2/28/19** | $1033343 | $1062452 | $1034221 |
| **3/31/19** | $1035421 | $1082853 | $1036364 |
| **4/30/19** | $1037441 | $1083130 | $1038451 |
| **5/31/19** | $1039628 | $1102358 | $1040621 |
| **6/30/19** | $1041474 | $1116201 | $1042721 |
| **7/31/19** | $1043565 | $1118657 | $1044805 |
| **8/31/19** | $1045497 | $1147643 | $1046791 |
| **9/30/19** | $1047195 | $1141531 | $1048587 |
| **10/31/19** | $1048779 | $1144969 | $1050362 |
| **11/30/19** | $1050085 | $1144386 | $1051926 |
| **12/31/19** | $1051361 | $1143588 | $1053424 |
| **1/31/20** | $1052707 | $1165596 | $1054843 |
| **2/29/20** | $1053899 | $1186575 | $1056175 |
| **3/31/20** | $1054372 | $1179592 | $1057509 |
| **4/30/20** | $1054540 | $1200561 | $1058376 |
| **5/31/20** | $1054549 | $1206151 | $1058833 |
| **6/30/20** | $1054552 | $1213749 | $1058937 |
| **7/31/20** | $1054565 | $1231878 | $1059058 |
| **8/31/20** | $1054568 | $1221935 | $1059176 |
| **9/30/20** | $1054571 | $1221265 | $1059278 |
| **10/31/20** | $1054578 | $1215812 | $1059369 |
| **11/30/20** | $1054585 | $1227742 | $1059456 |
| **12/31/20** | $1054591 | $1229433 | $1059538 |
| **1/31/21** | $1054592 | $1220618 | $1059615 |
| **2/28/21** | $1054608 | $1202992 | $1059676 |
| **3/31/21** | $1054609 | $1187971 | $1059730 |
| **4/30/21** | $1054609 | $1197356 | $1059766 |
| **5/31/21** | $1054620 | $1201268 | $1059790 |
| **6/30/21** | $1054620 | $1209708 | $1059806 |
| **7/31/21** | $1054620 | $1223233 | $1059829 |
| **8/31/21** | $1054620 | $1220905 | $1059862 |
| **9/30/21** | $1054636 | $1210334 | $1059903 |
| **10/31/21** | $1054641 | $1210000 | $1059941 |
| **11/30/21** | $1054641 | $1213580 | $1059981 |
| **12/31/21** | $1054651 | $1210475 | $1060025 |
| **1/31/22** | $1054655 | $1184396 | $1060075 |
| **2/28/22** | $1054655 | $1171183 | $1060155 |
| **3/31/22** | $1054709 | $1138645 | $1060323 |
| **4/30/22** | $1054819 | $1095436 | $1060623 |
| **5/31/22** | $1055283 | $1102499 | $1061136 |
| **6/30/22** | $1056060 | $1085203 | $1061852 |
| **7/31/22** | $1057287 | $1111719 | $1062953 |
| **8/31/22** | $1059067 | $1080306 | $1064534 |
| **9/30/22** | $1061175 | $1033630 | $1066619 |
| **10/31/22** | $1063517 | $1020242 | $1069261 |
| **11/30/22** | $1066534 | $1057762 | $1072326 |
| **12/31/22** | $1070409 | $1052991 | $1075945 |
| **1/31/23** | $1073943 | $1085385 | $1079916 |
| **2/28/23** | $1077583 | $1057322 | $1083683 |
| **3/31/23** | $1082003 | $1084180 | $1088015 |
| **4/30/23** | $1085913 | $1090751 | $1092346 |
| **5/31/23** | $1090491 | $1078874 | $1096968 |
| **6/30/23** | $1095271 | $1075027 | $1101639 |
| **7/31/23** | $1099648 | $1074277 | $1106658 |
| **8/31/23** | $1104526 | $1067415 | $1111804 |
| **9/30/23** | $1109445 | $1040290 | $1116824 |
| **10/31/23** | $1114242 | $1023873 | $1122085 |
| **11/30/23** | $1119070 | $1070241 | $1127216 |
| **12/31/23** | $1124273 | $1111209 | $1132519 |
| **1/31/24** | $1129130 | $1108157 | $1137809 |
| **2/29/24** | $1133836 | $1092501 | $1142751 |
| **3/31/24** | $1138898 | $1102589 | $1148046 |
| **4/30/24** | $1143822 | $1074739 | $1153200 |
| **5/31/24** | $1149242 | $1092959 | $1158559 |
| **6/30/24** | $1153888 | $1103307 | $1163774 |
| **7/31/24** | $1159090 | $1129077 | $1169185 |
| **8/31/24** | $1164647 | $1145301 | $1174577 |
| **9/30/24** | $1169184 | $1160636 | $1179725 |
| **10/31/24** | $1173950 | $1131854 | $1184817 |
| **11/30/24** | $1178511 | $1143821 | $1189527 |
| **12/31/24** | $1182986 | $1125101 | $1194204 |
| **1/31/25** | $1187382 | $1131070 | $1198799 |
| **2/28/25** | $1191285 | $1155956 | $1202884 |
| **3/31/25** | $1195306 | $1156391 | $1207357 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class M | 4.95% | 2.54% | 1.80% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| FTSE 3-Month Treasury Bill Index | 5.17% | 2.69% | 1.90% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $4462627 |
| # of Portfolio Holdings | 15 |
| Total Net Advisory Fees Paid During the Reporting Period | $4188 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Short-Term Instruments | 146.9% |
| Other Assets and Liabilities, Net | (46.9%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# Class M: PGFXX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO Government Money Market Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1940TSRAR_033125

# I-2: PGPXX

# PIMCO Government Money Market Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Government Money Market Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $29 | 0.28% |

---

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

* Underweight U.S. duration positioning detracted from relative performance, as interest rates fell. 

* There were no material contributors for this Fund.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g23367i232b38f7a58829df7a17.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **Bloomberg U.S. Aggregate Index** | **FTSE 3-Month Treasury Bill Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1000006 | $996412 | $1000016 |
| **5/31/15** | $1000015 | $994012 | $1000030 |
| **6/30/15** | $1000022 | $983174 | $1000041 |
| **7/31/15** | $1000030 | $990008 | $1000050 |
| **8/31/15** | $1000036 | $988586 | $1000075 |
| **9/30/15** | $1000043 | $995273 | $1000101 |
| **10/31/15** | $1000051 | $995439 | $1000125 |
| **11/30/15** | $1000058 | $992809 | $1000152 |
| **12/31/15** | $1000337 | $989601 | $1000229 |
| **1/31/16** | $1000503 | $1003219 | $1000354 |
| **2/29/16** | $1000669 | $1010335 | $1000534 |
| **3/31/16** | $1000809 | $1019605 | $1000767 |
| **4/30/16** | $1000932 | $1023519 | $1001004 |
| **5/31/16** | $1001007 | $1023781 | $1001216 |
| **6/30/16** | $1001217 | $1042177 | $1001416 |
| **7/31/16** | $1001423 | $1048765 | $1001638 |
| **8/31/16** | $1001610 | $1047566 | $1001877 |
| **9/30/16** | $1001883 | $1046952 | $1002116 |
| **10/31/16** | $1002056 | $1038944 | $1002369 |
| **11/30/16** | $1002157 | $1014369 | $1002627 |
| **12/31/16** | $1002310 | $1015800 | $1002938 |
| **1/31/17** | $1002583 | $1017793 | $1003311 |
| **2/28/17** | $1002847 | $1024634 | $1003703 |
| **3/31/17** | $1003225 | $1024097 | $1004153 |
| **4/30/17** | $1003662 | $1032000 | $1004663 |
| **5/31/17** | $1004162 | $1039943 | $1005272 |
| **6/30/17** | $1004870 | $1038896 | $1005984 |
| **7/31/17** | $1005513 | $1043367 | $1006794 |
| **8/31/17** | $1006243 | $1052726 | $1007683 |
| **9/30/17** | $1006983 | $1047712 | $1008552 |
| **10/31/17** | $1007686 | $1048319 | $1009463 |
| **11/30/17** | $1008439 | $1046973 | $1010364 |
| **12/31/17** | $1009379 | $1051778 | $1011376 |
| **1/31/18** | $1010335 | $1039665 | $1012488 |
| **2/28/18** | $1011226 | $1029809 | $1013578 |
| **3/31/18** | $1012464 | $1036414 | $1014900 |
| **4/30/18** | $1013726 | $1028705 | $1016269 |
| **5/31/18** | $1015050 | $1036047 | $1017787 |
| **6/30/18** | $1016480 | $1034773 | $1019327 |
| **7/31/18** | $1017924 | $1035019 | $1020980 |
| **8/31/18** | $1019566 | $1041679 | $1022701 |
| **9/30/18** | $1020923 | $1034971 | $1024424 |
| **10/31/18** | $1022655 | $1026792 | $1026288 |
| **11/30/18** | $1024488 | $1032921 | $1028181 |
| **12/31/18** | $1026336 | $1051898 | $1030216 |
| **1/31/19** | $1028233 | $1063068 | $1032309 |
| **2/28/19** | $1029994 | $1062452 | $1034221 |
| **3/31/19** | $1031978 | $1082853 | $1036364 |
| **4/30/19** | $1033906 | $1083130 | $1038451 |
| **5/31/19** | $1035993 | $1102358 | $1040621 |
| **6/30/19** | $1037755 | $1116201 | $1042721 |
| **7/31/19** | $1039751 | $1118657 | $1044805 |
| **8/31/19** | $1041582 | $1147643 | $1046791 |
| **9/30/19** | $1043194 | $1141531 | $1048587 |
| **10/31/19** | $1044684 | $1144969 | $1050362 |
| **11/30/19** | $1045896 | $1144386 | $1051926 |
| **12/31/19** | $1047078 | $1143588 | $1053424 |
| **1/31/20** | $1048327 | $1165596 | $1054843 |
| **2/29/20** | $1049434 | $1186575 | $1056175 |
| **3/31/20** | $1049858 | $1179592 | $1057509 |
| **4/30/20** | $1050025 | $1200561 | $1058376 |
| **5/31/20** | $1050033 | $1206151 | $1058833 |
| **6/30/20** | $1050035 | $1213749 | $1058937 |
| **7/31/20** | $1050038 | $1231878 | $1059058 |
| **8/31/20** | $1050038 | $1221935 | $1059176 |
| **9/30/20** | $1050039 | $1221265 | $1059278 |
| **10/31/20** | $1050045 | $1215812 | $1059369 |
| **11/30/20** | $1050053 | $1227742 | $1059456 |
| **12/31/20** | $1050058 | $1229433 | $1059538 |
| **1/31/21** | $1050059 | $1220618 | $1059615 |
| **2/28/21** | $1050074 | $1202992 | $1059676 |
| **3/31/21** | $1050075 | $1187971 | $1059730 |
| **4/30/21** | $1050075 | $1197356 | $1059766 |
| **5/31/21** | $1050086 | $1201268 | $1059790 |
| **6/30/21** | $1050086 | $1209708 | $1059806 |
| **7/31/21** | $1050086 | $1223233 | $1059829 |
| **8/31/21** | $1050087 | $1220905 | $1059862 |
| **9/30/21** | $1050102 | $1210334 | $1059903 |
| **10/31/21** | $1050107 | $1210000 | $1059941 |
| **11/30/21** | $1050107 | $1213580 | $1059981 |
| **12/31/21** | $1050118 | $1210475 | $1060025 |
| **1/31/22** | $1050121 | $1184396 | $1060075 |
| **2/28/22** | $1050121 | $1171183 | $1060155 |
| **3/31/22** | $1050135 | $1138645 | $1060323 |
| **4/30/22** | $1050157 | $1095436 | $1060623 |
| **5/31/22** | $1050532 | $1102499 | $1061136 |
| **6/30/22** | $1051221 | $1085203 | $1061852 |
| **7/31/22** | $1052353 | $1111719 | $1062953 |
| **8/31/22** | $1054035 | $1080306 | $1064534 |
| **9/30/22** | $1056043 | $1033630 | $1066619 |
| **10/31/22** | $1058291 | $1020242 | $1069261 |
| **11/30/22** | $1061207 | $1057762 | $1072326 |
| **12/31/22** | $1064961 | $1052991 | $1075945 |
| **1/31/23** | $1068392 | $1085385 | $1079916 |
| **2/28/23** | $1071932 | $1057322 | $1083683 |
| **3/31/23** | $1076232 | $1084180 | $1088015 |
| **4/30/23** | $1080038 | $1090751 | $1092346 |
| **5/31/23** | $1084500 | $1078874 | $1096968 |
| **6/30/23** | $1089161 | $1075027 | $1101639 |
| **7/31/23** | $1093429 | $1074277 | $1106658 |
| **8/31/23** | $1098188 | $1067415 | $1111804 |
| **9/30/23** | $1102985 | $1040290 | $1116824 |
| **10/31/23** | $1107666 | $1023873 | $1122085 |
| **11/30/23** | $1112375 | $1070241 | $1127216 |
| **12/31/23** | $1117450 | $1111209 | $1132519 |
| **1/31/24** | $1122187 | $1108157 | $1137809 |
| **2/29/24** | $1126775 | $1092501 | $1142751 |
| **3/31/24** | $1131710 | $1102589 | $1148046 |
| **4/30/24** | $1136511 | $1074739 | $1153200 |
| **5/31/24** | $1141795 | $1092959 | $1158559 |
| **6/30/24** | $1146323 | $1103307 | $1163774 |
| **7/31/24** | $1151394 | $1129077 | $1169185 |
| **8/31/24** | $1156807 | $1145301 | $1174577 |
| **9/30/24** | $1161224 | $1160636 | $1179725 |
| **10/31/24** | $1165860 | $1131854 | $1184817 |
| **11/30/24** | $1170292 | $1143821 | $1189527 |
| **12/31/24** | $1174636 | $1125101 | $1194204 |
| **1/31/25** | $1178898 | $1131070 | $1198799 |
| **2/28/25** | $1182682 | $1155956 | $1202884 |
| **3/31/25** | $1186581 | $1156391 | $1207357 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 4.85% | 2.48% | 1.73% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| FTSE 3-Month Treasury Bill Index | 5.17% | 2.69% | 1.90% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $4462627 |
| # of Portfolio Holdings | 15 |
| Total Net Advisory Fees Paid During the Reporting Period | $4188 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Short-Term Instruments | 146.9% |
| Other Assets and Liabilities, Net | (46.9%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# I-2: PGPXX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO Government Money Market Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1941TSRAR_033125

# Class A: PZRMX

# PIMCO Inflation Response Multi-Asset Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Inflation Response Multi-Asset Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $239 | 2.29% |

---

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

* Eurozone interest rate strategies, including short exposure to duration and exposure to swap spreads, contributed to relative performance versus the Supplemental Index ("Index"), as eurozone rates rose, while swaps spreads tightened.

* U.S. yield curve positioning, specifically overweight exposure to intermediate maturities relative to underweight exposure to long-term maturities, contributed to relative performance versus the Index, as the U.S. yield curve steepened.

* Overweight exposure to intermediate U.S. breakeven inflation contributed to relative performance versus the Index, as intermediate U.S. breakeven inflation rose.

* Exposure to California Carbon Allowances ("CCAs") detracted from relative performance, as CCAs posted negative returns. Positioning within the energy sector, including underweight exposure to natural gas, detracted from relative performance versus the Index, as natural gas posted positive returns.

* Active real estate investment trust ("REIT") strategies, including underweight exposure to healthcare REITs, detracted from relative performance versus the Index, as healthcare REITs posted positive returns.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g23367ib32328daf17307eb5668.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg U.S. Aggregate Index** | **Supplemental Index<sup>Footnote Reference1</sup>** |
| **3/31/15** | $9448 | $10000 | $10000 |
| **4/30/15** | $9610 | $9964 | $10136 |
| **5/31/15** | $9470 | $9940 | $10028 |
| **6/30/15** | $9329 | $9832 | $9952 |
| **7/31/15** | $9122 | $9900 | $9705 |
| **8/31/15** | $8948 | $9886 | $9581 |
| **9/30/15** | $8733 | $9953 | $9499 |
| **10/31/15** | $8943 | $9954 | $9613 |
| **11/30/15** | $8733 | $9928 | $9380 |
| **12/31/15** | $8630 | $9896 | $9289 |
| **1/31/16** | $8574 | $10032 | $9316 |
| **2/29/16** | $8619 | $10103 | $9431 |
| **3/31/16** | $9063 | $10196 | $9764 |
| **4/30/16** | $9307 | $10235 | $9973 |
| **5/31/16** | $9185 | $10238 | $9855 |
| **6/30/16** | $9496 | $10422 | $10213 |
| **7/31/16** | $9563 | $10488 | $10222 |
| **8/31/16** | $9507 | $10476 | $10100 |
| **9/30/16** | $9641 | $10470 | $10186 |
| **10/31/16** | $9596 | $10389 | $10054 |
| **11/30/16** | $9396 | $10144 | $9850 |
| **12/31/16** | $9501 | $10158 | $9917 |
| **1/31/17** | $9679 | $10178 | $10025 |
| **2/28/17** | $9768 | $10246 | $10146 |
| **3/31/17** | $9699 | $10241 | $10081 |
| **4/30/17** | $9744 | $10320 | $10094 |
| **5/31/17** | $9733 | $10399 | $10087 |
| **6/30/17** | $9698 | $10389 | $10040 |
| **7/31/17** | $9856 | $10434 | $10160 |
| **8/31/17** | $10003 | $10527 | $10264 |
| **9/30/17** | $9971 | $10477 | $10196 |
| **10/31/17** | $10029 | $10483 | $10219 |
| **11/30/17** | $10109 | $10470 | $10275 |
| **12/31/17** | $10256 | $10518 | $10420 |
| **1/31/18** | $10292 | $10397 | $10450 |
| **2/28/18** | $10091 | $10298 | $10258 |
| **3/31/18** | $10244 | $10364 | $10348 |
| **4/30/18** | $10280 | $10287 | $10381 |
| **5/31/18** | $10280 | $10360 | $10420 |
| **6/30/18** | $10218 | $10348 | $10346 |
| **7/31/18** | $10170 | $10350 | $10273 |
| **8/31/18** | $10110 | $10417 | $10234 |
| **9/30/18** | $10119 | $10350 | $10206 |
| **10/31/18** | $9948 | $10268 | $10071 |
| **11/30/18** | $9935 | $10329 | $10162 |
| **12/31/18** | $9841 | $10519 | $10018 |
| **1/31/19** | $10208 | $10631 | $10374 |
| **2/28/19** | $10287 | $10625 | $10392 |
| **3/31/19** | $10353 | $10829 | $10475 |
| **4/30/19** | $10379 | $10831 | $10473 |
| **5/31/19** | $10300 | $11024 | $10485 |
| **6/30/19** | $10471 | $11162 | $10721 |
| **7/31/19** | $10511 | $11187 | $10752 |
| **8/31/19** | $10550 | $11476 | $10862 |
| **9/30/19** | $10534 | $11415 | $10831 |
| **10/31/19** | $10653 | $11450 | $10964 |
| **11/30/19** | $10547 | $11444 | $10856 |
| **12/31/19** | $10773 | $11436 | $11050 |
| **1/31/20** | $10733 | $11656 | $11019 |
| **2/29/20** | $10519 | $11866 | $10834 |
| **3/31/20** | $9585 | $11796 | $10164 |
| **4/30/20** | $9972 | $12006 | $10419 |
| **5/31/20** | $10225 | $12062 | $10568 |
| **6/30/20** | $10474 | $12137 | $10731 |
| **7/31/20** | $10929 | $12319 | $11121 |
| **8/31/20** | $11143 | $12219 | $11341 |
| **9/30/20** | $10969 | $12213 | $11146 |
| **10/31/20** | $10902 | $12158 | $11114 |
| **11/30/20** | $11317 | $12277 | $11379 |
| **12/31/20** | $11733 | $12294 | $11696 |
| **1/31/21** | $11827 | $12206 | $11732 |
| **2/28/21** | $11895 | $12030 | $11775 |
| **3/31/21** | $11881 | $11880 | $11732 |
| **4/30/21** | $12364 | $11974 | $12163 |
| **5/31/21** | $12646 | $12013 | $12429 |
| **6/30/21** | $12655 | $12097 | $12427 |
| **7/31/21** | $12918 | $12232 | $12708 |
| **8/31/21** | $12974 | $12209 | $12727 |
| **9/30/21** | $12859 | $12103 | $12666 |
| **10/31/21** | $13089 | $12100 | $12925 |
| **11/30/21** | $12845 | $12136 | $12723 |
| **12/31/21** | $13281 | $12105 | $13009 |
| **1/31/22** | $13147 | $11844 | $13013 |
| **2/28/22** | $13311 | $11712 | $13219 |
| **3/31/22** | $13688 | $11386 | $13384 |
| **4/30/22** | $13552 | $10954 | $13221 |
| **5/31/22** | $13461 | $11025 | $13082 |
| **6/30/22** | $12760 | $10852 | $12435 |
| **7/31/22** | $13258 | $11117 | $12852 |
| **8/31/22** | $12900 | $10803 | $12580 |
| **9/30/22** | $11901 | $10336 | $11754 |
| **10/31/22** | $12222 | $10202 | $11910 |
| **11/30/22** | $12591 | $10578 | $12304 |
| **12/31/22** | $12560 | $10530 | $12212 |
| **1/31/23** | $12849 | $10854 | $12562 |
| **2/28/23** | $12509 | $10573 | $12204 |
| **3/31/23** | $12713 | $10842 | $12457 |
| **4/30/23** | $12781 | $10908 | $12474 |
| **5/31/23** | $12458 | $10789 | $12199 |
| **6/30/23** | $12611 | $10750 | $12337 |
| **7/31/23** | $13018 | $10743 | $12600 |
| **8/31/23** | $12899 | $10674 | $12441 |
| **9/30/23** | $12628 | $10403 | $12151 |
| **10/31/23** | $12611 | $10239 | $12153 |
| **11/30/23** | $13035 | $10702 | $12471 |
| **12/31/23** | $13307 | $11112 | $12727 |
| **1/31/24** | $13375 | $11082 | $12659 |
| **2/29/24** | $13324 | $10925 | $12588 |
| **3/31/24** | $13595 | $11026 | $12846 |
| **4/30/24** | $13392 | $10747 | $12755 |
| **5/31/24** | $13663 | $10930 | $13002 |
| **6/30/24** | $13673 | $11033 | $13028 |
| **7/31/24** | $13879 | $11291 | $13175 |
| **8/31/24** | $14050 | $11453 | $13387 |
| **9/30/24** | $14407 | $11606 | $13758 |
| **10/31/24** | $14130 | $11319 | $13554 |
| **11/30/24** | $14216 | $11438 | $13599 |
| **12/31/24** | $13996 | $11251 | $13388 |
| **1/31/25** | $14294 | $11311 | $13708 |
| **2/28/25** | $14575 | $11560 | $13935 |
| **3/31/25** | $14839 | $11564 | $14196 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 9.14% | 9.13% | 4.62% |
| Class A (including sales charge) | 3.09% | 7.90% | 4.03% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| Supplemental Index<sup>Footnote Reference1</sup> | 10.51% | 6.91% | 3.57% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Supplemental Index is comprised of 45% Bloomberg U.S. TIPS Index, 20% Bloomberg Commodity Index Total Return, 15% JPMorgan Emerging Local Markets Index Plus (Unhedged), 10% Dow Jones U.S. Select REIT Total Return Index, 10% Bloomberg Gold Subindex Total Return Index. |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $1819828 |
| # of Portfolio Holdings | 1155 |
| Portfolio Turnover Rate | 322% |
| Total Net Advisory Fees Paid During the Reporting Period | $6726 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 60.8% |
| U.S. Government Agencies | 27.7% |
| Commodities | 23.2% |
| Sovereign Issues | 10.4% |
| Asset-Backed Securities | 7.7% |
| Real Estate Investment Trusts | 4.7% |
| Corporate Bonds & Notes | 1.5% |
| Non-Agency Mortgage-Backed Securities | 0.7% |
| Common Stocks | 0.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 2.9% |
| Affiliated Investments | 9.9% |
| Financial Derivative Instruments | (0.5%) |
| Other Assets and Liabilities, Net | (49.2%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# Class A: PZRMX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

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

March 31, 2025

PIMS6034TSRAR_033125

# I-3: PFRMX

# PIMCO Inflation Response Multi-Asset Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Inflation Response Multi-Asset Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $209 | 1.99% |

---

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

* Eurozone interest rate strategies, including short exposure to duration and exposure to swap spreads, contributed to relative performance versus the Supplemental Index ("Index"), as eurozone rates rose, while swaps spreads tightened.

* U.S. yield curve positioning, specifically overweight exposure to intermediate maturities relative to underweight exposure to long-term maturities, contributed to relative performance versus the Index, as the U.S. yield curve steepened.

* Overweight exposure to intermediate U.S. breakeven inflation contributed to relative performance versus the Index, as intermediate U.S. breakeven inflation rose.

* Exposure to California Carbon Allowances ("CCAs") detracted from relative performance, as CCAs posted negative returns. Positioning within the energy sector, including underweight exposure to natural gas, detracted from relative performance versus the Index, as natural gas posted positive returns.

* Active real estate investment trust ("REIT") strategies, including underweight exposure to healthcare REITs, detracted from relative performance versus the Index, as healthcare REITs posted positive returns.

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

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. For periods prior to the inception date of I-3 shares (9/15/2022), performance information shown in the graph and table for these shares is based on the performance of the Fund's Institutional Class shares, adjusted to reflect the fees and other expenses paid by I-3 shares. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g23367if108a18215c752bc3fc3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-3** | **Bloomberg U.S. Aggregate Index** | **Supplemental Index<sup>Footnote Reference1</sup>** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1017115 | $996412 | $1013620 |
| **5/31/15** | $1002376 | $994012 | $1002830 |
| **6/30/15** | $987400 | $983174 | $995224 |
| **7/31/15** | $966784 | $990008 | $970496 |
| **8/31/15** | $948461 | $988586 | $958149 |
| **9/30/15** | $925930 | $995273 | $949942 |
| **10/31/15** | $947854 | $995439 | $961333 |
| **11/30/15** | $926857 | $992809 | $937984 |
| **12/31/15** | $915229 | $989601 | $928892 |
| **1/31/16** | $910427 | $1003219 | $931617 |
| **2/29/16** | $915007 | $1010335 | $943114 |
| **3/31/16** | $962922 | $1019605 | $976404 |
| **4/30/16** | $988574 | $1023519 | $997347 |
| **5/31/16** | $975565 | $1023781 | $985496 |
| **6/30/16** | $1008236 | $1042177 | $1021332 |
| **7/31/16** | $1016304 | $1048765 | $1022217 |
| **8/31/16** | $1010320 | $1047566 | $1009976 |
| **9/30/16** | $1024244 | $1046952 | $1018573 |
| **10/31/16** | $1020603 | $1038944 | $1005448 |
| **11/30/16** | $999412 | $1014369 | $985036 |
| **12/31/16** | $1010080 | $1015800 | $991687 |
| **1/31/17** | $1029940 | $1017793 | $1002512 |
| **2/28/17** | $1040402 | $1024634 | $1014611 |
| **3/31/17** | $1032775 | $1024097 | $1008101 |
| **4/30/17** | $1037384 | $1032000 | $1009446 |
| **5/31/17** | $1036069 | $1039943 | $1008738 |
| **6/30/17** | $1033084 | $1038896 | $1004033 |
| **7/31/17** | $1050928 | $1043367 | $1015955 |
| **8/31/17** | $1067571 | $1052726 | $1026356 |
| **9/30/17** | $1064127 | $1047712 | $1019564 |
| **10/31/17** | $1070057 | $1048319 | $1021934 |
| **11/30/17** | $1078417 | $1046973 | $1027488 |
| **12/31/17** | $1095199 | $1051778 | $1042028 |
| **1/31/18** | $1098814 | $1039665 | $1044964 |
| **2/28/18** | $1077414 | $1029809 | $1025790 |
| **3/31/18** | $1093543 | $1036414 | $1034811 |
| **4/30/18** | $1098413 | $1028705 | $1038066 |
| **5/31/18** | $1098273 | $1036047 | $1041957 |
| **6/30/18** | $1092438 | $1034773 | $1034564 |
| **7/31/18** | $1088476 | $1035019 | $1027347 |
| **8/31/18** | $1080691 | $1041679 | $1023385 |
| **9/30/18** | $1082814 | $1034971 | $1020625 |
| **10/31/18** | $1064522 | $1026792 | $1007111 |
| **11/30/18** | $1063095 | $1032921 | $1016168 |
| **12/31/18** | $1053041 | $1051898 | $1001769 |
| **1/31/19** | $1093246 | $1063068 | $1037394 |
| **2/28/19** | $1101465 | $1062452 | $1039163 |
| **3/31/19** | $1109668 | $1082853 | $1047512 |
| **4/30/19** | $1112312 | $1083130 | $1047334 |
| **5/31/19** | $1103829 | $1102358 | $1048467 |
| **6/30/19** | $1122740 | $1116201 | $1072134 |
| **7/31/19** | $1126781 | $1118657 | $1075247 |
| **8/31/19** | $1132216 | $1147643 | $1086178 |
| **9/30/19** | $1130207 | $1141531 | $1083065 |
| **10/31/19** | $1142667 | $1144969 | $1096403 |
| **11/30/19** | $1132724 | $1144386 | $1085613 |
| **12/31/19** | $1156892 | $1143588 | $1104999 |
| **1/31/20** | $1152491 | $1165596 | $1101851 |
| **2/29/20** | $1129673 | $1186575 | $1083384 |
| **3/31/20** | $1028903 | $1179592 | $1016415 |
| **4/30/20** | $1072705 | $1200561 | $1041922 |
| **5/31/20** | $1099492 | $1206151 | $1056816 |
| **6/30/20** | $1126550 | $1213749 | $1073124 |
| **7/31/20** | $1174705 | $1231878 | $1112145 |
| **8/31/20** | $1200123 | $1221935 | $1134079 |
| **9/30/20** | $1180093 | $1221265 | $1114621 |
| **10/31/20** | $1174261 | $1215812 | $1111402 |
| **11/30/20** | $1219550 | $1227742 | $1137900 |
| **12/31/20** | $1263286 | $1229433 | $1169632 |
| **1/31/21** | $1274543 | $1220618 | $1173241 |
| **2/28/21** | $1281531 | $1202992 | $1177451 |
| **3/31/21** | $1281367 | $1187971 | $1173241 |
| **4/30/21** | $1332575 | $1197356 | $1216260 |
| **5/31/21** | $1363791 | $1201268 | $1242863 |
| **6/30/21** | $1365080 | $1209708 | $1242721 |
| **7/31/21** | $1394293 | $1223233 | $1270775 |
| **8/31/21** | $1399993 | $1220905 | $1272721 |
| **9/30/21** | $1388888 | $1210334 | $1266566 |
| **10/31/21** | $1413128 | $1210000 | $1292497 |
| **11/30/21** | $1387010 | $1213580 | $1272261 |
| **12/31/21** | $1435826 | $1210475 | $1300916 |
| **1/31/22** | $1419762 | $1184396 | $1301306 |
| **2/28/22** | $1438655 | $1171183 | $1321895 |
| **3/31/22** | $1479584 | $1138645 | $1338416 |
| **4/30/22** | $1464880 | $1095436 | $1322107 |
| **5/31/22** | $1455016 | $1102499 | $1308169 |
| **6/30/22** | $1379638 | $1085203 | $1243535 |
| **7/31/22** | $1433920 | $1111719 | $1285174 |
| **8/31/22** | $1395787 | $1080306 | $1258040 |
| **9/30/22** | $1287757 | $1033630 | $1175364 |
| **10/31/22** | $1321825 | $1020242 | $1191036 |
| **11/30/22** | $1364409 | $1057762 | $1230445 |
| **12/31/22** | $1360925 | $1052991 | $1221177 |
| **1/31/23** | $1391609 | $1085385 | $1256235 |
| **2/28/23** | $1353705 | $1057322 | $1220434 |
| **3/31/23** | $1378974 | $1084180 | $1245658 |
| **4/30/23** | $1384389 | $1090751 | $1247356 |
| **5/31/23** | $1351900 | $1078874 | $1219939 |
| **6/30/23** | $1369950 | $1075027 | $1233665 |
| **7/31/23** | $1413268 | $1074277 | $1259985 |
| **8/31/23** | $1402439 | $1067415 | $1244101 |
| **9/30/23** | $1373560 | $1040290 | $1215057 |
| **10/31/23** | $1371755 | $1023873 | $1215304 |
| **11/30/23** | $1416878 | $1070241 | $1247144 |
| **12/31/23** | $1448361 | $1111209 | $1272650 |
| **1/31/24** | $1455594 | $1108157 | $1265893 |
| **2/29/24** | $1450170 | $1092501 | $1258818 |
| **3/31/24** | $1479790 | $1102589 | $1284643 |
| **4/30/24** | $1458082 | $1074739 | $1275516 |
| **5/31/24** | $1487026 | $1092959 | $1300174 |
| **6/30/24** | $1489235 | $1103307 | $1302827 |
| **7/31/24** | $1511189 | $1129077 | $1317508 |
| **8/31/24** | $1531314 | $1145301 | $1338699 |
| **9/30/24** | $1570765 | $1160636 | $1375809 |
| **10/31/24** | $1541163 | $1131854 | $1355397 |
| **11/30/24** | $1550414 | $1143821 | $1359855 |
| **12/31/24** | $1526305 | $1125101 | $1338805 |
| **1/31/25** | $1560056 | $1131070 | $1370821 |
| **2/28/25** | $1590057 | $1155956 | $1393498 |
| **3/31/25** | $1621074 | $1156391 | $1419606 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-3 | 9.55% | 9.52% | 4.95% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| Supplemental Index<sup>Footnote Reference1</sup> | 10.51% | 6.91% | 3.57% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Supplemental Index is comprised of 45% Bloomberg U.S. TIPS Index, 20% Bloomberg Commodity Index Total Return, 15% JPMorgan Emerging Local Markets Index Plus (Unhedged), 10% Dow Jones U.S. Select REIT Total Return Index, 10% Bloomberg Gold Subindex Total Return Index. |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $1819828 |
| # of Portfolio Holdings | 1155 |
| Portfolio Turnover Rate | 322% |
| Total Net Advisory Fees Paid During the Reporting Period | $6726 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 60.8% |
| U.S. Government Agencies | 27.7% |
| Commodities | 23.2% |
| Sovereign Issues | 10.4% |
| Asset-Backed Securities | 7.7% |
| Real Estate Investment Trusts | 4.7% |
| Corporate Bonds & Notes | 1.5% |
| Non-Agency Mortgage-Backed Securities | 0.7% |
| Common Stocks | 0.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 2.9% |
| Affiliated Investments | 9.9% |
| Financial Derivative Instruments | (0.5%) |
| Other Assets and Liabilities, Net | (49.2%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# I-3: PFRMX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

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

March 31, 2025

PIMS2238TSRAR_033125

# Institutional Class: PIRMX

# PIMCO Inflation Response Multi-Asset Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Inflation Response Multi-Asset Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $193 | 1.84% |

---

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

* Eurozone interest rate strategies, including short exposure to duration and exposure to swap spreads, contributed to relative performance versus the Supplemental Index ("Index"), as eurozone rates rose, while swaps spreads tightened.

* U.S. yield curve positioning, specifically overweight exposure to intermediate maturities relative to underweight exposure to long-term maturities, contributed to relative performance versus the Index, as the U.S. yield curve steepened.

* Overweight exposure to intermediate U.S. breakeven inflation contributed to relative performance versus the Index, as intermediate U.S. breakeven inflation rose.

* Exposure to California Carbon Allowances ("CCAs") detracted from relative performance, as CCAs posted negative returns. Positioning within the energy sector, including underweight exposure to natural gas, detracted from relative performance versus the Index, as natural gas posted positive returns.

* Active real estate investment trust ("REIT") strategies, including underweight exposure to healthcare REITs, detracted from relative performance versus the Index, as healthcare REITs posted positive returns.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g23367i826ee6c39fc5d43221c1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg U.S. Aggregate Index** | **Supplemental Index<sup>Footnote Reference1</sup>** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1017065 | $996412 | $1013620 |
| **5/31/15** | $1002275 | $994012 | $1002830 |
| **6/30/15** | $987252 | $983174 | $995224 |
| **7/31/15** | $966589 | $990008 | $970496 |
| **8/31/15** | $948221 | $988586 | $958149 |
| **9/30/15** | $925650 | $995273 | $949942 |
| **10/31/15** | $947689 | $995439 | $961333 |
| **11/30/15** | $926809 | $992809 | $937984 |
| **12/31/15** | $915300 | $989601 | $928892 |
| **1/31/16** | $910612 | $1003219 | $931617 |
| **2/29/16** | $915300 | $1010335 | $943114 |
| **3/31/16** | $963350 | $1019605 | $976404 |
| **4/30/16** | $989133 | $1023519 | $997347 |
| **5/31/16** | $976241 | $1023781 | $985496 |
| **6/30/16** | $1009056 | $1042177 | $1021332 |
| **7/31/16** | $1017260 | $1048765 | $1022217 |
| **8/31/16** | $1011400 | $1047566 | $1009976 |
| **9/30/16** | $1025464 | $1046952 | $1018573 |
| **10/31/16** | $1021948 | $1038944 | $1005448 |
| **11/30/16** | $1000853 | $1014369 | $985036 |
| **12/31/16** | $1011664 | $1015800 | $991687 |
| **1/31/17** | $1031685 | $1017793 | $1002512 |
| **2/28/17** | $1042284 | $1024634 | $1014611 |
| **3/31/17** | $1034775 | $1024097 | $1008101 |
| **4/30/17** | $1039521 | $1032000 | $1009446 |
| **5/31/17** | $1038335 | $1039943 | $1008738 |
| **6/30/17** | $1035471 | $1038896 | $1004033 |
| **7/31/17** | $1053489 | $1043367 | $1015955 |
| **8/31/17** | $1070307 | $1052726 | $1026356 |
| **9/30/17** | $1066986 | $1047712 | $1019564 |
| **10/31/17** | $1073069 | $1048319 | $1021934 |
| **11/30/17** | $1081586 | $1046973 | $1027488 |
| **12/31/17** | $1098555 | $1051778 | $1042028 |
| **1/31/18** | $1102322 | $1039665 | $1044964 |
| **2/28/18** | $1080978 | $1029809 | $1025790 |
| **3/31/18** | $1097300 | $1036414 | $1034811 |
| **4/30/18** | $1102322 | $1028705 | $1038066 |
| **5/31/18** | $1102322 | $1036047 | $1041957 |
| **6/30/18** | $1096600 | $1034773 | $1034564 |
| **7/31/18** | $1092761 | $1035019 | $1027347 |
| **8/31/18** | $1085084 | $1041679 | $1023385 |
| **9/30/18** | $1087350 | $1034971 | $1020625 |
| **10/31/18** | $1069119 | $1026792 | $1007111 |
| **11/30/18** | $1067816 | $1032921 | $1016168 |
| **12/31/18** | $1057853 | $1051898 | $1001769 |
| **1/31/19** | $1098379 | $1063068 | $1037394 |
| **2/28/19** | $1106763 | $1062452 | $1039163 |
| **3/31/19** | $1115148 | $1082853 | $1047512 |
| **4/30/19** | $1117943 | $1083130 | $1047334 |
| **5/31/19** | $1109558 | $1102358 | $1048467 |
| **6/30/19** | $1128706 | $1116201 | $1072134 |
| **7/31/19** | $1132912 | $1118657 | $1075247 |
| **8/31/19** | $1138521 | $1147643 | $1086178 |
| **9/30/19** | $1136642 | $1141531 | $1083065 |
| **10/31/19** | $1149319 | $1144969 | $1096403 |
| **11/30/19** | $1139459 | $1144386 | $1085613 |
| **12/31/19** | $1163917 | $1143588 | $1104999 |
| **1/31/20** | $1159638 | $1165596 | $1101851 |
| **2/29/20** | $1136816 | $1186575 | $1083384 |
| **3/31/20** | $1035544 | $1179592 | $1016415 |
| **4/30/20** | $1079762 | $1200561 | $1041922 |
| **5/31/20** | $1106863 | $1206151 | $1056816 |
| **6/30/20** | $1134240 | $1213749 | $1073124 |
| **7/31/20** | $1182871 | $1231878 | $1112145 |
| **8/31/20** | $1208617 | $1221935 | $1134079 |
| **9/30/20** | $1188592 | $1221265 | $1114621 |
| **10/31/20** | $1182871 | $1215812 | $1111402 |
| **11/30/20** | $1228641 | $1227742 | $1137900 |
| **12/31/20** | $1272862 | $1229433 | $1169632 |
| **1/31/21** | $1284368 | $1220618 | $1173241 |
| **2/28/21** | $1291560 | $1202992 | $1177451 |
| **3/31/21** | $1291560 | $1187971 | $1173241 |
| **4/30/21** | $1343337 | $1197356 | $1216260 |
| **5/31/21** | $1374979 | $1201268 | $1242863 |
| **6/30/21** | $1376448 | $1209708 | $1242721 |
| **7/31/21** | $1406081 | $1223233 | $1270775 |
| **8/31/21** | $1412008 | $1220905 | $1272721 |
| **9/30/21** | $1400981 | $1210334 | $1266566 |
| **10/31/21** | $1425614 | $1210000 | $1292497 |
| **11/30/21** | $1399441 | $1213580 | $1272261 |
| **12/31/21** | $1448875 | $1210475 | $1300916 |
| **1/31/22** | $1432847 | $1184396 | $1301306 |
| **2/28/22** | $1452080 | $1171183 | $1321895 |
| **3/31/22** | $1493581 | $1138645 | $1338416 |
| **4/30/22** | $1478922 | $1095436 | $1322107 |
| **5/31/22** | $1469149 | $1102499 | $1308169 |
| **6/30/22** | $1393216 | $1085203 | $1243535 |
| **7/31/22** | $1448211 | $1111719 | $1285174 |
| **8/31/22** | $1409881 | $1080306 | $1258040 |
| **9/30/22** | $1302562 | $1033630 | $1175364 |
| **10/31/22** | $1336975 | $1020242 | $1191036 |
| **11/30/22** | $1378272 | $1057762 | $1230445 |
| **12/31/22** | $1374639 | $1052991 | $1221177 |
| **1/31/23** | $1407456 | $1085385 | $1256235 |
| **2/28/23** | $1369170 | $1057322 | $1220434 |
| **3/31/23** | $1394694 | $1084180 | $1245658 |
| **4/30/23** | $1400163 | $1090751 | $1247356 |
| **5/31/23** | $1365524 | $1078874 | $1219939 |
| **6/30/23** | $1383755 | $1075027 | $1233665 |
| **7/31/23** | $1429333 | $1074277 | $1259985 |
| **8/31/23** | $1416571 | $1067415 | $1244101 |
| **9/30/23** | $1387401 | $1040290 | $1215057 |
| **10/31/23** | $1385578 | $1023873 | $1215304 |
| **11/30/23** | $1432979 | $1070241 | $1247144 |
| **12/31/23** | $1464011 | $1111209 | $1272650 |
| **1/31/24** | $1471313 | $1108157 | $1265893 |
| **2/29/24** | $1465836 | $1092501 | $1258818 |
| **3/31/24** | $1497815 | $1102589 | $1284643 |
| **4/30/24** | $1475896 | $1074739 | $1275516 |
| **5/31/24** | $1505121 | $1092959 | $1300174 |
| **6/30/24** | $1507654 | $1103307 | $1302827 |
| **7/31/24** | $1529825 | $1129077 | $1317508 |
| **8/31/24** | $1550149 | $1145301 | $1338699 |
| **9/30/24** | $1590415 | $1160636 | $1375809 |
| **10/31/24** | $1560513 | $1131854 | $1355397 |
| **11/30/24** | $1569858 | $1143821 | $1359855 |
| **12/31/24** | $1544321 | $1125101 | $1338805 |
| **1/31/25** | $1580324 | $1131070 | $1370821 |
| **2/28/25** | $1610642 | $1155956 | $1393498 |
| **3/31/25** | $1642383 | $1156391 | $1419606 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 9.65% | 9.66% | 5.09% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| Supplemental Index<sup>Footnote Reference1</sup> | 10.51% | 6.91% | 3.57% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Supplemental Index is comprised of 45% Bloomberg U.S. TIPS Index, 20% Bloomberg Commodity Index Total Return, 15% JPMorgan Emerging Local Markets Index Plus (Unhedged), 10% Dow Jones U.S. Select REIT Total Return Index, 10% Bloomberg Gold Subindex Total Return Index. |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $1819828 |
| # of Portfolio Holdings | 1155 |
| Portfolio Turnover Rate | 322% |
| Total Net Advisory Fees Paid During the Reporting Period | $6726 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 60.8% |
| U.S. Government Agencies | 27.7% |
| Commodities | 23.2% |
| Sovereign Issues | 10.4% |
| Asset-Backed Securities | 7.7% |
| Real Estate Investment Trusts | 4.7% |
| Corporate Bonds & Notes | 1.5% |
| Non-Agency Mortgage-Backed Securities | 0.7% |
| Common Stocks | 0.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 2.9% |
| Affiliated Investments | 9.9% |
| Financial Derivative Instruments | (0.5%) |
| Other Assets and Liabilities, Net | (49.2%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# Institutional Class: PIRMX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

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

March 31, 2025

PIMS2031TSRAR_033125

# I-2: PPRMX

# PIMCO Inflation Response Multi-Asset Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Inflation Response Multi-Asset Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $203 | 1.94% |

---

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

* Eurozone interest rate strategies, including short exposure to duration and exposure to swap spreads, contributed to relative performance versus the Supplemental Index ("Index"), as eurozone rates rose, while swaps spreads tightened.

* U.S. yield curve positioning, specifically overweight exposure to intermediate maturities relative to underweight exposure to long-term maturities, contributed to relative performance versus the Index, as the U.S. yield curve steepened.

* Overweight exposure to intermediate U.S. breakeven inflation contributed to relative performance versus the Index, as intermediate U.S. breakeven inflation rose.

* Exposure to California Carbon Allowances ("CCAs") detracted from relative performance, as CCAs posted negative returns. Positioning within the energy sector, including underweight exposure to natural gas, detracted from relative performance versus the Index, as natural gas posted positive returns.

* Active real estate investment trust ("REIT") strategies, including underweight exposure to healthcare REITs, detracted from relative performance versus the Index, as healthcare REITs posted positive returns.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g23367i7243d2a379e66f8e9f10.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **Bloomberg U.S. Aggregate Index** | **Supplemental Index<sup>Footnote Reference1</sup>** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1018203 | $996412 | $1013620 |
| **5/31/15** | $1002275 | $994012 | $1002830 |
| **6/30/15** | $988170 | $983174 | $995224 |
| **7/31/15** | $966363 | $990008 | $970496 |
| **8/31/15** | $948000 | $988586 | $958149 |
| **9/30/15** | $926318 | $995273 | $949942 |
| **10/31/15** | $948345 | $995439 | $961333 |
| **11/30/15** | $926318 | $992809 | $937984 |
| **12/31/15** | $915461 | $989601 | $928892 |
| **1/31/16** | $909608 | $1003219 | $931617 |
| **2/29/16** | $914291 | $1010335 | $943114 |
| **3/31/16** | $962288 | $1019605 | $976404 |
| **4/30/16** | $988043 | $1023519 | $997347 |
| **5/31/16** | $976336 | $1023781 | $985496 |
| **6/30/16** | $1009115 | $1042177 | $1021332 |
| **7/31/16** | $1017309 | $1048765 | $1022217 |
| **8/31/16** | $1011456 | $1047566 | $1009976 |
| **9/30/16** | $1025504 | $1046952 | $1018573 |
| **10/31/16** | $1021992 | $1038944 | $1005448 |
| **11/30/16** | $1000920 | $1014369 | $985036 |
| **12/31/16** | $1011314 | $1015800 | $991687 |
| **1/31/17** | $1031305 | $1017793 | $1002512 |
| **2/28/17** | $1041889 | $1024634 | $1014611 |
| **3/31/17** | $1034216 | $1024097 | $1008101 |
| **4/30/17** | $1038954 | $1032000 | $1009446 |
| **5/31/17** | $1037770 | $1039943 | $1008738 |
| **6/30/17** | $1034783 | $1038896 | $1004033 |
| **7/31/17** | $1051570 | $1043367 | $1015955 |
| **8/31/17** | $1068357 | $1052726 | $1026356 |
| **9/30/17** | $1064807 | $1047712 | $1019564 |
| **10/31/17** | $1072092 | $1048319 | $1021934 |
| **11/30/17** | $1080591 | $1046973 | $1027488 |
| **12/31/17** | $1096048 | $1051778 | $1042028 |
| **1/31/18** | $1101059 | $1039665 | $1044964 |
| **2/28/18** | $1079764 | $1029809 | $1025790 |
| **3/31/18** | $1096048 | $1036414 | $1034811 |
| **4/30/18** | $1099806 | $1028705 | $1038066 |
| **5/31/18** | $1099806 | $1036047 | $1041957 |
| **6/30/18** | $1094027 | $1034773 | $1034564 |
| **7/31/18** | $1090198 | $1035019 | $1027347 |
| **8/31/18** | $1082538 | $1041679 | $1023385 |
| **9/30/18** | $1084529 | $1034971 | $1020625 |
| **10/31/18** | $1067644 | $1026792 | $1007111 |
| **11/30/18** | $1065047 | $1032921 | $1016168 |
| **12/31/18** | $1054914 | $1051898 | $1001769 |
| **1/31/19** | $1095327 | $1063068 | $1037394 |
| **2/28/19** | $1103688 | $1062452 | $1039163 |
| **3/31/19** | $1112050 | $1082853 | $1047512 |
| **4/30/19** | $1114837 | $1083130 | $1047334 |
| **5/31/19** | $1106476 | $1102358 | $1048467 |
| **6/30/19** | $1125375 | $1116201 | $1072134 |
| **7/31/19** | $1129569 | $1118657 | $1075247 |
| **8/31/19** | $1135161 | $1147643 | $1086178 |
| **9/30/19** | $1134414 | $1141531 | $1083065 |
| **10/31/19** | $1145646 | $1144969 | $1096403 |
| **11/30/19** | $1135818 | $1144386 | $1085613 |
| **12/31/19** | $1159843 | $1143588 | $1104999 |
| **1/31/20** | $1155579 | $1165596 | $1101851 |
| **2/29/20** | $1132837 | $1186575 | $1083384 |
| **3/31/20** | $1031919 | $1179592 | $1016415 |
| **4/30/20** | $1074561 | $1200561 | $1041922 |
| **5/31/20** | $1102988 | $1206151 | $1056816 |
| **6/30/20** | $1128738 | $1213749 | $1073124 |
| **7/31/20** | $1178619 | $1231878 | $1112145 |
| **8/31/20** | $1202847 | $1221935 | $1134079 |
| **9/30/20** | $1182895 | $1221265 | $1114621 |
| **10/31/20** | $1177194 | $1215812 | $1111402 |
| **11/30/20** | $1222800 | $1227742 | $1137900 |
| **12/31/20** | $1267929 | $1229433 | $1169632 |
| **1/31/21** | $1277958 | $1220618 | $1173241 |
| **2/28/21** | $1286554 | $1202992 | $1177451 |
| **3/31/21** | $1285121 | $1187971 | $1173241 |
| **4/30/21** | $1338131 | $1197356 | $1216260 |
| **5/31/21** | $1368217 | $1201268 | $1242863 |
| **6/30/21** | $1369505 | $1209708 | $1242721 |
| **7/31/21** | $1399021 | $1223233 | $1270775 |
| **8/31/21** | $1404924 | $1220905 | $1272721 |
| **9/30/21** | $1393851 | $1210334 | $1266566 |
| **10/31/21** | $1418385 | $1210000 | $1292497 |
| **11/30/21** | $1392317 | $1213580 | $1272261 |
| **12/31/21** | $1441532 | $1210475 | $1300916 |
| **1/31/22** | $1425568 | $1184396 | $1301306 |
| **2/28/22** | $1444724 | $1171183 | $1321895 |
| **3/31/22** | $1485925 | $1138645 | $1338416 |
| **4/30/22** | $1471325 | $1095436 | $1322107 |
| **5/31/22** | $1461592 | $1102499 | $1308169 |
| **6/30/22** | $1385912 | $1085203 | $1243535 |
| **7/31/22** | $1440684 | $1111719 | $1285174 |
| **8/31/22** | $1400850 | $1080306 | $1258040 |
| **9/30/22** | $1295258 | $1033630 | $1175364 |
| **10/31/22** | $1327811 | $1020242 | $1191036 |
| **11/30/22** | $1370643 | $1057762 | $1230445 |
| **12/31/22** | $1366108 | $1052991 | $1221177 |
| **1/31/23** | $1398764 | $1085385 | $1256235 |
| **2/28/23** | $1360665 | $1057322 | $1220434 |
| **3/31/23** | $1384250 | $1084180 | $1245658 |
| **4/30/23** | $1391507 | $1090751 | $1247356 |
| **5/31/23** | $1357037 | $1078874 | $1219939 |
| **6/30/23** | $1375179 | $1075027 | $1233665 |
| **7/31/23** | $1418720 | $1074277 | $1259985 |
| **8/31/23** | $1407835 | $1067415 | $1244101 |
| **9/30/23** | $1378807 | $1040290 | $1215057 |
| **10/31/23** | $1376993 | $1023873 | $1215304 |
| **11/30/23** | $1422348 | $1070241 | $1247144 |
| **12/31/23** | $1453192 | $1111209 | $1272650 |
| **1/31/24** | $1460449 | $1108157 | $1265893 |
| **2/29/24** | $1455006 | $1092501 | $1258818 |
| **3/31/24** | $1486447 | $1102589 | $1284643 |
| **4/30/24** | $1464667 | $1074739 | $1275516 |
| **5/31/24** | $1493707 | $1092959 | $1300174 |
| **6/30/24** | $1495929 | $1103307 | $1302827 |
| **7/31/24** | $1517955 | $1129077 | $1317508 |
| **8/31/24** | $1538145 | $1145301 | $1338699 |
| **9/30/24** | $1577359 | $1160636 | $1375809 |
| **10/31/24** | $1547668 | $1131854 | $1355397 |
| **11/30/24** | $1556946 | $1143821 | $1359855 |
| **12/31/24** | $1532881 | $1125101 | $1338805 |
| **1/31/25** | $1566736 | $1131070 | $1370821 |
| **2/28/25** | $1598711 | $1155956 | $1393498 |
| **3/31/25** | $1628035 | $1156391 | $1419606 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 9.53% | 9.55% | 4.99% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| Supplemental Index<sup>Footnote Reference1</sup> | 10.51% | 6.91% | 3.57% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Supplemental Index is comprised of 45% Bloomberg U.S. TIPS Index, 20% Bloomberg Commodity Index Total Return, 15% JPMorgan Emerging Local Markets Index Plus (Unhedged), 10% Dow Jones U.S. Select REIT Total Return Index, 10% Bloomberg Gold Subindex Total Return Index. |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $1819828 |
| # of Portfolio Holdings | 1155 |
| Portfolio Turnover Rate | 322% |
| Total Net Advisory Fees Paid During the Reporting Period | $6726 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 60.8% |
| U.S. Government Agencies | 27.7% |
| Commodities | 23.2% |
| Sovereign Issues | 10.4% |
| Asset-Backed Securities | 7.7% |
| Real Estate Investment Trusts | 4.7% |
| Corporate Bonds & Notes | 1.5% |
| Non-Agency Mortgage-Backed Securities | 0.7% |
| Common Stocks | 0.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 2.9% |
| Affiliated Investments | 9.9% |
| Financial Derivative Instruments | (0.5%) |
| Other Assets and Liabilities, Net | (49.2%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# I-2: PPRMX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

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

March 31, 2025

PIMS2033TSRAR_033125

# Institutional Class: PRAIX

# PIMCO Long-Term Real Return Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Long-Term Real Return Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $236 | 2.33% |

---

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

* Eurozone interest rate strategies, including short exposure to duration and exposure to swap spreads, contributed to relative performance versus the Bloomberg U.S. Treasury Inflation Notes: 10+ Year Index ("Index"), as eurozone rates rose, while swaps spreads tightened.

* Exposure to securitized assets, including U.S. non-agency residential mortgage-backed securities and collateralized loan obligations, contributed to relative performance versus the Index, as spreads broadly tightened across these sectors.

* U.S. yield curve positioning, specifically overweight exposure to intermediate maturities relative to underweight exposure to long-term maturities, contributed to relative performance versus the Index, as the U.S. yield curve steepened.

* Overweight exposure to intermediate U.S. breakeven inflation contributed to relative performance versus the Index, as intermediate U.S. breakeven inflation rose.

* Long exposure to U.K. interest rates detracted from relative performance versus the Index, as U.K. interest rates broadly moved higher.

* There were no other material detractors for this Fund.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g23367i339ad6e48ba999465ae4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg U.S. Aggregate Index** | **Bloomberg U.S. Treasury Inflation Notes: 10+ Year Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1001497 | $996412 | $1002961 |
| **5/31/15** | $975993 | $994012 | $983064 |
| **6/30/15** | $951986 | $983174 | $958896 |
| **7/31/15** | $968716 | $990008 | $970457 |
| **8/31/15** | $944468 | $988586 | $955377 |
| **9/30/15** | $923442 | $995273 | $938686 |
| **10/31/15** | $938121 | $995439 | $948489 |
| **11/30/15** | $934858 | $992809 | $948895 |
| **12/31/15** | $916151 | $989601 | $934793 |
| **1/31/16** | $931971 | $1003219 | $955245 |
| **2/29/16** | $944202 | $1010335 | $976618 |
| **3/31/16** | $984016 | $1019605 | $1007581 |
| **4/30/16** | $993933 | $1023519 | $1014213 |
| **5/31/16** | $979894 | $1023781 | $1002077 |
| **6/30/16** | $1018554 | $1042177 | $1039793 |
| **7/31/16** | $1049504 | $1048765 | $1069288 |
| **8/31/16** | $1048539 | $1047566 | $1066656 |
| **9/30/16** | $1053896 | $1046952 | $1064302 |
| **10/31/16** | $1038726 | $1038944 | $1049095 |
| **11/30/16** | $995065 | $1014369 | $1011716 |
| **12/31/16** | $988351 | $1015800 | $1002823 |
| **1/31/17** | $1003117 | $1017793 | $1015086 |
| **2/28/17** | $1018980 | $1024634 | $1029665 |
| **3/31/17** | $1016865 | $1024097 | $1024102 |
| **4/30/17** | $1025754 | $1032000 | $1036389 |
| **5/31/17** | $1024882 | $1039943 | $1036213 |
| **6/30/17** | $1011605 | $1038896 | $1019899 |
| **7/31/17** | $1015451 | $1043367 | $1022099 |
| **8/31/17** | $1039057 | $1052726 | $1048130 |
| **9/30/17** | $1028013 | $1047712 | $1035022 |
| **10/31/17** | $1035252 | $1048319 | $1039398 |
| **11/30/17** | $1045340 | $1046973 | $1050565 |
| **12/31/17** | $1075584 | $1051778 | $1078444 |
| **1/31/18** | $1060680 | $1039665 | $1064749 |
| **2/28/18** | $1028277 | $1029809 | $1030473 |
| **3/31/18** | $1047034 | $1036414 | $1051723 |
| **4/30/18** | $1050124 | $1028705 | $1054617 |
| **5/31/18** | $1046589 | $1036047 | $1057284 |
| **6/30/18** | $1064243 | $1034773 | $1067335 |
| **7/31/18** | $1054882 | $1035019 | $1057712 |
| **8/31/18** | $1059451 | $1041679 | $1067611 |
| **9/30/18** | $1034095 | $1034971 | $1038690 |
| **10/31/18** | $987618 | $1026792 | $991165 |
| **11/30/18** | $995629 | $1032921 | $1003422 |
| **12/31/18** | $1005451 | $1051898 | $1015717 |
| **1/31/19** | $1034301 | $1063068 | $1040565 |
| **2/28/19** | $1024334 | $1062452 | $1034220 |
| **3/31/19** | $1071248 | $1082853 | $1080573 |
| **4/30/19** | $1068522 | $1083130 | $1078601 |
| **5/31/19** | $1122157 | $1102358 | $1131342 |
| **6/30/19** | $1119291 | $1116201 | $1132490 |
| **7/31/19** | $1133751 | $1118657 | $1149611 |
| **8/31/19** | $1224664 | $1147643 | $1246674 |
| **9/30/19** | $1187048 | $1141531 | $1196329 |
| **10/31/19** | $1178309 | $1144969 | $1197884 |
| **11/30/19** | $1191255 | $1144386 | $1208466 |
| **12/31/19** | $1177407 | $1143588 | $1192422 |
| **1/31/20** | $1259972 | $1165596 | $1270902 |
| **2/29/20** | $1293865 | $1186575 | $1322599 |
| **3/31/20** | $1274078 | $1179592 | $1303718 |
| **4/30/20** | $1360685 | $1200561 | $1388176 |
| **5/31/20** | $1354011 | $1206151 | $1371538 |
| **6/30/20** | $1377238 | $1213749 | $1390293 |
| **7/31/20** | $1475244 | $1231878 | $1481930 |
| **8/31/20** | $1464478 | $1221935 | $1475507 |
| **9/30/20** | $1460514 | $1221265 | $1468840 |
| **10/31/20** | $1436458 | $1215812 | $1443348 |
| **11/30/20** | $1484722 | $1227742 | $1484248 |
| **12/31/20** | $1497756 | $1229433 | $1494441 |
| **1/31/21** | $1488513 | $1220618 | $1478208 |
| **2/28/21** | $1399526 | $1202992 | $1390029 |
| **3/31/21** | $1369817 | $1187971 | $1363027 |
| **4/30/21** | $1401861 | $1197356 | $1390948 |
| **5/31/21** | $1433444 | $1201268 | $1427473 |
| **6/30/21** | $1483600 | $1209708 | $1473662 |
| **7/31/21** | $1547637 | $1223233 | $1539450 |
| **8/31/21** | $1545504 | $1220905 | $1537493 |
| **9/30/21** | $1513447 | $1210334 | $1505719 |
| **10/31/21** | $1547710 | $1210000 | $1545506 |
| **11/30/21** | $1607477 | $1213580 | $1606373 |
| **12/31/21** | $1606495 | $1210475 | $1599393 |
| **1/31/22** | $1506214 | $1184396 | $1506507 |
| **2/28/22** | $1508746 | $1171183 | $1511103 |
| **3/31/22** | $1463492 | $1138645 | $1457676 |
| **4/30/22** | $1356127 | $1095436 | $1350992 |
| **5/31/22** | $1270517 | $1102499 | $1270527 |
| **6/30/22** | $1175645 | $1085203 | $1180538 |
| **7/31/22** | $1279295 | $1111719 | $1285379 |
| **8/31/22** | $1226633 | $1080306 | $1231576 |
| **9/30/22** | $1036090 | $1033630 | $1041486 |
| **10/31/22** | $1057819 | $1020242 | $1064093 |
| **11/30/22** | $1118162 | $1057762 | $1123631 |
| **12/31/22** | $1086088 | $1052991 | $1088536 |
| **1/31/23** | $1139577 | $1085385 | $1142921 |
| **2/28/23** | $1107597 | $1057322 | $1114546 |
| **3/31/23** | $1145822 | $1084180 | $1152540 |
| **4/30/23** | $1142662 | $1090751 | $1148125 |
| **5/31/23** | $1120414 | $1078874 | $1130244 |
| **6/30/23** | $1129499 | $1075027 | $1136383 |
| **7/31/23** | $1110575 | $1074277 | $1115191 |
| **8/31/23** | $1070090 | $1067415 | $1075144 |
| **9/30/23** | $997119 | $1040290 | $1001920 |
| **10/31/23** | $951997 | $1023873 | $955870 |
| **11/30/23** | $1026661 | $1070241 | $1032909 |
| **12/31/23** | $1088990 | $1111209 | $1101149 |
| **1/31/24** | $1088217 | $1108157 | $1090034 |
| **2/29/24** | $1065038 | $1092501 | $1066913 |
| **3/31/24** | $1072922 | $1102589 | $1077145 |
| **4/30/24** | $1015699 | $1074739 | $1016960 |
| **5/31/24** | $1054852 | $1092959 | $1055033 |
| **6/30/24** | $1064443 | $1103307 | $1064706 |
| **7/31/24** | $1104401 | $1129077 | $1103148 |
| **8/31/24** | $1119549 | $1145301 | $1117882 |
| **9/30/24** | $1149619 | $1160636 | $1148312 |
| **10/31/24** | $1097332 | $1131854 | $1096921 |
| **11/30/24** | $1106688 | $1143821 | $1104375 |
| **12/31/24** | $1043937 | $1125101 | $1041911 |
| **1/31/25** | $1065077 | $1131070 | $1061051 |
| **2/28/25** | $1118335 | $1155956 | $1113003 |
| **3/31/25** | $1104984 | $1156391 | $1096629 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 2.99% | (2.81%) | 1.00% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| Bloomberg U.S. Treasury Inflation Notes: 10+ Year Index | 1.81% | (3.40%) | 0.93% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $410299 |
| # of Portfolio Holdings | 635 |
| Portfolio Turnover Rate | 188% |
| Total Net Advisory Fees Paid During the Reporting Period | $1022 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 106.5% |
| U.S. Government Agencies | 16.4% |
| Sovereign Issues | 8.7% |
| Asset-Backed Securities | 8.0% |
| Non-Agency Mortgage-Backed Securities | 2.9% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | (0.4%) |
| Other Assets and Liabilities, Net | (42.3%) |
| Total | 100.0% |

---

---

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

---

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

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

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# Institutional Class: PRAIX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO Long-Term Real Return Fund
Annual Shareholder Report \|

March 31, 2025

PIMS0066TSRAR_033125

# I-2: PRTPX

# PIMCO Long-Term Real Return Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Long-Term Real Return Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $247 | 2.43% |

---

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

* Eurozone interest rate strategies, including short exposure to duration and exposure to swap spreads, contributed to relative performance versus the Bloomberg U.S. Treasury Inflation Notes: 10+ Year Index ("Index"), as eurozone rates rose, while swaps spreads tightened.

* Exposure to securitized assets, including U.S. non-agency residential mortgage-backed securities and collateralized loan obligations, contributed to relative performance versus the Index, as spreads broadly tightened across these sectors.

* U.S. yield curve positioning, specifically overweight exposure to intermediate maturities relative to underweight exposure to long-term maturities, contributed to relative performance versus the Index, as the U.S. yield curve steepened.

* Overweight exposure to intermediate U.S. breakeven inflation contributed to relative performance versus the Index, as intermediate U.S. breakeven inflation rose.

* Long exposure to U.K. interest rates detracted from relative performance versus the Index, as U.K. interest rates broadly moved higher.

* There were no other material detractors for this Fund.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g23367i1b7e827ac99233ec2df2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **Bloomberg U.S. Aggregate Index** | **Bloomberg U.S. Treasury Inflation Notes: 10+ Year Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1001416 | $996412 | $1002961 |
| **5/31/15** | $975831 | $994012 | $983064 |
| **6/30/15** | $951749 | $983174 | $958896 |
| **7/31/15** | $968389 | $990008 | $970457 |
| **8/31/15** | $944074 | $988586 | $955377 |
| **9/30/15** | $922981 | $995273 | $938686 |
| **10/31/15** | $937570 | $995439 | $948489 |
| **11/30/15** | $934234 | $992809 | $948895 |
| **12/31/15** | $915455 | $989601 | $934793 |
| **1/31/16** | $931195 | $1003219 | $955245 |
| **2/29/16** | $943344 | $1010335 | $976618 |
| **3/31/16** | $983043 | $1019605 | $1007581 |
| **4/30/16** | $992868 | $1023519 | $1014213 |
| **5/31/16** | $978765 | $1023781 | $1002077 |
| **6/30/16** | $1017302 | $1042177 | $1039793 |
| **7/31/16** | $1048132 | $1048765 | $1069288 |
| **8/31/16** | $1047090 | $1047566 | $1066656 |
| **9/30/16** | $1052350 | $1046952 | $1064302 |
| **10/31/16** | $1037120 | $1038944 | $1049095 |
| **11/30/16** | $993446 | $1014369 | $1011716 |
| **12/31/16** | $986653 | $1015800 | $1002823 |
| **1/31/17** | $1001316 | $1017793 | $1015086 |
| **2/28/17** | $1017075 | $1024634 | $1029665 |
| **3/31/17** | $1014874 | $1024097 | $1024102 |
| **4/30/17** | $1023668 | $1032000 | $1036389 |
| **5/31/17** | $1022712 | $1039943 | $1036213 |
| **6/30/17** | $1009374 | $1038896 | $1019899 |
| **7/31/17** | $1013131 | $1043367 | $1022099 |
| **8/31/17** | $1036597 | $1052726 | $1048130 |
| **9/30/17** | $1025491 | $1047712 | $1035022 |
| **10/31/17** | $1032625 | $1048319 | $1039398 |
| **11/30/17** | $1042601 | $1046973 | $1050565 |
| **12/31/17** | $1072673 | $1051778 | $1078444 |
| **1/31/18** | $1057723 | $1039665 | $1064749 |
| **2/28/18** | $1025331 | $1029809 | $1030473 |
| **3/31/18** | $1043947 | $1036414 | $1051723 |
| **4/30/18** | $1046945 | $1028705 | $1054617 |
| **5/31/18** | $1043333 | $1036047 | $1057284 |
| **6/30/18** | $1060844 | $1034773 | $1067335 |
| **7/31/18** | $1051426 | $1035019 | $1057712 |
| **8/31/18** | $1055883 | $1041679 | $1067611 |
| **9/30/18** | $1030536 | $1034971 | $1038690 |
| **10/31/18** | $984135 | $1026792 | $991165 |
| **11/30/18** | $992031 | $1032921 | $1003422 |
| **12/31/18** | $1001732 | $1051898 | $1015717 |
| **1/31/19** | $1030381 | $1063068 | $1040565 |
| **2/28/19** | $1020368 | $1062452 | $1034220 |
| **3/31/19** | $1067011 | $1082853 | $1080573 |
| **4/30/19** | $1064209 | $1083130 | $1078601 |
| **5/31/19** | $1117531 | $1102358 | $1131342 |
| **6/30/19** | $1114593 | $1116201 | $1132490 |
| **7/31/19** | $1128897 | $1118657 | $1149611 |
| **8/31/19** | $1219317 | $1147643 | $1246674 |
| **9/30/19** | $1181774 | $1141531 | $1196329 |
| **10/31/19** | $1172972 | $1144969 | $1197884 |
| **11/30/19** | $1185758 | $1144386 | $1208466 |
| **12/31/19** | $1171875 | $1143588 | $1192422 |
| **1/31/20** | $1253946 | $1165596 | $1270902 |
| **2/29/20** | $1287582 | $1186575 | $1322599 |
| **3/31/20** | $1267788 | $1179592 | $1303718 |
| **4/30/20** | $1353866 | $1200561 | $1388176 |
| **5/31/20** | $1347118 | $1206151 | $1371538 |
| **6/30/20** | $1370111 | $1213749 | $1390293 |
| **7/31/20** | $1467493 | $1231878 | $1481930 |
| **8/31/20** | $1456673 | $1221935 | $1475507 |
| **9/30/20** | $1452616 | $1221265 | $1468840 |
| **10/31/20** | $1428564 | $1215812 | $1443348 |
| **11/30/20** | $1476449 | $1227742 | $1484248 |
| **12/31/20** | $1489280 | $1229433 | $1494441 |
| **1/31/21** | $1479972 | $1220618 | $1478208 |
| **2/28/21** | $1391386 | $1202992 | $1390029 |
| **3/31/21** | $1361731 | $1187971 | $1363027 |
| **4/30/21** | $1393465 | $1197356 | $1390948 |
| **5/31/21** | $1424749 | $1201268 | $1427473 |
| **6/30/21** | $1474482 | $1209708 | $1473662 |
| **7/31/21** | $1537994 | $1223233 | $1539450 |
| **8/31/21** | $1535743 | $1220905 | $1537493 |
| **9/30/21** | $1503761 | $1210334 | $1505719 |
| **10/31/21** | $1537660 | $1210000 | $1545506 |
| **11/30/21** | $1596911 | $1213580 | $1606373 |
| **12/31/21** | $1595799 | $1210475 | $1599393 |
| **1/31/22** | $1496070 | $1184396 | $1506507 |
| **2/28/22** | $1498473 | $1171183 | $1511103 |
| **3/31/22** | $1453394 | $1138645 | $1457676 |
| **4/30/22** | $1346655 | $1095436 | $1350992 |
| **5/31/22** | $1261547 | $1102499 | $1270527 |
| **6/30/22** | $1167243 | $1085203 | $1180538 |
| **7/31/22** | $1270053 | $1111719 | $1285379 |
| **8/31/22** | $1217667 | $1080306 | $1231576 |
| **9/30/22** | $1028408 | $1033630 | $1041486 |
| **10/31/22** | $1049885 | $1020242 | $1064093 |
| **11/30/22** | $1109686 | $1057762 | $1123631 |
| **12/31/22** | $1077753 | $1052991 | $1088536 |
| **1/31/23** | $1130741 | $1085385 | $1142921 |
| **2/28/23** | $1098924 | $1057322 | $1114546 |
| **3/31/23** | $1136748 | $1084180 | $1152540 |
| **4/30/23** | $1133528 | $1090751 | $1148125 |
| **5/31/23** | $1111365 | $1078874 | $1130244 |
| **6/30/23** | $1120279 | $1075027 | $1136383 |
| **7/31/23** | $1101422 | $1074277 | $1115191 |
| **8/31/23** | $1061182 | $1067415 | $1075144 |
| **9/30/23** | $988732 | $1040290 | $1001920 |
| **10/31/23** | $943916 | $1023873 | $955870 |
| **11/30/23** | $1017864 | $1070241 | $1032909 |
| **12/31/23** | $1079567 | $1111209 | $1101149 |
| **1/31/24** | $1078713 | $1108157 | $1090034 |
| **2/29/24** | $1055653 | $1092501 | $1066913 |
| **3/31/24** | $1063379 | $1102589 | $1077145 |
| **4/30/24** | $1006580 | $1074739 | $1016960 |
| **5/31/24** | $1045288 | $1092959 | $1055033 |
| **6/30/24** | $1054711 | $1103307 | $1064706 |
| **7/31/24** | $1094207 | $1129077 | $1103148 |
| **8/31/24** | $1109114 | $1145301 | $1117882 |
| **9/30/24** | $1138818 | $1160636 | $1148312 |
| **10/31/24** | $1086930 | $1131854 | $1096921 |
| **11/30/24** | $1096107 | $1143821 | $1104375 |
| **12/31/24** | $1033866 | $1125101 | $1041911 |
| **1/31/25** | $1054710 | $1131070 | $1061051 |
| **2/28/25** | $1107367 | $1155956 | $1113003 |
| **3/31/25** | $1094062 | $1156391 | $1096629 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 2.89% | (2.90%) | 0.90% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| Bloomberg U.S. Treasury Inflation Notes: 10+ Year Index | 1.81% | (3.40%) | 0.93% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $410299 |
| # of Portfolio Holdings | 635 |
| Portfolio Turnover Rate | 188% |
| Total Net Advisory Fees Paid During the Reporting Period | $1022 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 106.5% |
| U.S. Government Agencies | 16.4% |
| Sovereign Issues | 8.7% |
| Asset-Backed Securities | 8.0% |
| Non-Agency Mortgage-Backed Securities | 2.9% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | (0.4%) |
| Other Assets and Liabilities, Net | (42.3%) |
| Total | 100.0% |

---

---

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

---

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

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

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# I-2: PRTPX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO Long-Term Real Return Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1993TSRAR_033125

# Institutional Class: PLDIX

# PIMCO Low Duration ESG Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Low Duration ESG Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $54 | 0.52% |

---

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

* Overweight exposure to U.S. duration, specifically the 2-year part of the curve, contributed to relative performance versus the ICE BofA 1-3 Year U.S. Treasury Index ("Index"), as interest rates fell. 

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

* Overweight exposure to investment grade corporate credit, specifically financials, contributed to relative performance versus the Index, as investment grade corporate bonds had positive returns. 

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

* There were no other material detractors for this Fund.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g23367i9969c81edd0d10a81b89.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg U.S. Aggregate Index** | **ICE BofA 1-3 Year U.S. Treasury Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $999089 | $996412 | $1000460 |
| **5/31/15** | $1000664 | $994012 | $1001200 |
| **6/30/15** | $998459 | $983174 | $1001451 |
| **7/31/15** | $1000041 | $990008 | $1001971 |
| **8/31/15** | $996023 | $988586 | $1001551 |
| **9/30/15** | $993828 | $995273 | $1004585 |
| **10/31/15** | $998604 | $995439 | $1003601 |
| **11/30/15** | $997672 | $992809 | $1001132 |
| **12/31/15** | $997066 | $989601 | $1000191 |
| **1/31/16** | $997756 | $1003219 | $1006282 |
| **2/29/16** | $992128 | $1010335 | $1007439 |
| **3/31/16** | $999032 | $1019605 | $1009192 |
| **4/30/16** | $1002662 | $1023519 | $1009555 |
| **5/31/16** | $1003628 | $1023781 | $1008485 |
| **6/30/16** | $1005812 | $1042177 | $1014526 |
| **7/31/16** | $1006798 | $1048765 | $1013948 |
| **8/31/16** | $1008602 | $1047566 | $1012265 |
| **9/30/16** | $1013375 | $1046952 | $1013439 |
| **10/31/16** | $1012675 | $1038944 | $1012760 |
| **11/30/16** | $1008197 | $1014369 | $1008739 |
| **12/31/16** | $1012149 | $1015800 | $1009042 |
| **1/31/17** | $1014626 | $1017793 | $1010313 |
| **2/28/17** | $1017780 | $1024634 | $1011344 |
| **3/31/17** | $1017923 | $1024097 | $1011667 |
| **4/30/17** | $1019967 | $1032000 | $1013074 |
| **5/31/17** | $1021791 | $1039943 | $1014249 |
| **6/30/17** | $1022618 | $1038896 | $1013437 |
| **7/31/17** | $1026553 | $1043367 | $1015596 |
| **8/31/17** | $1030533 | $1052726 | $1017516 |
| **9/30/17** | $1031303 | $1047712 | $1015847 |
| **10/31/17** | $1031005 | $1048319 | $1015227 |
| **11/30/17** | $1028501 | $1046973 | $1013176 |
| **12/31/17** | $1029237 | $1051778 | $1013298 |
| **1/31/18** | $1025570 | $1039665 | $1010390 |
| **2/28/18** | $1024231 | $1029809 | $1010006 |
| **3/31/18** | $1024102 | $1036414 | $1011985 |
| **4/30/18** | $1022080 | $1028705 | $1010417 |
| **5/31/18** | $1025635 | $1036047 | $1014075 |
| **6/30/18** | $1026024 | $1034773 | $1014227 |
| **7/31/18** | $1027455 | $1035019 | $1014176 |
| **8/31/18** | $1031297 | $1041679 | $1017401 |
| **9/30/18** | $1030498 | $1034971 | $1016201 |
| **10/31/18** | $1028828 | $1026792 | $1017745 |
| **11/30/18** | $1029758 | $1032921 | $1021277 |
| **12/31/18** | $1032413 | $1051898 | $1029345 |
| **1/31/19** | $1039867 | $1063068 | $1032114 |
| **2/28/19** | $1042993 | $1062452 | $1033156 |
| **3/31/19** | $1047462 | $1082853 | $1039469 |
| **4/30/19** | $1049875 | $1083130 | $1041579 |
| **5/31/19** | $1056991 | $1102358 | $1048974 |
| **6/30/19** | $1063017 | $1116201 | $1054418 |
| **7/31/19** | $1060889 | $1118657 | $1053174 |
| **8/31/19** | $1071885 | $1147643 | $1061673 |
| **9/30/19** | $1072728 | $1141531 | $1060495 |
| **10/31/19** | $1075643 | $1144969 | $1063984 |
| **11/30/19** | $1074193 | $1144386 | $1063643 |
| **12/31/19** | $1076272 | $1143588 | $1065898 |
| **1/31/20** | $1085785 | $1165596 | $1071665 |
| **2/29/20** | $1089407 | $1186575 | $1080999 |
| **3/31/20** | $1078848 | $1179592 | $1095830 |
| **4/30/20** | $1089321 | $1200561 | $1096290 |
| **5/31/20** | $1093843 | $1206151 | $1097003 |
| **6/30/20** | $1098744 | $1213749 | $1097288 |
| **7/31/20** | $1103114 | $1231878 | $1098397 |
| **8/31/20** | $1106195 | $1221935 | $1098133 |
| **9/30/20** | $1104776 | $1221265 | $1098429 |
| **10/31/20** | $1105617 | $1215812 | $1097968 |
| **11/30/20** | $1109823 | $1227742 | $1098473 |
| **12/31/20** | $1111764 | $1229433 | $1098978 |
| **1/31/21** | $1112396 | $1220618 | $1099143 |
| **2/28/21** | $1111987 | $1202992 | $1098264 |
| **3/31/21** | $1110391 | $1187971 | $1098473 |
| **4/30/21** | $1112281 | $1197356 | $1098967 |
| **5/31/21** | $1114064 | $1201268 | $1099802 |
| **6/30/21** | $1112488 | $1209708 | $1098097 |
| **7/31/21** | $1113230 | $1223233 | $1099920 |
| **8/31/21** | $1112763 | $1220905 | $1099832 |
| **9/30/21** | $1112373 | $1210334 | $1098732 |
| **10/31/21** | $1107426 | $1210000 | $1095392 |
| **11/30/21** | $1104790 | $1213580 | $1095601 |
| **12/31/21** | $1104543 | $1210475 | $1092883 |
| **1/31/22** | $1094971 | $1184396 | $1085725 |
| **2/28/22** | $1086686 | $1171183 | $1081664 |
| **3/31/22** | $1068042 | $1138645 | $1067267 |
| **4/30/22** | $1058722 | $1095436 | $1062198 |
| **5/31/22** | $1062135 | $1102499 | $1068072 |
| **6/30/22** | $1050611 | $1085203 | $1061898 |
| **7/31/22** | $1057820 | $1111719 | $1065456 |
| **8/31/22** | $1050225 | $1080306 | $1057784 |
| **9/30/22** | $1034679 | $1033630 | $1045324 |
| **10/31/22** | $1029602 | $1020242 | $1044289 |
| **11/30/22** | $1041178 | $1057762 | $1050858 |
| **12/31/22** | $1042959 | $1052991 | $1053012 |
| **1/31/23** | $1056001 | $1085385 | $1060225 |
| **2/28/23** | $1046664 | $1057322 | $1052570 |
| **3/31/23** | $1060522 | $1084180 | $1069359 |
| **4/30/23** | $1062188 | $1090751 | $1072128 |
| **5/31/23** | $1058171 | $1078874 | $1068429 |
| **6/30/23** | $1052812 | $1075027 | $1063247 |
| **7/31/23** | $1059136 | $1074277 | $1067033 |
| **8/31/23** | $1064673 | $1067415 | $1071226 |
| **9/30/23** | $1064100 | $1040290 | $1071130 |
| **10/31/23** | $1067040 | $1023873 | $1074750 |
| **11/30/23** | $1081022 | $1070241 | $1085648 |
| **12/31/23** | $1096049 | $1111209 | $1097818 |
| **1/31/24** | $1102367 | $1108157 | $1102045 |
| **2/29/24** | $1098883 | $1092501 | $1097504 |
| **3/31/24** | $1103101 | $1102589 | $1101071 |
| **4/30/24** | $1098851 | $1074739 | $1097504 |
| **5/31/24** | $1108326 | $1092959 | $1105044 |
| **6/30/24** | $1113824 | $1103307 | $1111420 |
| **7/31/24** | $1127181 | $1129077 | $1124134 |
| **8/31/24** | $1136889 | $1145301 | $1134218 |
| **9/30/24** | $1147560 | $1160636 | $1143337 |
| **10/31/24** | $1139847 | $1131854 | $1136637 |
| **11/30/24** | $1145924 | $1143821 | $1139967 |
| **12/31/24** | $1150649 | $1125101 | $1142658 |
| **1/31/25** | $1156750 | $1131070 | $1147594 |
| **2/28/25** | $1166327 | $1155956 | $1155455 |
| **3/31/25** | $1169694 | $1156391 | $1160839 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 6.04% | 1.63% | 1.58% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| ICE BofA 1-3 Year U.S. Treasury Index | 5.43% | 1.16% | 1.50% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $310858 |
| # of Portfolio Holdings | 499 |
| Portfolio Turnover Rate | 80% |
| Total Net Advisory Fees Paid During the Reporting Period | $792 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 36.3% |
| Corporate Bonds & Notes | 19.0% |
| U.S. Treasury Obligations | 14.8% |
| Asset-Backed Securities | 11.4% |
| Non-Agency Mortgage-Backed Securities | 10.2% |
| Municipal Bonds & Notes | 0.7% |
| Sovereign Issues | 0.8% |
| Short-Term Instruments | 7.5% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (0.6%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.09% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# Institutional Class: PLDIX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO Low Duration ESG Fund
Annual Shareholder Report \|

March 31, 2025

PIMS0121TSRAR_033125

# I-2: PLUPX

# PIMCO Low Duration ESG Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Low Duration ESG Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $64 | 0.62% |

---

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

* Overweight exposure to U.S. duration, specifically the 2-year part of the curve, contributed to relative performance versus the ICE BofA 1-3 Year U.S. Treasury Index ("Index"), as interest rates fell. 

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

* Overweight exposure to investment grade corporate credit, specifically financials, contributed to relative performance versus the Index, as investment grade corporate bonds had positive returns. 

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

* There were no other material detractors for this Fund.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g23367i37bfc17ace09f2779c13.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **Bloomberg U.S. Aggregate Index** | **ICE BofA 1-3 Year U.S. Treasury Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $999006 | $996412 | $1000460 |
| **5/31/15** | $1000499 | $994012 | $1001200 |
| **6/30/15** | $998212 | $983174 | $1001451 |
| **7/31/15** | $999704 | $990008 | $1001971 |
| **8/31/15** | $995609 | $988586 | $1001551 |
| **9/30/15** | $993334 | $995273 | $1004585 |
| **10/31/15** | $998020 | $995439 | $1003601 |
| **11/30/15** | $997009 | $992809 | $1001132 |
| **12/31/15** | $996311 | $989601 | $1000191 |
| **1/31/16** | $996925 | $1003219 | $1006282 |
| **2/29/16** | $991222 | $1010335 | $1007439 |
| **3/31/16** | $998034 | $1019605 | $1009192 |
| **4/30/16** | $1001577 | $1023519 | $1009555 |
| **5/31/16** | $1002459 | $1023781 | $1008485 |
| **6/30/16** | $1004559 | $1042177 | $1014526 |
| **7/31/16** | $1005451 | $1048765 | $1013948 |
| **8/31/16** | $1007167 | $1047566 | $1012265 |
| **9/30/16** | $1011845 | $1046952 | $1013439 |
| **10/31/16** | $1011066 | $1038944 | $1012760 |
| **11/30/16** | $1006515 | $1014369 | $1008739 |
| **12/31/16** | $1010370 | $1015800 | $1009042 |
| **1/31/17** | $1012762 | $1017793 | $1010313 |
| **2/28/17** | $1015832 | $1024634 | $1011344 |
| **3/31/17** | $1015882 | $1024097 | $1011667 |
| **4/30/17** | $1017844 | $1032000 | $1013074 |
| **5/31/17** | $1019576 | $1039943 | $1014249 |
| **6/30/17** | $1020312 | $1038896 | $1013437 |
| **7/31/17** | $1024157 | $1043367 | $1015596 |
| **8/31/17** | $1028040 | $1052726 | $1017516 |
| **9/30/17** | $1028721 | $1047712 | $1015847 |
| **10/31/17** | $1028339 | $1048319 | $1015227 |
| **11/30/17** | $1025757 | $1046973 | $1013176 |
| **12/31/17** | $1026401 | $1051778 | $1013298 |
| **1/31/18** | $1022659 | $1039665 | $1010390 |
| **2/28/18** | $1021244 | $1029809 | $1010006 |
| **3/31/18** | $1021029 | $1036414 | $1011985 |
| **4/30/18** | $1018932 | $1028705 | $1010417 |
| **5/31/18** | $1022390 | $1036047 | $1014075 |
| **6/30/18** | $1022691 | $1034773 | $1014227 |
| **7/31/18** | $1024033 | $1035019 | $1014176 |
| **8/31/18** | $1027767 | $1041679 | $1017401 |
| **9/30/18** | $1026886 | $1034971 | $1016201 |
| **10/31/18** | $1025141 | $1026792 | $1017745 |
| **11/30/18** | $1025979 | $1032921 | $1021277 |
| **12/31/18** | $1028539 | $1051898 | $1029345 |
| **1/31/19** | $1035880 | $1063068 | $1032114 |
| **2/28/19** | $1038915 | $1062452 | $1033156 |
| **3/31/19** | $1043278 | $1082853 | $1039469 |
| **4/30/19** | $1045596 | $1083130 | $1041579 |
| **5/31/19** | $1052591 | $1102358 | $1048974 |
| **6/30/19** | $1058512 | $1116201 | $1054418 |
| **7/31/19** | $1056304 | $1118657 | $1053174 |
| **8/31/19** | $1067157 | $1147643 | $1061673 |
| **9/30/19** | $1067916 | $1141531 | $1060495 |
| **10/31/19** | $1070727 | $1144969 | $1063984 |
| **11/30/19** | $1069193 | $1144386 | $1063643 |
| **12/31/19** | $1071172 | $1143588 | $1065898 |
| **1/31/20** | $1080546 | $1165596 | $1071665 |
| **2/29/20** | $1084069 | $1186575 | $1080999 |
| **3/31/20** | $1073476 | $1179592 | $1095830 |
| **4/30/20** | $1083807 | $1200561 | $1096290 |
| **5/31/20** | $1088214 | $1206151 | $1097003 |
| **6/30/20** | $1092999 | $1213749 | $1097288 |
| **7/31/20** | $1097240 | $1231878 | $1098397 |
| **8/31/20** | $1100217 | $1221935 | $1098133 |
| **9/30/20** | $1098715 | $1221265 | $1098429 |
| **10/31/20** | $1099455 | $1215812 | $1097968 |
| **11/30/20** | $1103549 | $1227742 | $1098473 |
| **12/31/20** | $1105380 | $1229433 | $1098978 |
| **1/31/21** | $1105924 | $1220618 | $1099143 |
| **2/28/21** | $1105433 | $1202992 | $1098264 |
| **3/31/21** | $1103752 | $1187971 | $1098473 |
| **4/30/21** | $1105533 | $1197356 | $1098967 |
| **5/31/21** | $1107218 | $1201268 | $1099802 |
| **6/30/21** | $1105561 | $1209708 | $1098097 |
| **7/31/21** | $1106201 | $1223233 | $1099920 |
| **8/31/21** | $1105646 | $1220905 | $1099832 |
| **9/30/21** | $1105169 | $1210334 | $1098732 |
| **10/31/21** | $1100159 | $1210000 | $1095392 |
| **11/30/21** | $1097450 | $1213580 | $1095601 |
| **12/31/21** | $1097106 | $1210475 | $1092883 |
| **1/31/22** | $1087511 | $1184396 | $1085725 |
| **2/28/22** | $1079200 | $1171183 | $1081664 |
| **3/31/22** | $1060593 | $1138645 | $1067267 |
| **4/30/22** | $1051249 | $1095436 | $1062198 |
| **5/31/22** | $1054550 | $1102499 | $1068072 |
| **6/30/22** | $1043024 | $1085203 | $1061898 |
| **7/31/22** | $1050092 | $1111719 | $1065456 |
| **8/31/22** | $1042463 | $1080306 | $1057784 |
| **9/30/22** | $1026941 | $1033630 | $1045324 |
| **10/31/22** | $1021821 | $1020242 | $1044289 |
| **11/30/22** | $1033226 | $1057762 | $1050858 |
| **12/31/22** | $1034900 | $1052991 | $1053012 |
| **1/31/23** | $1047758 | $1085385 | $1060225 |
| **2/28/23** | $1038413 | $1057322 | $1052570 |
| **3/31/23** | $1052067 | $1084180 | $1069359 |
| **4/30/23** | $1053640 | $1090751 | $1072128 |
| **5/31/23** | $1049565 | $1078874 | $1068429 |
| **6/30/23** | $1044158 | $1075027 | $1063247 |
| **7/31/23** | $1050346 | $1074277 | $1067033 |
| **8/31/23** | $1055749 | $1067415 | $1071226 |
| **9/30/23** | $1055087 | $1040290 | $1071130 |
| **10/31/23** | $1057916 | $1023873 | $1074750 |
| **11/30/23** | $1071691 | $1070241 | $1085648 |
| **12/31/23** | $1086494 | $1111209 | $1097818 |
| **1/31/24** | $1092667 | $1108157 | $1102045 |
| **2/29/24** | $1089127 | $1092501 | $1097504 |
| **3/31/24** | $1093215 | $1102589 | $1101071 |
| **4/30/24** | $1088913 | $1074739 | $1097504 |
| **5/31/24** | $1098203 | $1092959 | $1105044 |
| **6/30/24** | $1103567 | $1103307 | $1111420 |
| **7/31/24** | $1116707 | $1129077 | $1124134 |
| **8/31/24** | $1126223 | $1145301 | $1134218 |
| **9/30/24** | $1136706 | $1160636 | $1143337 |
| **10/31/24** | $1128968 | $1131854 | $1136637 |
| **11/30/24** | $1134891 | $1143821 | $1139967 |
| **12/31/24** | $1139474 | $1125101 | $1142658 |
| **1/31/25** | $1145416 | $1131070 | $1147594 |
| **2/28/25** | $1154811 | $1155956 | $1155455 |
| **3/31/25** | $1158053 | $1156391 | $1160839 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 5.93% | 1.53% | 1.48% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| ICE BofA 1-3 Year U.S. Treasury Index | 5.43% | 1.16% | 1.50% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $310858 |
| # of Portfolio Holdings | 499 |
| Portfolio Turnover Rate | 80% |
| Total Net Advisory Fees Paid During the Reporting Period | $792 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 36.3% |
| Corporate Bonds & Notes | 19.0% |
| U.S. Treasury Obligations | 14.8% |
| Asset-Backed Securities | 11.4% |
| Non-Agency Mortgage-Backed Securities | 10.2% |
| Municipal Bonds & Notes | 0.7% |
| Sovereign Issues | 0.8% |
| Short-Term Instruments | 7.5% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (0.6%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.09% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# I-2: PLUPX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO Low Duration ESG Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1991TSRAR_033125

# Class A: PTLAX

# PIMCO Low Duration Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Low Duration Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $79 | 0.77% |

---

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

* Overweight exposure to U.S. duration, specifically the 2-year part of the curve, contributed to relative performance versus the ICE BofA 1-3 Year U.S. Treasury Index ("Index"), as interest rates fell. 

* Overweight exposure to agency mortgage-backed securities contributed to relative performance versus the Index, as spreads tightened. 

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

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

* There were no other material detractors for this Fund.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g23367i1cc2f604392f5ee7ea1f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg U.S. Aggregate Index** | **ICE BofA 1-3 Year U.S. Treasury Index** |
| **3/31/15** | $9775 | $10000 | $10000 |
| **4/30/15** | $9769 | $9964 | $10005 |
| **5/31/15** | $9774 | $9940 | $10012 |
| **6/30/15** | $9763 | $9832 | $10015 |
| **7/31/15** | $9778 | $9900 | $10020 |
| **8/31/15** | $9732 | $9886 | $10016 |
| **9/30/15** | $9690 | $9953 | $10046 |
| **10/31/15** | $9744 | $9954 | $10036 |
| **11/30/15** | $9735 | $9928 | $10011 |
| **12/31/15** | $9733 | $9896 | $10002 |
| **1/31/16** | $9740 | $10032 | $10063 |
| **2/29/16** | $9686 | $10103 | $10074 |
| **3/31/16** | $9772 | $10196 | $10092 |
| **4/30/16** | $9805 | $10235 | $10096 |
| **5/31/16** | $9813 | $10238 | $10085 |
| **6/30/16** | $9833 | $10422 | $10145 |
| **7/31/16** | $9841 | $10488 | $10139 |
| **8/31/16** | $9856 | $10476 | $10123 |
| **9/30/16** | $9890 | $10470 | $10134 |
| **10/31/16** | $9893 | $10389 | $10128 |
| **11/30/16** | $9840 | $10144 | $10087 |
| **12/31/16** | $9885 | $10158 | $10090 |
| **1/31/17** | $9897 | $10178 | $10103 |
| **2/28/17** | $9920 | $10246 | $10113 |
| **3/31/17** | $9926 | $10241 | $10117 |
| **4/30/17** | $9949 | $10320 | $10131 |
| **5/31/17** | $9962 | $10399 | $10142 |
| **6/30/17** | $9963 | $10389 | $10134 |
| **7/31/17** | $9993 | $10434 | $10156 |
| **8/31/17** | $10034 | $10527 | $10175 |
| **9/30/17** | $10045 | $10477 | $10158 |
| **10/31/17** | $10034 | $10483 | $10152 |
| **11/30/17** | $10014 | $10470 | $10132 |
| **12/31/17** | $10033 | $10518 | $10133 |
| **1/31/18** | $10001 | $10397 | $10104 |
| **2/28/18** | $10001 | $10298 | $10100 |
| **3/31/18** | $10003 | $10364 | $10120 |
| **4/30/18** | $9975 | $10287 | $10104 |
| **5/31/18** | $9981 | $10360 | $10141 |
| **6/30/18** | $9975 | $10348 | $10142 |
| **7/31/18** | $10011 | $10350 | $10142 |
| **8/31/18** | $9997 | $10417 | $10174 |
| **9/30/18** | $10012 | $10350 | $10162 |
| **10/31/18** | $10017 | $10268 | $10177 |
| **11/30/18** | $10029 | $10329 | $10213 |
| **12/31/18** | $10055 | $10519 | $10293 |
| **1/31/19** | $10121 | $10631 | $10321 |
| **2/28/19** | $10158 | $10625 | $10332 |
| **3/31/19** | $10197 | $10829 | $10395 |
| **4/30/19** | $10225 | $10831 | $10416 |
| **5/31/19** | $10300 | $11024 | $10490 |
| **6/30/19** | $10353 | $11162 | $10544 |
| **7/31/19** | $10340 | $11187 | $10532 |
| **8/31/19** | $10439 | $11476 | $10617 |
| **9/30/19** | $10451 | $11415 | $10605 |
| **10/31/19** | $10471 | $11450 | $10640 |
| **11/30/19** | $10450 | $11444 | $10636 |
| **12/31/19** | $10475 | $11436 | $10659 |
| **1/31/20** | $10567 | $11656 | $10717 |
| **2/29/20** | $10617 | $11866 | $10810 |
| **3/31/20** | $10460 | $11796 | $10958 |
| **4/30/20** | $10585 | $12006 | $10963 |
| **5/31/20** | $10643 | $12062 | $10970 |
| **6/30/20** | $10699 | $12137 | $10973 |
| **7/31/20** | $10721 | $12319 | $10984 |
| **8/31/20** | $10753 | $12219 | $10981 |
| **9/30/20** | $10753 | $12213 | $10984 |
| **10/31/20** | $10752 | $12158 | $10980 |
| **11/30/20** | $10781 | $12277 | $10985 |
| **12/31/20** | $10800 | $12294 | $10990 |
| **1/31/21** | $10806 | $12206 | $10991 |
| **2/28/21** | $10811 | $12030 | $10983 |
| **3/31/21** | $10793 | $11880 | $10985 |
| **4/30/21** | $10798 | $11974 | $10990 |
| **5/31/21** | $10814 | $12013 | $10998 |
| **6/30/21** | $10785 | $12097 | $10981 |
| **7/31/21** | $10800 | $12232 | $10999 |
| **8/31/21** | $10782 | $12209 | $10998 |
| **9/30/21** | $10788 | $12103 | $10987 |
| **10/31/21** | $10738 | $12100 | $10954 |
| **11/30/21** | $10711 | $12136 | $10956 |
| **12/31/21** | $10695 | $12105 | $10929 |
| **1/31/22** | $10613 | $11844 | $10857 |
| **2/28/22** | $10543 | $11712 | $10817 |
| **3/31/22** | $10374 | $11386 | $10673 |
| **4/30/22** | $10285 | $10954 | $10622 |
| **5/31/22** | $10339 | $11025 | $10681 |
| **6/30/22** | $10220 | $10852 | $10619 |
| **7/31/22** | $10256 | $11117 | $10655 |
| **8/31/22** | $10196 | $10803 | $10578 |
| **9/30/22** | $10053 | $10336 | $10453 |
| **10/31/22** | $9986 | $10202 | $10443 |
| **11/30/22** | $10077 | $10578 | $10509 |
| **12/31/22** | $10112 | $10530 | $10530 |
| **1/31/23** | $10230 | $10854 | $10602 |
| **2/28/23** | $10126 | $10573 | $10526 |
| **3/31/23** | $10263 | $10842 | $10694 |
| **4/30/23** | $10283 | $10908 | $10721 |
| **5/31/23** | $10249 | $10789 | $10684 |
| **6/30/23** | $10204 | $10750 | $10632 |
| **7/31/23** | $10279 | $10743 | $10670 |
| **8/31/23** | $10323 | $10674 | $10712 |
| **9/30/23** | $10323 | $10403 | $10711 |
| **10/31/23** | $10354 | $10239 | $10748 |
| **11/30/23** | $10491 | $10702 | $10856 |
| **12/31/23** | $10619 | $11112 | $10978 |
| **1/31/24** | $10673 | $11082 | $11020 |
| **2/29/24** | $10636 | $10925 | $10975 |
| **3/31/24** | $10671 | $11026 | $11011 |
| **4/30/24** | $10624 | $10747 | $10975 |
| **5/31/24** | $10719 | $10930 | $11050 |
| **6/30/24** | $10775 | $11033 | $11114 |
| **7/31/24** | $10906 | $11291 | $11241 |
| **8/31/24** | $10992 | $11453 | $11342 |
| **9/30/24** | $11096 | $11606 | $11433 |
| **10/31/24** | $11013 | $11319 | $11366 |
| **11/30/24** | $11062 | $11438 | $11400 |
| **12/31/24** | $11098 | $11251 | $11427 |
| **1/31/25** | $11158 | $11311 | $11476 |
| **2/28/25** | $11240 | $11560 | $11555 |
| **3/31/25** | $11277 | $11564 | $11608 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 5.68% | 1.52% | 1.44% |
| Class A (including sales charge) | 3.30% | 1.06% | 1.21% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| ICE BofA 1-3 Year U.S. Treasury Index | 5.43% | 1.16% | 1.50% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $6633082 |
| # of Portfolio Holdings | 1339 |
| Portfolio Turnover Rate | 497% |
| Total Net Advisory Fees Paid During the Reporting Period | $14852 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 39.6% |
| U.S. Treasury Obligations | 17.5% |
| Corporate Bonds & Notes | 12.6% |
| Asset-Backed Securities | 7.4% |
| Non-Agency Mortgage-Backed Securities | 4.6% |
| Sovereign Issues | 2.3% |
| Short-Term Instruments | 33.5% |
| Affiliated Investments | 13.6% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (31.1%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# Class A: PTLAX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO Low Duration Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4004TSRAR_033125

# Administrative Class: PLDAX

# PIMCO Low Duration Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Low Duration Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $75 | 0.73% |

---

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

* Overweight exposure to U.S. duration, specifically the 2-year part of the curve, contributed to relative performance versus the ICE BofA 1-3 Year U.S. Treasury Index ("Index"), as interest rates fell. 

* Overweight exposure to agency mortgage-backed securities contributed to relative performance versus the Index, as spreads tightened. 

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

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

* There were no other material detractors for this Fund.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g23367i66c6731d1f49dbbc8193.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Administrative Class** | **Bloomberg U.S. Aggregate Index** | **ICE BofA 1-3 Year U.S. Treasury Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $999437 | $996412 | $1000460 |
| **5/31/15** | $1000065 | $994012 | $1001200 |
| **6/30/15** | $998983 | $983174 | $1001451 |
| **7/31/15** | $1000627 | $990008 | $1001971 |
| **8/31/15** | $995934 | $988586 | $1001551 |
| **9/30/15** | $991762 | $995273 | $1004585 |
| **10/31/15** | $997342 | $995439 | $1003601 |
| **11/30/15** | $996551 | $992809 | $1001132 |
| **12/31/15** | $996353 | $989601 | $1000191 |
| **1/31/16** | $997138 | $1003219 | $1006282 |
| **2/29/16** | $991719 | $1010335 | $1007439 |
| **3/31/16** | $1000554 | $1019605 | $1009192 |
| **4/30/16** | $1004080 | $1023519 | $1009555 |
| **5/31/16** | $1004986 | $1023781 | $1008485 |
| **6/30/16** | $1007051 | $1042177 | $1014526 |
| **7/31/16** | $1007944 | $1048765 | $1013948 |
| **8/31/16** | $1009602 | $1047566 | $1012265 |
| **9/30/16** | $1013105 | $1046952 | $1013439 |
| **10/31/16** | $1013476 | $1038944 | $1012760 |
| **11/30/16** | $1008182 | $1014369 | $1008739 |
| **12/31/16** | $1012882 | $1015800 | $1009042 |
| **1/31/17** | $1014136 | $1017793 | $1010313 |
| **2/28/17** | $1016587 | $1024634 | $1011344 |
| **3/31/17** | $1017282 | $1024097 | $1011667 |
| **4/30/17** | $1019742 | $1032000 | $1013074 |
| **5/31/17** | $1021061 | $1039943 | $1014249 |
| **6/30/17** | $1021322 | $1038896 | $1013437 |
| **7/31/17** | $1024431 | $1043367 | $1015596 |
| **8/31/17** | $1028719 | $1052726 | $1017516 |
| **9/30/17** | $1029877 | $1047712 | $1015847 |
| **10/31/17** | $1028857 | $1048319 | $1015227 |
| **11/30/17** | $1026849 | $1046973 | $1013176 |
| **12/31/17** | $1028961 | $1051778 | $1013298 |
| **1/31/18** | $1025734 | $1039665 | $1010390 |
| **2/28/18** | $1025763 | $1029809 | $1010006 |
| **3/31/18** | $1025993 | $1036414 | $1011985 |
| **4/30/18** | $1023218 | $1028705 | $1010417 |
| **5/31/18** | $1023794 | $1036047 | $1014075 |
| **6/30/18** | $1023288 | $1034773 | $1014227 |
| **7/31/18** | $1027009 | $1035019 | $1014176 |
| **8/31/18** | $1025597 | $1041679 | $1017401 |
| **9/30/18** | $1027121 | $1034971 | $1016201 |
| **10/31/18** | $1027665 | $1026792 | $1017745 |
| **11/30/18** | $1028995 | $1032921 | $1021277 |
| **12/31/18** | $1031673 | $1051898 | $1029345 |
| **1/31/19** | $1038534 | $1063068 | $1032114 |
| **2/28/19** | $1042355 | $1062452 | $1033156 |
| **3/31/19** | $1046323 | $1082853 | $1039469 |
| **4/30/19** | $1049291 | $1083130 | $1041579 |
| **5/31/19** | $1056937 | $1102358 | $1048974 |
| **6/30/19** | $1062381 | $1116201 | $1054418 |
| **7/31/19** | $1061014 | $1118657 | $1053174 |
| **8/31/19** | $1071264 | $1147643 | $1061673 |
| **9/30/19** | $1072478 | $1141531 | $1060495 |
| **10/31/19** | $1074614 | $1144969 | $1063984 |
| **11/30/19** | $1072497 | $1144386 | $1063643 |
| **12/31/19** | $1075043 | $1143588 | $1065898 |
| **1/31/20** | $1084591 | $1165596 | $1071665 |
| **2/29/20** | $1089686 | $1186575 | $1080999 |
| **3/31/20** | $1073589 | $1179592 | $1095830 |
| **4/30/20** | $1086509 | $1200561 | $1096290 |
| **5/31/20** | $1092448 | $1206151 | $1097003 |
| **6/30/20** | $1098227 | $1213749 | $1097288 |
| **7/31/20** | $1100607 | $1231878 | $1098397 |
| **8/31/20** | $1103887 | $1221935 | $1098133 |
| **9/30/20** | $1103890 | $1221265 | $1098429 |
| **10/31/20** | $1103848 | $1215812 | $1097968 |
| **11/30/20** | $1106930 | $1227742 | $1098473 |
| **12/31/20** | $1108920 | $1229433 | $1098978 |
| **1/31/21** | $1109475 | $1220618 | $1099143 |
| **2/28/21** | $1110033 | $1202992 | $1098264 |
| **3/31/21** | $1108290 | $1187971 | $1098473 |
| **4/30/21** | $1108833 | $1197356 | $1098967 |
| **5/31/21** | $1110432 | $1201268 | $1099802 |
| **6/30/21** | $1107547 | $1209708 | $1098097 |
| **7/31/21** | $1109108 | $1223233 | $1099920 |
| **8/31/21** | $1107343 | $1220905 | $1099832 |
| **9/30/21** | $1107921 | $1210334 | $1098732 |
| **10/31/21** | $1102902 | $1210000 | $1095392 |
| **11/30/21** | $1100130 | $1213580 | $1095601 |
| **12/31/21** | $1098548 | $1210475 | $1092883 |
| **1/31/22** | $1090133 | $1184396 | $1085725 |
| **2/28/22** | $1082997 | $1171183 | $1081664 |
| **3/31/22** | $1065699 | $1138645 | $1067267 |
| **4/30/22** | $1056533 | $1095436 | $1062198 |
| **5/31/22** | $1062165 | $1102499 | $1068072 |
| **6/30/22** | $1049973 | $1085203 | $1061898 |
| **7/31/22** | $1053624 | $1111719 | $1065456 |
| **8/31/22** | $1047550 | $1080306 | $1057784 |
| **9/30/22** | $1032850 | $1033630 | $1045324 |
| **10/31/22** | $1026017 | $1020242 | $1044289 |
| **11/30/22** | $1035468 | $1057762 | $1050858 |
| **12/31/22** | $1039111 | $1052991 | $1053012 |
| **1/31/23** | $1051206 | $1085385 | $1060225 |
| **2/28/23** | $1040580 | $1057322 | $1052570 |
| **3/31/23** | $1054713 | $1084180 | $1069359 |
| **4/30/23** | $1056800 | $1090751 | $1072128 |
| **5/31/23** | $1053315 | $1078874 | $1068429 |
| **6/30/23** | $1048723 | $1075027 | $1063247 |
| **7/31/23** | $1056445 | $1074277 | $1067033 |
| **8/31/23** | $1061004 | $1067415 | $1071226 |
| **9/30/23** | $1061017 | $1040290 | $1071130 |
| **10/31/23** | $1064237 | $1023873 | $1074750 |
| **11/30/23** | $1078382 | $1070241 | $1085648 |
| **12/31/23** | $1091550 | $1111209 | $1097818 |
| **1/31/24** | $1097151 | $1108157 | $1102045 |
| **2/29/24** | $1093391 | $1092501 | $1097504 |
| **3/31/24** | $1097041 | $1102589 | $1101071 |
| **4/30/24** | $1092229 | $1074739 | $1097504 |
| **5/31/24** | $1102083 | $1092959 | $1105044 |
| **6/30/24** | $1107875 | $1103307 | $1111420 |
| **7/31/24** | $1121395 | $1129077 | $1124134 |
| **8/31/24** | $1130207 | $1145301 | $1134218 |
| **9/30/24** | $1141001 | $1160636 | $1143337 |
| **10/31/24** | $1132505 | $1131854 | $1136637 |
| **11/30/24** | $1137582 | $1143821 | $1139967 |
| **12/31/24** | $1141323 | $1125101 | $1142658 |
| **1/31/25** | $1147538 | $1131070 | $1147594 |
| **2/28/25** | $1155937 | $1155956 | $1155455 |
| **3/31/25** | $1159786 | $1156391 | $1160839 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Administrative Class | 5.72% | 1.56% | 1.49% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| ICE BofA 1-3 Year U.S. Treasury Index | 5.43% | 1.16% | 1.50% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $6633082 |
| # of Portfolio Holdings | 1339 |
| Portfolio Turnover Rate | 497% |
| Total Net Advisory Fees Paid During the Reporting Period | $14852 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 39.6% |
| U.S. Treasury Obligations | 17.5% |
| Corporate Bonds & Notes | 12.6% |
| Asset-Backed Securities | 7.4% |
| Non-Agency Mortgage-Backed Securities | 4.6% |
| Sovereign Issues | 2.3% |
| Short-Term Instruments | 33.5% |
| Affiliated Investments | 13.6% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (31.1%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# Administrative Class: PLDAX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO Low Duration Fund
Annual Shareholder Report \|

March 31, 2025

PIMS0436TSRAR_033125

# Class C: PTLCX

# PIMCO Low Duration Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Low Duration Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $115 | 1.12% |

---

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

* Overweight exposure to U.S. duration, specifically the 2-year part of the curve, contributed to relative performance versus the ICE BofA 1-3 Year U.S. Treasury Index ("Index"), as interest rates fell. 

* Overweight exposure to agency mortgage-backed securities contributed to relative performance versus the Index, as spreads tightened. 

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

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

* There were no other material detractors for this Fund.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g23367ifb116d833d543b9bbc08.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg U.S. Aggregate Index** | **ICE BofA 1-3 Year U.S. Treasury Index** |
| **3/31/15** | $10000 | $10000 | $10000 |
| **4/30/15** | $9991 | $9964 | $10005 |
| **5/31/15** | $9994 | $9940 | $10012 |
| **6/30/15** | $9980 | $9832 | $10015 |
| **7/31/15** | $9993 | $9900 | $10020 |
| **8/31/15** | $9943 | $9886 | $10016 |
| **9/30/15** | $9898 | $9953 | $10046 |
| **10/31/15** | $9951 | $9954 | $10036 |
| **11/30/15** | $9940 | $9928 | $10011 |
| **12/31/15** | $9934 | $9896 | $10002 |
| **1/31/16** | $9939 | $10032 | $10063 |
| **2/29/16** | $9882 | $10103 | $10074 |
| **3/31/16** | $9967 | $10196 | $10092 |
| **4/30/16** | $9999 | $10235 | $10096 |
| **5/31/16** | $10004 | $10238 | $10085 |
| **6/30/16** | $10022 | $10422 | $10145 |
| **7/31/16** | $10027 | $10488 | $10139 |
| **8/31/16** | $10041 | $10476 | $10123 |
| **9/30/16** | $10072 | $10470 | $10134 |
| **10/31/16** | $10073 | $10389 | $10128 |
| **11/30/16** | $10017 | $10144 | $10087 |
| **12/31/16** | $10060 | $10158 | $10090 |
| **1/31/17** | $10069 | $10178 | $10103 |
| **2/28/17** | $10091 | $10246 | $10113 |
| **3/31/17** | $10094 | $10241 | $10117 |
| **4/30/17** | $10115 | $10320 | $10131 |
| **5/31/17** | $10125 | $10399 | $10142 |
| **6/30/17** | $10124 | $10389 | $10134 |
| **7/31/17** | $10152 | $10434 | $10156 |
| **8/31/17** | $10191 | $10527 | $10175 |
| **9/30/17** | $10199 | $10477 | $10158 |
| **10/31/17** | $10186 | $10483 | $10152 |
| **11/30/17** | $10163 | $10470 | $10132 |
| **12/31/17** | $10180 | $10518 | $10133 |
| **1/31/18** | $10145 | $10397 | $10104 |
| **2/28/18** | $10142 | $10298 | $10100 |
| **3/31/18** | $10141 | $10364 | $10120 |
| **4/30/18** | $10110 | $10287 | $10104 |
| **5/31/18** | $10113 | $10360 | $10141 |
| **6/30/18** | $10104 | $10348 | $10142 |
| **7/31/18** | $10138 | $10350 | $10142 |
| **8/31/18** | $10120 | $10417 | $10174 |
| **9/30/18** | $10132 | $10350 | $10162 |
| **10/31/18** | $10134 | $10268 | $10177 |
| **11/30/18** | $10144 | $10329 | $10213 |
| **12/31/18** | $10167 | $10519 | $10293 |
| **1/31/19** | $10231 | $10631 | $10321 |
| **2/28/19** | $10266 | $10625 | $10332 |
| **3/31/19** | $10302 | $10829 | $10395 |
| **4/30/19** | $10328 | $10831 | $10416 |
| **5/31/19** | $10399 | $11024 | $10490 |
| **6/30/19** | $10450 | $11162 | $10544 |
| **7/31/19** | $10433 | $11187 | $10532 |
| **8/31/19** | $10530 | $11476 | $10617 |
| **9/30/19** | $10539 | $11415 | $10605 |
| **10/31/19** | $10556 | $11450 | $10640 |
| **11/30/19** | $10532 | $11444 | $10636 |
| **12/31/19** | $10554 | $11436 | $10659 |
| **1/31/20** | $10644 | $11656 | $10717 |
| **2/29/20** | $10691 | $11866 | $10810 |
| **3/31/20** | $10529 | $11796 | $10958 |
| **4/30/20** | $10653 | $12006 | $10963 |
| **5/31/20** | $10707 | $12062 | $10970 |
| **6/30/20** | $10761 | $12137 | $10973 |
| **7/31/20** | $10780 | $12319 | $10984 |
| **8/31/20** | $10809 | $12219 | $10981 |
| **9/30/20** | $10805 | $12213 | $10984 |
| **10/31/20** | $10801 | $12158 | $10980 |
| **11/30/20** | $10828 | $12277 | $10985 |
| **12/31/20** | $10844 | $12294 | $10990 |
| **1/31/21** | $10846 | $12206 | $10991 |
| **2/28/21** | $10848 | $12030 | $10983 |
| **3/31/21** | $10827 | $11880 | $10985 |
| **4/30/21** | $10829 | $11974 | $10990 |
| **5/31/21** | $10841 | $12013 | $10998 |
| **6/30/21** | $10810 | $12097 | $10981 |
| **7/31/21** | $10821 | $12232 | $10999 |
| **8/31/21** | $10800 | $12209 | $10998 |
| **9/30/21** | $10803 | $12103 | $10987 |
| **10/31/21** | $10750 | $12100 | $10954 |
| **11/30/21** | $10720 | $12136 | $10956 |
| **12/31/21** | $10700 | $12105 | $10929 |
| **1/31/22** | $10615 | $11844 | $10857 |
| **2/28/22** | $10542 | $11712 | $10817 |
| **3/31/22** | $10371 | $11386 | $10673 |
| **4/30/22** | $10278 | $10954 | $10622 |
| **5/31/22** | $10329 | $11025 | $10681 |
| **6/30/22** | $10208 | $10852 | $10619 |
| **7/31/22** | $10240 | $11117 | $10655 |
| **8/31/22** | $10177 | $10803 | $10578 |
| **9/30/22** | $10031 | $10336 | $10453 |
| **10/31/22** | $9962 | $10202 | $10443 |
| **11/30/22** | $10050 | $10578 | $10509 |
| **12/31/22** | $10082 | $10530 | $10530 |
| **1/31/23** | $10196 | $10854 | $10602 |
| **2/28/23** | $10090 | $10573 | $10526 |
| **3/31/23** | $10224 | $10842 | $10694 |
| **4/30/23** | $10241 | $10908 | $10721 |
| **5/31/23** | $10204 | $10789 | $10684 |
| **6/30/23** | $10156 | $10750 | $10632 |
| **7/31/23** | $10227 | $10743 | $10670 |
| **8/31/23** | $10268 | $10674 | $10712 |
| **9/30/23** | $10265 | $10403 | $10711 |
| **10/31/23** | $10293 | $10239 | $10748 |
| **11/30/23** | $10426 | $10702 | $10856 |
| **12/31/23** | $10550 | $11112 | $10978 |
| **1/31/24** | $10601 | $11082 | $11020 |
| **2/29/24** | $10561 | $10925 | $10975 |
| **3/31/24** | $10593 | $11026 | $11011 |
| **4/30/24** | $10543 | $10747 | $10975 |
| **5/31/24** | $10634 | $10930 | $11050 |
| **6/30/24** | $10687 | $11033 | $11114 |
| **7/31/24** | $10814 | $11291 | $11241 |
| **8/31/24** | $10895 | $11453 | $11342 |
| **9/30/24** | $10996 | $11606 | $11433 |
| **10/31/24** | $10910 | $11319 | $11366 |
| **11/30/24** | $10956 | $11438 | $11400 |
| **12/31/24** | $10988 | $11251 | $11427 |
| **1/31/25** | $11044 | $11311 | $11476 |
| **2/28/25** | $11122 | $11560 | $11555 |
| **3/31/25** | $11155 | $11564 | $11608 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class C (excluding sales charge) | 5.31% | 1.16% | 1.10% |
| Class C (including sales charge) | 4.31% | 1.16% | 1.10% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| ICE BofA 1-3 Year U.S. Treasury Index | 5.43% | 1.16% | 1.50% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $6633082 |
| # of Portfolio Holdings | 1339 |
| Portfolio Turnover Rate | 497% |
| Total Net Advisory Fees Paid During the Reporting Period | $14852 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 39.6% |
| U.S. Treasury Obligations | 17.5% |
| Corporate Bonds & Notes | 12.6% |
| Asset-Backed Securities | 7.4% |
| Non-Agency Mortgage-Backed Securities | 4.6% |
| Sovereign Issues | 2.3% |
| Short-Term Instruments | 33.5% |
| Affiliated Investments | 13.6% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (31.1%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# Class C: PTLCX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO Low Duration Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4204TSRAR_033125

# Class C-2: PLCCX

# PIMCO Low Duration Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Low Duration Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C-2 | $135 | 1.32% |

---

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

* Overweight exposure to U.S. duration, specifically the 2-year part of the curve, contributed to relative performance versus the ICE BofA 1-3 Year U.S. Treasury Index ("Index"), as interest rates fell. 

* Overweight exposure to agency mortgage-backed securities contributed to relative performance versus the Index, as spreads tightened. 

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

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

* There were no other material detractors for this Fund.

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

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. For periods prior to the inception date of Class C-2 shares (10/21/2020), performance information shown in the graph and table for these shares is based on the performance of the Fund's Institutional Class shares, adjusted to reflect the fees and other expenses paid by Class C-2 shares. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g23367id5c554d84ad376ded2b5.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C-2 (excluding sales charge)** | **Bloomberg U.S. Aggregate Index** | **ICE BofA 1-3 Year U.S. Treasury Index** |
| **3/31/15** | $10000 | $10000 | $10000 |
| **4/30/15** | $9990 | $9964 | $10005 |
| **5/31/15** | $9991 | $9940 | $10012 |
| **6/30/15** | $9975 | $9832 | $10015 |
| **7/31/15** | $9987 | $9900 | $10020 |
| **8/31/15** | $9935 | $9886 | $10016 |
| **9/30/15** | $9888 | $9953 | $10046 |
| **10/31/15** | $9939 | $9954 | $10036 |
| **11/30/15** | $9926 | $9928 | $10011 |
| **12/31/15** | $9920 | $9896 | $10002 |
| **1/31/16** | $9922 | $10032 | $10063 |
| **2/29/16** | $9864 | $10103 | $10074 |
| **3/31/16** | $9947 | $10196 | $10092 |
| **4/30/16** | $9977 | $10235 | $10096 |
| **5/31/16** | $9981 | $10238 | $10085 |
| **6/30/16** | $9997 | $10422 | $10145 |
| **7/31/16** | $10001 | $10488 | $10139 |
| **8/31/16** | $10012 | $10476 | $10123 |
| **9/30/16** | $10042 | $10470 | $10134 |
| **10/31/16** | $10041 | $10389 | $10128 |
| **11/30/16** | $9983 | $10144 | $10087 |
| **12/31/16** | $10025 | $10158 | $10090 |
| **1/31/17** | $10032 | $10178 | $10103 |
| **2/28/17** | $10052 | $10246 | $10113 |
| **3/31/17** | $10054 | $10241 | $10117 |
| **4/30/17** | $10073 | $10320 | $10131 |
| **5/31/17** | $10081 | $10399 | $10142 |
| **6/30/17** | $10079 | $10389 | $10134 |
| **7/31/17** | $10105 | $10434 | $10156 |
| **8/31/17** | $10142 | $10527 | $10175 |
| **9/30/17** | $10148 | $10477 | $10158 |
| **10/31/17** | $10133 | $10483 | $10152 |
| **11/30/17** | $10108 | $10470 | $10132 |
| **12/31/17** | $10124 | $10518 | $10133 |
| **1/31/18** | $10087 | $10397 | $10104 |
| **2/28/18** | $10083 | $10298 | $10100 |
| **3/31/18** | $10080 | $10364 | $10120 |
| **4/30/18** | $10048 | $10287 | $10104 |
| **5/31/18** | $10049 | $10360 | $10141 |
| **6/30/18** | $10039 | $10348 | $10142 |
| **7/31/18** | $10070 | $10350 | $10142 |
| **8/31/18** | $10052 | $10417 | $10174 |
| **9/30/18** | $10062 | $10350 | $10162 |
| **10/31/18** | $10062 | $10268 | $10177 |
| **11/30/18** | $10070 | $10329 | $10213 |
| **12/31/18** | $10091 | $10519 | $10293 |
| **1/31/19** | $10153 | $10631 | $10321 |
| **2/28/19** | $10186 | $10625 | $10332 |
| **3/31/19** | $10220 | $10829 | $10395 |
| **4/30/19** | $10244 | $10831 | $10416 |
| **5/31/19** | $10313 | $11024 | $10490 |
| **6/30/19** | $10361 | $11162 | $10544 |
| **7/31/19** | $10343 | $11187 | $10532 |
| **8/31/19** | $10438 | $11476 | $10617 |
| **9/30/19** | $10444 | $11415 | $10605 |
| **10/31/19** | $10460 | $11450 | $10640 |
| **11/30/19** | $10434 | $11444 | $10636 |
| **12/31/19** | $10454 | $11436 | $10659 |
| **1/31/20** | $10542 | $11656 | $10717 |
| **2/29/20** | $10586 | $11866 | $10810 |
| **3/31/20** | $10425 | $11796 | $10958 |
| **4/30/20** | $10545 | $12006 | $10963 |
| **5/31/20** | $10597 | $12062 | $10970 |
| **6/30/20** | $10648 | $12137 | $10973 |
| **7/31/20** | $10666 | $12319 | $10984 |
| **8/31/20** | $10692 | $12219 | $10981 |
| **9/30/20** | $10687 | $12213 | $10984 |
| **10/31/20** | $10681 | $12158 | $10980 |
| **11/30/20** | $10705 | $12277 | $10985 |
| **12/31/20** | $10719 | $12294 | $10990 |
| **1/31/21** | $10719 | $12206 | $10991 |
| **2/28/21** | $10720 | $12030 | $10983 |
| **3/31/21** | $10698 | $11880 | $10985 |
| **4/30/21** | $10698 | $11974 | $10990 |
| **5/31/21** | $10709 | $12013 | $10998 |
| **6/30/21** | $10677 | $12097 | $10981 |
| **7/31/21** | $10677 | $12232 | $10999 |
| **8/31/21** | $10666 | $12209 | $10998 |
| **9/30/21** | $10655 | $12103 | $10987 |
| **10/31/21** | $10601 | $12100 | $10954 |
| **11/30/21** | $10580 | $12136 | $10956 |
| **12/31/21** | $10558 | $12105 | $10929 |
| **1/31/22** | $10472 | $11844 | $10857 |
| **2/28/22** | $10398 | $11712 | $10817 |
| **3/31/22** | $10227 | $11386 | $10673 |
| **4/30/22** | $10134 | $10954 | $10622 |
| **5/31/22** | $10183 | $11025 | $10681 |
| **6/30/22** | $10061 | $10852 | $10619 |
| **7/31/22** | $10091 | $11117 | $10655 |
| **8/31/22** | $10028 | $10803 | $10578 |
| **9/30/22** | $9882 | $10336 | $10453 |
| **10/31/22** | $9812 | $10202 | $10443 |
| **11/30/22** | $9897 | $10578 | $10509 |
| **12/31/22** | $9927 | $10530 | $10530 |
| **1/31/23** | $10038 | $10854 | $10602 |
| **2/28/23** | $9932 | $10573 | $10526 |
| **3/31/23** | $10062 | $10842 | $10694 |
| **4/30/23** | $10077 | $10908 | $10721 |
| **5/31/23** | $10039 | $10789 | $10684 |
| **6/30/23** | $9990 | $10750 | $10632 |
| **7/31/23** | $10058 | $10743 | $10670 |
| **8/31/23** | $10097 | $10674 | $10712 |
| **9/30/23** | $10092 | $10403 | $10711 |
| **10/31/23** | $10117 | $10239 | $10748 |
| **11/30/23** | $10247 | $10702 | $10856 |
| **12/31/23** | $10367 | $11112 | $10978 |
| **1/31/24** | $10415 | $11082 | $11020 |
| **2/29/24** | $10375 | $10925 | $10975 |
| **3/31/24** | $10404 | $11026 | $11011 |
| **4/30/24** | $10353 | $10747 | $10975 |
| **5/31/24** | $10441 | $10930 | $11050 |
| **6/30/24** | $10491 | $11033 | $11114 |
| **7/31/24** | $10614 | $11291 | $11241 |
| **8/31/24** | $10692 | $11453 | $11342 |
| **9/30/24** | $10789 | $11606 | $11433 |
| **10/31/24** | $10703 | $11319 | $11366 |
| **11/30/24** | $10746 | $11438 | $11400 |
| **12/31/24** | $10776 | $11251 | $11427 |
| **1/31/25** | $10829 | $11311 | $11476 |
| **2/28/25** | $10904 | $11560 | $11555 |
| **3/31/25** | $10935 | $11564 | $11608 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class C-2 (excluding sales charge) | 5.10% | 0.96% | 0.90% |
| Class C-2 (including sales charge) | 4.10% | 0.96% | 0.90% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| ICE BofA 1-3 Year U.S. Treasury Index | 5.43% | 1.16% | 1.50% |

---

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

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The Cumulative Returns graph and Average Annual Total Returns table reflect any Contingent Deferred Sales Charge ("CDSC") that would have applied if a full redemption occurred on the last business day of the period shown in the Cumulative Returns graph. Class C-2 shares are subject to a CDSC, which may apply if the shares are redeemed in the first year. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

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

---

| | |
|:---|:---|
| Total Net Assets | $6633082 |
| # of Portfolio Holdings | 1339 |
| Portfolio Turnover Rate | 497% |
| Total Net Advisory Fees Paid During the Reporting Period | $14852 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 39.6% |
| U.S. Treasury Obligations | 17.5% |
| Corporate Bonds & Notes | 12.6% |
| Asset-Backed Securities | 7.4% |
| Non-Agency Mortgage-Backed Securities | 4.6% |
| Sovereign Issues | 2.3% |
| Short-Term Instruments | 33.5% |
| Affiliated Investments | 13.6% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (31.1%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# Class C-2: PLCCX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO Low Duration Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4804TSRAR_033125

# I-3: PTLNX

# PIMCO Low Duration Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Low Duration Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $65 | 0.63% |

---

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

* Overweight exposure to U.S. duration, specifically the 2-year part of the curve, contributed to relative performance versus the ICE BofA 1-3 Year U.S. Treasury Index ("Index"), as interest rates fell. 

* Overweight exposure to agency mortgage-backed securities contributed to relative performance versus the Index, as spreads tightened. 

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

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

* There were no other material detractors for this Fund.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g23367i16a228e09f44b4de9845.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-3** | **Bloomberg U.S. Aggregate Index** | **ICE BofA 1-3 Year U.S. Treasury Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $999520 | $996412 | $1000460 |
| **5/31/15** | $1000234 | $994012 | $1001200 |
| **6/30/15** | $999233 | $983174 | $1001451 |
| **7/31/15** | $1000976 | $990008 | $1001971 |
| **8/31/15** | $996352 | $988586 | $1001551 |
| **9/30/15** | $992260 | $995273 | $1004585 |
| **10/31/15** | $997936 | $995439 | $1003601 |
| **11/30/15** | $997219 | $992809 | $1001132 |
| **12/31/15** | $997127 | $989601 | $1000191 |
| **1/31/16** | $997976 | $1003219 | $1006282 |
| **2/29/16** | $992633 | $1010335 | $1007439 |
| **3/31/16** | $1001560 | $1019605 | $1009192 |
| **4/30/16** | $1005180 | $1023519 | $1009555 |
| **5/31/16** | $1006166 | $1023781 | $1008485 |
| **6/30/16** | $1008317 | $1042177 | $1014526 |
| **7/31/16** | $1009297 | $1048765 | $1013948 |
| **8/31/16** | $1011043 | $1047566 | $1012265 |
| **9/30/16** | $1014648 | $1046952 | $1013439 |
| **10/31/16** | $1015093 | $1038944 | $1012760 |
| **11/30/16** | $1009877 | $1014369 | $1008739 |
| **12/31/16** | $1014686 | $1015800 | $1009042 |
| **1/31/17** | $1016015 | $1017793 | $1010313 |
| **2/28/17** | $1018548 | $1024634 | $1011344 |
| **3/31/17** | $1019345 | $1024097 | $1011667 |
| **4/30/17** | $1021881 | $1032000 | $1013074 |
| **5/31/17** | $1023289 | $1039943 | $1014249 |
| **6/30/17** | $1023652 | $1038896 | $1013437 |
| **7/31/17** | $1026841 | $1043367 | $1015596 |
| **8/31/17** | $1031226 | $1052726 | $1017516 |
| **9/30/17** | $1032480 | $1047712 | $1015847 |
| **10/31/17** | $1031537 | $1048319 | $1015227 |
| **11/30/17** | $1029608 | $1046973 | $1013176 |
| **12/31/17** | $1031821 | $1051778 | $1013298 |
| **1/31/18** | $1028667 | $1039665 | $1010390 |
| **2/28/18** | $1028776 | $1029809 | $1010006 |
| **3/31/18** | $1029100 | $1036414 | $1011985 |
| **4/30/18** | $1026400 | $1028705 | $1010417 |
| **5/31/18** | $1027054 | $1036047 | $1014075 |
| **6/30/18** | $1026650 | $1034773 | $1014227 |
| **7/31/18** | $1030485 | $1035019 | $1014176 |
| **8/31/18** | $1029163 | $1041679 | $1017401 |
| **9/30/18** | $1030768 | $1034971 | $1016201 |
| **10/31/18** | $1031395 | $1026792 | $1017745 |
| **11/30/18** | $1032821 | $1032921 | $1021277 |
| **12/31/18** | $1035601 | $1051898 | $1029345 |
| **1/31/19** | $1042586 | $1063068 | $1032114 |
| **2/28/19** | $1046508 | $1062452 | $1033156 |
| **3/31/19** | $1050589 | $1082853 | $1039469 |
| **4/30/19** | $1053664 | $1083130 | $1041579 |
| **5/31/19** | $1061448 | $1102358 | $1048974 |
| **6/30/19** | $1067002 | $1116201 | $1054418 |
| **7/31/19** | $1065716 | $1118657 | $1053174 |
| **8/31/19** | $1076114 | $1147643 | $1061673 |
| **9/30/19** | $1077427 | $1141531 | $1060495 |
| **10/31/19** | $1079665 | $1144969 | $1063984 |
| **11/30/19** | $1077642 | $1144386 | $1063643 |
| **12/31/19** | $1080297 | $1143588 | $1065898 |
| **1/31/20** | $1089997 | $1165596 | $1071665 |
| **2/29/20** | $1095213 | $1186575 | $1080999 |
| **3/31/20** | $1079131 | $1179592 | $1095830 |
| **4/30/20** | $1092197 | $1200561 | $1096290 |
| **5/31/20** | $1098267 | $1206151 | $1097003 |
| **6/30/20** | $1104181 | $1213749 | $1097288 |
| **7/31/20** | $1106664 | $1231878 | $1098397 |
| **8/31/20** | $1110055 | $1221935 | $1098133 |
| **9/30/20** | $1110150 | $1221265 | $1098429 |
| **10/31/20** | $1110206 | $1215812 | $1097968 |
| **11/30/20** | $1113393 | $1227742 | $1098473 |
| **12/31/20** | $1115501 | $1229433 | $1098978 |
| **1/31/21** | $1116143 | $1220618 | $1099143 |
| **2/28/21** | $1116790 | $1202992 | $1098264 |
| **3/31/21** | $1115138 | $1187971 | $1098473 |
| **4/30/21** | $1115785 | $1197356 | $1098967 |
| **5/31/21** | $1117484 | $1201268 | $1099802 |
| **6/30/21** | $1114673 | $1209708 | $1098097 |
| **7/31/21** | $1116343 | $1223233 | $1099920 |
| **8/31/21** | $1114659 | $1220905 | $1099832 |
| **9/30/21** | $1115334 | $1210334 | $1098732 |
| **10/31/21** | $1110376 | $1210000 | $1095392 |
| **11/30/21** | $1107675 | $1213580 | $1095601 |
| **12/31/21** | $1106183 | $1210475 | $1092883 |
| **1/31/22** | $1097795 | $1184396 | $1085725 |
| **2/28/22** | $1090692 | $1171183 | $1081664 |
| **3/31/22** | $1073359 | $1138645 | $1067267 |
| **4/30/22** | $1064214 | $1095436 | $1062198 |
| **5/31/22** | $1069978 | $1102499 | $1068072 |
| **6/30/22** | $1057777 | $1085203 | $1061898 |
| **7/31/22** | $1061550 | $1111719 | $1065456 |
| **8/31/22** | $1055512 | $1080306 | $1057784 |
| **9/30/22** | $1040772 | $1033630 | $1045324 |
| **10/31/22** | $1033963 | $1020242 | $1044289 |
| **11/30/22** | $1043588 | $1057762 | $1050858 |
| **12/31/22** | $1047352 | $1052991 | $1053012 |
| **1/31/23** | $1059641 | $1085385 | $1060225 |
| **2/28/23** | $1048996 | $1057322 | $1052570 |
| **3/31/23** | $1063358 | $1084180 | $1069359 |
| **4/30/23** | $1065542 | $1090751 | $1072128 |
| **5/31/23** | $1062106 | $1078874 | $1068429 |
| **6/30/23** | $1057556 | $1075027 | $1063247 |
| **7/31/23** | $1065430 | $1074277 | $1067033 |
| **8/31/23** | $1070133 | $1067415 | $1071226 |
| **9/30/23** | $1070243 | $1040290 | $1071130 |
| **10/31/23** | $1073591 | $1023873 | $1074750 |
| **11/30/23** | $1087975 | $1070241 | $1085648 |
| **12/31/23** | $1101379 | $1111209 | $1097818 |
| **1/31/24** | $1107134 | $1108157 | $1102045 |
| **2/29/24** | $1103429 | $1092501 | $1097504 |
| **3/31/24** | $1107210 | $1102589 | $1101071 |
| **4/30/24** | $1102439 | $1074739 | $1097504 |
| **5/31/24** | $1112492 | $1092959 | $1105044 |
| **6/30/24** | $1118430 | $1103307 | $1111420 |
| **7/31/24** | $1132200 | $1129077 | $1124134 |
| **8/31/24** | $1141209 | $1145301 | $1134218 |
| **9/30/24** | $1152201 | $1160636 | $1143337 |
| **10/31/24** | $1143685 | $1131854 | $1136637 |
| **11/30/24** | $1148923 | $1143821 | $1139967 |
| **12/31/24** | $1152805 | $1125101 | $1142658 |
| **1/31/25** | $1159201 | $1131070 | $1147594 |
| **2/28/25** | $1167795 | $1155956 | $1155455 |
| **3/31/25** | $1171786 | $1156391 | $1160839 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-3 | 5.83% | 1.66% | 1.60% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| ICE BofA 1-3 Year U.S. Treasury Index | 5.43% | 1.16% | 1.50% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $6633082 |
| # of Portfolio Holdings | 1339 |
| Portfolio Turnover Rate | 497% |
| Total Net Advisory Fees Paid During the Reporting Period | $14852 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 39.6% |
| U.S. Treasury Obligations | 17.5% |
| Corporate Bonds & Notes | 12.6% |
| Asset-Backed Securities | 7.4% |
| Non-Agency Mortgage-Backed Securities | 4.6% |
| Sovereign Issues | 2.3% |
| Short-Term Instruments | 33.5% |
| Affiliated Investments | 13.6% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (31.1%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# I-3: PTLNX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO Low Duration Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2188TSRAR_033125

# Institutional Class: PTLDX

# PIMCO Low Duration Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Low Duration Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $49 | 0.48% |

---

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

* Overweight exposure to U.S. duration, specifically the 2-year part of the curve, contributed to relative performance versus the ICE BofA 1-3 Year U.S. Treasury Index ("Index"), as interest rates fell. 

* Overweight exposure to agency mortgage-backed securities contributed to relative performance versus the Index, as spreads tightened. 

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

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

* There were no other material detractors for this Fund.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g23367ia17defb85803a1f0f776.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg U.S. Aggregate Index** | **ICE BofA 1-3 Year U.S. Treasury Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $999643 | $996412 | $1000460 |
| **5/31/15** | $1000485 | $994012 | $1001200 |
| **6/30/15** | $999607 | $983174 | $1001451 |
| **7/31/15** | $1001478 | $990008 | $1001971 |
| **8/31/15** | $996978 | $988586 | $1001551 |
| **9/30/15** | $993006 | $995273 | $1004585 |
| **10/31/15** | $998813 | $995439 | $1003601 |
| **11/30/15** | $998218 | $992809 | $1001132 |
| **12/31/15** | $998253 | $989601 | $1000191 |
| **1/31/16** | $999230 | $1003219 | $1006282 |
| **2/29/16** | $993999 | $1010335 | $1007439 |
| **3/31/16** | $1003065 | $1019605 | $1009192 |
| **4/30/16** | $1006813 | $1023519 | $1009555 |
| **5/31/16** | $1007929 | $1023781 | $1008485 |
| **6/30/16** | $1010207 | $1042177 | $1014526 |
| **7/31/16** | $1011317 | $1048765 | $1013948 |
| **8/31/16** | $1013196 | $1047566 | $1012265 |
| **9/30/16** | $1016933 | $1046952 | $1013439 |
| **10/31/16** | $1017508 | $1038944 | $1012760 |
| **11/30/16** | $1012404 | $1014369 | $1008739 |
| **12/31/16** | $1017354 | $1015800 | $1009042 |
| **1/31/17** | $1018816 | $1017793 | $1010313 |
| **2/28/17** | $1021473 | $1024634 | $1011344 |
| **3/31/17** | $1022402 | $1024097 | $1011667 |
| **4/30/17** | $1025072 | $1032000 | $1013074 |
| **5/31/17** | $1026615 | $1039943 | $1014249 |
| **6/30/17** | $1027106 | $1038896 | $1013437 |
| **7/31/17** | $1030436 | $1043367 | $1015596 |
| **8/31/17** | $1034968 | $1052726 | $1017516 |
| **9/30/17** | $1036354 | $1047712 | $1015847 |
| **10/31/17** | $1035540 | $1048319 | $1015227 |
| **11/30/17** | $1033731 | $1046973 | $1013176 |
| **12/31/17** | $1036085 | $1051778 | $1013298 |
| **1/31/18** | $1033049 | $1039665 | $1010390 |
| **2/28/18** | $1033277 | $1029809 | $1010006 |
| **3/31/18** | $1033735 | $1036414 | $1011985 |
| **4/30/18** | $1031144 | $1028705 | $1010417 |
| **5/31/18** | $1031943 | $1036047 | $1014075 |
| **6/30/18** | $1031652 | $1034773 | $1014227 |
| **7/31/18** | $1035616 | $1035019 | $1014176 |
| **8/31/18** | $1034435 | $1041679 | $1017401 |
| **9/30/18** | $1036163 | $1034971 | $1016201 |
| **10/31/18** | $1036929 | $1026792 | $1017745 |
| **11/30/18** | $1038499 | $1032921 | $1021277 |
| **12/31/18** | $1041415 | $1051898 | $1029345 |
| **1/31/19** | $1048556 | $1063068 | $1032114 |
| **2/28/19** | $1052615 | $1062452 | $1033156 |
| **3/31/19** | $1056844 | $1082853 | $1039469 |
| **4/30/19** | $1060058 | $1083130 | $1041579 |
| **5/31/19** | $1068015 | $1102358 | $1048974 |
| **6/30/19** | $1073720 | $1116201 | $1054418 |
| **7/31/19** | $1072565 | $1118657 | $1053174 |
| **8/31/19** | $1083170 | $1147643 | $1061673 |
| **9/30/19** | $1084610 | $1141531 | $1060495 |
| **10/31/19** | $1087000 | $1144969 | $1063984 |
| **11/30/19** | $1085101 | $1144386 | $1063643 |
| **12/31/19** | $1087907 | $1143588 | $1065898 |
| **1/31/20** | $1097807 | $1165596 | $1071665 |
| **2/29/20** | $1103176 | $1186575 | $1080999 |
| **3/31/20** | $1087106 | $1179592 | $1095830 |
| **4/30/20** | $1100414 | $1200561 | $1096290 |
| **5/31/20** | $1106662 | $1206151 | $1097003 |
| **6/30/20** | $1112745 | $1213749 | $1097288 |
| **7/31/20** | $1115408 | $1231878 | $1098397 |
| **8/31/20** | $1118955 | $1221935 | $1098133 |
| **9/30/20** | $1119187 | $1221265 | $1098429 |
| **10/31/20** | $1119391 | $1215812 | $1097968 |
| **11/30/20** | $1122738 | $1227742 | $1098473 |
| **12/31/20** | $1125020 | $1229433 | $1098978 |
| **1/31/21** | $1125799 | $1220618 | $1099143 |
| **2/28/21** | $1126581 | $1202992 | $1098264 |
| **3/31/21** | $1125051 | $1187971 | $1098473 |
| **4/30/21** | $1125851 | $1197356 | $1098967 |
| **5/31/21** | $1127700 | $1201268 | $1099802 |
| **6/30/21** | $1125003 | $1209708 | $1098097 |
| **7/31/21** | $1126834 | $1223233 | $1099920 |
| **8/31/21** | $1125273 | $1220905 | $1099832 |
| **9/30/21** | $1126093 | $1210334 | $1098732 |
| **10/31/21** | $1121230 | $1210000 | $1095392 |
| **11/30/21** | $1118643 | $1213580 | $1095601 |
| **12/31/21** | $1117287 | $1210475 | $1092883 |
| **1/31/22** | $1108949 | $1184396 | $1085725 |
| **2/28/22** | $1101901 | $1171183 | $1081664 |
| **3/31/22** | $1084533 | $1138645 | $1067267 |
| **4/30/22** | $1075435 | $1095436 | $1062198 |
| **5/31/22** | $1081389 | $1102499 | $1068072 |
| **6/30/22** | $1069196 | $1085203 | $1061898 |
| **7/31/22** | $1073141 | $1111719 | $1065456 |
| **8/31/22** | $1067180 | $1080306 | $1057784 |
| **9/30/22** | $1052436 | $1033630 | $1045324 |
| **10/31/22** | $1045679 | $1020242 | $1044289 |
| **11/30/22** | $1055526 | $1057762 | $1050858 |
| **12/31/22** | $1059476 | $1052991 | $1053012 |
| **1/31/23** | $1072022 | $1085385 | $1060225 |
| **2/28/23** | $1061389 | $1057322 | $1052570 |
| **3/31/23** | $1076048 | $1084180 | $1069359 |
| **4/30/23** | $1078383 | $1090751 | $1072128 |
| **5/31/23** | $1075054 | $1078874 | $1068429 |
| **6/30/23** | $1070599 | $1075027 | $1063247 |
| **7/31/23** | $1078691 | $1074277 | $1067033 |
| **8/31/23** | $1083577 | $1067415 | $1071226 |
| **9/30/23** | $1083823 | $1040290 | $1071130 |
| **10/31/23** | $1087337 | $1023873 | $1074750 |
| **11/30/23** | $1102014 | $1070241 | $1085648 |
| **12/31/23** | $1115717 | $1111209 | $1097818 |
| **1/31/24** | $1121671 | $1108157 | $1102045 |
| **2/29/24** | $1118049 | $1092501 | $1097504 |
| **3/31/24** | $1122018 | $1102589 | $1101071 |
| **4/30/24** | $1117325 | $1074739 | $1097504 |
| **5/31/24** | $1127659 | $1092959 | $1105044 |
| **6/30/24** | $1133803 | $1103307 | $1111420 |
| **7/31/24** | $1147880 | $1129077 | $1124134 |
| **8/31/24** | $1157161 | $1145301 | $1134218 |
| **9/30/24** | $1168434 | $1160636 | $1143337 |
| **10/31/24** | $1159981 | $1131854 | $1136637 |
| **11/30/24** | $1165428 | $1143821 | $1139967 |
| **12/31/24** | $1169508 | $1125101 | $1142658 |
| **1/31/25** | $1176134 | $1131070 | $1147594 |
| **2/28/25** | $1184968 | $1155956 | $1155455 |
| **3/31/25** | $1189150 | $1156391 | $1160839 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 5.98% | 1.81% | 1.75% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| ICE BofA 1-3 Year U.S. Treasury Index | 5.43% | 1.16% | 1.50% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $6633082 |
| # of Portfolio Holdings | 1339 |
| Portfolio Turnover Rate | 497% |
| Total Net Advisory Fees Paid During the Reporting Period | $14852 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 39.6% |
| U.S. Treasury Obligations | 17.5% |
| Corporate Bonds & Notes | 12.6% |
| Asset-Backed Securities | 7.4% |
| Non-Agency Mortgage-Backed Securities | 4.6% |
| Sovereign Issues | 2.3% |
| Short-Term Instruments | 33.5% |
| Affiliated Investments | 13.6% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (31.1%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# Institutional Class: PTLDX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO Low Duration Fund
Annual Shareholder Report \|

March 31, 2025

PIMS0036TSRAR_033125

# I-2: PLDPX

# PIMCO Low Duration Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Low Duration Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $60 | 0.58% |

---

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

* Overweight exposure to U.S. duration, specifically the 2-year part of the curve, contributed to relative performance versus the ICE BofA 1-3 Year U.S. Treasury Index ("Index"), as interest rates fell. 

* Overweight exposure to agency mortgage-backed securities contributed to relative performance versus the Index, as spreads tightened. 

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

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

* There were no other material detractors for this Fund.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g23367i2d2210be729dde9de9c8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **Bloomberg U.S. Aggregate Index** | **ICE BofA 1-3 Year U.S. Treasury Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $999560 | $996412 | $1000460 |
| **5/31/15** | $1000317 | $994012 | $1001200 |
| **6/30/15** | $999357 | $983174 | $1001451 |
| **7/31/15** | $1001138 | $990008 | $1001971 |
| **8/31/15** | $996561 | $988586 | $1001551 |
| **9/30/15** | $992508 | $995273 | $1004585 |
| **10/31/15** | $998224 | $995439 | $1003601 |
| **11/30/15** | $997551 | $992809 | $1001132 |
| **12/31/15** | $997492 | $989601 | $1000191 |
| **1/31/16** | $998392 | $1003219 | $1006282 |
| **2/29/16** | $993087 | $1010335 | $1007439 |
| **3/31/16** | $1002061 | $1019605 | $1009192 |
| **4/30/16** | $1005720 | $1023519 | $1009555 |
| **5/31/16** | $1006752 | $1023781 | $1008485 |
| **6/30/16** | $1008945 | $1042177 | $1014526 |
| **7/31/16** | $1009968 | $1048765 | $1013948 |
| **8/31/16** | $1011759 | $1047566 | $1012265 |
| **9/30/16** | $1015402 | $1046952 | $1013439 |
| **10/31/16** | $1015895 | $1038944 | $1012760 |
| **11/30/16** | $1010715 | $1014369 | $1008739 |
| **12/31/16** | $1015565 | $1015800 | $1009042 |
| **1/31/17** | $1016944 | $1017793 | $1010313 |
| **2/28/17** | $1019518 | $1024634 | $1011344 |
| **3/31/17** | $1020353 | $1024097 | $1011667 |
| **4/30/17** | $1022939 | $1032000 | $1013074 |
| **5/31/17** | $1024393 | $1039943 | $1014249 |
| **6/30/17** | $1024792 | $1038896 | $1013437 |
| **7/31/17** | $1028034 | $1043367 | $1015596 |
| **8/31/17** | $1032468 | $1052726 | $1017516 |
| **9/30/17** | $1033762 | $1047712 | $1015847 |
| **10/31/17** | $1032866 | $1048319 | $1015227 |
| **11/30/17** | $1030976 | $1046973 | $1013176 |
| **12/31/17** | $1033234 | $1051778 | $1013298 |
| **1/31/18** | $1030121 | $1039665 | $1010390 |
| **2/28/18** | $1030270 | $1029809 | $1010006 |
| **3/31/18** | $1030635 | $1036414 | $1011985 |
| **4/30/18** | $1027970 | $1028705 | $1010417 |
| **5/31/18** | $1028682 | $1036047 | $1014075 |
| **6/30/18** | $1028304 | $1034773 | $1014227 |
| **7/31/18** | $1032171 | $1035019 | $1014176 |
| **8/31/18** | $1030897 | $1041679 | $1017401 |
| **9/30/18** | $1032544 | $1034971 | $1016201 |
| **10/31/18** | $1033220 | $1026792 | $1017745 |
| **11/30/18** | $1034693 | $1032921 | $1021277 |
| **12/31/18** | $1037515 | $1051898 | $1029345 |
| **1/31/19** | $1044543 | $1063068 | $1032114 |
| **2/28/19** | $1048508 | $1062452 | $1033156 |
| **3/31/19** | $1052632 | $1082853 | $1039469 |
| **4/30/19** | $1055749 | $1083130 | $1041579 |
| **5/31/19** | $1063686 | $1102358 | $1048974 |
| **6/30/19** | $1069287 | $1116201 | $1054418 |
| **7/31/19** | $1068047 | $1118657 | $1053174 |
| **8/31/19** | $1078510 | $1147643 | $1061673 |
| **9/30/19** | $1079862 | $1141531 | $1060495 |
| **10/31/19** | $1082151 | $1144969 | $1063984 |
| **11/30/19** | $1080175 | $1144386 | $1063643 |
| **12/31/19** | $1082877 | $1143588 | $1065898 |
| **1/31/20** | $1092637 | $1165596 | $1071665 |
| **2/29/20** | $1097897 | $1186575 | $1080999 |
| **3/31/20** | $1081816 | $1179592 | $1095830 |
| **4/30/20** | $1094970 | $1200561 | $1096290 |
| **5/31/20** | $1101095 | $1206151 | $1097003 |
| **6/30/20** | $1107055 | $1213749 | $1097288 |
| **7/31/20** | $1109604 | $1231878 | $1098397 |
| **8/31/20** | $1113044 | $1221935 | $1098133 |
| **9/30/20** | $1113184 | $1221265 | $1098429 |
| **10/31/20** | $1113289 | $1215812 | $1097968 |
| **11/30/20** | $1116530 | $1227742 | $1098473 |
| **12/31/20** | $1118695 | $1229433 | $1098978 |
| **1/31/21** | $1119384 | $1220618 | $1099143 |
| **2/28/21** | $1120075 | $1202992 | $1098264 |
| **3/31/21** | $1118459 | $1187971 | $1098473 |
| **4/30/21** | $1119157 | $1197356 | $1098967 |
| **5/31/21** | $1120906 | $1201268 | $1099802 |
| **6/30/21** | $1118132 | $1209708 | $1098097 |
| **7/31/21** | $1119855 | $1223233 | $1099920 |
| **8/31/21** | $1118211 | $1220905 | $1099832 |
| **9/30/21** | $1118934 | $1210334 | $1098732 |
| **10/31/21** | $1114008 | $1210000 | $1095392 |
| **11/30/21** | $1111345 | $1213580 | $1095601 |
| **12/31/21** | $1109897 | $1210475 | $1092883 |
| **1/31/22** | $1101527 | $1184396 | $1085725 |
| **2/28/22** | $1094442 | $1171183 | $1081664 |
| **3/31/22** | $1077099 | $1138645 | $1067267 |
| **4/30/22** | $1067973 | $1095436 | $1062198 |
| **5/31/22** | $1073792 | $1102499 | $1068072 |
| **6/30/22** | $1061598 | $1085203 | $1061898 |
| **7/31/22** | $1065426 | $1111719 | $1065456 |
| **8/31/22** | $1059414 | $1080306 | $1057784 |
| **9/30/22** | $1044684 | $1033630 | $1045324 |
| **10/31/22** | $1037895 | $1020242 | $1044289 |
| **11/30/22** | $1047580 | $1057762 | $1050858 |
| **12/31/22** | $1051406 | $1052991 | $1053012 |
| **1/31/23** | $1063771 | $1085385 | $1060225 |
| **2/28/23** | $1053140 | $1057322 | $1052570 |
| **3/31/23** | $1067589 | $1084180 | $1069359 |
| **4/30/23** | $1069824 | $1090751 | $1072128 |
| **5/31/23** | $1066430 | $1078874 | $1068429 |
| **6/30/23** | $1061917 | $1075027 | $1063247 |
| **7/31/23** | $1069859 | $1074277 | $1067033 |
| **8/31/23** | $1074614 | $1067415 | $1071226 |
| **9/30/23** | $1074767 | $1040290 | $1071130 |
| **10/31/23** | $1078163 | $1023873 | $1074750 |
| **11/30/23** | $1092628 | $1070241 | $1085648 |
| **12/31/23** | $1106117 | $1111209 | $1097818 |
| **1/31/24** | $1111929 | $1108157 | $1102045 |
| **2/29/24** | $1108251 | $1092501 | $1097504 |
| **3/31/24** | $1112091 | $1102589 | $1101071 |
| **4/30/24** | $1107350 | $1074739 | $1097504 |
| **5/31/24** | $1117490 | $1092959 | $1105044 |
| **6/30/24** | $1123493 | $1103307 | $1111420 |
| **7/31/24** | $1137347 | $1129077 | $1124134 |
| **8/31/24** | $1146439 | $1145301 | $1134218 |
| **9/30/24** | $1157519 | $1160636 | $1143337 |
| **10/31/24** | $1149042 | $1131854 | $1136637 |
| **11/30/24** | $1154340 | $1143821 | $1139967 |
| **12/31/24** | $1158283 | $1125101 | $1142658 |
| **1/31/25** | $1164744 | $1131070 | $1147594 |
| **2/28/25** | $1173403 | $1155956 | $1155455 |
| **3/31/25** | $1177451 | $1156391 | $1160839 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 5.88% | 1.71% | 1.65% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| ICE BofA 1-3 Year U.S. Treasury Index | 5.43% | 1.16% | 1.50% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $6633082 |
| # of Portfolio Holdings | 1339 |
| Portfolio Turnover Rate | 497% |
| Total Net Advisory Fees Paid During the Reporting Period | $14852 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 39.6% |
| U.S. Treasury Obligations | 17.5% |
| Corporate Bonds & Notes | 12.6% |
| Asset-Backed Securities | 7.4% |
| Non-Agency Mortgage-Backed Securities | 4.6% |
| Sovereign Issues | 2.3% |
| Short-Term Instruments | 33.5% |
| Affiliated Investments | 13.6% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (31.1%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# I-2: PLDPX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO Low Duration Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1901TSRAR_033125

# Class R: PLDRX

# PIMCO Low Duration Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Low Duration Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $110 | 1.07% |

---

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

* Overweight exposure to U.S. duration, specifically the 2-year part of the curve, contributed to relative performance versus the ICE BofA 1-3 Year U.S. Treasury Index ("Index"), as interest rates fell. 

* Overweight exposure to agency mortgage-backed securities contributed to relative performance versus the Index, as spreads tightened. 

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

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

* There were no other material detractors for this Fund.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g23367i8ec91be3947f7e414180.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Bloomberg U.S. Aggregate Index** | **ICE BofA 1-3 Year U.S. Treasury Index** |
| **3/31/15** | $10000 | $10000 | $10000 |
| **4/30/15** | $9992 | $9964 | $10005 |
| **5/31/15** | $9995 | $9940 | $10012 |
| **6/30/15** | $9981 | $9832 | $10015 |
| **7/31/15** | $9995 | $9900 | $10020 |
| **8/31/15** | $9945 | $9886 | $10016 |
| **9/30/15** | $9901 | $9953 | $10046 |
| **10/31/15** | $9954 | $9954 | $10036 |
| **11/30/15** | $9943 | $9928 | $10011 |
| **12/31/15** | $9938 | $9896 | $10002 |
| **1/31/16** | $9943 | $10032 | $10063 |
| **2/29/16** | $9886 | $10103 | $10074 |
| **3/31/16** | $9972 | $10196 | $10092 |
| **4/30/16** | $10004 | $10235 | $10096 |
| **5/31/16** | $10010 | $10238 | $10085 |
| **6/30/16** | $10028 | $10422 | $10145 |
| **7/31/16** | $10034 | $10488 | $10139 |
| **8/31/16** | $10048 | $10476 | $10123 |
| **9/30/16** | $10079 | $10470 | $10134 |
| **10/31/16** | $10080 | $10389 | $10128 |
| **11/30/16** | $10025 | $10144 | $10087 |
| **12/31/16** | $10069 | $10158 | $10090 |
| **1/31/17** | $10078 | $10178 | $10103 |
| **2/28/17** | $10100 | $10246 | $10113 |
| **3/31/17** | $10104 | $10241 | $10117 |
| **4/30/17** | $10126 | $10320 | $10131 |
| **5/31/17** | $10136 | $10399 | $10142 |
| **6/30/17** | $10135 | $10389 | $10134 |
| **7/31/17** | $10164 | $10434 | $10156 |
| **8/31/17** | $10203 | $10527 | $10175 |
| **9/30/17** | $10212 | $10477 | $10158 |
| **10/31/17** | $10199 | $10483 | $10152 |
| **11/30/17** | $10176 | $10470 | $10132 |
| **12/31/17** | $10194 | $10518 | $10133 |
| **1/31/18** | $10159 | $10397 | $10104 |
| **2/28/18** | $10157 | $10298 | $10100 |
| **3/31/18** | $10156 | $10364 | $10120 |
| **4/30/18** | $10126 | $10287 | $10104 |
| **5/31/18** | $10128 | $10360 | $10141 |
| **6/30/18** | $10121 | $10348 | $10142 |
| **7/31/18** | $10155 | $10350 | $10142 |
| **8/31/18** | $10137 | $10417 | $10174 |
| **9/30/18** | $10150 | $10350 | $10162 |
| **10/31/18** | $10152 | $10268 | $10177 |
| **11/30/18** | $10162 | $10329 | $10213 |
| **12/31/18** | $10186 | $10519 | $10293 |
| **1/31/19** | $10251 | $10631 | $10321 |
| **2/28/19** | $10286 | $10625 | $10332 |
| **3/31/19** | $10322 | $10829 | $10395 |
| **4/30/19** | $10349 | $10831 | $10416 |
| **5/31/19** | $10421 | $11024 | $10490 |
| **6/30/19** | $10472 | $11162 | $10544 |
| **7/31/19** | $10455 | $11187 | $10532 |
| **8/31/19** | $10553 | $11476 | $10617 |
| **9/30/19** | $10562 | $11415 | $10605 |
| **10/31/19** | $10580 | $11450 | $10640 |
| **11/30/19** | $10557 | $11444 | $10636 |
| **12/31/19** | $10579 | $11436 | $10659 |
| **1/31/20** | $10670 | $11656 | $10717 |
| **2/29/20** | $10717 | $11866 | $10810 |
| **3/31/20** | $10556 | $11796 | $10958 |
| **4/30/20** | $10680 | $12006 | $10963 |
| **5/31/20** | $10735 | $12062 | $10970 |
| **6/30/20** | $10789 | $12137 | $10973 |
| **7/31/20** | $10809 | $12319 | $10984 |
| **8/31/20** | $10838 | $12219 | $10981 |
| **9/30/20** | $10835 | $12213 | $10984 |
| **10/31/20** | $10832 | $12158 | $10980 |
| **11/30/20** | $10859 | $12277 | $10985 |
| **12/31/20** | $10875 | $12294 | $10990 |
| **1/31/21** | $10878 | $12206 | $10991 |
| **2/28/21** | $10880 | $12030 | $10983 |
| **3/31/21** | $10860 | $11880 | $10985 |
| **4/30/21** | $10862 | $11974 | $10990 |
| **5/31/21** | $10875 | $12013 | $10998 |
| **6/30/21** | $10844 | $12097 | $10981 |
| **7/31/21** | $10856 | $12232 | $10999 |
| **8/31/21** | $10835 | $12209 | $10998 |
| **9/30/21** | $10838 | $12103 | $10987 |
| **10/31/21** | $10786 | $12100 | $10954 |
| **11/30/21** | $10756 | $12136 | $10956 |
| **12/31/21** | $10737 | $12105 | $10929 |
| **1/31/22** | $10652 | $11844 | $10857 |
| **2/28/22** | $10579 | $11712 | $10817 |
| **3/31/22** | $10407 | $11386 | $10673 |
| **4/30/22** | $10315 | $10954 | $10622 |
| **5/31/22** | $10367 | $11025 | $10681 |
| **6/30/22** | $10245 | $10852 | $10619 |
| **7/31/22** | $10278 | $11117 | $10655 |
| **8/31/22** | $10215 | $10803 | $10578 |
| **9/30/22** | $10069 | $10336 | $10453 |
| **10/31/22** | $10000 | $10202 | $10443 |
| **11/30/22** | $10089 | $10578 | $10509 |
| **12/31/22** | $10121 | $10530 | $10530 |
| **1/31/23** | $10236 | $10854 | $10602 |
| **2/28/23** | $10130 | $10573 | $10526 |
| **3/31/23** | $10265 | $10842 | $10694 |
| **4/30/23** | $10282 | $10908 | $10721 |
| **5/31/23** | $10245 | $10789 | $10684 |
| **6/30/23** | $10198 | $10750 | $10632 |
| **7/31/23** | $10270 | $10743 | $10670 |
| **8/31/23** | $10311 | $10674 | $10712 |
| **9/30/23** | $10309 | $10403 | $10711 |
| **10/31/23** | $10337 | $10239 | $10748 |
| **11/30/23** | $10471 | $10702 | $10856 |
| **12/31/23** | $10596 | $11112 | $10978 |
| **1/31/24** | $10648 | $11082 | $11020 |
| **2/29/24** | $10608 | $10925 | $10975 |
| **3/31/24** | $10641 | $11026 | $11011 |
| **4/30/24** | $10591 | $10747 | $10975 |
| **5/31/24** | $10683 | $10930 | $11050 |
| **6/30/24** | $10737 | $11033 | $11114 |
| **7/31/24** | $10865 | $11291 | $11241 |
| **8/31/24** | $10947 | $11453 | $11342 |
| **9/30/24** | $11048 | $11606 | $11433 |
| **10/31/24** | $10963 | $11319 | $11366 |
| **11/30/24** | $11009 | $11438 | $11400 |
| **12/31/24** | $11042 | $11251 | $11427 |
| **1/31/25** | $11099 | $11311 | $11476 |
| **2/28/25** | $11177 | $11560 | $11555 |
| **3/31/25** | $11211 | $11564 | $11608 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class R | 5.36% | 1.21% | 1.15% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| ICE BofA 1-3 Year U.S. Treasury Index | 5.43% | 1.16% | 1.50% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $6633082 |
| # of Portfolio Holdings | 1339 |
| Portfolio Turnover Rate | 497% |
| Total Net Advisory Fees Paid During the Reporting Period | $14852 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 39.6% |
| U.S. Treasury Obligations | 17.5% |
| Corporate Bonds & Notes | 12.6% |
| Asset-Backed Securities | 7.4% |
| Non-Agency Mortgage-Backed Securities | 4.6% |
| Sovereign Issues | 2.3% |
| Short-Term Instruments | 33.5% |
| Affiliated Investments | 13.6% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (31.1%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# Class R: PLDRX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO Low Duration Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4504TSRAR_033125

# Administrative Class: PDFAX

# PIMCO Low Duration Fund II

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Low Duration Fund II (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $78 | 0.76% |

---

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

* Overweight exposure to U.S. duration, specifically the 2-year part of the curve, contributed to relative performance versus the ICE BofA 1-3 Year U.S. Treasury Index ("Index"), as interest rates fell. 

* Overweight exposure to agency mortgage-backed securities ("MBS") contributed to relative performance versus the Index, as spreads tightened. 

* Overweight commercial MBS contributed to relative performance versus the Index, as short term commercial MBS had positive return. 

* There were no material detractors for this Fund.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g23367i314027444b4426c92278.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Administrative Class** | **Bloomberg U.S. Aggregate Index** | **ICE BofA 1-3 Year U.S. Treasury Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1002090 | $996412 | $1000460 |
| **5/31/15** | $1001700 | $994012 | $1001200 |
| **6/30/15** | $1001841 | $983174 | $1001451 |
| **7/31/15** | $1002343 | $990008 | $1001971 |
| **8/31/15** | $998468 | $988586 | $1001551 |
| **9/30/15** | $995399 | $995273 | $1004585 |
| **10/31/15** | $998249 | $995439 | $1003601 |
| **11/30/15** | $997911 | $992809 | $1001132 |
| **12/31/15** | $997875 | $989601 | $1000191 |
| **1/31/16** | $998399 | $1003219 | $1006282 |
| **2/29/16** | $995645 | $1010335 | $1007439 |
| **3/31/16** | $1004057 | $1019605 | $1009192 |
| **4/30/16** | $1008359 | $1023519 | $1009555 |
| **5/31/16** | $1009041 | $1023781 | $1008485 |
| **6/30/16** | $1014043 | $1042177 | $1014526 |
| **7/31/16** | $1015918 | $1048765 | $1013948 |
| **8/31/16** | $1017541 | $1047566 | $1012265 |
| **9/30/16** | $1021035 | $1046952 | $1013439 |
| **10/31/16** | $1020860 | $1038944 | $1012760 |
| **11/30/16** | $1013788 | $1014369 | $1008739 |
| **12/31/16** | $1017178 | $1015800 | $1009042 |
| **1/31/17** | $1018897 | $1017793 | $1010313 |
| **2/28/17** | $1020768 | $1024634 | $1011344 |
| **3/31/17** | $1021833 | $1024097 | $1011667 |
| **4/30/17** | $1024818 | $1032000 | $1013074 |
| **5/31/17** | $1026711 | $1039943 | $1014249 |
| **6/30/17** | $1025704 | $1038896 | $1013437 |
| **7/31/17** | $1028695 | $1043367 | $1015596 |
| **8/31/17** | $1032814 | $1052726 | $1017516 |
| **9/30/17** | $1031704 | $1047712 | $1015847 |
| **10/31/17** | $1031580 | $1048319 | $1015227 |
| **11/30/17** | $1030446 | $1046973 | $1013176 |
| **12/31/17** | $1031465 | $1051778 | $1013298 |
| **1/31/18** | $1027223 | $1039665 | $1010390 |
| **2/28/18** | $1025190 | $1029809 | $1010006 |
| **3/31/18** | $1026582 | $1036414 | $1011985 |
| **4/30/18** | $1025841 | $1028705 | $1010417 |
| **5/31/18** | $1029527 | $1036047 | $1014075 |
| **6/30/18** | $1029062 | $1034773 | $1014227 |
| **7/31/18** | $1030641 | $1035019 | $1014176 |
| **8/31/18** | $1033570 | $1041679 | $1017401 |
| **9/30/18** | $1032051 | $1034971 | $1016201 |
| **10/31/18** | $1028629 | $1026792 | $1017745 |
| **11/30/18** | $1030756 | $1032921 | $1021277 |
| **12/31/18** | $1035196 | $1051898 | $1029345 |
| **1/31/19** | $1041195 | $1063068 | $1032114 |
| **2/28/19** | $1042967 | $1062452 | $1033156 |
| **3/31/19** | $1049553 | $1082853 | $1039469 |
| **4/30/19** | $1052002 | $1083130 | $1041579 |
| **5/31/19** | $1059178 | $1102358 | $1048974 |
| **6/30/19** | $1064152 | $1116201 | $1054418 |
| **7/31/19** | $1063151 | $1118657 | $1053174 |
| **8/31/19** | $1070564 | $1147643 | $1061673 |
| **9/30/19** | $1069259 | $1141531 | $1060495 |
| **10/31/19** | $1070918 | $1144969 | $1063984 |
| **11/30/19** | $1069409 | $1144386 | $1063643 |
| **12/31/19** | $1071919 | $1143588 | $1065898 |
| **1/31/20** | $1078816 | $1165596 | $1071665 |
| **2/29/20** | $1087734 | $1186575 | $1080999 |
| **3/31/20** | $1081835 | $1179592 | $1095830 |
| **4/30/20** | $1091825 | $1200561 | $1096290 |
| **5/31/20** | $1097229 | $1206151 | $1097003 |
| **6/30/20** | $1100273 | $1213749 | $1097288 |
| **7/31/20** | $1103205 | $1231878 | $1098397 |
| **8/31/20** | $1104881 | $1221935 | $1098133 |
| **9/30/20** | $1104376 | $1221265 | $1098429 |
| **10/31/20** | $1104847 | $1215812 | $1097968 |
| **11/30/20** | $1105187 | $1227742 | $1098473 |
| **12/31/20** | $1105923 | $1229433 | $1098978 |
| **1/31/21** | $1106084 | $1220618 | $1099143 |
| **2/28/21** | $1103975 | $1202992 | $1098264 |
| **3/31/21** | $1101746 | $1187971 | $1098473 |
| **4/30/21** | $1102863 | $1197356 | $1098967 |
| **5/31/21** | $1103979 | $1201268 | $1099802 |
| **6/30/21** | $1101746 | $1209708 | $1098097 |
| **7/31/21** | $1103979 | $1223233 | $1099920 |
| **8/31/21** | $1102863 | $1220905 | $1099832 |
| **9/30/21** | $1100630 | $1210334 | $1098732 |
| **10/31/21** | $1095049 | $1210000 | $1095392 |
| **11/30/21** | $1093933 | $1213580 | $1095601 |
| **12/31/21** | $1092090 | $1210475 | $1092883 |
| **1/31/22** | $1084273 | $1184396 | $1085725 |
| **2/28/22** | $1077573 | $1171183 | $1081664 |
| **3/31/22** | $1059707 | $1138645 | $1067267 |
| **4/30/22** | $1051897 | $1095436 | $1062198 |
| **5/31/22** | $1055805 | $1102499 | $1068072 |
| **6/30/22** | $1048839 | $1085203 | $1061898 |
| **7/31/22** | $1052168 | $1111719 | $1065456 |
| **8/31/22** | $1043587 | $1080306 | $1057784 |
| **9/30/22** | $1029710 | $1033630 | $1045324 |
| **10/31/22** | $1025929 | $1020242 | $1044289 |
| **11/30/22** | $1035011 | $1057762 | $1050858 |
| **12/31/22** | $1037169 | $1052991 | $1053012 |
| **1/31/23** | $1046666 | $1085385 | $1060225 |
| **2/28/23** | $1039234 | $1057322 | $1052570 |
| **3/31/23** | $1052839 | $1084180 | $1069359 |
| **4/30/23** | $1055748 | $1090751 | $1072128 |
| **5/31/23** | $1052206 | $1078874 | $1068429 |
| **6/30/23** | $1046392 | $1075027 | $1063247 |
| **7/31/23** | $1050620 | $1074277 | $1067033 |
| **8/31/23** | $1055190 | $1067415 | $1071226 |
| **9/30/23** | $1053988 | $1040290 | $1071130 |
| **10/31/23** | $1056189 | $1023873 | $1074750 |
| **11/30/23** | $1068965 | $1070241 | $1085648 |
| **12/31/23** | $1081901 | $1111209 | $1097818 |
| **1/31/24** | $1087596 | $1108157 | $1102045 |
| **2/29/24** | $1083846 | $1092501 | $1097504 |
| **3/31/24** | $1087393 | $1102589 | $1101071 |
| **4/30/24** | $1082534 | $1074739 | $1097504 |
| **5/31/24** | $1091020 | $1092959 | $1105044 |
| **6/30/24** | $1096548 | $1103307 | $1111420 |
| **7/31/24** | $1108462 | $1129077 | $1124134 |
| **8/31/24** | $1119321 | $1145301 | $1134218 |
| **9/30/24** | $1127358 | $1160636 | $1143337 |
| **10/31/24** | $1121230 | $1131854 | $1136637 |
| **11/30/24** | $1124806 | $1143821 | $1139967 |
| **12/31/24** | $1128521 | $1125101 | $1142658 |
| **1/31/25** | $1133123 | $1131070 | $1147594 |
| **2/28/25** | $1142341 | $1155956 | $1155455 |
| **3/31/25** | $1145558 | $1156391 | $1160839 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Administrative Class | 5.35% | 1.15% | 1.37% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| ICE BofA 1-3 Year U.S. Treasury Index | 5.43% | 1.16% | 1.50% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $273595 |
| # of Portfolio Holdings | 329 |
| Portfolio Turnover Rate | 322% |
| Total Net Advisory Fees Paid During the Reporting Period | $733 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 43.1% |
| U.S. Treasury Obligations | 20.1% |
| Non-Agency Mortgage-Backed Securities | 8.5% |
| Corporate Bonds & Notes | 7.3% |
| Asset-Backed Securities | 6.2% |
| Short-Term Instruments | 19.2% |
| Affiliated Investments | 15.5% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (19.9%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# Administrative Class: PDFAX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO Low Duration Fund II
Annual Shareholder Report \|

March 31, 2025

PIMS0407TSRAR_033125

# Institutional Class: PLDTX

# PIMCO Low Duration Fund II

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Low Duration Fund II (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $52 | 0.51% |

---

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

* Overweight exposure to U.S. duration, specifically the 2-year part of the curve, contributed to relative performance versus the ICE BofA 1-3 Year U.S. Treasury Index ("Index"), as interest rates fell. 

* Overweight exposure to agency mortgage-backed securities ("MBS") contributed to relative performance versus the Index, as spreads tightened. 

* Overweight commercial MBS contributed to relative performance versus the Index, as short term commercial MBS had positive return. 

* There were no material detractors for this Fund.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g23367ie9a03984d310b3e26384.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg U.S. Aggregate Index** | **ICE BofA 1-3 Year U.S. Treasury Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1002320 | $996412 | $1000460 |
| **5/31/15** | $1002142 | $994012 | $1001200 |
| **6/30/15** | $1002488 | $983174 | $1001451 |
| **7/31/15** | $1003216 | $990008 | $1001971 |
| **8/31/15** | $999537 | $988586 | $1001551 |
| **9/30/15** | $996669 | $995273 | $1004585 |
| **10/31/15** | $999741 | $995439 | $1003601 |
| **11/30/15** | $999599 | $992809 | $1001132 |
| **12/31/15** | $999795 | $989601 | $1000191 |
| **1/31/16** | $1000511 | $1003219 | $1006282 |
| **2/29/16** | $997949 | $1010335 | $1007439 |
| **3/31/16** | $1006592 | $1019605 | $1009192 |
| **4/30/16** | $1011117 | $1023519 | $1009555 |
| **5/31/16** | $1012003 | $1023781 | $1008485 |
| **6/30/16** | $1017227 | $1042177 | $1014526 |
| **7/31/16** | $1019325 | $1048765 | $1013948 |
| **8/31/16** | $1021169 | $1047566 | $1012265 |
| **9/30/16** | $1024900 | $1046952 | $1013439 |
| **10/31/16** | $1024929 | $1038944 | $1012760 |
| **11/30/16** | $1018038 | $1014369 | $1008739 |
| **12/31/16** | $1021672 | $1015800 | $1009042 |
| **1/31/17** | $1023600 | $1017793 | $1010313 |
| **2/28/17** | $1025676 | $1024634 | $1011344 |
| **3/31/17** | $1026978 | $1024097 | $1011667 |
| **4/30/17** | $1030175 | $1032000 | $1013074 |
| **5/31/17** | $1032298 | $1039943 | $1014249 |
| **6/30/17** | $1031511 | $1038896 | $1013437 |
| **7/31/17** | $1034724 | $1043367 | $1015596 |
| **8/31/17** | $1039088 | $1052726 | $1017516 |
| **9/30/17** | $1038191 | $1047712 | $1015847 |
| **10/31/17** | $1038280 | $1048319 | $1015227 |
| **11/30/17** | $1037351 | $1046973 | $1013176 |
| **12/31/17** | $1038604 | $1051778 | $1013298 |
| **1/31/18** | $1034546 | $1039665 | $1010390 |
| **2/28/18** | $1032696 | $1029809 | $1010006 |
| **3/31/18** | $1034325 | $1036414 | $1011985 |
| **4/30/18** | $1033784 | $1028705 | $1010417 |
| **5/31/18** | $1037718 | $1036047 | $1014075 |
| **6/30/18** | $1037470 | $1034773 | $1014227 |
| **7/31/18** | $1039274 | $1035019 | $1014176 |
| **8/31/18** | $1042471 | $1041679 | $1017401 |
| **9/30/18** | $1041130 | $1034971 | $1016201 |
| **10/31/18** | $1037898 | $1026792 | $1017745 |
| **11/30/18** | $1040272 | $1032921 | $1021277 |
| **12/31/18** | $1044967 | $1051898 | $1029345 |
| **1/31/19** | $1051238 | $1063068 | $1032114 |
| **2/28/19** | $1053229 | $1062452 | $1033156 |
| **3/31/19** | $1060103 | $1082853 | $1039469 |
| **4/30/19** | $1062793 | $1083130 | $1041579 |
| **5/31/19** | $1070275 | $1102358 | $1048974 |
| **6/30/19** | $1075506 | $1116201 | $1054418 |
| **7/31/19** | $1074722 | $1118657 | $1053174 |
| **8/31/19** | $1082459 | $1147643 | $1061673 |
| **9/30/19** | $1081346 | $1141531 | $1060495 |
| **10/31/19** | $1083252 | $1144969 | $1063984 |
| **11/30/19** | $1081955 | $1144386 | $1063643 |
| **12/31/19** | $1084723 | $1143588 | $1065898 |
| **1/31/20** | $1091940 | $1165596 | $1071665 |
| **2/29/20** | $1101175 | $1186575 | $1080999 |
| **3/31/20** | $1095428 | $1179592 | $1095830 |
| **4/30/20** | $1105769 | $1200561 | $1096290 |
| **5/31/20** | $1111478 | $1206151 | $1097003 |
| **6/30/20** | $1114790 | $1213749 | $1097288 |
| **7/31/20** | $1118013 | $1231878 | $1098397 |
| **8/31/20** | $1119933 | $1221935 | $1098133 |
| **9/30/20** | $1119651 | $1221265 | $1098429 |
| **10/31/20** | $1120374 | $1215812 | $1097968 |
| **11/30/20** | $1120941 | $1227742 | $1098473 |
| **12/31/20** | $1121950 | $1229433 | $1098978 |
| **1/31/21** | $1122328 | $1220618 | $1099143 |
| **2/28/21** | $1120403 | $1202992 | $1098264 |
| **3/31/21** | $1118362 | $1187971 | $1098473 |
| **4/30/21** | $1119698 | $1197356 | $1098967 |
| **5/31/21** | $1120980 | $1201268 | $1099802 |
| **6/30/21** | $1118845 | $1209708 | $1098097 |
| **7/31/21** | $1121213 | $1223233 | $1099920 |
| **8/31/21** | $1120166 | $1220905 | $1099832 |
| **9/30/21** | $1119195 | $1210334 | $1098732 |
| **10/31/21** | $1113692 | $1210000 | $1095392 |
| **11/30/21** | $1111608 | $1213580 | $1095601 |
| **12/31/21** | $1110017 | $1210475 | $1092883 |
| **1/31/22** | $1102246 | $1184396 | $1085725 |
| **2/28/22** | $1095721 | $1171183 | $1081664 |
| **3/31/22** | $1077932 | $1138645 | $1067267 |
| **4/30/22** | $1070568 | $1095436 | $1062198 |
| **5/31/22** | $1074764 | $1102499 | $1068072 |
| **6/30/22** | $1067893 | $1085203 | $1061898 |
| **7/31/22** | $1071509 | $1111719 | $1065456 |
| **8/31/22** | $1062997 | $1080306 | $1057784 |
| **9/30/22** | $1049093 | $1033630 | $1045324 |
| **10/31/22** | $1045448 | $1020242 | $1044289 |
| **11/30/22** | $1054919 | $1057762 | $1050858 |
| **12/31/22** | $1057357 | $1052991 | $1053012 |
| **1/31/23** | $1067249 | $1085385 | $1060225 |
| **2/28/23** | $1059873 | $1057322 | $1052570 |
| **3/31/23** | $1073990 | $1084180 | $1069359 |
| **4/30/23** | $1077163 | $1090751 | $1072128 |
| **5/31/23** | $1073776 | $1078874 | $1068429 |
| **6/30/23** | $1068077 | $1075027 | $1063247 |
| **7/31/23** | $1072604 | $1074277 | $1067033 |
| **8/31/23** | $1077497 | $1067415 | $1071226 |
| **9/30/23** | $1076497 | $1040290 | $1071130 |
| **10/31/23** | $1078966 | $1023873 | $1074750 |
| **11/30/23** | $1092239 | $1070241 | $1085648 |
| **12/31/23** | $1105697 | $1111209 | $1097818 |
| **1/31/24** | $1111743 | $1108157 | $1102045 |
| **2/29/24** | $1108129 | $1092501 | $1097504 |
| **3/31/24** | $1111990 | $1102589 | $1101071 |
| **4/30/24** | $1107248 | $1074739 | $1097504 |
| **5/31/24** | $1116179 | $1092959 | $1105044 |
| **6/30/24** | $1122049 | $1103307 | $1111420 |
| **7/31/24** | $1134478 | $1129077 | $1124134 |
| **8/31/24** | $1145850 | $1145301 | $1134218 |
| **9/30/24** | $1154297 | $1160636 | $1143337 |
| **10/31/24** | $1148266 | $1131854 | $1136637 |
| **11/30/24** | $1152172 | $1143821 | $1139967 |
| **12/31/24** | $1156222 | $1125101 | $1142658 |
| **1/31/25** | $1161189 | $1131070 | $1147594 |
| **2/28/25** | $1170858 | $1155956 | $1155455 |
| **3/31/25** | $1174388 | $1156391 | $1160839 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 5.61% | 1.40% | 1.62% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| ICE BofA 1-3 Year U.S. Treasury Index | 5.43% | 1.16% | 1.50% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $273595 |
| # of Portfolio Holdings | 329 |
| Portfolio Turnover Rate | 322% |
| Total Net Advisory Fees Paid During the Reporting Period | $733 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 43.1% |
| U.S. Treasury Obligations | 20.1% |
| Non-Agency Mortgage-Backed Securities | 8.5% |
| Corporate Bonds & Notes | 7.3% |
| Asset-Backed Securities | 6.2% |
| Short-Term Instruments | 19.2% |
| Affiliated Investments | 15.5% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (19.9%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# Institutional Class: PLDTX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO Low Duration Fund II
Annual Shareholder Report \|

March 31, 2025

PIMS0107TSRAR_033125

# Class A: PRTNX

# PIMCO Real Return Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Real Return Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $98 | 0.95% |

---

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

* Eurozone interest rate strategies, including short exposure to duration and exposure to swap spreads, contributed to relative performance versus the Bloomberg U.S. TIPS Index ("Index"), as eurozone rates rose, while swaps spreads tightened.

* U.S. yield curve positioning, specifically overweight exposure to intermediate maturities relative to underweight exposure to long-term maturities, contributed to relative performance versus the Index, as the U.S. yield curve steepened.

* Overweight exposure to intermediate U.S. breakeven inflation contributed to relative performance versus the Index, as intermediate U.S. breakeven inflation rose.

* Exposure to securitized assets, including non-agency residential mortgage-backed securities and collateralized loan obligations, contributed to relative performance versus the Index, as spreads broadly tightened across these sectors.

* Long exposure to U.K. duration detracted from relative performance versus the Index, as U.K. interest rates broadly moved higher.

* There were no other material detractors for this Fund.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g23367id6a40aa4b6711affbabe.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg U.S. Aggregate Index** | **Bloomberg U.S. TIPS Index** |
| **3/31/15** | $9625 | $10000 | $10000 |
| **4/30/15** | $9664 | $9964 | $10074 |
| **5/31/15** | $9555 | $9940 | $9991 |
| **6/30/15** | $9454 | $9832 | $9894 |
| **7/31/15** | $9528 | $9900 | $9914 |
| **8/31/15** | $9384 | $9886 | $9838 |
| **9/30/15** | $9274 | $9953 | $9780 |
| **10/31/15** | $9339 | $9954 | $9805 |
| **11/30/15** | $9299 | $9928 | $9795 |
| **12/31/15** | $9188 | $9896 | $9718 |
| **1/31/16** | $9297 | $10032 | $9862 |
| **2/29/16** | $9318 | $10103 | $9972 |
| **3/31/16** | $9558 | $10196 | $10151 |
| **4/30/16** | $9606 | $10235 | $10186 |
| **5/31/16** | $9522 | $10238 | $10114 |
| **6/30/16** | $9728 | $10422 | $10324 |
| **7/31/16** | $9811 | $10488 | $10414 |
| **8/31/16** | $9780 | $10476 | $10367 |
| **9/30/16** | $9854 | $10470 | $10424 |
| **10/31/16** | $9814 | $10389 | $10382 |
| **11/30/16** | $9617 | $10144 | $10183 |
| **12/31/16** | $9613 | $10158 | $10173 |
| **1/31/17** | $9723 | $10178 | $10259 |
| **2/28/17** | $9770 | $10246 | $10307 |
| **3/31/17** | $9784 | $10241 | $10301 |
| **4/30/17** | $9838 | $10320 | $10362 |
| **5/31/17** | $9831 | $10399 | $10358 |
| **6/30/17** | $9745 | $10389 | $10260 |
| **7/31/17** | $9790 | $10434 | $10305 |
| **8/31/17** | $9888 | $10527 | $10415 |
| **9/30/17** | $9830 | $10477 | $10348 |
| **10/31/17** | $9849 | $10483 | $10370 |
| **11/30/17** | $9855 | $10470 | $10384 |
| **12/31/17** | $9950 | $10518 | $10479 |
| **1/31/18** | $9864 | $10397 | $10389 |
| **2/28/18** | $9760 | $10298 | $10288 |
| **3/31/18** | $9840 | $10364 | $10396 |
| **4/30/18** | $9836 | $10287 | $10390 |
| **5/31/18** | $9840 | $10360 | $10434 |
| **6/30/18** | $9906 | $10348 | $10476 |
| **7/31/18** | $9871 | $10350 | $10426 |
| **8/31/18** | $9904 | $10417 | $10501 |
| **9/30/18** | $9816 | $10350 | $10390 |
| **10/31/18** | $9655 | $10268 | $10242 |
| **11/30/18** | $9690 | $10329 | $10290 |
| **12/31/18** | $9715 | $10519 | $10347 |
| **1/31/19** | $9885 | $10631 | $10486 |
| **2/28/19** | $9870 | $10625 | $10484 |
| **3/31/19** | $10049 | $10829 | $10677 |
| **4/30/19** | $10081 | $10831 | $10713 |
| **5/31/19** | $10248 | $11024 | $10890 |
| **6/30/19** | $10310 | $11162 | $10983 |
| **7/31/19** | $10343 | $11187 | $11022 |
| **8/31/19** | $10525 | $11476 | $11284 |
| **9/30/19** | $10416 | $11415 | $11131 |
| **10/31/19** | $10420 | $11450 | $11159 |
| **11/30/19** | $10445 | $11444 | $11176 |
| **12/31/19** | $10501 | $11436 | $11219 |
| **1/31/20** | $10730 | $11656 | $11454 |
| **2/29/20** | $10818 | $11866 | $11613 |
| **3/31/20** | $10571 | $11796 | $11409 |
| **4/30/20** | $10905 | $12006 | $11726 |
| **5/31/20** | $10984 | $12062 | $11761 |
| **6/30/20** | $11130 | $12137 | $11892 |
| **7/31/20** | $11417 | $12319 | $12166 |
| **8/31/20** | $11543 | $12219 | $12299 |
| **9/30/20** | $11501 | $12213 | $12253 |
| **10/31/20** | $11428 | $12158 | $12174 |
| **11/30/20** | $11579 | $12277 | $12311 |
| **12/31/20** | $11723 | $12294 | $12452 |
| **1/31/21** | $11785 | $12206 | $12493 |
| **2/28/21** | $11579 | $12030 | $12292 |
| **3/31/21** | $11556 | $11880 | $12269 |
| **4/30/21** | $11733 | $11974 | $12440 |
| **5/31/21** | $11861 | $12013 | $12591 |
| **6/30/21** | $11916 | $12097 | $12667 |
| **7/31/21** | $12213 | $12232 | $13005 |
| **8/31/21** | $12187 | $12209 | $12982 |
| **9/30/21** | $12093 | $12103 | $12889 |
| **10/31/21** | $12172 | $12100 | $13035 |
| **11/30/21** | $12269 | $12136 | $13152 |
| **12/31/21** | $12339 | $12105 | $13194 |
| **1/31/22** | $12042 | $11844 | $12927 |
| **2/28/22** | $12121 | $11712 | $13037 |
| **3/31/22** | $11953 | $11386 | $12795 |
| **4/30/22** | $11702 | $10954 | $12533 |
| **5/31/22** | $11572 | $11025 | $12409 |
| **6/30/22** | $11174 | $10852 | $12016 |
| **7/31/22** | $11668 | $11117 | $12539 |
| **8/31/22** | $11348 | $10803 | $12206 |
| **9/30/22** | $10558 | $10336 | $11398 |
| **10/31/22** | $10722 | $10202 | $11540 |
| **11/30/22** | $10910 | $10578 | $11750 |
| **12/31/22** | $10832 | $10530 | $11631 |
| **1/31/23** | $11020 | $10854 | $11844 |
| **2/28/23** | $10862 | $10573 | $11681 |
| **3/31/23** | $11146 | $10842 | $12019 |
| **4/30/23** | $11160 | $10908 | $12032 |
| **5/31/23** | $11004 | $10789 | $11888 |
| **6/30/23** | $10979 | $10750 | $11848 |
| **7/31/23** | $11008 | $10743 | $11863 |
| **8/31/23** | $10906 | $10674 | $11757 |
| **9/30/23** | $10714 | $10403 | $11540 |
| **10/31/23** | $10624 | $10239 | $11457 |
| **11/30/23** | $10919 | $10702 | $11767 |
| **12/31/23** | $11192 | $11112 | $12084 |
| **1/31/24** | $11241 | $11082 | $12105 |
| **2/29/24** | $11134 | $10925 | $11975 |
| **3/31/24** | $11218 | $11026 | $12074 |
| **4/30/24** | $11027 | $10747 | $11870 |
| **5/31/24** | $11235 | $10930 | $12074 |
| **6/30/24** | $11309 | $11033 | $12169 |
| **7/31/24** | $11531 | $11291 | $12386 |
| **8/31/24** | $11620 | $11453 | $12483 |
| **9/30/24** | $11784 | $11606 | $12670 |
| **10/31/24** | $11552 | $11319 | $12443 |
| **11/30/24** | $11627 | $11438 | $12503 |
| **12/31/24** | $11436 | $11251 | $12306 |
| **1/31/25** | $11601 | $11311 | $12465 |
| **2/28/25** | $11870 | $11560 | $12736 |
| **3/31/25** | $11963 | $11564 | $12818 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 6.64% | 2.50% | 2.20% |
| Class A (including sales charge) | 2.64% | 1.72% | 1.81% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| Bloomberg U.S. TIPS Index | 6.17% | 2.36% | 2.51% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $7684588 |
| # of Portfolio Holdings | 1305 |
| Portfolio Turnover Rate | 227% |
| Total Net Advisory Fees Paid During the Reporting Period | $19202 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 89.4% |
| U.S. Government Agencies | 14.9% |
| Asset-Backed Securities | 8.4% |
| Sovereign Issues | 8.1% |
| Non-Agency Mortgage-Backed Securities | 1.3% |
| Corporate Bonds & Notes | 0.3% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 0.2% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (22.8%) |
| Total | 100.0% |

---

---

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

---

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

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

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# Class A: PRTNX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO Real Return Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4010TSRAR_033125

# Administrative Class: PARRX

# PIMCO Real Return Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Real Return Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $83 | 0.80% |

---

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

* Eurozone interest rate strategies, including short exposure to duration and exposure to swap spreads, contributed to relative performance versus the Bloomberg U.S. TIPS Index ("Index"), as eurozone rates rose, while swaps spreads tightened.

* U.S. yield curve positioning, specifically overweight exposure to intermediate maturities relative to underweight exposure to long-term maturities, contributed to relative performance versus the Index, as the U.S. yield curve steepened.

* Overweight exposure to intermediate U.S. breakeven inflation contributed to relative performance versus the Index, as intermediate U.S. breakeven inflation rose.

* Exposure to securitized assets, including non-agency residential mortgage-backed securities and collateralized loan obligations, contributed to relative performance versus the Index, as spreads broadly tightened across these sectors.

* Long exposure to U.K. duration detracted from relative performance versus the Index, as U.K. interest rates broadly moved higher.

* There were no other material detractors for this Fund.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g23367i29eca69f8ca364c0ae2e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Administrative Class** | **Bloomberg U.S. Aggregate Index** | **Bloomberg U.S. TIPS Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1004153 | $996412 | $1007358 |
| **5/31/15** | $992924 | $994012 | $999089 |
| **6/30/15** | $982586 | $983174 | $989363 |
| **7/31/15** | $990407 | $990008 | $991398 |
| **8/31/15** | $975507 | $988586 | $983840 |
| **9/30/15** | $964236 | $995273 | $978028 |
| **10/31/15** | $971139 | $995439 | $980501 |
| **11/30/15** | $967097 | $992809 | $979546 |
| **12/31/15** | $955719 | $989601 | $971787 |
| **1/31/16** | $967106 | $1003219 | $986217 |
| **2/29/16** | $969421 | $1010335 | $997187 |
| **3/31/16** | $994534 | $1019605 | $1015106 |
| **4/30/16** | $999636 | $1023519 | $1018620 |
| **5/31/16** | $991055 | $1023781 | $1011416 |
| **6/30/16** | $1012560 | $1042177 | $1032440 |
| **7/31/16** | $1021331 | $1048765 | $1041390 |
| **8/31/16** | $1018242 | $1047566 | $1036719 |
| **9/30/16** | $1026127 | $1046952 | $1042394 |
| **10/31/16** | $1022085 | $1038944 | $1038223 |
| **11/30/16** | $1001685 | $1014369 | $1018300 |
| **12/31/16** | $1001392 | $1015800 | $1017300 |
| **1/31/17** | $1012917 | $1017793 | $1025852 |
| **2/28/17** | $1018011 | $1024634 | $1030684 |
| **3/31/17** | $1019538 | $1024097 | $1030132 |
| **4/30/17** | $1025314 | $1032000 | $1036226 |
| **5/31/17** | $1024672 | $1039943 | $1035781 |
| **6/30/17** | $1015919 | $1038896 | $1025961 |
| **7/31/17** | $1020638 | $1043367 | $1030532 |
| **8/31/17** | $1031027 | $1052726 | $1041497 |
| **9/30/17** | $1025083 | $1047712 | $1034823 |
| **10/31/17** | $1027244 | $1048319 | $1037037 |
| **11/30/17** | $1027987 | $1046973 | $1038383 |
| **12/31/17** | $1038057 | $1051778 | $1047889 |
| **1/31/18** | $1029222 | $1039665 | $1038904 |
| **2/28/18** | $1018461 | $1029809 | $1028807 |
| **3/31/18** | $1026905 | $1036414 | $1039614 |
| **4/30/18** | $1026621 | $1028705 | $1039018 |
| **5/31/18** | $1027174 | $1036047 | $1043447 |
| **6/30/18** | $1034151 | $1034773 | $1047633 |
| **7/31/18** | $1030614 | $1035019 | $1042593 |
| **8/31/18** | $1034272 | $1041679 | $1050102 |
| **9/30/18** | $1025190 | $1034971 | $1039044 |
| **10/31/18** | $1008510 | $1026792 | $1024151 |
| **11/30/18** | $1012316 | $1032921 | $1029044 |
| **12/31/18** | $1015047 | $1051898 | $1034667 |
| **1/31/19** | $1032894 | $1063068 | $1048586 |
| **2/28/19** | $1031485 | $1062452 | $1048450 |
| **3/31/19** | $1050343 | $1082853 | $1067721 |
| **4/30/19** | $1053790 | $1083130 | $1071271 |
| **5/31/19** | $1071406 | $1102358 | $1088971 |
| **6/30/19** | $1077980 | $1116201 | $1098308 |
| **7/31/19** | $1081526 | $1118657 | $1102211 |
| **8/31/19** | $1100702 | $1147643 | $1128442 |
| **9/30/19** | $1089458 | $1141531 | $1113082 |
| **10/31/19** | $1090000 | $1144969 | $1115928 |
| **11/30/19** | $1092744 | $1144386 | $1117630 |
| **12/31/19** | $1098768 | $1143588 | $1121867 |
| **1/31/20** | $1122860 | $1165596 | $1145423 |
| **2/29/20** | $1132222 | $1186575 | $1161276 |
| **3/31/20** | $1106544 | $1179592 | $1140859 |
| **4/30/20** | $1141549 | $1200561 | $1172593 |
| **5/31/20** | $1150042 | $1206151 | $1176117 |
| **6/30/20** | $1165404 | $1213749 | $1189245 |
| **7/31/20** | $1195609 | $1231878 | $1216571 |
| **8/31/20** | $1209022 | $1221935 | $1229861 |
| **9/30/20** | $1204744 | $1221265 | $1225326 |
| **10/31/20** | $1197212 | $1215812 | $1217412 |
| **11/30/20** | $1213209 | $1227742 | $1231063 |
| **12/31/20** | $1228513 | $1229433 | $1245186 |
| **1/31/21** | $1235135 | $1220618 | $1249304 |
| **2/28/21** | $1213720 | $1202992 | $1229179 |
| **3/31/21** | $1211375 | $1187971 | $1226855 |
| **4/30/21** | $1230094 | $1197356 | $1244024 |
| **5/31/21** | $1243756 | $1201268 | $1259091 |
| **6/30/21** | $1249579 | $1209708 | $1266717 |
| **7/31/21** | $1280910 | $1223233 | $1300475 |
| **8/31/21** | $1278423 | $1220905 | $1298188 |
| **9/30/21** | $1268642 | $1210334 | $1288906 |
| **10/31/21** | $1277094 | $1210000 | $1303532 |
| **11/30/21** | $1287413 | $1213580 | $1315189 |
| **12/31/21** | $1294979 | $1210475 | $1319351 |
| **1/31/22** | $1263911 | $1184396 | $1292667 |
| **2/28/22** | $1272407 | $1171183 | $1303707 |
| **3/31/22** | $1254943 | $1138645 | $1279468 |
| **4/30/22** | $1228699 | $1095436 | $1253318 |
| **5/31/22** | $1215206 | $1102499 | $1240883 |
| **6/30/22** | $1173595 | $1085203 | $1201616 |
| **7/31/22** | $1225551 | $1111719 | $1253928 |
| **8/31/22** | $1192093 | $1080306 | $1220580 |
| **9/30/22** | $1109317 | $1033630 | $1139803 |
| **10/31/22** | $1126686 | $1020242 | $1153964 |
| **11/30/22** | $1146557 | $1057762 | $1175039 |
| **12/31/22** | $1138457 | $1052991 | $1163065 |
| **1/31/23** | $1158427 | $1085385 | $1184372 |
| **2/28/23** | $1141898 | $1057322 | $1168130 |
| **3/31/23** | $1171893 | $1084180 | $1201894 |
| **4/30/23** | $1173583 | $1090751 | $1203212 |
| **5/31/23** | $1157318 | $1078874 | $1188819 |
| **6/30/23** | $1154864 | $1075027 | $1184814 |
| **7/31/23** | $1157999 | $1074277 | $1186301 |
| **8/31/23** | $1147366 | $1067415 | $1175707 |
| **9/30/23** | $1127402 | $1040290 | $1154005 |
| **10/31/23** | $1118022 | $1023873 | $1145656 |
| **11/30/23** | $1149201 | $1070241 | $1176694 |
| **12/31/23** | $1178100 | $1111209 | $1208370 |
| **1/31/24** | $1183427 | $1108157 | $1210515 |
| **2/29/24** | $1172279 | $1092501 | $1197508 |
| **3/31/24** | $1181293 | $1102589 | $1207363 |
| **4/30/24** | $1161351 | $1074739 | $1187004 |
| **5/31/24** | $1183341 | $1092959 | $1207395 |
| **6/30/24** | $1191332 | $1103307 | $1216871 |
| **7/31/24** | $1214840 | $1129077 | $1238574 |
| **8/31/24** | $1224369 | $1145301 | $1248291 |
| **9/30/24** | $1241782 | $1160636 | $1267030 |
| **10/31/24** | $1217542 | $1131854 | $1244299 |
| **11/30/24** | $1225522 | $1143821 | $1250329 |
| **12/31/24** | $1205544 | $1125101 | $1230558 |
| **1/31/25** | $1223164 | $1131070 | $1246472 |
| **2/28/25** | $1251606 | $1155956 | $1273649 |
| **3/31/25** | $1261582 | $1156391 | $1281815 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Administrative Class | 6.80% | 2.66% | 2.35% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| Bloomberg U.S. TIPS Index | 6.17% | 2.36% | 2.51% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $7684588 |
| # of Portfolio Holdings | 1305 |
| Portfolio Turnover Rate | 227% |
| Total Net Advisory Fees Paid During the Reporting Period | $19202 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 89.4% |
| U.S. Government Agencies | 14.9% |
| Asset-Backed Securities | 8.4% |
| Sovereign Issues | 8.1% |
| Non-Agency Mortgage-Backed Securities | 1.3% |
| Corporate Bonds & Notes | 0.3% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 0.2% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (22.8%) |
| Total | 100.0% |

---

---

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

---

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

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

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# Administrative Class: PARRX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO Real Return Fund
Annual Shareholder Report \|

March 31, 2025

PIMS0422TSRAR_033125

# Class C: PRTCX

# PIMCO Real Return Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Real Return Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $149 | 1.45% |

---

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

* Eurozone interest rate strategies, including short exposure to duration and exposure to swap spreads, contributed to relative performance versus the Bloomberg U.S. TIPS Index ("Index"), as eurozone rates rose, while swaps spreads tightened.

* U.S. yield curve positioning, specifically overweight exposure to intermediate maturities relative to underweight exposure to long-term maturities, contributed to relative performance versus the Index, as the U.S. yield curve steepened.

* Overweight exposure to intermediate U.S. breakeven inflation contributed to relative performance versus the Index, as intermediate U.S. breakeven inflation rose.

* Exposure to securitized assets, including non-agency residential mortgage-backed securities and collateralized loan obligations, contributed to relative performance versus the Index, as spreads broadly tightened across these sectors.

* Long exposure to U.K. duration detracted from relative performance versus the Index, as U.K. interest rates broadly moved higher.

* There were no other material detractors for this Fund.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g23367i5a53c8b63a60ab2afb24.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg U.S. Aggregate Index** | **Bloomberg U.S. TIPS Index** |
| **3/31/15** | $10000 | $10000 | $10000 |
| **4/30/15** | $10036 | $9964 | $10074 |
| **5/31/15** | $9919 | $9940 | $9991 |
| **6/30/15** | $9810 | $9832 | $9894 |
| **7/31/15** | $9882 | $9900 | $9914 |
| **8/31/15** | $9729 | $9886 | $9838 |
| **9/30/15** | $9611 | $9953 | $9780 |
| **10/31/15** | $9675 | $9954 | $9805 |
| **11/30/15** | $9629 | $9928 | $9795 |
| **12/31/15** | $9510 | $9896 | $9718 |
| **1/31/16** | $9619 | $10032 | $9862 |
| **2/29/16** | $9637 | $10103 | $9972 |
| **3/31/16** | $9881 | $10196 | $10151 |
| **4/30/16** | $9926 | $10235 | $10186 |
| **5/31/16** | $9836 | $10238 | $10114 |
| **6/30/16** | $10044 | $10422 | $10324 |
| **7/31/16** | $10126 | $10488 | $10414 |
| **8/31/16** | $10089 | $10476 | $10367 |
| **9/30/16** | $10162 | $10470 | $10424 |
| **10/31/16** | $10117 | $10389 | $10382 |
| **11/30/16** | $9909 | $10144 | $10183 |
| **12/31/16** | $9901 | $10158 | $10173 |
| **1/31/17** | $10009 | $10178 | $10259 |
| **2/28/17** | $10055 | $10246 | $10307 |
| **3/31/17** | $10064 | $10241 | $10301 |
| **4/30/17** | $10116 | $10320 | $10362 |
| **5/31/17** | $10104 | $10399 | $10358 |
| **6/30/17** | $10012 | $10389 | $10260 |
| **7/31/17** | $10053 | $10434 | $10305 |
| **8/31/17** | $10150 | $10527 | $10415 |
| **9/30/17** | $10086 | $10477 | $10348 |
| **10/31/17** | $10102 | $10483 | $10370 |
| **11/30/17** | $10104 | $10470 | $10384 |
| **12/31/17** | $10197 | $10518 | $10479 |
| **1/31/18** | $10105 | $10397 | $10389 |
| **2/28/18** | $9994 | $10298 | $10288 |
| **3/31/18** | $10071 | $10364 | $10396 |
| **4/30/18** | $10063 | $10287 | $10390 |
| **5/31/18** | $10063 | $10360 | $10434 |
| **6/30/18** | $10126 | $10348 | $10476 |
| **7/31/18** | $10086 | $10350 | $10426 |
| **8/31/18** | $10116 | $10417 | $10501 |
| **9/30/18** | $10022 | $10350 | $10390 |
| **10/31/18** | $9853 | $10268 | $10242 |
| **11/30/18** | $9885 | $10329 | $10290 |
| **12/31/18** | $9906 | $10519 | $10347 |
| **1/31/19** | $10075 | $10631 | $10486 |
| **2/28/19** | $10056 | $10625 | $10484 |
| **3/31/19** | $10235 | $10829 | $10677 |
| **4/30/19** | $10263 | $10831 | $10713 |
| **5/31/19** | $10429 | $11024 | $10890 |
| **6/30/19** | $10487 | $11162 | $10983 |
| **7/31/19** | $10516 | $11187 | $11022 |
| **8/31/19** | $10697 | $11476 | $11284 |
| **9/30/19** | $10582 | $11415 | $11131 |
| **10/31/19** | $10582 | $11450 | $11159 |
| **11/30/19** | $10602 | $11444 | $11176 |
| **12/31/19** | $10654 | $11436 | $11219 |
| **1/31/20** | $10882 | $11656 | $11454 |
| **2/29/20** | $10967 | $11866 | $11613 |
| **3/31/20** | $10713 | $11796 | $11409 |
| **4/30/20** | $11046 | $12006 | $11726 |
| **5/31/20** | $11122 | $12062 | $11761 |
| **6/30/20** | $11264 | $12137 | $11892 |
| **7/31/20** | $11550 | $12319 | $12166 |
| **8/31/20** | $11673 | $12219 | $12299 |
| **9/30/20** | $11626 | $12213 | $12253 |
| **10/31/20** | $11546 | $12158 | $12174 |
| **11/30/20** | $11695 | $12277 | $12311 |
| **12/31/20** | $11840 | $12294 | $12452 |
| **1/31/21** | $11898 | $12206 | $12493 |
| **2/28/21** | $11685 | $12030 | $12292 |
| **3/31/21** | $11650 | $11880 | $12269 |
| **4/30/21** | $11823 | $11974 | $12440 |
| **5/31/21** | $11948 | $12013 | $12591 |
| **6/30/21** | $11998 | $12097 | $12667 |
| **7/31/21** | $12292 | $12232 | $13005 |
| **8/31/21** | $12261 | $12209 | $12982 |
| **9/30/21** | $12161 | $12103 | $12889 |
| **10/31/21** | $12236 | $12100 | $13035 |
| **11/30/21** | $12328 | $12136 | $13152 |
| **12/31/21** | $12393 | $12105 | $13194 |
| **1/31/22** | $12090 | $11844 | $12927 |
| **2/28/22** | $12165 | $11712 | $13037 |
| **3/31/22** | $11991 | $11386 | $12795 |
| **4/30/22** | $11734 | $10954 | $12533 |
| **5/31/22** | $11599 | $11025 | $12409 |
| **6/30/22** | $11196 | $10852 | $12016 |
| **7/31/22** | $11685 | $11117 | $12539 |
| **8/31/22** | $11360 | $10803 | $12206 |
| **9/30/22** | $10565 | $10336 | $11398 |
| **10/31/22** | $10725 | $10202 | $11540 |
| **11/30/22** | $10908 | $10578 | $11750 |
| **12/31/22** | $10825 | $10530 | $11631 |
| **1/31/23** | $11009 | $10854 | $11844 |
| **2/28/23** | $10846 | $10573 | $11681 |
| **3/31/23** | $11125 | $10842 | $12019 |
| **4/30/23** | $11135 | $10908 | $12032 |
| **5/31/23** | $10975 | $10789 | $11888 |
| **6/30/23** | $10945 | $10750 | $11848 |
| **7/31/23** | $10969 | $10743 | $11863 |
| **8/31/23** | $10863 | $10674 | $11757 |
| **9/30/23** | $10668 | $10403 | $11540 |
| **10/31/23** | $10573 | $10239 | $11457 |
| **11/30/23** | $10862 | $10702 | $11767 |
| **12/31/23** | $11129 | $11112 | $12084 |
| **1/31/24** | $11174 | $11082 | $12105 |
| **2/29/24** | $11063 | $10925 | $11975 |
| **3/31/24** | $11142 | $11026 | $12074 |
| **4/30/24** | $10948 | $10747 | $11870 |
| **5/31/24** | $11148 | $10930 | $12074 |
| **6/30/24** | $11218 | $11033 | $12169 |
| **7/31/24** | $11433 | $11291 | $12386 |
| **8/31/24** | $11516 | $11453 | $12483 |
| **9/30/24** | $11674 | $11606 | $12670 |
| **10/31/24** | $11440 | $11319 | $12443 |
| **11/30/24** | $11508 | $11438 | $12503 |
| **12/31/24** | $11315 | $11251 | $12306 |
| **1/31/25** | $11473 | $11311 | $12465 |
| **2/28/25** | $11734 | $11560 | $12736 |
| **3/31/25** | $11822 | $11564 | $12818 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class C (excluding sales charge) | 6.11% | 1.99% | 1.69% |
| Class C (including sales charge) | 5.11% | 1.99% | 1.69% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| Bloomberg U.S. TIPS Index | 6.17% | 2.36% | 2.51% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $7684588 |
| # of Portfolio Holdings | 1305 |
| Portfolio Turnover Rate | 227% |
| Total Net Advisory Fees Paid During the Reporting Period | $19202 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 89.4% |
| U.S. Government Agencies | 14.9% |
| Asset-Backed Securities | 8.4% |
| Sovereign Issues | 8.1% |
| Non-Agency Mortgage-Backed Securities | 1.3% |
| Corporate Bonds & Notes | 0.3% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 0.2% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (22.8%) |
| Total | 100.0% |

---

---

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

---

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

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

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# Class C: PRTCX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO Real Return Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4210TSRAR_033125

# I-3: PRNPX

# PIMCO Real Return Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Real Return Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $72 | 0.70% |

---

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

* Eurozone interest rate strategies, including short exposure to duration and exposure to swap spreads, contributed to relative performance versus the Bloomberg U.S. TIPS Index ("Index"), as eurozone rates rose, while swaps spreads tightened.

* U.S. yield curve positioning, specifically overweight exposure to intermediate maturities relative to underweight exposure to long-term maturities, contributed to relative performance versus the Index, as the U.S. yield curve steepened.

* Overweight exposure to intermediate U.S. breakeven inflation contributed to relative performance versus the Index, as intermediate U.S. breakeven inflation rose.

* Exposure to securitized assets, including non-agency residential mortgage-backed securities and collateralized loan obligations, contributed to relative performance versus the Index, as spreads broadly tightened across these sectors.

* Long exposure to U.K. duration detracted from relative performance versus the Index, as U.K. interest rates broadly moved higher.

* There were no other material detractors for this Fund.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g23367if986879c65a8a75e6e23.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-3** | **Bloomberg U.S. Aggregate Index** | **Bloomberg U.S. TIPS Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1004235 | $996412 | $1007358 |
| **5/31/15** | $993103 | $994012 | $999089 |
| **6/30/15** | $982842 | $983174 | $989363 |
| **7/31/15** | $990763 | $990008 | $991398 |
| **8/31/15** | $975927 | $988586 | $983840 |
| **9/30/15** | $964731 | $995273 | $978028 |
| **10/31/15** | $971725 | $995439 | $980501 |
| **11/30/15** | $967753 | $992809 | $979546 |
| **12/31/15** | $956467 | $989601 | $971787 |
| **1/31/16** | $967925 | $1003219 | $986217 |
| **2/29/16** | $970317 | $1010335 | $997187 |
| **3/31/16** | $995537 | $1019605 | $1015106 |
| **4/30/16** | $1000732 | $1023519 | $1018620 |
| **5/31/16** | $992221 | $1023781 | $1011416 |
| **6/30/16** | $1013833 | $1042177 | $1032440 |
| **7/31/16** | $1022703 | $1048765 | $1041390 |
| **8/31/16** | $1019697 | $1047566 | $1036719 |
| **9/30/16** | $1027693 | $1046952 | $1042394 |
| **10/31/16** | $1023718 | $1038944 | $1038223 |
| **11/30/16** | $1003369 | $1014369 | $1018300 |
| **12/31/16** | $1003175 | $1015800 | $1017300 |
| **1/31/17** | $1014792 | $1017793 | $1025852 |
| **2/28/17** | $1019973 | $1024634 | $1030684 |
| **3/31/17** | $1021603 | $1024097 | $1030132 |
| **4/30/17** | $1027462 | $1032000 | $1036226 |
| **5/31/17** | $1026905 | $1039943 | $1035781 |
| **6/30/17** | $1018231 | $1038896 | $1025961 |
| **7/31/17** | $1023034 | $1043367 | $1030532 |
| **8/31/17** | $1033535 | $1052726 | $1041497 |
| **9/30/17** | $1027669 | $1047712 | $1034823 |
| **10/31/17** | $1029915 | $1048319 | $1037037 |
| **11/30/17** | $1030745 | $1046973 | $1038383 |
| **12/31/17** | $1040937 | $1051778 | $1047889 |
| **1/31/18** | $1032159 | $1039665 | $1038904 |
| **2/28/18** | $1021447 | $1029809 | $1028807 |
| **3/31/18** | $1030009 | $1036414 | $1039614 |
| **4/30/18** | $1029809 | $1028705 | $1039018 |
| **5/31/18** | $1030436 | $1036047 | $1043447 |
| **6/30/18** | $1037540 | $1034773 | $1047633 |
| **7/31/18** | $1034094 | $1035019 | $1042593 |
| **8/31/18** | $1037849 | $1041679 | $1050102 |
| **9/30/18** | $1028817 | $1034971 | $1039044 |
| **10/31/18** | $1012162 | $1026792 | $1024151 |
| **11/30/18** | $1016085 | $1032921 | $1029044 |
| **12/31/18** | $1018916 | $1051898 | $1034667 |
| **1/31/19** | $1036916 | $1063068 | $1048586 |
| **2/28/19** | $1035581 | $1062452 | $1048450 |
| **3/31/19** | $1054603 | $1082853 | $1067721 |
| **4/30/19** | $1058112 | $1083130 | $1071271 |
| **5/31/19** | $1075892 | $1102358 | $1088971 |
| **6/30/19** | $1082541 | $1116201 | $1098308 |
| **7/31/19** | $1086191 | $1118657 | $1102211 |
| **8/31/19** | $1105535 | $1147643 | $1128442 |
| **9/30/19** | $1094324 | $1141531 | $1113082 |
| **10/31/19** | $1094962 | $1144969 | $1115928 |
| **11/30/19** | $1097813 | $1144386 | $1117630 |
| **12/31/19** | $1103958 | $1143588 | $1121867 |
| **1/31/20** | $1128264 | $1165596 | $1145423 |
| **2/29/20** | $1137758 | $1186575 | $1161276 |
| **3/31/20** | $1112045 | $1179592 | $1140859 |
| **4/30/20** | $1147321 | $1200561 | $1172593 |
| **5/31/20** | $1155954 | $1206151 | $1176117 |
| **6/30/20** | $1171496 | $1213749 | $1189245 |
| **7/31/20** | $1201965 | $1231878 | $1216571 |
| **8/31/20** | $1215545 | $1221935 | $1229861 |
| **9/30/20** | $1211343 | $1221265 | $1225326 |
| **10/31/20** | $1203869 | $1215812 | $1217412 |
| **11/30/20** | $1220049 | $1227742 | $1231063 |
| **12/31/20** | $1235552 | $1229433 | $1245186 |
| **1/31/21** | $1242308 | $1220618 | $1249304 |
| **2/28/21** | $1220862 | $1202992 | $1229179 |
| **3/31/21** | $1218604 | $1187971 | $1226855 |
| **4/30/21** | $1237542 | $1197356 | $1244024 |
| **5/31/21** | $1251385 | $1201268 | $1259091 |
| **6/30/21** | $1257345 | $1209708 | $1266717 |
| **7/31/21** | $1288982 | $1223233 | $1300475 |
| **8/31/21** | $1286585 | $1220905 | $1298188 |
| **9/30/21** | $1276861 | $1210334 | $1288906 |
| **10/31/21** | $1285486 | $1210000 | $1303532 |
| **11/30/21** | $1295980 | $1213580 | $1315189 |
| **12/31/21** | $1303715 | $1210475 | $1319351 |
| **1/31/22** | $1272537 | $1184396 | $1292667 |
| **2/28/22** | $1281186 | $1171183 | $1303707 |
| **3/31/22** | $1263710 | $1138645 | $1279468 |
| **4/30/22** | $1237389 | $1095436 | $1253318 |
| **5/31/22** | $1223898 | $1102499 | $1240883 |
| **6/30/22** | $1182089 | $1085203 | $1201616 |
| **7/31/22** | $1234522 | $1111719 | $1253928 |
| **8/31/22** | $1200922 | $1080306 | $1220580 |
| **9/30/22** | $1117636 | $1033630 | $1139803 |
| **10/31/22** | $1135224 | $1020242 | $1153964 |
| **11/30/22** | $1155339 | $1057762 | $1175039 |
| **12/31/22** | $1147281 | $1052991 | $1163065 |
| **1/31/23** | $1167498 | $1085385 | $1184372 |
| **2/28/23** | $1150928 | $1057322 | $1168130 |
| **3/31/23** | $1181265 | $1084180 | $1201894 |
| **4/30/23** | $1183059 | $1090751 | $1203212 |
| **5/31/23** | $1166762 | $1078874 | $1188819 |
| **6/30/23** | $1164390 | $1075027 | $1184814 |
| **7/31/23** | $1167643 | $1074277 | $1186301 |
| **8/31/23** | $1157017 | $1067415 | $1175707 |
| **9/30/23** | $1136980 | $1040290 | $1154005 |
| **10/31/23** | $1127612 | $1023873 | $1145656 |
| **11/30/23** | $1159157 | $1070241 | $1176694 |
| **12/31/23** | $1188408 | $1111209 | $1208370 |
| **1/31/24** | $1193878 | $1108157 | $1210515 |
| **2/29/24** | $1182716 | $1092501 | $1197508 |
| **3/31/24** | $1191911 | $1102589 | $1207363 |
| **4/30/24** | $1171887 | $1074739 | $1187004 |
| **5/31/24** | $1194183 | $1092959 | $1207395 |
| **6/30/24** | $1202339 | $1103307 | $1216871 |
| **7/31/24** | $1226167 | $1129077 | $1238574 |
| **8/31/24** | $1235894 | $1145301 | $1248291 |
| **9/30/24** | $1253567 | $1160636 | $1267030 |
| **10/31/24** | $1229201 | $1131854 | $1244299 |
| **11/30/24** | $1237361 | $1143821 | $1250329 |
| **12/31/24** | $1217294 | $1125101 | $1230558 |
| **1/31/25** | $1235195 | $1131070 | $1246472 |
| **2/28/25** | $1264011 | $1155956 | $1273649 |
| **3/31/25** | $1274186 | $1156391 | $1281815 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-3 | 6.90% | 2.76% | 2.45% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| Bloomberg U.S. TIPS Index | 6.17% | 2.36% | 2.51% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $7684588 |
| # of Portfolio Holdings | 1305 |
| Portfolio Turnover Rate | 227% |
| Total Net Advisory Fees Paid During the Reporting Period | $19202 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 89.4% |
| U.S. Government Agencies | 14.9% |
| Asset-Backed Securities | 8.4% |
| Sovereign Issues | 8.1% |
| Non-Agency Mortgage-Backed Securities | 1.3% |
| Corporate Bonds & Notes | 0.3% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 0.2% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (22.8%) |
| Total | 100.0% |

---

---

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

---

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

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

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# I-3: PRNPX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO Real Return Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2194TSRAR_033125

# Institutional Class: PRRIX

# PIMCO Real Return Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Real Return Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $57 | 0.55% |

---

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

* Eurozone interest rate strategies, including short exposure to duration and exposure to swap spreads, contributed to relative performance versus the Bloomberg U.S. TIPS Index ("Index"), as eurozone rates rose, while swaps spreads tightened.

* U.S. yield curve positioning, specifically overweight exposure to intermediate maturities relative to underweight exposure to long-term maturities, contributed to relative performance versus the Index, as the U.S. yield curve steepened.

* Overweight exposure to intermediate U.S. breakeven inflation contributed to relative performance versus the Index, as intermediate U.S. breakeven inflation rose.

* Exposure to securitized assets, including non-agency residential mortgage-backed securities and collateralized loan obligations, contributed to relative performance versus the Index, as spreads broadly tightened across these sectors.

* Long exposure to U.K. duration detracted from relative performance versus the Index, as U.K. interest rates broadly moved higher.

* There were no other material detractors for this Fund.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g23367i05f058ddbd7b98331cfe.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg U.S. Aggregate Index** | **Bloomberg U.S. TIPS Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1004359 | $996412 | $1007358 |
| **5/31/15** | $993352 | $994012 | $999089 |
| **6/30/15** | $983210 | $983174 | $989363 |
| **7/31/15** | $991259 | $990008 | $991398 |
| **8/31/15** | $976541 | $988586 | $983840 |
| **9/30/15** | $965457 | $995273 | $978028 |
| **10/31/15** | $972581 | $995439 | $980501 |
| **11/30/15** | $968724 | $992809 | $979546 |
| **12/31/15** | $957549 | $989601 | $971787 |
| **1/31/16** | $969141 | $1003219 | $986217 |
| **2/29/16** | $971651 | $1010335 | $997187 |
| **3/31/16** | $997030 | $1019605 | $1015106 |
| **4/30/16** | $1002355 | $1023519 | $1018620 |
| **5/31/16** | $993957 | $1023781 | $1011416 |
| **6/30/16** | $1015731 | $1042177 | $1032440 |
| **7/31/16** | $1024747 | $1048765 | $1041390 |
| **8/31/16** | $1021865 | $1047566 | $1036719 |
| **9/30/16** | $1030003 | $1046952 | $1042394 |
| **10/31/16** | $1026150 | $1038944 | $1038223 |
| **11/30/16** | $1005877 | $1014369 | $1018300 |
| **12/31/16** | $1005809 | $1015800 | $1017300 |
| **1/31/17** | $1017586 | $1017793 | $1025852 |
| **2/28/17** | $1022898 | $1024634 | $1030684 |
| **3/31/17** | $1024662 | $1024097 | $1030132 |
| **4/30/17** | $1030665 | $1032000 | $1036226 |
| **5/31/17** | $1030237 | $1039943 | $1035781 |
| **6/30/17** | $1021661 | $1038896 | $1025961 |
| **7/31/17** | $1026611 | $1043367 | $1030532 |
| **8/31/17** | $1037280 | $1052726 | $1041497 |
| **9/30/17** | $1031521 | $1047712 | $1034823 |
| **10/31/17** | $1033907 | $1048319 | $1037037 |
| **11/30/17** | $1034867 | $1046973 | $1038383 |
| **12/31/17** | $1045232 | $1051778 | $1047889 |
| **1/31/18** | $1036551 | $1039665 | $1038904 |
| **2/28/18** | $1025911 | $1029809 | $1028807 |
| **3/31/18** | $1034642 | $1036414 | $1039614 |
| **4/30/18** | $1034561 | $1028705 | $1039018 |
| **5/31/18** | $1035337 | $1036047 | $1043447 |
| **6/30/18** | $1042588 | $1034773 | $1047633 |
| **7/31/18** | $1039236 | $1035019 | $1042593 |
| **8/31/18** | $1043167 | $1041679 | $1050102 |
| **9/30/18** | $1034199 | $1034971 | $1039044 |
| **10/31/18** | $1017585 | $1026792 | $1024151 |
| **11/30/18** | $1021653 | $1032921 | $1029044 |
| **12/31/18** | $1024626 | $1051898 | $1034667 |
| **1/31/19** | $1042854 | $1063068 | $1048586 |
| **2/28/19** | $1041631 | $1062452 | $1048450 |
| **3/31/19** | $1060898 | $1082853 | $1067721 |
| **4/30/19** | $1064596 | $1083130 | $1071271 |
| **5/31/19** | $1082626 | $1102358 | $1088971 |
| **6/30/19** | $1089476 | $1116201 | $1098308 |
| **7/31/19** | $1093290 | $1118657 | $1102211 |
| **8/31/19** | $1112925 | $1147643 | $1128442 |
| **9/30/19** | $1101767 | $1141531 | $1113082 |
| **10/31/19** | $1102549 | $1144969 | $1115928 |
| **11/30/19** | $1105559 | $1144386 | $1117630 |
| **12/31/19** | $1111888 | $1143588 | $1121867 |
| **1/31/20** | $1136513 | $1165596 | $1145423 |
| **2/29/20** | $1146207 | $1186575 | $1161276 |
| **3/31/20** | $1120439 | $1179592 | $1140859 |
| **4/30/20** | $1156121 | $1200561 | $1172593 |
| **5/31/20** | $1164968 | $1206151 | $1176117 |
| **6/30/20** | $1180770 | $1213749 | $1189245 |
| **7/31/20** | $1211644 | $1231878 | $1216571 |
| **8/31/20** | $1225476 | $1221935 | $1229861 |
| **9/30/20** | $1221390 | $1221265 | $1225326 |
| **10/31/20** | $1214014 | $1215812 | $1217412 |
| **11/30/20** | $1230477 | $1227742 | $1231063 |
| **12/31/20** | $1246285 | $1229433 | $1245186 |
| **1/31/21** | $1253241 | $1220618 | $1249304 |
| **2/28/21** | $1231750 | $1202992 | $1229179 |
| **3/31/21** | $1229630 | $1187971 | $1226855 |
| **4/30/21** | $1248901 | $1197356 | $1244024 |
| **5/31/21** | $1263019 | $1201268 | $1259091 |
| **6/30/21** | $1269190 | $1209708 | $1266717 |
| **7/31/21** | $1301292 | $1223233 | $1300475 |
| **8/31/21** | $1299030 | $1220905 | $1298188 |
| **9/30/21** | $1289371 | $1210334 | $1288906 |
| **10/31/21** | $1298242 | $1210000 | $1303532 |
| **11/30/21** | $1309001 | $1213580 | $1315189 |
| **12/31/21** | $1316990 | $1210475 | $1319351 |
| **1/31/22** | $1285649 | $1184396 | $1292667 |
| **2/28/22** | $1294533 | $1171183 | $1303707 |
| **3/31/22** | $1277039 | $1138645 | $1279468 |
| **4/30/22** | $1250599 | $1095436 | $1253318 |
| **5/31/22** | $1237117 | $1102499 | $1240883 |
| **6/30/22** | $1195006 | $1085203 | $1201616 |
| **7/31/22** | $1248165 | $1111719 | $1253928 |
| **8/31/22** | $1214349 | $1080306 | $1220580 |
| **9/30/22** | $1130288 | $1033630 | $1139803 |
| **10/31/22** | $1148212 | $1020242 | $1153964 |
| **11/30/22** | $1168699 | $1057762 | $1175039 |
| **12/31/22** | $1160707 | $1052991 | $1163065 |
| **1/31/23** | $1181301 | $1085385 | $1184372 |
| **2/28/23** | $1164671 | $1057322 | $1168130 |
| **3/31/23** | $1195530 | $1084180 | $1201894 |
| **4/30/23** | $1197482 | $1090751 | $1203212 |
| **5/31/23** | $1181138 | $1078874 | $1188819 |
| **6/30/23** | $1178891 | $1075027 | $1184814 |
| **7/31/23** | $1182325 | $1074277 | $1186301 |
| **8/31/23** | $1171715 | $1067415 | $1175707 |
| **9/30/23** | $1151571 | $1040290 | $1154005 |
| **10/31/23** | $1142223 | $1023873 | $1145656 |
| **11/30/23** | $1174315 | $1070241 | $1176694 |
| **12/31/23** | $1204106 | $1111209 | $1208370 |
| **1/31/24** | $1209796 | $1108157 | $1210515 |
| **2/29/24** | $1198637 | $1092501 | $1197508 |
| **3/31/24** | $1208109 | $1102589 | $1207363 |
| **4/30/24** | $1187959 | $1074739 | $1187004 |
| **5/31/24** | $1210724 | $1092959 | $1207395 |
| **6/30/24** | $1219134 | $1103307 | $1216871 |
| **7/31/24** | $1243452 | $1129077 | $1238574 |
| **8/31/24** | $1253488 | $1145301 | $1248291 |
| **9/30/24** | $1271558 | $1160636 | $1267030 |
| **10/31/24** | $1247004 | $1131854 | $1244299 |
| **11/30/24** | $1255441 | $1143821 | $1250329 |
| **12/31/24** | $1235240 | $1125101 | $1230558 |
| **1/31/25** | $1253567 | $1131070 | $1246472 |
| **2/28/25** | $1282958 | $1155956 | $1273649 |
| **3/31/25** | $1293437 | $1156391 | $1281815 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 7.06% | 2.91% | 2.61% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| Bloomberg U.S. TIPS Index | 6.17% | 2.36% | 2.51% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $7684588 |
| # of Portfolio Holdings | 1305 |
| Portfolio Turnover Rate | 227% |
| Total Net Advisory Fees Paid During the Reporting Period | $19202 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 89.4% |
| U.S. Government Agencies | 14.9% |
| Asset-Backed Securities | 8.4% |
| Sovereign Issues | 8.1% |
| Non-Agency Mortgage-Backed Securities | 1.3% |
| Corporate Bonds & Notes | 0.3% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 0.2% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (22.8%) |
| Total | 100.0% |

---

---

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

---

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

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

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# Institutional Class: PRRIX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO Real Return Fund
Annual Shareholder Report \|

March 31, 2025

PIMS0122TSRAR_033125

# I-2: PRLPX

# PIMCO Real Return Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Real Return Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $67 | 0.65% |

---

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

* Eurozone interest rate strategies, including short exposure to duration and exposure to swap spreads, contributed to relative performance versus the Bloomberg U.S. TIPS Index ("Index"), as eurozone rates rose, while swaps spreads tightened.

* U.S. yield curve positioning, specifically overweight exposure to intermediate maturities relative to underweight exposure to long-term maturities, contributed to relative performance versus the Index, as the U.S. yield curve steepened.

* Overweight exposure to intermediate U.S. breakeven inflation contributed to relative performance versus the Index, as intermediate U.S. breakeven inflation rose.

* Exposure to securitized assets, including non-agency residential mortgage-backed securities and collateralized loan obligations, contributed to relative performance versus the Index, as spreads broadly tightened across these sectors.

* Long exposure to U.K. duration detracted from relative performance versus the Index, as U.K. interest rates broadly moved higher.

* There were no other material detractors for this Fund.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g23367i1dd512461cd232926a19.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **Bloomberg U.S. Aggregate Index** | **Bloomberg U.S. TIPS Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1004277 | $996412 | $1007358 |
| **5/31/15** | $993185 | $994012 | $999089 |
| **6/30/15** | $982964 | $983174 | $989363 |
| **7/31/15** | $990923 | $990008 | $991398 |
| **8/31/15** | $976131 | $988586 | $983840 |
| **9/30/15** | $964973 | $995273 | $978028 |
| **10/31/15** | $972008 | $995439 | $980501 |
| **11/30/15** | $968077 | $992809 | $979546 |
| **12/31/15** | $956821 | $989601 | $971787 |
| **1/31/16** | $968331 | $1003219 | $986217 |
| **2/29/16** | $970763 | $1010335 | $997187 |
| **3/31/16** | $996035 | $1019605 | $1015106 |
| **4/30/16** | $1001271 | $1023519 | $1018620 |
| **5/31/16** | $992800 | $1023781 | $1011416 |
| **6/30/16** | $1014466 | $1042177 | $1032440 |
| **7/31/16** | $1023383 | $1048765 | $1041390 |
| **8/31/16** | $1020418 | $1047566 | $1036719 |
| **9/30/16** | $1028455 | $1046952 | $1042394 |
| **10/31/16** | $1024526 | $1038944 | $1038223 |
| **11/30/16** | $1004202 | $1014369 | $1018300 |
| **12/31/16** | $1004044 | $1015800 | $1017300 |
| **1/31/17** | $1015720 | $1017793 | $1025852 |
| **2/28/17** | $1020945 | $1024634 | $1030684 |
| **3/31/17** | $1022619 | $1024097 | $1030132 |
| **4/30/17** | $1028531 | $1032000 | $1036226 |
| **5/31/17** | $1028017 | $1039943 | $1035781 |
| **6/30/17** | $1019370 | $1038896 | $1025961 |
| **7/31/17** | $1024228 | $1043367 | $1030532 |
| **8/31/17** | $1034785 | $1052726 | $1041497 |
| **9/30/17** | $1028952 | $1047712 | $1034823 |
| **10/31/17** | $1031247 | $1048319 | $1037037 |
| **11/30/17** | $1032121 | $1046973 | $1038383 |
| **12/31/17** | $1042368 | $1051778 | $1047889 |
| **1/31/18** | $1033625 | $1039665 | $1038904 |
| **2/28/18** | $1022937 | $1029809 | $1028807 |
| **3/31/18** | $1031553 | $1036414 | $1039614 |
| **4/30/18** | $1031391 | $1028705 | $1039018 |
| **5/31/18** | $1032078 | $1036047 | $1043447 |
| **6/30/18** | $1039218 | $1034773 | $1047633 |
| **7/31/18** | $1035792 | $1035019 | $1042593 |
| **8/31/18** | $1039613 | $1041679 | $1050102 |
| **9/30/18** | $1030599 | $1034971 | $1039044 |
| **10/31/18** | $1013956 | $1026792 | $1024151 |
| **11/30/18** | $1017917 | $1032921 | $1029044 |
| **12/31/18** | $1020795 | $1051898 | $1034667 |
| **1/31/19** | $1038871 | $1063068 | $1048586 |
| **2/28/19** | $1037573 | $1062452 | $1048450 |
| **3/31/19** | $1056675 | $1082853 | $1067721 |
| **4/30/19** | $1060273 | $1083130 | $1071271 |
| **5/31/19** | $1078137 | $1102358 | $1088971 |
| **6/30/19** | $1084876 | $1116201 | $1098308 |
| **7/31/19** | $1088582 | $1118657 | $1102211 |
| **8/31/19** | $1108033 | $1147643 | $1128442 |
| **9/30/19** | $1096840 | $1141531 | $1113082 |
| **10/31/19** | $1097525 | $1144969 | $1115928 |
| **11/30/19** | $1100428 | $1144386 | $1117630 |
| **12/31/19** | $1106635 | $1143588 | $1121867 |
| **1/31/20** | $1131046 | $1165596 | $1145423 |
| **2/29/20** | $1140606 | $1186575 | $1161276 |
| **3/31/20** | $1114874 | $1179592 | $1140859 |
| **4/30/20** | $1150285 | $1200561 | $1172593 |
| **5/31/20** | $1158989 | $1206151 | $1176117 |
| **6/30/20** | $1174614 | $1213749 | $1189245 |
| **7/31/20** | $1205219 | $1231878 | $1216571 |
| **8/31/20** | $1218883 | $1221935 | $1229861 |
| **9/30/20** | $1214720 | $1221265 | $1225326 |
| **10/31/20** | $1207278 | $1215812 | $1217412 |
| **11/30/20** | $1223552 | $1227742 | $1231063 |
| **12/31/20** | $1239157 | $1229433 | $1245186 |
| **1/31/21** | $1245979 | $1220618 | $1249304 |
| **2/28/21** | $1224517 | $1202992 | $1229179 |
| **3/31/21** | $1222307 | $1187971 | $1226855 |
| **4/30/21** | $1241356 | $1197356 | $1244024 |
| **5/31/21** | $1255290 | $1201268 | $1259091 |
| **6/30/21** | $1261320 | $1209708 | $1266717 |
| **7/31/21** | $1293112 | $1223233 | $1300475 |
| **8/31/21** | $1290759 | $1220905 | $1298188 |
| **9/30/21** | $1281056 | $1210334 | $1288906 |
| **10/31/21** | $1289762 | $1210000 | $1303532 |
| **11/30/21** | $1300345 | $1213580 | $1315189 |
| **12/31/21** | $1308164 | $1210475 | $1319351 |
| **1/31/22** | $1276932 | $1184396 | $1292667 |
| **2/28/22** | $1285659 | $1171183 | $1303707 |
| **3/31/22** | $1268176 | $1138645 | $1279468 |
| **4/30/22** | $1241814 | $1095436 | $1253318 |
| **5/31/22** | $1228324 | $1102499 | $1240883 |
| **6/30/22** | $1186412 | $1085203 | $1201616 |
| **7/31/22** | $1239088 | $1111719 | $1253928 |
| **8/31/22** | $1205414 | $1080306 | $1220580 |
| **9/30/22** | $1121868 | $1033630 | $1139803 |
| **10/31/22** | $1139568 | $1020242 | $1153964 |
| **11/30/22** | $1159806 | $1057762 | $1175039 |
| **12/31/22** | $1151769 | $1052991 | $1163065 |
| **1/31/23** | $1172111 | $1085385 | $1184372 |
| **2/28/23** | $1155521 | $1057322 | $1168130 |
| **3/31/23** | $1186032 | $1084180 | $1201894 |
| **4/30/23** | $1187878 | $1090751 | $1203212 |
| **5/31/23** | $1171564 | $1078874 | $1188819 |
| **6/30/23** | $1169233 | $1075027 | $1184814 |
| **7/31/23** | $1172546 | $1074277 | $1186301 |
| **8/31/23** | $1161925 | $1067415 | $1175707 |
| **9/30/23** | $1141852 | $1040290 | $1154005 |
| **10/31/23** | $1132490 | $1023873 | $1145656 |
| **11/30/23** | $1164213 | $1070241 | $1176694 |
| **12/31/23** | $1193644 | $1111209 | $1208370 |
| **1/31/24** | $1199187 | $1108157 | $1210515 |
| **2/29/24** | $1188031 | $1092501 | $1197508 |
| **3/31/24** | $1197318 | $1102589 | $1207363 |
| **4/30/24** | $1177251 | $1074739 | $1187004 |
| **5/31/24** | $1199703 | $1092959 | $1207395 |
| **6/30/24** | $1207943 | $1103307 | $1216871 |
| **7/31/24** | $1231934 | $1129077 | $1238574 |
| **8/31/24** | $1241766 | $1145301 | $1248291 |
| **9/30/24** | $1259571 | $1160636 | $1267030 |
| **10/31/24** | $1235142 | $1131854 | $1244299 |
| **11/30/24** | $1243394 | $1143821 | $1250329 |
| **12/31/24** | $1223282 | $1125101 | $1230558 |
| **1/31/25** | $1241324 | $1131070 | $1246472 |
| **2/28/25** | $1270332 | $1155956 | $1273649 |
| **3/31/25** | $1280608 | $1156391 | $1281815 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 6.96% | 2.81% | 2.50% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| Bloomberg U.S. TIPS Index | 6.17% | 2.36% | 2.51% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $7684588 |
| # of Portfolio Holdings | 1305 |
| Portfolio Turnover Rate | 227% |
| Total Net Advisory Fees Paid During the Reporting Period | $19202 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 89.4% |
| U.S. Government Agencies | 14.9% |
| Asset-Backed Securities | 8.4% |
| Sovereign Issues | 8.1% |
| Non-Agency Mortgage-Backed Securities | 1.3% |
| Corporate Bonds & Notes | 0.3% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 0.2% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (22.8%) |
| Total | 100.0% |

---

---

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

---

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

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

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# I-2: PRLPX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO Real Return Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1920TSRAR_033125

# Class R: PRRRX

# PIMCO Real Return Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Real Return Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $124 | 1.20% |

---

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

* Eurozone interest rate strategies, including short exposure to duration and exposure to swap spreads, contributed to relative performance versus the Bloomberg U.S. TIPS Index ("Index"), as eurozone rates rose, while swaps spreads tightened.

* U.S. yield curve positioning, specifically overweight exposure to intermediate maturities relative to underweight exposure to long-term maturities, contributed to relative performance versus the Index, as the U.S. yield curve steepened.

* Overweight exposure to intermediate U.S. breakeven inflation contributed to relative performance versus the Index, as intermediate U.S. breakeven inflation rose.

* Exposure to securitized assets, including non-agency residential mortgage-backed securities and collateralized loan obligations, contributed to relative performance versus the Index, as spreads broadly tightened across these sectors.

* Long exposure to U.K. duration detracted from relative performance versus the Index, as U.K. interest rates broadly moved higher.

* There were no other material detractors for this Fund.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g23367i32adc5b8b6e340a727ed.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Bloomberg U.S. Aggregate Index** | **Bloomberg U.S. TIPS Index** |
| **3/31/15** | $10000 | $10000 | $10000 |
| **4/30/15** | $10038 | $9964 | $10074 |
| **5/31/15** | $9923 | $9940 | $9991 |
| **6/30/15** | $9816 | $9832 | $9894 |
| **7/31/15** | $9891 | $9900 | $9914 |
| **8/31/15** | $9739 | $9886 | $9838 |
| **9/30/15** | $9623 | $9953 | $9780 |
| **10/31/15** | $9689 | $9954 | $9805 |
| **11/30/15** | $9645 | $9928 | $9795 |
| **12/31/15** | $9528 | $9896 | $9718 |
| **1/31/16** | $9639 | $10032 | $9862 |
| **2/29/16** | $9659 | $10103 | $9972 |
| **3/31/16** | $9906 | $10196 | $10151 |
| **4/30/16** | $9953 | $10235 | $10186 |
| **5/31/16** | $9865 | $10238 | $10114 |
| **6/30/16** | $10075 | $10422 | $10324 |
| **7/31/16** | $10159 | $10488 | $10414 |
| **8/31/16** | $10125 | $10476 | $10367 |
| **9/30/16** | $10200 | $10470 | $10424 |
| **10/31/16** | $10156 | $10389 | $10382 |
| **11/30/16** | $9950 | $10144 | $10183 |
| **12/31/16** | $9944 | $10158 | $10173 |
| **1/31/17** | $10055 | $10178 | $10259 |
| **2/28/17** | $10103 | $10246 | $10307 |
| **3/31/17** | $10114 | $10241 | $10301 |
| **4/30/17** | $10168 | $10320 | $10362 |
| **5/31/17** | $10159 | $10399 | $10358 |
| **6/30/17** | $10068 | $10389 | $10260 |
| **7/31/17** | $10112 | $10434 | $10305 |
| **8/31/17** | $10211 | $10527 | $10415 |
| **9/30/17** | $10149 | $10477 | $10348 |
| **10/31/17** | $10167 | $10483 | $10370 |
| **11/30/17** | $10171 | $10470 | $10384 |
| **12/31/17** | $10267 | $10518 | $10479 |
| **1/31/18** | $10176 | $10397 | $10389 |
| **2/28/18** | $10067 | $10298 | $10288 |
| **3/31/18** | $10147 | $10364 | $10396 |
| **4/30/18** | $10141 | $10287 | $10390 |
| **5/31/18** | $10143 | $10360 | $10434 |
| **6/30/18** | $10208 | $10348 | $10476 |
| **7/31/18** | $10170 | $10350 | $10426 |
| **8/31/18** | $10202 | $10417 | $10501 |
| **9/30/18** | $10110 | $10350 | $10390 |
| **10/31/18** | $9942 | $10268 | $10242 |
| **11/30/18** | $9976 | $10329 | $10290 |
| **12/31/18** | $10000 | $10519 | $10347 |
| **1/31/19** | $10172 | $10631 | $10486 |
| **2/28/19** | $10155 | $10625 | $10484 |
| **3/31/19** | $10337 | $10829 | $10677 |
| **4/30/19** | $10368 | $10831 | $10713 |
| **5/31/19** | $10538 | $11024 | $10890 |
| **6/30/19** | $10599 | $11162 | $10983 |
| **7/31/19** | $10630 | $11187 | $11022 |
| **8/31/19** | $10815 | $11476 | $11284 |
| **9/30/19** | $10701 | $11415 | $11131 |
| **10/31/19** | $10703 | $11450 | $11159 |
| **11/30/19** | $10726 | $11444 | $11176 |
| **12/31/19** | $10782 | $11436 | $11219 |
| **1/31/20** | $11014 | $11656 | $11454 |
| **2/29/20** | $11103 | $11866 | $11613 |
| **3/31/20** | $10847 | $11796 | $11409 |
| **4/30/20** | $11187 | $12006 | $11726 |
| **5/31/20** | $11266 | $12062 | $11761 |
| **6/30/20** | $11413 | $12137 | $11892 |
| **7/31/20** | $11705 | $12319 | $12166 |
| **8/31/20** | $11832 | $12219 | $12299 |
| **9/30/20** | $11786 | $12213 | $12253 |
| **10/31/20** | $11709 | $12158 | $12174 |
| **11/30/20** | $11861 | $12277 | $12311 |
| **12/31/20** | $12008 | $12294 | $12452 |
| **1/31/21** | $12067 | $12206 | $12493 |
| **2/28/21** | $11855 | $12030 | $12292 |
| **3/31/21** | $11828 | $11880 | $12269 |
| **4/30/21** | $12006 | $11974 | $12440 |
| **5/31/21** | $12136 | $12013 | $12591 |
| **6/30/21** | $12188 | $12097 | $12667 |
| **7/31/21** | $12490 | $12232 | $13005 |
| **8/31/21** | $12461 | $12209 | $12982 |
| **9/30/21** | $12362 | $12103 | $12889 |
| **10/31/21** | $12440 | $12100 | $13035 |
| **11/30/21** | $12537 | $12136 | $13152 |
| **12/31/21** | $12606 | $12105 | $13194 |
| **1/31/22** | $12300 | $11844 | $12927 |
| **2/28/22** | $12379 | $11712 | $13037 |
| **3/31/22** | $12204 | $11386 | $12795 |
| **4/30/22** | $11945 | $10954 | $12533 |
| **5/31/22** | $11810 | $11025 | $12409 |
| **6/30/22** | $11402 | $10852 | $12016 |
| **7/31/22** | $11903 | $11117 | $12539 |
| **8/31/22** | $11574 | $10803 | $12206 |
| **9/30/22** | $10766 | $10336 | $11398 |
| **10/31/22** | $10931 | $10202 | $11540 |
| **11/30/22** | $11121 | $10578 | $11750 |
| **12/31/22** | $11038 | $10530 | $11631 |
| **1/31/23** | $11228 | $10854 | $11844 |
| **2/28/23** | $11064 | $10573 | $11681 |
| **3/31/23** | $11351 | $10842 | $12019 |
| **4/30/23** | $11364 | $10908 | $12032 |
| **5/31/23** | $11203 | $10789 | $11888 |
| **6/30/23** | $11175 | $10750 | $11848 |
| **7/31/23** | $11202 | $10743 | $11863 |
| **8/31/23** | $11095 | $10674 | $11757 |
| **9/30/23** | $10898 | $10403 | $11540 |
| **10/31/23** | $10804 | $10239 | $11457 |
| **11/30/23** | $11102 | $10702 | $11767 |
| **12/31/23** | $11377 | $11112 | $12084 |
| **1/31/24** | $11425 | $11082 | $12105 |
| **2/29/24** | $11313 | $10925 | $11975 |
| **3/31/24** | $11397 | $11026 | $12074 |
| **4/30/24** | $11201 | $10747 | $11870 |
| **5/31/24** | $11409 | $10930 | $12074 |
| **6/30/24** | $11482 | $11033 | $12169 |
| **7/31/24** | $11705 | $11291 | $12386 |
| **8/31/24** | $11792 | $11453 | $12483 |
| **9/30/24** | $11956 | $11606 | $12670 |
| **10/31/24** | $11719 | $11319 | $12443 |
| **11/30/24** | $11792 | $11438 | $12503 |
| **12/31/24** | $11596 | $11251 | $12306 |
| **1/31/25** | $11761 | $11311 | $12465 |
| **2/28/25** | $12031 | $11560 | $12736 |
| **3/31/25** | $12123 | $11564 | $12818 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class R | 6.37% | 2.25% | 1.94% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| Bloomberg U.S. TIPS Index | 6.17% | 2.36% | 2.51% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $7684588 |
| # of Portfolio Holdings | 1305 |
| Portfolio Turnover Rate | 227% |
| Total Net Advisory Fees Paid During the Reporting Period | $19202 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 89.4% |
| U.S. Government Agencies | 14.9% |
| Asset-Backed Securities | 8.4% |
| Sovereign Issues | 8.1% |
| Non-Agency Mortgage-Backed Securities | 1.3% |
| Corporate Bonds & Notes | 0.3% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 0.2% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (22.8%) |
| Total | 100.0% |

---

---

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

---

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

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

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# Class R: PRRRX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO Real Return Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4510TSRAR_033125

# Class A: PETAX

# PIMCO RealEstateRealReturn Strategy Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO RealEstateRealReturn Strategy Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $616 | 5.89% |

---

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

* Eurozone interest rate strategies, including short exposure to duration and exposure to swap spreads, contributed to relative performance versus the Dow Jones U.S. Select REIT Total Return Index ("Index"), as eurozone rates rose, while swaps spreads tightened.

* Overweight exposure to intermediate U.S. breakeven inflation contributed to relative performance versus the Index, as intermediate U.S. breakeven inflation rose.

* Exposure to securitized assets, including U.S. non-agency residential mortgage-backed securities and collateralized loan obligations, contributed to relative performance versus the Index, as spreads broadly tightened across these sectors.

* Underweight exposure to healthcare real estate investment trusts ("REITs") detracted from relative performance versus the Index, as healthcare REITs posted positive returns.

* Underweight exposure to data center REITs detracted from relative performance versus the Index, as data center REITs delivered positive returns.

* Underweight exposure to office REITs detracted from relative performance versus the Index, as office REITs delivered positive returns.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the S&P 500 Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g23367i9ee49792a33d0e0b6f54.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **S&P 500 Index** | **Dow Jones U.S. Select REIT Total Return Index** |
| **3/31/15** | $9455 | $10000 | $10000 |
| **4/30/15** | $8960 | $10096 | $9421 |
| **5/31/15** | $8936 | $10226 | $9417 |
| **6/30/15** | $8532 | $10028 | $9000 |
| **7/31/15** | $9013 | $10238 | $9534 |
| **8/31/15** | $8380 | $9620 | $8976 |
| **9/30/15** | $8611 | $9382 | $9278 |
| **10/31/15** | $9156 | $10174 | $9819 |
| **11/30/15** | $9065 | $10204 | $9765 |
| **12/31/15** | $9222 | $10043 | $9978 |
| **1/31/16** | $8859 | $9545 | $9584 |
| **2/29/16** | $8711 | $9532 | $9498 |
| **3/31/16** | $9827 | $10178 | $10488 |
| **4/30/16** | $9544 | $10218 | $10181 |
| **5/31/16** | $9706 | $10401 | $10386 |
| **6/30/16** | $10438 | $10428 | $11057 |
| **7/31/16** | $10869 | $10813 | $11541 |
| **8/31/16** | $10451 | $10828 | $11151 |
| **9/30/16** | $10328 | $10830 | $10921 |
| **10/31/16** | $9747 | $10632 | $10306 |
| **11/30/16** | $9544 | $11026 | $10167 |
| **12/31/16** | $10031 | $11244 | $10644 |
| **1/31/17** | $10017 | $11457 | $10553 |
| **2/28/17** | $10382 | $11912 | $10922 |
| **3/31/17** | $10105 | $11926 | $10615 |
| **4/30/17** | $10078 | $12049 | $10590 |
| **5/31/17** | $10010 | $12218 | $10531 |
| **6/30/17** | $10189 | $12294 | $10789 |
| **7/31/17** | $10312 | $12547 | $10888 |
| **8/31/17** | $10257 | $12586 | $10801 |
| **9/30/17** | $10244 | $12845 | $10830 |
| **10/31/17** | $10149 | $13145 | $10712 |
| **11/30/17** | $10421 | $13548 | $11041 |
| **12/31/17** | $10426 | $13699 | $11045 |
| **1/31/18** | $9988 | $14483 | $10607 |
| **2/28/18** | $9234 | $13949 | $9843 |
| **3/31/18** | $9618 | $13595 | $10224 |
| **4/30/18** | $9727 | $13647 | $10376 |
| **5/31/18** | $10043 | $13976 | $10788 |
| **6/30/18** | $10454 | $14062 | $11246 |
| **7/31/18** | $10495 | $14585 | $11307 |
| **8/31/18** | $10810 | $15060 | $11644 |
| **9/30/18** | $10509 | $15146 | $11327 |
| **10/31/18** | $10150 | $14111 | $11038 |
| **11/30/18** | $10619 | $14398 | $11573 |
| **12/31/18** | $9724 | $13098 | $10579 |
| **1/31/19** | $10885 | $14148 | $11786 |
| **2/28/19** | $11023 | $14602 | $11899 |
| **3/31/19** | $11442 | $14886 | $12242 |
| **4/30/19** | $11470 | $15489 | $12218 |
| **5/31/19** | $11556 | $14504 | $12177 |
| **6/30/19** | $11747 | $15526 | $12342 |
| **7/31/19** | $11920 | $15750 | $12539 |
| **8/31/19** | $12295 | $15500 | $12837 |
| **9/30/19** | $12486 | $15790 | $13185 |
| **10/31/19** | $12695 | $16132 | $13326 |
| **11/30/19** | $12576 | $16718 | $13146 |
| **12/31/19** | $12536 | $17222 | $13023 |
| **1/31/20** | $12732 | $17216 | $13077 |
| **2/29/20** | $11752 | $15798 | $11978 |
| **3/31/20** | $9116 | $13847 | $9309 |
| **4/30/20** | $9914 | $15622 | $10037 |
| **5/31/20** | $10065 | $16366 | $9974 |
| **6/30/20** | $10368 | $16692 | $10157 |
| **7/31/20** | $10958 | $17633 | $10495 |
| **8/31/20** | $11082 | $18900 | $10569 |
| **9/30/20** | $10733 | $18182 | $10241 |
| **10/31/20** | $10418 | $17699 | $9976 |
| **11/30/20** | $11518 | $19636 | $11201 |
| **12/31/20** | $12041 | $20391 | $11564 |
| **1/31/21** | $12106 | $20185 | $11541 |
| **2/28/21** | $12581 | $20742 | $12157 |
| **3/31/21** | $13288 | $21650 | $12721 |
| **4/30/21** | $14554 | $22806 | $13774 |
| **5/31/21** | $14776 | $22965 | $13898 |
| **6/30/21** | $15126 | $23501 | $14217 |
| **7/31/21** | $16214 | $24059 | $14974 |
| **8/31/21** | $16577 | $24791 | $15236 |
| **9/30/21** | $15585 | $23638 | $14395 |
| **10/31/21** | $16887 | $25294 | $15572 |
| **11/30/21** | $16763 | $25119 | $15479 |
| **12/31/21** | $18450 | $26244 | $16874 |
| **1/31/22** | $16972 | $24886 | $15784 |
| **2/28/22** | $16448 | $24141 | $15227 |
| **3/31/22** | $17447 | $25038 | $16248 |
| **4/30/22** | $16782 | $22854 | $15493 |
| **5/31/22** | $15749 | $22896 | $14425 |
| **6/30/22** | $14280 | $21006 | $13306 |
| **7/31/22** | $15863 | $22943 | $14491 |
| **8/31/22** | $14631 | $22007 | $13591 |
| **9/30/22** | $12301 | $19981 | $11926 |
| **10/31/22** | $12917 | $21598 | $12462 |
| **11/30/22** | $13687 | $22805 | $13184 |
| **12/31/22** | $12978 | $21491 | $12493 |
| **1/31/23** | $14385 | $22842 | $13865 |
| **2/28/23** | $13523 | $22284 | $13182 |
| **3/31/23** | $13444 | $23103 | $12840 |
| **4/30/23** | $13538 | $23463 | $12928 |
| **5/31/23** | $12884 | $23565 | $12572 |
| **6/30/23** | $13415 | $25122 | $13214 |
| **7/31/23** | $13803 | $25929 | $13593 |
| **8/31/23** | $13308 | $25516 | $13160 |
| **9/30/23** | $12332 | $24300 | $12237 |
| **10/31/23** | $11765 | $23789 | $11683 |
| **11/30/23** | $13193 | $25961 | $12941 |
| **12/31/23** | $14521 | $27141 | $14237 |
| **1/31/24** | $13983 | $27597 | $13663 |
| **2/29/24** | $14184 | $29070 | $13917 |
| **3/31/24** | $14370 | $30006 | $14182 |
| **4/30/24** | $13128 | $28780 | $13144 |
| **5/31/24** | $13803 | $30207 | $13781 |
| **6/30/24** | $14155 | $31291 | $14159 |
| **7/31/24** | $15038 | $31672 | $14987 |
| **8/31/24** | $15942 | $32440 | $15941 |
| **9/30/24** | $16374 | $33133 | $16362 |
| **10/31/24** | $15669 | $32833 | $15849 |
| **11/30/24** | $16439 | $34760 | $16574 |
| **12/31/24** | $15203 | $33931 | $15391 |
| **1/31/25** | $15448 | $34876 | $15577 |
| **2/28/25** | $16162 | $34421 | $16178 |
| **3/31/25** | $15676 | $32482 | $15571 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 9.08% | 11.45% | 5.19% |
| Class A (including sales charge) | 3.06% | 10.21% | 4.60% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Dow Jones U.S. Select REIT Total Return Index | 9.79% | 10.84% | 4.53% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $500282 |
| # of Portfolio Holdings | 783 |
| Portfolio Turnover Rate | 165% |
| Total Net Advisory Fees Paid During the Reporting Period | $2475 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 108.7% |
| Real Estate Investment Trusts | 41.2% |
| Asset-Backed Securities | 14.1% |
| U.S. Government Agencies | 13.0% |
| Sovereign Issues | 10.8% |
| Corporate Bonds & Notes | 1.3% |
| Non-Agency Mortgage-Backed Securities | 0.7% |
| Common Stocks | 0.2% |
| Preferred Securities | 0.2% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 0.4% |
| Financial Derivative Instruments | (0.7%) |
| Other Assets and Liabilities, Net | (90.0%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.60% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# Class A: PETAX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO RealEstateRealReturn Strategy Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4061TSRAR_033125

# Class C: PETCX

# PIMCO RealEstateRealReturn Strategy Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO RealEstateRealReturn Strategy Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $691 | 6.64% |

---

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

* Eurozone interest rate strategies, including short exposure to duration and exposure to swap spreads, contributed to relative performance versus the Dow Jones U.S. Select REIT Total Return Index ("Index"), as eurozone rates rose, while swaps spreads tightened.

* Overweight exposure to intermediate U.S. breakeven inflation contributed to relative performance versus the Index, as intermediate U.S. breakeven inflation rose.

* Exposure to securitized assets, including U.S. non-agency residential mortgage-backed securities and collateralized loan obligations, contributed to relative performance versus the Index, as spreads broadly tightened across these sectors.

* Underweight exposure to healthcare real estate investment trusts ("REITs") detracted from relative performance versus the Index, as healthcare REITs posted positive returns.

* Underweight exposure to data center REITs detracted from relative performance versus the Index, as data center REITs delivered positive returns.

* Underweight exposure to office REITs detracted from relative performance versus the Index, as office REITs delivered positive returns.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the S&P 500 Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g23367i32ad83ea8bba71cff4dd.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **S&P 500 Index** | **Dow Jones U.S. Select REIT Total Return Index** |
| **3/31/15** | $10000 | $10000 | $10000 |
| **4/30/15** | $9471 | $10096 | $9421 |
| **5/31/15** | $9412 | $10226 | $9417 |
| **6/30/15** | $8978 | $10028 | $9000 |
| **7/31/15** | $9491 | $10238 | $9534 |
| **8/31/15** | $8828 | $9620 | $8976 |
| **9/30/15** | $9056 | $9382 | $9278 |
| **10/31/15** | $9629 | $10174 | $9819 |
| **11/30/15** | $9536 | $10204 | $9765 |
| **12/31/15** | $9690 | $10043 | $9978 |
| **1/31/16** | $9305 | $9545 | $9584 |
| **2/29/16** | $9144 | $9532 | $9498 |
| **3/31/16** | $10301 | $10178 | $10488 |
| **4/30/16** | $9996 | $10218 | $10181 |
| **5/31/16** | $10172 | $10401 | $10386 |
| **6/30/16** | $10919 | $10428 | $11057 |
| **7/31/16** | $11369 | $10813 | $11541 |
| **8/31/16** | $10919 | $10828 | $11151 |
| **9/30/16** | $10783 | $10830 | $10921 |
| **10/31/16** | $10170 | $10632 | $10306 |
| **11/30/16** | $9961 | $11026 | $10167 |
| **12/31/16** | $10460 | $11244 | $10644 |
| **1/31/17** | $10428 | $11457 | $10553 |
| **2/28/17** | $10799 | $11912 | $10922 |
| **3/31/17** | $10509 | $11926 | $10615 |
| **4/30/17** | $10477 | $12049 | $10590 |
| **5/31/17** | $10396 | $12218 | $10531 |
| **6/30/17** | $10579 | $12294 | $10789 |
| **7/31/17** | $10692 | $12547 | $10888 |
| **8/31/17** | $10628 | $12586 | $10801 |
| **9/30/17** | $10612 | $12845 | $10830 |
| **10/31/17** | $10515 | $13145 | $10712 |
| **11/30/17** | $10789 | $13548 | $11041 |
| **12/31/17** | $10792 | $13699 | $11045 |
| **1/31/18** | $10321 | $14483 | $10607 |
| **2/28/18** | $9541 | $13949 | $9843 |
| **3/31/18** | $9931 | $13595 | $10224 |
| **4/30/18** | $10028 | $13647 | $10376 |
| **5/31/18** | $10353 | $13976 | $10788 |
| **6/30/18** | $10776 | $14062 | $11246 |
| **7/31/18** | $10808 | $14585 | $11307 |
| **8/31/18** | $11117 | $15060 | $11644 |
| **9/30/18** | $10807 | $15146 | $11327 |
| **10/31/18** | $10427 | $14111 | $11038 |
| **11/30/18** | $10906 | $14398 | $11573 |
| **12/31/18** | $9981 | $13098 | $10579 |
| **1/31/19** | $11171 | $14148 | $11786 |
| **2/28/19** | $11303 | $14602 | $11899 |
| **3/31/19** | $11722 | $14886 | $12242 |
| **4/30/19** | $11756 | $15489 | $12218 |
| **5/31/19** | $11825 | $14504 | $12177 |
| **6/30/19** | $12024 | $15526 | $12342 |
| **7/31/19** | $12180 | $15750 | $12539 |
| **8/31/19** | $12544 | $15500 | $12837 |
| **9/30/19** | $12754 | $15790 | $13185 |
| **10/31/19** | $12952 | $16132 | $13326 |
| **11/30/19** | $12808 | $16718 | $13146 |
| **12/31/19** | $12771 | $17222 | $13023 |
| **1/31/20** | $12971 | $17216 | $13077 |
| **2/29/20** | $11971 | $15798 | $11978 |
| **3/31/20** | $9278 | $13847 | $9309 |
| **4/30/20** | $10079 | $15622 | $10037 |
| **5/31/20** | $10224 | $16366 | $9974 |
| **6/30/20** | $10524 | $16692 | $10157 |
| **7/31/20** | $11108 | $17633 | $10495 |
| **8/31/20** | $11240 | $18900 | $10569 |
| **9/30/20** | $10872 | $18182 | $10241 |
| **10/31/20** | $10548 | $17699 | $9976 |
| **11/30/20** | $11654 | $19636 | $11201 |
| **12/31/20** | $12174 | $20391 | $11564 |
| **1/31/21** | $12234 | $20185 | $11541 |
| **2/28/21** | $12695 | $20742 | $12157 |
| **3/31/21** | $13410 | $21650 | $12721 |
| **4/30/21** | $14670 | $22806 | $13774 |
| **5/31/21** | $14901 | $22965 | $13898 |
| **6/30/21** | $15229 | $23501 | $14217 |
| **7/31/21** | $16332 | $24059 | $14974 |
| **8/31/21** | $16670 | $24791 | $15236 |
| **9/30/21** | $15663 | $23638 | $14395 |
| **10/31/21** | $16962 | $25294 | $15572 |
| **11/30/21** | $16830 | $25119 | $15479 |
| **12/31/21** | $18526 | $26244 | $16874 |
| **1/31/22** | $17027 | $24886 | $15784 |
| **2/28/22** | $16485 | $24141 | $15227 |
| **3/31/22** | $17482 | $25038 | $16248 |
| **4/30/22** | $16784 | $22854 | $15493 |
| **5/31/22** | $15754 | $22896 | $14425 |
| **6/30/22** | $14252 | $21006 | $13306 |
| **7/31/22** | $15858 | $22943 | $14491 |
| **8/31/22** | $14594 | $22007 | $13591 |
| **9/30/22** | $12261 | $19981 | $11926 |
| **10/31/22** | $12893 | $21598 | $12462 |
| **11/30/22** | $13631 | $22805 | $13184 |
| **12/31/22** | $12917 | $21491 | $12493 |
| **1/31/23** | $14311 | $22842 | $13865 |
| **2/28/23** | $13450 | $22284 | $13182 |
| **3/31/23** | $13368 | $23103 | $12840 |
| **4/30/23** | $13450 | $23463 | $12928 |
| **5/31/23** | $12794 | $23565 | $12572 |
| **6/30/23** | $13307 | $25122 | $13214 |
| **7/31/23** | $13686 | $25929 | $13593 |
| **8/31/23** | $13184 | $25516 | $13160 |
| **9/30/23** | $12210 | $24300 | $12237 |
| **10/31/23** | $11646 | $23789 | $11683 |
| **11/30/23** | $13050 | $25961 | $12941 |
| **12/31/23** | $14352 | $27141 | $14237 |
| **1/31/24** | $13809 | $27597 | $13663 |
| **2/29/24** | $13994 | $29070 | $13917 |
| **3/31/24** | $14178 | $30006 | $14182 |
| **4/30/24** | $12948 | $28780 | $13144 |
| **5/31/24** | $13604 | $30207 | $13781 |
| **6/30/24** | $13942 | $31291 | $14159 |
| **7/31/24** | $14793 | $31672 | $14987 |
| **8/31/24** | $15675 | $32440 | $15941 |
| **9/30/24** | $16094 | $33133 | $16362 |
| **10/31/24** | $15385 | $32833 | $15849 |
| **11/30/24** | $16135 | $34760 | $16574 |
| **12/31/24** | $14913 | $33931 | $15391 |
| **1/31/25** | $15140 | $34876 | $15577 |
| **2/28/25** | $15839 | $34421 | $16178 |
| **3/31/25** | $15353 | $32482 | $15571 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class C (excluding sales charge) | 8.28% | 10.60% | 4.38% |
| Class C (including sales charge) | 7.28% | 10.60% | 4.38% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Dow Jones U.S. Select REIT Total Return Index | 9.79% | 10.84% | 4.53% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $500282 |
| # of Portfolio Holdings | 783 |
| Portfolio Turnover Rate | 165% |
| Total Net Advisory Fees Paid During the Reporting Period | $2475 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 108.7% |
| Real Estate Investment Trusts | 41.2% |
| Asset-Backed Securities | 14.1% |
| U.S. Government Agencies | 13.0% |
| Sovereign Issues | 10.8% |
| Corporate Bonds & Notes | 1.3% |
| Non-Agency Mortgage-Backed Securities | 0.7% |
| Common Stocks | 0.2% |
| Preferred Securities | 0.2% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 0.4% |
| Financial Derivative Instruments | (0.7%) |
| Other Assets and Liabilities, Net | (90.0%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.60% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# Class C: PETCX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO RealEstateRealReturn Strategy Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4261TSRAR_033125

# I-3: PNRNX

# PIMCO RealEstateRealReturn Strategy Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO RealEstateRealReturn Strategy Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $590 | 5.64% |

---

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

* Eurozone interest rate strategies, including short exposure to duration and exposure to swap spreads, contributed to relative performance versus the Dow Jones U.S. Select REIT Total Return Index ("Index"), as eurozone rates rose, while swaps spreads tightened.

* Overweight exposure to intermediate U.S. breakeven inflation contributed to relative performance versus the Index, as intermediate U.S. breakeven inflation rose.

* Exposure to securitized assets, including U.S. non-agency residential mortgage-backed securities and collateralized loan obligations, contributed to relative performance versus the Index, as spreads broadly tightened across these sectors.

* Underweight exposure to healthcare real estate investment trusts ("REITs") detracted from relative performance versus the Index, as healthcare REITs posted positive returns.

* Underweight exposure to data center REITs detracted from relative performance versus the Index, as data center REITs delivered positive returns.

* Underweight exposure to office REITs detracted from relative performance versus the Index, as office REITs delivered positive returns.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the S&P 500 Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g23367ib9a035f017b0b2a2d4fb.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-3** | **S&P 500 Index** | **Dow Jones U.S. Select REIT Total Return Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $947121 | $1009593 | $942063 |
| **5/31/15** | $944601 | $1022576 | $941704 |
| **6/30/15** | $901237 | $1002781 | $900036 |
| **7/31/15** | $952546 | $1023790 | $953426 |
| **8/31/15** | $887536 | $962021 | $897558 |
| **9/30/15** | $911783 | $938217 | $927842 |
| **10/31/15** | $969352 | $1017360 | $981897 |
| **11/30/15** | $960457 | $1020385 | $976506 |
| **12/31/15** | $976302 | $1004292 | $997776 |
| **1/31/16** | $938633 | $954455 | $958402 |
| **2/29/16** | $922990 | $953167 | $949817 |
| **3/31/16** | $1041959 | $1017828 | $1048847 |
| **4/30/16** | $1012063 | $1021774 | $1018124 |
| **5/31/16** | $1030050 | $1040123 | $1038562 |
| **6/30/16** | $1106259 | $1042818 | $1105733 |
| **7/31/16** | $1152804 | $1081265 | $1154092 |
| **8/31/16** | $1108572 | $1082784 | $1115050 |
| **9/30/16** | $1096266 | $1082988 | $1092069 |
| **10/31/16** | $1034940 | $1063233 | $1030585 |
| **11/30/16** | $1013987 | $1102610 | $1016668 |
| **12/31/16** | $1065921 | $1124405 | $1064394 |
| **1/31/17** | $1063182 | $1145730 | $1055256 |
| **2/28/17** | $1102097 | $1191223 | $1092235 |
| **3/31/17** | $1073579 | $1192612 | $1061514 |
| **4/30/17** | $1070829 | $1204860 | $1058973 |
| **5/31/17** | $1064156 | $1221816 | $1053103 |
| **6/30/17** | $1083392 | $1229442 | $1078886 |
| **7/31/17** | $1096371 | $1254723 | $1088780 |
| **8/31/17** | $1089675 | $1258564 | $1080129 |
| **9/30/17** | $1089213 | $1284525 | $1083011 |
| **10/31/17** | $1079887 | $1314500 | $1071212 |
| **11/30/17** | $1108618 | $1354816 | $1104149 |
| **12/31/17** | $1110221 | $1369880 | $1104452 |
| **1/31/18** | $1062504 | $1448311 | $1060682 |
| **2/28/18** | $983098 | $1394930 | $984269 |
| **3/31/18** | $1023932 | $1359480 | $1022445 |
| **4/30/18** | $1036980 | $1364697 | $1037561 |
| **5/31/18** | $1070648 | $1397561 | $1078816 |
| **6/30/18** | $1115090 | $1406163 | $1124562 |
| **7/31/18** | $1119130 | $1458492 | $1130749 |
| **8/31/18** | $1152798 | $1506017 | $1164406 |
| **9/30/18** | $1120018 | $1514589 | $1132674 |
| **10/31/18** | $1083496 | $1411067 | $1103803 |
| **11/30/18** | $1132193 | $1439822 | $1157327 |
| **12/31/18** | $1038175 | $1309819 | $1057855 |
| **1/31/19** | $1162865 | $1414783 | $1178563 |
| **2/28/19** | $1177773 | $1460209 | $1189935 |
| **3/31/19** | $1221896 | $1488583 | $1224200 |
| **4/30/19** | $1226071 | $1548856 | $1221841 |
| **5/31/19** | $1235813 | $1450428 | $1217677 |
| **6/30/19** | $1256436 | $1552649 | $1234212 |
| **7/31/19** | $1274788 | $1574964 | $1253941 |
| **8/31/19** | $1314317 | $1550016 | $1283720 |
| **9/30/19** | $1337444 | $1579018 | $1318500 |
| **10/31/19** | $1357840 | $1613219 | $1332555 |
| **11/30/19** | $1346185 | $1671777 | $1314602 |
| **12/31/19** | $1343065 | $1722235 | $1302257 |
| **1/31/20** | $1363638 | $1721559 | $1307674 |
| **2/29/20** | $1259308 | $1579842 | $1197762 |
| **3/31/20** | $975706 | $1384711 | $930871 |
| **4/30/20** | $1062403 | $1562223 | $1003716 |
| **5/31/20** | $1080036 | $1636628 | $997373 |
| **6/30/20** | $1112160 | $1669176 | $1015681 |
| **7/31/20** | $1175540 | $1763293 | $1049535 |
| **8/31/20** | $1189121 | $1890039 | $1056858 |
| **9/30/20** | $1151205 | $1818224 | $1024093 |
| **10/31/20** | $1119142 | $1769870 | $997587 |
| **11/30/20** | $1236705 | $1963607 | $1120094 |
| **12/31/20** | $1293606 | $2039105 | $1156432 |
| **1/31/21** | $1301533 | $2018518 | $1154140 |
| **2/28/21** | $1352262 | $2074179 | $1215693 |
| **3/31/21** | $1428154 | $2165019 | $1272107 |
| **4/30/21** | $1563383 | $2280563 | $1377411 |
| **5/31/21** | $1588120 | $2296491 | $1389805 |
| **6/30/21** | $1625968 | $2350103 | $1421714 |
| **7/31/21** | $1744220 | $2405929 | $1497385 |
| **8/31/21** | $1782478 | $2479083 | $1523635 |
| **9/30/21** | $1676895 | $2363781 | $1439489 |
| **10/31/21** | $1817613 | $2529392 | $1557206 |
| **11/30/21** | $1803932 | $2511866 | $1547891 |
| **12/31/21** | $1987827 | $2624438 | $1687386 |
| **1/31/22** | $1828447 | $2488631 | $1578391 |
| **2/28/22** | $1773106 | $2414118 | $1522678 |
| **3/31/22** | $1879887 | $2503753 | $1624789 |
| **4/30/22** | $1809334 | $2285421 | $1549302 |
| **5/31/22** | $1695540 | $2289614 | $1442502 |
| **6/30/22** | $1537296 | $2100621 | $1330649 |
| **7/31/22** | $1711199 | $2294307 | $1449086 |
| **8/31/22** | $1579033 | $2200741 | $1359062 |
| **9/30/22** | $1326587 | $1998056 | $1192602 |
| **10/31/22** | $1392680 | $2159821 | $1246193 |
| **11/30/22** | $1477657 | $2280521 | $1318390 |
| **12/31/22** | $1401413 | $2149130 | $1249319 |
| **1/31/23** | $1551936 | $2284168 | $1386497 |
| **2/28/23** | $1461103 | $2228437 | $1318200 |
| **3/31/23** | $1452669 | $2310252 | $1283980 |
| **4/30/23** | $1463050 | $2346311 | $1292848 |
| **5/31/23** | $1392330 | $2356510 | $1257175 |
| **6/30/23** | $1450074 | $2512217 | $1321436 |
| **7/31/23** | $1492246 | $2592922 | $1359322 |
| **8/31/23** | $1439044 | $2551639 | $1315976 |
| **9/30/23** | $1333289 | $2429982 | $1223689 |
| **10/31/23** | $1272302 | $2378888 | $1168288 |
| **11/30/23** | $1427366 | $2596140 | $1294082 |
| **12/31/23** | $1570751 | $2714085 | $1423720 |
| **1/31/24** | $1513007 | $2759693 | $1366260 |
| **2/29/24** | $1535067 | $2907048 | $1391736 |
| **3/31/24** | $1555828 | $3000582 | $1418163 |
| **4/30/24** | $1422175 | $2878024 | $1314378 |
| **5/31/24** | $1495490 | $3020730 | $1378068 |
| **6/30/24** | $1533769 | $3129120 | $1415871 |
| **7/31/24** | $1629143 | $3167209 | $1498737 |
| **8/31/24** | $1727761 | $3244035 | $1594084 |
| **9/30/24** | $1775008 | $3313318 | $1636181 |
| **10/31/24** | $1698853 | $3283271 | $1584870 |
| **11/30/24** | $1782819 | $3476003 | $1657418 |
| **12/31/24** | $1648855 | $3393141 | $1539081 |
| **1/31/25** | $1675586 | $3487632 | $1557728 |
| **2/28/25** | $1753824 | $3442124 | $1617809 |
| **3/31/25** | $1701869 | $3248180 | $1557053 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-3 | 9.39% | 11.77% | 5.46% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Dow Jones U.S. Select REIT Total Return Index | 9.79% | 10.84% | 4.53% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $500282 |
| # of Portfolio Holdings | 783 |
| Portfolio Turnover Rate | 165% |
| Total Net Advisory Fees Paid During the Reporting Period | $2475 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 108.7% |
| Real Estate Investment Trusts | 41.2% |
| Asset-Backed Securities | 14.1% |
| U.S. Government Agencies | 13.0% |
| Sovereign Issues | 10.8% |
| Corporate Bonds & Notes | 1.3% |
| Non-Agency Mortgage-Backed Securities | 0.7% |
| Common Stocks | 0.2% |
| Preferred Securities | 0.2% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 0.4% |
| Financial Derivative Instruments | (0.7%) |
| Other Assets and Liabilities, Net | (90.0%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.60% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# I-3: PNRNX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO RealEstateRealReturn Strategy Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2195TSRAR_033125

# Institutional Class: PRRSX

# PIMCO RealEstateRealReturn Strategy Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO RealEstateRealReturn Strategy Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $575 | 5.49% |

---

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

* Eurozone interest rate strategies, including short exposure to duration and exposure to swap spreads, contributed to relative performance versus the Dow Jones U.S. Select REIT Total Return Index ("Index"), as eurozone rates rose, while swaps spreads tightened.

* Overweight exposure to intermediate U.S. breakeven inflation contributed to relative performance versus the Index, as intermediate U.S. breakeven inflation rose.

* Exposure to securitized assets, including U.S. non-agency residential mortgage-backed securities and collateralized loan obligations, contributed to relative performance versus the Index, as spreads broadly tightened across these sectors.

* Underweight exposure to healthcare real estate investment trusts ("REITs") detracted from relative performance versus the Index, as healthcare REITs posted positive returns.

* Underweight exposure to data center REITs detracted from relative performance versus the Index, as data center REITs delivered positive returns.

* Underweight exposure to office REITs detracted from relative performance versus the Index, as office REITs delivered positive returns.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the S&P 500 Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g23367i46f4e512615f9aeee999.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **S&P 500 Index** | **Dow Jones U.S. Select REIT Total Return Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $947242 | $1009593 | $942063 |
| **5/31/15** | $944844 | $1022576 | $941704 |
| **6/30/15** | $901581 | $1002781 | $900036 |
| **7/31/15** | $953029 | $1023790 | $953426 |
| **8/31/15** | $888106 | $962021 | $897558 |
| **9/30/15** | $912478 | $938217 | $927842 |
| **10/31/15** | $970214 | $1017360 | $981897 |
| **11/30/15** | $961428 | $1020385 | $976506 |
| **12/31/15** | $977412 | $1004292 | $997776 |
| **1/31/16** | $939819 | $954455 | $958402 |
| **2/29/16** | $924264 | $953167 | $949817 |
| **3/31/16** | $1043523 | $1017828 | $1048847 |
| **4/30/16** | $1013709 | $1021774 | $1018124 |
| **5/31/16** | $1031857 | $1040123 | $1038562 |
| **6/30/16** | $1108329 | $1042818 | $1105733 |
| **7/31/16** | $1155105 | $1081265 | $1154092 |
| **8/31/16** | $1110927 | $1082784 | $1115050 |
| **9/30/16** | $1098730 | $1082988 | $1092069 |
| **10/31/16** | $1037399 | $1063233 | $1030585 |
| **11/30/16** | $1016521 | $1102610 | $1016668 |
| **12/31/16** | $1068717 | $1124405 | $1064394 |
| **1/31/17** | $1066107 | $1145730 | $1055256 |
| **2/28/17** | $1105254 | $1191223 | $1092235 |
| **3/31/17** | $1076790 | $1192612 | $1061514 |
| **4/30/17** | $1074166 | $1204860 | $1058973 |
| **5/31/17** | $1067609 | $1221816 | $1053103 |
| **6/30/17** | $1087042 | $1229442 | $1078886 |
| **7/31/17** | $1100202 | $1254723 | $1088780 |
| **8/31/17** | $1093622 | $1258564 | $1080129 |
| **9/30/17** | $1093294 | $1284525 | $1083011 |
| **10/31/17** | $1084073 | $1314500 | $1071212 |
| **11/30/17** | $1113052 | $1354816 | $1104149 |
| **12/31/17** | $1114804 | $1369880 | $1104452 |
| **1/31/18** | $1067026 | $1448311 | $1060682 |
| **2/28/18** | $987398 | $1394930 | $984269 |
| **3/31/18** | $1028539 | $1359480 | $1022445 |
| **4/30/18** | $1040483 | $1364697 | $1037561 |
| **5/31/18** | $1074989 | $1397561 | $1078816 |
| **6/30/18** | $1120112 | $1406163 | $1124562 |
| **7/31/18** | $1124094 | $1458492 | $1130749 |
| **8/31/18** | $1158600 | $1506017 | $1164406 |
| **9/30/18** | $1125796 | $1514589 | $1132674 |
| **10/31/18** | $1088447 | $1411067 | $1103803 |
| **11/30/18** | $1139135 | $1439822 | $1157327 |
| **12/31/18** | $1043074 | $1309819 | $1057855 |
| **1/31/19** | $1168778 | $1414783 | $1178563 |
| **2/28/19** | $1183488 | $1460209 | $1189935 |
| **3/31/19** | $1228830 | $1488583 | $1224200 |
| **4/30/19** | $1232949 | $1548856 | $1221841 |
| **5/31/19** | $1241187 | $1450428 | $1217677 |
| **6/30/19** | $1263087 | $1552649 | $1234212 |
| **7/31/19** | $1281191 | $1574964 | $1253941 |
| **8/31/19** | $1321576 | $1550016 | $1283720 |
| **9/30/19** | $1343879 | $1579018 | $1318500 |
| **10/31/19** | $1366876 | $1613219 | $1332555 |
| **11/30/19** | $1353940 | $1671777 | $1314602 |
| **12/31/19** | $1351408 | $1722235 | $1302257 |
| **1/31/20** | $1373158 | $1721559 | $1307674 |
| **2/29/20** | $1267307 | $1579842 | $1197762 |
| **3/31/20** | $983106 | $1384711 | $930871 |
| **4/30/20** | $1068656 | $1562223 | $1003716 |
| **5/31/20** | $1087506 | $1636628 | $997373 |
| **6/30/20** | $1118627 | $1669176 | $1015681 |
| **7/31/20** | $1184166 | $1763293 | $1049535 |
| **8/31/20** | $1197571 | $1890039 | $1056858 |
| **9/30/20** | $1159225 | $1818224 | $1024093 |
| **10/31/20** | $1126061 | $1769870 | $997587 |
| **11/30/20** | $1245149 | $1963607 | $1120094 |
| **12/31/20** | $1302809 | $2039105 | $1156432 |
| **1/31/21** | $1310629 | $2018518 | $1154140 |
| **2/28/21** | $1362241 | $2074179 | $1215693 |
| **3/31/21** | $1439418 | $2165019 | $1272107 |
| **4/30/21** | $1576040 | $2280563 | $1377411 |
| **5/31/21** | $1600437 | $2296491 | $1389805 |
| **6/30/21** | $1639315 | $2350103 | $1421714 |
| **7/31/21** | $1759223 | $2405929 | $1497385 |
| **8/31/21** | $1796908 | $2479083 | $1523635 |
| **9/30/21** | $1690655 | $2363781 | $1439489 |
| **10/31/21** | $1832663 | $2529392 | $1557206 |
| **11/30/21** | $1819229 | $2511866 | $1547891 |
| **12/31/21** | $2004177 | $2624438 | $1687386 |
| **1/31/22** | $1846009 | $2488631 | $1578391 |
| **2/28/22** | $1787509 | $2414118 | $1522678 |
| **3/31/22** | $1896834 | $2503753 | $1624789 |
| **4/30/22** | $1825591 | $2285421 | $1549302 |
| **5/31/22** | $1712048 | $2289614 | $1442502 |
| **6/30/22** | $1553280 | $2100621 | $1330649 |
| **7/31/22** | $1725615 | $2294307 | $1449086 |
| **8/31/22** | $1594096 | $2200741 | $1359062 |
| **9/30/22** | $1339535 | $1998056 | $1192602 |
| **10/31/22** | $1406512 | $2159821 | $1246193 |
| **11/30/22** | $1491965 | $2280521 | $1318390 |
| **12/31/22** | $1415417 | $2149130 | $1249319 |
| **1/31/23** | $1567340 | $2284168 | $1386497 |
| **2/28/23** | $1476186 | $2228437 | $1318200 |
| **3/31/23** | $1467324 | $2310252 | $1283980 |
| **4/30/23** | $1478085 | $2346311 | $1292848 |
| **5/31/23** | $1407187 | $2356510 | $1257175 |
| **6/30/23** | $1466058 | $2512217 | $1321436 |
| **7/31/23** | $1508469 | $2592922 | $1359322 |
| **8/31/23** | $1454663 | $2551639 | $1315976 |
| **9/30/23** | $1348317 | $2429982 | $1223689 |
| **10/31/23** | $1286915 | $2378888 | $1168288 |
| **11/30/23** | $1443902 | $2596140 | $1294082 |
| **12/31/23** | $1589495 | $2714085 | $1423720 |
| **1/31/24** | $1531258 | $2759693 | $1366260 |
| **2/29/24** | $1553413 | $2907048 | $1391736 |
| **3/31/24** | $1574936 | $3000582 | $1418163 |
| **4/30/24** | $1439471 | $2878024 | $1314378 |
| **5/31/24** | $1513534 | $3020730 | $1378068 |
| **6/30/24** | $1552780 | $3129120 | $1415871 |
| **7/31/24** | $1649631 | $3167209 | $1498737 |
| **8/31/24** | $1749647 | $3244035 | $1594084 |
| **9/30/24** | $1798044 | $3313318 | $1636181 |
| **10/31/24** | $1720531 | $3283271 | $1584870 |
| **11/30/24** | $1805668 | $3476003 | $1657418 |
| **12/31/24** | $1670725 | $3393141 | $1539081 |
| **1/31/25** | $1698104 | $3487632 | $1557728 |
| **2/28/25** | $1777692 | $3442124 | $1617809 |
| **3/31/25** | $1724391 | $3248180 | $1557053 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 9.49% | 11.89% | 5.60% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Dow Jones U.S. Select REIT Total Return Index | 9.79% | 10.84% | 4.53% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $500282 |
| # of Portfolio Holdings | 783 |
| Portfolio Turnover Rate | 165% |
| Total Net Advisory Fees Paid During the Reporting Period | $2475 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 108.7% |
| Real Estate Investment Trusts | 41.2% |
| Asset-Backed Securities | 14.1% |
| U.S. Government Agencies | 13.0% |
| Sovereign Issues | 10.8% |
| Corporate Bonds & Notes | 1.3% |
| Non-Agency Mortgage-Backed Securities | 0.7% |
| Common Stocks | 0.2% |
| Preferred Securities | 0.2% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 0.4% |
| Financial Derivative Instruments | (0.7%) |
| Other Assets and Liabilities, Net | (90.0%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.60% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# Institutional Class: PRRSX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO RealEstateRealReturn Strategy Fund
Annual Shareholder Report \|

March 31, 2025

PIMS0347TSRAR_033125

# I-2: PETPX

# PIMCO RealEstateRealReturn Strategy Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO RealEstateRealReturn Strategy Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $585 | 5.59% |

---

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

* Eurozone interest rate strategies, including short exposure to duration and exposure to swap spreads, contributed to relative performance versus the Dow Jones U.S. Select REIT Total Return Index ("Index"), as eurozone rates rose, while swaps spreads tightened.

* Overweight exposure to intermediate U.S. breakeven inflation contributed to relative performance versus the Index, as intermediate U.S. breakeven inflation rose.

* Exposure to securitized assets, including U.S. non-agency residential mortgage-backed securities and collateralized loan obligations, contributed to relative performance versus the Index, as spreads broadly tightened across these sectors.

* Underweight exposure to healthcare real estate investment trusts ("REITs") detracted from relative performance versus the Index, as healthcare REITs posted positive returns.

* Underweight exposure to data center REITs detracted from relative performance versus the Index, as data center REITs delivered positive returns.

* Underweight exposure to office REITs detracted from relative performance versus the Index, as office REITs delivered positive returns.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the S&P 500 Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g23367i3831396d4b7e4bee231d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **S&P 500 Index** | **Dow Jones U.S. Select REIT Total Return Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $948780 | $1009593 | $942063 |
| **5/31/15** | $943902 | $1022576 | $941704 |
| **6/30/15** | $902117 | $1002781 | $900036 |
| **7/31/15** | $954450 | $1023790 | $953426 |
| **8/31/15** | $888411 | $962021 | $897558 |
| **9/30/15** | $912958 | $938217 | $927842 |
| **10/31/15** | $970417 | $1017360 | $981897 |
| **11/30/15** | $961479 | $1020385 | $976506 |
| **12/31/15** | $977558 | $1004292 | $997776 |
| **1/31/16** | $939300 | $954455 | $958402 |
| **2/29/16** | $924788 | $953167 | $949817 |
| **3/31/16** | $1043520 | $1017828 | $1048847 |
| **4/30/16** | $1013177 | $1021774 | $1018124 |
| **5/31/16** | $1031647 | $1040123 | $1038562 |
| **6/30/16** | $1107948 | $1042818 | $1105733 |
| **7/31/16** | $1154223 | $1081265 | $1154092 |
| **8/31/16** | $1110593 | $1082784 | $1115050 |
| **9/30/16** | $1097981 | $1082988 | $1092069 |
| **10/31/16** | $1036908 | $1063233 | $1030585 |
| **11/30/16** | $1015665 | $1102610 | $1016668 |
| **12/31/16** | $1067444 | $1124405 | $1064394 |
| **1/31/17** | $1066117 | $1145730 | $1055256 |
| **2/28/17** | $1104619 | $1191223 | $1092235 |
| **3/31/17** | $1074863 | $1192612 | $1061514 |
| **4/30/17** | $1073529 | $1204860 | $1058973 |
| **5/31/17** | $1066861 | $1221816 | $1053103 |
| **6/30/17** | $1085017 | $1229442 | $1078886 |
| **7/31/17** | $1098396 | $1254723 | $1088780 |
| **8/31/17** | $1093044 | $1258564 | $1080129 |
| **9/30/17** | $1091004 | $1284525 | $1083011 |
| **10/31/17** | $1082972 | $1314500 | $1071212 |
| **11/30/17** | $1111083 | $1354816 | $1104149 |
| **12/31/17** | $1112499 | $1369880 | $1104452 |
| **1/31/18** | $1065302 | $1448311 | $1060682 |
| **2/28/18** | $985742 | $1394930 | $984269 |
| **3/31/18** | $1026196 | $1359480 | $1022445 |
| **4/30/18** | $1038333 | $1364697 | $1037561 |
| **5/31/18** | $1072045 | $1397561 | $1078816 |
| **6/30/18** | $1116545 | $1406163 | $1124562 |
| **7/31/18** | $1121939 | $1458492 | $1130749 |
| **8/31/18** | $1155651 | $1506017 | $1164406 |
| **9/30/18** | $1123390 | $1514589 | $1132674 |
| **10/31/18** | $1085355 | $1411067 | $1103803 |
| **11/30/18** | $1135616 | $1439822 | $1157327 |
| **12/31/18** | $1040226 | $1309819 | $1057855 |
| **1/31/19** | $1165489 | $1414783 | $1178563 |
| **2/28/19** | $1180466 | $1460209 | $1189935 |
| **3/31/19** | $1225120 | $1488583 | $1224200 |
| **4/30/19** | $1229316 | $1548856 | $1221841 |
| **5/31/19** | $1237707 | $1450428 | $1217677 |
| **6/30/19** | $1259932 | $1552649 | $1234212 |
| **7/31/19** | $1276958 | $1574964 | $1253941 |
| **8/31/19** | $1318104 | $1550016 | $1283720 |
| **9/30/19** | $1339277 | $1579018 | $1318500 |
| **10/31/19** | $1361256 | $1613219 | $1332555 |
| **11/30/19** | $1348069 | $1671777 | $1314602 |
| **12/31/19** | $1346675 | $1722235 | $1302257 |
| **1/31/20** | $1367370 | $1721559 | $1307674 |
| **2/29/20** | $1262415 | $1579842 | $1197762 |
| **3/31/20** | $978594 | $1384711 | $930871 |
| **4/30/20** | $1064331 | $1562223 | $1003716 |
| **5/31/20** | $1082070 | $1636628 | $997373 |
| **6/30/20** | $1113772 | $1669176 | $1015681 |
| **7/31/20** | $1179110 | $1763293 | $1049535 |
| **8/31/20** | $1192785 | $1890039 | $1056858 |
| **9/30/20** | $1153167 | $1818224 | $1024093 |
| **10/31/20** | $1120878 | $1769870 | $997587 |
| **11/30/20** | $1239270 | $1963607 | $1120094 |
| **12/31/20** | $1296578 | $2039105 | $1156432 |
| **1/31/21** | $1304562 | $2018518 | $1154140 |
| **2/28/21** | $1355659 | $2074179 | $1215693 |
| **3/31/21** | $1430873 | $2165019 | $1272107 |
| **4/30/21** | $1567146 | $2280563 | $1377411 |
| **5/31/21** | $1592074 | $2296491 | $1389805 |
| **6/30/21** | $1630252 | $2350103 | $1421714 |
| **7/31/21** | $1749454 | $2405929 | $1497385 |
| **8/31/21** | $1788019 | $2479083 | $1523635 |
| **9/30/21** | $1680960 | $2363781 | $1439489 |
| **10/31/21** | $1822847 | $2529392 | $1557206 |
| **11/30/21** | $1809052 | $2511866 | $1547891 |
| **12/31/21** | $1992638 | $2624438 | $1687386 |
| **1/31/22** | $1834031 | $2488631 | $1578391 |
| **2/28/22** | $1778184 | $2414118 | $1522678 |
| **3/31/22** | $1885919 | $2503753 | $1624789 |
| **4/30/22** | $1814709 | $2285421 | $1549302 |
| **5/31/22** | $1702151 | $2289614 | $1442502 |
| **6/30/22** | $1542627 | $2100621 | $1330649 |
| **7/31/22** | $1715851 | $2294307 | $1449086 |
| **8/31/22** | $1582422 | $2200741 | $1359062 |
| **9/30/22** | $1331107 | $1998056 | $1192602 |
| **10/31/22** | $1397901 | $2159821 | $1246193 |
| **11/30/22** | $1483779 | $2280521 | $1318390 |
| **12/31/22** | $1406408 | $2149130 | $1249319 |
| **1/31/23** | $1555970 | $2284168 | $1386497 |
| **2/28/23** | $1464134 | $2228437 | $1318200 |
| **3/31/23** | $1457574 | $2310252 | $1283980 |
| **4/30/23** | $1468069 | $2346311 | $1292848 |
| **5/31/23** | $1397224 | $2356510 | $1257175 |
| **6/30/23** | $1455606 | $2512217 | $1321436 |
| **7/31/23** | $1497588 | $2592922 | $1359322 |
| **8/31/23** | $1444454 | $2551639 | $1315976 |
| **9/30/23** | $1338187 | $2429982 | $1223689 |
| **10/31/23** | $1277181 | $2378888 | $1168288 |
| **11/30/23** | $1432647 | $2596140 | $1294082 |
| **12/31/23** | $1576961 | $2714085 | $1423720 |
| **1/31/24** | $1519235 | $2759693 | $1366260 |
| **2/29/24** | $1540882 | $2907048 | $1391736 |
| **3/31/24** | $1562530 | $3000582 | $1418163 |
| **4/30/24** | $1428055 | $2878024 | $1314378 |
| **5/31/24** | $1501524 | $3020730 | $1378068 |
| **6/30/24** | $1540226 | $3129120 | $1415871 |
| **7/31/24** | $1635999 | $3167209 | $1498737 |
| **8/31/24** | $1735051 | $3244035 | $1594084 |
| **9/30/24** | $1782485 | $3313318 | $1636181 |
| **10/31/24** | $1706102 | $3283271 | $1584870 |
| **11/30/24** | $1790387 | $3476003 | $1657418 |
| **12/31/24** | $1655888 | $3393141 | $1539081 |
| **1/31/25** | $1682936 | $3487632 | $1557728 |
| **2/28/25** | $1762102 | $3442124 | $1617809 |
| **3/31/25** | $1709103 | $3248180 | $1557053 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 9.38% | 11.80% | 5.51% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Dow Jones U.S. Select REIT Total Return Index | 9.79% | 10.84% | 4.53% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $500282 |
| # of Portfolio Holdings | 783 |
| Portfolio Turnover Rate | 165% |
| Total Net Advisory Fees Paid During the Reporting Period | $2475 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 108.7% |
| Real Estate Investment Trusts | 41.2% |
| Asset-Backed Securities | 14.1% |
| U.S. Government Agencies | 13.0% |
| Sovereign Issues | 10.8% |
| Corporate Bonds & Notes | 1.3% |
| Non-Agency Mortgage-Backed Securities | 0.7% |
| Common Stocks | 0.2% |
| Preferred Securities | 0.2% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 0.4% |
| Financial Derivative Instruments | (0.7%) |
| Other Assets and Liabilities, Net | (90.0%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.60% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# I-2: PETPX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO RealEstateRealReturn Strategy Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1923TSRAR_033125

# Class A: PAIAX

# PIMCO Short Asset Investment Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Short Asset Investment Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $76 | 0.74% |

---

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

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

* Select holdings of securitized credit, particularly asset-backed securities ("ABS") and collateralized loan obligations ("CLO") contributed to relative performance versus the Index, as carry contributions from ABS offset detractions from spreads widening and CLO spreads tightened.

* Overweight exposure to U.S. duration in the 1-year part of the curve contributed to relative performance versus the Index, as interest rates fell. 

* There were no material detractors for this Fund.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g23367i7e895a05894128a387b4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg U.S. Aggregate Index** | **FTSE 3-Month Treasury Bill Index** |
| **3/31/15** | $9775 | $10000 | $10000 |
| **4/30/15** | $9789 | $9964 | $10000 |
| **5/31/15** | $9792 | $9940 | $10000 |
| **6/30/15** | $9797 | $9832 | $10000 |
| **7/31/15** | $9801 | $9900 | $10001 |
| **8/31/15** | $9795 | $9886 | $10001 |
| **9/30/15** | $9780 | $9953 | $10001 |
| **10/31/15** | $9794 | $9954 | $10001 |
| **11/30/15** | $9800 | $9928 | $10002 |
| **12/31/15** | $9798 | $9896 | $10002 |
| **1/31/16** | $9794 | $10032 | $10004 |
| **2/29/16** | $9801 | $10103 | $10005 |
| **3/31/16** | $9817 | $10196 | $10008 |
| **4/30/16** | $9835 | $10235 | $10010 |
| **5/31/16** | $9852 | $10238 | $10012 |
| **6/30/16** | $9850 | $10422 | $10014 |
| **7/31/16** | $9858 | $10488 | $10016 |
| **8/31/16** | $9875 | $10476 | $10019 |
| **9/30/16** | $9885 | $10470 | $10021 |
| **10/31/16** | $9912 | $10389 | $10024 |
| **11/30/16** | $9921 | $10144 | $10026 |
| **12/31/16** | $9932 | $10158 | $10029 |
| **1/31/17** | $9951 | $10178 | $10033 |
| **2/28/17** | $9960 | $10246 | $10037 |
| **3/31/17** | $9970 | $10241 | $10042 |
| **4/30/17** | $9979 | $10320 | $10047 |
| **5/31/17** | $9989 | $10399 | $10053 |
| **6/30/17** | $10009 | $10389 | $10060 |
| **7/31/17** | $10019 | $10434 | $10068 |
| **8/31/17** | $10029 | $10527 | $10077 |
| **9/30/17** | $10050 | $10477 | $10086 |
| **10/31/17** | $10070 | $10483 | $10095 |
| **11/30/17** | $10081 | $10470 | $10104 |
| **12/31/17** | $10088 | $10518 | $10114 |
| **1/31/18** | $10109 | $10397 | $10125 |
| **2/28/18** | $10121 | $10298 | $10136 |
| **3/31/18** | $10125 | $10364 | $10149 |
| **4/30/18** | $10150 | $10287 | $10163 |
| **5/31/18** | $10156 | $10360 | $10178 |
| **6/30/18** | $10173 | $10348 | $10193 |
| **7/31/18** | $10200 | $10350 | $10210 |
| **8/31/18** | $10219 | $10417 | $10227 |
| **9/30/18** | $10245 | $10350 | $10244 |
| **10/31/18** | $10253 | $10268 | $10263 |
| **11/30/18** | $10252 | $10329 | $10282 |
| **12/31/18** | $10251 | $10519 | $10302 |
| **1/31/19** | $10282 | $10631 | $10323 |
| **2/28/19** | $10313 | $10625 | $10342 |
| **3/31/19** | $10324 | $10829 | $10364 |
| **4/30/19** | $10346 | $10831 | $10385 |
| **5/31/19** | $10359 | $11024 | $10406 |
| **6/30/19** | $10378 | $11162 | $10427 |
| **7/31/19** | $10409 | $11187 | $10448 |
| **8/31/19** | $10430 | $11476 | $10468 |
| **9/30/19** | $10447 | $11415 | $10486 |
| **10/31/19** | $10465 | $11450 | $10504 |
| **11/30/19** | $10481 | $11444 | $10519 |
| **12/31/19** | $10487 | $11436 | $10534 |
| **1/31/20** | $10523 | $11656 | $10548 |
| **2/29/20** | $10536 | $11866 | $10562 |
| **3/31/20** | $10274 | $11796 | $10575 |
| **4/30/20** | $10411 | $12006 | $10584 |
| **5/31/20** | $10473 | $12062 | $10588 |
| **6/30/20** | $10532 | $12137 | $10589 |
| **7/31/20** | $10547 | $12319 | $10591 |
| **8/31/20** | $10560 | $12219 | $10592 |
| **9/30/20** | $10563 | $12213 | $10593 |
| **10/31/20** | $10564 | $12158 | $10594 |
| **11/30/20** | $10565 | $12277 | $10595 |
| **12/31/20** | $10576 | $12294 | $10595 |
| **1/31/21** | $10576 | $12206 | $10596 |
| **2/28/21** | $10576 | $12030 | $10597 |
| **3/31/21** | $10566 | $11880 | $10597 |
| **4/30/21** | $10566 | $11974 | $10598 |
| **5/31/21** | $10567 | $12013 | $10598 |
| **6/30/21** | $10567 | $12097 | $10598 |
| **7/31/21** | $10556 | $12232 | $10598 |
| **8/31/21** | $10556 | $12209 | $10599 |
| **9/30/21** | $10556 | $12103 | $10599 |
| **10/31/21** | $10547 | $12100 | $10599 |
| **11/30/21** | $10538 | $12136 | $10600 |
| **12/31/21** | $10529 | $12105 | $10600 |
| **1/31/22** | $10520 | $11844 | $10601 |
| **2/28/22** | $10491 | $11712 | $10602 |
| **3/31/22** | $10452 | $11386 | $10603 |
| **4/30/22** | $10426 | $10954 | $10606 |
| **5/31/22** | $10433 | $11025 | $10611 |
| **6/30/22** | $10390 | $10852 | $10619 |
| **7/31/22** | $10403 | $11117 | $10630 |
| **8/31/22** | $10439 | $10803 | $10645 |
| **9/30/22** | $10457 | $10336 | $10666 |
| **10/31/22** | $10455 | $10202 | $10693 |
| **11/30/22** | $10490 | $10578 | $10723 |
| **12/31/22** | $10554 | $10530 | $10759 |
| **1/31/23** | $10594 | $10854 | $10799 |
| **2/28/23** | $10648 | $10573 | $10837 |
| **3/31/23** | $10655 | $10842 | $10880 |
| **4/30/23** | $10701 | $10908 | $10923 |
| **5/31/23** | $10753 | $10789 | $10970 |
| **6/30/23** | $10809 | $10750 | $11016 |
| **7/31/23** | $10871 | $10743 | $11067 |
| **8/31/23** | $10916 | $10674 | $11118 |
| **9/30/23** | $10973 | $10403 | $11168 |
| **10/31/23** | $11018 | $10239 | $11221 |
| **11/30/23** | $11064 | $10702 | $11272 |
| **12/31/23** | $11116 | $11112 | $11325 |
| **1/31/24** | $11184 | $11082 | $11378 |
| **2/29/24** | $11229 | $10925 | $11428 |
| **3/31/24** | $11287 | $11026 | $11480 |
| **4/30/24** | $11345 | $10747 | $11532 |
| **5/31/24** | $11395 | $10930 | $11586 |
| **6/30/24** | $11439 | $11033 | $11638 |
| **7/31/24** | $11486 | $11291 | $11692 |
| **8/31/24** | $11547 | $11453 | $11746 |
| **9/30/24** | $11589 | $11606 | $11797 |
| **10/31/24** | $11634 | $11319 | $11848 |
| **11/30/24** | $11678 | $11438 | $11895 |
| **12/31/24** | $11723 | $11251 | $11942 |
| **1/31/25** | $11767 | $11311 | $11988 |
| **2/28/25** | $11806 | $11560 | $12029 |
| **3/31/25** | $11846 | $11564 | $12074 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 4.95% | 2.89% | 1.94% |
| Class A (including sales charge) | 4.95% | 2.89% | 1.71% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| FTSE 3-Month Treasury Bill Index | 5.17% | 2.69% | 1.90% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $2035965 |
| # of Portfolio Holdings | 389 |
| Portfolio Turnover Rate | 86% |
| Total Net Advisory Fees Paid During the Reporting Period | $5035 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 56.0% |
| Asset-Backed Securities | 20.5% |
| U.S. Government Agencies | 9.1% |
| Non-Agency Mortgage-Backed Securities | 5.3% |
| Sovereign Issues | 4.8% |
| Municipal Bonds & Notes | 1.1% |
| Short-Term Instruments | 2.4% |
| Affiliated Investments | 4.3% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (3.6%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# Class A: PAIAX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO Short Asset Investment Fund
Annual Shareholder Report \|

March 31, 2025

PIMS6042TSRAR_033125

# Administrative Class: PAIQX

# PIMCO Short Asset Investment Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Short Asset Investment Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $66 | 0.64% |

---

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

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

* Select holdings of securitized credit, particularly asset-backed securities ("ABS") and collateralized loan obligations ("CLO") contributed to relative performance versus the Index, as carry contributions from ABS offset detractions from spreads widening and CLO spreads tightened.

* Overweight exposure to U.S. duration in the 1-year part of the curve contributed to relative performance versus the Index, as interest rates fell. 

* There were no material detractors for this Fund.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g23367i2a62350db50918caf008.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Administrative Class** | **Bloomberg U.S. Aggregate Index** | **FTSE 3-Month Treasury Bill Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1001453 | $996412 | $1000016 |
| **5/31/15** | $1001903 | $994012 | $1000030 |
| **6/30/15** | $1002482 | $983174 | $1000041 |
| **7/31/15** | $1003008 | $990008 | $1000050 |
| **8/31/15** | $1002459 | $988586 | $1000075 |
| **9/30/15** | $1001016 | $995273 | $1000101 |
| **10/31/15** | $1002590 | $995439 | $1000125 |
| **11/30/15** | $1003226 | $992809 | $1000152 |
| **12/31/15** | $1003150 | $989601 | $1000229 |
| **1/31/16** | $1002789 | $1003219 | $1000354 |
| **2/29/16** | $1003563 | $1010335 | $1000534 |
| **3/31/16** | $1005359 | $1019605 | $1000767 |
| **4/30/16** | $1007255 | $1023519 | $1001004 |
| **5/31/16** | $1009091 | $1023781 | $1001216 |
| **6/30/16** | $1008969 | $1042177 | $1001416 |
| **7/31/16** | $1009843 | $1048765 | $1001638 |
| **8/31/16** | $1011755 | $1047566 | $1001877 |
| **9/30/16** | $1012840 | $1046952 | $1002116 |
| **10/31/16** | $1015703 | $1038944 | $1002369 |
| **11/30/16** | $1016643 | $1014369 | $1002627 |
| **12/31/16** | $1017937 | $1015800 | $1002938 |
| **1/31/17** | $1020024 | $1017793 | $1003311 |
| **2/28/17** | $1021030 | $1024634 | $1003703 |
| **3/31/17** | $1022077 | $1024097 | $1004153 |
| **4/30/17** | $1023089 | $1032000 | $1004663 |
| **5/31/17** | $1024149 | $1039943 | $1005272 |
| **6/30/17** | $1026300 | $1038896 | $1005984 |
| **7/31/17** | $1027316 | $1043367 | $1006794 |
| **8/31/17** | $1028402 | $1052726 | $1007683 |
| **9/30/17** | $1030591 | $1047712 | $1008552 |
| **10/31/17** | $1032747 | $1048319 | $1009463 |
| **11/30/17** | $1033926 | $1046973 | $1010364 |
| **12/31/17** | $1034719 | $1051778 | $1011376 |
| **1/31/18** | $1036972 | $1039665 | $1012488 |
| **2/28/18** | $1038294 | $1029809 | $1013578 |
| **3/31/18** | $1038664 | $1036414 | $1014900 |
| **4/30/18** | $1041313 | $1028705 | $1016269 |
| **5/31/18** | $1041930 | $1036047 | $1017787 |
| **6/30/18** | $1043763 | $1034773 | $1019327 |
| **7/31/18** | $1046498 | $1035019 | $1020980 |
| **8/31/18** | $1048579 | $1041679 | $1022701 |
| **9/30/18** | $1051334 | $1034971 | $1024424 |
| **10/31/18** | $1052171 | $1026792 | $1026288 |
| **11/30/18** | $1052197 | $1032921 | $1028181 |
| **12/31/18** | $1052204 | $1051898 | $1030216 |
| **1/31/19** | $1055322 | $1063068 | $1032309 |
| **2/28/19** | $1058557 | $1062452 | $1034221 |
| **3/31/19** | $1059856 | $1082853 | $1036364 |
| **4/30/19** | $1062135 | $1083130 | $1038451 |
| **5/31/19** | $1063465 | $1102358 | $1040621 |
| **6/30/19** | $1065509 | $1116201 | $1042721 |
| **7/31/19** | $1068749 | $1118657 | $1044805 |
| **8/31/19** | $1070984 | $1147643 | $1046791 |
| **9/30/19** | $1072816 | $1141531 | $1048587 |
| **10/31/19** | $1074723 | $1144969 | $1050362 |
| **11/30/19** | $1076518 | $1144386 | $1051926 |
| **12/31/19** | $1077172 | $1143588 | $1053424 |
| **1/31/20** | $1080940 | $1165596 | $1054843 |
| **2/29/20** | $1082416 | $1186575 | $1056175 |
| **3/31/20** | $1055594 | $1179592 | $1057509 |
| **4/30/20** | $1069693 | $1200561 | $1058376 |
| **5/31/20** | $1076155 | $1206151 | $1058833 |
| **6/30/20** | $1082350 | $1213749 | $1058937 |
| **7/31/20** | $1084017 | $1231878 | $1059058 |
| **8/31/20** | $1085440 | $1221935 | $1059176 |
| **9/30/20** | $1085762 | $1221265 | $1059278 |
| **10/31/20** | $1086011 | $1215812 | $1059369 |
| **11/30/20** | $1086165 | $1227742 | $1059456 |
| **12/31/20** | $1087399 | $1229433 | $1059538 |
| **1/31/21** | $1087494 | $1220618 | $1059615 |
| **2/28/21** | $1087595 | $1202992 | $1059676 |
| **3/31/21** | $1086590 | $1187971 | $1059730 |
| **4/30/21** | $1086739 | $1197356 | $1059766 |
| **5/31/21** | $1086860 | $1201268 | $1059790 |
| **6/30/21** | $1086972 | $1209708 | $1059806 |
| **7/31/21** | $1085963 | $1223233 | $1059829 |
| **8/31/21** | $1086039 | $1220905 | $1059862 |
| **9/30/21** | $1086189 | $1210334 | $1059903 |
| **10/31/21** | $1085289 | $1210000 | $1059941 |
| **11/30/21** | $1084428 | $1213580 | $1059981 |
| **12/31/21** | $1083651 | $1210475 | $1060025 |
| **1/31/22** | $1082810 | $1184396 | $1060075 |
| **2/28/22** | $1079899 | $1171183 | $1060155 |
| **3/31/22** | $1075966 | $1138645 | $1060323 |
| **4/30/22** | $1073335 | $1095436 | $1060623 |
| **5/31/22** | $1074136 | $1102499 | $1061136 |
| **6/30/22** | $1069807 | $1085203 | $1061852 |
| **7/31/22** | $1071269 | $1111719 | $1062953 |
| **8/31/22** | $1074989 | $1080306 | $1064534 |
| **9/30/22** | $1076914 | $1033630 | $1066619 |
| **10/31/22** | $1076773 | $1020242 | $1069261 |
| **11/30/22** | $1080384 | $1057762 | $1072326 |
| **12/31/22** | $1086945 | $1052991 | $1075945 |
| **1/31/23** | $1091054 | $1085385 | $1079916 |
| **2/28/23** | $1096621 | $1057322 | $1083683 |
| **3/31/23** | $1097334 | $1084180 | $1088015 |
| **4/30/23** | $1102144 | $1090751 | $1092346 |
| **5/31/23** | $1107480 | $1078874 | $1096968 |
| **6/30/23** | $1113220 | $1075027 | $1101639 |
| **7/31/23** | $1119688 | $1074277 | $1106658 |
| **8/31/23** | $1124332 | $1067415 | $1111804 |
| **9/30/23** | $1130256 | $1040290 | $1116824 |
| **10/31/23** | $1134941 | $1023873 | $1122085 |
| **11/30/23** | $1139714 | $1070241 | $1127216 |
| **12/31/23** | $1145120 | $1111209 | $1132519 |
| **1/31/24** | $1152139 | $1108157 | $1137809 |
| **2/29/24** | $1156806 | $1092501 | $1142751 |
| **3/31/24** | $1162835 | $1102589 | $1148046 |
| **4/30/24** | $1168864 | $1074739 | $1153200 |
| **5/31/24** | $1174175 | $1092959 | $1158559 |
| **6/30/24** | $1178763 | $1103307 | $1163774 |
| **7/31/24** | $1183771 | $1129077 | $1169185 |
| **8/31/24** | $1190178 | $1145301 | $1174577 |
| **9/30/24** | $1194601 | $1160636 | $1179725 |
| **10/31/24** | $1199310 | $1131854 | $1184817 |
| **11/30/24** | $1203970 | $1143821 | $1189527 |
| **12/31/24** | $1208682 | $1125101 | $1194204 |
| **1/31/25** | $1213276 | $1131070 | $1198799 |
| **2/28/25** | $1217421 | $1155956 | $1202884 |
| **3/31/25** | $1221654 | $1156391 | $1207357 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Administrative Class | 5.06% | 2.97% | 2.02% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| FTSE 3-Month Treasury Bill Index | 5.17% | 2.69% | 1.90% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $2035965 |
| # of Portfolio Holdings | 389 |
| Portfolio Turnover Rate | 86% |
| Total Net Advisory Fees Paid During the Reporting Period | $5035 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 56.0% |
| Asset-Backed Securities | 20.5% |
| U.S. Government Agencies | 9.1% |
| Non-Agency Mortgage-Backed Securities | 5.3% |
| Sovereign Issues | 4.8% |
| Municipal Bonds & Notes | 1.1% |
| Short-Term Instruments | 2.4% |
| Affiliated Investments | 4.3% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (3.6%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# Administrative Class: PAIQX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO Short Asset Investment Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2067TSRAR_033125

# I-3: PANDX

# PIMCO Short Asset Investment Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Short Asset Investment Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $55 | 0.54% |

---

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

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

* Select holdings of securitized credit, particularly asset-backed securities ("ABS") and collateralized loan obligations ("CLO") contributed to relative performance versus the Index, as carry contributions from ABS offset detractions from spreads widening and CLO spreads tightened.

* Overweight exposure to U.S. duration in the 1-year part of the curve contributed to relative performance versus the Index, as interest rates fell. 

* There were no material detractors for this Fund.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g23367if0161cbf917ba9cba070.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-3** | **Bloomberg U.S. Aggregate Index** | **FTSE 3-Month Treasury Bill Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1001528 | $996412 | $1000016 |
| **5/31/15** | $1002047 | $994012 | $1000030 |
| **6/30/15** | $1002692 | $983174 | $1000041 |
| **7/31/15** | $1003299 | $990008 | $1000050 |
| **8/31/15** | $1002804 | $988586 | $1000075 |
| **9/30/15** | $1001426 | $995273 | $1000101 |
| **10/31/15** | $1003073 | $995439 | $1000125 |
| **11/30/15** | $1003769 | $992809 | $1000152 |
| **12/31/15** | $1003781 | $989601 | $1000229 |
| **1/31/16** | $1003467 | $1003219 | $1000354 |
| **2/29/16** | $1004306 | $1010335 | $1000534 |
| **3/31/16** | $1006172 | $1019605 | $1000767 |
| **4/30/16** | $1008144 | $1023519 | $1001004 |
| **5/31/16** | $1010044 | $1023781 | $1001216 |
| **6/30/16** | $1009991 | $1042177 | $1001416 |
| **7/31/16** | $1010935 | $1048765 | $1001638 |
| **8/31/16** | $1012919 | $1047566 | $1001877 |
| **9/30/16** | $1014087 | $1046952 | $1002116 |
| **10/31/16** | $1017011 | $1038944 | $1002369 |
| **11/30/16** | $1018019 | $1014369 | $1002627 |
| **12/31/16** | $1019398 | $1015800 | $1002938 |
| **1/31/17** | $1021496 | $1017793 | $1003311 |
| **2/28/17** | $1022548 | $1024634 | $1003703 |
| **3/31/17** | $1023691 | $1024097 | $1004153 |
| **4/30/17** | $1024785 | $1032000 | $1004663 |
| **5/31/17** | $1025944 | $1039943 | $1005272 |
| **6/30/17** | $1028205 | $1038896 | $1005984 |
| **7/31/17** | $1029323 | $1043367 | $1006794 |
| **8/31/17** | $1030557 | $1052726 | $1007683 |
| **9/30/17** | $1032851 | $1047712 | $1008552 |
| **10/31/17** | $1035076 | $1048319 | $1009463 |
| **11/30/17** | $1036341 | $1046973 | $1010364 |
| **12/31/17** | $1037209 | $1051778 | $1011376 |
| **1/31/18** | $1039537 | $1039665 | $1012488 |
| **2/28/18** | $1040933 | $1029809 | $1013578 |
| **3/31/18** | $1041529 | $1036414 | $1014900 |
| **4/30/18** | $1044227 | $1028705 | $1016269 |
| **5/31/18** | $1045016 | $1036047 | $1017787 |
| **6/30/18** | $1047002 | $1034773 | $1019327 |
| **7/31/18** | $1049908 | $1035019 | $1020980 |
| **8/31/18** | $1052069 | $1041679 | $1022701 |
| **9/30/18** | $1054919 | $1034971 | $1024424 |
| **10/31/18** | $1055911 | $1026792 | $1026288 |
| **11/30/18** | $1056027 | $1032921 | $1028181 |
| **12/31/18** | $1056126 | $1051898 | $1030216 |
| **1/31/19** | $1059420 | $1063068 | $1032309 |
| **2/28/19** | $1062783 | $1062452 | $1034221 |
| **3/31/19** | $1064181 | $1082853 | $1036364 |
| **4/30/19** | $1066555 | $1083130 | $1038451 |
| **5/31/19** | $1067962 | $1102358 | $1040621 |
| **6/30/19** | $1070101 | $1116201 | $1042721 |
| **7/31/19** | $1073464 | $1118657 | $1044805 |
| **8/31/19** | $1075806 | $1147643 | $1046791 |
| **9/30/19** | $1077754 | $1141531 | $1048587 |
| **10/31/19** | $1079766 | $1144969 | $1050362 |
| **11/30/19** | $1081671 | $1144386 | $1051926 |
| **12/31/19** | $1082422 | $1143588 | $1053424 |
| **1/31/20** | $1086354 | $1165596 | $1054843 |
| **2/29/20** | $1087899 | $1186575 | $1056175 |
| **3/31/20** | $1061021 | $1179592 | $1057509 |
| **4/30/20** | $1075289 | $1200561 | $1058376 |
| **5/31/20** | $1081883 | $1206151 | $1058833 |
| **6/30/20** | $1088203 | $1213749 | $1058937 |
| **7/31/20** | $1089985 | $1231878 | $1059058 |
| **8/31/20** | $1091504 | $1221935 | $1059176 |
| **9/30/20** | $1091908 | $1221265 | $1059278 |
| **10/31/20** | $1092244 | $1215812 | $1059369 |
| **11/30/20** | $1092488 | $1227742 | $1059456 |
| **12/31/20** | $1093837 | $1229433 | $1059538 |
| **1/31/21** | $1094022 | $1220618 | $1059615 |
| **2/28/21** | $1094211 | $1202992 | $1059676 |
| **3/31/21** | $1093300 | $1187971 | $1059730 |
| **4/30/21** | $1093547 | $1197356 | $1059766 |
| **5/31/21** | $1093754 | $1201268 | $1059790 |
| **6/30/21** | $1093960 | $1209708 | $1059806 |
| **7/31/21** | $1093041 | $1223233 | $1059829 |
| **8/31/21** | $1093206 | $1220905 | $1059862 |
| **9/30/21** | $1093448 | $1210334 | $1059903 |
| **10/31/21** | $1092638 | $1210000 | $1059941 |
| **11/30/21** | $1091874 | $1213580 | $1059981 |
| **12/31/21** | $1091192 | $1210475 | $1060025 |
| **1/31/22** | $1090435 | $1184396 | $1060075 |
| **2/28/22** | $1087591 | $1171183 | $1060155 |
| **3/31/22** | $1083725 | $1138645 | $1060323 |
| **4/30/22** | $1081170 | $1095436 | $1060623 |
| **5/31/22** | $1082075 | $1102499 | $1061136 |
| **6/30/22** | $1077794 | $1085203 | $1061852 |
| **7/31/22** | $1079358 | $1111719 | $1062953 |
| **8/31/22** | $1083225 | $1080306 | $1064534 |
| **9/30/22** | $1085281 | $1033630 | $1066619 |
| **10/31/22** | $1085238 | $1020242 | $1069261 |
| **11/30/22** | $1088972 | $1057762 | $1072326 |
| **12/31/22** | $1095758 | $1052991 | $1075945 |
| **1/31/23** | $1099996 | $1085385 | $1079916 |
| **2/28/23** | $1105738 | $1057322 | $1083683 |
| **3/31/23** | $1106621 | $1084180 | $1088015 |
| **4/30/23** | $1111583 | $1090751 | $1092346 |
| **5/31/23** | $1117114 | $1078874 | $1096968 |
| **6/30/23** | $1123052 | $1075027 | $1101639 |
| **7/31/23** | $1129718 | $1074277 | $1106658 |
| **8/31/23** | $1134557 | $1067415 | $1111804 |
| **9/30/23** | $1140684 | $1040290 | $1116824 |
| **10/31/23** | $1145571 | $1023873 | $1122085 |
| **11/30/23** | $1150541 | $1070241 | $1127216 |
| **12/31/23** | $1156159 | $1111209 | $1132519 |
| **1/31/24** | $1163399 | $1108157 | $1137809 |
| **2/29/24** | $1168257 | $1092501 | $1142751 |
| **3/31/24** | $1174498 | $1102589 | $1148046 |
| **4/30/24** | $1180713 | $1074739 | $1153200 |
| **5/31/24** | $1186196 | $1092959 | $1158559 |
| **6/30/24** | $1190931 | $1103307 | $1163774 |
| **7/31/24** | $1196101 | $1129077 | $1169185 |
| **8/31/24** | $1202696 | $1145301 | $1174577 |
| **9/30/24** | $1207270 | $1160636 | $1179725 |
| **10/31/24** | $1212140 | $1131854 | $1184817 |
| **11/30/24** | $1216951 | $1143821 | $1189527 |
| **12/31/24** | $1221824 | $1125101 | $1194204 |
| **1/31/25** | $1226588 | $1131070 | $1198799 |
| **2/28/25** | $1230881 | $1155956 | $1202884 |
| **3/31/25** | $1235266 | $1156391 | $1207357 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-3 | 5.17% | 3.09% | 2.14% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| FTSE 3-Month Treasury Bill Index | 5.17% | 2.69% | 1.90% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $2035965 |
| # of Portfolio Holdings | 389 |
| Portfolio Turnover Rate | 86% |
| Total Net Advisory Fees Paid During the Reporting Period | $5035 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 56.0% |
| Asset-Backed Securities | 20.5% |
| U.S. Government Agencies | 9.1% |
| Non-Agency Mortgage-Backed Securities | 5.3% |
| Sovereign Issues | 4.8% |
| Municipal Bonds & Notes | 1.1% |
| Short-Term Instruments | 2.4% |
| Affiliated Investments | 4.3% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (3.6%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# I-3: PANDX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO Short Asset Investment Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2196TSRAR_033125

# Institutional Class: PAIDX

# PIMCO Short Asset Investment Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Short Asset Investment Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $40 | 0.39% |

---

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

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

* Select holdings of securitized credit, particularly asset-backed securities ("ABS") and collateralized loan obligations ("CLO") contributed to relative performance versus the Index, as carry contributions from ABS offset detractions from spreads widening and CLO spreads tightened.

* Overweight exposure to U.S. duration in the 1-year part of the curve contributed to relative performance versus the Index, as interest rates fell. 

* There were no material detractors for this Fund.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g23367i3f9b822699608e9cf85b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg U.S. Aggregate Index** | **FTSE 3-Month Treasury Bill Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1001668 | $996412 | $1000016 |
| **5/31/15** | $1002331 | $994012 | $1000030 |
| **6/30/15** | $1003116 | $983174 | $1000041 |
| **7/31/15** | $1003869 | $990008 | $1000050 |
| **8/31/15** | $1003519 | $988586 | $1000075 |
| **9/30/15** | $1002280 | $995273 | $1000101 |
| **10/31/15** | $1004073 | $995439 | $1000125 |
| **11/30/15** | $1004910 | $992809 | $1000152 |
| **12/31/15** | $1005067 | $989601 | $1000229 |
| **1/31/16** | $1004897 | $1003219 | $1000354 |
| **2/29/16** | $1005873 | $1010335 | $1000534 |
| **3/31/16** | $1007886 | $1019605 | $1000767 |
| **4/30/16** | $1010002 | $1023519 | $1001004 |
| **5/31/16** | $1012051 | $1023781 | $1001216 |
| **6/30/16** | $1012139 | $1042177 | $1001416 |
| **7/31/16** | $1013231 | $1048765 | $1001638 |
| **8/31/16** | $1015365 | $1047566 | $1001877 |
| **9/30/16** | $1016678 | $1046952 | $1002116 |
| **10/31/16** | $1019756 | $1038944 | $1002369 |
| **11/30/16** | $1020909 | $1014369 | $1002627 |
| **12/31/16** | $1022439 | $1015800 | $1002938 |
| **1/31/17** | $1024690 | $1017793 | $1003311 |
| **2/28/17** | $1025880 | $1024634 | $1003703 |
| **3/31/17** | $1027174 | $1024097 | $1004153 |
| **4/30/17** | $1028415 | $1032000 | $1004663 |
| **5/31/17** | $1029727 | $1039943 | $1005272 |
| **6/30/17** | $1032140 | $1038896 | $1005984 |
| **7/31/17** | $1033412 | $1043367 | $1006794 |
| **8/31/17** | $1034800 | $1052726 | $1007683 |
| **9/30/17** | $1037248 | $1047712 | $1008552 |
| **10/31/17** | $1039632 | $1048319 | $1009463 |
| **11/30/17** | $1041048 | $1046973 | $1010364 |
| **12/31/17** | $1042070 | $1051778 | $1011376 |
| **1/31/18** | $1044560 | $1039665 | $1012488 |
| **2/28/18** | $1046099 | $1029809 | $1013578 |
| **3/31/18** | $1046849 | $1036414 | $1014900 |
| **4/30/18** | $1049694 | $1028705 | $1016269 |
| **5/31/18** | $1050611 | $1036047 | $1017787 |
| **6/30/18** | $1052736 | $1034773 | $1019327 |
| **7/31/18** | $1055778 | $1035019 | $1020980 |
| **8/31/18** | $1058098 | $1041679 | $1022701 |
| **9/30/18** | $1061078 | $1034971 | $1024424 |
| **10/31/18** | $1062208 | $1026792 | $1026288 |
| **11/30/18** | $1062467 | $1032921 | $1028181 |
| **12/31/18** | $1062696 | $1051898 | $1030216 |
| **1/31/19** | $1066141 | $1063068 | $1032309 |
| **2/28/19** | $1069636 | $1062452 | $1034221 |
| **3/31/19** | $1071176 | $1082853 | $1036364 |
| **4/30/19** | $1073697 | $1083130 | $1038451 |
| **5/31/19** | $1075301 | $1102358 | $1040621 |
| **6/30/19** | $1077575 | $1116201 | $1042721 |
| **7/31/19** | $1081092 | $1118657 | $1044805 |
| **8/31/19** | $1083593 | $1147643 | $1046791 |
| **9/30/19** | $1085676 | $1141531 | $1048587 |
| **10/31/19** | $1087839 | $1144969 | $1050362 |
| **11/30/19** | $1089891 | $1144386 | $1051926 |
| **12/31/19** | $1090785 | $1143588 | $1053424 |
| **1/31/20** | $1094888 | $1165596 | $1054843 |
| **2/29/20** | $1096561 | $1186575 | $1056175 |
| **3/31/20** | $1069617 | $1179592 | $1057509 |
| **4/30/20** | $1084125 | $1200561 | $1058376 |
| **5/31/20** | $1090906 | $1206151 | $1058833 |
| **6/30/20** | $1097411 | $1213749 | $1058937 |
| **7/31/20** | $1099349 | $1231878 | $1059058 |
| **8/31/20** | $1101012 | $1221935 | $1059176 |
| **9/30/20** | $1101549 | $1221265 | $1059278 |
| **10/31/20** | $1102047 | $1215812 | $1059369 |
| **11/30/20** | $1102427 | $1227742 | $1059456 |
| **12/31/20** | $1103944 | $1229433 | $1059538 |
| **1/31/21** | $1104257 | $1220618 | $1059615 |
| **2/28/21** | $1104578 | $1202992 | $1059676 |
| **3/31/21** | $1103799 | $1187971 | $1059730 |
| **4/30/21** | $1104194 | $1197356 | $1059766 |
| **5/31/21** | $1104538 | $1201268 | $1059790 |
| **6/30/21** | $1104883 | $1209708 | $1059806 |
| **7/31/21** | $1104100 | $1223233 | $1059829 |
| **8/31/21** | $1104405 | $1220905 | $1059862 |
| **9/30/21** | $1104785 | $1210334 | $1059903 |
| **10/31/21** | $1104106 | $1210000 | $1059941 |
| **11/30/21** | $1103461 | $1213580 | $1059981 |
| **12/31/21** | $1102920 | $1210475 | $1060025 |
| **1/31/22** | $1102286 | $1184396 | $1060075 |
| **2/28/22** | $1099535 | $1171183 | $1060155 |
| **3/31/22** | $1095765 | $1138645 | $1060323 |
| **4/30/22** | $1093321 | $1095436 | $1060623 |
| **5/31/22** | $1094369 | $1102499 | $1061136 |
| **6/30/22** | $1090185 | $1085203 | $1061852 |
| **7/31/22** | $1091921 | $1111719 | $1062953 |
| **8/31/22** | $1095964 | $1080306 | $1064534 |
| **9/30/22** | $1098184 | $1033630 | $1066619 |
| **10/31/22** | $1098273 | $1020242 | $1069261 |
| **11/30/22** | $1102201 | $1057762 | $1072326 |
| **12/31/22** | $1109203 | $1052991 | $1075945 |
| **1/31/23** | $1113646 | $1085385 | $1079916 |
| **2/28/23** | $1119573 | $1057322 | $1083683 |
| **3/31/23** | $1120609 | $1084180 | $1088015 |
| **4/30/23** | $1125773 | $1090751 | $1092346 |
| **5/31/23** | $1131506 | $1078874 | $1096968 |
| **6/30/23** | $1137656 | $1075027 | $1101639 |
| **7/31/23** | $1144531 | $1074277 | $1106658 |
| **8/31/23** | $1149567 | $1067415 | $1111804 |
| **9/30/23** | $1155906 | $1040290 | $1116824 |
| **10/31/23** | $1160989 | $1023873 | $1122085 |
| **11/30/23** | $1166159 | $1070241 | $1127216 |
| **12/31/23** | $1171995 | $1111209 | $1132519 |
| **1/31/24** | $1179468 | $1108157 | $1137809 |
| **2/29/24** | $1184526 | $1092501 | $1142751 |
| **3/31/24** | $1190993 | $1102589 | $1148046 |
| **4/30/24** | $1197431 | $1074739 | $1153200 |
| **5/31/24** | $1203143 | $1092959 | $1158559 |
| **6/30/24** | $1208075 | $1103307 | $1163774 |
| **7/31/24** | $1213463 | $1129077 | $1169185 |
| **8/31/24** | $1220302 | $1145301 | $1174577 |
| **9/30/24** | $1225071 | $1160636 | $1179725 |
| **10/31/24** | $1230151 | $1131854 | $1184817 |
| **11/30/24** | $1235192 | $1143821 | $1189527 |
| **12/31/24** | $1240288 | $1125101 | $1194204 |
| **1/31/25** | $1245274 | $1131070 | $1198799 |
| **2/28/25** | $1249767 | $1155956 | $1202884 |
| **3/31/25** | $1254359 | $1156391 | $1207357 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 5.32% | 3.24% | 2.29% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| FTSE 3-Month Treasury Bill Index | 5.17% | 2.69% | 1.90% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $2035965 |
| # of Portfolio Holdings | 389 |
| Portfolio Turnover Rate | 86% |
| Total Net Advisory Fees Paid During the Reporting Period | $5035 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 56.0% |
| Asset-Backed Securities | 20.5% |
| U.S. Government Agencies | 9.1% |
| Non-Agency Mortgage-Backed Securities | 5.3% |
| Sovereign Issues | 4.8% |
| Municipal Bonds & Notes | 1.1% |
| Short-Term Instruments | 2.4% |
| Affiliated Investments | 4.3% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (3.6%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# Institutional Class: PAIDX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO Short Asset Investment Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2066TSRAR_033125

# Class M: PAMSX

# PIMCO Short Asset Investment Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Short Asset Investment Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class M | $40 | 0.39% |

---

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

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

* Select holdings of securitized credit, particularly asset-backed securities ("ABS") and collateralized loan obligations ("CLO") contributed to relative performance versus the Index, as carry contributions from ABS offset detractions from spreads widening and CLO spreads tightened.

* Overweight exposure to U.S. duration in the 1-year part of the curve contributed to relative performance versus the Index, as interest rates fell. 

* There were no material detractors for this Fund.

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

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. For periods prior to the inception date of Class M shares (12/21/2015), performance information shown in the graph and table for these shares is based on the performance of the Fund's Institutional Class shares, adjusted to reflect the fees and other expenses paid by Class M shares. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g23367i47d73521d132e9e604e6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class M** | **Bloomberg U.S. Aggregate Index** | **FTSE 3-Month Treasury Bill Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1001668 | $996412 | $1000016 |
| **5/31/15** | $1002331 | $994012 | $1000030 |
| **6/30/15** | $1003116 | $983174 | $1000041 |
| **7/31/15** | $1003869 | $990008 | $1000050 |
| **8/31/15** | $1003519 | $988586 | $1000075 |
| **9/30/15** | $1002280 | $995273 | $1000101 |
| **10/31/15** | $1004073 | $995439 | $1000125 |
| **11/30/15** | $1004910 | $992809 | $1000152 |
| **12/31/15** | $1005070 | $989601 | $1000229 |
| **1/31/16** | $1004917 | $1003219 | $1000354 |
| **2/29/16** | $1005891 | $1010335 | $1000534 |
| **3/31/16** | $1007899 | $1019605 | $1000767 |
| **4/30/16** | $1009987 | $1023519 | $1001004 |
| **5/31/16** | $1012057 | $1023781 | $1001216 |
| **6/30/16** | $1012161 | $1042177 | $1001416 |
| **7/31/16** | $1013250 | $1048765 | $1001638 |
| **8/31/16** | $1015389 | $1047566 | $1001877 |
| **9/30/16** | $1016732 | $1046952 | $1002116 |
| **10/31/16** | $1019801 | $1038944 | $1002369 |
| **11/30/16** | $1020941 | $1014369 | $1002627 |
| **12/31/16** | $1022469 | $1015800 | $1002938 |
| **1/31/17** | $1024719 | $1017793 | $1003311 |
| **2/28/17** | $1025891 | $1024634 | $1003703 |
| **3/31/17** | $1027189 | $1024097 | $1004153 |
| **4/30/17** | $1028415 | $1032000 | $1004663 |
| **5/31/17** | $1029743 | $1039943 | $1005272 |
| **6/30/17** | $1032165 | $1038896 | $1005984 |
| **7/31/17** | $1033447 | $1043367 | $1006794 |
| **8/31/17** | $1034853 | $1052726 | $1007683 |
| **9/30/17** | $1037298 | $1047712 | $1008552 |
| **10/31/17** | $1039677 | $1048319 | $1009463 |
| **11/30/17** | $1041094 | $1046973 | $1010364 |
| **12/31/17** | $1042123 | $1051778 | $1011376 |
| **1/31/18** | $1044621 | $1039665 | $1012488 |
| **2/28/18** | $1046165 | $1029809 | $1013578 |
| **3/31/18** | $1047012 | $1036414 | $1014900 |
| **4/30/18** | $1049859 | $1028705 | $1016269 |
| **5/31/18** | $1050770 | $1036047 | $1017787 |
| **6/30/18** | $1052895 | $1034773 | $1019327 |
| **7/31/18** | $1055937 | $1035019 | $1020980 |
| **8/31/18** | $1058257 | $1041679 | $1022701 |
| **9/30/18** | $1061237 | $1034971 | $1024424 |
| **10/31/18** | $1062367 | $1026792 | $1026288 |
| **11/30/18** | $1062626 | $1032921 | $1028181 |
| **12/31/18** | $1062855 | $1051898 | $1030216 |
| **1/31/19** | $1066300 | $1063068 | $1032309 |
| **2/28/19** | $1069796 | $1062452 | $1034221 |
| **3/31/19** | $1071337 | $1082853 | $1036364 |
| **4/30/19** | $1073858 | $1083130 | $1038451 |
| **5/31/19** | $1075463 | $1102358 | $1040621 |
| **6/30/19** | $1077738 | $1116201 | $1042721 |
| **7/31/19** | $1081255 | $1118657 | $1044805 |
| **8/31/19** | $1083756 | $1147643 | $1046791 |
| **9/30/19** | $1085840 | $1141531 | $1048587 |
| **10/31/19** | $1088003 | $1144969 | $1050362 |
| **11/30/19** | $1090055 | $1144386 | $1051926 |
| **12/31/19** | $1090950 | $1143588 | $1053424 |
| **1/31/20** | $1095054 | $1165596 | $1054843 |
| **2/29/20** | $1096727 | $1186575 | $1056175 |
| **3/31/20** | $1069783 | $1179592 | $1057509 |
| **4/30/20** | $1084293 | $1200561 | $1058376 |
| **5/31/20** | $1091075 | $1206151 | $1058833 |
| **6/30/20** | $1097581 | $1213749 | $1058937 |
| **7/31/20** | $1099519 | $1231878 | $1059058 |
| **8/31/20** | $1101182 | $1221935 | $1059176 |
| **9/30/20** | $1101719 | $1221265 | $1059278 |
| **10/31/20** | $1102217 | $1215812 | $1059369 |
| **11/30/20** | $1102597 | $1227742 | $1059456 |
| **12/31/20** | $1104115 | $1229433 | $1059538 |
| **1/31/21** | $1104428 | $1220618 | $1059615 |
| **2/28/21** | $1104747 | $1202992 | $1059676 |
| **3/31/21** | $1103969 | $1187971 | $1059730 |
| **4/30/21** | $1104364 | $1197356 | $1059766 |
| **5/31/21** | $1104708 | $1201268 | $1059790 |
| **6/30/21** | $1105053 | $1209708 | $1059806 |
| **7/31/21** | $1104271 | $1223233 | $1059829 |
| **8/31/21** | $1104575 | $1220905 | $1059862 |
| **9/30/21** | $1104956 | $1210334 | $1059903 |
| **10/31/21** | $1104279 | $1210000 | $1059941 |
| **11/30/21** | $1103632 | $1213580 | $1059981 |
| **12/31/21** | $1103093 | $1210475 | $1060025 |
| **1/31/22** | $1102458 | $1184396 | $1060075 |
| **2/28/22** | $1099706 | $1171183 | $1060155 |
| **3/31/22** | $1095937 | $1138645 | $1060323 |
| **4/30/22** | $1093492 | $1095436 | $1060623 |
| **5/31/22** | $1094540 | $1102499 | $1061136 |
| **6/30/22** | $1090355 | $1085203 | $1061852 |
| **7/31/22** | $1092092 | $1111719 | $1062953 |
| **8/31/22** | $1096137 | $1080306 | $1064534 |
| **9/30/22** | $1098358 | $1033630 | $1066619 |
| **10/31/22** | $1098446 | $1020242 | $1069261 |
| **11/30/22** | $1102376 | $1057762 | $1072326 |
| **12/31/22** | $1109379 | $1052991 | $1075945 |
| **1/31/23** | $1113700 | $1085385 | $1079916 |
| **2/28/23** | $1116621 | $1057322 | $1083683 |
| **3/31/23** | $1117669 | $1084180 | $1088015 |
| **4/30/23** | $1122815 | $1090751 | $1092346 |
| **5/31/23** | $1128522 | $1078874 | $1096968 |
| **6/30/23** | $1134635 | $1075027 | $1101639 |
| **7/31/23** | $1141482 | $1074277 | $1106658 |
| **8/31/23** | $1146497 | $1067415 | $1111804 |
| **9/30/23** | $1152819 | $1040290 | $1116824 |
| **10/31/23** | $1157881 | $1023873 | $1122085 |
| **11/30/23** | $1163030 | $1070241 | $1127216 |
| **12/31/23** | $1168839 | $1111209 | $1132519 |
| **1/31/24** | $1176277 | $1108157 | $1137809 |
| **2/29/24** | $1181319 | $1092501 | $1142751 |
| **3/31/24** | $1187765 | $1102589 | $1148046 |
| **4/30/24** | $1194184 | $1074739 | $1153200 |
| **5/31/24** | $1199885 | $1092959 | $1158559 |
| **6/30/24** | $1204803 | $1103307 | $1163774 |
| **7/31/24** | $1210167 | $1129077 | $1169185 |
| **8/31/24** | $1216993 | $1145301 | $1174577 |
| **9/30/24** | $1221752 | $1160636 | $1179725 |
| **10/31/24** | $1226837 | $1131854 | $1184817 |
| **11/30/24** | $1231875 | $1143821 | $1189527 |
| **12/31/24** | $1236968 | $1125101 | $1194204 |
| **1/31/25** | $1241953 | $1131070 | $1198799 |
| **2/28/25** | $1246451 | $1155956 | $1202884 |
| **3/31/25** | $1251050 | $1156391 | $1207357 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class M | 5.33% | 3.18% | 2.27% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| FTSE 3-Month Treasury Bill Index | 5.17% | 2.69% | 1.90% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $2035965 |
| # of Portfolio Holdings | 389 |
| Portfolio Turnover Rate | 86% |
| Total Net Advisory Fees Paid During the Reporting Period | $5035 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 56.0% |
| Asset-Backed Securities | 20.5% |
| U.S. Government Agencies | 9.1% |
| Non-Agency Mortgage-Backed Securities | 5.3% |
| Sovereign Issues | 4.8% |
| Municipal Bonds & Notes | 1.1% |
| Short-Term Instruments | 2.4% |
| Affiliated Investments | 4.3% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (3.6%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# Class M: PAMSX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO Short Asset Investment Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2163TSRAR_033125

# I-2: PAIPX

# PIMCO Short Asset Investment Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Short Asset Investment Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $50 | 0.49% |

---

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

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

* Select holdings of securitized credit, particularly asset-backed securities ("ABS") and collateralized loan obligations ("CLO") contributed to relative performance versus the Index, as carry contributions from ABS offset detractions from spreads widening and CLO spreads tightened.

* Overweight exposure to U.S. duration in the 1-year part of the curve contributed to relative performance versus the Index, as interest rates fell. 

* There were no material detractors for this Fund.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g23367ie5aac54638a466485f61.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **Bloomberg U.S. Aggregate Index** | **FTSE 3-Month Treasury Bill Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1001584 | $996412 | $1000016 |
| **5/31/15** | $1002163 | $994012 | $1000030 |
| **6/30/15** | $1002867 | $983174 | $1000041 |
| **7/31/15** | $1003528 | $990008 | $1000050 |
| **8/31/15** | $1003095 | $988586 | $1000075 |
| **9/30/15** | $1001774 | $995273 | $1000101 |
| **10/31/15** | $1003465 | $995439 | $1000125 |
| **11/30/15** | $1004223 | $992809 | $1000152 |
| **12/31/15** | $1004286 | $989601 | $1000229 |
| **1/31/16** | $1004034 | $1003219 | $1000354 |
| **2/29/16** | $1004927 | $1010335 | $1000534 |
| **3/31/16** | $1006858 | $1019605 | $1000767 |
| **4/30/16** | $1008885 | $1023519 | $1001004 |
| **5/31/16** | $1010849 | $1023781 | $1001216 |
| **6/30/16** | $1010854 | $1042177 | $1001416 |
| **7/31/16** | $1011859 | $1048765 | $1001638 |
| **8/31/16** | $1013904 | $1047566 | $1001877 |
| **9/30/16** | $1015124 | $1046952 | $1002116 |
| **10/31/16** | $1018115 | $1038944 | $1002369 |
| **11/30/16** | $1019180 | $1014369 | $1002627 |
| **12/31/16** | $1020616 | $1015800 | $1002938 |
| **1/31/17** | $1022783 | $1017793 | $1003311 |
| **2/28/17** | $1023890 | $1024634 | $1003703 |
| **3/31/17** | $1025090 | $1024097 | $1004153 |
| **4/30/17** | $1026251 | $1032000 | $1004663 |
| **5/31/17** | $1027474 | $1039943 | $1005272 |
| **6/30/17** | $1029791 | $1038896 | $1005984 |
| **7/31/17** | $1030978 | $1043367 | $1006794 |
| **8/31/17** | $1032275 | $1052726 | $1007683 |
| **9/30/17** | $1034629 | $1047712 | $1008552 |
| **10/31/17** | $1036921 | $1048319 | $1009463 |
| **11/30/17** | $1038249 | $1046973 | $1010364 |
| **12/31/17** | $1039177 | $1051778 | $1011376 |
| **1/31/18** | $1041574 | $1039665 | $1012488 |
| **2/28/18** | $1043027 | $1029809 | $1013578 |
| **3/31/18** | $1043684 | $1036414 | $1014900 |
| **4/30/18** | $1046438 | $1028705 | $1016269 |
| **5/31/18** | $1047264 | $1036047 | $1017787 |
| **6/30/18** | $1049293 | $1034773 | $1019327 |
| **7/31/18** | $1052239 | $1035019 | $1020980 |
| **8/31/18** | $1054452 | $1041679 | $1022701 |
| **9/30/18** | $1057344 | $1034971 | $1024424 |
| **10/31/18** | $1058381 | $1026792 | $1026288 |
| **11/30/18** | $1058547 | $1032921 | $1028181 |
| **12/31/18** | $1058688 | $1051898 | $1030216 |
| **1/31/19** | $1062032 | $1063068 | $1032309 |
| **2/28/19** | $1065432 | $1062452 | $1034221 |
| **3/31/19** | $1066877 | $1082853 | $1036364 |
| **4/30/19** | $1069299 | $1083130 | $1038451 |
| **5/31/19** | $1070808 | $1102358 | $1040621 |
| **6/30/19** | $1072991 | $1116201 | $1042721 |
| **7/31/19** | $1076400 | $1118657 | $1044805 |
| **8/31/19** | $1078792 | $1147643 | $1046791 |
| **9/30/19** | $1080784 | $1141531 | $1048587 |
| **10/31/19** | $1082845 | $1144969 | $1050362 |
| **11/30/19** | $1084795 | $1144386 | $1051926 |
| **12/31/19** | $1085593 | $1143588 | $1053424 |
| **1/31/20** | $1089583 | $1165596 | $1054843 |
| **2/29/20** | $1091164 | $1186575 | $1056175 |
| **3/31/20** | $1064269 | $1179592 | $1057509 |
| **4/30/20** | $1078617 | $1200561 | $1058376 |
| **5/31/20** | $1085271 | $1206151 | $1058833 |
| **6/30/20** | $1091653 | $1213749 | $1058937 |
| **7/31/20** | $1093481 | $1231878 | $1059058 |
| **8/31/20** | $1095048 | $1221935 | $1059176 |
| **9/30/20** | $1095492 | $1221265 | $1059278 |
| **10/31/20** | $1095891 | $1215812 | $1059369 |
| **11/30/20** | $1096182 | $1227742 | $1059456 |
| **12/31/20** | $1097588 | $1229433 | $1059538 |
| **1/31/21** | $1097815 | $1220618 | $1059615 |
| **2/28/21** | $1098049 | $1202992 | $1059676 |
| **3/31/21** | $1097181 | $1187971 | $1059730 |
| **4/30/21** | $1097478 | $1197356 | $1059766 |
| **5/31/21** | $1097732 | $1201268 | $1059790 |
| **6/30/21** | $1097985 | $1209708 | $1059806 |
| **7/31/21** | $1097110 | $1223233 | $1059829 |
| **8/31/21** | $1097323 | $1220905 | $1059862 |
| **9/30/21** | $1097610 | $1210334 | $1059903 |
| **10/31/21** | $1096843 | $1210000 | $1059941 |
| **11/30/21** | $1096111 | $1213580 | $1059981 |
| **12/31/21** | $1095476 | $1210475 | $1060025 |
| **1/31/22** | $1094756 | $1184396 | $1060075 |
| **2/28/22** | $1091942 | $1171183 | $1060155 |
| **3/31/22** | $1088106 | $1138645 | $1060323 |
| **4/30/22** | $1085587 | $1095436 | $1060623 |
| **5/31/22** | $1086538 | $1102499 | $1061136 |
| **6/30/22** | $1082294 | $1085203 | $1061852 |
| **7/31/22** | $1083925 | $1111719 | $1062953 |
| **8/31/22** | $1087849 | $1080306 | $1064534 |
| **9/30/22** | $1089957 | $1033630 | $1066619 |
| **10/31/22** | $1089958 | $1020242 | $1069261 |
| **11/30/22** | $1093768 | $1057762 | $1072326 |
| **12/31/22** | $1100616 | $1052991 | $1075945 |
| **1/31/23** | $1104937 | $1085385 | $1079916 |
| **2/28/23** | $1110730 | $1057322 | $1083683 |
| **3/31/23** | $1111658 | $1084180 | $1088015 |
| **4/30/23** | $1116695 | $1090751 | $1092346 |
| **5/31/23** | $1122287 | $1078874 | $1096968 |
| **6/30/23** | $1128288 | $1075027 | $1101639 |
| **7/31/23** | $1135018 | $1074277 | $1106658 |
| **8/31/23** | $1139915 | $1067415 | $1111804 |
| **9/30/23** | $1146105 | $1040290 | $1116824 |
| **10/31/23** | $1151053 | $1023873 | $1122085 |
| **11/30/23** | $1156083 | $1070241 | $1127216 |
| **12/31/23** | $1161768 | $1111209 | $1132519 |
| **1/31/24** | $1169080 | $1108157 | $1137809 |
| **2/29/24** | $1174000 | $1092501 | $1142751 |
| **3/31/24** | $1180311 | $1102589 | $1148046 |
| **4/30/24** | $1186593 | $1074739 | $1153200 |
| **5/31/24** | $1192145 | $1092959 | $1158559 |
| **6/30/24** | $1196940 | $1103307 | $1163774 |
| **7/31/24** | $1202176 | $1129077 | $1169185 |
| **8/31/24** | $1208844 | $1145301 | $1174577 |
| **9/30/24** | $1213476 | $1160636 | $1179725 |
| **10/31/24** | $1218413 | $1131854 | $1184817 |
| **11/30/24** | $1223303 | $1143821 | $1189527 |
| **12/31/24** | $1228248 | $1125101 | $1194204 |
| **1/31/25** | $1233078 | $1131070 | $1198799 |
| **2/28/25** | $1237432 | $1155956 | $1202884 |
| **3/31/25** | $1241885 | $1156391 | $1207357 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 5.22% | 3.13% | 2.19% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| FTSE 3-Month Treasury Bill Index | 5.17% | 2.69% | 1.90% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $2035965 |
| # of Portfolio Holdings | 389 |
| Portfolio Turnover Rate | 86% |
| Total Net Advisory Fees Paid During the Reporting Period | $5035 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 56.0% |
| Asset-Backed Securities | 20.5% |
| U.S. Government Agencies | 9.1% |
| Non-Agency Mortgage-Backed Securities | 5.3% |
| Sovereign Issues | 4.8% |
| Municipal Bonds & Notes | 1.1% |
| Short-Term Instruments | 2.4% |
| Affiliated Investments | 4.3% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (3.6%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# I-2: PAIPX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO Short Asset Investment Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2070TSRAR_033125

# Class A: PSHAX

# PIMCO Short-Term Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Short-Term Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $76 | 0.74% |

---

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

* Select holdings of securitized credit, particularly asset-based securities ("ABS") and collateralized loan obligations ("CLO") contributed to relative performance versus the FTSE 3-Month Treasury Bill Index ("Index"), as coupon payments on ABS investments offset spread widening, and CLO spreads tightened. 

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

* Overweight exposure to U.S. duration in the 1-year part of the curve contributed to relative performance versus the Index, as interest rates fell. 

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

* There were no other material detractors for this Fund.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g23367i9f2a5d19231237c5ab87.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg U.S. Aggregate Index** | **FTSE 3-Month Treasury Bill Index** |
| **3/31/15** | $9775 | $10000 | $10000 |
| **4/30/15** | $9791 | $9964 | $10000 |
| **5/31/15** | $9819 | $9940 | $10000 |
| **6/30/15** | $9827 | $9832 | $10000 |
| **7/31/15** | $9826 | $9900 | $10001 |
| **8/31/15** | $9805 | $9886 | $10001 |
| **9/30/15** | $9755 | $9953 | $10001 |
| **10/31/15** | $9815 | $9954 | $10001 |
| **11/30/15** | $9827 | $9928 | $10002 |
| **12/31/15** | $9833 | $9896 | $10002 |
| **1/31/16** | $9794 | $10032 | $10004 |
| **2/29/16** | $9764 | $10103 | $10005 |
| **3/31/16** | $9797 | $10196 | $10008 |
| **4/30/16** | $9851 | $10235 | $10010 |
| **5/31/16** | $9914 | $10238 | $10012 |
| **6/30/16** | $9877 | $10422 | $10014 |
| **7/31/16** | $9912 | $10488 | $10016 |
| **8/31/16** | $9969 | $10476 | $10019 |
| **9/30/16** | $9981 | $10470 | $10021 |
| **10/31/16** | $10014 | $10389 | $10024 |
| **11/30/16** | $10039 | $10144 | $10026 |
| **12/31/16** | $10061 | $10158 | $10029 |
| **1/31/17** | $10079 | $10178 | $10033 |
| **2/28/17** | $10100 | $10246 | $10037 |
| **3/31/17** | $10113 | $10241 | $10042 |
| **4/30/17** | $10135 | $10320 | $10047 |
| **5/31/17** | $10137 | $10399 | $10053 |
| **6/30/17** | $10182 | $10389 | $10060 |
| **7/31/17** | $10183 | $10434 | $10068 |
| **8/31/17** | $10185 | $10527 | $10077 |
| **9/30/17** | $10229 | $10477 | $10086 |
| **10/31/17** | $10263 | $10483 | $10095 |
| **11/30/17** | $10288 | $10470 | $10104 |
| **12/31/17** | $10280 | $10518 | $10114 |
| **1/31/18** | $10292 | $10397 | $10125 |
| **2/28/18** | $10305 | $10298 | $10136 |
| **3/31/18** | $10300 | $10364 | $10149 |
| **4/30/18** | $10347 | $10287 | $10163 |
| **5/31/18** | $10355 | $10360 | $10178 |
| **6/30/18** | $10374 | $10348 | $10193 |
| **7/31/18** | $10402 | $10350 | $10210 |
| **8/31/18** | $10413 | $10417 | $10227 |
| **9/30/18** | $10451 | $10350 | $10244 |
| **10/31/18** | $10470 | $10268 | $10263 |
| **11/30/18** | $10459 | $10329 | $10282 |
| **12/31/18** | $10408 | $10519 | $10302 |
| **1/31/19** | $10459 | $10631 | $10323 |
| **2/28/19** | $10500 | $10625 | $10342 |
| **3/31/19** | $10512 | $10829 | $10364 |
| **4/30/19** | $10546 | $10831 | $10385 |
| **5/31/19** | $10548 | $11024 | $10406 |
| **6/30/19** | $10557 | $11162 | $10427 |
| **7/31/19** | $10610 | $11187 | $10448 |
| **8/31/19** | $10599 | $11476 | $10468 |
| **9/30/19** | $10628 | $11415 | $10486 |
| **10/31/19** | $10634 | $11450 | $10504 |
| **11/30/19** | $10653 | $11444 | $10519 |
| **12/31/19** | $10665 | $11436 | $10534 |
| **1/31/20** | $10736 | $11656 | $10548 |
| **2/29/20** | $10773 | $11866 | $10562 |
| **3/31/20** | $10435 | $11796 | $10575 |
| **4/30/20** | $10613 | $12006 | $10584 |
| **5/31/20** | $10703 | $12062 | $10588 |
| **6/30/20** | $10833 | $12137 | $10589 |
| **7/31/20** | $10852 | $12319 | $10591 |
| **8/31/20** | $10870 | $12219 | $10592 |
| **9/30/20** | $10898 | $12213 | $10593 |
| **10/31/20** | $10926 | $12158 | $10594 |
| **11/30/20** | $10908 | $12277 | $10595 |
| **12/31/20** | $10930 | $12294 | $10595 |
| **1/31/21** | $10955 | $12206 | $10596 |
| **2/28/21** | $10947 | $12030 | $10597 |
| **3/31/21** | $10951 | $11880 | $10597 |
| **4/30/21** | $10956 | $11974 | $10598 |
| **5/31/21** | $10959 | $12013 | $10598 |
| **6/30/21** | $10940 | $12097 | $10598 |
| **7/31/21** | $10932 | $12232 | $10598 |
| **8/31/21** | $10935 | $12209 | $10599 |
| **9/30/21** | $10949 | $12103 | $10599 |
| **10/31/21** | $10919 | $12100 | $10599 |
| **11/30/21** | $10900 | $12136 | $10600 |
| **12/31/21** | $10903 | $12105 | $10600 |
| **1/31/22** | $10895 | $11844 | $10601 |
| **2/28/22** | $10855 | $11712 | $10602 |
| **3/31/22** | $10781 | $11386 | $10603 |
| **4/30/22** | $10778 | $10954 | $10606 |
| **5/31/22** | $10765 | $11025 | $10611 |
| **6/30/22** | $10720 | $10852 | $10619 |
| **7/31/22** | $10712 | $11117 | $10630 |
| **8/31/22** | $10771 | $10803 | $10645 |
| **9/30/22** | $10777 | $10336 | $10666 |
| **10/31/22** | $10751 | $10202 | $10693 |
| **11/30/22** | $10775 | $10578 | $10723 |
| **12/31/22** | $10865 | $10530 | $10759 |
| **1/31/23** | $10915 | $10854 | $10799 |
| **2/28/23** | $10979 | $10573 | $10837 |
| **3/31/23** | $10968 | $10842 | $10880 |
| **4/30/23** | $11024 | $10908 | $10923 |
| **5/31/23** | $11086 | $10789 | $10970 |
| **6/30/23** | $11153 | $10750 | $11016 |
| **7/31/23** | $11217 | $10743 | $11067 |
| **8/31/23** | $11274 | $10674 | $11118 |
| **9/30/23** | $11344 | $10403 | $11168 |
| **10/31/23** | $11402 | $10239 | $11221 |
| **11/30/23** | $11437 | $10702 | $11272 |
| **12/31/23** | $11497 | $11112 | $11325 |
| **1/31/24** | $11567 | $11082 | $11378 |
| **2/29/24** | $11638 | $10925 | $11428 |
| **3/31/24** | $11699 | $11026 | $11480 |
| **4/30/24** | $11760 | $10747 | $11532 |
| **5/31/24** | $11826 | $10930 | $11586 |
| **6/30/24** | $11860 | $11033 | $11638 |
| **7/31/24** | $11910 | $11291 | $11692 |
| **8/31/24** | $11964 | $11453 | $11746 |
| **9/30/24** | $12010 | $11606 | $11797 |
| **10/31/24** | $12070 | $11319 | $11848 |
| **11/30/24** | $12131 | $11438 | $11895 |
| **12/31/24** | $12204 | $11251 | $11942 |
| **1/31/25** | $12265 | $11311 | $11988 |
| **2/28/25** | $12297 | $11560 | $12029 |
| **3/31/25** | $12329 | $11564 | $12074 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 5.39% | 3.39% | 2.35% |
| Class A (including sales charge) | 3.02% | 2.92% | 2.12% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| FTSE 3-Month Treasury Bill Index | 5.17% | 2.69% | 1.90% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $9789626 |
| # of Portfolio Holdings | 1288 |
| Portfolio Turnover Rate | 108% |
| Total Net Advisory Fees Paid During the Reporting Period | $25342 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 52.8% |
| Asset-Backed Securities | 21.5% |
| U.S. Government Agencies | 16.7% |
| Non-Agency Mortgage-Backed Securities | 9.0% |
| Sovereign Issues | 2.2% |
| U.S. Treasury Obligations | 0.7% |
| Municipal Bonds & Notes | 0.3% |
| Short-Term Instruments | 26.5% |
| Affiliated Investments | 0.1% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (29.8%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# Class A: PSHAX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO Short-Term Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4002TSRAR_033125

# Administrative Class: PSFAX

# PIMCO Short-Term Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Short-Term Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $76 | 0.74% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Select holdings of securitized credit, particularly asset-based securities ("ABS") and collateralized loan obligations ("CLO") contributed to relative performance versus the FTSE 3-Month Treasury Bill Index ("Index"), as coupon payments on ABS investments offset spread widening, and CLO spreads tightened. 

* Holdings of investment grade corporate credit, particularly financials, contributed to relative performance versus the Index, as investment grade corporate bonds had positive total returns. 

* Overweight exposure to U.S. duration in the 1-year part of the curve contributed to relative performance versus the Index, as interest rates fell. 

* Overweight exposure to U.K. duration in the 5-year part of the curve detracted from relative performance versus the Index, as interest rates rose. 

* There were no other material detractors for this Fund.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg U.S. Aggregate Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g23367ifb60da0ce80c5eab71f0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Administrative Class** | **Bloomberg U.S. Aggregate Index** | **FTSE 3-Month Treasury Bill Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1001629 | $996412 | $1000016 |
| **5/31/15** | $1004463 | $994012 | $1000030 |
| **6/30/15** | $1005310 | $983174 | $1000041 |
| **7/31/15** | $1005200 | $990008 | $1000050 |
| **8/31/15** | $1003113 | $988586 | $1000075 |
| **9/30/15** | $997939 | $995273 | $1000101 |
| **10/31/15** | $1004107 | $995439 | $1000125 |
| **11/30/15** | $1005288 | $992809 | $1000152 |
| **12/31/15** | $1005926 | $989601 | $1000229 |
| **1/31/16** | $1001919 | $1003219 | $1000354 |
| **2/29/16** | $998870 | $1010335 | $1000534 |
| **3/31/16** | $1002214 | $1019605 | $1000767 |
| **4/30/16** | $1007789 | $1023519 | $1001004 |
| **5/31/16** | $1014201 | $1023781 | $1001216 |
| **6/30/16** | $1010408 | $1042177 | $1001416 |
| **7/31/16** | $1014050 | $1048765 | $1001638 |
| **8/31/16** | $1019792 | $1047566 | $1001877 |
| **9/30/16** | $1021035 | $1046952 | $1002116 |
| **10/31/16** | $1024416 | $1038944 | $1002369 |
| **11/30/16** | $1027018 | $1014369 | $1002627 |
| **12/31/16** | $1029212 | $1015800 | $1002938 |
| **1/31/17** | $1031135 | $1017793 | $1003311 |
| **2/28/17** | $1033298 | $1024634 | $1003703 |
| **3/31/17** | $1034556 | $1024097 | $1004153 |
| **4/30/17** | $1036811 | $1032000 | $1004663 |
| **5/31/17** | $1037031 | $1039943 | $1005272 |
| **6/30/17** | $1041615 | $1038896 | $1005984 |
| **7/31/17** | $1041765 | $1043367 | $1006794 |
| **8/31/17** | $1041990 | $1052726 | $1007683 |
| **9/30/17** | $1046411 | $1047712 | $1008552 |
| **10/31/17** | $1049896 | $1048319 | $1009463 |
| **11/30/17** | $1052479 | $1046973 | $1010364 |
| **12/31/17** | $1051621 | $1051778 | $1011376 |
| **1/31/18** | $1052850 | $1039665 | $1012488 |
| **2/28/18** | $1054231 | $1029809 | $1013578 |
| **3/31/18** | $1053722 | $1036414 | $1014900 |
| **4/30/18** | $1058541 | $1028705 | $1016269 |
| **5/31/18** | $1059371 | $1036047 | $1017787 |
| **6/30/18** | $1061272 | $1034773 | $1019327 |
| **7/31/18** | $1064166 | $1035019 | $1020980 |
| **8/31/18** | $1065298 | $1041679 | $1022701 |
| **9/30/18** | $1069184 | $1034971 | $1024424 |
| **10/31/18** | $1071100 | $1026792 | $1026288 |
| **11/30/18** | $1070018 | $1032921 | $1028181 |
| **12/31/18** | $1064790 | $1051898 | $1030216 |
| **1/31/19** | $1069950 | $1063068 | $1032309 |
| **2/28/19** | $1074122 | $1062452 | $1034221 |
| **3/31/19** | $1075422 | $1082853 | $1036364 |
| **4/30/19** | $1078848 | $1083130 | $1038451 |
| **5/31/19** | $1079053 | $1102358 | $1040621 |
| **6/30/19** | $1080024 | $1116201 | $1042721 |
| **7/31/19** | $1085464 | $1118657 | $1044805 |
| **8/31/19** | $1084293 | $1147643 | $1046791 |
| **9/30/19** | $1087214 | $1141531 | $1048587 |
| **10/31/19** | $1087916 | $1144969 | $1050362 |
| **11/30/19** | $1089792 | $1144386 | $1051926 |
| **12/31/19** | $1091050 | $1143588 | $1053424 |
| **1/31/20** | $1098340 | $1165596 | $1054843 |
| **2/29/20** | $1102060 | $1186575 | $1056175 |
| **3/31/20** | $1067563 | $1179592 | $1057509 |
| **4/30/20** | $1085764 | $1200561 | $1058376 |
| **5/31/20** | $1094895 | $1206151 | $1058833 |
| **6/30/20** | $1108270 | $1213749 | $1058937 |
| **7/31/20** | $1110217 | $1231878 | $1059058 |
| **8/31/20** | $1112000 | $1221935 | $1059176 |
| **9/30/20** | $1114911 | $1221265 | $1059278 |
| **10/31/20** | $1117724 | $1215812 | $1059369 |
| **11/30/20** | $1115951 | $1227742 | $1059456 |
| **12/31/20** | $1118120 | $1229433 | $1059538 |
| **1/31/21** | $1120694 | $1220618 | $1059615 |
| **2/28/21** | $1119936 | $1202992 | $1059676 |
| **3/31/21** | $1120340 | $1187971 | $1059730 |
| **4/30/21** | $1120785 | $1197356 | $1059766 |
| **5/31/21** | $1121145 | $1201268 | $1059790 |
| **6/30/21** | $1119202 | $1209708 | $1059806 |
| **7/31/21** | $1118374 | $1223233 | $1059829 |
| **8/31/21** | $1118656 | $1220905 | $1059862 |
| **9/30/21** | $1120108 | $1210334 | $1059903 |
| **10/31/21** | $1117005 | $1210000 | $1059941 |
| **11/30/21** | $1115052 | $1213580 | $1059981 |
| **12/31/21** | $1115416 | $1210475 | $1060025 |
| **1/31/22** | $1114581 | $1184396 | $1060075 |
| **2/28/22** | $1110436 | $1171183 | $1060155 |
| **3/31/22** | $1102939 | $1138645 | $1060323 |
| **4/30/22** | $1102608 | $1095436 | $1060623 |
| **5/31/22** | $1101261 | $1102499 | $1061136 |
| **6/30/22** | $1096695 | $1085203 | $1061852 |
| **7/31/22** | $1095813 | $1111719 | $1062953 |
| **8/31/22** | $1101875 | $1080306 | $1064534 |
| **9/30/22** | $1102516 | $1033630 | $1066619 |
| **10/31/22** | $1099870 | $1020242 | $1069261 |
| **11/30/22** | $1102324 | $1057762 | $1072326 |
| **12/31/22** | $1111528 | $1052991 | $1075945 |
| **1/31/23** | $1116642 | $1085385 | $1079916 |
| **2/28/23** | $1123186 | $1057322 | $1083683 |
| **3/31/23** | $1122045 | $1084180 | $1088015 |
| **4/30/23** | $1127756 | $1090751 | $1092346 |
| **5/31/23** | $1134138 | $1078874 | $1096968 |
| **6/30/23** | $1140971 | $1075027 | $1101639 |
| **7/31/23** | $1147512 | $1074277 | $1106658 |
| **8/31/23** | $1153303 | $1067415 | $1111804 |
| **9/30/23** | $1160482 | $1040290 | $1116824 |
| **10/31/23** | $1166410 | $1023873 | $1122085 |
| **11/30/23** | $1170013 | $1070241 | $1127216 |
| **12/31/23** | $1176208 | $1111209 | $1132519 |
| **1/31/24** | $1183358 | $1108157 | $1137809 |
| **2/29/24** | $1190550 | $1092501 | $1142751 |
| **3/31/24** | $1196777 | $1102589 | $1148046 |
| **4/30/24** | $1203035 | $1074739 | $1153200 |
| **5/31/24** | $1209798 | $1092959 | $1158559 |
| **6/30/24** | $1213320 | $1103307 | $1163774 |
| **7/31/24** | $1218455 | $1129077 | $1169185 |
| **8/31/24** | $1223911 | $1145301 | $1174577 |
| **9/30/24** | $1228625 | $1160636 | $1179725 |
| **10/31/24** | $1234826 | $1131854 | $1184817 |
| **11/30/24** | $1241046 | $1143821 | $1189527 |
| **12/31/24** | $1248518 | $1125101 | $1194204 |
| **1/31/25** | $1254708 | $1131070 | $1198799 |
| **2/28/25** | $1257953 | $1155956 | $1202884 |
| **3/31/25** | $1261277 | $1156391 | $1207357 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Administrative Class | 5.39% | 3.39% | 2.35% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| FTSE 3-Month Treasury Bill Index | 5.17% | 2.69% | 1.90% |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $9789626 |
| # of Portfolio Holdings | 1288 |
| Portfolio Turnover Rate | 108% |
| Total Net Advisory Fees Paid During the Reporting Period | $25342 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 52.8% |
| Asset-Backed Securities | 21.5% |
| U.S. Government Agencies | 16.7% |
| Non-Agency Mortgage-Backed Securities | 9.0% |
| Sovereign Issues | 2.2% |
| U.S. Treasury Obligations | 0.7% |
| Municipal Bonds & Notes | 0.3% |
| Short-Term Instruments | 26.5% |
| Affiliated Investments | 0.1% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (29.8%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# Administrative Class: PSFAX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO Short-Term Fund
Annual Shareholder Report \|

March 31, 2025

PIMS0437TSRAR_033125

# Class C: PFTCX

# PIMCO Short-Term Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Short-Term Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $107 | 1.04% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Select holdings of securitized credit, particularly asset-based securities ("ABS") and collateralized loan obligations ("CLO") contributed to relative performance versus the FTSE 3-Month Treasury Bill Index ("Index"), as coupon payments on ABS investments offset spread widening, and CLO spreads tightened. 

* Holdings of investment grade corporate credit, particularly financials, contributed to relative performance versus the Index, as investment grade corporate bonds had positive total returns. 

* Overweight exposure to U.S. duration in the 1-year part of the curve contributed to relative performance versus the Index, as interest rates fell. 

* Overweight exposure to U.K. duration in the 5-year part of the curve detracted from relative performance versus the Index, as interest rates rose. 

* There were no other material detractors for this Fund.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg U.S. Aggregate Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g23367i0dca5781ad26492e39ce.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg U.S. Aggregate Index** | **FTSE 3-Month Treasury Bill Index** |
| **3/31/15** | $10000 | $10000 | $10000 |
| **4/30/15** | $10014 | $9964 | $10000 |
| **5/31/15** | $10040 | $9940 | $10000 |
| **6/30/15** | $10046 | $9832 | $10000 |
| **7/31/15** | $10042 | $9900 | $10001 |
| **8/31/15** | $10019 | $9886 | $10001 |
| **9/30/15** | $9964 | $9953 | $10001 |
| **10/31/15** | $10023 | $9954 | $10001 |
| **11/30/15** | $10033 | $9928 | $10002 |
| **12/31/15** | $10036 | $9896 | $10002 |
| **1/31/16** | $9994 | $10032 | $10004 |
| **2/29/16** | $9961 | $10103 | $10005 |
| **3/31/16** | $9992 | $10196 | $10008 |
| **4/30/16** | $10045 | $10235 | $10010 |
| **5/31/16** | $10107 | $10238 | $10012 |
| **6/30/16** | $10066 | $10422 | $10014 |
| **7/31/16** | $10100 | $10488 | $10016 |
| **8/31/16** | $10155 | $10476 | $10019 |
| **9/30/16** | $10164 | $10470 | $10021 |
| **10/31/16** | $10196 | $10389 | $10024 |
| **11/30/16** | $10219 | $10144 | $10026 |
| **12/31/16** | $10238 | $10158 | $10029 |
| **1/31/17** | $10255 | $10178 | $10033 |
| **2/28/17** | $10274 | $10246 | $10037 |
| **3/31/17** | $10284 | $10241 | $10042 |
| **4/30/17** | $10304 | $10320 | $10047 |
| **5/31/17** | $10303 | $10399 | $10053 |
| **6/30/17** | $10346 | $10389 | $10060 |
| **7/31/17** | $10345 | $10434 | $10068 |
| **8/31/17** | $10345 | $10527 | $10077 |
| **9/30/17** | $10386 | $10477 | $10086 |
| **10/31/17** | $10418 | $10483 | $10095 |
| **11/30/17** | $10441 | $10470 | $10104 |
| **12/31/17** | $10430 | $10518 | $10114 |
| **1/31/18** | $10439 | $10397 | $10125 |
| **2/28/18** | $10451 | $10298 | $10136 |
| **3/31/18** | $10443 | $10364 | $10149 |
| **4/30/18** | $10488 | $10287 | $10163 |
| **5/31/18** | $10494 | $10360 | $10178 |
| **6/30/18** | $10510 | $10348 | $10193 |
| **7/31/18** | $10536 | $10350 | $10210 |
| **8/31/18** | $10544 | $10417 | $10227 |
| **9/30/18** | $10580 | $10350 | $10244 |
| **10/31/18** | $10597 | $10268 | $10263 |
| **11/30/18** | $10583 | $10329 | $10282 |
| **12/31/18** | $10529 | $10519 | $10302 |
| **1/31/19** | $10578 | $10631 | $10323 |
| **2/28/19** | $10616 | $10625 | $10342 |
| **3/31/19** | $10626 | $10829 | $10364 |
| **4/30/19** | $10658 | $10831 | $10385 |
| **5/31/19** | $10657 | $11024 | $10406 |
| **6/30/19** | $10664 | $11162 | $10427 |
| **7/31/19** | $10715 | $11187 | $10448 |
| **8/31/19** | $10701 | $11476 | $10468 |
| **9/30/19** | $10727 | $11415 | $10486 |
| **10/31/19** | $10731 | $11450 | $10504 |
| **11/30/19** | $10747 | $11444 | $10519 |
| **12/31/19** | $10757 | $11436 | $10534 |
| **1/31/20** | $10826 | $11656 | $10548 |
| **2/29/20** | $10860 | $11866 | $10562 |
| **3/31/20** | $10517 | $11796 | $10575 |
| **4/30/20** | $10694 | $12006 | $10584 |
| **5/31/20** | $10781 | $12062 | $10588 |
| **6/30/20** | $10910 | $12137 | $10589 |
| **7/31/20** | $10926 | $12319 | $10591 |
| **8/31/20** | $10941 | $12219 | $10592 |
| **9/30/20** | $10967 | $12213 | $10593 |
| **10/31/20** | $10992 | $12158 | $10594 |
| **11/30/20** | $10972 | $12277 | $10595 |
| **12/31/20** | $10990 | $12294 | $10595 |
| **1/31/21** | $11013 | $12206 | $10596 |
| **2/28/21** | $11003 | $12030 | $10597 |
| **3/31/21** | $11004 | $11880 | $10597 |
| **4/30/21** | $11006 | $11974 | $10598 |
| **5/31/21** | $11007 | $12013 | $10598 |
| **6/30/21** | $10985 | $12097 | $10598 |
| **7/31/21** | $10974 | $12232 | $10598 |
| **8/31/21** | $10974 | $12209 | $10599 |
| **9/30/21** | $10985 | $12103 | $10599 |
| **10/31/21** | $10952 | $12100 | $10599 |
| **11/30/21** | $10930 | $12136 | $10600 |
| **12/31/21** | $10931 | $12105 | $10600 |
| **1/31/22** | $10920 | $11844 | $10601 |
| **2/28/22** | $10877 | $11712 | $10602 |
| **3/31/22** | $10801 | $11386 | $10603 |
| **4/30/22** | $10795 | $10954 | $10606 |
| **5/31/22** | $10779 | $11025 | $10611 |
| **6/30/22** | $10732 | $10852 | $10619 |
| **7/31/22** | $10720 | $11117 | $10630 |
| **8/31/22** | $10777 | $10803 | $10645 |
| **9/30/22** | $10780 | $10336 | $10666 |
| **10/31/22** | $10752 | $10202 | $10693 |
| **11/30/22** | $10773 | $10578 | $10723 |
| **12/31/22** | $10860 | $10530 | $10759 |
| **1/31/23** | $10908 | $10854 | $10799 |
| **2/28/23** | $10969 | $10573 | $10837 |
| **3/31/23** | $10955 | $10842 | $10880 |
| **4/30/23** | $11008 | $10908 | $10923 |
| **5/31/23** | $11068 | $10789 | $10970 |
| **6/30/23** | $11131 | $10750 | $11016 |
| **7/31/23** | $11193 | $10743 | $11067 |
| **8/31/23** | $11246 | $10674 | $11118 |
| **9/30/23** | $11313 | $10403 | $11168 |
| **10/31/23** | $11368 | $10239 | $11221 |
| **11/30/23** | $11401 | $10702 | $11272 |
| **12/31/23** | $11458 | $11112 | $11325 |
| **1/31/24** | $11525 | $11082 | $11378 |
| **2/29/24** | $11592 | $10925 | $11428 |
| **3/31/24** | $11650 | $11026 | $11480 |
| **4/30/24** | $11708 | $10747 | $11532 |
| **5/31/24** | $11771 | $10930 | $11586 |
| **6/30/24** | $11802 | $11033 | $11638 |
| **7/31/24** | $11849 | $11291 | $11692 |
| **8/31/24** | $11899 | $11453 | $11746 |
| **9/30/24** | $11942 | $11606 | $11797 |
| **10/31/24** | $11999 | $11319 | $11848 |
| **11/30/24** | $12057 | $11438 | $11895 |
| **12/31/24** | $12126 | $11251 | $11942 |
| **1/31/25** | $12183 | $11311 | $11988 |
| **2/28/25** | $12212 | $11560 | $12029 |
| **3/31/25** | $12241 | $11564 | $12074 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class C (excluding sales charge) | 5.08% | 3.08% | 2.04% |
| Class C (including sales charge) | 4.08% | 3.08% | 2.04% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| FTSE 3-Month Treasury Bill Index | 5.17% | 2.69% | 1.90% |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The Cumulative Returns graph and Average Annual Total Returns table reflect any Contingent Deferred Sales Charge ("CDSC") that would have applied if a full redemption occurred on the last business day of the period shown in the Cumulative Returns graph. Class C shares are subject to a CDSC, which may apply if the shares are redeemed in the first year. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $9789626 |
| # of Portfolio Holdings | 1288 |
| Portfolio Turnover Rate | 108% |
| Total Net Advisory Fees Paid During the Reporting Period | $25342 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 52.8% |
| Asset-Backed Securities | 21.5% |
| U.S. Government Agencies | 16.7% |
| Non-Agency Mortgage-Backed Securities | 9.0% |
| Sovereign Issues | 2.2% |
| U.S. Treasury Obligations | 0.7% |
| Municipal Bonds & Notes | 0.3% |
| Short-Term Instruments | 26.5% |
| Affiliated Investments | 0.1% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (29.8%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# Class C: PFTCX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO Short-Term Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4202TSRAR_033125

# I-3: PTSNX

# PIMCO Short-Term Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Short-Term Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $66 | 0.64% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Select holdings of securitized credit, particularly asset-based securities ("ABS") and collateralized loan obligations ("CLO") contributed to relative performance versus the FTSE 3-Month Treasury Bill Index ("Index"), as coupon payments on ABS investments offset spread widening, and CLO spreads tightened. 

* Holdings of investment grade corporate credit, particularly financials, contributed to relative performance versus the Index, as investment grade corporate bonds had positive total returns. 

* Overweight exposure to U.S. duration in the 1-year part of the curve contributed to relative performance versus the Index, as interest rates fell. 

* Overweight exposure to U.K. duration in the 5-year part of the curve detracted from relative performance versus the Index, as interest rates rose. 

* There were no other material detractors for this Fund.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg U.S. Aggregate Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. For periods prior to the inception date of I-3 shares (4/27/2018), performance information shown in the graph and table for these shares is based on the performance of the Fund's Institutional Class shares, adjusted to reflect the fees and other expenses paid by I-3 shares. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g23367ib20cca0720acfc48fb1e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-3** | **Bloomberg U.S. Aggregate Index** | **FTSE 3-Month Treasury Bill Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1001711 | $996412 | $1000016 |
| **5/31/15** | $1004629 | $994012 | $1000030 |
| **6/30/15** | $1005558 | $983174 | $1000041 |
| **7/31/15** | $1005547 | $990008 | $1000050 |
| **8/31/15** | $1003532 | $988586 | $1000075 |
| **9/30/15** | $998437 | $995273 | $1000101 |
| **10/31/15** | $1004700 | $995439 | $1000125 |
| **11/30/15** | $1005956 | $992809 | $1000152 |
| **12/31/15** | $1006703 | $989601 | $1000229 |
| **1/31/16** | $1002756 | $1003219 | $1000354 |
| **2/29/16** | $999784 | $1010335 | $1000534 |
| **3/31/16** | $1003216 | $1019605 | $1000767 |
| **4/30/16** | $1008886 | $1023519 | $1001004 |
| **5/31/16** | $1015385 | $1023781 | $1001216 |
| **6/30/16** | $1011671 | $1042177 | $1001416 |
| **7/31/16** | $1015404 | $1048765 | $1001638 |
| **8/31/16** | $1021239 | $1047566 | $1001877 |
| **9/30/16** | $1022582 | $1046952 | $1002116 |
| **10/31/16** | $1026038 | $1038944 | $1002369 |
| **11/30/16** | $1028732 | $1014369 | $1002627 |
| **12/31/16** | $1031032 | $1015800 | $1002938 |
| **1/31/17** | $1033032 | $1017793 | $1003311 |
| **2/28/17** | $1035276 | $1024634 | $1003703 |
| **3/31/17** | $1036639 | $1024097 | $1004153 |
| **4/30/17** | $1038970 | $1032000 | $1004663 |
| **5/31/17** | $1039279 | $1039943 | $1005272 |
| **6/30/17** | $1043972 | $1038896 | $1005984 |
| **7/31/17** | $1044197 | $1043367 | $1006794 |
| **8/31/17** | $1044511 | $1052726 | $1007683 |
| **9/30/17** | $1049036 | $1047712 | $1008552 |
| **10/31/17** | $1052612 | $1048319 | $1009463 |
| **11/30/17** | $1055289 | $1046973 | $1010364 |
| **12/31/17** | $1054524 | $1051778 | $1011376 |
| **1/31/18** | $1055840 | $1039665 | $1012488 |
| **2/28/18** | $1057306 | $1029809 | $1013578 |
| **3/31/18** | $1056893 | $1036414 | $1014900 |
| **4/30/18** | $1061814 | $1028705 | $1016269 |
| **5/31/18** | $1062742 | $1036047 | $1017787 |
| **6/30/18** | $1064757 | $1034773 | $1019327 |
| **7/31/18** | $1067756 | $1035019 | $1020980 |
| **8/31/18** | $1068995 | $1041679 | $1022701 |
| **9/30/18** | $1072980 | $1034971 | $1024424 |
| **10/31/18** | $1075012 | $1026792 | $1026288 |
| **11/30/18** | $1074021 | $1032921 | $1028181 |
| **12/31/18** | $1068861 | $1051898 | $1030216 |
| **1/31/19** | $1074133 | $1063068 | $1032309 |
| **2/28/19** | $1078408 | $1062452 | $1034221 |
| **3/31/19** | $1079808 | $1082853 | $1036364 |
| **4/30/19** | $1083339 | $1083130 | $1038451 |
| **5/31/19** | $1083640 | $1102358 | $1040621 |
| **6/30/19** | $1084698 | $1116201 | $1042721 |
| **7/31/19** | $1090258 | $1118657 | $1044805 |
| **8/31/19** | $1089183 | $1147643 | $1046791 |
| **9/30/19** | $1092203 | $1141531 | $1048587 |
| **10/31/19** | $1093002 | $1144969 | $1050362 |
| **11/30/19** | $1094982 | $1144386 | $1051926 |
| **12/31/19** | $1096339 | $1143588 | $1053424 |
| **1/31/20** | $1103765 | $1165596 | $1054843 |
| **2/29/20** | $1107592 | $1186575 | $1056175 |
| **3/31/20** | $1072993 | $1179592 | $1057509 |
| **4/30/20** | $1091384 | $1200561 | $1058376 |
| **5/31/20** | $1100653 | $1206151 | $1058833 |
| **6/30/20** | $1114199 | $1213749 | $1058937 |
| **7/31/20** | $1116261 | $1231878 | $1059058 |
| **8/31/20** | $1118143 | $1221935 | $1059176 |
| **9/30/20** | $1121165 | $1221265 | $1059278 |
| **10/31/20** | $1124094 | $1215812 | $1059369 |
| **11/30/20** | $1122400 | $1227742 | $1059456 |
| **12/31/20** | $1124686 | $1229433 | $1059538 |
| **1/31/21** | $1127364 | $1220618 | $1059615 |
| **2/28/21** | $1126688 | $1202992 | $1059676 |
| **3/31/21** | $1127191 | $1187971 | $1059730 |
| **4/30/21** | $1127739 | $1197356 | $1059766 |
| **5/31/21** | $1128191 | $1201268 | $1059790 |
| **6/30/21** | $1126328 | $1209708 | $1059806 |
| **7/31/21** | $1125595 | $1223233 | $1059829 |
| **8/31/21** | $1125970 | $1220905 | $1059862 |
| **9/30/21** | $1127525 | $1210334 | $1059903 |
| **10/31/21** | $1124496 | $1210000 | $1059941 |
| **11/30/21** | $1122622 | $1213580 | $1059981 |
| **12/31/21** | $1123090 | $1210475 | $1060025 |
| **1/31/22** | $1122338 | $1184396 | $1060075 |
| **2/28/22** | $1118249 | $1171183 | $1060155 |
| **3/31/22** | $1110794 | $1138645 | $1060323 |
| **4/30/22** | $1110554 | $1095436 | $1060623 |
| **5/31/22** | $1109289 | $1102499 | $1061136 |
| **6/30/22** | $1104780 | $1085203 | $1061852 |
| **7/31/22** | $1103986 | $1111719 | $1062953 |
| **8/31/22** | $1110192 | $1080306 | $1064534 |
| **9/30/22** | $1110937 | $1033630 | $1066619 |
| **10/31/22** | $1108357 | $1020242 | $1069261 |
| **11/30/22** | $1110922 | $1057762 | $1072326 |
| **12/31/22** | $1120309 | $1052991 | $1075945 |
| **1/31/23** | $1125561 | $1085385 | $1079916 |
| **2/28/23** | $1132255 | $1057322 | $1083683 |
| **3/31/23** | $1131211 | $1084180 | $1088015 |
| **4/30/23** | $1137061 | $1090751 | $1092346 |
| **5/31/23** | $1143601 | $1078874 | $1096968 |
| **6/30/23** | $1150603 | $1075027 | $1101639 |
| **7/31/23** | $1157305 | $1074277 | $1106658 |
| **8/31/23** | $1163253 | $1067415 | $1111804 |
| **9/30/23** | $1170606 | $1040290 | $1116824 |
| **10/31/23** | $1176693 | $1023873 | $1122085 |
| **11/30/23** | $1180436 | $1070241 | $1127216 |
| **12/31/23** | $1186800 | $1111209 | $1132519 |
| **1/31/24** | $1194124 | $1108157 | $1137809 |
| **2/29/24** | $1201488 | $1092501 | $1142751 |
| **3/31/24** | $1207888 | $1102589 | $1148046 |
| **4/30/24** | $1214314 | $1074739 | $1153200 |
| **5/31/24** | $1221267 | $1092959 | $1158559 |
| **6/30/24** | $1224926 | $1103307 | $1163774 |
| **7/31/24** | $1230225 | $1129077 | $1169185 |
| **8/31/24** | $1235863 | $1145301 | $1174577 |
| **9/30/24** | $1240731 | $1160636 | $1179725 |
| **10/31/24** | $1247106 | $1131854 | $1184817 |
| **11/30/24** | $1253506 | $1143821 | $1189527 |
| **12/31/24** | $1261174 | $1125101 | $1194204 |
| **1/31/25** | $1267551 | $1131070 | $1198799 |
| **2/28/25** | $1270931 | $1155956 | $1202884 |
| **3/31/25** | $1274394 | $1156391 | $1207357 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-3 | 5.51% | 3.50% | 2.45% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| FTSE 3-Month Treasury Bill Index | 5.17% | 2.69% | 1.90% |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $9789626 |
| # of Portfolio Holdings | 1288 |
| Portfolio Turnover Rate | 108% |
| Total Net Advisory Fees Paid During the Reporting Period | $25342 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 52.8% |
| Asset-Backed Securities | 21.5% |
| U.S. Government Agencies | 16.7% |
| Non-Agency Mortgage-Backed Securities | 9.0% |
| Sovereign Issues | 2.2% |
| U.S. Treasury Obligations | 0.7% |
| Municipal Bonds & Notes | 0.3% |
| Short-Term Instruments | 26.5% |
| Affiliated Investments | 0.1% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (29.8%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# I-3: PTSNX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO Short-Term Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2197TSRAR_033125

# Institutional Class: PTSHX

# PIMCO Short-Term Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Short-Term Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $50 | 0.49% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Select holdings of securitized credit, particularly asset-based securities ("ABS") and collateralized loan obligations ("CLO") contributed to relative performance versus the FTSE 3-Month Treasury Bill Index ("Index"), as coupon payments on ABS investments offset spread widening, and CLO spreads tightened. 

* Holdings of investment grade corporate credit, particularly financials, contributed to relative performance versus the Index, as investment grade corporate bonds had positive total returns. 

* Overweight exposure to U.S. duration in the 1-year part of the curve contributed to relative performance versus the Index, as interest rates fell. 

* Overweight exposure to U.K. duration in the 5-year part of the curve detracted from relative performance versus the Index, as interest rates rose. 

* There were no other material detractors for this Fund.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg U.S. Aggregate Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g23367i68c0e1705e1b358a9412.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg U.S. Aggregate Index** | **FTSE 3-Month Treasury Bill Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1001834 | $996412 | $1000016 |
| **5/31/15** | $1004881 | $994012 | $1000030 |
| **6/30/15** | $1005934 | $983174 | $1000041 |
| **7/31/15** | $1006051 | $990008 | $1000050 |
| **8/31/15** | $1004163 | $988586 | $1000075 |
| **9/30/15** | $999188 | $995273 | $1000101 |
| **10/31/15** | $1005584 | $995439 | $1000125 |
| **11/30/15** | $1006965 | $992809 | $1000152 |
| **12/31/15** | $1007840 | $989601 | $1000229 |
| **1/31/16** | $1004017 | $1003219 | $1000354 |
| **2/29/16** | $1001159 | $1010335 | $1000534 |
| **3/31/16** | $1004724 | $1019605 | $1000767 |
| **4/30/16** | $1010526 | $1023519 | $1001004 |
| **5/31/16** | $1017164 | $1023781 | $1001216 |
| **6/30/16** | $1013568 | $1042177 | $1001416 |
| **7/31/16** | $1017437 | $1048765 | $1001638 |
| **8/31/16** | $1023413 | $1047566 | $1001877 |
| **9/30/16** | $1024885 | $1046952 | $1002116 |
| **10/31/16** | $1028480 | $1038944 | $1002369 |
| **11/30/16** | $1031307 | $1014369 | $1002627 |
| **12/31/16** | $1033743 | $1015800 | $1002938 |
| **1/31/17** | $1035880 | $1017793 | $1003311 |
| **2/28/17** | $1038250 | $1024634 | $1003703 |
| **3/31/17** | $1039749 | $1024097 | $1004153 |
| **4/30/17** | $1042216 | $1032000 | $1004663 |
| **5/31/17** | $1042658 | $1039943 | $1005272 |
| **6/30/17** | $1047494 | $1038896 | $1005984 |
| **7/31/17** | $1047854 | $1043367 | $1006794 |
| **8/31/17** | $1048302 | $1052726 | $1007683 |
| **9/30/17** | $1052973 | $1047712 | $1008552 |
| **10/31/17** | $1056697 | $1048319 | $1009463 |
| **11/30/17** | $1059514 | $1046973 | $1010364 |
| **12/31/17** | $1058882 | $1051778 | $1011376 |
| **1/31/18** | $1060338 | $1039665 | $1012488 |
| **2/28/18** | $1061932 | $1029809 | $1013578 |
| **3/31/18** | $1061653 | $1036414 | $1014900 |
| **4/30/18** | $1066719 | $1028705 | $1016269 |
| **5/31/18** | $1067784 | $1036047 | $1017787 |
| **6/30/18** | $1069927 | $1034773 | $1019327 |
| **7/31/18** | $1073064 | $1035019 | $1020980 |
| **8/31/18** | $1074455 | $1041679 | $1022701 |
| **9/30/18** | $1078574 | $1034971 | $1024424 |
| **10/31/18** | $1080734 | $1026792 | $1026288 |
| **11/30/18** | $1079880 | $1032921 | $1028181 |
| **12/31/18** | $1074825 | $1051898 | $1030216 |
| **1/31/19** | $1080255 | $1063068 | $1032309 |
| **2/28/19** | $1084674 | $1062452 | $1034221 |
| **3/31/19** | $1086217 | $1082853 | $1036364 |
| **4/30/19** | $1089900 | $1083130 | $1038451 |
| **5/31/19** | $1090345 | $1102358 | $1040621 |
| **6/30/19** | $1091535 | $1116201 | $1042721 |
| **7/31/19** | $1097264 | $1118657 | $1044805 |
| **8/31/19** | $1096330 | $1147643 | $1046791 |
| **9/30/19** | $1099493 | $1141531 | $1048587 |
| **10/31/19** | $1100435 | $1144969 | $1050362 |
| **11/30/19** | $1102567 | $1144386 | $1051926 |
| **12/31/19** | $1104073 | $1143588 | $1053424 |
| **1/31/20** | $1111691 | $1165596 | $1054843 |
| **2/29/20** | $1115670 | $1186575 | $1056175 |
| **3/31/20** | $1080969 | $1179592 | $1057509 |
| **4/30/20** | $1099623 | $1200561 | $1058376 |
| **5/31/20** | $1109105 | $1206151 | $1058833 |
| **6/30/20** | $1122884 | $1213749 | $1058937 |
| **7/31/20** | $1125113 | $1231878 | $1059058 |
| **8/31/20** | $1127144 | $1221935 | $1059176 |
| **9/30/20** | $1130328 | $1221265 | $1059278 |
| **10/31/20** | $1133429 | $1215812 | $1059369 |
| **11/30/20** | $1131855 | $1227742 | $1059456 |
| **12/31/20** | $1134319 | $1229433 | $1059538 |
| **1/31/21** | $1137149 | $1220618 | $1059615 |
| **2/28/21** | $1136598 | $1202992 | $1059676 |
| **3/31/21** | $1137249 | $1187971 | $1059730 |
| **4/30/21** | $1137951 | $1197356 | $1059766 |
| **5/31/21** | $1138542 | $1201268 | $1059790 |
| **6/30/21** | $1136803 | $1209708 | $1059806 |
| **7/31/21** | $1136212 | $1223233 | $1059829 |
| **8/31/21** | $1136732 | $1220905 | $1059862 |
| **9/30/21** | $1138441 | $1210334 | $1059903 |
| **10/31/21** | $1135529 | $1210000 | $1059941 |
| **11/30/21** | $1133776 | $1213580 | $1059981 |
| **12/31/21** | $1134402 | $1210475 | $1060025 |
| **1/31/22** | $1133780 | $1184396 | $1060075 |
| **2/28/22** | $1129779 | $1171183 | $1060155 |
| **3/31/22** | $1122394 | $1138645 | $1060323 |
| **4/30/22** | $1122293 | $1095436 | $1060623 |
| **5/31/22** | $1121153 | $1102499 | $1061136 |
| **6/30/22** | $1116734 | $1085203 | $1061852 |
| **7/31/22** | $1116073 | $1111719 | $1062953 |
| **8/31/22** | $1122484 | $1080306 | $1064534 |
| **9/30/22** | $1123383 | $1033630 | $1066619 |
| **10/31/22** | $1120910 | $1020242 | $1069261 |
| **11/30/22** | $1123640 | $1057762 | $1072326 |
| **12/31/22** | $1133277 | $1052991 | $1075945 |
| **1/31/23** | $1138716 | $1085385 | $1079916 |
| **2/28/23** | $1145608 | $1057322 | $1083683 |
| **3/31/23** | $1144703 | $1084180 | $1088015 |
| **4/30/23** | $1150748 | $1090751 | $1092346 |
| **5/31/23** | $1157505 | $1078874 | $1096968 |
| **6/30/23** | $1164732 | $1075027 | $1101639 |
| **7/31/23** | $1171640 | $1074277 | $1106658 |
| **8/31/23** | $1177802 | $1067415 | $1111804 |
| **9/30/23** | $1185383 | $1040290 | $1116824 |
| **10/31/23** | $1191681 | $1023873 | $1122085 |
| **11/30/23** | $1195606 | $1070241 | $1127216 |
| **12/31/23** | $1202199 | $1111209 | $1132519 |
| **1/31/24** | $1209755 | $1108157 | $1137809 |
| **2/29/24** | $1217347 | $1092501 | $1142751 |
| **3/31/24** | $1223973 | $1102589 | $1148046 |
| **4/30/24** | $1230625 | $1074739 | $1153200 |
| **5/31/24** | $1237821 | $1092959 | $1158559 |
| **6/30/24** | $1241661 | $1103307 | $1163774 |
| **7/31/24** | $1247181 | $1129077 | $1169185 |
| **8/31/24** | $1253048 | $1145301 | $1174577 |
| **9/30/24** | $1258116 | $1160636 | $1179725 |
| **10/31/24** | $1264733 | $1131854 | $1184817 |
| **11/30/24** | $1271372 | $1143821 | $1189527 |
| **12/31/24** | $1279297 | $1125101 | $1194204 |
| **1/31/25** | $1285920 | $1131070 | $1198799 |
| **2/28/25** | $1289492 | $1155956 | $1202884 |
| **3/31/25** | $1293155 | $1156391 | $1207357 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 5.65% | 3.65% | 2.60% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| FTSE 3-Month Treasury Bill Index | 5.17% | 2.69% | 1.90% |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $9789626 |
| # of Portfolio Holdings | 1288 |
| Portfolio Turnover Rate | 108% |
| Total Net Advisory Fees Paid During the Reporting Period | $25342 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 52.8% |
| Asset-Backed Securities | 21.5% |
| U.S. Government Agencies | 16.7% |
| Non-Agency Mortgage-Backed Securities | 9.0% |
| Sovereign Issues | 2.2% |
| U.S. Treasury Obligations | 0.7% |
| Municipal Bonds & Notes | 0.3% |
| Short-Term Instruments | 26.5% |
| Affiliated Investments | 0.1% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (29.8%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# Institutional Class: PTSHX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO Short-Term Fund
Annual Shareholder Report \|

March 31, 2025

PIMS0037TSRAR_033125

# I-2: PTSPX

# PIMCO Short-Term Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Short-Term Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $61 | 0.59% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Select holdings of securitized credit, particularly asset-based securities ("ABS") and collateralized loan obligations ("CLO") contributed to relative performance versus the FTSE 3-Month Treasury Bill Index ("Index"), as coupon payments on ABS investments offset spread widening, and CLO spreads tightened. 

* Holdings of investment grade corporate credit, particularly financials, contributed to relative performance versus the Index, as investment grade corporate bonds had positive total returns. 

* Overweight exposure to U.S. duration in the 1-year part of the curve contributed to relative performance versus the Index, as interest rates fell. 

* Overweight exposure to U.K. duration in the 5-year part of the curve detracted from relative performance versus the Index, as interest rates rose. 

* There were no other material detractors for this Fund.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg U.S. Aggregate Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g23367i6dbd75042f3c9a0f2783.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **Bloomberg U.S. Aggregate Index** | **FTSE 3-Month Treasury Bill Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1001752 | $996412 | $1000016 |
| **5/31/15** | $1004714 | $994012 | $1000030 |
| **6/30/15** | $1005685 | $983174 | $1000041 |
| **7/31/15** | $1005712 | $990008 | $1000050 |
| **8/31/15** | $1003740 | $988586 | $1000075 |
| **9/30/15** | $998685 | $995273 | $1000101 |
| **10/31/15** | $1004989 | $995439 | $1000125 |
| **11/30/15** | $1006290 | $992809 | $1000152 |
| **12/31/15** | $1007071 | $989601 | $1000229 |
| **1/31/16** | $1003171 | $1003219 | $1000354 |
| **2/29/16** | $1000236 | $1010335 | $1000534 |
| **3/31/16** | $1003713 | $1019605 | $1000767 |
| **4/30/16** | $1009424 | $1023519 | $1001004 |
| **5/31/16** | $1015971 | $1023781 | $1001216 |
| **6/30/16** | $1012296 | $1042177 | $1001416 |
| **7/31/16** | $1016075 | $1048765 | $1001638 |
| **8/31/16** | $1021958 | $1047566 | $1001877 |
| **9/30/16** | $1023339 | $1046952 | $1002116 |
| **10/31/16** | $1026846 | $1038944 | $1002369 |
| **11/30/16** | $1029596 | $1014369 | $1002627 |
| **12/31/16** | $1031935 | $1015800 | $1002938 |
| **1/31/17** | $1033986 | $1017793 | $1003311 |
| **2/28/17** | $1036273 | $1024634 | $1003703 |
| **3/31/17** | $1037674 | $1024097 | $1004153 |
| **4/30/17** | $1040056 | $1032000 | $1004663 |
| **5/31/17** | $1040408 | $1039943 | $1005272 |
| **6/30/17** | $1045143 | $1038896 | $1005984 |
| **7/31/17** | $1045419 | $1043367 | $1006794 |
| **8/31/17** | $1045777 | $1052726 | $1007683 |
| **9/30/17** | $1050347 | $1047712 | $1008552 |
| **10/31/17** | $1053976 | $1048319 | $1009463 |
| **11/30/17** | $1056699 | $1046973 | $1010364 |
| **12/31/17** | $1055971 | $1051778 | $1011376 |
| **1/31/18** | $1057330 | $1039665 | $1012488 |
| **2/28/18** | $1058839 | $1029809 | $1013578 |
| **3/31/18** | $1058467 | $1036414 | $1014900 |
| **4/30/18** | $1063434 | $1028705 | $1016269 |
| **5/31/18** | $1064405 | $1036047 | $1017787 |
| **6/30/18** | $1066450 | $1034773 | $1019327 |
| **7/31/18** | $1069490 | $1035019 | $1020980 |
| **8/31/18** | $1070777 | $1041679 | $1022701 |
| **9/30/18** | $1074803 | $1034971 | $1024424 |
| **10/31/18** | $1076866 | $1026792 | $1026288 |
| **11/30/18** | $1075920 | $1032921 | $1028181 |
| **12/31/18** | $1070796 | $1051898 | $1030216 |
| **1/31/19** | $1076118 | $1063068 | $1032309 |
| **2/28/19** | $1080438 | $1062452 | $1034221 |
| **3/31/19** | $1081883 | $1082853 | $1036364 |
| **4/30/19** | $1085463 | $1083130 | $1038451 |
| **5/31/19** | $1085811 | $1102358 | $1040621 |
| **6/30/19** | $1086913 | $1116201 | $1042721 |
| **7/31/19** | $1092525 | $1118657 | $1044805 |
| **8/31/19** | $1091498 | $1147643 | $1046791 |
| **9/30/19** | $1094563 | $1141531 | $1048587 |
| **10/31/19** | $1095408 | $1144969 | $1050362 |
| **11/30/19** | $1097437 | $1144386 | $1051926 |
| **12/31/19** | $1098844 | $1143588 | $1053424 |
| **1/31/20** | $1106330 | $1165596 | $1054843 |
| **2/29/20** | $1110204 | $1186575 | $1056175 |
| **3/31/20** | $1075585 | $1179592 | $1057509 |
| **4/30/20** | $1094058 | $1200561 | $1058376 |
| **5/31/20** | $1103398 | $1206151 | $1058833 |
| **6/30/20** | $1117015 | $1213749 | $1058937 |
| **7/31/20** | $1119132 | $1231878 | $1059058 |
| **8/31/20** | $1121062 | $1221935 | $1059176 |
| **9/30/20** | $1124137 | $1221265 | $1059278 |
| **10/31/20** | $1127121 | $1215812 | $1059369 |
| **11/30/20** | $1125467 | $1227742 | $1059456 |
| **12/31/20** | $1127812 | $1229433 | $1059538 |
| **1/31/21** | $1130539 | $1220618 | $1059615 |
| **2/28/21** | $1129904 | $1202992 | $1059676 |
| **3/31/21** | $1130456 | $1187971 | $1059730 |
| **4/30/21** | $1131054 | $1197356 | $1059766 |
| **5/31/21** | $1131552 | $1201268 | $1059790 |
| **6/30/21** | $1129731 | $1209708 | $1059806 |
| **7/31/21** | $1129045 | $1223233 | $1059829 |
| **8/31/21** | $1129469 | $1220905 | $1059862 |
| **9/30/21** | $1131074 | $1210334 | $1059903 |
| **10/31/21** | $1128084 | $1210000 | $1059941 |
| **11/30/21** | $1126251 | $1213580 | $1059981 |
| **12/31/21** | $1126771 | $1210475 | $1060025 |
| **1/31/22** | $1126063 | $1184396 | $1060075 |
| **2/28/22** | $1122004 | $1171183 | $1060155 |
| **3/31/22** | $1114573 | $1138645 | $1060323 |
| **4/30/22** | $1114380 | $1095436 | $1060623 |
| **5/31/22** | $1113157 | $1102499 | $1061136 |
| **6/30/22** | $1108677 | $1085203 | $1061852 |
| **7/31/22** | $1107927 | $1111719 | $1062953 |
| **8/31/22** | $1114197 | $1080306 | $1064534 |
| **9/30/22** | $1114992 | $1033630 | $1066619 |
| **10/31/22** | $1112450 | $1020242 | $1069261 |
| **11/30/22** | $1115069 | $1057762 | $1072326 |
| **12/31/22** | $1124531 | $1052991 | $1075945 |
| **1/31/23** | $1129838 | $1085385 | $1079916 |
| **2/28/23** | $1136589 | $1057322 | $1083683 |
| **3/31/23** | $1135589 | $1084180 | $1088015 |
| **4/30/23** | $1141499 | $1090751 | $1092346 |
| **5/31/23** | $1148105 | $1078874 | $1096968 |
| **6/30/23** | $1155173 | $1075027 | $1101639 |
| **7/31/23** | $1161932 | $1074277 | $1106658 |
| **8/31/23** | $1167945 | $1067415 | $1111804 |
| **9/30/23** | $1175363 | $1040290 | $1116824 |
| **10/31/23** | $1181511 | $1023873 | $1122085 |
| **11/30/23** | $1185306 | $1070241 | $1127216 |
| **12/31/23** | $1191738 | $1111209 | $1132519 |
| **1/31/24** | $1199130 | $1108157 | $1137809 |
| **2/29/24** | $1206561 | $1092501 | $1142751 |
| **3/31/24** | $1213026 | $1102589 | $1148046 |
| **4/30/24** | $1219518 | $1074739 | $1153200 |
| **5/31/24** | $1226540 | $1092959 | $1158559 |
| **6/30/24** | $1230251 | $1103307 | $1163774 |
| **7/31/24** | $1235616 | $1129077 | $1169185 |
| **8/31/24** | $1241316 | $1145301 | $1174577 |
| **9/30/24** | $1246242 | $1160636 | $1179725 |
| **10/31/24** | $1252690 | $1131854 | $1184817 |
| **11/30/24** | $1259160 | $1143821 | $1189527 |
| **12/31/24** | $1266902 | $1125101 | $1194204 |
| **1/31/25** | $1273351 | $1131070 | $1198799 |
| **2/28/25** | $1276789 | $1155956 | $1202884 |
| **3/31/25** | $1280315 | $1156391 | $1207357 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 5.55% | 3.55% | 2.50% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| FTSE 3-Month Treasury Bill Index | 5.17% | 2.69% | 1.90% |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $9789626 |
| # of Portfolio Holdings | 1288 |
| Portfolio Turnover Rate | 108% |
| Total Net Advisory Fees Paid During the Reporting Period | $25342 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 52.8% |
| Asset-Backed Securities | 21.5% |
| U.S. Government Agencies | 16.7% |
| Non-Agency Mortgage-Backed Securities | 9.0% |
| Sovereign Issues | 2.2% |
| U.S. Treasury Obligations | 0.7% |
| Municipal Bonds & Notes | 0.3% |
| Short-Term Instruments | 26.5% |
| Affiliated Investments | 0.1% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (29.8%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# I-2: PTSPX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO Short-Term Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1900TSRAR_033125

# Class R: PTSRX

# PIMCO Short-Term Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Short-Term Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $102 | 0.99% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Select holdings of securitized credit, particularly asset-based securities ("ABS") and collateralized loan obligations ("CLO") contributed to relative performance versus the FTSE 3-Month Treasury Bill Index ("Index"), as coupon payments on ABS investments offset spread widening, and CLO spreads tightened. 

* Holdings of investment grade corporate credit, particularly financials, contributed to relative performance versus the Index, as investment grade corporate bonds had positive total returns. 

* Overweight exposure to U.S. duration in the 1-year part of the curve contributed to relative performance versus the Index, as interest rates fell. 

* Overweight exposure to U.K. duration in the 5-year part of the curve detracted from relative performance versus the Index, as interest rates rose. 

* There were no other material detractors for this Fund.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg U.S. Aggregate Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g23367if22c4365af61a397e671.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Bloomberg U.S. Aggregate Index** | **FTSE 3-Month Treasury Bill Index** |
| **3/31/15** | $10000 | $10000 | $10000 |
| **4/30/15** | $10014 | $9964 | $10000 |
| **5/31/15** | $10040 | $9940 | $10000 |
| **6/30/15** | $10047 | $9832 | $10000 |
| **7/31/15** | $10044 | $9900 | $10001 |
| **8/31/15** | $10021 | $9886 | $10001 |
| **9/30/15** | $9967 | $9953 | $10001 |
| **10/31/15** | $10026 | $9954 | $10001 |
| **11/30/15** | $10036 | $9928 | $10002 |
| **12/31/15** | $10040 | $9896 | $10002 |
| **1/31/16** | $9998 | $10032 | $10004 |
| **2/29/16** | $9966 | $10103 | $10005 |
| **3/31/16** | $9997 | $10196 | $10008 |
| **4/30/16** | $10051 | $10235 | $10010 |
| **5/31/16** | $10113 | $10238 | $10012 |
| **6/30/16** | $10073 | $10422 | $10014 |
| **7/31/16** | $10107 | $10488 | $10016 |
| **8/31/16** | $10162 | $10476 | $10019 |
| **9/30/16** | $10172 | $10470 | $10021 |
| **10/31/16** | $10204 | $10389 | $10024 |
| **11/30/16** | $10228 | $10144 | $10026 |
| **12/31/16** | $10247 | $10158 | $10029 |
| **1/31/17** | $10264 | $10178 | $10033 |
| **2/28/17** | $10284 | $10246 | $10037 |
| **3/31/17** | $10294 | $10241 | $10042 |
| **4/30/17** | $10315 | $10320 | $10047 |
| **5/31/17** | $10315 | $10399 | $10053 |
| **6/30/17** | $10358 | $10389 | $10060 |
| **7/31/17** | $10357 | $10434 | $10068 |
| **8/31/17** | $10357 | $10527 | $10077 |
| **9/30/17** | $10399 | $10477 | $10086 |
| **10/31/17** | $10432 | $10483 | $10095 |
| **11/30/17** | $10455 | $10470 | $10104 |
| **12/31/17** | $10444 | $10518 | $10114 |
| **1/31/18** | $10454 | $10397 | $10125 |
| **2/28/18** | $10466 | $10298 | $10136 |
| **3/31/18** | $10459 | $10364 | $10149 |
| **4/30/18** | $10504 | $10287 | $10163 |
| **5/31/18** | $10510 | $10360 | $10178 |
| **6/30/18** | $10527 | $10348 | $10193 |
| **7/31/18** | $10554 | $10350 | $10210 |
| **8/31/18** | $10562 | $10417 | $10227 |
| **9/30/18** | $10599 | $10350 | $10244 |
| **10/31/18** | $10616 | $10268 | $10263 |
| **11/30/18** | $10603 | $10329 | $10282 |
| **12/31/18** | $10549 | $10519 | $10302 |
| **1/31/19** | $10598 | $10631 | $10323 |
| **2/28/19** | $10637 | $10625 | $10342 |
| **3/31/19** | $10647 | $10829 | $10364 |
| **4/30/19** | $10679 | $10831 | $10385 |
| **5/31/19** | $10679 | $11024 | $10406 |
| **6/30/19** | $10686 | $11162 | $10427 |
| **7/31/19** | $10738 | $11187 | $10448 |
| **8/31/19** | $10724 | $11476 | $10468 |
| **9/30/19** | $10751 | $11415 | $10486 |
| **10/31/19** | $10756 | $11450 | $10504 |
| **11/30/19** | $10772 | $11444 | $10519 |
| **12/31/19** | $10782 | $11436 | $10534 |
| **1/31/20** | $10852 | $11656 | $10548 |
| **2/29/20** | $10886 | $11866 | $10562 |
| **3/31/20** | $10543 | $11796 | $10575 |
| **4/30/20** | $10721 | $12006 | $10584 |
| **5/31/20** | $10809 | $12062 | $10588 |
| **6/30/20** | $10939 | $12137 | $10589 |
| **7/31/20** | $10955 | $12319 | $10591 |
| **8/31/20** | $10971 | $12219 | $10592 |
| **9/30/20** | $10997 | $12213 | $10593 |
| **10/31/20** | $11023 | $12158 | $10594 |
| **11/30/20** | $11003 | $12277 | $10595 |
| **12/31/20** | $11022 | $12294 | $10595 |
| **1/31/21** | $11045 | $12206 | $10596 |
| **2/28/21** | $11035 | $12030 | $10597 |
| **3/31/21** | $11037 | $11880 | $10597 |
| **4/30/21** | $11039 | $11974 | $10598 |
| **5/31/21** | $11040 | $12013 | $10598 |
| **6/30/21** | $11019 | $12097 | $10598 |
| **7/31/21** | $11008 | $12232 | $10598 |
| **8/31/21** | $11009 | $12209 | $10599 |
| **9/30/21** | $11021 | $12103 | $10599 |
| **10/31/21** | $10988 | $12100 | $10599 |
| **11/30/21** | $10967 | $12136 | $10600 |
| **12/31/21** | $10968 | $12105 | $10600 |
| **1/31/22** | $10957 | $11844 | $10601 |
| **2/28/22** | $10915 | $11712 | $10602 |
| **3/31/22** | $10839 | $11386 | $10603 |
| **4/30/22** | $10833 | $10954 | $10606 |
| **5/31/22** | $10818 | $11025 | $10611 |
| **6/30/22** | $10771 | $10852 | $10619 |
| **7/31/22** | $10760 | $11117 | $10630 |
| **8/31/22** | $10817 | $10803 | $10645 |
| **9/30/22** | $10821 | $10336 | $10666 |
| **10/31/22** | $10793 | $10202 | $10693 |
| **11/30/22** | $10815 | $10578 | $10723 |
| **12/31/22** | $10902 | $10530 | $10759 |
| **1/31/23** | $10950 | $10854 | $10799 |
| **2/28/23** | $11012 | $10573 | $10837 |
| **3/31/23** | $10999 | $10842 | $10880 |
| **4/30/23** | $11053 | $10908 | $10923 |
| **5/31/23** | $11113 | $10789 | $10970 |
| **6/30/23** | $11177 | $10750 | $11016 |
| **7/31/23** | $11239 | $10743 | $11067 |
| **8/31/23** | $11294 | $10674 | $11118 |
| **9/30/23** | $11361 | $10403 | $11168 |
| **10/31/23** | $11417 | $10239 | $11221 |
| **11/30/23** | $11450 | $10702 | $11272 |
| **12/31/23** | $11508 | $11112 | $11325 |
| **1/31/24** | $11576 | $11082 | $11378 |
| **2/29/24** | $11644 | $10925 | $11428 |
| **3/31/24** | $11702 | $11026 | $11480 |
| **4/30/24** | $11761 | $10747 | $11532 |
| **5/31/24** | $11824 | $10930 | $11586 |
| **6/30/24** | $11857 | $11033 | $11638 |
| **7/31/24** | $11904 | $11291 | $11692 |
| **8/31/24** | $11955 | $11453 | $11746 |
| **9/30/24** | $11999 | $11606 | $11797 |
| **10/31/24** | $12057 | $11319 | $11848 |
| **11/30/24** | $12115 | $11438 | $11895 |
| **12/31/24** | $12185 | $11251 | $11942 |
| **1/31/25** | $12243 | $11311 | $11988 |
| **2/28/25** | $12272 | $11560 | $12029 |
| **3/31/25** | $12302 | $11564 | $12074 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class R | 5.13% | 3.13% | 2.09% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| FTSE 3-Month Treasury Bill Index | 5.17% | 2.69% | 1.90% |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $9789626 |
| # of Portfolio Holdings | 1288 |
| Portfolio Turnover Rate | 108% |
| Total Net Advisory Fees Paid During the Reporting Period | $25342 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 52.8% |
| Asset-Backed Securities | 21.5% |
| U.S. Government Agencies | 16.7% |
| Non-Agency Mortgage-Backed Securities | 9.0% |
| Sovereign Issues | 2.2% |
| U.S. Treasury Obligations | 0.7% |
| Municipal Bonds & Notes | 0.3% |
| Short-Term Instruments | 26.5% |
| Affiliated Investments | 0.1% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (29.8%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# Class R: PTSRX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO Short-Term Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4502TSRAR_033125

# Class A: PQTAX

# PIMCO TRENDS Managed Futures Strategy Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO TRENDS Managed Futures Strategy Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $183 | 1.94% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Positioning across global interest rates, notably in United Kingdom, Canadian, and Hungarian rates, detracted from performance, as rates reversed sharply. 

* Positioning in energy commodities, notably German power and European Union Allowances, detracted from performance, as prices reversed sharply. 

* Long positions across equity indices in Japan and the U.S. detracted from performance, as prices declined, and short positions in Chinese equities also detracted from performance, as prices increased. 

* Short positions in Canadian dollar and developed market European currencies, notably Swiss franc and the euro, against the U.S. dollar contributed to performance, as prices declined. 

* Long positions in coffee contributed to performance, as global coffee prices increased. 

* Short positions in cotton contributed to performance, as cotton prices decreased.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg U.S. Aggregate Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g23367i293b1221a6f8116f8a14.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg U.S. Aggregate Index** | **ICE BofA SOFR Overnight Rate Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup>** |
| **3/31/15** | $9449 | $10000 | $10000 |
| **4/30/15** | $9144 | $9964 | $10002 |
| **5/31/15** | $8780 | $9940 | $10005 |
| **6/30/15** | $8791 | $9832 | $10007 |
| **7/31/15** | $8756 | $9900 | $10009 |
| **8/31/15** | $8635 | $9886 | $10012 |
| **9/30/15** | $8908 | $9953 | $10014 |
| **10/31/15** | $8565 | $9954 | $10017 |
| **11/30/15** | $8573 | $9928 | $10019 |
| **12/31/15** | $8352 | $9896 | $10022 |
| **1/31/16** | $8625 | $10032 | $10027 |
| **2/29/16** | $9171 | $10103 | $10032 |
| **3/31/16** | $8925 | $10196 | $10037 |
| **4/30/16** | $8807 | $10235 | $10043 |
| **5/31/16** | $8625 | $10238 | $10048 |
| **6/30/16** | $8743 | $10422 | $10053 |
| **7/31/16** | $8844 | $10488 | $10058 |
| **8/31/16** | $8825 | $10476 | $10064 |
| **9/30/16** | $8652 | $10470 | $10069 |
| **10/31/16** | $8497 | $10389 | $10076 |
| **11/30/16** | $8497 | $10144 | $10083 |
| **12/31/16** | $8598 | $10158 | $10090 |
| **1/31/17** | $8461 | $10178 | $10099 |
| **2/28/17** | $8534 | $10246 | $10107 |
| **3/31/17** | $8470 | $10241 | $10115 |
| **4/30/17** | $8479 | $10320 | $10125 |
| **5/31/17** | $8507 | $10399 | $10135 |
| **6/30/17** | $8306 | $10389 | $10144 |
| **7/31/17** | $8516 | $10434 | $10155 |
| **8/31/17** | $8652 | $10527 | $10166 |
| **9/30/17** | $8466 | $10477 | $10177 |
| **10/31/17** | $8712 | $10483 | $10189 |
| **11/30/17** | $8757 | $10470 | $10200 |
| **12/31/17** | $8757 | $10518 | $10211 |
| **1/31/18** | $9049 | $10397 | $10226 |
| **2/28/18** | $8502 | $10298 | $10240 |
| **3/31/18** | $8602 | $10364 | $10255 |
| **4/30/18** | $8511 | $10287 | $10274 |
| **5/31/18** | $8493 | $10360 | $10294 |
| **6/30/18** | $8635 | $10348 | $10314 |
| **7/31/18** | $8534 | $10350 | $10334 |
| **8/31/18** | $8680 | $10417 | $10354 |
| **9/30/18** | $8402 | $10350 | $10374 |
| **10/31/18** | $8484 | $10268 | $10395 |
| **11/30/18** | $8539 | $10329 | $10415 |
| **12/31/18** | $8931 | $10519 | $10436 |
| **1/31/19** | $8575 | $10631 | $10460 |
| **2/28/19** | $8612 | $10625 | $10485 |
| **3/31/19** | $8940 | $10829 | $10509 |
| **4/30/19** | $9059 | $10831 | $10532 |
| **5/31/19** | $9013 | $11024 | $10555 |
| **6/30/19** | $9046 | $11162 | $10578 |
| **7/31/19** | $9248 | $11187 | $10598 |
| **8/31/19** | $9523 | $11476 | $10619 |
| **9/30/19** | $9114 | $11415 | $10639 |
| **10/31/19** | $8994 | $11450 | $10658 |
| **11/30/19** | $9013 | $11444 | $10677 |
| **12/31/19** | $9156 | $11436 | $10696 |
| **1/31/20** | $9007 | $11656 | $10713 |
| **2/29/20** | $9221 | $11866 | $10730 |
| **3/31/20** | $9799 | $11796 | $10748 |
| **4/30/20** | $9715 | $12006 | $10761 |
| **5/31/20** | $9687 | $12062 | $10774 |
| **6/30/20** | $9397 | $12137 | $10787 |
| **7/31/20** | $9692 | $12319 | $10789 |
| **8/31/20** | $9587 | $12219 | $10792 |
| **9/30/20** | $9305 | $12213 | $10795 |
| **10/31/20** | $9324 | $12158 | $10797 |
| **11/30/20** | $9488 | $12277 | $10799 |
| **12/31/20** | $9934 | $12294 | $10801 |
| **1/31/21** | $9885 | $12206 | $10803 |
| **2/28/21** | $10042 | $12030 | $10805 |
| **3/31/21** | $10237 | $11880 | $10808 |
| **4/30/21** | $10403 | $11974 | $10810 |
| **5/31/21** | $10647 | $12013 | $10811 |
| **6/30/21** | $10741 | $12097 | $10813 |
| **7/31/21** | $10859 | $12232 | $10815 |
| **8/31/21** | $11055 | $12209 | $10816 |
| **9/30/21** | $11410 | $12103 | $10817 |
| **10/31/21** | $11735 | $12100 | $10818 |
| **11/30/21** | $11164 | $12136 | $10820 |
| **12/31/21** | $11376 | $12105 | $10821 |
| **1/31/22** | $11396 | $11844 | $10823 |
| **2/28/22** | $11745 | $11712 | $10825 |
| **3/31/22** | $12401 | $11386 | $10827 |
| **4/30/22** | $13215 | $10954 | $10836 |
| **5/31/22** | $13044 | $11025 | $10845 |
| **6/30/22** | $13594 | $10852 | $10854 |
| **7/31/22** | $12983 | $11117 | $10869 |
| **8/31/22** | $13085 | $10803 | $10890 |
| **9/30/22** | $13979 | $10336 | $10912 |
| **10/31/22** | $13969 | $10202 | $10941 |
| **11/30/22** | $12710 | $10578 | $10975 |
| **12/31/22** | $12633 | $10530 | $11013 |
| **1/31/23** | $12713 | $10854 | $11054 |
| **2/28/23** | $12702 | $10573 | $11093 |
| **3/31/23** | $11811 | $10842 | $11137 |
| **4/30/23** | $12028 | $10908 | $11182 |
| **5/31/23** | $12484 | $10789 | $11230 |
| **6/30/23** | $12484 | $10750 | $11278 |
| **7/31/23** | $12188 | $10743 | $11327 |
| **8/31/23** | $11719 | $10674 | $11379 |
| **9/30/23** | $12222 | $10403 | $11429 |
| **10/31/23** | $12336 | $10239 | $11482 |
| **11/30/23** | $11616 | $10702 | $11533 |
| **12/31/23** | $12062 | $11112 | $11586 |
| **1/31/24** | $11948 | $11082 | $11639 |
| **2/29/24** | $12279 | $10925 | $11689 |
| **3/31/24** | $12484 | $11026 | $11742 |
| **4/30/24** | $12656 | $10747 | $11795 |
| **5/31/24** | $12290 | $10930 | $11849 |
| **6/30/24** | $11959 | $11033 | $11898 |
| **7/31/24** | $11833 | $11291 | $11956 |
| **8/31/24** | $11445 | $11453 | $12011 |
| **9/30/24** | $11571 | $11606 | $12063 |
| **10/31/24** | $11125 | $11319 | $12114 |
| **11/30/24** | $11365 | $11438 | $12161 |
| **12/31/24** | $11662 | $11251 | $12208 |
| **1/31/25** | $11445 | $11311 | $12254 |
| **2/28/25** | $11171 | $11560 | $12295 |
| **3/31/25** | $11125 | $11564 | $12341 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | (10.89%) | 2.57% | 1.65% |
| Class A (including sales charge) | (15.82%) | 1.42% | 1.07% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| ICE BofA SOFR Overnight Rate Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup> | 5.10% | 2.66% | -% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;ICE BofA SOFR Overnight Rate Index was first published on October 1, 2019. |
| &nbsp;&nbsp;Footnote<sup>(2)</sup> | &nbsp;&nbsp;Performance shown for the index is ICE BofA SOFR Overnight Rate Index. Prior to July 1, 2022, performance is that of 3 Month USD LIBOR. Prior to July 1, 2022, the 3 Month USD LIBOR was the Fund's primary benchmark. |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The Cumulative Returns graph and Average Annual Total Returns table reflect any sales load that would have applied at the time of purchase or any Contingent Deferred Sales Charge ("CDSC") that would have applied if a full redemption occurred on the last business day of the period shown in the Cumulative Returns graph. Class A shares are subject to an initial sales charge. A CDSC may be imposed in certain circumstances on Class A shares that are purchased without an initial sales charge and then redeemed during the first 12 months after purchase. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $2009333 |
| # of Portfolio Holdings | 1306 |
| Portfolio Turnover Rate | 919% |
| Total Net Advisory Fees Paid During the Reporting Period | $30112 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Government Agencies | 41.4% |
| Commodities | 27.0% |
| Corporate Bonds & Notes | 5.4% |
| Asset-Backed Securities | 3.5% |
| Non-Agency Mortgage-Backed Securities | 0.3% |
| Short-Term Instruments | 11.1% |
| Affiliated Investments | 42.1% |
| Financial Derivative Instruments | (3.7%) |
| Other Assets and Liabilities, Net | (27.1%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.82% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# Class A: PQTAX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO TRENDS Managed Futures Strategy Fund
Annual Shareholder Report \|

March 31, 2025

PIMS6047TSRAR_033125

# Class C: PQTCX

# PIMCO TRENDS Managed Futures Strategy Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO TRENDS Managed Futures Strategy Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $249 | 2.64% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Positioning across global interest rates, notably in United Kingdom, Canadian, and Hungarian rates, detracted from performance, as rates reversed sharply. 

* Positioning in energy commodities, notably German power and European Union Allowances, detracted from performance, as prices reversed sharply. 

* Long positions across equity indices in Japan and the U.S. detracted from performance, as prices declined, and short positions in Chinese equities also detracted from performance, as prices increased. 

* Short positions in Canadian dollar and developed market European currencies, notably Swiss franc and the euro, against the U.S. dollar contributed to performance, as prices declined. 

* Long positions in coffee contributed to performance, as global coffee prices increased. 

* Short positions in cotton contributed to performance, as cotton prices decreased.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg U.S. Aggregate Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. For periods prior to the inception date of Class C shares (5/26/2023), performance information shown in the graph and table for these shares is based on the performance of the Fund's Institutional Class shares, adjusted to reflect the fees and other expenses paid by Class C shares. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g23367ibcc50e8d4fcf5100d044.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg U.S. Aggregate Index** | **ICE BofA SOFR Overnight Rate Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup>** |
| **3/31/15** | $10000 | $10000 | $10000 |
| **4/30/15** | $9675 | $9964 | $10002 |
| **5/31/15** | $9271 | $9940 | $10005 |
| **6/30/15** | $9283 | $9832 | $10007 |
| **7/31/15** | $9236 | $9900 | $10009 |
| **8/31/15** | $9098 | $9886 | $10012 |
| **9/30/15** | $9383 | $9953 | $10014 |
| **10/31/15** | $9012 | $9954 | $10017 |
| **11/30/15** | $9011 | $9928 | $10019 |
| **12/31/15** | $8774 | $9896 | $10022 |
| **1/31/16** | $9050 | $10032 | $10027 |
| **2/29/16** | $9621 | $10103 | $10032 |
| **3/31/16** | $9352 | $10196 | $10037 |
| **4/30/16** | $9218 | $10235 | $10043 |
| **5/31/16** | $9017 | $10238 | $10048 |
| **6/30/16** | $9140 | $10422 | $10053 |
| **7/31/16** | $9243 | $10488 | $10058 |
| **8/31/16** | $9203 | $10476 | $10064 |
| **9/30/16** | $9023 | $10470 | $10069 |
| **10/31/16** | $8861 | $10389 | $10076 |
| **11/30/16** | $8851 | $10144 | $10083 |
| **12/31/16** | $8934 | $10158 | $10090 |
| **1/31/17** | $8792 | $10178 | $10099 |
| **2/28/17** | $8867 | $10246 | $10107 |
| **3/31/17** | $8781 | $10241 | $10115 |
| **4/30/17** | $8790 | $10320 | $10125 |
| **5/31/17** | $8817 | $10399 | $10135 |
| **6/30/17** | $8592 | $10389 | $10144 |
| **7/31/17** | $8796 | $10434 | $10155 |
| **8/31/17** | $8935 | $10527 | $10166 |
| **9/30/17** | $8742 | $10477 | $10177 |
| **10/31/17** | $8984 | $10483 | $10189 |
| **11/30/17** | $9020 | $10470 | $10200 |
| **12/31/17** | $9019 | $10518 | $10211 |
| **1/31/18** | $9306 | $10397 | $10226 |
| **2/28/18** | $8739 | $10298 | $10240 |
| **3/31/18** | $8839 | $10364 | $10255 |
| **4/30/18** | $8737 | $10287 | $10274 |
| **5/31/18** | $8708 | $10360 | $10294 |
| **6/30/18** | $8848 | $10348 | $10314 |
| **7/31/18** | $8736 | $10350 | $10334 |
| **8/31/18** | $8883 | $10417 | $10354 |
| **9/30/18** | $8592 | $10350 | $10374 |
| **10/31/18** | $8675 | $10268 | $10395 |
| **11/30/18** | $8712 | $10329 | $10415 |
| **12/31/18** | $9108 | $10519 | $10436 |
| **1/31/19** | $8739 | $10631 | $10460 |
| **2/28/19** | $8767 | $10625 | $10485 |
| **3/31/19** | $9095 | $10829 | $10509 |
| **4/30/19** | $9215 | $10831 | $10532 |
| **5/31/19** | $9159 | $11024 | $10555 |
| **6/30/19** | $9188 | $11162 | $10578 |
| **7/31/19** | $9381 | $11187 | $10598 |
| **8/31/19** | $9656 | $11476 | $10619 |
| **9/30/19** | $9237 | $11415 | $10639 |
| **10/31/19** | $9107 | $11450 | $10658 |
| **11/30/19** | $9116 | $11444 | $10677 |
| **12/31/19** | $9253 | $11436 | $10696 |
| **1/31/20** | $9103 | $11656 | $10713 |
| **2/29/20** | $9308 | $11866 | $10730 |
| **3/31/20** | $9885 | $11796 | $10748 |
| **4/30/20** | $9791 | $12006 | $10761 |
| **5/31/20** | $9753 | $12062 | $10774 |
| **6/30/20** | $9461 | $12137 | $10787 |
| **7/31/20** | $9744 | $12319 | $10789 |
| **8/31/20** | $9640 | $12219 | $10792 |
| **9/30/20** | $9351 | $12213 | $10795 |
| **10/31/20** | $9361 | $12158 | $10797 |
| **11/30/20** | $9515 | $12277 | $10799 |
| **12/31/20** | $9965 | $12294 | $10801 |
| **1/31/21** | $9906 | $12206 | $10803 |
| **2/28/21** | $10062 | $12030 | $10805 |
| **3/31/21** | $10248 | $11880 | $10808 |
| **4/30/21** | $10402 | $11974 | $10810 |
| **5/31/21** | $10652 | $12013 | $10811 |
| **6/30/21** | $10731 | $12097 | $10813 |
| **7/31/21** | $10847 | $12232 | $10815 |
| **8/31/21** | $11030 | $12209 | $10816 |
| **9/30/21** | $11371 | $12103 | $10817 |
| **10/31/21** | $11699 | $12100 | $10818 |
| **11/30/21** | $11126 | $12136 | $10820 |
| **12/31/21** | $11315 | $12105 | $10821 |
| **1/31/22** | $11344 | $11844 | $10823 |
| **2/28/22** | $11676 | $11712 | $10825 |
| **3/31/22** | $12326 | $11386 | $10827 |
| **4/30/22** | $13113 | $10954 | $10836 |
| **5/31/22** | $12942 | $11025 | $10845 |
| **6/30/22** | $13485 | $10852 | $10854 |
| **7/31/22** | $12863 | $11117 | $10869 |
| **8/31/22** | $12950 | $10803 | $10890 |
| **9/30/22** | $13836 | $10336 | $10912 |
| **10/31/22** | $13812 | $10202 | $10941 |
| **11/30/22** | $12561 | $10578 | $10975 |
| **12/31/22** | $12483 | $10530 | $11013 |
| **1/31/23** | $12560 | $10854 | $11054 |
| **2/28/23** | $12537 | $10573 | $11093 |
| **3/31/23** | $11648 | $10842 | $11137 |
| **4/30/23** | $11859 | $10908 | $11182 |
| **5/31/23** | $12293 | $10789 | $11230 |
| **6/30/23** | $12293 | $10750 | $11278 |
| **7/31/23** | $11994 | $10743 | $11327 |
| **8/31/23** | $11517 | $10674 | $11379 |
| **9/30/23** | $12005 | $10403 | $11429 |
| **10/31/23** | $12115 | $10239 | $11482 |
| **11/30/23** | $11407 | $10702 | $11533 |
| **12/31/23** | $11827 | $11112 | $11586 |
| **1/31/24** | $11706 | $11082 | $11639 |
| **2/29/24** | $12027 | $10925 | $11689 |
| **3/31/24** | $12215 | $11026 | $11742 |
| **4/30/24** | $12381 | $10747 | $11795 |
| **5/31/24** | $12016 | $10930 | $11849 |
| **6/30/24** | $11683 | $11033 | $11898 |
| **7/31/24** | $11562 | $11291 | $11956 |
| **8/31/24** | $11174 | $11453 | $12011 |
| **9/30/24** | $11285 | $11606 | $12063 |
| **10/31/24** | $10831 | $11319 | $12114 |
| **11/30/24** | $11063 | $11438 | $12161 |
| **12/31/24** | $11351 | $11251 | $12208 |
| **1/31/25** | $11119 | $11311 | $12254 |
| **2/28/25** | $10853 | $11560 | $12295 |
| **3/31/25** | $10809 | $11564 | $12341 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class C (excluding sales charge) | (11.51%) | 1.80% | 0.78% |
| Class C (including sales charge) | (12.40%) | 1.80% | 0.78% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| ICE BofA SOFR Overnight Rate Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup> | 5.10% | 2.66% | -% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;ICE BofA SOFR Overnight Rate Index was first published on October 1, 2019. |
| &nbsp;&nbsp;Footnote<sup>(2)</sup> | &nbsp;&nbsp;Performance shown for the index is ICE BofA SOFR Overnight Rate Index. Prior to July 1, 2022, performance is that of 3 Month USD LIBOR. Prior to July 1, 2022, the 3 Month USD LIBOR was the Fund's primary benchmark. |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The Cumulative Returns graph and Average Annual Total Returns table reflect any Contingent Deferred Sales Charge ("CDSC") that would have applied if a full redemption occurred on the last business day of the period shown in the Cumulative Returns graph. Class C shares are subject to a CDSC, which may apply if the shares are redeemed in the first year. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $2009333 |
| # of Portfolio Holdings | 1306 |
| Portfolio Turnover Rate | 919% |
| Total Net Advisory Fees Paid During the Reporting Period | $30112 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Government Agencies | 41.4% |
| Commodities | 27.0% |
| Corporate Bonds & Notes | 5.4% |
| Asset-Backed Securities | 3.5% |
| Non-Agency Mortgage-Backed Securities | 0.3% |
| Short-Term Instruments | 11.1% |
| Affiliated Investments | 42.1% |
| Financial Derivative Instruments | (3.7%) |
| Other Assets and Liabilities, Net | (27.1%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.87% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# Class C: PQTCX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO TRENDS Managed Futures Strategy Fund
Annual Shareholder Report \|

March 31, 2025

PIMS6247TSRAR_033125

# I-3: PQTNX

# PIMCO TRENDS Managed Futures Strategy Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO TRENDS Managed Futures Strategy Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $160 | 1.69% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Positioning across global interest rates, notably in United Kingdom, Canadian, and Hungarian rates, detracted from performance, as rates reversed sharply. 

* Positioning in energy commodities, notably German power and European Union Allowances, detracted from performance, as prices reversed sharply. 

* Long positions across equity indices in Japan and the U.S. detracted from performance, as prices declined, and short positions in Chinese equities also detracted from performance, as prices increased. 

* Short positions in Canadian dollar and developed market European currencies, notably Swiss franc and the euro, against the U.S. dollar contributed to performance, as prices declined. 

* Long positions in coffee contributed to performance, as global coffee prices increased. 

* Short positions in cotton contributed to performance, as cotton prices decreased.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg U.S. Aggregate Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. For periods prior to the inception date of I-3 shares (4/27/2018), performance information shown in the graph and table for these shares is based on the performance of the Fund's Institutional Class shares, adjusted to reflect the fees and other expenses paid by I-3 shares. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g23367if9cc481c039550a45d00.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-3** | **Bloomberg U.S. Aggregate Index** | **ICE BofA SOFR Overnight Rate Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup>** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $968570 | $996412 | $1000229 |
| **5/31/15** | $929098 | $994012 | $1000460 |
| **6/30/15** | $931294 | $983174 | $1000689 |
| **7/31/15** | $927524 | $990008 | $1000924 |
| **8/31/15** | $914624 | $988586 | $1001159 |
| **9/30/15** | $944299 | $995273 | $1001394 |
| **10/31/15** | $907863 | $995439 | $1001666 |
| **11/30/15** | $908683 | $992809 | $1001940 |
| **12/31/15** | $885770 | $989601 | $1002212 |
| **1/31/16** | $914568 | $1003219 | $1002719 |
| **2/29/16** | $973240 | $1010335 | $1003226 |
| **3/31/16** | $947103 | $1019605 | $1003732 |
| **4/30/16** | $934461 | $1023519 | $1004260 |
| **5/31/16** | $915077 | $1023781 | $1004788 |
| **6/30/16** | $928450 | $1042177 | $1005317 |
| **7/31/16** | $939889 | $1048765 | $1005845 |
| **8/31/16** | $936881 | $1047566 | $1006374 |
| **9/30/16** | $919435 | $1046952 | $1006904 |
| **10/31/16** | $903915 | $1038944 | $1007607 |
| **11/30/16** | $903804 | $1014369 | $1008310 |
| **12/31/16** | $913313 | $1015800 | $1009013 |
| **1/31/17** | $899724 | $1017793 | $1009853 |
| **2/28/17** | $908280 | $1024634 | $1010693 |
| **3/31/17** | $900468 | $1024097 | $1011533 |
| **4/30/17** | $902281 | $1032000 | $1012501 |
| **5/31/17** | $906014 | $1039943 | $1013468 |
| **6/30/17** | $883781 | $1038896 | $1014436 |
| **7/31/17** | $905786 | $1043367 | $1015532 |
| **8/31/17** | $921055 | $1052726 | $1016629 |
| **9/30/17** | $902113 | $1047712 | $1017727 |
| **10/31/17** | $928020 | $1048319 | $1018858 |
| **11/30/17** | $932724 | $1046973 | $1019989 |
| **12/31/17** | $933568 | $1051778 | $1021122 |
| **1/31/18** | $964276 | $1039665 | $1022563 |
| **2/28/18** | $906371 | $1029809 | $1024006 |
| **3/31/18** | $917813 | $1036414 | $1025451 |
| **4/30/18** | $908083 | $1028705 | $1027418 |
| **5/31/18** | $906155 | $1036047 | $1029389 |
| **6/30/18** | $921852 | $1034773 | $1031364 |
| **7/31/18** | $910269 | $1035019 | $1033370 |
| **8/31/18** | $927644 | $1041679 | $1035380 |
| **9/30/18** | $898206 | $1034971 | $1037394 |
| **10/31/18** | $906898 | $1026792 | $1039457 |
| **11/30/18** | $912693 | $1032921 | $1041524 |
| **12/31/18** | $954499 | $1051898 | $1043595 |
| **1/31/19** | $917750 | $1063068 | $1046033 |
| **2/28/19** | $921619 | $1062452 | $1048476 |
| **3/31/19** | $957136 | $1082853 | $1050925 |
| **4/30/19** | $969743 | $1083130 | $1053203 |
| **5/31/19** | $964894 | $1102358 | $1055486 |
| **6/30/19** | $968760 | $1116201 | $1057774 |
| **7/31/19** | $990201 | $1118657 | $1059827 |
| **8/31/19** | $1020414 | $1147643 | $1061885 |
| **9/30/19** | $976648 | $1141531 | $1063947 |
| **10/31/19** | $963875 | $1144969 | $1065813 |
| **11/30/19** | $965840 | $1144386 | $1067682 |
| **12/31/19** | $981950 | $1143588 | $1069554 |
| **1/31/20** | $966096 | $1165596 | $1071288 |
| **2/29/20** | $988886 | $1186575 | $1073023 |
| **3/31/20** | $1051311 | $1179592 | $1074762 |
| **4/30/20** | $1042393 | $1200561 | $1076061 |
| **5/31/20** | $1039420 | $1206151 | $1077361 |
| **6/30/20** | $1009017 | $1213749 | $1078663 |
| **7/31/20** | $1040359 | $1231878 | $1078940 |
| **8/31/20** | $1029238 | $1221935 | $1079217 |
| **9/30/20** | $999972 | $1221265 | $1079494 |
| **10/31/20** | $1002021 | $1215812 | $1079692 |
| **11/30/20** | $1019438 | $1227742 | $1079890 |
| **12/31/20** | $1068211 | $1229433 | $1080089 |
| **1/31/21** | $1063016 | $1220618 | $1080317 |
| **2/28/21** | $1079641 | $1202992 | $1080546 |
| **3/31/21** | $1101465 | $1187971 | $1080774 |
| **4/30/21** | $1119130 | $1197356 | $1080957 |
| **5/31/21** | $1146147 | $1201268 | $1081139 |
| **6/30/21** | $1155557 | $1209708 | $1081321 |
| **7/31/21** | $1169139 | $1223233 | $1081454 |
| **8/31/21** | $1190036 | $1220905 | $1081587 |
| **9/30/21** | $1228621 | $1210334 | $1081719 |
| **10/31/21** | $1264294 | $1210000 | $1081838 |
| **11/30/21** | $1203440 | $1213580 | $1081957 |
| **12/31/21** | $1225558 | $1210475 | $1082075 |
| **1/31/22** | $1228750 | $1184396 | $1082277 |
| **2/28/22** | $1265985 | $1171183 | $1082479 |
| **3/31/22** | $1336828 | $1138645 | $1082681 |
| **4/30/22** | $1424735 | $1095436 | $1083588 |
| **5/31/22** | $1407582 | $1102499 | $1084497 |
| **6/30/22** | $1466737 | $1085203 | $1085406 |
| **7/31/22** | $1401500 | $1111719 | $1086882 |
| **8/31/22** | $1412373 | $1080306 | $1089024 |
| **9/30/22** | $1509933 | $1033630 | $1091245 |
| **10/31/22** | $1507729 | $1020242 | $1094093 |
| **11/30/22** | $1372165 | $1057762 | $1097463 |
| **12/31/22** | $1363900 | $1052991 | $1101293 |
| **1/31/23** | $1373651 | $1085385 | $1105379 |
| **2/28/23** | $1373651 | $1057322 | $1109281 |
| **3/31/23** | $1276142 | $1084180 | $1113695 |
| **4/30/23** | $1300519 | $1090751 | $1118173 |
| **5/31/23** | $1350492 | $1078874 | $1123014 |
| **6/30/23** | $1350492 | $1075027 | $1127753 |
| **7/31/23** | $1318802 | $1074277 | $1132705 |
| **8/31/23** | $1268829 | $1067415 | $1137880 |
| **9/30/23** | $1322459 | $1040290 | $1142922 |
| **10/31/23** | $1335866 | $1023873 | $1148156 |
| **11/30/23** | $1257859 | $1070241 | $1153254 |
| **12/31/23** | $1306613 | $1111209 | $1158559 |
| **1/31/24** | $1294425 | $1108157 | $1163888 |
| **2/29/24** | $1329772 | $1092501 | $1168881 |
| **3/31/24** | $1352930 | $1102589 | $1174247 |
| **4/30/24** | $1371213 | $1074739 | $1179460 |
| **5/31/24** | $1333428 | $1092959 | $1184862 |
| **6/30/24** | $1296863 | $1103307 | $1189779 |
| **7/31/24** | $1284674 | $1129077 | $1195621 |
| **8/31/24** | $1242014 | $1145301 | $1201121 |
| **9/30/24** | $1256640 | $1160636 | $1206310 |
| **10/31/24** | $1206667 | $1131854 | $1211352 |
| **11/30/24** | $1233482 | $1143821 | $1216089 |
| **12/31/24** | $1266391 | $1125101 | $1220844 |
| **1/31/25** | $1242014 | $1131070 | $1225398 |
| **2/28/25** | $1212762 | $1155956 | $1229539 |
| **3/31/25** | $1209105 | $1156391 | $1234125 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-3 | (10.63%) | 2.84% | 1.92% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| ICE BofA SOFR Overnight Rate Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup> | 5.10% | 2.66% | -% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;ICE BofA SOFR Overnight Rate Index was first published on October 1, 2019. |
| &nbsp;&nbsp;Footnote<sup>(2)</sup> | &nbsp;&nbsp;Performance shown for the index is ICE BofA SOFR Overnight Rate Index. Prior to July 1, 2022, performance is that of 3 Month USD LIBOR. Prior to July 1, 2022, the 3 Month USD LIBOR was the Fund's primary benchmark. |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $2009333 |
| # of Portfolio Holdings | 1306 |
| Portfolio Turnover Rate | 919% |
| Total Net Advisory Fees Paid During the Reporting Period | $30112 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Government Agencies | 41.4% |
| Commodities | 27.0% |
| Corporate Bonds & Notes | 5.4% |
| Asset-Backed Securities | 3.5% |
| Non-Agency Mortgage-Backed Securities | 0.3% |
| Short-Term Instruments | 11.1% |
| Affiliated Investments | 42.1% |
| Financial Derivative Instruments | (3.7%) |
| Other Assets and Liabilities, Net | (27.1%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.82% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# I-3: PQTNX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO TRENDS Managed Futures Strategy Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2205TSRAR_033125

# Institutional Class: PQTIX

# PIMCO TRENDS Managed Futures Strategy Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO TRENDS Managed Futures Strategy Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $146 | 1.54% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Positioning across global interest rates, notably in United Kingdom, Canadian, and Hungarian rates, detracted from performance, as rates reversed sharply. 

* Positioning in energy commodities, notably German power and European Union Allowances, detracted from performance, as prices reversed sharply. 

* Long positions across equity indices in Japan and the U.S. detracted from performance, as prices declined, and short positions in Chinese equities also detracted from performance, as prices increased. 

* Short positions in Canadian dollar and developed market European currencies, notably Swiss franc and the euro, against the U.S. dollar contributed to performance, as prices declined. 

* Long positions in coffee contributed to performance, as global coffee prices increased. 

* Short positions in cotton contributed to performance, as cotton prices decreased.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg U.S. Aggregate Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g23367i1f4b4fc0c5c0dcae172d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg U.S. Aggregate Index** | **ICE BofA SOFR Overnight Rate Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup>** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $968694 | $996412 | $1000229 |
| **5/31/15** | $929338 | $994012 | $1000460 |
| **6/30/15** | $931650 | $983174 | $1000689 |
| **7/31/15** | $927996 | $990008 | $1000924 |
| **8/31/15** | $915209 | $988586 | $1001159 |
| **9/30/15** | $945017 | $995273 | $1001394 |
| **10/31/15** | $908670 | $995439 | $1001666 |
| **11/30/15** | $909602 | $992809 | $1001940 |
| **12/31/15** | $886779 | $989601 | $1002212 |
| **1/31/16** | $915727 | $1003219 | $1002719 |
| **2/29/16** | $974588 | $1010335 | $1003226 |
| **3/31/16** | $948535 | $1019605 | $1003732 |
| **4/30/16** | $935991 | $1023519 | $1004260 |
| **5/31/16** | $916692 | $1023781 | $1004788 |
| **6/30/16** | $930201 | $1042177 | $1005317 |
| **7/31/16** | $941781 | $1048765 | $1005845 |
| **8/31/16** | $938886 | $1047566 | $1006374 |
| **9/30/16** | $921517 | $1046952 | $1006904 |
| **10/31/16** | $906078 | $1038944 | $1007607 |
| **11/30/16** | $906078 | $1014369 | $1008310 |
| **12/31/16** | $915727 | $1015800 | $1009013 |
| **1/31/17** | $902218 | $1017793 | $1009853 |
| **2/28/17** | $910903 | $1024634 | $1010693 |
| **3/31/17** | $903183 | $1024097 | $1011533 |
| **4/30/17** | $905113 | $1032000 | $1012501 |
| **5/31/17** | $908973 | $1039943 | $1013468 |
| **6/30/17** | $886779 | $1038896 | $1014436 |
| **7/31/17** | $908973 | $1043367 | $1015532 |
| **8/31/17** | $924412 | $1052726 | $1016629 |
| **9/30/17** | $905514 | $1047712 | $1017727 |
| **10/31/17** | $931635 | $1048319 | $1018858 |
| **11/30/17** | $936472 | $1046973 | $1019989 |
| **12/31/17** | $937439 | $1051778 | $1021122 |
| **1/31/18** | $968397 | $1039665 | $1022563 |
| **2/28/18** | $910351 | $1029809 | $1024006 |
| **3/31/18** | $921960 | $1036414 | $1025451 |
| **4/30/18** | $912286 | $1028705 | $1027418 |
| **5/31/18** | $910351 | $1036047 | $1029389 |
| **6/30/18** | $926078 | $1034773 | $1031364 |
| **7/31/18** | $915422 | $1035019 | $1033370 |
| **8/31/18** | $931890 | $1041679 | $1035380 |
| **9/30/18** | $902337 | $1034971 | $1037394 |
| **10/31/18** | $912040 | $1026792 | $1039457 |
| **11/30/18** | $916891 | $1032921 | $1041524 |
| **12/31/18** | $959604 | $1051898 | $1043595 |
| **1/31/19** | $921725 | $1063068 | $1046033 |
| **2/28/19** | $925610 | $1062452 | $1048476 |
| **3/31/19** | $961364 | $1082853 | $1050925 |
| **4/30/19** | $975001 | $1083130 | $1053203 |
| **5/31/19** | $970131 | $1102358 | $1055486 |
| **6/30/19** | $974258 | $1116201 | $1057774 |
| **7/31/19** | $995799 | $1118657 | $1059827 |
| **8/31/19** | $1026153 | $1147643 | $1061885 |
| **9/30/19** | $982617 | $1141531 | $1063947 |
| **10/31/19** | $969779 | $1144969 | $1065813 |
| **11/30/19** | $971754 | $1144386 | $1067682 |
| **12/31/19** | $987386 | $1143588 | $1069554 |
| **1/31/20** | $972441 | $1165596 | $1071288 |
| **2/29/20** | $995357 | $1186575 | $1073023 |
| **3/31/20** | $1058127 | $1179592 | $1074762 |
| **4/30/20** | $1049160 | $1200561 | $1076061 |
| **5/31/20** | $1046171 | $1206151 | $1077361 |
| **6/30/20** | $1015869 | $1213749 | $1078663 |
| **7/31/20** | $1047393 | $1231878 | $1078940 |
| **8/31/20** | $1037224 | $1221935 | $1079217 |
| **9/30/20** | $1007116 | $1221265 | $1079494 |
| **10/31/20** | $1009178 | $1215812 | $1079692 |
| **11/30/20** | $1026702 | $1227742 | $1079890 |
| **12/31/20** | $1076254 | $1229433 | $1080089 |
| **1/31/21** | $1071024 | $1220618 | $1080317 |
| **2/28/21** | $1088805 | $1202992 | $1080546 |
| **3/31/21** | $1109978 | $1187971 | $1080774 |
| **4/30/21** | $1127763 | $1197356 | $1080957 |
| **5/31/21** | $1156009 | $1201268 | $1081139 |
| **6/30/21** | $1165696 | $1209708 | $1081321 |
| **7/31/21** | $1179373 | $1223233 | $1081454 |
| **8/31/21** | $1200415 | $1220905 | $1081587 |
| **9/30/21** | $1238677 | $1210334 | $1081719 |
| **10/31/21** | $1275668 | $1210000 | $1081838 |
| **11/30/21** | $1214369 | $1213580 | $1081957 |
| **12/31/21** | $1236264 | $1210475 | $1082075 |
| **1/31/22** | $1240553 | $1184396 | $1082277 |
| **2/28/22** | $1278081 | $1171183 | $1082479 |
| **3/31/22** | $1350540 | $1138645 | $1082681 |
| **4/30/22** | $1438055 | $1095436 | $1083588 |
| **5/31/22** | $1420768 | $1102499 | $1084497 |
| **6/30/22** | $1481732 | $1085203 | $1085406 |
| **7/31/22** | $1414878 | $1111719 | $1086882 |
| **8/31/22** | $1425838 | $1080306 | $1089024 |
| **9/30/22** | $1524704 | $1033630 | $1091245 |
| **10/31/22** | $1523593 | $1020242 | $1094093 |
| **11/30/22** | $1386903 | $1057762 | $1097463 |
| **12/31/22** | $1379641 | $1052991 | $1101293 |
| **1/31/23** | $1389478 | $1085385 | $1105379 |
| **2/28/23** | $1388248 | $1057322 | $1109281 |
| **3/31/23** | $1291107 | $1084180 | $1113695 |
| **4/30/23** | $1315700 | $1090751 | $1118173 |
| **5/31/23** | $1364885 | $1078874 | $1123014 |
| **6/30/23** | $1366115 | $1075027 | $1127753 |
| **7/31/23** | $1334144 | $1074277 | $1132705 |
| **8/31/23** | $1282500 | $1067415 | $1137880 |
| **9/30/23** | $1337833 | $1040290 | $1142922 |
| **10/31/23** | $1351359 | $1023873 | $1148156 |
| **11/30/23** | $1273893 | $1070241 | $1153254 |
| **12/31/23** | $1321848 | $1111209 | $1158559 |
| **1/31/24** | $1309552 | $1108157 | $1163888 |
| **2/29/24** | $1346441 | $1092501 | $1168881 |
| **3/31/24** | $1369804 | $1102589 | $1174247 |
| **4/30/24** | $1389478 | $1074739 | $1179460 |
| **5/31/24** | $1350130 | $1092959 | $1184862 |
| **6/30/24** | $1314470 | $1103307 | $1189779 |
| **7/31/24** | $1300944 | $1129077 | $1195621 |
| **8/31/24** | $1257908 | $1145301 | $1201121 |
| **9/30/24** | $1272663 | $1160636 | $1206310 |
| **10/31/24** | $1223478 | $1131854 | $1211352 |
| **11/30/24** | $1250530 | $1143821 | $1216089 |
| **12/31/24** | $1283730 | $1125101 | $1220844 |
| **1/31/25** | $1259137 | $1131070 | $1225398 |
| **2/28/25** | $1229626 | $1155956 | $1229539 |
| **3/31/25** | $1225937 | $1156391 | $1234125 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | (10.50%) | 2.99% | 2.06% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| ICE BofA SOFR Overnight Rate Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup> | 5.10% | 2.66% | -% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;ICE BofA SOFR Overnight Rate Index was first published on October 1, 2019. |
| &nbsp;&nbsp;Footnote<sup>(2)</sup> | &nbsp;&nbsp;Performance shown for the index is ICE BofA SOFR Overnight Rate Index. Prior to July 1, 2022, performance is that of 3 Month USD LIBOR. Prior to July 1, 2022, the 3 Month USD LIBOR was the Fund's primary benchmark. |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $2009333 |
| # of Portfolio Holdings | 1306 |
| Portfolio Turnover Rate | 919% |
| Total Net Advisory Fees Paid During the Reporting Period | $30112 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Government Agencies | 41.4% |
| Commodities | 27.0% |
| Corporate Bonds & Notes | 5.4% |
| Asset-Backed Securities | 3.5% |
| Non-Agency Mortgage-Backed Securities | 0.3% |
| Short-Term Instruments | 11.1% |
| Affiliated Investments | 42.1% |
| Financial Derivative Instruments | (3.7%) |
| Other Assets and Liabilities, Net | (27.1%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.82% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# Institutional Class: PQTIX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO TRENDS Managed Futures Strategy Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2087TSRAR_033125

# I-2: PQTPX

# PIMCO TRENDS Managed Futures Strategy Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g23367i8eb8199dc443e5144b7e.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO TRENDS Managed Futures Strategy Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $155 | 1.64% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Positioning across global interest rates, notably in United Kingdom, Canadian, and Hungarian rates, detracted from performance, as rates reversed sharply. 

* Positioning in energy commodities, notably German power and European Union Allowances, detracted from performance, as prices reversed sharply. 

* Long positions across equity indices in Japan and the U.S. detracted from performance, as prices declined, and short positions in Chinese equities also detracted from performance, as prices increased. 

* Short positions in Canadian dollar and developed market European currencies, notably Swiss franc and the euro, against the U.S. dollar contributed to performance, as prices declined. 

* Long positions in coffee contributed to performance, as global coffee prices increased. 

* Short positions in cotton contributed to performance, as cotton prices decreased.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg U.S. Aggregate Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g23367iefe30f19ee0f904b3de0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **Bloomberg U.S. Aggregate Index** | **ICE BofA SOFR Overnight Rate Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup>** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $967742 | $996412 | $1000229 |
| **5/31/15** | $929211 | $994012 | $1000460 |
| **6/30/15** | $931175 | $983174 | $1000689 |
| **7/31/15** | $926601 | $990008 | $1000924 |
| **8/31/15** | $914710 | $988586 | $1001159 |
| **9/30/15** | $944461 | $995273 | $1001394 |
| **10/31/15** | $908064 | $995439 | $1001666 |
| **11/30/15** | $908997 | $992809 | $1001940 |
| **12/31/15** | $885204 | $989601 | $1002212 |
| **1/31/16** | $915031 | $1003219 | $1002719 |
| **2/29/16** | $973724 | $1010335 | $1003226 |
| **3/31/16** | $946783 | $1019605 | $1003732 |
| **4/30/16** | $934275 | $1023519 | $1004260 |
| **5/31/16** | $914069 | $1023781 | $1004788 |
| **6/30/16** | $927540 | $1042177 | $1005317 |
| **7/31/16** | $939086 | $1048765 | $1005845 |
| **8/31/16** | $936199 | $1047566 | $1006374 |
| **9/30/16** | $918880 | $1046952 | $1006904 |
| **10/31/16** | $902523 | $1038944 | $1007607 |
| **11/30/16** | $902523 | $1014369 | $1008310 |
| **12/31/16** | $913107 | $1015800 | $1009013 |
| **1/31/17** | $898674 | $1017793 | $1009853 |
| **2/28/17** | $907334 | $1024634 | $1010693 |
| **3/31/17** | $900599 | $1024097 | $1011533 |
| **4/30/17** | $901561 | $1032000 | $1012501 |
| **5/31/17** | $905409 | $1039943 | $1013468 |
| **6/30/17** | $883279 | $1038896 | $1014436 |
| **7/31/17** | $905409 | $1043367 | $1015532 |
| **8/31/17** | $920804 | $1052726 | $1016629 |
| **9/30/17** | $901500 | $1047712 | $1017727 |
| **10/31/17** | $928497 | $1048319 | $1018858 |
| **11/30/17** | $933318 | $1046973 | $1019989 |
| **12/31/17** | $933318 | $1051778 | $1021122 |
| **1/31/18** | $964171 | $1039665 | $1022563 |
| **2/28/18** | $906321 | $1029809 | $1024006 |
| **3/31/18** | $916927 | $1036414 | $1025451 |
| **4/30/18** | $908249 | $1028705 | $1027418 |
| **5/31/18** | $906321 | $1036047 | $1029389 |
| **6/30/18** | $921961 | $1034773 | $1031364 |
| **7/31/18** | $911342 | $1035019 | $1033370 |
| **8/31/18** | $926789 | $1041679 | $1035380 |
| **9/30/18** | $898034 | $1034971 | $1037394 |
| **10/31/18** | $906734 | $1026792 | $1039457 |
| **11/30/18** | $912534 | $1032921 | $1041524 |
| **12/31/18** | $954767 | $1051898 | $1043595 |
| **1/31/19** | $917041 | $1063068 | $1046033 |
| **2/28/19** | $920910 | $1062452 | $1048476 |
| **3/31/19** | $956274 | $1082853 | $1050925 |
| **4/30/19** | $969852 | $1083130 | $1053203 |
| **5/31/19** | $964033 | $1102358 | $1055486 |
| **6/30/19** | $968125 | $1116201 | $1057774 |
| **7/31/19** | $990548 | $1118657 | $1059827 |
| **8/31/19** | $1019797 | $1147643 | $1061885 |
| **9/30/19** | $976239 | $1141531 | $1063947 |
| **10/31/19** | $963459 | $1144969 | $1065813 |
| **11/30/19** | $965425 | $1144386 | $1067682 |
| **12/31/19** | $981818 | $1143588 | $1069554 |
| **1/31/20** | $965950 | $1165596 | $1071288 |
| **2/29/20** | $988760 | $1186575 | $1073023 |
| **3/31/20** | $1050248 | $1179592 | $1074762 |
| **4/30/20** | $1042314 | $1200561 | $1076061 |
| **5/31/20** | $1039338 | $1206151 | $1077361 |
| **6/30/20** | $1008024 | $1213749 | $1078663 |
| **7/31/20** | $1040411 | $1231878 | $1078940 |
| **8/31/20** | $1029278 | $1221935 | $1079217 |
| **9/30/20** | $1000099 | $1221265 | $1079494 |
| **10/31/20** | $1001125 | $1215812 | $1079692 |
| **11/30/20** | $1018563 | $1227742 | $1079890 |
| **12/31/20** | $1067846 | $1229433 | $1080089 |
| **1/31/21** | $1062642 | $1220618 | $1080317 |
| **2/28/21** | $1079295 | $1202992 | $1080546 |
| **3/31/21** | $1101159 | $1187971 | $1080774 |
| **4/30/21** | $1118852 | $1197356 | $1080957 |
| **5/31/21** | $1145913 | $1201268 | $1081139 |
| **6/30/21** | $1155358 | $1209708 | $1081321 |
| **7/31/21** | $1168963 | $1223233 | $1081454 |
| **8/31/21** | $1189894 | $1220905 | $1081587 |
| **9/30/21** | $1228749 | $1210334 | $1081719 |
| **10/31/21** | $1264486 | $1210000 | $1081838 |
| **11/30/21** | $1203522 | $1213580 | $1081957 |
| **12/31/21** | $1226218 | $1210475 | $1082075 |
| **1/31/22** | $1228350 | $1184396 | $1082277 |
| **2/28/22** | $1266736 | $1171183 | $1082479 |
| **3/31/22** | $1337553 | $1138645 | $1082681 |
| **4/30/22** | $1425649 | $1095436 | $1083588 |
| **5/31/22** | $1407385 | $1102499 | $1084497 |
| **6/30/22** | $1467892 | $1085203 | $1085406 |
| **7/31/22** | $1401417 | $1111719 | $1086882 |
| **8/31/22** | $1412314 | $1080306 | $1089024 |
| **9/30/22** | $1510269 | $1033630 | $1091245 |
| **10/31/22** | $1509164 | $1020242 | $1094093 |
| **11/30/22** | $1373273 | $1057762 | $1097463 |
| **12/31/22** | $1365475 | $1052991 | $1101293 |
| **1/31/23** | $1375255 | $1085385 | $1105379 |
| **2/28/23** | $1374032 | $1057322 | $1109281 |
| **3/31/23** | $1277459 | $1084180 | $1113695 |
| **4/30/23** | $1301908 | $1090751 | $1118173 |
| **5/31/23** | $1350806 | $1078874 | $1123014 |
| **6/30/23** | $1350806 | $1075027 | $1127753 |
| **7/31/23** | $1320244 | $1074277 | $1132705 |
| **8/31/23** | $1268902 | $1067415 | $1137880 |
| **9/30/23** | $1323912 | $1040290 | $1142922 |
| **10/31/23** | $1337359 | $1023873 | $1148156 |
| **11/30/23** | $1259122 | $1070241 | $1153254 |
| **12/31/23** | $1308020 | $1111209 | $1158559 |
| **1/31/24** | $1295795 | $1108157 | $1163888 |
| **2/29/24** | $1331247 | $1092501 | $1168881 |
| **3/31/24** | $1354473 | $1102589 | $1174247 |
| **4/30/24** | $1372810 | $1074739 | $1179460 |
| **5/31/24** | $1334914 | $1092959 | $1184862 |
| **6/30/24** | $1298240 | $1103307 | $1189779 |
| **7/31/24** | $1286016 | $1129077 | $1195621 |
| **8/31/24** | $1243230 | $1145301 | $1201121 |
| **9/30/24** | $1257900 | $1160636 | $1206310 |
| **10/31/24** | $1209002 | $1131854 | $1211352 |
| **11/30/24** | $1234673 | $1143821 | $1216089 |
| **12/31/24** | $1267679 | $1125101 | $1220844 |
| **1/31/25** | $1244453 | $1131070 | $1225398 |
| **2/28/25** | $1215114 | $1155956 | $1229539 |
| **3/31/25** | $1210224 | $1156391 | $1234125 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | (10.65%) | 2.88% | 1.93% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| ICE BofA SOFR Overnight Rate Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup> | 5.10% | 2.66% | -% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;ICE BofA SOFR Overnight Rate Index was first published on October 1, 2019. |
| &nbsp;&nbsp;Footnote<sup>(2)</sup> | &nbsp;&nbsp;Performance shown for the index is ICE BofA SOFR Overnight Rate Index. Prior to July 1, 2022, performance is that of 3 Month USD LIBOR. Prior to July 1, 2022, the 3 Month USD LIBOR was the Fund's primary benchmark. |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $2009333 |
| # of Portfolio Holdings | 1306 |
| Portfolio Turnover Rate | 919% |
| Total Net Advisory Fees Paid During the Reporting Period | $30112 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Government Agencies | 41.4% |
| Commodities | 27.0% |
| Corporate Bonds & Notes | 5.4% |
| Asset-Backed Securities | 3.5% |
| Non-Agency Mortgage-Backed Securities | 0.3% |
| Short-Term Instruments | 11.1% |
| Affiliated Investments | 42.1% |
| Financial Derivative Instruments | (3.7%) |
| Other Assets and Liabilities, Net | (27.1%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.82% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g23367id2012da90ef70b94dd64.jpg)

# I-2: PQTPX
![Image](g23367i8b33aefc3efdc89dab19.jpg)

# PIMCO TRENDS Managed Futures Strategy Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2089TSRAR_033125

------

**Item 2.** **Code of Ethics.** <br>

As of the end of the period covered by this report, the Registrant has adopted a code of ethics (the "Code") that applies to the Registrant's principal executive officer and principal financial officer. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the principal executive officer or principal financial officer during the period covered by this report.

A copy of the Code is included as an exhibit to this report.

**Item 3.** **Audit Committee Financial Expert.** <br>

The Board of Trustees has determined that Peter B. McCarthy, who serves on the Board's Audit Committee, qualifies as an "audit committee financial expert" as such term is defined in the instructions to this Item 3. The Board has also determined that Mr. McCarthy is "independent" as such term is interpreted under this Item 3.

**Item 4.** **Principal Accountant Fees and Services.** <br>

---

| | | |
|:---|:---|:---|
| (a) | &nbsp;&nbsp; Fiscal Year Ended | &nbsp;&nbsp; Audit Fees |
|  | &nbsp;&nbsp; March 31, 2025 | &nbsp;&nbsp; $6451129 |
|  | &nbsp;&nbsp; March 31, 2024 | &nbsp;&nbsp; $6253215 |

---

---

| | | |
|:---|:---|:---|
| (b) | &nbsp;&nbsp; Fiscal Year Ended | &nbsp;&nbsp; Audit-Related Fees <sup>(1)</sup> |
|  | &nbsp;&nbsp; March 31, 2025 | &nbsp;&nbsp; $— |
|  | &nbsp;&nbsp; March 31, 2024 | &nbsp;&nbsp; $— |

---

---

| | | |
|:---|:---|:---|
| (c) | &nbsp;&nbsp; Fiscal Year Ended | &nbsp;&nbsp; Tax Fees |
|  | &nbsp;&nbsp; March 31, 2025 | &nbsp;&nbsp; $6500 |
|  | &nbsp;&nbsp; March 31, 2024 | &nbsp;&nbsp; $18725 |

---

---

| | | |
|:---|:---|:---|
| (d) | &nbsp;&nbsp; Fiscal Year Ended | &nbsp;&nbsp; All Other Fees <sup>(2)</sup> |
|  | &nbsp;&nbsp; March 31, 2025 | &nbsp;&nbsp; $— |
|  | &nbsp;&nbsp; March 31, 2024 | &nbsp;&nbsp; $— |

---

"Audit Fees" represents aggregate fees billed for each of the last two fiscal years for professional services rendered for the audit of the PIMCO Funds (the "Trust" or "Registrant") annual financial statements or services that are normally provided by the accountant in connection with statutory or regulatory filings or engagements for those fiscal years.

"Audit-Related Fees" represents aggregate fees billed for each of the last two fiscal years for assurance and related services reasonably related to the performance of the audit of the Trust's annual financial statements for those years.

"Tax Fees" represents aggregate fees billed for each of the last two fiscal years for professional services related to tax compliance, tax advice and tax planning, including review of federal and state income tax returns, review of excise tax distribution requirements and preparation of excise tax returns.

"All Other Fees" represents aggregate fees, if any, billed for other products and services rendered by the principal accountant to the Trust for the last two fiscal years.

<sup>(1)</sup> There were no "Audit-Related Fees" for the last two fiscal years.

<sup>(2)</sup> There were no "All Other Fees" for the last two fiscal years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Pre-approval policies and procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Registrant's Audit Committee has adopted pre-approval policies and procedures (the "Procedures") to govern the Audit Committee's pre-approval of (i) all audit services and permissible non-audit services to be provided to the Registrant by its independent accountant, and (ii) all permissible non-audit services to be provided by such independent accountant to the Registrant's investment adviser and to any entity controlling, controlled by, or under

------

common control with the investment adviser that provides ongoing services to the Registrant (collectively, the "Service Affiliates") if the services provided directly relate to the Registrant's operations and financial reporting. In accordance with the Procedures, the Audit Committee is responsible for the engagement of the independent accountant to certify the Registrant's financial statements for each fiscal year. With respect to the pre-approval of non-audit services provided to the Registrant and its Service Affiliates, the Procedures provide that the Audit Committee may annually pre-approve a list of types or categories of non-audit services that may be provided to the Registrant or its Service Affiliates, or the Audit Committee may pre-approve such services on a project-by-project basis as they arise. Unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee if it is to be provided by the independent accountant. The Procedures also permit the Audit Committee to delegate authority to one or more of its members to pre-approve any proposed non-audit services that have not been previously pre-approved by the Audit Committee, subject to the ratification by the full Audit Committee no later than its next scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) With respect to the services described in paragraphs (b) through (d) of this Item 4, no amount was approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) ---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate Non-Audit Fees Billed to Entity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate Non-Audit Fees Billed to Entity |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entity | March 31, 2025 | March 31, 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO Funds | $6500 | $18725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pacific Investment Management Company LLC ("PIMCO")  | 36308462 | 23377521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Totals | $36314962 | $23396246 |

---

(h) The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant's investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant which were not pre-approved (not requiring pre-approval) is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

**Item 5.** **Audit Committee of Listed Registrants.** <br>

The Registrant has a separately-designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The Audit Committee is comprised of:

Michael J. Berchtold

Jennifer Holden Dunbar

Kym M. Hubbard

Gary F. Kennedy

Anne K. Kratky

Steven Lipiner

Peter B. McCarthy (Chair)

Ronald C. Parker

**Item 6.** **Investments.** <br>

The information required by this Item 6 is included as part of the annual Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.** <br>

------

(a) The following is a copy of the report(s) of the Funds' Financial Statements and Financial Highlights.

• Short Duration Strategy Funds

• Real Return Strategy Funds

• TRENDS Managed Futures Strategy Fund

Filed under the initially filed submission on Form N-CSR:

• Asset Allocation Funds

• Tax-Efficient Strategy Funds

• Municipal Value Funds

• International Bond Funds

Filed under the first companion submission on Form N-CSR:

• Equity-Related Strategy Funds

Filed under the second companion submission on Form N-CSR:

• Bond Funds

Filed under the third companion submission on Form N-CSR:

• International Bond Portfolio (U.S. Dollar-Hedged)

• PAPS Portfolio

Filed under the fourth companion submission on Form N-CSR:

• PAPS All Asset Funds

• Income Fund

• Credit Bond Funds

• Total Return Fund

(b) Not applicable to the Registrant.

------

![LOGO](g940956g13e39.jpg)

PIMCO FUNDS

## Annual Financial and Other Information
March 31, 2025

**Short Duration Strategy Funds**

PIMCO Government Money Market Fund

PIMCO Low Duration Fund

PIMCO Low Duration Fund II

PIMCO Low Duration ESG Fund

PIMCO Short Asset Investment Fund

PIMCO Short-Term Fund

------

#### **Table of Contents**

---

| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the Funds](#tx940956_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx940956_2) | 6 |
| &nbsp;&nbsp; [Statements of Assets and Liabilities (N-CSR Item 7)](#tx940956_3) | 14 |
| &nbsp;&nbsp; [Statements of Operations (N-CSR Item 7)](#tx940956_4) | 16 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx940956_5) | 18 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx940956_6) | 75 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx940956_7) | 96 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#tx940956_8) | 103 |
| &nbsp;&nbsp; [Glossary](#tx940956_9) | 104 |
| &nbsp;&nbsp; [Distribution Information](#tx940956_10) | 105 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx940956_11) | 111 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx940956_12) | 112 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx940956_13) | 113 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx940956_14) | 114 |
| Fund | Schedule of<br>Investments<br>(N-CSR Item 6) |
| &nbsp;&nbsp; [PIMCO Government Money Market Fund](#tx940956_15) | 20 |
| &nbsp;&nbsp; [PIMCO Low Duration Fund](#tx940956_16) | 22 |
| &nbsp;&nbsp; [PIMCO Low Duration Fund II](#tx940956_17) | 37 |
| &nbsp;&nbsp; [PIMCO Low Duration ESG Fund](#tx940956_18) | 44 |
| &nbsp;&nbsp; [PIMCO Short Asset Investment Fund](#tx940956_19) | 54 |
| &nbsp;&nbsp; [PIMCO Short-Term Fund](#tx940956_20) | 61 |

---

This material is authorized for use only when preceded or accompanied by the current PIMCO Funds prospectuses. The Shareholder Reports for the other series of the PIMCO Funds are printed separately.

------

Important Information About the Funds

PIMCO Funds (the "Trust") is an open-end management investment company that includes the PIMCO Government Money Market Fund, PIMCO Low Duration Fund, PIMCO Low Duration Fund II, PIMCO Low Duration ESG Fund, PIMCO Short Asset Investment Fund and PIMCO Short-Term Fund (each, a "Fund" and collectively, the "Funds").

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by a Fund are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Fund management will anticipate such movement accurately. The Funds may lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, remain high. In efforts to combat inflation, the U.S. Federal Reserve (the "Fed") raised interest rates multiple times in 2022 and 2023. In September 2024, the Fed lowered interest rates for the first time since March 2020. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Funds may face a heightened level of risk associated with changing interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for certain types of bonds or bonds generally. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets".

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than funds or securities with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets, or negatively impact a Fund's performance or cause a Fund to incur losses. As a result, a Fund may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of a Fund.

The Funds may be subject to various risks as described in each Fund's prospectus and in the Principal and Other Risks in the Notes to Financial Statements.

The PIMCO Government Money Market Fund operates as a "government money market fund" as defined in Rule 2a-7 under the Investment Company Act of 1940, as amended (the "Act"). Government money market funds are permitted to transact fund shares at a NAV calculated using the amortized cost valuation method.

Classifications of the Funds' portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Schedule of Investments sections of this report may differ from the classification used for a Fund's compliance calculations, including those used in a Fund's prospectus, investment objectives, regulatory and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. All Funds are separately monitored for compliance with respect to prospectus and regulatory requirements.

The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that provided material aid to Russia's aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures, including the United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, have had and may continue to have an adverse effect on the Russian, Belarusian and other securities, instruments and economies, which may, in turn, negatively impact a Fund. The extent, duration and impact of Russia's military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, a Fund may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause a Fund to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that a Fund may no longer seek to hold.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The U.S. government has indicated an intent to alter its approach to international trade policy, including in some cases renegotiating, modifying or terminating certain

---

| | |
|:---|:---|
| **2** | **PIMCO SHORT DURATION STRATEGY FUNDS** |

---

------

bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response) could lead to, for example, price volatility, reduced market sentiment, and changes in inflation expectations. These and other geopolitical events may contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of the Funds and their investments.

Certain instruments in which a Fund may invest have historically referenced the London Interbank Offered Rate ("LIBOR") to, among other things, determine payment obligations, financing terms, hedging strategies or investment value. LIBOR was traditionally an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. As of June 30, 2023, LIBOR was determined to be no longer representative but certain settings of LIBOR continued to be published synthetically until September 30, 2024. Publication of all LIBOR settings has since permanently ceased. Alternative reference rates to LIBOR have been established in most major currencies and markets in these new rates are continuing to develop (e.g., the Secured Overnight Financing Rate (SOFR) for USD-LIBOR). While the transition from LIBOR has been substantially completed, there remains residual risks associated with the transition that may impact markets or particular investments and, as such, the full impact of the transition on a Fund or the financial instruments in which a Fund invests cannot yet be fully determined. For example, so-called "tough legacy" contracts have LIBOR interest rate provisions with no fallback provisions contemplating the permanent discontinuation of LIBOR, fallback provisions which may have not effectively resulted in a transition away from LIBOR prior to LIBOR's replacement date or otherwise have inadequate fallback provisions. On March 15, 2022, the Adjustable Interest Rate (LIBOR) Act was signed into law. This law provides a statutory fallback mechanism on a nationwide basis to replace LIBOR with a benchmark rate that is selected by the Board of Governors of the Federal Reserve System based on SOFR for tough legacy contracts governed by U.S. law. On February 27, 2023, the Federal Reserve System's final rule in

connection with this law became effective, establishing benchmark replacements based on SOFR and Term SOFR (a forward-looking measurement of market expectations of SOFR implied from certain derivatives markets) for applicable tough legacy contracts. Certain of a Fund's investments may have involved individual tough legacy contracts which may be subject to the Adjustable Interest Rate (LIBOR) Act or were subject to synthetic LIBOR and no assurances can be given that these measures will have had the intended effects.

U.S. and global markets have experienced increased volatility, including as a result of the failures of certain U.S. and non-U.S. banks in 2023, which could be harmful to the Funds and issuers in which they invest. For example, if a bank at which a Fund or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which a Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Funds invest remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to the Funds and issuers resulting from changes in the banking sector, market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings, including those of U.S. and non-U.S. banks. Continued market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Funds and issuers in which they invest.

The following table discloses the inception dates of each Fund and its respective share classes along with each Fund's diversification status as of period end:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Fund<br>Inception | Institutional<br>Class | Class M | I-2 | I-3 | Administrative<br>Class | Class A | Class C | Class C-2 | Class R | Diversification<br>Status |
|  PIMCO Government Money Market Fund | 01/27/09 | 05/13/16 | 01/27/09 | 05/14/09 |  | 05/13/16 | 05/14/09 | 05/14/09 |  |  | Diversified |
|  PIMCO Low Duration Fund | 05/11/87 | 05/11/87 |  | 04/30/08 | 04/27/18 | 01/03/95 | 01/13/97 | 01/13/97 | 10/21/20 | 12/31/02 | Diversified |
|  PIMCO Low Duration Fund II | 10/31/91 | 10/31/91 |  |  |  | 02/02/98 |  |  |  |  | Diversified |
|  PIMCO Low Duration ESG Fund | 12/31/96 | 12/31/96 |  | 11/19/10 |  |  |  |  |  |  | Diversified |
|  PIMCO Short Asset Investment Fund | 05/31/12 | 05/31/12 | 12/21/15 | 05/31/12 | 04/27/18 | 05/31/12 | 05/31/12 |  |  |  | Diversified |
|  PIMCO Short-Term Fund | 10/07/87 | 10/07/87 |  | 04/30/08 | 04/27/18 | 02/01/96 | 01/20/97 | 01/20/97 |  | 12/31/02 | Diversified |

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>3</sub> |

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------

Important Information About the Funds (Cont.)

An investment in a Fund is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in a Fund.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Fund's prospectus nor a Fund's summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or a Fund creates a contract between or among any shareholder of a Fund, on the one hand, and the Trust, a Fund, a service provider to the Trust or a Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to a Fund or the Trust, and/or amend, file and/or issue any

other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or a Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Funds. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Fund, and information about how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Funds' website at www.pimco.com, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Funds, other than the PIMCO Government Money Market Fund, file portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Funds', other than the PIMCO Government Money Market Fund, complete schedules of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com, and will be made available, upon

request, by calling PIMCO at (888) 87-PIMCO. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in assets will be required to comply with the amendments for reports filed on or after November 17, 2027. The PIMCO Government Money Market Fund files its complete schedule of portfolio holdings on a monthly basis with the SEC on Form N-MFP. The PIMCO Government Money Market Fund's complete schedule of portfolio holdings as of the end of each month will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com.

Paper copies of the Funds' shareholder reports are required to be provided free of charge by the Fund or financial intermediary upon request.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund ("ETF") shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which impact the disclosures provided to shareholders. The rule amendments were effective as of January 2023, and compliance with the rule amendments was required as of July 2024. As such, the Funds have made significant updates to the content of their shareholder reports. In addition, shareholder reports are now mailed to shareholders who have not opted to receive shareholder report documents electronically.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Act, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivative instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

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|:---|:---|
| **4** | **PIMCO SHORT DURATION STRATEGY FUNDS** |

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|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>5</sub> |

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Financial Highlights

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^**:** | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net<br>Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital<br>Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO Government Money Market Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $1.00 | $0.05 | $0.00 | $0.05 | $(0.05) | $0.00 | $0.00 | $(0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05) | 0.00 | 0.00 | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 1.00 | 0.03 | 0.00 | 0.03 | (0.03) | 0.00 | 0.00 | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 1.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 1.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Class M |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05) | 0.00 | 0.00 | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05) | 0.00 | 0.00 | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 1.00 | 0.02 | 0.01 | 0.03 | (0.03) | 0.00 | 0.00 | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 1.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 1.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05) | 0.00 | 0.00 | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05) | 0.00 | 0.00 | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02) | 0.00 | 0.00 | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 1.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 1.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05) | 0.00 | 0.00 | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05) | 0.00 | 0.00 | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 1.00 | 0.02 | 0.01 | 0.03 | (0.03) | 0.00 | 0.00 | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 1.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 1.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05) | 0.00 | 0.00 | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05) | 0.00 | 0.00 | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 1.00 | 0.03 | (0.01) | 0.02 | (0.02) | 0.00 | 0.00 | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 1.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 1.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05) | 0.00 | 0.00 | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05) | 0.00 | 0.00 | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02) | 0.00 | 0.00 | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 1.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 1.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  **PIMCO Low Duration Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $9.16 | $0.40 | $0.14 | $0.54 | $(0.38) | $0.00 | $(0.01) | $(0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.15 | 0.40 | (0.02) | 0.38 | (0.37) | 0.00 | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.50 | 0.24 | (0.33) | (0.09) | (0.26) | 0.00 | 0.00 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.93 | 0.07 | (0.42) | (0.35) | (0.05) | 0.00 | (0.03) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.73 | 0.10 | 0.24 | 0.34 | (0.14) | 0.00 | 0.00 | (0.14) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.16 | 0.39 | 0.14 | 0.53 | (0.37) | 0.00 | (0.01) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.15 | 0.39 | (0.02) | 0.37 | (0.36) | 0.00 | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.50 | 0.20 | (0.30) | (0.10) | (0.25) | 0.00 | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.93 | 0.06 | (0.42) | (0.36) | (0.05) | 0.00 | (0.02) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.73 | 0.09 | 0.24 | 0.33 | (0.13) | 0.00 | 0.00 | (0.13) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.16 | 0.39 | 0.13 | 0.52 | (0.36) | 0.00 | (0.01) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.15 | 0.38 | (0.01) | 0.37 | (0.36) | 0.00 | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.50 | 0.20 | (0.30) | (0.10) | (0.25) | 0.00 | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.93 | 0.06 | (0.42) | (0.36) | (0.05) | 0.00 | (0.02) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.73 | 0.08 | 0.24 | 0.32 | (0.12) | 0.00 | 0.00 | (0.12) |

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| | | |
|:---|:---|:---|
| **6** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| **Net Asset<br>Value<br>End of Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $1.00 | 4.95% | $1370681 | 0.18% | 0.18% | 0.18% | 0.18% | 4.85% | N/A |
| 1.00 | 5.26 | 618619 | 0.18 | 0.18 | 0.18 | 0.18 | 5.16 | N/A |
| 1.00 | 2.59 | 808072 | 0.19 | 0.19 | 0.19 | 0.19 | 2.68 | N/A |
| 1.00 | 0.01 | 468163 | 0.07 | 0.18 | 0.07 | 0.18 | 0.00 | N/A |
| 1.00 | 0.02 | 600787 | 0.14 | 0.18 | 0.14 | 0.18 | 0.00 | N/A |
| 1.00 | 4.95 | 341747 | 0.18 | 0.18 | 0.18 | 0.18 | 4.98 | N/A |
| 1.00 | 5.26 | 452897 | 0.18 | 0.18 | 0.18 | 0.18 | 5.18 | N/A |
| 1.00 | 2.59 | 263410 | 0.19 | 0.19 | 0.19 | 0.19 | 2.45 | N/A |
| 1.00 | 0.01 | 245324 | 0.07 | 0.18 | 0.07 | 0.18 | 0.00 | N/A |
| 1.00 | 0.02 | 319831 | 0.15 | 0.18 | 0.15 | 0.18 | 0.00 | N/A |
| 1.00 | 4.85 | 17751 | 0.28 | 0.28 | 0.28 | 0.28 | 4.75 | N/A |
| 1.00 | 5.15 | 18995 | 0.28 | 0.28 | 0.28 | 0.28 | 5.09 | N/A |
| 1.00 | 2.49 | 14995 | 0.29 | 0.29 | 0.29 | 0.29 | 2.36 | N/A |
| 1.00 | 0.01 | 13610 | 0.07 | 0.28 | 0.07 | 0.28 | 0.00 | N/A |
| 1.00 | 0.02 | 13508 | 0.15 | 0.28 | 0.15 | 0.28 | 0.00 | N/A |
| 1.00 | 4.95 | 84382 | 0.18 | 0.18 | 0.18 | 0.18 | 4.65 | N/A |
| 1.00 | 5.26 | 32276 | 0.18 | 0.18 | 0.18 | 0.18 | 5.02 | N/A |
| 1.00 | 2.59 | 192735 | 0.19 | 0.19 | 0.19 | 0.19 | 2.35 | N/A |
| 1.00 | 0.01 | 72795 | 0.07 | 0.18 | 0.07 | 0.18 | 0.00 | N/A |
| 1.00 | 0.02 | 35062 | 0.15 | 0.18 | 0.15 | 0.18 | 0.00 | N/A |
| 1.00 | 4.80 | 2589956 | 0.33 | 0.33 | 0.33 | 0.33 | 4.63 | N/A |
| 1.00 | 5.10 | 1490557 | 0.33 | 0.33 | 0.33 | 0.33 | 5.05 | N/A |
| 1.00 | 2.44 | 765348 | 0.34 | 0.34 | 0.34 | 0.34 | 2.59 | N/A |
| 1.00 | 0.01 | 470297 | 0.07 | 0.33 | 0.07 | 0.33 | 0.00 | N/A |
| 1.00 | 0.02 | 592346 | 0.15 | 0.33 | 0.15 | 0.33 | 0.00 | N/A |
| 1.00 | 4.80 | 58110 | 0.33 | 0.33 | 0.33 | 0.33 | 4.67 | N/A |
| 1.00 | 5.10 | 61216 | 0.33 | 0.33 | 0.33 | 0.33 | 5.04 | N/A |
| 1.00 | 2.44 | 33380 | 0.34 | 0.34 | 0.34 | 0.34 | 2.45 | N/A |
| 1.00 | 0.01 | 30409 | 0.07 | 0.33 | 0.07 | 0.33 | 0.00 | N/A |
| 1.00 | 0.02 | 109750 | 0.14 | 0.33 | 0.14 | 0.33 | 0.00 | N/A |
| $9.31 | 5.98% | $5424052 | 0.48% | 0.48% | 0.46% | 0.46% | 4.32% | 497% |
| 9.16 | 4.27 | 4619872 | 0.50 | 0.50 | 0.46 | 0.46 | 4.40 | 360 |
| 9.15 | (0.89) | 4937764 | 0.48 | 0.48 | 0.46 | 0.46 | 2.56 | 259 |
| 9.50 | (3.50) | 5661777 | 0.46 | 0.46 | 0.46 | 0.46 | 0.76 | 421 |
| 9.93 | 3.49 | 5058709 | 0.46 | 0.46 | 0.46 | 0.46 | 0.99 | 486 |
| 9.31 | 5.88 | 550513 | 0.58 | 0.58 | 0.56 | 0.56 | 4.23 | 497 |
| 9.16 | 4.17 | 623372 | 0.60 | 0.60 | 0.56 | 0.56 | 4.29 | 360 |
| 9.15 | (0.99) | 710362 | 0.58 | 0.58 | 0.56 | 0.56 | 2.11 | 259 |
| 9.50 | (3.60) | 2160225 | 0.56 | 0.56 | 0.56 | 0.56 | 0.66 | 421 |
| 9.93 | 3.39 | 2030455 | 0.56 | 0.56 | 0.56 | 0.56 | 0.90 | 486 |
| 9.31 | 5.83 | 28176 | 0.63 | 0.68 | 0.61 | 0.66 | 4.19 | 497 |
| 9.16 | 4.12 | 30048 | 0.65 | 0.70 | 0.61 | 0.66 | 4.24 | 360 |
| 9.15 | (1.04) | 34342 | 0.63 | 0.68 | 0.61 | 0.66 | 2.17 | 259 |
| 9.50 | (3.65) | 67416 | 0.61 | 0.66 | 0.61 | 0.66 | 0.61 | 421 |
| 9.93 | 3.34 | 48024 | 0.61 | 0.66 | 0.61 | 0.66 | 0.86 | 486 |

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>7</sub> |

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Financial Highlights (Cont.)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^**:** | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net<br>Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital<br>Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO Low Duration Fund (Cont.)** |  |  |  |  |  |  |  |  |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $9.16 | $0.38 | $0.13 | $0.51 | $(0.35) | $0.00 | $(0.01) | $(0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.15 | 0.37 | (0.01) | 0.36 | (0.35) | 0.00 | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.50 | 0.22 | (0.33) | (0.11) | (0.24) | 0.00 | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.93 | 0.05 | (0.42) | (0.37) | (0.04) | 0.00 | (0.02) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.73 | 0.08 | 0.23 | 0.31 | (0.11) | 0.00 | 0.00 | (0.11) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.16 | 0.37 | 0.14 | 0.51 | (0.35) | 0.00 | (0.01) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.15 | 0.37 | (0.01) | 0.36 | (0.35) | 0.00 | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.50 | 0.21 | (0.32) | (0.11) | (0.24) | 0.00 | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.93 | 0.05 | (0.42) | (0.37) | (0.04) | 0.00 | (0.02) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.73 | 0.07 | 0.24 | 0.31 | (0.11) | 0.00 | 0.00 | (0.11) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.16 | 0.34 | 0.14 | 0.48 | (0.32) | 0.00 | (0.01) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.15 | 0.34 | (0.02) | 0.32 | (0.31) | 0.00 | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.50 | 0.17 | (0.32) | (0.15) | (0.20) | 0.00 | 0.00 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.93 | 0.01 | (0.42) | (0.41) | (0.01) | 0.00 | (0.01) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.73 | 0.04 | 0.23 | 0.27 | (0.07) | 0.00 | 0.00 | (0.07) |
| Class C-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.16 | 0.32 | 0.14 | 0.46 | (0.30) | 0.00 | (0.01) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.15 | 0.32 | (0.01) | 0.31 | (0.30) | 0.00 | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.50 | 0.18 | (0.34) | (0.16) | (0.19) | 0.00 | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.93 | (0.01) | (0.42) | (0.43) | (0.00) | 0.00 | (0.00) | (0.00) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/21/2020 - 03/31/2021 | 9.93 | (0.00) | 0.01 | 0.01 | (0.01) | 0.00 | 0.00 | (0.01) |
| Class R |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.16 | 0.35 | 0.13 | 0.48 | (0.32) | 0.00 | (0.01) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.15 | 0.34 | (0.01) | 0.33 | (0.32) | 0.00 | 0.00 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.50 | 0.17 | (0.31) | (0.14) | (0.21) | 0.00 | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.93 | 0.02 | (0.42) | (0.40) | (0.02) | 0.00 | (0.01) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.73 | 0.04 | 0.24 | 0.28 | (0.08) | 0.00 | 0.00 | (0.08) |
|  **PIMCO Low Duration Fund II** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $9.17 | $0.36 | $0.14 | $0.50 | $(0.36) | $0.00 | $0.00 | $(0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.22 | 0.37 | (0.05) | 0.32 | (0.37) | 0.00 | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.49 | 0.22 | (0.26) | (0.04) | (0.23) | 0.00 | 0.00 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.87 | 0.02 | (0.38) | (0.36) | (0.02) | 0.00 | 0.00 | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.75 | 0.06 | 0.14 | 0.20 | (0.08) | 0.00 | 0.00 | (0.08) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.17 | 0.34 | 0.14 | 0.48 | (0.34) | 0.00 | 0.00 | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.22 | 0.35 | (0.05) | 0.30 | (0.35) | 0.00 | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.49 | 0.20 | (0.26) | (0.06) | (0.21) | 0.00 | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.87 | (0.01) | (0.37) | (0.38) | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.75 | 0.03 | 0.15 | 0.18 | (0.06) | 0.00 | 0.00 | (0.06) |
|  **PIMCO Low Duration ESG Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $8.98 | $0.34 | $0.19 | $0.53 | $(0.32) | $0.00 | $0.00 | $(0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.92 | 0.31 | 0.04 | 0.35 | (0.26) | 0.00 | (0.03) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.24 | 0.19 | (0.26) | (0.07) | (0.25) | 0.00 | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.69 | 0.08 | (0.45) | (0.37) | (0.06) | 0.00 | (0.02) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.51 | 0.08 | 0.20 | 0.28 | (0.10) | 0.00 | 0.00 | (0.10) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.98 | 0.33 | 0.19 | 0.52 | (0.31) | 0.00 | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.92 | 0.31 | 0.03 | 0.34 | (0.25) | 0.00 | (0.03) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.24 | 0.19 | (0.27) | (0.08) | (0.24) | 0.00 | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.69 | 0.07 | (0.45) | (0.38) | (0.05) | 0.00 | (0.02) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.51 | 0.07 | 0.20 | 0.27 | (0.09) | 0.00 | 0.00 | (0.09) |

---

---

| | | |
|:---|:---|:---|
| **8** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| **Net Asset<br>Value<br>End of Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $9.31 | 5.72% | $19489 | 0.73% | 0.73% | 0.71% | 0.71% | 4.07 | 497% |
| 9.16 | 4.01 | 19618 | 0.75 | 0.75 | 0.71 | 0.71 | 4.14 | 360 |
| 9.15 | (1.14) | 26326 | 0.73 | 0.73 | 0.71 | 0.71 | 2.37 | 259 |
| 9.50 | (3.74) | 28891 | 0.71 | 0.71 | 0.71 | 0.71 | 0.50 | 421 |
| 9.93 | 3.23 | 41296 | 0.71 | 0.71 | 0.71 | 0.71 | 0.76 | 486 |
| 9.31 | 5.68 | 514395 | 0.77 | 0.77 | 0.75 | 0.75 | 4.04 | 497 |
| 9.16 | 3.97 | 568065 | 0.79 | 0.79 | 0.75 | 0.75 | 4.11 | 360 |
| 9.15 | (1.18) | 649202 | 0.77 | 0.77 | 0.75 | 0.75 | 2.23 | 259 |
| 9.50 | (3.78) | 858919 | 0.75 | 0.75 | 0.75 | 0.75 | 0.46 | 421 |
| 9.93 | 3.19 | 1080190 | 0.75 | 0.75 | 0.75 | 0.75 | 0.70 | 486 |
| 9.31 | 5.31 | 19556 | 1.12 | 1.12 | 1.10 | 1.10 | 3.69 | 497 |
| 9.16 | 3.61 | 23899 | 1.14 | 1.14 | 1.10 | 1.10 | 3.75 | 360 |
| 9.15 | (1.52) | 34741 | 1.12 | 1.12 | 1.10 | 1.10 | 1.87 | 259 |
| 9.50 | (4.12) | 49234 | 1.10 | 1.10 | 1.10 | 1.10 | 0.10 | 421 |
| 9.93 | 2.83 | 71439 | 1.10 | 1.10 | 1.10 | 1.10 | 0.40 | 486 |
| 9.31 | 5.10 | 1104 | 1.32 | 1.32 | 1.30 | 1.30 | 3.48 | 497 |
| 9.16 | 3.40 | 855 | 1.34 | 1.34 | 1.30 | 1.30 | 3.57 | 360 |
| 9.15 | (1.72) | 736 | 1.32 | 1.32 | 1.30 | 1.30 | 1.91 | 259 |
| 9.50 | (4.31) | 491 | 1.30 | 1.30 | 1.30 | 1.30 | (0.08) | 421 |
| 9.93 | 0.07 | 329 | 1.30 \* | 1.30 \* | 1.30 \* | 1.30 \* | (0.07) | 486 |
| 9.31 | 5.36 | 75797 | 1.07 | 1.07 | 1.05 | 1.05 | 3.74 | 497 |
| 9.16 | 3.66 | 82231 | 1.09 | 1.09 | 1.05 | 1.05 | 3.81 | 360 |
| 9.15 | (1.47) | 89948 | 1.07 | 1.07 | 1.05 | 1.05 | 1.88 | 259 |
| 9.50 | (4.07) | 116879 | 1.05 | 1.05 | 1.05 | 1.05 | 0.17 | 421 |
| 9.93 | 2.88 | 111872 | 1.05 | 1.05 | 1.05 | 1.05 | 0.41 | 486 |
| $9.31 | 5.61% | $263477 | 0.51% | 0.51% | 0.50% | 0.50% | 3.94 | 322% |
| 9.17 | 3.54 | 312375 | 0.52 | 0.52 | 0.50 | 0.50 | 4.12 | 270 |
| 9.22 | (0.37) | 300041 | 0.51 | 0.51 | 0.50 | 0.50 | 2.38 | 353 |
| 9.49 | (3.62) | 338497 | 0.50 | 0.50 | 0.50 | 0.50 | 0.17 | 500 |
| 9.87 | 2.09 | 431289 | 0.50 | 0.50 | 0.50 | 0.50 | 0.56 | 524 |
| 9.31 | 5.35 | 10118 | 0.76 | 0.76 | 0.75 | 0.75 | 3.68 | 322 |
| 9.17 | 3.28 | 9444 | 0.77 | 0.77 | 0.75 | 0.75 | 3.87 | 270 |
| 9.22 | (0.65) | 9171 | 0.76 | 0.76 | 0.75 | 0.75 | 2.15 | 353 |
| 9.49 | (3.82) | 9468 | 0.75 | 0.75 | 0.75 | 0.75 | (0.08) | 500 |
| 9.87 | 1.84 | 10077 | 0.75 | 0.75 | 0.75 | 0.75 | 0.31 | 524 |
| $9.19 | 6.04% | $248914 | 0.52% | 0.52% | 0.50% | 0.50% | 3.76 | 80% |
| 8.98 | 4.01 | 250416 | 0.61 | 0.61 | 0.50 | 0.50 | 3.56 | 245 |
| 8.92 | (0.70) | 298401 | 0.52 | 0.52 | 0.50 | 0.50 | 2.15 | 322 |
| 9.24 | (3.81) | 322801 | 0.50 | 0.50 | 0.50 | 0.50 | 0.84 | 219 |
| 9.69 | 2.92 | 338942 | 0.50 | 0.50 | 0.50 | 0.50 | 0.80 | 387 |
| 9.19 | 5.93 | 61944 | 0.62 | 0.62 | 0.60 | 0.60 | 3.66 | 80 |
| 8.98 | 3.91 | 72819 | 0.71 | 0.71 | 0.60 | 0.60 | 3.46 | 245 |
| 8.92 | (0.80) | 106520 | 0.62 | 0.62 | 0.60 | 0.60 | 2.06 | 322 |
| 9.24 | (3.91) | 118436 | 0.60 | 0.60 | 0.60 | 0.60 | 0.74 | 219 |
| 9.69 | 2.82 | 103531 | 0.60 | 0.60 | 0.60 | 0.60 | 0.74 | 387 |

---

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>9</sub> |

---

------

Financial Highlights (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^**:** | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net<br>Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital<br>Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO Short Asset Investment Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $9.93 | $0.49 | $0.03 | $0.52 | $(0.50) | $0.00 | $0.00 | $(0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.84 | 0.51 | 0.09 | 0.60 | (0.51) | 0.00 | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.88 | 0.24 | (0.02) | 0.22 | (0.26) | 0.00 | 0.00 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.00 | 0.04 | (0.11) | (0.07) | (0.05) | 0.00 | 0.00 | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.76 | 0.07 | 0.24 | 0.31 | (0.07) | 0.00 | 0.00 | (0.07) |
| Class M |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.93 | 0.49 | 0.03 | 0.52 | (0.50) | 0.00 | 0.00 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.84 | 0.51 | 0.09 | 0.60 | (0.51) | 0.00 | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.88 | 0.22 | (0.03) | 0.19 | (0.23) | 0.00 | 0.00 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.00 | 0.04 | (0.11) | (0.07) | (0.05) | 0.00 | 0.00 | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.76 | 0.07 | 0.24 | 0.31 | (0.07) | 0.00 | 0.00 | (0.07) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.93 | 0.48 | 0.03 | 0.51 | (0.49) | 0.00 | 0.00 | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.84 | 0.50 | 0.09 | 0.59 | (0.50) | 0.00 | 0.00 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.88 | 0.24 | (0.03) | 0.21 | (0.25) | 0.00 | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.00 | 0.03 | (0.11) | (0.08) | (0.04) | 0.00 | 0.00 | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.76 | 0.06 | 0.24 | 0.30 | (0.06) | 0.00 | 0.00 | (0.06) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.93 | 0.48 | 0.02 | 0.50 | (0.48) | 0.00 | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.84 | 0.50 | 0.09 | 0.59 | (0.50) | 0.00 | 0.00 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.88 | 0.21 | 0.00 | 0.21 | (0.25) | 0.00 | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.00 | 0.04 | (0.13) | (0.09) | (0.03) | 0.00 | 0.00 | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.76 | 0.04 | 0.26 | 0.30 | (0.06) | 0.00 | 0.00 | (0.06) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.93 | 0.47 | 0.02 | 0.49 | (0.47) | 0.00 | 0.00 | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.84 | 0.48 | 0.09 | 0.57 | (0.48) | 0.00 | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.88 | 0.20 | (0.01) | 0.19 | (0.23) | 0.00 | 0.00 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.00 | 0.02 | (0.12) | (0.10) | (0.02) | 0.00 | 0.00 | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.76 | 0.09 | 0.20 | 0.29 | (0.05) | 0.00 | 0.00 | (0.05) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.93 | 0.46 | 0.02 | 0.48 | (0.46) | 0.00 | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.84 | 0.47 | 0.10 | 0.57 | (0.48) | 0.00 | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.88 | 0.21 | (0.02) | 0.19 | (0.23) | 0.00 | 0.00 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.00 | 0.01 | (0.12) | (0.11) | (0.01) | 0.00 | 0.00 | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.76 | 0.03 | 0.25 | 0.28 | (0.04) | 0.00 | 0.00 | (0.04) |
|  **PIMCO Short-Term Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $9.63 | $0.48 | $0.05 | $0.53 | $(0.44) | $0.00 | $(0.05) | $(0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.46 | 0.48 | 0.16 | 0.64 | (0.44) | 0.00 | (0.03) | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.64 | 0.23 | (0.03) | 0.20 | (0.38) | 0.00 | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.84 | 0.08 | (0.22) | (0.14) | (0.06) | 0.00 | 0.00 | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.49 | 0.11 | 0.38 | 0.49 | (0.14) | 0.00 | 0.00 | (0.14) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.63 | 0.47 | 0.05 | 0.52 | (0.43) | 0.00 | (0.05) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.46 | 0.47 | 0.16 | 0.63 | (0.43) | 0.00 | (0.03) | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.64 | 0.22 | (0.03) | 0.19 | (0.37) | 0.00 | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.84 | 0.07 | (0.22) | (0.15) | (0.05) | 0.00 | 0.00 | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.49 | 0.11 | 0.37 | 0.48 | (0.13) | 0.00 | 0.00 | (0.13) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.63 | 0.47 | 0.05 | 0.52 | (0.43) | 0.00 | (0.05) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.46 | 0.46 | 0.17 | 0.63 | (0.43) | 0.00 | (0.03) | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.64 | 0.24 | (0.06) | 0.18 | (0.36) | 0.00 | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.84 | 0.06 | (0.21) | (0.15) | (0.05) | 0.00 | 0.00 | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.49 | 0.10 | 0.38 | 0.48 | (0.13) | 0.00 | 0.00 | (0.13) |

---

---

| | | |
|:---|:---|:---|
| **10** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| **Net Asset<br>Value<br>End of Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $9.95 | 5.32% | $1685475 | 0.39% | 0.39% | 0.34% | 0.34% | 4.98% | 86% |
| 9.93 | 6.28 | 2163183 | 0.36 | 0.36 | 0.34 | 0.34 | 5.18 | 77 |
| 9.84 | 2.27 | 2476229 | 0.36 | 0.36 | 0.35 | 0.35 | 2.42 | 95 |
| 9.88 | (0.73) | 2772603 | 0.35 | 0.35 | 0.35 | 0.35 | 0.42 | 112 |
| 10.00 | 3.20 | 4275170 | 0.34 | 0.34 | 0.34 | 0.34 | 0.66 | 89 |
| 9.95 | 5.33 | 11 | 0.39 | 0.39 | 0.34 | 0.34 | 4.95 | 86 |
| 9.93 | 6.27 | 11 | 0.36 | 0.36 | 0.34 | 0.34 | 5.18 | 77 |
| 9.84 | 1.98 | 10 | 0.36 | 0.36 | 0.35 | 0.35 | 2.18 | 95 |
| 9.88 | (0.73) | 7718 | 0.35 | 0.35 | 0.35 | 0.35 | 0.44 | 112 |
| 10.00 | 3.20 | 7777 | 0.34 | 0.34 | 0.34 | 0.34 | 0.70 | 89 |
| 9.95 | 5.22 | 228603 | 0.49 | 0.49 | 0.44 | 0.44 | 4.82 | 86 |
| 9.93 | 6.18 | 161856 | 0.46 | 0.46 | 0.44 | 0.44 | 5.08 | 77 |
| 9.84 | 2.16 | 181277 | 0.46 | 0.46 | 0.45 | 0.45 | 2.44 | 95 |
| 9.88 | (0.83) | 224354 | 0.45 | 0.45 | 0.45 | 0.45 | 0.32 | 112 |
| 10.00 | 3.09 | 352285 | 0.44 | 0.44 | 0.44 | 0.44 | 0.61 | 89 |
| 9.95 | 5.17 | 19957 | 0.54 | 0.59 | 0.49 | 0.54 | 4.79 | 86 |
| 9.93 | 6.13 | 15184 | 0.51 | 0.56 | 0.49 | 0.54 | 5.09 | 77 |
| 9.84 | 2.11 | 22656 | 0.51 | 0.56 | 0.50 | 0.55 | 2.13 | 95 |
| 9.88 | (0.88) | 19500 | 0.50 | 0.55 | 0.50 | 0.55 | 0.42 | 112 |
| 10.00 | 3.04 | 1129 | 0.49 | 0.54 | 0.49 | 0.54 | 0.42 | 89 |
| 9.95 | 5.06 | 550 | 0.64 | 0.64 | 0.59 | 0.59 | 4.69 | 86 |
| 9.93 | 5.97 | 474 | 0.61 | 0.61 | 0.59 | 0.59 | 4.92 | 77 |
| 9.84 | 1.99 | 505 | 0.61 | 0.61 | 0.60 | 0.60 | 2.01 | 95 |
| 9.88 | (0.98) | 1492 | 0.60 | 0.60 | 0.60 | 0.60 | 0.17 | 112 |
| 10.00 | 2.94 | 2406 | 0.59 | 0.59 | 0.59 | 0.59 | 0.87 | 89 |
| 9.95 | 4.95 | 101369 | 0.74 | 0.74 | 0.69 | 0.69 | 4.61 | 86 |
| 9.93 | 5.93 | 105584 | 0.69 | 0.71 | 0.67 | 0.69 | 4.82 | 77 |
| 9.84 | 1.94 | 155144 | 0.71 | 0.71 | 0.70 | 0.70 | 2.08 | 95 |
| 9.88 | (1.08) | 240291 | 0.70 | 0.70 | 0.70 | 0.70 | 0.07 | 112 |
| 10.00 | 2.84 | 461899 | 0.69 | 0.69 | 0.69 | 0.69 | 0.34 | 89 |
| $9.67 | 5.65% | $6784844 | 0.49% | 0.49% | 0.45% | 0.45% | 5.02% | 108% |
| 9.63 | 6.93 | 7488965 | 0.48 | 0.48 | 0.45 | 0.45 | 5.01 | 78 |
| 9.46 | 2.09 | 7946218 | 0.47 | 0.47 | 0.45 | 0.45 | 2.42 | 62 |
| 9.64 | (1.41) | 12139504 | 0.45 | 0.45 | 0.45 | 0.45 | 0.78 | 93 |
| 9.84 | 5.21 | 10965709 | 0.47 | 0.47 | 0.45 | 0.45 | 1.14 | 94 |
| 9.67 | 5.55 | 2010990 | 0.59 | 0.59 | 0.55 | 0.55 | 4.92 | 108 |
| 9.63 | 6.82 | 2099340 | 0.58 | 0.58 | 0.55 | 0.55 | 4.91 | 78 |
| 9.46 | 1.99 | 2392831 | 0.57 | 0.57 | 0.55 | 0.55 | 2.34 | 62 |
| 9.64 | (1.51) | 2915639 | 0.55 | 0.55 | 0.55 | 0.55 | 0.67 | 93 |
| 9.84 | 5.10 | 3150987 | 0.57 | 0.57 | 0.55 | 0.55 | 1.07 | 94 |
| 9.67 | 5.51 | 87240 | 0.64 | 0.69 | 0.60 | 0.65 | 4.86 | 108 |
| 9.63 | 6.78 | 63136 | 0.63 | 0.68 | 0.60 | 0.65 | 4.86 | 78 |
| 9.46 | 1.94 | 74739 | 0.62 | 0.67 | 0.60 | 0.65 | 2.50 | 62 |
| 9.64 | (1.56) | 44897 | 0.60 | 0.65 | 0.60 | 0.65 | 0.62 | 93 |
| 9.84 | 5.05 | 50189 | 0.62 | 0.67 | 0.60 | 0.65 | 1.01 | 94 |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>11</sub> |

---

------

Financial Highlights (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^**:** | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net<br>Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital<br>Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO Short-Term Fund (Cont.)** |  |  |  |  |  |  |  |  |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $9.63 | $0.46 | $0.05 | $0.51 | $(0.42) | $0.00 | $(0.05) | $(0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.46 | 0.45 | 0.17 | 0.62 | (0.42) | 0.00 | (0.03) | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.64 | 0.21 | (0.04) | 0.17 | (0.35) | 0.00 | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.84 | 0.05 | (0.21) | (0.16) | (0.04) | 0.00 | 0.00 | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.49 | 0.13 | 0.34 | 0.47 | (0.12) | 0.00 | 0.00 | (0.12) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.63 | 0.46 | 0.05 | 0.51 | (0.42) | 0.00 | (0.05) | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.46 | 0.45 | 0.17 | 0.62 | (0.42) | 0.00 | (0.03) | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.64 | 0.21 | (0.04) | 0.17 | (0.35) | 0.00 | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.84 | 0.05 | (0.21) | (0.16) | (0.04) | 0.00 | 0.00 | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.49 | 0.09 | 0.38 | 0.47 | (0.12) | 0.00 | 0.00 | (0.12) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.63 | 0.43 | 0.05 | 0.48 | (0.39) | 0.00 | (0.05) | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.46 | 0.42 | 0.17 | 0.59 | (0.39) | 0.00 | (0.03) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.64 | 0.18 | (0.04) | 0.14 | (0.32) | 0.00 | 0.00 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.84 | 0.02 | (0.21) | (0.19) | (0.01) | 0.00 | 0.00 | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.49 | 0.06 | 0.38 | 0.44 | (0.09) | 0.00 | 0.00 | (0.09) |
| Class R |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.63 | 0.44 | 0.04 | 0.48 | (0.39) | 0.00 | (0.05) | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.46 | 0.43 | 0.16 | 0.59 | (0.39) | 0.00 | (0.03) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.64 | 0.20 | (0.05) | 0.15 | (0.33) | 0.00 | 0.00 | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.84 | 0.03 | (0.22) | (0.19) | (0.01) | 0.00 | 0.00 | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.49 | 0.07 | 0.37 | 0.44 | (0.09) | 0.00 | 0.00 | (0.09) |

---

---

| | |
|:---|:---|
| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

---

\* Annualized, except for organizational expense, if any.

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year or period. 

<sup>(c)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

<sup>(d)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds. Additionally, excludes initial sales charges and contingent deferred sales charges.

---

| | | |
|:---|:---|:---|
| **12** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| **Net Asset<br>Value<br>End of Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $9.67 | 5.39% | $15515 | 0.74% | 0.74% | 0.70% | 0.70% | 4.78% | 108% |
| 9.63 | 6.66 | 17564 | 0.73 | 0.73 | 0.70 | 0.70 | 4.75 | 78 |
| 9.46 | 1.84 | 21559 | 0.72 | 0.72 | 0.70 | 0.70 | 2.21 | 62 |
| 9.64 | (1.66) | 23672 | 0.70 | 0.70 | 0.70 | 0.70 | 0.52 | 93 |
| 9.84 | 4.94 | 28626 | 0.72 | 0.72 | 0.70 | 0.70 | 1.38 | 94 |
| 9.67 | 5.39 | 736386 | 0.74 | 0.74 | 0.70 | 0.70 | 4.77 | 108 |
| 9.63 | 6.66 | 771094 | 0.73 | 0.73 | 0.70 | 0.70 | 4.75 | 78 |
| 9.46 | 1.84 | 962000 | 0.72 | 0.72 | 0.70 | 0.70 | 2.15 | 62 |
| 9.64 | (1.66) | 1436600 | 0.70 | 0.70 | 0.70 | 0.70 | 0.52 | 93 |
| 9.84 | 4.94 | 1681053 | 0.72 | 0.72 | 0.70 | 0.70 | 0.92 | 94 |
| 9.67 | 5.08 | 56397 | 1.04 | 1.04 | 1.00 | 1.00 | 4.46 | 108 |
| 9.63 | 6.34 | 52946 | 1.03 | 1.03 | 1.00 | 1.00 | 4.45 | 78 |
| 9.46 | 1.53 | 64350 | 1.02 | 1.02 | 1.00 | 1.00 | 1.92 | 62 |
| 9.64 | (1.95) | 76762 | 1.00 | 1.00 | 1.00 | 1.00 | 0.21 | 93 |
| 9.84 | 4.63 | 102373 | 1.02 | 1.02 | 1.00 | 1.00 | 0.66 | 94 |
| 9.67 | 5.13 | 98254 | 0.99 | 0.99 | 0.95 | 0.95 | 4.53 | 108 |
| 9.63 | 6.40 | 121168 | 0.98 | 0.98 | 0.95 | 0.95 | 4.49 | 78 |
| 9.46 | 1.58 | 158601 | 0.97 | 0.97 | 0.95 | 0.95 | 2.06 | 62 |
| 9.64 | (1.90) | 140966 | 0.95 | 0.95 | 0.95 | 0.95 | 0.28 | 93 |
| 9.84 | 4.68 | 110040 | 0.97 | 0.97 | 0.95 | 0.95 | 0.69 | 94 |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>13</sub> |

---

------

Statements of Assets and Liabilities

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | **PIMCO<br>Government<br>Money Market<br>Fund** | **PIMCO<br>Low Duration<br>Fund** | **PIMCO<br>Low Duration<br>Fund II** | **PIMCO<br>Low Duration<br>ESG Fund** | **PIMCO<br>Short Asset<br>Investment<br>Fund** | **PIMCO<br>Short-Term<br>Fund** |
|  **Assets:** |  |  |  |  |  |  |
|  *Investments, at value* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $6555000 | $7795213 | $285573 | $312922 | $2020020 | $12698001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 0 | 903159 | 42457 | 0 | 86612 | 8422 |
|  *Financial Derivative Instruments* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 0 | 886 | 1 | 47 | 27 | 2056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 0 | 15342 | 106 | 306 | 1300 | 20506 |
|  Cash | 2024 | 5 | 0 | 207 | 12375 | 0 |
|  Deposits with counterparty | 0 | 18623 | 2413 | 2818 | 15139 | 79485 |
|  Foreign currency, at value | 0 | 6793 | 0 | 729 | 0 | 7417 |
|  Receivable for investments sold | 0 | 1537 | 29 | 62 | 7837 | 2497452 |
|  Receivable for TBA investments sold | 0 | 4111252 | 113090 | 36216 | 0 | 377797 |
|  Receivable for Fund shares sold | 28486 | 19537 | 106 | 263 | 2120 | 11681 |
|  Interest and/or dividends receivable | 549 | 27518 | 1158 | 1776 | 15124 | 59737 |
|  Dividends receivable from Affiliates | 0 | 3324 | 156 | 0 | 330 | 51 |
|  Reimbursement receivable from PIMCO | 0 | 1 | 0 | 0 | 1 | 3 |
|  **Total Assets** | 6586059 | 12903190 | 445089 | 355346 | 2160885 | 15762608 |
|  **Liabilities:** |  |  |  |  |  |  |
|  *Borrowings & Other Financing Transactions* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $0 | $0 | $0 | $0 | $120223 | $700382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 0 | 521894 | 21404 | 13490 | 0 | 400872 |
|  *Financial Derivative Instruments* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 0 | 2202 | 92 | 109 | 285 | 3940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 0 | 11749 | 79 | 479 | 0 | 19032 |
|  Payable for investments purchased | 2100000 | 905179 | 18804 | 1187 | 0 | 4138487 |
|  Payable for investments in Affiliates purchased | 0 | 3443 | 162 | 0 | 342 | 52 |
|  Payable for TBA investments purchased | 0 | 4794466 | 130417 | 28549 | 0 | 652939 |
|  Deposits from counterparty | 0 | 15624 | 0 | 0 | 1084 | 10038 |
|  Payable for Fund shares redeemed | 21817 | 12031 | 95 | 479 | 2272 | 26226 |
|  Distributions payable | 742 | 922 | 56 | 66 | 105 | 2121 |
|  Overdraft due to custodian | 0 | 0 | 275 | 0 | 0 | 14867 |
|  Accrued investment advisory fees | 368 | 1294 | 54 | 62 | 330 | 2015 |
|  Accrued supervisory and administrative fees | 495 | 1158 | 54 | 67 | 259 | 1799 |
|  Accrued distribution fees | 0 | 24 | 2 | 0 | 0 | 36 |
|  Accrued servicing fees | 0 | 122 | 0 | 0 | 20 | 176 |
|  Accrued reimbursement to PIMCO | 10 | 0 | 0 | 0 | 0 | 0 |
|  **Total Liabilities** | 2123432 | 6270108 | 171494 | 44488 | 124920 | 5972982 |
|  **Commitments and Contingent Liabilities^** |  |  |  |  |  |  |
|  **Net Assets** | $4462627 | $6633082 | $273595 | $310858 | $2035965 | $9789626 |
|  **Net Assets Consist of:** |  |  |  |  |  |  |
|  Paid in capital | $4462708 | $7508596 | $299090 | $334877 | $2106452 | $10232446 |
|  Distributable earnings (accumulated loss) | (81) | (875514) | (25495) | (24019) | (70487) | (442820) |
|  **Net Assets** | $4462627 | $6633082 | $273595 | $310858 | $2035965 | $9789626 |
|  Cost of investments in securities | $6555000 | $7871399 | $289417 | $318045 | $2031345 | $12734418 |
|  Cost of investments in Affiliates | $0 | $901471 | $42068 | $0 | $86625 | $8368 |
|  Cost of foreign currency held | $0 | $6771 | $0 | $724 | $0 | $7692 |
|  Proceeds received on short sales | $0 | $519785 | $21291 | $13420 | $0 | $399713 |
|  Cost or premiums of financial derivative instruments, net | $0 | $(7400) | $518 | $473 | $1522 | $(25523) |
|  \* Includes repurchase agreements of: | $6555000 | $2061300 | $52100 | $23400 | $30800 | $360325 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>^</sup> See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO<br>Government<br>Money Market<br>Fund** | **PIMCO**<br> **Low Duration<br>Fund** | **PIMCO**<br> **Low Duration<br>Fund II** | **PIMCO**<br> **Low Duration<br>ESG Fund** | **PIMCO**<br> **Short Asset<br>Investment<br>Fund** | **PIMCO**<br> **Short-Term<br>Fund** |
|  **Net Assets:** |  |  |  |  |  |  |
|  Institutional Class | $1370681 | $5424052 | $263477 | $248914 | $1685475 | $6784844 |
|  Class M | 341747 | N/A | N/A | N/A | 11 | N/A |
|  I-2 | 17751 | 550513 | N/A | 61944 | 228603 | 2010990 |
|  I-3 | N/A | 28176 | N/A | N/A | 19957 | 87240 |
|  Administrative Class | 84382 | 19489 | 10118 | N/A | 550 | 15515 |
|  Class A | 2589956 | 514395 | N/A | N/A | 101369 | 736386 |
|  Class C | 58110 | 19556 | N/A | N/A | N/A | 56397 |
|  Class C-2 | N/A | 1104 | N/A | N/A | N/A | N/A |
|  Class R | N/A | 75797 | N/A | N/A | N/A | 98254 |
|  **Shares Issued and Outstanding:** |  |  |  |  |  |  |
|  Institutional Class | 1370713 | 582490 | 28298 | 27092 | 169432 | 701534 |
|  Class M | 341750 | N/A | N/A | N/A | 1 | N/A |
|  I-2 | 17751 | 59119 | N/A | 6742 | 22980 | 207940 |
|  I-3 | N/A | 3026 | N/A | N/A | 2006 | 9020 |
|  Administrative Class | 84385 | 2093 | 1087 | N/A | 55 | 1604 |
|  Class A | 2590005 | 55241 | N/A | N/A | 10189 | 76142 |
|  Class C | 58113 | 2100 | N/A | N/A | N/A | 5832 |
|  Class C-2 | N/A | 118 | N/A | N/A | N/A | N/A |
|  Class R | N/A | 8140 | N/A | N/A | N/A | 10160 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |  |  |  |  |  |
|  Institutional Class | $1.00 | $9.31 | $9.31 | $9.19 | $9.95 | $9.67 |
|  Class M | 1.00 | N/A | N/A | N/A | 9.95 | N/A |
|  I-2 | 1.00 | 9.31 | N/A | 9.19 | 9.95 | 9.67 |
|  I-3 | N/A | 9.31 | N/A | N/A | 9.95 | 9.67 |
|  Administrative Class | 1.00 | 9.31 | 9.31 | N/A | 9.95 | 9.67 |
|  Class A | 1.00 | 9.31 | N/A | N/A | 9.95 | 9.67 |
|  Class C | 1.00 | 9.31 | N/A | N/A | N/A | 9.67 |
|  Class C-2 | N/A | 9.31 | N/A | N/A | N/A | N/A |
|  Class R | N/A | 9.31 | N/A | N/A | N/A | 9.67 |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **15** |

---

------

Statements of Operations

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Year Ended March 31, 2025 |  |  |  |  |  |  |
| (Amounts in thousands<sup>†</sup>) | **PIMCO<br>Government<br>Money Market<br>Fund** | **PIMCO**<br> **Low Duration<br>Fund** | **PIMCO**<br> **Low Duration<br>Fund II** | **PIMCO**<br> **Low Duration<br>ESG Fund** | **PIMCO**<br> **Short Asset<br>Investment**<br> **Fund** | **PIMCO**<br> **Short-Term**<br> **Fund** |
|  **Investment Income:** |  |  |  |  |  |  |
|  Interest, net of foreign taxes\* | $175166 | $256616 | $11395 | $13550 | $131757 | $547995 |
|  Dividends | 0 | 23 | 1 | 0 | 0 | 103 |
|  Dividends from Investments in Affiliates | 0 | 28813 | 1660 | 0 | 3178 | 10874 |
|  Miscellaneous income | 0 | 1 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 175166 | 285453 | 13056 | 13550 | 134935 | 558972 |
|  **Expenses:** |  |  |  |  |  |  |
|  Investment advisory fees | 4188 | 14852 | 733 | 792 | 5035 | 25342 |
|  Supervisory and administrative fees | 5216 | 13441 | 733 | 859 | 3820 | 22531 |
|  Distribution and/or servicing fees - Administrative Class | 0 | 52 | 25 | N/A | 1 | 41 |
|  Distribution and/or servicing fees - Class A | 0 | 1357 | N/A | N/A | 250 | 1791 |
|  Distribution and/or servicing fees - Class C | 0 | 119 | N/A | N/A | N/A | 290 |
|  Distribution and/or servicing fees - C-2 | N/A | 8 | N/A | N/A | N/A | N/A |
|  Distribution and/or servicing fees - Class R | N/A | 386 | N/A | N/A | N/A | 547 |
|  Trustee fees | 22 | 40 | 2 | 2 | 18 | 70 |
|  Interest expense | 0 | 1261 | 43 | 74 | 1343 | 4535 |
|  Miscellaneous expense | 178 | 1 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 9604 | 31517 | 1536 | 1727 | 10467 | 55147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (22) | (19) | 0 | 0 | (7) | (38) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 9582 | 31498 | 1536 | 1727 | 10460 | 55109 |
|  **Net Investment Income (Loss)** | 165584 | 253955 | 11520 | 11823 | 124475 | 503863 |
|  **Net Realized Gain (Loss):** |  |  |  |  |  |  |
|  Investments in securities | 64 | (539) | 373 | (833) | 1418 | (12790) |
|  Investments in Affiliates | 0 | 112 | 8 | 0 | 48 | 49 |
|  Exchange-traded or centrally cleared financial derivative instruments | 0 | (14843) | (1041) | 373 | 881 | (15958) |
|  Over the counter financial derivative instruments | 0 | 17565 | 148 | 717 | 0 | 24480 |
|  Short sales | 0 | 0 | 0 | 0 | (859) | (1740) |
|  Foreign currency | 0 | (390) | 0 | (13) | 0 | (2244) |
|  **Net Realized Gain (Loss)** | 64 | 1905 | (512) | 244 | 1488 | (8203) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |  |  |  |  |
|  Investments in securities | 0 | 57424 | 3049 | 5819 | 5599 | 65163 |
|  Investments in Affiliates | 0 | 1643 | 390 | 0 | (13) | 53 |
|  Exchange-traded or centrally cleared financial derivative instruments | 0 | 25852 | 1549 | 801 | (2329) | (1062) |
|  Over the counter financial derivative instruments | 0 | 1496 | 19 | (252) | 297 | (7930) |
|  Short sales | 0 | 0 | 0 | 0 | 0 | (1115) |
|  Foreign currency assets and liabilities | 0 | 362 | 0 | 11 | 0 | 532 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 0 | 86777 | 5007 | 6379 | 3554 | 55641 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $165648 | $342637 | $16015 | $18446 | $129517 | $551301 |
|  \* Foreign tax withholdings | $0 | $0 | $0 | $4 | $0 | $0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

---

------

(THIS PAGE INTENTIONALLY LEFT BLANK)

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **17** |

---

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **Government Money Market Fund** | **PIMCO**<br> **Government Money Market Fund** | **PIMCO**<br> **Low Duration Fund** | **PIMCO**<br> **Low Duration Fund** |
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $165584 | $106751 | $253955 | $262104 |
|  Net realized gain (loss) | 64 | 18 | 1905 | (88351) |
|  Net change in unrealized appreciation (depreciation) | 0 | 0 | 86777 | 72466 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 165648 | 106769 | 342637 | 246219 |
|  **Distributions to Shareholders:** |  |  |  |  |
|  From net investment income and/or net realized capital gains |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (40510) | (32749) | (192616) | (190881) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | (25919) | (13895) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (933) | (928) | (23545) | (24691) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | (1482) | (1176) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (2315) | (1677) | (806) | (942) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (93272) | (55216) | (20863) | (22644) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (2715) | (2302) | (757) | (972) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | (36) | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | (2732) | (2948) |
|  Tax basis return of capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 0 | 0 | (2852) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | 0 | 0 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 0 | 0 | (357) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | (23) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 0 | 0 | (13) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 0 | 0 | (332) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 0 | 0 | (13) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | (1) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | (47) | 0 |
|  **Total Distributions<sup>(a)</sup>** | (165664) | (106767) | (246475) | (244279) |
|  **Fund Share Transactions:** |  |  |  |  |
|  Net increase (decrease) resulting from Fund share transactions**\*** | 1788083 | 596618 | 568960 | (517401) |
|  **Total Increase (Decrease) in Net Assets** | 1788067 | 596620 | 665122 | (515461) |
|  **Net Assets:** |  |  |  |  |
|  Beginning of year | 2674560 | 2077940 | 5967960 | 6483421 |
|  End of year | $4462627 | $2674560 | $6633082 | $5967960 |

---

† A zero balance may reflect actual amounts rounding to less than one thousand.

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO**<br> **Low Duration Fund II** | **PIMCO**<br> **Low Duration Fund II** | **PIMCO**<br> **Low Duration ESG Fund** | **PIMCO**<br> **Low Duration ESG Fund** | **PIMCO**<br> **Short Asset Investment Fund** | **PIMCO**<br> **Short Asset Investment Fund** | **PIMCO**<br> **Short-Term Fund** | **PIMCO**<br> **Short-Term Fund** |
| **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** |
| $11520 | $13438 | $11823 | $12382 | $124475 | $143276 | $503863 | $535371 |
| (512) | (627) | 244 | (4153) | 1488 | (588) | (8203) | (127487) |
| 5007 | (1154) | 6379 | 5104 | 3554 | 28797 | 55641 | 318036 |
| 16015 | 11657 | 18446 | 13333 | 129517 | 171485 | 551301 | 725920 |
| (11210) | (12856) | (8851) | (7769) | (111925) | (128494) | (322658) | (348504) |
| N/A | N/A | N/A | N/A | (1) | (1) | N/A | N/A |
| N/A | N/A | (2341) | (2447) | (8094) | (8894) | (93936) | (101133) |
| N/A | N/A | N/A | N/A | (724) | (862) | (3380) | (3191) |
| (362) | (350) | N/A | N/A | (25) | (23) | (716) | (865) |
| N/A | N/A | N/A | N/A | (4652) | (6047) | (30912) | (36896) |
| N/A | N/A | N/A | N/A | N/A | N/A | (2117) | (2363) |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| N/A | N/A | N/A | N/A | N/A | N/A | (4456) | (5558) |
| 0 | 0 | 0 | (932) | 0 | 0 | (37356) | (20862) |
| N/A | N/A | N/A | N/A | 0 | 0 | N/A | N/A |
| N/A | N/A | 0 | (303) | 0 | 0 | (11135) | (6190) |
| N/A | N/A | N/A | N/A | 0 | 0 | (406) | (197) |
| 0 | 0 | N/A | N/A | 0 | 0 | (88) | (55) |
| N/A | N/A | N/A | N/A | 0 | 0 | (3791) | (2341) |
| N/A | N/A | N/A | N/A | N/A | N/A | (279) | (161) |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| N/A | N/A | N/A | N/A | N/A | N/A | (578) | (375) |
| (11572) | (13206) | (11192) | (11451) | (125421) | (144321) | (511808) | (528691) |
| (52667) | 14156 | (19631) | (83568) | (414423) | (416693) | (864080) | (1203314) |
| (48224) | 12607 | (12377) | (81686) | (410327) | (389529) | (824587) | (1006085) |
| 321819 | 309212 | 323235 | 404921 | 2446292 | 2835821 | 10614213 | 11620298 |
| $273595 | $321819 | $310858 | $323235 | $2035965 | $2446292 | $9789626 | $10614213 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **19** |

---

------

Schedule of Investments PIMCO Government Money Market Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 146.9% | INVESTMENTS IN SECURITIES 146.9% | INVESTMENTS IN SECURITIES 146.9% |
| SHORT-TERM INSTRUMENTS 146.9% | SHORT-TERM INSTRUMENTS 146.9% | SHORT-TERM INSTRUMENTS 146.9% |
| REPURCHASE AGREEMENTS (a) 146.9% | REPURCHASE AGREEMENTS (a) 146.9% | REPURCHASE AGREEMENTS (a) 146.9% |
|  | $— | 6555000 |
| Total Short-Term Instruments<br>(Cost $6,555,000) |  | 6555000 |
| Total Investments in Securities<br>(Cost $6,555,000) |  | 6555000 |
| Total Investments 146.9%<br>(Cost $6,555,000) | $— | 6555000 |
| Other Assets and Liabilities, net (46.9)% |  | (2092373) |
| Net Assets 100.0% | $— | 4462627 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(a) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 4.380% | 04/01/2025 | 04/02/2025 | $750000 | U.S. Treasury Notes<br>2.750% - 4.000% due 04/30/2027 - 12/15/2027 | $(765558) | $750000 | $750000 |
|  | 4.420 | 03/31/2025 | 04/01/2025 | 750000 | U.S. Treasury Notes<br>3.375% - 4.000% due 09/15/2027 - 12/15/2027 | (766101) | 750000 | 750092 |
|  | 4.440 | 03/31/2025 | 04/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | U.S. Treasury Notes<br>0.375% - 2.875% due 07/31/2027 - 05/15/2028 | (1121326) | 1100000 | 1100136 |
| BPS | 4.410 | 04/01/2025 | 04/02/2025 | 500000 | U.S. Treasury Notes<br>0.375% due 07/31/2027 | (510599) | 500000 | 500000 |
|  | 4.450 | 03/31/2025 | 04/01/2025 | 500000 | U.S. Treasury Notes 3.500% due 09/30/2026 | (510188) | 500000 | 500062 |
| BRC | 4.410 | 04/01/2025 | 04/02/2025 | 250000 | U.S. Treasury Inflation Protected Securities<br>0.125% due 10/15/2025 | (254845) | 250000 | 250000 |
|  | 4.450 | 03/31/2025 | 04/01/2025 | 250000 | U.S. Treasury Inflation Protected Securities<br>1.125% due 01/15/2033 | (256102) | 250000 | 250031 |
| FICC STR | 4.360 | 03/31/2025 | 04/01/2025 | 300000 | U.S. Treasury Bonds 4.750% due 12/31/2099 | (122126) | 300000 | 300036 |
|  |  |  |  |  | U.S. Treasury Inflation Protected Securities<br>2.375% due 12/31/2099 | (183874) |  |  |
| JPS | 4.410 | 04/01/2025 | 04/02/2025 | 350000 | U.S. Treasury Bonds 4.750% due 11/15/2043 | (359025) | 350000 | 350000 |
|  | 4.460 | 03/31/2025 | 04/01/2025 | 350000 | U.S. Treasury Notes 4.375% due 07/31/2026 | (357434) | 350000 | 350043 |
| SAL | 4.380 | 03/31/2025 | 04/01/2025 | 123000 | U.S. Treasury Notes 4.375% due 07/31/2026 | (125465) | 123000 | 123015 |
|  | 4.440 | 03/31/2025 | 04/01/2025 | 800000 | U.S. Treasury Notes 4.625% due 06/15/2027 | (816141) | 800000 | 800099 |
| SCX | 4.410 | 04/01/2025 | 04/02/2025 | 250000 | U.S. Treasury Inflation Protected Securities<br>0.625% due 02/15/2043 | (256868) | 250000 | 250000 |
|  | 4.450 | 03/31/2025 | 04/01/2025 | 250000 | U.S. Treasury Notes 3.000% due 07/15/2025 | (255113) | 250000 | 250031 |
| TDM | 4.450 | 03/31/2025 | 04/01/2025 | 32000 | U.S. Treasury Notes 4.000% due 02/15/2034 | (32754) | 32000 | 32004 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6693519) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6555000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6555549 |

---

20 PIMCO SHORT DURATION STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(2)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOS | $2600228 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600228 | $(2652985) | $(52757) |
|  BPS | 1000062 | 0 | 0 | 1000062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1020787) | (20725) |
|  BRC | 500031 | 0 | 0 | 500031 | (510947) | (10916) |
|  FICC STR | 300036 | 0 | 0 | 300036 | (306000) | (5964) |
|  JPS | 700043 | 0 | 0 | 700043 | (716489) | (16446) |
|  SAL | 923114 | 0 | 0 | 923114 | (941606) | (18492) |
|  SCX | 500031 | 0 | 0 | 500031 | (511951) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11920) |
|  TDM | 32004 | 0 | 0 | 32004 | (32754) | (750) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6555549 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>03/31/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6555000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6555000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **21** |

---

------

Schedule of Investments PIMCO Low Duration Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 117.5% | INVESTMENTS IN SECURITIES 117.5% | INVESTMENTS IN SECURITIES 117.5% |
| CORPORATE BONDS & NOTES 12.6% | CORPORATE BONDS & NOTES 12.6% | CORPORATE BONDS & NOTES 12.6% |
| BANKING & FINANCE 8.4% | BANKING & FINANCE 8.4% | BANKING & FINANCE 8.4% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  4.718% due 01/22/2027 | 17900 | 18008 |
|  6.575% due 10/13/2026 •  | 5400 | 5454 |
|  Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC |
|  5.375% due 05/08/2029 | 3900 | 4000 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  3.534% due 02/23/2027 ~ | 8200 | 8917 |
|  5.106% due 07/16/2026 •  | 16500 | 16510 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  3.387% due 09/22/2026 ~ | 11600 | 12588 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  5.450% due 06/12/2025 | 10500 | 10515 |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
|  5.194% due 02/16/2028 | 5150 | 5233 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  5.304% due 08/09/2026 •  | 8000 | 8016 |
|  7.325% due 11/02/2026 •  | 13400 | 13594 |
|  BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. |
|  6.150% due 04/02/2030 (b) | 3200 | 3188 |
|  BPCE SA | BPCE SA | BPCE SA |
|  6.612% due 10/19/2027 •  | 20200 | 20752 |
|  Citibank NA | Citibank NA | Citibank NA |
|  4.876% due 11/19/2027 •  | 6550 | 6583 |
|  4.929% due 08/06/2026 | 12900 | 12988 |
|  5.438% due 04/30/2026 | 14050 | 14203 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  1.004% due 09/24/2026 •  | 10400 | 10218 |
|  4.978% due 08/28/2026 ~ | 6800 | 6826 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  1.907% due 06/16/2026 •  | 17200 | 17096 |
|  Danske Bank AS | Danske Bank AS | Danske Bank AS |
|  1.621% due 09/11/2026 •  | 500 | 493 |
|  5.427% due 03/01/2028 •  | 8000 | 8135 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  5.578% due 11/16/2027 •  | 19000 | 19076 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
|  3.500% due 07/01/2026 | 7000 | 6910 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  5.125% due 11/05/2026 | 2000 | 1988 |
|  5.800% due 03/05/2027 | 6200 | 6229 |
|  5.918% due 03/20/2028 | 2200 | 2211 |
|  General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
|  5.400% due 05/08/2027 | 14700 | 14846 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  5.798% due 08/10/2026 •  | 25300 | 25404 |
|  Hardwood Funding LLC | Hardwood Funding LLC | Hardwood Funding LLC |
|  4.980% due 06/07/2028 «(b)(g) | 1500 | 1506 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  5.929% due 08/14/2027 •  | 3200 | 3242 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  1.470% due 09/22/2027 •  | 2700 | 2583 |
|  5.126% due 09/22/2027 ~ | 19100 | 19175 |
|  5.278% due 04/22/2028 •  | 5000 | 5036 |
|  5.571% due 04/22/2028 •  | 2800 | 2856 |
|  6.070% due 10/22/2027 •  | 8300 | 8497 |
|  Metropolitan Life Global Funding | Metropolitan Life Global Funding | Metropolitan Life Global Funding |
|  0.950% due 07/02/2025 | 11250 | 11149 |
|  4.050% due 08/25/2025 | 18000 | 17968 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  5.541% due 04/17/2026 •  | 4500 | 4501 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  5.376% due 04/13/2028 •  | 7500 | 7563 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
|  4.968% due 07/14/2028 •  | 800 | 807 |
|  5.016% due 01/12/2029 •  | 1600 | 1619 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  5.583% due 03/01/2028 •  | 2800 | 2848 |
|  5.608% due 03/01/2028 ~ | 2400 | 2422 |
|  7.472% due 11/10/2026 •  | 5600 | 5693 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding |
|  4.858% due 07/22/2026 ~ | $| 9000 | 9013 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.821% due 08/03/2026 ~ |  | 4800 | 4802 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  3.244% due 10/05/2026 |  | 3100 | 3030 |
|  3.450% due 06/02/2025 |  | 8250 | 8229 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  6.833% due 11/21/2026 •  |  | 13300 | 13468 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  1.474% due 07/08/2025 |  | 22700 | 22521 |
|  5.464% due 01/13/2026 |  | 12600 | 12692 |
|  Swedbank AB | Swedbank AB | Swedbank AB | Swedbank AB |
|  3.356% due 04/04/2025 |  | 22000 | 21999 |
|  5.337% due 09/20/2027 |  | 20000 | 20326 |
|  Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. |
|  4.550% due 08/07/2026 |  | 4900 | 4917 |
|  UBS Group AG | UBS Group AG | UBS Group AG | UBS Group AG |
|  2.193% due 06/05/2026 •  |  | 4900 | 4877 |
|  4.488% due 05/12/2026 •  |  | 10000 | 9997 |
|  4.550% due 04/17/2026 |  | 2100 | 2101 |
|  4.703% due 08/05/2027 •  |  | 5000 | 5000 |
|  6.327% due 12/22/2027 •  |  | 700 | 719 |
|  6.373% due 07/15/2026 •  |  | 6200 | 6225 |
|  UBS Switzerland AG | UBS Switzerland AG | UBS Switzerland AG | UBS Switzerland AG |
|  3.390% due 12/05/2025 | EUR | 8200 | 8930 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  4.375% due 05/15/2025 | $| 4300 | 4303 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  5.141% due 01/24/2028 ~ |  | 15000 | 15048 |
|  5.707% due 04/22/2028 •  |  | 3400 | 3475 |
|  |  |  | 559118 |
| INDUSTRIALS 2.8% | INDUSTRIALS 2.8% | INDUSTRIALS 2.8% | INDUSTRIALS 2.8% |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  4.800% due 03/15/2027 |  | 16100 | 16264 |
|  Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. |
|  4.250% due 09/11/2029 |  | 14700 | 14446 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.125% due 11/21/2026 |  | 600 | 611 |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  4.750% due 03/21/2028 |  | 11790 | 11820 |
|  5.050% due 08/11/2028 |  | 9996 | 10090 |
|  CommonSpirit Health | CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |
|  1.547% due 10/01/2025 |  | 15500 | 15256 |
|  Continental Resources, Inc. | Continental Resources, Inc. | Continental Resources, Inc. | Continental Resources, Inc. |
|  2.268% due 11/15/2026 |  | 1200 | 1151 |
|  CRH America, Inc. | CRH America, Inc. | CRH America, Inc. | CRH America, Inc. |
|  3.875% due 05/18/2025 |  | 2775 | 2770 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  1.200% due 03/01/2026 |  | 3300 | 3197 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  5.511% due 08/04/2025 ~ |  | 7500 | 7516 |
|  5.848% due 01/08/2027 •  |  | 17300 | 17489 |
|  International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. |
|  4.650% due 02/10/2028 |  | 13300 | 13388 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  4.450% due 03/01/2027 |  | 1100 | 1102 |
|  4.600% due 03/01/2028 |  | 3300 | 3314 |
|  Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC |
|  4.750% due 03/31/2028 (b) |  | 11850 | 11861 |
|  4.900% due 11/15/2027 |  | 3350 | 3367 |
|  National Football League | National Football League | National Football League | National Football League |
|  5.480% due 10/05/2028 «(g) |  | 2400 | 2426 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  5.121% due 08/03/2028 ~ |  | 3400 | 3411 |
|  Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP |
|  1.700% due 06/15/2026 |  | 11100 | 10721 |
|  The Campbell's Co. | The Campbell's Co. | The Campbell's Co. | The Campbell's Co. |
|  5.300% due 03/20/2026 |  | 11300 | 11378 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  5.050% due 03/27/2028 |  | 21745 | 21743 |
|  |  |  | 183321 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| UTILITIES 1.4% | UTILITIES 1.4% | UTILITIES 1.4% |
|  AES Corp. | AES Corp. | AES Corp. |
|  1.375% due 01/15/2026 | 22500 | 21886 |
|  Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC |
|  3.250% due 06/01/2025 | 6300 | 6281 |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
|  1.625% due 07/12/2026 | 3200 | 3082 |
|  4.500% due 06/15/2025 | 19600 | 19573 |
|  Eversource Energy | Eversource Energy | Eversource Energy |
|  0.800% due 08/15/2025 | 2300 | 2266 |
|  FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. |
|  3.900% due 07/15/2027 | 300 | 295 |
|  Georgia Power Co. | Georgia Power Co. | Georgia Power Co. |
|  5.109% due 05/08/2025 ~ | 10100 | 10105 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  5.161% due 02/04/2028 •  | 5750 | 5778 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  4.950% due 06/08/2025 | 14200 | 14189 |
|  5.282% due 09/04/2025 •  | 2800 | 2800 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  3.650% due 03/01/2028 | 700 | 678 |
|  4.700% due 06/01/2027 | 1100 | 1099 |
|  5.350% due 03/01/2026 | 4900 | 4921 |
|  5.650% due 10/01/2028 | 100 | 102 |
|  5.850% due 11/01/2027 | 600 | 615 |
|  Spire, Inc. | Spire, Inc. | Spire, Inc. |
|  5.300% due 03/01/2026 | 1500 | 1509 |
|  |  | 95179 |
|  Total Corporate Bonds & Notes<br>(Cost $836,842) | Total Corporate Bonds & Notes<br>(Cost $836,842) | 837618 |
| U.S. GOVERNMENT AGENCIES 39.6% | U.S. GOVERNMENT AGENCIES 39.6% | U.S. GOVERNMENT AGENCIES 39.6% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  1.000% due 01/25/2043 | 239 | 203 |
|  1.596% due 10/25/2042 •(a) | 8281 | 900 |
|  1.696% due 11/25/2042 •(a) | 7941 | 616 |
|  2.000% due 11/25/2046 | 13188 | 12197 |
|  2.080% due 10/01/2026 | 3780 | 3653 |
|  2.196% due 01/25/2042 •(a) | 850 | 118 |
|  2.500% due 05/25/2028 (a) | 1537 | 41 |
|  2.770% due 04/01/2026 | 2022 | 1988 |
|  3.150% due 03/01/2026 | 11350 | 11206 |
|  3.590% due 12/01/2025 | 11350 | 11260 |
|  4.250% due 05/25/2033 | 95 | 93 |
|  4.407% due 01/01/2028 •  | 1 | 1 |
|  4.526% due 12/25/2036 •  | 175 | 171 |
|  4.586% due 06/25/2034 •  | 40 | 39 |
|  4.640% due 11/25/2050 •  | 976 | 930 |
|  4.704% due 01/25/2037 •  | 3 | 3 |
|  4.737% due 12/25/2042 ~ | 493 | 491 |
|  4.754% due 03/25/2037 •  | 330 | 325 |
|  4.804% due 03/25/2037 - 03/25/2044 •  | 272 | 270 |
|  4.814% due 03/25/2037 •  | 15 | 15 |
|  4.834% due 07/25/2037 •  | 364 | 361 |
|  4.854% due 06/25/2032 - 10/25/2040 •  | 52 | 52 |
|  4.893% due 09/25/2046 •  | 2104 | 2084 |
|  4.904% due 12/25/2040 •  | 7 | 7 |
|  4.924% due 07/25/2037 •  | 449 | 447 |
|  4.954% due 08/25/2037 •  | 16 | 16 |
|  4.955% due 12/01/2036 •  | 2 | 2 |
|  5.124% due 03/25/2038 •  | 16 | 16 |
|  5.129% due 01/25/2051 •  | 1008 | 1009 |
|  5.204% due 03/25/2038 - 01/25/2040 •  | 197 | 197 |
|  5.230% due 03/01/2035 •  | 37 | 37 |
|  5.244% due 03/25/2055 •  | 9250 | 9251 |
|  5.290% due 11/25/2053 •  | 3255 | 3266 |
|  5.304% due 02/25/2040 •  | 117 | 117 |
|  5.390% due 01/25/2055 •  | 3900 | 3908 |
|  5.490% due 03/25/2055 •  | 13399 | 13422 |
|  5.500% due 08/25/2034 | 286 | 287 |
|  5.500% due 03/25/2055 •  | 14578 | 14658 |
|  5.742% due 09/01/2034 •  | 2 | 2 |
|  5.840% due 12/25/2054 •  | 19764 | 19967 |

---

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.886% due 07/01/2042 - 07/01/2044 •  | $— | 93 | $— | 94 |
|  5.936% due 09/01/2041 •  |  | 12 |  | 12 |
|  6.086% due 10/01/2030 - 11/01/2039 •  |  | 70 |  | 71 |
|  6.118% due 03/01/2035 •  |  | 486 |  | 490 |
|  6.375% due 01/01/2035 •  |  | 286 |  | 290 |
|  6.435% due 12/01/2033 •  |  | 31 |  | 31 |
|  6.500% due 07/25/2031 - 09/01/2033 |  | 390 |  | 403 |
|  6.537% due 11/01/2035 •  |  | 6 |  | 6 |
|  6.550% due 03/01/2035 •  |  | 43 |  | 44 |
|  6.567% due 11/01/2034 •  |  | 55 |  | 55 |
|  6.616% due 04/01/2034 •  |  | 103 |  | 105 |
|  6.703% due 07/01/2035 •  |  | 57 |  | 58 |
|  6.897% due 06/01/2035 •  |  | 23 |  | 23 |
|  7.000% due 04/01/2034 |  | 7 |  | 7 |
|  7.142% due 09/01/2032 •  |  | 99 |  | 101 |
|  7.145% due 10/01/2035 •  |  | 188 |  | 193 |
|  7.205% due 09/01/2035 •  |  | 5 |  | 5 |
|  7.220% due 11/01/2027 •  |  | 2 |  | 2 |
|  7.250% due 08/01/2029 •  |  | 29 |  | 29 |
|  7.315% due 05/01/2035 •  |  | 29 |  | 29 |
|  7.375% due 08/01/2035 •  |  | 495 |  | 505 |
|  7.390% due 09/01/2035 •  |  | 114 |  | 116 |
|  7.508% due 06/01/2035 •  |  | 77 |  | 78 |
|  7.511% due 07/01/2035 •  |  | 110 |  | 112 |
|  7.522% due 08/01/2035 •  |  | 85 |  | 87 |
|  Freddie Mac | Freddie Mac | Freddie Mac | Freddie Mac | Freddie Mac |
|  0.650% due 10/27/2025 |  | 62200 |  | 60895 |
|  0.680% due 08/06/2025 |  | 32300 |  | 31890 |
|  0.800% due 10/28/2026 (j) |  | 83100 |  | 79035 |
|  1.250% due 10/15/2027 |  | 5992 |  | 5808 |
|  1.375% due 11/15/2027 |  | 4524 |  | 4389 |
|  1.487% due 08/15/2043 •(a) |  | 15607 |  | 1624 |
|  2.007% due 07/15/2036 •(a) |  | 677 |  | 67 |
|  2.500% due 10/25/2049 |  | 103 |  | 89 |
|  2.539% due 08/15/2044 •  |  | 4157 |  | 4256 |
|  2.687% due 08/15/2036 •(a) |  | 1812 |  | 198 |
|  2.920% due 01/25/2026 |  | 1682 |  | 1659 |
|  3.000% due 01/01/2027 |  | 122 |  | 120 |
|  3.000% due 03/15/2027 - 05/15/2027 (a) |  | 1794 |  | 35 |
|  3.044% due 04/25/2025 ~ |  | 2400 |  | 2392 |
|  3.250% due 10/25/2033 |  | 6611 |  | 6577 |
|  3.500% due 02/01/2047 - 06/01/2047 |  | 6258 |  | 5745 |
|  4.000% due 12/01/2047 |  | 1341 |  | 1267 |
|  4.598% due 08/15/2032 ~ |  | 3 |  | 3 |
|  4.695% due 08/25/2031 •  |  | 267 |  | 284 |
|  4.734% due 09/25/2031 •  |  | 397 |  | 395 |
|  4.793% due 02/15/2037 •  |  | 17 |  | 17 |
|  4.803% due 02/15/2037 •  |  | 25 |  | 25 |
|  4.813% due 07/15/2043 •  |  | 3527 |  | 3477 |
|  4.863% due 05/15/2037 •  |  | 5 |  | 5 |
|  4.913% due 11/15/2030 - 06/15/2042 •  |  | 4246 |  | 4204 |
|  4.983% due 05/15/2036 •  |  | 13 |  | 13 |
|  5.013% due 01/15/2042 •  |  | 10 |  | 10 |
|  5.135% due 02/15/2051 •  |  | 31995 |  | 31627 |
|  5.280% due 11/25/2054 •  |  | 18897 |  | 18922 |
|  5.290% due 02/25/2055 •  |  | 4442 |  | 4455 |
|  5.310% due 08/25/2054 •  |  | 10000 |  | 10038 |
|  5.318% due 01/15/2038 •  |  | 1278 |  | 1285 |
|  5.340% due 02/25/2055 •  |  | 12246 |  | 12306 |
|  5.490% due 03/25/2055 •  |  | 8753 |  | 8799 |
|  5.500% due 07/15/2034 |  | 206 |  | 207 |
|  5.690% due 02/25/2054 ~ |  | 45746 |  | 45984 |
|  6.000% due 12/15/2028 - 07/15/2029 |  | 8 |  | 8 |
|  6.035% due 07/25/2044 •  |  | 859 |  | 827 |
|  6.447% due 04/01/2035 •  |  | 151 |  | 153 |
|  6.488% due 03/01/2035 •  |  | 72 |  | 73 |
|  6.500% due 03/15/2029 - 07/25/2043 |  | 5774 |  | 5963 |
|  7.000% due 01/01/2030 - 04/01/2032 |  | 3 |  | 4 |
|  7.100% due 04/01/2035 •  |  | 132 |  | 133 |
|  7.125% due 10/01/2035 •  |  | 143 |  | 146 |
|  7.183% due 02/01/2037 •  |  | 3 |  | 3 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  7.454% due 07/01/2035 •  | 2 | 2 |
|  7.482% due 07/01/2027 •  | 1 | 1 |
|  7.500% due 07/15/2030 | 16 | 17 |
|  7.500% due 08/01/2035 •  | 174 | 177 |
|  7.835% due 05/01/2037 •  | 7 | 7 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  4.500% due 08/20/2048 | 727 | 708 |
|  4.625% due 08/20/2025 - 07/20/2034 •  | 402 | 403 |
|  4.644% due 09/20/2071 - 09/20/2073 •  | 3822 | 3791 |
|  4.723% due 05/20/2068 •  | 252 | 251 |
|  4.750% due 10/20/2025 - 12/20/2026 •  | 2 | 1 |
|  4.773% due 12/20/2062 •  | 88 | 87 |
|  4.823% due 12/20/2060 •  | 243 | 243 |
|  4.875% due 06/20/2025 - 05/20/2030 •  | 22 | 21 |
|  4.923% due 08/20/2069 ~ | 15322 | 15309 |
|  5.000% due 12/20/2027 - 07/20/2030 •  | 19 | 20 |
|  5.023% due 03/20/2065 - 07/20/2065 •  | 4446 | 4436 |
|  5.073% due 10/20/2064 •  | 5108 | 5101 |
|  5.104% due 11/20/2074 •  | 995 | 996 |
|  5.118% due 02/20/2060 •  | 453 | 454 |
|  5.144% due 04/20/2072 •  | 9535 | 9488 |
|  5.193% due 10/20/2066 •  | 276 | 277 |
|  5.194% due 05/20/2074 •  | 493 | 496 |
|  5.223% due 05/20/2066 •  | 1210 | 1210 |
|  5.244% due 08/20/2073 •  | 4358 | 4398 |
|  5.294% due 09/20/2073 •  | 13444 | 13607 |
|  5.304% due 08/20/2073 •  | 12638 | 12787 |
|  5.306% due 12/20/2066 •  | 4486 | 4502 |
|  5.323% due 04/20/2066 •  | 1781 | 1783 |
|  5.324% due 09/20/2073 •  | 4419 | 4469 |
|  5.444% due 05/20/2073 •  | 3877 | 3905 |
|  5.500% due 11/20/2026 •  | 1 | 1 |
|  5.504% due 11/20/2072 •  | 74121 | 75546 |
|  5.514% due 11/20/2072 •  | 87187 | 88552 |
|  5.651% due 05/20/2041 ~ | 122 | 120 |
|  5.673% due 08/20/2070 •  | 17101 | 17425 |
|  5.844% due 08/20/2071 •  | 8424 | 8602 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  2.500% due 12/01/2032 - 02/01/2035 | 3219 | 3087 |
|  3.000% due 12/01/2026 - 04/01/2052 | 381241 | 332990 |
|  3.500% due 02/01/2047 - 12/01/2047 | 141504 | 128268 |
|  4.000% due 01/01/2046 - 06/01/2053 | 56298 | 53287 |
|  4.500% due 06/01/2025 - 09/01/2053 | 12270 | 11777 |
|  5.000% due 08/01/2025 - 08/01/2054 | 98872 | 97192 |
|  5.500% due 07/01/2053 - 12/01/2053 | 37266 | 37260 |
|  6.000% due 03/01/2032 - 01/01/2053 | 1593 | 1658 |
|  6.500% due 07/01/2034 - 03/01/2038 | 168 | 176 |
|  8.000% due 04/01/2030 - 11/01/2031 | 103 | 108 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.000% due 05/01/2055 | 148840 | 138484 |
|  4.500% due 04/01/2040 | 50 | 50 |
|  5.000% due 05/01/2055 | 426100 | 417283 |
|  5.500% due 05/01/2055 | 5000 | 4989 |
|  6.000% due 05/01/2055 - 06/01/2055 | 638500 | 647641 |
|  Vendee Mortgage Trust | Vendee Mortgage Trust | Vendee Mortgage Trust |
|  6.500% due 05/15/2029 | 1729 | 1757 |
|  Total U.S. Government Agencies<br>(Cost $2,692,279) | Total U.S. Government Agencies<br>(Cost $2,692,279) | 2627184 |
| U.S. TREASURY OBLIGATIONS 17.5% | U.S. TREASURY OBLIGATIONS 17.5% | U.S. TREASURY OBLIGATIONS 17.5% |
|  U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) |
|  0.125% due 04/15/2025 | 163290 | 163450 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  0.125% due 10/15/2025 | 39843 | 39877 |
|  0.375% due 07/15/2025 | 22701 | 22741 |
|  0.625% due 07/15/2032 | 42522 | 39712 |
|  1.125% due 01/15/2033 | 43929 | 42102 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.625% due 05/15/2026 | 590900 | 588361 |
|  3.875% due 01/15/2026 (j) | 149500 | 149263 |
|  4.125% due 06/15/2026 | 50000 | 50080 |
|  4.375% due 11/30/2028 (j)(l) | 31200 | 31690 |
|  4.875% due 04/30/2026 | 36100 | 36413 |
|  Total U.S. Treasury Obligations<br>(Cost $1,162,479) | Total U.S. Treasury Obligations<br>(Cost $1,162,479) | 1163689 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 4.6% | NON-AGENCY MORTGAGE-BACKED SECURITIES 4.6% | NON-AGENCY MORTGAGE-BACKED SECURITIES 4.6% |
|  1211 Avenue of the Americas Trust | 1211 Avenue of the Americas Trust | 1211 Avenue of the Americas Trust |
|  3.901% due 08/10/2035 | 6950 | 6832 |
|  280 Park Avenue Mortgage Trust | 280 Park Avenue Mortgage Trust | 280 Park Avenue Mortgage Trust |
|  5.502% due 09/15/2034 •  | 10200 | 10017 |
|  ABN AMRO Mortgage Corp. | ABN AMRO Mortgage Corp. | ABN AMRO Mortgage Corp. |
|  5.500% due 01/25/2034 | 14 | 14 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  4.975% due 11/25/2035 •  | 204 | 193 |
|  Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust |
|  1.820% due 11/25/2066 •  | 7182 | 6376 |
|  5.338% due 05/27/2069 þ | 914 | 911 |
|  Ashford Hospitality Trust | Ashford Hospitality Trust | Ashford Hospitality Trust |
|  5.392% due 04/15/2035 ~ | 414 | 413 |
|  Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust |
|  5.547% due 12/15/2036 ~ | 8766 | 8618 |
|  BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust |
|  5.484% due 09/15/2038 ~ | 4100 | 3911 |
|  Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust |
|  5.500% due 10/25/2033 | 1642 | 1639 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  5.500% due 09/25/2035 | 160 | 161 |
|  5.697% due 05/25/2035 ~ | 47 | 44 |
|  6.425% due 02/20/2036 •  | 160 | 152 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.125% due 02/25/2035 ~ | 35 | 34 |
|  5.708% due 09/25/2035 ~ | 848 | 750 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  3.250% due 02/25/2033 •  | 30 | 24 |
|  4.913% due 11/25/2030 •  | 4 | 4 |
|  5.125% due 01/25/2035 ~ | 1 | 1 |
|  5.172% due 01/25/2035 •  | 186 | 182 |
|  5.416% due 08/25/2035 •  | 2742 | 2555 |
|  5.472% due 08/25/2035 •  | 406 | 348 |
|  5.954% due 01/25/2034 •  | 4 | 4 |
|  6.188% due 08/25/2033 •  | 20 | 20 |
|  6.574% due 04/25/2033 •  | 105 | 105 |
|  6.750% due 02/25/2033 •  | 2 | 2 |
|  6.815% due 10/25/2036 ~ | 41 | 40 |
|  7.480% due 08/25/2033 •  | 132 | 128 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.333% due 04/25/2035 •  | 731 | 714 |
|  5.043% due 09/25/2035 •  | 879 | 510 |
|  5.564% due 05/25/2035 •  | 14 | 14 |
|  5.564% due 05/25/2035 ~ | 149 | 142 |
|  6.456% due 09/25/2034 ~ | 80 | 78 |
|  Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust |
|  5.116% due 01/26/2036 ~ | 1278 | 914 |
|  Beneria Cowen & Pritzer Collateral Funding Corp. | Beneria Cowen & Pritzer Collateral Funding Corp. | Beneria Cowen & Pritzer Collateral Funding Corp. |
|  5.233% due 06/15/2038 •  | 398 | 360 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.715% due 01/25/2035 ~ | 48 | 47 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  5.469% due 03/25/2036 ~ | 459 | 450 |
|  6.080% due 09/25/2035 •  | 6 | 6 |
|  6.760% due 03/25/2034 •  | 156 | 142 |
|  Colony Mortgage Capital Ltd. | Colony Mortgage Capital Ltd. | Colony Mortgage Capital Ltd. |
|  5.808% due 11/15/2038 ~ | 9670 | 9560 |
|  Commercial Mortgage Trust | Commercial Mortgage Trust | Commercial Mortgage Trust |
|  5.367% due 06/15/2034 ~ | 3400 | 3163 |
|  5.734% due 12/15/2038 •  | 19379 | 19183 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **23** |

---

------

Schedule of Investments PIMCO Low Duration Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.835% due 06/25/2036 •  | 333 | 139 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  6.248% due 02/20/2036 •  | 3628 | 3353 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  5.083% due 03/25/2032 •  | 175 | 168 |
|  Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates | Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates | Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates |
|  7.338% due 10/25/2033 •  | 11 | 11 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  7.199% due 06/01/2050 ~ | 16321 | 16265 |
|  CRSNT Commercial Mortgage Trust | CRSNT Commercial Mortgage Trust | CRSNT Commercial Mortgage Trust |
|  5.254% due 04/15/2036 •  | 25400 | 25034 |
|  DBGS Mortgage Trust | DBGS Mortgage Trust | DBGS Mortgage Trust |
|  5.829% due 10/15/2036 •  | 1220 | 1212 |
|  Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust |
|  4.835% due 06/25/2037 ~ | 5843 | 5107 |
|  DROP Mortgage Trust | DROP Mortgage Trust | DROP Mortgage Trust |
|  5.583% due 10/15/2043 •  | 23100 | 21989 |
|  EMF-NL Prime BV | EMF-NL Prime BV | EMF-NL Prime BV |
|  3.598% due 04/17/2041 •  | 3000 | 3009 |
|  Eurosail PLC | Eurosail PLC | Eurosail PLC |
|  5.529% due 06/13/2045 ~ | 2027 | 2612 |
|  Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust |
|  5.513% due 07/15/2038 ~ | 1386 | 1385 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  5.170% due 09/25/2034 •  | 18 | 18 |
|  5.231% due 09/25/2035 •  | 98 | 86 |
|  Great Hall Mortgages PLC | Great Hall Mortgages PLC | Great Hall Mortgages PLC |
|  4.698% due 06/18/2039 •  | 51 | 51 |
|  GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust |
|  5.390% due 12/15/2036 ~ | 19146 | 19003 |
|  5.616% due 11/15/2032 •  | 4418 | 4399 |
|  5.690% due 12/15/2036 ~ | 259 | 258 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  3.000% due 09/25/2052 •  | 21585 | 18408 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  5.328% due 09/25/2035 ~ | 136 | 130 |
|  6.000% due 03/25/2032 | 14 | 15 |
|  6.119% due 09/25/2035 •  | 12 | 11 |
|  6.623% due 07/25/2035 ~ | 471 | 246 |
|  6.697% due 09/25/2035 •  | 337 | 341 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  5.043% due 07/19/2035 •  | 1268 | 953 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.855% due 05/25/2046 •  | 844 | 765 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.783% due 12/15/2036 ~ | 7000 | 4637 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  0.000% due 04/25/2037 ~ | 104 | 55 |
|  5.487% due 08/25/2035 •  | 780 | 689 |
|  7.191% due 07/25/2035 •  | 10 | 10 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  6.370% due 11/21/2034 •  | 35 | 33 |
|  Morgan Stanley Capital Trust | Morgan Stanley Capital Trust | Morgan Stanley Capital Trust |
|  5.384% due 12/15/2036 ~ | 100 | 86 |
|  5.467% due 11/15/2034 •  | 6195 | 6135 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.518% due 08/25/2034 •  | 41 | 38 |
|  4.695% due 04/25/2035 ~ | 604 | 603 |
|  4.755% due 01/25/2035 •  | 176 | 166 |
|  5.500% due 11/25/2035 | 919 | 850 |
|  MortgageIT Mortgage Loan Trust | MortgageIT Mortgage Loan Trust | MortgageIT Mortgage Loan Trust |
|  5.075% due 02/25/2035 •  | 83 | 84 |
|  Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust |
|  5.534% due 08/15/2038 •  | 5200 | 4993 |
|  New Orleans Hotel Trust | New Orleans Hotel Trust | New Orleans Hotel Trust |
|  5.356% due 04/15/2032 •  | 1400 | 1384 |
|  Newgate Funding PLC | Newgate Funding PLC | Newgate Funding PLC |
|  3.078% due 12/15/2050 •  | 655 | 704 |
|  NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust |
|  5.529% due 11/15/2038 •  | 4700 | 4668 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  OBX Trust | OBX Trust | OBX Trust |
|  3.000% due 01/25/2052 •  | 20029 | 17081 |
|  5.000% due 10/25/2051 •  | 5127 | 4774 |
|  One Market Plaza Trust | One Market Plaza Trust | One Market Plaza Trust |
|  3.614% due 02/10/2032 | 6282 | 5900 |
|  ONE Park Mortgage Trust | ONE Park Mortgage Trust | ONE Park Mortgage Trust |
|  5.133% due 03/15/2036 •  | 2450 | 2416 |
|  Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates |
|  4.995% due 12/25/2035 ~ | 1480 | 1458 |
|  Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust |
|  4.835% due 02/25/2034 •  | 101 | 95 |
|  SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust |
|  5.583% due 05/15/2038 ~ | 3500 | 3452 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  6.527% due 02/25/2034 •  | 9 | 9 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  3.905% due 06/25/2029 ~ | 31 | 30 |
|  4.695% due 03/25/2037 ~ | 37 | 15 |
|  4.995% due 02/25/2036 ~ | 679 | 568 |
|  5.091% due 09/19/2032 ~ | 116 | 112 |
|  Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates |
|  6.554% due 06/25/2033 ~ | 6 | 6 |
|  SunTrust Adjustable Rate Mortgage Loan Trust | SunTrust Adjustable Rate Mortgage Loan Trust | SunTrust Adjustable Rate Mortgage Loan Trust |
|  6.974% due 01/25/2037 ~ | 418 | 263 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.387% due 12/25/2045 ~ | 738 | 668 |
|  7.570% due 10/25/2045 ~ | 626 | 649 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.900% due 10/25/2059 ~ | 1849 | 1765 |
|  5.435% due 05/25/2058 ~ | 2730 | 2799 |
|  TTAN | TTAN | TTAN |
|  5.284% due 03/15/2038 •  | 38 | 38 |
|  UWM Mortgage Trust | UWM Mortgage Trust | UWM Mortgage Trust |
|  5.000% due 12/25/2051 ~ | 17881 | 16705 |
|  VASA Trust | VASA Trust | VASA Trust |
|  5.334% due 07/15/2039 ~ | 5000 | 4860 |
|  Waikiki Beach Hotel Trust | Waikiki Beach Hotel Trust | Waikiki Beach Hotel Trust |
|  5.667% due 12/15/2033 ~ | 10699 | 10675 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  5.015% due 01/25/2036 ~ | 60 | 58 |
|  5.015% due 10/25/2045 •  | 20 | 19 |
|  5.175% due 11/25/2034 ~ | 1117 | 1071 |
|  5.635% due 08/25/2046 •  | 19 | 18 |
|  6.000% due 06/25/2034 | 340 | 348 |
|  6.035% due 06/25/2042 •  | 133 | 124 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  6.725% due 02/25/2033 ~ | 2 | 2 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $316,738) | Total Non-Agency Mortgage-Backed Securities (Cost $316,738) | 304842 |
| ASSET-BACKED SECURITIES 7.4% | ASSET-BACKED SECURITIES 7.4% | ASSET-BACKED SECURITIES 7.4% |
| AUTOMOBILE ABS OTHER 0.1% | AUTOMOBILE ABS OTHER 0.1% | AUTOMOBILE ABS OTHER 0.1% |
|  BMW Vehicle Lease Trust | BMW Vehicle Lease Trust | BMW Vehicle Lease Trust |
|  4.740% due 07/27/2026 ~ | 1577 | 1578 |
|  GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
|  4.739% due 03/16/2027 •  | 7229 | 7230 |
|  |  | 8808 |
| AUTOMOBILE SEQUENTIAL 1.2% | AUTOMOBILE SEQUENTIAL 1.2% | AUTOMOBILE SEQUENTIAL 1.2% |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  5.650% due 05/17/2027 | 2015 | 2022 |
|  Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust |
|  5.660% due 05/26/2027 | 1765 | 1771 |
|  5.680% due 01/25/2029 | 2000 | 2028 |
|  Chesapeake Funding LLC | Chesapeake Funding LLC | Chesapeake Funding LLC |
|  5.520% due 05/15/2036 | 897 | 907 |
|  Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
|  5.840% due 01/18/2028 | 860 | 867 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
|  4.380% due 07/20/2029 | 5891 | 5881 |
|  5.760% due 10/22/2029 | 4991 | 5017 |
|  GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust |
|  4.660% due 02/21/2028 | 11300 | 11359 |
|  Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC |
|  3.730% due 09/25/2026 | 22500 | 22435 |
|  Oscar U.S. Funding LLC | Oscar U.S. Funding LLC | Oscar U.S. Funding LLC |
|  2.820% due 04/10/2029 | 22581 | 22205 |
|  4.630% due 12/10/2027 | 694 | 695 |
|  Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust |
|  7.130% due 01/26/2032 | 281 | 283 |
|  SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust |
|  5.470% due 10/20/2028 | 2100 | 2117 |
|  5.710% due 10/20/2027 | 917 | 920 |
|  |  | 78507 |
| CMBS OTHER 2.5% | CMBS OTHER 2.5% | CMBS OTHER 2.5% |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.799% due 01/15/2037 •  | 3544 | 3549 |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  5.597% due 01/20/2037 •  | 12789 | 12733 |
|  BDS Ltd. | BDS Ltd. | BDS Ltd. |
|  5.781% due 12/16/2036 ~ | 13552 | 13564 |
|  BSPDF Issuer Ltd. | BSPDF Issuer Ltd. | BSPDF Issuer Ltd. |
|  5.634% due 10/15/2036 ~ | 619 | 619 |
|  BSPRT Issuer Ltd. | BSPRT Issuer Ltd. | BSPRT Issuer Ltd. |
|  6.615% due 07/15/2039 •  | 10102 | 10133 |
|  GPMT Ltd. | GPMT Ltd. | GPMT Ltd. |
|  5.784% due 12/15/2036 •  | 13189 | 13105 |
|  5.931% due 07/16/2035 ~ | 7908 | 7863 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.734% due 07/15/2036 •  | 8346 | 8338 |
|  Lument Finance Trust, Inc. | Lument Finance Trust, Inc. | Lument Finance Trust, Inc. |
|  5.604% due 06/15/2039 •  | 8320 | 8326 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  6.467% due 06/19/2037 ~ | 22247 | 22239 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.667% due 02/19/2037 •  | 19173 | 19174 |
|  PFP Ltd. | PFP Ltd. | PFP Ltd. |
|  6.595% due 08/19/2035 •  | 13312 | 13332 |
|  Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC |
|  5.635% due 11/25/2036 •  | 944 | 945 |
|  TPG Real Estate Finance Issuer Ltd. | TPG Real Estate Finance Issuer Ltd. | TPG Real Estate Finance Issuer Ltd. |
|  5.634% due 03/15/2038 •  | 9226 | 9216 |
|  5.969% due 02/15/2039 •  | 22205 | 22138 |
|  |  | 165274 |
| CREDIT CARD BULLET 0.2% | CREDIT CARD BULLET 0.2% | CREDIT CARD BULLET 0.2% |
|  Citibank Credit Card Issuance Trust | Citibank Credit Card Issuance Trust | Citibank Credit Card Issuance Trust |
|  5.038% due 08/07/2027 •  | 12900 | 12923 |
| CREDIT CARD OTHER 0.6% | CREDIT CARD OTHER 0.6% | CREDIT CARD OTHER 0.6% |
|  Capital One Multi-Asset Execution Trust | Capital One Multi-Asset Execution Trust | Capital One Multi-Asset Execution Trust |
|  4.950% due 10/15/2027 | 24000 | 24052 |
|  Synchrony Card Funding LLC | Synchrony Card Funding LLC | Synchrony Card Funding LLC |
|  5.740% due 10/15/2029 | 17600 | 17959 |
|  |  | 42011 |
| FINANCE CONSUMER LOANS 0.0% | FINANCE CONSUMER LOANS 0.0% | FINANCE CONSUMER LOANS 0.0% |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  3.051% due 12/15/2033 •  | 406 | 418 |
| HOME EQUITY OTHER 0.3% | HOME EQUITY OTHER 0.3% | HOME EQUITY OTHER 0.3% |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  4.954% due 06/15/2031 ~ | 4 | 4 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.435% due 11/25/2042 ~ | 116 | 116 |
|  6.235% due 03/25/2043 •  | 814 | 790 |

---

---

| | | |
|:---|:---|:---|
| **24** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Centex Home Equity Loan Trust | Centex Home Equity Loan Trust | Centex Home Equity Loan Trust | Centex Home Equity Loan Trust |
|  5.365% due 09/25/2034 •  | $| 880 | 867 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  5.155% due 07/25/2034 ~ |  | 258 | 264 |
|  5.185% due 03/25/2034 ~ |  | 254 | 260 |
|  EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust |
|  4.915% due 01/25/2034 •  |  | 139 | 136 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.495% due 01/25/2037 •  |  | 166 | 75 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.505% due 12/25/2036 ~ |  | 1288 | 637 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  4.995% due 08/25/2036 ~ |  | 4139 | 4097 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.535% due 10/25/2036 •  |  | 28 | 10 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  4.685% due 05/25/2037 •  |  | 2781 | 2498 |
|  5.140% due 12/25/2034 ~ |  | 335 | 326 |
|  Morgan Stanley IXIS Real Estate Capital Trust | Morgan Stanley IXIS Real Estate Capital Trust | Morgan Stanley IXIS Real Estate Capital Trust | Morgan Stanley IXIS Real Estate Capital Trust |
|  4.485% due 11/25/2036 •  |  | 13 | 4 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  5.155% due 03/25/2035 •  |  | 2002 | 2005 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.755% due 05/25/2036 •  |  | 907 | 896 |
|  RAAC Trust | RAAC Trust | RAAC Trust | RAAC Trust |
|  5.135% due 03/25/2034 ~ |  | 44 | 44 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.135% due 08/25/2032 ~ |  | 40 | 38 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  2.101% due 03/25/2035 •  |  | 196 | 176 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.555% due 12/25/2036 •  |  | 2772 | 597 |
|  4.565% due 05/25/2037 ~ |  | 327 | 249 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.555% due 11/25/2036 ~ |  | 1088 | 299 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  5.140% due 03/25/2034 •  |  | 1517 | 1558 |
|  5.335% due 09/25/2034 ~ |  | 77 | 73 |
|  |  |  | 16019 |
| MANUFACTURING HOUSE SEQUENTIAL 0.0% | MANUFACTURING HOUSE SEQUENTIAL 0.0% | MANUFACTURING HOUSE SEQUENTIAL 0.0% | MANUFACTURING HOUSE SEQUENTIAL 0.0% |
|  Mid-State Trust | Mid-State Trust | Mid-State Trust | Mid-State Trust |
|  4.864% due 07/15/2038 |  | 42 | 42 |
| WHOLE LOAN COLLATERAL 0.0% | WHOLE LOAN COLLATERAL 0.0% | WHOLE LOAN COLLATERAL 0.0% | WHOLE LOAN COLLATERAL 0.0% |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  5.260% due 05/25/2034 •  |  | 722 | 713 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  3.794% due 11/25/2034 ~ |  | 907 | 863 |
|  |  |  | 1576 |
| OTHER ABS 2.5% | OTHER ABS 2.5% | OTHER ABS 2.5% | OTHER ABS 2.5% |
|  ACAS CLO Ltd. | ACAS CLO Ltd. | ACAS CLO Ltd. | ACAS CLO Ltd. |
|  5.445% due 10/18/2028 ~ |  | 31 | 31 |
|  AGL CLO Ltd. | AGL CLO Ltd. | AGL CLO Ltd. | AGL CLO Ltd. |
|  5.419% due 12/02/2034 •  |  | 1000 | 1000 |
|  American Money Management Corp. CLO Ltd. | American Money Management Corp. CLO Ltd. | American Money Management Corp. CLO Ltd. | American Money Management Corp. CLO Ltd. |
|  5.493% due 01/20/2035 •  |  | 1300 | 1296 |
|  Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. |
|  5.343% due 10/20/2034 •  |  | 1100 | 1094 |
|  Apidos CLO | Apidos CLO | Apidos CLO | Apidos CLO |
|  5.543% due 04/17/2034 •(b) |  | 1000 | 1000 |
|  5.565% due 04/20/2031 ~ |  | 1249 | 1249 |
|  Ares CLO Ltd. | Ares CLO Ltd. | Ares CLO Ltd. | Ares CLO Ltd. |
|  5.450% due 10/28/2034 •  |  | 3900 | 3888 |
|  Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. |
|  5.396% due 01/18/2035 •  |  | 1800 | 1800 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.285% due 04/23/2035 •  |  | 2100 | 2100 |
|  Black Diamond CLO DAC | Black Diamond CLO DAC | Black Diamond CLO DAC | Black Diamond CLO DAC |
|  3.604% due 01/20/2032 •  | EUR | 672 | 727 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC |
|  3.385% due 04/15/2031 •  | 300 | 324 |
|  Canyon Capital CLO Ltd. | Canyon Capital CLO Ltd. | Canyon Capital CLO Ltd. |
|  5.319% due 10/15/2034 •  | 1000 | 994 |
|  Carlyle Euro CLO DAC | Carlyle Euro CLO DAC | Carlyle Euro CLO DAC |
|  3.446% due 08/15/2032 •  | 8569 | 9269 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  5.383% due 07/20/2034 ~ | 2800 | 2790 |
|  Carlyle Global Market Strategies Euro CLO DAC | Carlyle Global Market Strategies Euro CLO DAC | Carlyle Global Market Strategies Euro CLO DAC |
|  3.306% (EUR003M + 0.750%) due 11/15/2031 ~ | 154 | 167 |
|  Catamaran CLO Ltd. | Catamaran CLO Ltd. | Catamaran CLO Ltd. |
|  5.652% due 04/22/2030 •  | 1211 | 1212 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.508% due 10/24/2030 ~ | 8446 | 8455 |
|  5.704% due 01/15/2035 •  | 8200 | 8216 |
|  Dryden Senior Loan Fund | Dryden Senior Loan Fund | Dryden Senior Loan Fund |
|  5.362% due 08/20/2034 •  | 1100 | 1100 |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  5.430% due 07/25/2034 ~ | 3300 | 3280 |
|  Flatiron CLO Ltd. | Flatiron CLO Ltd. | Flatiron CLO Ltd. |
|  5.476% due 11/16/2034 •(b) | 1000 | 1000 |
|  Guggenheim CLO Ltd. | Guggenheim CLO Ltd. | Guggenheim CLO Ltd. |
|  5.473% due 01/15/2035 •  | 1000 | 1000 |
|  ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. |
|  5.443% due 10/20/2034 •  | 3100 | 3093 |
|  Jamestown CLO Ltd. | Jamestown CLO Ltd. | Jamestown CLO Ltd. |
|  5.420% due 07/25/2034 •  | 1200 | 1196 |
|  LCM Ltd. | LCM Ltd. | LCM Ltd. |
|  5.393% due 07/20/2030 ~ | 2404 | 2405 |
|  5.400% due 10/15/2034 •  | 1000 | 997 |
|  Madison Park Euro Funding DAC | Madison Park Euro Funding DAC | Madison Park Euro Funding DAC |
|  3.585% due 07/15/2032 •  | 4989 | 5412 |
|  Madison Park Funding Ltd. | Madison Park Funding Ltd. | Madison Park Funding Ltd. |
|  5.324% due 10/15/2034 •  | 2100 | 2089 |
|  5.361% due 10/19/2034 •  | 1000 | 996 |
|  5.532% due 07/27/2031 ~ | 3609 | 3617 |
|  Magnetite Ltd. | Magnetite Ltd. | Magnetite Ltd. |
|  5.652% due 04/15/2035 •  | 2500 | 2502 |
|  Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority |
|  5.768% due 04/25/2038 ~ | 570 | 570 |
|  Mountain View CLO LLC | Mountain View CLO LLC | Mountain View CLO LLC |
|  5.609% due 01/16/2031 •  | 508 | 508 |
|  Neuberger Berman Loan Advisers CLO Ltd. | Neuberger Berman Loan Advisers CLO Ltd. | Neuberger Berman Loan Advisers CLO Ltd. |
|  5.370% due 10/14/2036 •  | 1700 | 1700 |
|  Ocean Trails CLO | Ocean Trails CLO | Ocean Trails CLO |
|  5.340% due 07/20/2034 •  | 3400 | 3385 |
|  OCP Euro CLO DAC | OCP Euro CLO DAC | OCP Euro CLO DAC |
|  3.584% due 09/22/2034 •  | 2771 | 2995 |
|  Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. |
|  5.343% due 01/20/2035 •  | 1700 | 1698 |
|  Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust |
|  5.065% due 03/15/2032 | 325 | 326 |
|  6.660% due 07/15/2031 | 112 | 114 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  1.000% due 10/15/2034 •(b) | 1100 | 1183 |
|  3.339% due 08/15/2033 «•(b) | 1000 | 1081 |
|  Parallel Ltd. | Parallel Ltd. | Parallel Ltd. |
|  5.426% due 07/15/2034 •  | 1200 | 1196 |
|  Saranac CLO Ltd. | Saranac CLO Ltd. | Saranac CLO Ltd. |
|  6.454% due 06/22/2030 ~ | 74 | 74 |
|  Sculptor CLO Ltd. | Sculptor CLO Ltd. | Sculptor CLO Ltd. |
|  5.362% due 07/20/2034 •  | 800 | 797 |
|  Silver Rock CLO Ltd. | Silver Rock CLO Ltd. | Silver Rock CLO Ltd. |
|  5.348% due 01/20/2035 •  | 1200 | 1200 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  3.940% due 02/16/2055 | 12446 | 12060 |
|  5.380% due 07/15/2053 | 2292 | 2332 |
|  5.670% due 11/15/2052 | 9540 | 9690 |
|  5.799% due 02/16/2055 ~ | 12446 | 12618 |
|  Sound Point CLO Ltd. | Sound Point CLO Ltd. | Sound Point CLO Ltd. |
|  5.542% due 07/25/2030 •  | 2097 | 2096 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Trinitas CLO Ltd. | Trinitas CLO Ltd. | Trinitas CLO Ltd. |
|  5.359% due 07/20/2035 •  | 2000 | 1988 |
|  Trysail CLO Ltd. | Trysail CLO Ltd. | Trysail CLO Ltd. |
|  5.532% due 10/20/2033 ~ | 1000 | 998 |
|  Turkeys First National Bank | Turkeys First National Bank | Turkeys First National Bank |
|  4.039% due 01/20/2037 •  | 4900 | 5304 |
|  Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. |
|  5.605% due 07/20/2030 •  | 3092 | 3091 |
|  5.685% due 04/20/2032 •  | 18485 | 18487 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.355% due 04/20/2034 •  | 2300 | 2300 |
|  |  | 162090 |
|  Total Asset-Backed Securities (Cost $491,502) | Total Asset-Backed Securities (Cost $491,502) | 487668 |
| SOVEREIGN ISSUES 2.3% | SOVEREIGN ISSUES 2.3% | SOVEREIGN ISSUES 2.3% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 10/01/2025 (d) | 705600 | 115384 |
|  Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA |
|  5.875% due 04/30/2029 | 11300 | 11746 |
|  Israel Government International Bond | Israel Government International Bond | Israel Government International Bond |
|  5.375% due 02/19/2030 | 6300 | 6351 |
|  Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond |
|  5.125% due 01/13/2028 | 16100 | 16303 |
|  Total Sovereign Issues (Cost $147,113) | Total Sovereign Issues (Cost $147,113) | 149784 |
| SHORT-TERM INSTRUMENTS 33.5% | SHORT-TERM INSTRUMENTS 33.5% | SHORT-TERM INSTRUMENTS 33.5% |
| COMMERCIAL PAPER 2.4% | COMMERCIAL PAPER 2.4% | COMMERCIAL PAPER 2.4% |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  4.640% due 04/15/2025 | 350 | 349 |
|  4.640% due 04/17/2025 | 3050 | 3043 |
|  Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. |
|  4.550% due 04/14/2025 | 800 | 799 |
|  4.570% due 04/10/2025 | 2550 | 2547 |
|  4.630% due 04/15/2025 | 2050 | 2046 |
|  4.640% due 04/09/2025 | 7800 | 7791 |
|  Aon Corp. | Aon Corp. | Aon Corp. |
|  4.550% due 04/10/2025 | 1500 | 1498 |
|  4.560% due 04/21/2025 | 650 | 648 |
|  Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. |
|  4.550% due 04/07/2025 | 1250 | 1249 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  4.550% due 04/24/2025 | 2950 | 2941 |
|  4.560% due 04/03/2025 | 1050 | 1050 |
|  4.560% due 04/08/2025 | 1800 | 1798 |
|  4.560% due 04/10/2025 | 1450 | 1448 |
|  4.560% due 05/08/2025 | 1800 | 1791 |
|  4.560% due 05/13/2025 | 1500 | 1492 |
|  4.560% due 06/06/2025 | 450 | 446 |
|  4.570% due 04/24/2025 | 1100 | 1097 |
|  Campbell Soup co. | Campbell Soup co. | Campbell Soup co. |
|  4.520% due 04/17/2025 | 1200 | 1197 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  4.850% due 04/28/2025 (b) | 9300 | 9269 |
|  4.900% due 04/25/2025 (b) | 850 | 847 |
|  4.950% due 04/25/2025 | 6000 | 5980 |
|  CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
|  4.620% due 04/03/2025 | 1500 | 1499 |
|  4.720% due 04/17/2025 | 1550 | 1547 |
|  4.720% due 04/23/2025 | 550 | 548 |
|  Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
|  4.750% due 04/02/2025 | 1750 | 1750 |
|  4.800% due 04/04/2025 | 550 | 550 |
|  4.900% due 04/15/2025 | 1800 | 1796 |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
|  4.700% due 04/01/2025 | 1000 | 1000 |
|  4.700% due 04/04/2025 | 1500 | 1499 |
|  4.700% due 04/11/2025 | 2200 | 2197 |
|  4.710% due 04/07/2025 | 1300 | 1299 |
|  4.800% due 04/11/2025 | 300 | 300 |
|  4.800% due 04/21/2025 | 2350 | 2343 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **25** |

---

------

Schedule of Investments PIMCO Low Duration Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.800% due 04/08/2025 | 250 | 250 |
|  4.830% due 04/15/2025 | 650 | 649 |
|  4.850% due 04/17/2025 | 4300 | 4290 |
|  4.880% due 04/08/2025 | 250 | 250 |
|  4.910% due 04/29/2025 | 3200 | 3187 |
|  4.910% due 05/06/2025 (b) | 600 | 597 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
|  4.550% due 04/14/2025 | 850 | 848 |
|  Enbridge U.S., Inc. | Enbridge U.S., Inc. | Enbridge U.S., Inc. |
|  4.550% due 04/14/2025 | 1050 | 1048 |
|  4.560% due 04/04/2025 | 350 | 350 |
|  4.560% due 04/07/2025 | 5700 | 5695 |
|  4.640% due 04/25/2025 | 1400 | 1396 |
|  Equifax, Inc. | Equifax, Inc. | Equifax, Inc. |
|  4.630% due 04/09/2025 | 1250 | 1249 |
|  Eversource Energy | Eversource Energy | Eversource Energy |
|  4.670% due 04/14/2025 | 1500 | 1497 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  5.000% due 04/03/2025 | 1450 | 1449 |
|  5.000% due 04/07/2025 | 2300 | 2298 |
|  5.000% due 04/23/2025 | 1500 | 1495 |
|  5.000% due 04/24/2025 | 1550 | 1545 |
|  Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. |
|  4.920% due 04/22/2025 | 1500 | 1496 |
|  Intel Corp. | Intel Corp. | Intel Corp. |
|  4.550% due 04/02/2025 | 500 | 500 |
|  4.600% due 04/02/2025 | 6300 | 6298 |
|  International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |
|  4.950% due 04/11/2025 | 1100 | 1098 |
|  4.950% due 04/16/2025 | 2000 | 1996 |
|  Jabil, Inc. | Jabil, Inc. | Jabil, Inc. |
|  4.810% due 04/11/2025 (b) | 750 | 749 |
|  4.820% due 04/11/2025 | 5350 | 5342 |
|  Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV |
|  4.610% due 04/08/2025 | 1300 | 1299 |
|  4.650% due 04/08/2025 | 3200 | 3197 |
|  4.660% due 04/15/2025 | 1250 | 1248 |
|  4.750% due 04/17/2025 | 450 | 449 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  4.600% due 04/14/2025 | 6150 | 6139 |
|  4.600% due 04/23/2025 | 5124 | 5109 |
|  4.650% due 04/04/2025 | 1200 | 1199 |
|  Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
|  4.600% due 04/14/2025 | 5700 | 5689 |
|  Marsh & McLennan Cos, Inc. | Marsh & McLennan Cos, Inc. | Marsh & McLennan Cos, Inc. |
|  4.600% due 04/17/2025 | 1300 | 1297 |
|  4.630% due 04/21/2025 | 3050 | 3042 |
|  4.630% due 04/23/2025 | 2500 | 2493 |
|  4.630% due 04/24/2025 | 550 | 548 |
|  Mondelez International, Inc. | Mondelez International, Inc. | Mondelez International, Inc. |
|  4.620% due 04/04/2025 | 750 | 750 |
|  4.620% due 04/07/2025 | 900 | 899 |
|  4.620% due 04/15/2025 | 900 | 898 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  4.630% due 04/21/2025 | 1400 | 1396 |
|  Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. |
|  4.590% due 05/28/2025 | 1850 | 1836 |
|  4.590% due 06/03/2025 | 650 | 645 |
|  NXP BV | NXP BV | NXP BV |
|  4.570% due 04/28/2025 | 6000 | 5978 |
|  4.570% due 05/12/2025 | 2300 | 2288 |
|  VW Credit, Inc. | VW Credit, Inc. | VW Credit, Inc. |
|  4.580% due 04/02/2025 | 1650 | 1650 |
|  4.580% due 04/04/2025 | 950 | 950 |
|  |  | 160225 |
|  | **SHARES** |  |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.400% (f) | 997904 | 998 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| REPURCHASE AGREEMENTS (h) 31.1% | REPURCHASE AGREEMENTS (h) 31.1% | REPURCHASE AGREEMENTS (h) 31.1% | REPURCHASE AGREEMENTS (h) 31.1% |
|  |  | $— | 2061300 |
| U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% |
|  4.308% due 04/10/2025 - 06/05/2025 (c)(d)(l) | 1912 |  | 1905 |
| Total Short-Term Instruments<br>(Cost $2,224,446) | Total Short-Term Instruments<br>(Cost $2,224,446) |  | 2224428 |
| Total Investments in Securities<br>(Cost $7,871,399) | Total Investments in Securities<br>(Cost $7,871,399) |  | 7795213 |
|  | SHARES |  |  |
| INVESTMENTS IN AFFILIATES 13.6% | INVESTMENTS IN AFFILIATES 13.6% | INVESTMENTS IN AFFILIATES 13.6% | INVESTMENTS IN AFFILIATES 13.6% |
| SHORT-TERM INSTRUMENTS 13.6% | SHORT-TERM INSTRUMENTS 13.6% | SHORT-TERM INSTRUMENTS 13.6% | SHORT-TERM INSTRUMENTS 13.6% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 13.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 13.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 13.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 13.6% |
|  PIMCO Short Asset Portfolio | 74580893 |  | 730147 |
|  PIMCO Short-Term Floating NAV Portfolio III | 17774039 |  | 173012 |
| Total Short-Term Instruments<br>(Cost $901,471) | Total Short-Term Instruments<br>(Cost $901,471) |  | 903159 |
| Total Investments in Affiliates<br>(Cost $901,471) | Total Investments in Affiliates<br>(Cost $901,471) |  | 903159 |
| Total Investments 131.1%<br> (Cost $8,772,870) | Total Investments 131.1%<br> (Cost $8,772,870) | $— | 8698372 |
|  Financial Derivative<br>Instruments (i)(k) 0.0%<br> (Cost or Premiums, net $(7400)) | Financial Derivative<br>Instruments (i)(k) 0.0%<br> (Cost or Premiums, net $(7400)) |  | 2277 |
| Other Assets and Liabilities, net (31.1)% | Other Assets and Liabilities, net (31.1)% |  | (2067567) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 6633082 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) Security is an Interest Only ("IO") or IO Strip.

(b) When-issued security.

(c) Coupon represents a weighted average yield to maturity.

(d) Zero coupon security.

(e) Principal amount of security is adjusted for inflation.

(f) Coupon represents a 7-Day Yield.

&nbsp;&nbsp;&nbsp;&nbsp;(g) RESTRICTED SECURITIES:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer Description | Coupon | Maturity<br>Date | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Hardwood Funding LLC | 4.980% | 06/07/2028 | 03/11/2025 | $1500 | $1506 | 0.02% |
|  National Football League | 5.480 | 10/05/2028 | 03/14/2024 | 2400 | 2426 | 0.04 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3932 | 0.06% |

---

26 PIMCO SHORT DURATION STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(h) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 4.370% | 03/24/2025 | 04/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | U.S. Treasury Notes 1.250% due 06/30/2028 | $(255724) | $250000 | $250243 |
|  | 4.380 | 03/25/2025 | 04/01/2025 | 175000 | U.S. Treasury Notes 2.625% due 05/31/2027 | (179103) | 175000 | 175149 |
|  | 4.380 | 03/25/2025 | 04/02/2025 | 175000 | U.S. Treasury Notes 2.750% due 02/15/2028 | (179460) | 175000 | 175149 |
| DEU | 4.450 | 03/31/2025 | 04/01/2025 | 490900 | U.S. Treasury Inflation Protected Securities 1.375% due 07/15/2033 | (503073) | 490900 | 490961 |
| JPS | 4.460 | 03/31/2025 | 04/01/2025 | 52000 | U.S. Treasury Notes 4.375% due 07/31/2026 | (53109) | 52000 | 52006 |
| SAL | 4.350 | 04/01/2025 | 04/02/2025 | 100 | U.S. Treasury Notes 3.875% due 12/31/2027 | (102) | 100 | 100 |
|  | 4.380 | 03/31/2025 | 04/01/2025 | 51100 | U.S. Treasury Notes 4.125% due 01/31/2027 | (52151) | 51100 | 51106 |
|  | 4.380 | 04/01/2025 | 04/02/2025 | 867200 | U.S. Treasury Notes 4.250% due 01/31/2030 | (885662) | 867200 | 867200 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2108384) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2061300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2061914 |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (7.9)% | U.S. Government Agencies (7.9)% | U.S. Government Agencies (7.9)% | U.S. Government Agencies (7.9)% | U.S. Government Agencies (7.9)% | U.S. Government Agencies (7.9)% |
| &nbsp;&nbsp; Fannie Mae, TBA | 3.000% | 06/01/2055 | $99000 | $(85542) | $(85809) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.000 | 05/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319700 | (275608) | (277040) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 05/01/2055 | 65500 | (58787) | (59040) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 06/01/2055 | 111000 | (99848) | (100005) |
|  Total Short Sales (7.9)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(519785) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(521894) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(2)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOO | $0 | $0 | $0 | $0 | $974 | $974 |
|  BOS | 600541 | 0 | 0 | 600541 | (614287) | (13746) |
|  DEU | 490961 | 0 | 0 | 490961 | (503073) | (12112) |
|  JPS | 52006 | 0 | 0 | 52006 | (53109) | (1103) |
|  SAL | 918406 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(937915) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19509) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2061914 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

#### Cash of $974 has been pledged as collateral under the terms of the above master agreements as of March 31, 2025.
<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

**The average amount of borrowings outstanding during the period ended March 31, 2025 was $(172) at a weighted average interest rate of 5.468%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

&nbsp;&nbsp;&nbsp;&nbsp;(i) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Euro-BOBL June Futures  | 06/2025 | 21 | $2675 | $(24) | $6 | $(1) |
|  Euro-Bund June Futures  | 06/2025 | 14 | 1950 | (39) | 8 | 0 |
|  U.S. Treasury 2-Year Note June Futures  | 06/2025 | 24939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5166659 | 22178 | 0 | (195) |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 7178 | 776346 | 8140 | 0 | (279) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30255 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(475) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 27

------

Schedule of Investments PIMCO Low Duration Fund (Cont.)

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 1455 | $(161823) | $(534) | $0 | $(23) |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 5688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(649143) | (4275) | 0 | (533) |
|  |  |  |  | $(4809) | $0 | $(556) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25446 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1031) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>March 31, 2025<sup>(2)</sup> | **Notional<br>Amount<sup>(3)</sup>** | **Notional<br>Amount<sup>(3)</sup>** | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(4)</sup>** | Variation Margin | Variation Margin |
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>March 31, 2025<sup>(2)</sup> | **Notional<br>Amount<sup>(3)</sup>** | **Notional<br>Amount<sup>(3)</sup>** | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(4)</sup>** | Asset | Liability |
|  Barclays Bank PLC | 1.000% | Quarterly | 12/20/2025 | 0.328% | EUR | 3800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/ Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Notional<br>Amount | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Variation Margin | Variation Margin |
| **Pay/ Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Notional<br>Amount | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500% | Annual | 03/19/2030 | 189200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6032) | $426 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5606) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825 | $0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.930 | Annual | 01/06/2035 | 1400 | (4) | (32) | (36) | 13 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2025 | $94980 | 646 | 13 | 659 | 6 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.150 | Annual | 06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150400 | (571) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7647) | (8218) | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 64400 | 143 | (292) | (149) | 0 | (59) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 9900 | (19) | (63) | (82) | 0 | (11) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.547 | Annual | 10/31/2030 | 24690 | 0 | 244 | 244 | 0 | (33) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.550 | Annual | 10/31/2030 | 18500 | 0 | 179 | 179 | 0 | (25) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.623 | Annual | 10/31/2030 | 12900 | 0 | 74 | 74 | 0 | (17) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.664 | Annual | 10/31/2030 | 8500 | 0 | 30 | 30 | 0 | (11) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.677 | Annual | 10/31/2030 | 6900 | 0 | 19 | 19 | 0 | (9) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.687 | Annual | 10/31/2030 | 2200 | 0 | 5 | 5 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.689 | Annual | 10/31/2030 | 26300 | 0 | 56 | 56 | 0 | (35) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 10/31/2030 | 19400 | 0 | 39 | 39 | 0 | (26) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.727 | Annual | 10/31/2030 | 25400 | 0 | 2 | 2 | 0 | (34) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 10/31/2030 | 2900 | 0 | (1) | (1) | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.739 | Annual | 10/31/2030 | 9300 | 0 | (6) | (6) | 0 | (13) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.749 | Annual | 10/31/2030 | 13700 | 0 | (16) | (16) | 0 | (19) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.809 | Annual | 12/31/2031 | 284600 | 0 | (2377) | (2377) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(537) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2032 | 34710 | 3582 | 639 | 4221 | 0 | (72) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 07/10/2034 | 1160 | (4) | 0 | (4) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 08/05/2034 | 2200 | (8) | 4 | (4) | 0 | (7) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.558 | Annual | 08/21/2034 | 700 | (2) | 18 | 16 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.555 | Annual | 08/28/2034 | 2700 | (10) | 70 | 60 | 0 | (8) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.565 | Annual | 08/28/2034 | 2700 | (10) | 68 | 58 | 0 | (8) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.605 | Annual | 08/28/2034 | 500 | (2) | 11 | 9 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.514 | Annual | 09/04/2034 | 2500 | (9) | 72 | 63 | 0 | (7) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.525 | Annual | 09/04/2034 | 200 | (1) | 6 | 5 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.408 | Annual | 09/05/2034 | 2200 | (9) | 85 | 76 | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.410 | Annual | 09/05/2034 | 2500 | (10) | 95 | 85 | 0 | (7) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.232 | Annual | 09/10/2034 | 300 | (1) | 16 | 15 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.240 | Annual | 09/16/2034 | 1500 | (7) | 79 | 72 | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.278 | Annual | 09/16/2034 | 2500 | (11) | 124 | 113 | 0 | (7) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.280 | Annual | 09/16/2034 | 1000 | (4) | 49 | 45 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.231 | Annual | 09/18/2034 | 1000 | (4) | 53 | 49 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.248 | Annual | 09/18/2034 | 1390 | (5) | 71 | 66 | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 02/26/2035 | 500 | (2) | (8) | (10) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 | 1250 | (5) | (8) | (13) | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 3700 | (13) | (30) | (43) | 0 | (12) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 | 1300 | (5) | (6) | (11) | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 5600 | (19) | (31) | (50) | 0 | (18) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 | 3500 | (12) | (26) | (38) | 0 | (11) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 2500 | (7) | (22) | (29) | 0 | (8) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 5400 | (15) | (79) | (94) | 0 | (18) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 9900 | (29) | (107) | (136) | 0 | (32) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 3700 | (11) | (26) | (37) | 0 | (12) |

---

---

| | | |
|:---|:---|:---|
| **28** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/ Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/ Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 3-Month EUR-EURIBOR | 2.650% | Annual | 08/14/2029 | EUR | 2400 | $(3) | $(63) | $(66) | $0 | $(4) |
|  Receive | 3-Month EUR-EURIBOR | 2.680 | Annual | 08/07/2034 |  | 1700 | (5) | (29) | (34) | 0 | (7) |
|  Receive | 3-Month EUR-EURIBOR | 2.590 | Annual | 08/19/2034 |  | 1400 | (4) | (11) | (15) | 0 | (6) |
|  Receive | 3-Month EUR-EURIBOR | 2.580 | Annual | 08/29/2034 |  | 1030 | (3) | (8) | (11) | 0 | (4) |
|  Receive | 6-Month EUR-EURIBOR | 2.360 | Annual | 10/07/2029 |  | 3500 | (7) | 22 | 15 | 0 | (6) |
|  Pay | 6-Month EUR-EURIBOR | 2.220 | Annual | 01/08/2035 |  | 200 | 0 | (8) | (8) | 1 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 02/12/2035 |  | 800 | (2) | 21 | 19 | 0 | (3) |
|  Pay | 6-Month EUR-EURIBOR | 2.420 | Annual | 03/07/2035 |  | 2700 | (7) | (50) | (57) | 11 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 03/13/2035 |  | 700 | (2) | (10) | (12) | 3 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.610 | Annual | 03/24/2035 |  | 2000 | (5) | (2) | (7) | 8 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.520 | Annual | 03/27/2035 |  | 1400 | (4) | (13) | (17) | 5 | 0 |
|  Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.460 | Annual | 04/01/2035 |  | 1900 | (5) | (29) | (34) | 0 | (34) |
|  |  |  |  |  |  |  | $(2517) | $(8410) | $(10927) | $872 | $(1171) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2495) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8411) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10906) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1171) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | Total | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | Total |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1031) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1171) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2202) |

---

(j) Securities with an aggregate market value of $39,686 and cash of $17,649 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> 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 Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

&nbsp;&nbsp;&nbsp;&nbsp;(k) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 04/2025 | 70922 | $470 | $0 | $(3) |
|  | 04/2025 | $22460 | 35505 | 0 | (275) |
|  | 04/2025 | 412 | 61579 | 0 | (2) |
|  | 04/2025 | 364 | 486 | 0 | (2) |
|  | 05/2025 | 35505 | $22465 | 275 | 0 |
|  | 05/2025 | 285 | 39 | 0 | 0 |
|  | 05/2025 | 485 | 364 | 2 | 0 |
|  | 05/2025 | $151 | 1092 | 0 | 0 |
|  | 05/2025 | 470 | 70684 | 3 | 0 |
|  | 06/2025 | 697 | $95 | 0 | (1) |
|  | 07/2025 | 544 | 75 | 0 | 0 |
|  | 08/2025 | 544 | 75 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **29** |

---

------

Schedule of Investments PIMCO Low Duration Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  BOA | 04/2025 | 6513832 | $394 | $3 | $0 |
|  | 04/2025 | 751899 | 513 | 2 | 0 |
|  | 04/2025 | $1369 | 1258 | 0 | (9) |
|  | 04/2025 | 394 | 6513832 | 0 | (2) |
|  | 05/2025 | 279 | $38 | 0 | 0 |
|  | 05/2025 | 7479767 | 449 | 1 | 0 |
|  | 05/2025 | $475 | 40771 | 1 | 0 |
|  | 06/2025 | 22312 | $3073 | 1 | (14) |
|  | 06/2025 | $711 | 1035673 | 0 | (6) |
|  | 08/2025 | 10165 | $1421 | 9 | 0 |
|  | 08/2025 | 746 | 23 | 0 | 0 |
|  BPS | 04/2025 | 168355 | 29317 | 0 | (186) |
|  | 04/2025 | 56598 | 59347 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1852) |
|  | 04/2025 | 19600177 | 1182 | 6 | 0 |
|  | 04/2025 | 55211 | 370 | 2 | 0 |
|  | 04/2025 | 1012 | 756 | 3 | 0 |
|  | 04/2025 | 84449 | 2565 | 23 | 0 |
|  | 04/2025 | $1203 | 1901 | 0 | (16) |
|  | 04/2025 | 29230 | 168355 | 277 | (5) |
|  | 04/2025 | 312 | 5119730 | 0 | (5) |
|  | 04/2025 | 4269 | 370652 | 63 | 0 |
|  | 04/2025 | 4063 | 605720 | 0 | (25) |
|  | 04/2025 | 3944 | 5729090 | 0 | (54) |
|  | 04/2025 | 1360 | 44625 | 0 | (17) |
|  | 04/2025 | 33126 | $1811 | 6 | 0 |
|  | 05/2025 | 1019 | 140 | 0 | 0 |
|  | 05/2025 | 21939918 | 1319 | 4 | 0 |
|  | 05/2025 | $2093 | 12022 | 1 | 0 |
|  | 05/2025 | 91 | 1509049 | 0 | (1) |
|  | 05/2025 | 4271 | 366363 | 5 | 0 |
|  | 05/2025 | 168 | 25226 | 0 | 0 |
|  | 05/2025 | 565 | 756 | 0 | (2) |
|  | 06/2025 | 818 | $112 | 0 | (1) |
|  | 06/2025 | 766 | 198 | 1 | 0 |
|  | 06/2025 | $5183 | 20052 | 0 | (18) |
|  | 07/2025 | 132468 | $4070 | 58 | 0 |
|  | 08/2025 | 733 | 23 | 0 | 0 |
|  | 08/2025 | $14 | 464 | 0 | 0 |
|  | 10/2025 | 169071 | $28103 | 4 | (263) |
|  BRC | 04/2025 | 12053 | 138 | 0 | (3) |
|  | 04/2025 | 68686 | 2112 | 44 | 0 |
|  | 04/2025 | $5128 | 83945485 | 0 | (93) |
|  | 04/2025 | 141 | 12039 | 0 | 0 |
|  | 04/2025 | 799 | 1068 | 0 | (4) |
|  | 05/2025 | 12074 | $140 | 0 | 0 |
|  | 06/2025 | $633 | 2454 | 0 | (1) |
|  BSH | 04/2025 | 36774 | $23299 | 320 | 0 |
|  | 04/2025 | 814949 | 5426 | 0 | (7) |
|  | 05/2025 | $5426 | 812204 | 7 | 0 |
|  | 06/2025 | 3513 | 13550 | 0 | (24) |
|  CBK | 04/2025 | 528 | $601 | 4 | 0 |
|  | 04/2025 | 14509364 | 874 | 4 | 0 |
|  | 04/2025 | 9245 | 2536 | 49 | 0 |
|  | 04/2025 | 87132 | 1019 | 0 | 0 |
|  | 04/2025 | 2588 | 79 | 1 | 0 |
|  | 04/2025 | $33711 | 48019 | 0 | (341) |
|  | 04/2025 | 275 | 1952 | 8 | 0 |
|  | 04/2025 | 8258 | 135103607 | 0 | (156) |
|  | 04/2025 | 1575 | 135140 | 4 | 0 |
|  | 04/2025 | 242 | 353999 | 0 | (2) |
|  | 04/2025 | 2740 | 89851 | 0 | (35) |
|  | 05/2025 | 47949 | $33711 | 341 | 0 |
|  | 05/2025 | 26296482 | 1583 | 7 | 0 |
|  | 05/2025 | $91 | 1505295 | 0 | 0 |
|  | 06/2025 | 13132 | $1812 | 0 | (5) |
|  | 06/2025 | 29649413 | 20596 | 400 | 0 |
|  | 07/2025 | 34380 | 1055 | 14 | 0 |
|  | 08/2025 | 73346 | 2264 | 36 | 0 |
|  | 08/2025 | $35 | 1156 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **30** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  DUB | 04/2025 | 1582 | $997 | $9 | $0 |
|  | 04/2025 | 48 | 33 | 0 | 0 |
|  | 04/2025 | 11 | 12 | 0 | 0 |
|  | 04/2025 | 2095 | 302 | 0 | (1) |
|  | 04/2025 | 11893 | 3260 | 60 | 0 |
|  | 04/2025 | 235300 | 1599 | 31 | 0 |
|  | 04/2025 | 4961 | 2833 | 17 | 0 |
|  | 04/2025 | 67 | 50 | 0 | 0 |
|  | 04/2025 | $88443 | 69970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1940 | 0 |
|  | 04/2025 | 718 | 61754 | 3 | 0 |
|  | 04/2025 | 2850 | 4961 | 0 | (34) |
|  | 04/2025 | 186 | 249 | 0 | (1) |
|  | 05/2025 | 3268694 | $197 | 1 | 0 |
|  | 05/2025 | 4961 | 2852 | 34 | 0 |
|  | 05/2025 | 248 | 186 | 1 | 0 |
|  | 05/2025 | $998 | 1582 | 0 | (9) |
|  | 05/2025 | 302 | 2091 | 1 | 0 |
|  | 06/2025 | 16317241 | $11328 | 213 | 0 |
|  FAR | 04/2025 | 632 | 398 | 3 | 0 |
|  | 04/2025 | 173086 | 30141 | 0 | (190) |
|  | 04/2025 | 21468 | 24084 | 0 | (182) |
|  | 04/2025 | 10330 | 2845 | 66 | 0 |
|  | 04/2025 | 583048 | 3873 | 0 | (15) |
|  | 04/2025 | $30171 | 173085 | 161 | 0 |
|  | 04/2025 | 437 | 3100 | 12 | 0 |
|  | 04/2025 | 3149 | 469866 | 0 | (16) |
|  | 04/2025 | 229 | 7508 | 0 | (3) |
|  | 04/2025 | 41 | 758 | 0 | 0 |
|  | 05/2025 | 38 | 278 | 0 | 0 |
|  | 05/2025 | 3873 | 581084 | 15 | 0 |
|  | 06/2025 | 2781 | 16181 | 19 | 0 |
|  | 06/2025 | 6447 | 24913 | 0 | (32) |
|  | 07/2025 | 276 | $38 | 0 | 0 |
|  GLM | 04/2025 | 629000 | 112761 | 2535 | 0 |
|  | 04/2025 | 1235697 | 842 | 3 | 0 |
|  | 04/2025 | 29277 | 885 | 3 | 0 |
|  | 04/2025 | $107866 | 629000 | 2360 | 0 |
|  | 04/2025 | 4405 | 72165155 | 0 | (77) |
|  | 04/2025 | 330 | 482328 | 0 | (2) |
|  | 04/2025 | 17984 | $986 | 6 | 0 |
|  | 05/2025 | 271 | 37 | 0 | 0 |
|  | 05/2025 | 12635622 | 758 | 1 | 0 |
|  | 06/2025 | 202394 | 27972 | 0 | (29) |
|  | 06/2025 | $842 | 1231229 | 0 | (3) |
|  | 06/2025 | 5576 | 21531 | 0 | (32) |
|  | 07/2025 | 930032 | $28594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421 | 0 |
|  | 08/2025 | $885 | 29048 | 0 | (3) |
|  | 10/2025 | 517928 | $84766 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2118) |
|  IND | 04/2025 | 4046 | 585 | 0 | (1) |
|  | 04/2025 | $21 | 19 | 0 | 0 |
|  | 05/2025 | 19 | $21 | 0 | 0 |
|  | 05/2025 | $585 | 4039 | 1 | 0 |
|  JPM | 04/2025 | 32200 | $5729 | 86 | 0 |
|  | 04/2025 | 3282499 | 199 | 2 | 0 |
|  | 04/2025 | 11590 | 3183 | 65 | 0 |
|  | 04/2025 | 209107 | 1388 | 0 | (6) |
|  | 04/2025 | 55 | 41 | 0 | 0 |
|  | 04/2025 | 528 | 16 | 0 | 0 |
|  | 04/2025 | $1001 | 1582 | 0 | (13) |
|  | 04/2025 | 5608 | 32200 | 35 | 0 |
|  | 04/2025 | 59690 | 55340 | 149 | 0 |
|  | 04/2025 | 765 | 589 | 0 | (5) |
|  | 04/2025 | 1815 | 29839319 | 0 | (26) |
|  | 04/2025 | 1226 | 105915 | 11 | 0 |
|  | 04/2025 | 3383 | 504244 | 0 | (21) |
|  | 04/2025 | 242 | 353843 | 0 | (2) |
|  | 04/2025 | 146 | 4767 | 0 | (2) |
|  | 05/2025 | 290 | $40 | 0 | 0 |
|  | 05/2025 | 55340 | 59787 | 0 | (149) |
|  | 05/2025 | 8526907 | 514 | 3 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **31** |

---

------

Schedule of Investments PIMCO Low Duration Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 05/2025 | $141 | 1025 | $0 | $0 |
|  | 05/2025 | 988 | 148607 | 6 | 0 |
|  | 06/2025 | 164 | $22 | 0 | 0 |
|  | 06/2025 | 11896 | 576 | 1 | 0 |
|  | 06/2025 | $6278 | 24330 | 0 | (13) |
|  | 07/2025 | 524 | $73 | 0 | 0 |
|  | 07/2025 | 4741 | 146 | 2 | 0 |
|  | 08/2025 | 496 | 69 | 0 | 0 |
|  | 08/2025 | 82632 | 2542 | 32 | 0 |
|  | 08/2025 | $16 | 524 | 0 | 0 |
|  MBC | 04/2025 | 1065 | $1203 | 0 | (1) |
|  | 04/2025 | 112 | 16 | 0 | 0 |
|  | 04/2025 | 471 | 353 | 2 | 0 |
|  | 04/2025 | 578 | 18 | 0 | 0 |
|  | 04/2025 | $11 | 16 | 0 | 0 |
|  | 04/2025 | 26097 | 23053 | 0 | (39) |
|  | 04/2025 | 830 | 657 | 18 | 0 |
|  | 04/2025 | 1435 | 124465 | 19 | 0 |
|  | 04/2025 | 21 | 684 | 0 | 0 |
|  | 04/2025 | 36481 | $1996 | 8 | 0 |
|  | 05/2025 | 16 | 11 | 0 | 0 |
|  | 05/2025 | 22971 | 26097 | 39 | 0 |
|  | 05/2025 | 493 | 68 | 0 | 0 |
|  | 05/2025 | 5069337 | 305 | 1 | 0 |
|  | 05/2025 | $70 | 505 | 0 | 0 |
|  | 05/2025 | 16 | 111 | 0 | 0 |
|  | 06/2025 | 7142477 | $4964 | 99 | 0 |
|  | 07/2025 | 251 | 35 | 0 | 0 |
|  | 07/2025 | 681 | 21 | 0 | 0 |
|  | 08/2025 | 11833 | 1649 | 6 | 0 |
|  | 08/2025 | $18 | 574 | 0 | 0 |
|  MYI | 04/2025 | 18539 | $3229 | 0 | (20) |
|  | 04/2025 | 47986 | 33711 | 363 | 0 |
|  | 04/2025 | 65826 | 83409 | 0 | (1623) |
|  | 04/2025 | 198 | 148 | 1 | 0 |
|  | 04/2025 | $3183 | 18539 | 66 | 0 |
|  | 04/2025 | 168 | 1200 | 6 | 0 |
|  | 04/2025 | 80 | 2608 | 0 | (1) |
|  | 04/2025 | 18759 | 342937 | 0 | (76) |
|  | 05/2025 | 4798646 | $288 | 1 | 0 |
|  | 06/2025 | 4772 | 658 | 0 | (2) |
|  | 10/2025 | 18539 | 3049 | 0 | (61) |
|  NGF | 06/2025 | 30439 | 21 | 1 | 0 |
|  RBC | 04/2025 | 671 | 20 | 0 | 0 |
|  | 06/2025 | 13549 | 1877 | 2 | 0 |
|  SCX | 04/2025 | 175388 | 30544 | 0 | (191) |
|  | 04/2025 | 126470 | 852 | 10 | (1) |
|  | 04/2025 | 346 | 11 | 0 | 0 |
|  | 04/2025 | $30007 | 175388 | 729 | 0 |
|  | 04/2025 | 6393 | 104590230 | 0 | (120) |
|  | 04/2025 | 242 | 353466 | 0 | (2) |
|  | 05/2025 | 435 | $60 | 0 | 0 |
|  | 05/2025 | 1979411 | 119 | 1 | 0 |
|  | 05/2025 | $315 | 47320 | 1 | 0 |
|  | 06/2025 | 177612 | $30007 | 0 | (723) |
|  | 06/2025 | 2925 | 403 | 0 | (2) |
|  | 08/2025 | $11 | 343 | 0 | 0 |
|  SSB | 04/2025 | 331400 | $57776 | 0 | (299) |
|  | 04/2025 | 5390 | 6970 | 8 | 0 |
|  | 05/2025 | $6969 | 5390 | 0 | (8) |
|  | 07/2025 | 57776 | 337900 | 295 | 0 |
|  UAG | 04/2025 | 263253 | $16 | 0 | 0 |
|  | 04/2025 | $63 | 1037792 | 0 | (1) |
|  | 04/2025 | 3105 | 461981 | 0 | (25) |
|  | 05/2025 | 16 | 263623 | 0 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11973 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9610) |

---

32 PIMCO SHORT DURATION STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| DUB Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.750% | 10/30/2025 | 235400 | $1262 | $929 |
| FAR Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.750 | 08/01/2025 | 568400 | 3467 | 1369 |
| MYC Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.000 | 07/08/2025 | 675000 | 810 | 13 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5539 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2311 |

---

#### WRITTEN OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BPS Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.400% | 04/07/2025 | 1700 | $(4) | $(4) |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.750 | 04/07/2025 | 1700 | (4) | 0 |
| BRC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.510 | 04/07/2025 | 1900 | (7) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.860 | 04/07/2025 | 1900 | (7) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 04/11/2025 | 800 | (3) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.900 | 04/11/2025 | 800 | (3) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 04/14/2025 | 1300 | (5) | (3) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.920 | 04/14/2025 | 1300 | (5) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.450 | 04/30/2025 | 1300 | (4) | (3) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.760 | 04/30/2025 | 1300 | (4) | (6) |
| DUB Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.830 | 10/30/2025 | 235400 | (480) | (268) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.290 | 10/30/2025 | 235400 | (786) | (496) |
| FAR Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.750 | 08/01/2025 | 568400 | (1307) | (210) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.250 | 08/01/2025 | 568400 | (2160) | (527) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.593 | 04/30/2025 | 13500 | (56) | (60) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.943 | 04/30/2025 | 13500 | (56) | (52) |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.535 | 04/10/2025 | 25100 | (106) | (32) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.985 | 04/10/2025 | 25100 | (106) | (27) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.723 | 04/14/2025 | 4000 | (18) | (23) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.073 | 04/14/2025 | 4000 | (18) | (3) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.713 | 04/28/2025 | 4200 | (16) | (32) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.063 | 04/28/2025 | 4200 | (16) | (7) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.600 | 04/30/2025 | 11800 | (50) | (54) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.950 | 04/30/2025 | 11800 | (50) | (44) |
| MYC Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.710 | 04/14/2025 | 2500 | (11) | (13) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.060 | 04/14/2025 | 2500 | (11) | (2) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.520 | 04/07/2025 | 1100 | (4) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.890 | 04/07/2025 | 1100 | (4) | 0 |
| NGF Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.530 | 04/17/2025 | 2100 | (8) | (6) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.890 | 04/17/2025 | 2100 | (8) | (2) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5317) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1880) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(</sup><sup>2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | Fixed<br>Receive Rate | Payment<br>Frequency | **Maturity<br>Date** | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| **Counterparty** | **Reference Entity** | Fixed<br>Receive Rate | Payment<br>Frequency | **Maturity<br>Date** | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | South Africa Government International Bond | 1.000% | Quarterly | 12/20/2026 | 1.094% | $38000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1834) | $1787 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47) |
| BPS | Colombia Government International Bond | 1.000 | Quarterly | 06/20/2027 | 1.132 | 3000 | (144) | 137 | 0 | (7) |
|  | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2027 | 1.335 | 600 | (53) | 48 | 0 | (5) |
| BRC | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2026 | 0.990 | 1800 | (88) | 89 | 1 | 0 |
| CBK | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2026 | 0.990 | 7200 | (352) | 356 | 4 | 0 |
|  | Colombia Government International Bond | 1.000 | Quarterly | 06/20/2027 | 1.132 | 1800 | (65) | 60 | 0 | (5) |
|  | South Africa Government International Bond | 1.000 | Quarterly | 12/20/2026 | 1.094 | 9200 | (444) | 433 | 0 | (11) |
| GST | Colombia Government International Bond | 1.000 | Quarterly | 06/20/2027 | 1.132 | 1100 | (40) | 37 | 0 | (3) |
|  | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2027 | 1.335 | 600 | (53) | 48 | 0 | (5) |
|  | Equinix, Inc. | 5.000 | Quarterly | 06/20/2027 | 0.733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11400 | 1594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(541) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053 | 0 |
|  | Soft Bank Group,Inc. | 1.000 | Quarterly | 06/20/2026 | 1.326 | 1600 | (14) | 8 | 0 | (6) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **33** |

---

------

Schedule of Investments PIMCO Low Duration Fund (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value<sup>(5)</sup>** | **Swap Agreements,<br>at Value<sup>(5)</sup>** |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
| MYC | Colombia Government International Bond | 1.000% | Quarterly | 06/20/2027 | 1.132% | $9400 | $(424) | $401 | $0 | $(23) |
|  | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2027 | 1.335 | 10800 | (963) | 874 | 0 | (89) |
|  | South Africa Government International Bond | 1.000 | Quarterly | 12/20/2026 | 1.094 | 46800 | (2247) | 2189 | 0 | (58) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5127) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5926 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(259) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(</sup><sup>6)</sup> |
|  AZD | $280 | $0 | $0 | $280 | $(283) | $0 | $0 | $(283) | $(3) | $0 | $(3) |
|  BOA | 17 | 0 | 0 | 17 | (31) | 0 | (47) | (78) | (61) | 0 | (61) |
|  BPS | 453 | 0 | 0 | 453 | (2445) | (4) | (12) | (2461) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2008) | 1943 | (65) |
|  BRC | 44 | 0 | 1 | 45 | (101) | (17) | 0 | (118) | (73) | 80 | 7 |
|  BSH | 327 | 0 | 0 | 327 | (31) | 0 | 0 | (31) | 296 | 0 | 296 |
|  CBK | 868 | 0 | 4 | 872 | (539) | 0 | (16) | (555) | 317 | (300) | 17 |
|  DUB | 2310 | 929 | 0 | 3239 | (45) | (764) | 0 | (809) | 2430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2330) | 100 |
|  FAR | 276 | 1369 | 0 | 1645 | (438) | (849) | 0 | (1287) | 358 | (130) | 228 |
|  GLM | 5329 | 0 | 0 | 5329 | (2264) | (222) | 0 | (2486) | 2843 | (3710) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(867) |
|  GST | 0 | 0 | 1053 | 1053 | 0 | 0 | (14) | (14) | 1039 | (1130) | (91) |
|  IND | 1 | 0 | 0 | 1 | (1) | 0 | 0 | (1) | 0 | 0 | 0 |
|  JPM | 392 | 0 | 0 | 392 | (237) | 0 | 0 | (237) | 155 | 0 | 155 |
|  MBC | 192 | 0 | 0 | 192 | (40) | 0 | 0 | (40) | 152 | 0 | 152 |
|  MYC | 0 | 13 | 0 | 13 | 0 | (16) | (170) | (186) | (173) | 0 | (173) |
|  MYI | 437 | 0 | 0 | 437 | (1783) | 0 | 0 | (1783) | (1346) | 1641 | 295 |
|  NGF | 1 | 0 | 0 | 1 | 0 | (8) | 0 | (8) | (7) | 0 | (7) |
|  RBC | 2 | 0 | 0 | 2 | 0 | 0 | 0 | 0 | 2 | 0 | 2 |
|  SCX | 741 | 0 | 0 | 741 | (1039) | 0 | 0 | (1039) | (298) | 10 | (288) |
|  SSB | 303 | 0 | 0 | 303 | (307) | 0 | 0 | (307) | (4) | 0 | (4) |
|  UAG | 0 | 0 | 0 | 0 | (26) | 0 | 0 | (26) | (26) | 0 | (26) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11973 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2311 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15342 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9610) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1880) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(259) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11749) |  |  |  |

---

(l) Securities with an aggregate market value of $3,674 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | |
|:---|:---|:---|
| **34** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $14 | $14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 872 | 872 |
|  | $0 | $0 | $0 | $0 | $886 | $886 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $11973 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 2311 | 2311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1058 | 0 | 0 | 0 | 1058 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11973 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2311 | $15342 |
|  | $0 | $1058 | $0 | $11973 | $3197 | $16228 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $1031 | $1031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 1171 | 1171 |
|  | $0 | $0 | $0 | $0 | $2202 | $2202 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $9610 | $0 | $9610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 1880 | 1880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 259 | 0 | 0 | 0 | 259 |
|  | $0 | $259 | $0 | $9610 | $1880 | $11749 |
|  | $0 | $259 | $0 | $9610 | $4082 | $13951 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $431 | $431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | (29968) | (29968) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (109) | 0 | 0 | 14803 | 14694 |
|  | $0 | $(109) | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14734) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14843) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12202 | $0 | $12202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 526 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 2938 | 2938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1899 | 0 | 0 | 0 | 1899 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1899 | $0 | $12202 | $3464 | $17565 |
|  | $0 | $1790 | $0 | $12202 | $(11270) | $2722 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $(26) | $(26) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 38398 | 38398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 163 | 0 | 0 | (12683) | (12520) |
|  | $0 | $163 | $0 | $0 | $25689 | $25852 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $331 | $0 | $331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (3074) | (3074) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 3354 | 3354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 885 | 0 | 0 | 0 | 885 |
|  | $0 | $885 | $0 | $331 | $280 | $1496 |
|  | $0 | $1048 | $0 | $331 | $25969 | $27348 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 35

------

Schedule of Investments PIMCO Low Duration Fund (Cont.) March 31, 2025

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $557612 | $1506 | $559118 |
| &nbsp;&nbsp; Industrials | 0 | 180895 | 2426 | 183321 |
| &nbsp;&nbsp; Utilities | 0 | 95179 | 0 | 95179 |
|  U.S. Government Agencies | 0 | 2627184 | 0 | 2627184 |
|  U.S. Treasury Obligations | 0 | 1163689 | 0 | 1163689 |
|  Non-Agency Mortgage-Backed Securities | 0 | 304842 | 0 | 304842 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 8808 | 0 | 8808 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 78507 | 0 | 78507 |
| &nbsp;&nbsp; CMBS Other | 0 | 165274 | 0 | 165274 |
| &nbsp;&nbsp; Credit Card Bullet | 0 | 12923 | 0 | 12923 |
| &nbsp;&nbsp; Credit Card Other | 0 | 42011 | 0 | 42011 |
| &nbsp;&nbsp; Finance Consumer Loans | 0 | 418 | 0 | 418 |
| &nbsp;&nbsp; Home Equity Other | 0 | 16019 | 0 | 16019 |
| &nbsp;&nbsp; Manufacturing House Sequential | 0 | 42 | 0 | 42 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 1576 | 0 | 1576 |
| &nbsp;&nbsp; Other ABS | 0 | 161009 | 1081 | 162090 |
|  Sovereign Issues | 0 | 149784 | 0 | 149784 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 160225 | 0 | 160225 |
| &nbsp;&nbsp; Mutual Funds | 0 | 998 | 0 | 998 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 2061300 | 0 | 2061300 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 1905 | 0 | 1905 |
|  | $0 | $7790200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5013 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7795213 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $903159 | $0 | $0 | $903159 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903159 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7790200 | $5013 | $8698372 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  U.S. Government Agencies | $0 | $(521894) | $0 | $(521894) |
|  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 | 14 | 872 | 0 | 886 |
|  Over the counter | 0 | 15342 | 0 | 15342 |
|  | $14 | $16214 | $0 | $16228 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | (1) | (2201) | 0 | (2202) |
|  Over the counter | 0 | (11749) | 0 | (11749) |
|  | $(1) | $(13950) | $0 | $(13951) |
|  Total Financial Derivative Instruments | $13 | $2264 | $0 | $2277 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903172 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7270570 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5013 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8178755 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | |
|:---|:---|:---|
| **36** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Low Duration Fund II March 31, 2025

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 104.4% | INVESTMENTS IN SECURITIES 104.4% | INVESTMENTS IN SECURITIES 104.4% |
| CORPORATE BONDS & NOTES 7.3% | CORPORATE BONDS & NOTES 7.3% | CORPORATE BONDS & NOTES 7.3% |
| BANKING & FINANCE 4.3% | BANKING & FINANCE 4.3% | BANKING & FINANCE 4.3% |
|  American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |
|  5.000% due 05/23/2025 | 800 | 800 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.106% due 07/16/2026 •  | 700 | 700 |
|  Citibank NA | Citibank NA | Citibank NA |
|  4.876% due 11/19/2027 •  | 300 | 301 |
|  5.438% due 04/30/2026 | 900 | 910 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  3.850% due 04/11/2025 | 1000 | 1000 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  5.798% due 08/10/2026 •  | 1600 | 1606 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  5.126% due 09/22/2027 ~ | 1000 | 1004 |
|  5.288% due 07/22/2028 •  | 600 | 603 |
|  Metropolitan Life Global Funding | Metropolitan Life Global Funding | Metropolitan Life Global Funding |
|  0.950% due 07/02/2025 | 1300 | 1288 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
|  4.968% due 07/14/2028 •  | 300 | 303 |
|  Pricoa Global Funding | Pricoa Global Funding | Pricoa Global Funding |
|  4.200% due 08/28/2025 | 900 | 899 |
|  Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding |
|  4.858% due 07/22/2026 ~ | 400 | 401 |
|  Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. |
|  4.550% due 08/07/2026 | 300 | 301 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  5.707% due 04/22/2028 •  | 800 | 818 |
|  Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA |
|  5.254% due 12/11/2026 | 800 | 811 |
|  |  | 11745 |
| INDUSTRIALS 2.2% | INDUSTRIALS 2.2% | INDUSTRIALS 2.2% |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  4.800% due 03/15/2027 | 1000 | 1010 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  3.575% due 07/15/2029 | 894 | 865 |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  4.750% due 03/21/2028 | 500 | 501 |
|  5.050% due 08/11/2028 | 400 | 404 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  5.300% due 03/19/2027 | 1000 | 1011 |
|  International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. |
|  4.650% due 02/10/2028 | 600 | 604 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  4.450% due 03/01/2027 | 200 | 201 |
|  Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC |
|  4.750% due 03/31/2028 (c) | 450 | 450 |
|  4.900% due 11/15/2027 | 150 | 151 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  4.950% due 03/25/2027 | 500 | 501 |
|  5.050% due 03/27/2028 | 400 | 400 |
|  |  | 6098 |
| UTILITIES 0.8% | UTILITIES 0.8% | UTILITIES 0.8% |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  5.161% due 02/04/2028 •  | 200 | 201 |
|  Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. |
|  4.278% due 12/15/2028 | 1100 | 1086 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  5.350% due 03/01/2026 | 900 | 904 |
|  |  | 2191 |
|  Total Corporate Bonds & Notes<br>(Cost $20,108) | Total Corporate Bonds & Notes<br>(Cost $20,108) | 20034 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. GOVERNMENT AGENCIES 43.1% | U.S. GOVERNMENT AGENCIES 43.1% | U.S. GOVERNMENT AGENCIES 43.1% | U.S. GOVERNMENT AGENCIES 43.1% | U.S. GOVERNMENT AGENCIES 43.1% |
|  Fannie Mae | Fannie Mae | Fannie Mae | Fannie Mae | Fannie Mae |
|  1.796% due 01/25/2040 •(a) | $— | 545 | $— | 51 |
|  2.000% due 06/25/2042 - 11/25/2046 |  | 1353 |  | 1264 |
|  2.080% due 10/01/2026 |  | 200 |  | 193 |
|  2.500% due 11/01/2027 - 06/01/2028 |  | 277 |  | 272 |
|  3.000% due 04/01/2027 - 06/01/2028 |  | 60 |  | 58 |
|  3.150% due 03/01/2026 |  | 600 |  | 592 |
|  3.590% due 12/01/2025 |  | 600 |  | 595 |
|  4.000% due 01/25/2033 |  | 2 |  | 2 |
|  4.423% due 09/01/2028 •  |  | 4 |  | 3 |
|  4.430% due 08/01/2028 |  | 500 |  | 503 |
|  4.500% due 01/01/2036 |  | 124 |  | 123 |
|  4.737% due 12/25/2042 ~ |  | 25 |  | 25 |
|  4.843% due 03/25/2049 ~ |  | 468 |  | 464 |
|  4.904% due 10/25/2030 •  |  | 6 |  | 6 |
|  5.129% due 01/25/2051 •  |  | 403 |  | 404 |
|  5.244% due 03/25/2055 •  |  | 500 |  | 500 |
|  5.500% due 03/25/2055 •  |  | 494 |  | 497 |
|  5.840% due 12/25/2054 •  |  | 909 |  | 918 |
|  5.886% due 07/01/2042 •  |  | 20 |  | 21 |
|  5.936% due 09/01/2041 •  |  | 57 |  | 57 |
|  6.086% due 08/01/2030 •  |  | 24 |  | 24 |
|  6.375% due 01/01/2035 •  |  | 12 |  | 12 |
|  6.703% due 07/01/2035 •  |  | 3 |  | 3 |
|  6.897% due 06/01/2035 •  |  | 48 |  | 48 |
|  7.041% due 11/01/2034 •  |  | 51 |  | 54 |
|  7.166% due 05/01/2038 •  |  | 81 |  | 84 |
|  Freddie Mac | Freddie Mac | Freddie Mac | Freddie Mac | Freddie Mac |
|  0.000% due 05/15/2037 (b)(d) |  | 43 |  | 39 |
|  0.650% due 10/22/2025 - 10/27/2025 |  | 10600 |  | 10384 |
|  0.680% due 08/06/2025 |  | 8300 |  | 8195 |
|  0.800% due 10/28/2026 |  | 2600 |  | 2473 |
|  1.987% due 04/15/2037 •(a) |  | 481 |  | 49 |
|  2.539% due 08/15/2044 •  |  | 205 |  | 210 |
|  2.920% due 01/25/2026 |  | 59 |  | 58 |
|  3.000% due 01/01/2027 - 05/01/2029 |  | 42 |  | 41 |
|  3.250% due 10/25/2033 |  | 357 |  | 356 |
|  4.000% due 08/01/2048 |  | 905 |  | 855 |
|  4.793% due 07/15/2044 •  |  | 215 |  | 211 |
|  4.843% due 12/15/2042 •  |  | 271 |  | 269 |
|  4.903% due 08/25/2027 •  |  | 500 |  | 500 |
|  5.013% due 07/15/2041 •  |  | 251 |  | 249 |
|  5.129% due 03/15/2050 •  |  | 474 |  | 471 |
|  5.183% due 05/15/2037 •  |  | 104 |  | 104 |
|  5.229% due 12/15/2050 •  |  | 334 |  | 332 |
|  5.280% due 11/25/2054 •  |  | 496 |  | 497 |
|  5.290% due 03/25/2055 •  |  | 495 |  | 493 |
|  5.310% due 08/25/2054 •  |  | 681 |  | 683 |
|  5.490% due 03/25/2055 •  |  | 486 |  | 489 |
|  5.500% due 01/25/2047 |  | 310 |  | 312 |
|  5.740% due 03/25/2055 •  |  | 489 |  | 492 |
|  5.835% due 02/25/2045 •  |  | 171 |  | 165 |
|  6.500% due 07/25/2043 |  | 239 |  | 247 |
|  7.454% due 07/01/2035 •  |  | 9 |  | 9 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  3.000% due 03/20/2030 - 06/20/2030 |  | 138 |  | 134 |
|  4.500% due 08/20/2048 |  | 857 |  | 834 |
|  4.625% due 07/20/2025 - 07/20/2030 •  |  | 10 |  | 10 |
|  4.750% due 10/20/2025 •  |  | 3 |  | 4 |
|  4.875% due 06/20/2025 - 05/20/2027 •  |  | 8 |  | 8 |
|  4.900% due 06/20/2065 •  |  | 61 |  | 61 |
|  4.923% due 07/20/2067 •  |  | 312 |  | 312 |
|  4.994% due 02/20/2074 •  |  | 400 |  | 398 |
|  5.023% due 03/20/2065 •  |  | 626 |  | 625 |
|  5.053% due 03/20/2065 •  |  | 454 |  | 453 |
|  5.144% due 04/20/2072 •  |  | 502 |  | 499 |
|  5.193% due 10/20/2066 •  |  | 359 |  | 360 |
|  5.223% due 05/20/2066 - 07/20/2066 •  |  | 328 |  | 328 |
|  5.244% due 01/20/2073 ~ |  | 491 |  | 493 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.244% due 08/20/2073 •  | 1085 | 1095 |
|  5.273% due 04/20/2066 •  | 405 | 405 |
|  5.323% due 04/20/2066 - 09/20/2069 •  | 877 | 879 |
|  5.344% due 05/20/2073 ~ | 969 | 982 |
|  5.444% due 05/20/2073 •  | 1055 | 1076 |
|  5.494% due 05/20/2073 •  | 772 | 781 |
|  5.504% due 11/20/2072 •  | 492 | 502 |
|  5.514% due 11/20/2072 •  | 601 | 610 |
|  5.673% due 08/20/2070 •  | 1142 | 1163 |
|  5.844% due 08/20/2071 •  | 496 | 506 |
|  6.111% due 09/20/2067 •  | 1024 | 1035 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  2.500% due 05/01/2028 - 12/01/2032 | 704 | 679 |
|  3.000% due 12/01/2026 - 04/01/2052 | 14525 | 12728 |
|  3.500% due 05/01/2032 - 11/01/2047 | 5167 | 4748 |
|  4.000% due 08/01/2048 - 08/01/2052 | 8334 | 7785 |
|  4.500% due 06/01/2025 - 05/01/2034 | 748 | 740 |
|  5.000% due 06/01/2053 - 08/01/2053 | 4018 | 3948 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  2.500% due 05/01/2055 | 900 | 748 |
|  5.000% due 05/01/2055 | 16000 | 15669 |
|  5.500% due 05/01/2055 | 2000 | 1996 |
|  6.000% due 06/01/2055 | 20100 | 20377 |
|  Total U.S. Government Agencies<br>(Cost $120,327) | Total U.S. Government Agencies<br>(Cost $120,327) | 117927 |
| U.S. TREASURY OBLIGATIONS 20.1% | U.S. TREASURY OBLIGATIONS 20.1% | U.S. TREASURY OBLIGATIONS 20.1% |
|  U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) |
|  0.125% due 04/15/2025 | 369 | 369 |
|  0.125% due 10/15/2025 | 245 | 245 |
|  0.375% due 07/15/2025 | 1339 | 1342 |
|  0.625% due 07/15/2032 | 1530 | 1429 |
|  1.125% due 01/15/2033 | 2239 | 2146 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.625% due 05/15/2026 | 40200 | 40027 |
|  3.875% due 01/15/2026 | 7400 | 7388 |
|  4.875% due 04/30/2026 | 1900 | 1917 |
|  Total U.S. Treasury Obligations<br>(Cost $54,895) | Total U.S. Treasury Obligations<br>(Cost $54,895) | 54863 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 8.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 8.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 8.5% |
|  280 Park Avenue Mortgage Trust | 280 Park Avenue Mortgage Trust | 280 Park Avenue Mortgage Trust |
|  5.502% due 09/15/2034 •  | 900 | 884 |
|  Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust |
|  5.547% due 12/15/2036 ~ | 793 | 780 |
|  BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust |
|  5.484% due 09/15/2038 ~ | 900 | 859 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  5.697% due 05/25/2035 ~ | 94 | 88 |
|  Barclays Commercial Mortgage Securities Trust | Barclays Commercial Mortgage Securities Trust | Barclays Commercial Mortgage Securities Trust |
|  3.662% due 04/15/2055 ~ | 1700 | 1559 |
|  5.617% due 07/15/2037 •  | 900 | 890 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  3.250% due 02/25/2033 •  | 2 | 1 |
|  4.732% due 02/25/2036 •  | 1 | 1 |
|  5.954% due 01/25/2034 •  | 18 | 17 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  5.564% due 05/25/2035 ~ | 67 | 64 |
|  Beneria Cowen & Pritzer Collateral Funding Corp. | Beneria Cowen & Pritzer Collateral Funding Corp. | Beneria Cowen & Pritzer Collateral Funding Corp. |
|  5.233% due 06/15/2038 •  | 900 | 815 |
|  BX Trust | BX Trust | BX Trust |
|  5.068% due 04/15/2039 •  | 361 | 359 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  6.080% due 09/25/2035 •  | 10 | 10 |
|  6.838% due 09/25/2035 ~ | 7 | 7 |
|  Colony Mortgage Capital Ltd. | Colony Mortgage Capital Ltd. | Colony Mortgage Capital Ltd. |
|  5.808% due 11/15/2038 ~ | 837 | 827 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **37** |

---

------

Schedule of Investments PIMCO Low Duration Fund II (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Commercial Mortgage Trust | Commercial Mortgage Trust | Commercial Mortgage Trust |
|  5.367% due 06/15/2034 ~ | 900 | 837 |
|  5.734% due 12/15/2038 •  | 740 | 732 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  5.160% due 11/25/2034 •  | 23 | 22 |
|  5.415% due 02/20/2035 •  | 4 | 5 |
|  6.248% due 02/20/2036 •  | 154 | 142 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  5.083% due 03/25/2032 •  | 10 | 10 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  5.834% due 07/15/2038 •  | 100 | 90 |
|  CRSNT Commercial Mortgage Trust | CRSNT Commercial Mortgage Trust | CRSNT Commercial Mortgage Trust |
|  5.254% due 04/15/2036 •  | 1300 | 1281 |
|  DROP Mortgage Trust | DROP Mortgage Trust | DROP Mortgage Trust |
|  5.583% due 10/15/2043 •  | 1100 | 1047 |
|  Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust |
|  5.513% due 07/15/2038 ~ | 780 | 779 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  2.500% due 04/25/2052 •  | 763 | 626 |
|  3.000% due 09/25/2052 •  | 850 | 725 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  5.058% due 06/25/2034 ~ | 130 | 127 |
|  5.328% due 09/25/2035 ~ | 85 | 82 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  5.135% due 02/25/2036 •  | 268 | 255 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.783% due 12/15/2036 ~ | 900 | 596 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  7.583% due 04/25/2035 ~ | 16 | 16 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  6.370% due 11/21/2034 •  | 135 | 128 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust |
|  5.294% due 08/15/2032 •  | 212 | 205 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  5.543% due 02/25/2035 •  | 43 | 41 |
|  New Orleans Hotel Trust | New Orleans Hotel Trust | New Orleans Hotel Trust |
|  5.356% due 04/15/2032 •  | 900 | 890 |
|  OBX Trust | OBX Trust | OBX Trust |
|  3.000% due 01/25/2052 •  | 721 | 615 |
|  5.000% due 10/25/2051 •  | 796 | 741 |
|  One Market Plaza Trust | One Market Plaza Trust | One Market Plaza Trust |
|  3.614% due 02/10/2032 | 1315 | 1235 |
|  Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust |
|  4.835% due 02/25/2034 •  | 5 | 5 |
|  SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust |
|  5.583% due 05/15/2038 ~ | 1900 | 1874 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  3.905% due 06/25/2029 ~ | 19 | 19 |
|  4.695% due 03/25/2037 ~ | 101 | 41 |
|  4.931% due 07/19/2035 •  | 21 | 20 |
|  5.091% due 09/19/2032 ~ | 6 | 6 |
|  5.191% due 05/19/2035 •  | 223 | 218 |
|  UWM Mortgage Trust | UWM Mortgage Trust | UWM Mortgage Trust |
|  5.000% due 12/25/2051 ~ | 802 | 749 |
|  Waikiki Beach Hotel Trust | Waikiki Beach Hotel Trust | Waikiki Beach Hotel Trust |
|  5.667% due 12/15/2033 ~ | 1250 | 1247 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.975% due 07/25/2045 •  | 23 | 23 |
|  4.975% due 12/25/2045 •  | 24 | 24 |
|  5.015% due 10/25/2045 •  | 15 | 15 |
|  5.705% due 01/25/2046 •  | 122 | 116 |
|  6.035% due 06/25/2042 •  | 5 | 5 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  3.921% due 11/25/2048 ~ | 516 | 494 |
|  Total Non-Agency Mortgage-Backed Securities<br>(Cost $24,436) | Total Non-Agency Mortgage-Backed Securities<br>(Cost $24,436) | 23244 |
| ASSET-BACKED SECURITIES 6.2% | ASSET-BACKED SECURITIES 6.2% | ASSET-BACKED SECURITIES 6.2% |
| AUTOMOBILE ABS OTHER 0.4% | AUTOMOBILE ABS OTHER 0.4% | AUTOMOBILE ABS OTHER 0.4% |
|  Chesapeake Funding LLC | Chesapeake Funding LLC | Chesapeake Funding LLC |
|  5.119% due 05/15/2036 •  | 598 | 599 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
|  4.739% due 03/16/2027 •  | 428 | 428 |
|  |  | 1027 |
| AUTOMOBILE SEQUENTIAL 2.5% | AUTOMOBILE SEQUENTIAL 2.5% | AUTOMOBILE SEQUENTIAL 2.5% |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  3.490% due 02/16/2027 | 220 | 219 |
|  5.650% due 05/17/2027 | 315 | 316 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  5.420% due 04/10/2028 | 795 | 799 |
|  Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust |
|  5.480% due 04/26/2027 | 308 | 309 |
|  Chesapeake Funding LLC | Chesapeake Funding LLC | Chesapeake Funding LLC |
|  5.520% due 05/15/2036 | 598 | 604 |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
|  3.030% due 01/20/2028 | 19 | 19 |
|  4.380% due 07/20/2029 | 541 | 540 |
|  5.760% due 10/22/2029 | 229 | 230 |
|  FCCU Auto Receivables Trust | FCCU Auto Receivables Trust | FCCU Auto Receivables Trust |
|  5.760% due 11/15/2027 | 436 | 438 |
|  Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust |
|  4.850% due 08/15/2035 | 500 | 506 |
|  GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust |
|  4.660% due 02/21/2028 | 500 | 503 |
|  Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC |
|  3.730% due 09/25/2026 | 900 | 897 |
|  LAD Auto Receivables Trust | LAD Auto Receivables Trust | LAD Auto Receivables Trust |
|  5.210% due 06/15/2027 | 127 | 127 |
|  M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust |
|  5.590% due 02/17/2032 | 341 | 342 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  5.410% due 07/15/2027 | 538 | 539 |
|  SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust |
|  5.710% due 10/20/2027 | 510 | 511 |
|  |  | 6899 |
| CMBS OTHER 1.0% | CMBS OTHER 1.0% | CMBS OTHER 1.0% |
|  BDS Ltd. | BDS Ltd. | BDS Ltd. |
|  6.117% due 03/19/2039 •  | 1209 | 1209 |
|  FS Rialto Issuer LLC | FS Rialto Issuer LLC | FS Rialto Issuer LLC |
|  6.245% due 01/19/2039 ~ | 379 | 379 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  6.467% due 06/19/2037 ~ | 890 | 890 |
|  Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC |
|  5.635% due 11/25/2036 •  | 340 | 340 |
|  |  | 2818 |
| CREDIT CARD BULLET 0.3% | CREDIT CARD BULLET 0.3% | CREDIT CARD BULLET 0.3% |
|  Citibank Credit Card Issuance Trust | Citibank Credit Card Issuance Trust | Citibank Credit Card Issuance Trust |
|  5.038% due 08/07/2027 •  | 900 | 902 |
| CREDIT CARD OTHER 0.8% | CREDIT CARD OTHER 0.8% | CREDIT CARD OTHER 0.8% |
|  Capital One Multi-Asset Execution Trust | Capital One Multi-Asset Execution Trust | Capital One Multi-Asset Execution Trust |
|  4.950% due 10/15/2027 | 1000 | 1002 |
|  Synchrony Card Funding LLC | Synchrony Card Funding LLC | Synchrony Card Funding LLC |
|  5.740% due 10/15/2029 | 1000 | 1021 |
|  |  | 2023 |
| HOME EQUITY OTHER 0.1% | HOME EQUITY OTHER 0.1% | HOME EQUITY OTHER 0.1% |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  6.084% due 03/15/2032 •  | 24 | 25 |
|  Credit-Based Asset Servicing & Securitization Trust | Credit-Based Asset Servicing & Securitization Trust | Credit-Based Asset Servicing & Securitization Trust |
|  4.555% due 11/25/2036 ~ | 11 | 5 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.495% due 01/25/2037 •  | 6 | 3 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.505% due 12/25/2036 ~ | 41 | 20 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust |
|  4.555% due 12/25/2036 •  | 70 | 20 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.555% due 12/25/2036 •  | 79 | 17 |
|  |  | 90 |
| OTHER ABS 1.1% | OTHER ABS 1.1% | OTHER ABS 1.1% |
|  Mosaic Solar Loan Trust | Mosaic Solar Loan Trust | Mosaic Solar Loan Trust |
|  2.640% due 01/20/2053 | 624 | 546 |
|  Navient Private Education Loan Trust | Navient Private Education Loan Trust | Navient Private Education Loan Trust |
|  5.884% due 07/16/2040 ~ | 347 | 349 |
|  Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust |
|  6.258% due 10/15/2031 | 300 | 302 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  3.940% due 02/16/2055 | 502 | 487 |
|  5.670% due 11/15/2052 | 559 | 568 |
|  5.799% due 02/16/2055 ~ | 502 | 509 |
|  Stonepeak ABS | Stonepeak ABS | Stonepeak ABS |
|  2.301% due 02/28/2033 | 349 | 334 |
|  |  | 3095 |
|  Total Asset-Backed Securities (Cost $17,000) | Total Asset-Backed Securities (Cost $17,000) | 16854 |
|  | **SHARES** |  |
| SHORT-TERM INSTRUMENTS 19.2% | SHORT-TERM INSTRUMENTS 19.2% | SHORT-TERM INSTRUMENTS 19.2% |
| MUTUAL FUNDS 0.2% | MUTUAL FUNDS 0.2% | MUTUAL FUNDS 0.2% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 4.400% (f) | 550943 | 551 |
| REPURCHASE AGREEMENTS (g) 19.0% | REPURCHASE AGREEMENTS (g) 19.0% | REPURCHASE AGREEMENTS (g) 19.0% |
|  |  | 52100 |
| Total Short-Term Instruments<br>(Cost $52,651) | Total Short-Term Instruments<br>(Cost $52,651) | 52651 |
| Total Investments in Securities<br>(Cost $289,417) | Total Investments in Securities<br>(Cost $289,417) | 285573 |
| INVESTMENTS IN AFFILIATES 15.5% | INVESTMENTS IN AFFILIATES 15.5% | INVESTMENTS IN AFFILIATES 15.5% |
| SHORT-TERM INSTRUMENTS 15.5% | SHORT-TERM INSTRUMENTS 15.5% | SHORT-TERM INSTRUMENTS 15.5% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 15.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 15.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 15.5% |
|  PIMCO Short Asset Portfolio | 3778211 | 36989 |
|  PIMCO Short-Term Floating NAV Portfolio III | 561806 | 5468 |
| Total Short-Term Instruments<br>(Cost $42,068) | Total Short-Term Instruments<br>(Cost $42,068) | 42457 |
| Total Investments in Affiliates<br>(Cost $42,068) | Total Investments in Affiliates<br>(Cost $42,068) | 42457 |
| Total Investments 119.9%<br>(Cost $331,485) | Total Investments 119.9%<br>(Cost $331,485) | 328030 |
|  Financial Derivative<br>Instruments (h)(i) (0.0)%<br> (Cost or Premiums, net $518) |  | (64) |
| Other Assets and Liabilities, net (19.9)% | Other Assets and Liabilities, net (19.9)% | (54371) |
| Net Assets 100.0% | Net Assets 100.0% | 273595 |

---

---

| | | |
|:---|:---|:---|
| **38** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

(a) Security is an Interest Only ("IO") or IO Strip.

(b) Principal only security.

(c) When-issued security.

(d) Zero coupon security.

(e) Principal amount of security is adjusted for inflation.

(f) Coupon represents a 7-Day Yield.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(g) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| SAL | 4.380% | 03/31/2025 | 04/01/2025 | $34000 | U.S. Treasury Notes 4.125% due 01/31/2027 | $(34699) | $34000 | $34004 |
|  | 4.380 | 04/01/2025 | 04/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18100 | U.S. Treasury Notes 3.375% due 09/15/2027 | (18470) | 18100 | 18100 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53169) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52104 |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (7.8)% | U.S. Government Agencies (7.8)% | U.S. Government Agencies (7.8)% | U.S. Government Agencies (7.8)% | U.S. Government Agencies (7.8)% | U.S. Government Agencies (7.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.000% | 05/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15100 | $(13015) | $(13085) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 05/01/2055 | 5200 | (4667) | (4687) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.000 | 04/01/2055 | 2387 | (2204) | (2224) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.000 | 05/01/2055 | 1513 | (1405) | (1408) |
|  Total Short Sales (7.8)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21291) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21404) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(2)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  SAL | $52104 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52104 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53169) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1065) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52104 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

**The average amount of borrowings outstanding during the period ended March 31, 2025 was $(13) at a weighted average interest rate of 4.393%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **39** |

---

------

Schedule of Investments PIMCO Low Duration Fund II (Cont.)

&nbsp;&nbsp;&nbsp;&nbsp;(h) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 2-Year Note June Futures  | 06/2025 | 958 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198471 | $923 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 326 | 35259 | 328 | 0 | (14) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251 | $0 | $(21) |
| SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 31 | $(3448) | $(41) | $0 | $(1) |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 216 | (24651) | (287) | 0 | (20) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(328) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $923 | $0 | $(42) |

---

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.697% | Annual | 04/04/2025 | $3400 | $(29) | $(51) | $(80) | $0 | $0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 5.000 | Annual | 10/15/2025 | 6600 | 81 | (40) | 41 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.750 | Annual | 11/04/2025 | 3700 | 40 | (24) | 16 | 0 | 0 |
|  Pay<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 5.000 | Annual | 07/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19000 | 355 | (126) | 229 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.150 | Annual | 06/15/2027 | 6100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(187) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(146) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(333) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 500 | (1) | (3) | (4) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.582 | Annual | 10/31/2030 | 1690 | (30) | 43 | 13 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.623 | Annual | 10/31/2030 | 500 | (10) | 13 | 3 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.664 | Annual | 10/31/2030 | 300 | (7) | 8 | 1 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.677 | Annual | 10/31/2030 | 300 | (7) | 8 | 1 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.689 | Annual | 10/31/2030 | 1200 | (28) | 31 | 3 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 10/31/2030 | 500 | (12) | 13 | 1 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.722 | Annual | 10/31/2030 | 1100 | (28) | 28 | 0 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 10/31/2030 | 800 | (21) | 21 | 0 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.739 | Annual | 10/31/2030 | 400 | (10) | 10 | 0 | 0 | (1) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.798 | Annual | 12/31/2031 | 11700 | 0 | (90) | (90) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2032 | 4380 | 408 | 125 | 533 | 0 | (9) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.885 | Annual | 07/12/2034 | 100 | (5) | 5 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 08/05/2034 | 100 | (4) | 4 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.795 | Annual | 08/06/2034 | 100 | (4) | 4 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.532 | Annual | 08/20/2034 | 70 | (1) | 3 | 2 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.555 | Annual | 08/28/2034 | 100 | (2) | 4 | 2 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.565 | Annual | 08/28/2034 | 100 | (2) | 4 | 2 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.514 | Annual | 09/04/2034 | 100 | (2) | 4 | 2 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.410 | Annual | 09/05/2034 | 100 | (1) | 4 | 3 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.232 | Annual | 09/10/2034 | 50 | 0 | 2 | 2 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.240 | Annual | 09/16/2034 | 100 | 1 | 4 | 5 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.278 | Annual | 09/16/2034 | 100 | 1 | 3 | 4 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.231 | Annual | 09/18/2034 | 200 | 2 | 8 | 10 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.248 | Annual | 09/18/2034 | 100 | 1 | 4 | 5 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 02/26/2035 | 50 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 200 | (1) | (1) | (2) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 | 200 | (1) | (1) | (2) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 200 | (1) | (1) | (2) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 300 | (1) | (4) | (5) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | (1) | (5) | (6) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(142) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50) |

---

40 PIMCO SHORT DURATION STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | Total | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | Total |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92) |

---

Cash of $2,413 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

&nbsp;&nbsp;&nbsp;&nbsp;(i) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| DUB Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.750% | 10/30/2025 | 7800 | $42 | $31 |
| FAR Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.750 | 08/01/2025 | 30800 | 188 | 74 |
| MYC Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.000 | 07/08/2025 | 37900 | 45 | 1 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 |

---

#### WRITTEN OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive <br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| DUB Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.830% | 10/30/2025 | 7800 | $(16) | $(9) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.290 | 10/30/2025 | 7800 | (26) | (16) |
| FAR Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.750 | 08/01/2025 | 30800 | (71) | (11) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.250 | 08/01/2025 | 30800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.593 | 04/30/2025 | 500 | (2) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.943 | 04/30/2025 | 500 | (2) | (2) |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.535 | 04/10/2025 | 1000 | (4) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.985 | 04/10/2025 | 1000 | (4) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.723 | 04/14/2025 | 200 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.073 | 04/14/2025 | 200 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.713 | 04/28/2025 | 200 | (1) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.063 | 04/28/2025 | 200 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.600 | 04/30/2025 | 400 | (2) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.950 | 04/30/2025 | 400 | (2) | (2) |
| MYC Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.710 | 04/14/2025 | 100 | 0 | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.060 | 04/14/2025 | 100 | 0 | 0 |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(250) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(2)</sup> |
|  DUB | $0 | $31 | $0 | $31 | $0 | $(25) | $0 | $(25) | $6 | $0 | $6 |
|  FAR | 0 | 74 | 0 | 74 | 0 | (44) | 0 | (44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
|  GLM | 0 | 0 | 0 | 0 | 0 | (9) | 0 | (9) | (9) | 0 | (9) |
|  MYC | 0 | 1 | 0 | 1 | 0 | (1) | 0 | (1) | 0 | 0 | 0 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79) |  |  |  |

---

<sup>(1)</sup> Notional Amount represents the number of contracts. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **41** |

---

------

Schedule of Investments PIMCO Low Duration Fund II (Cont.)

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $0 | $0 | $0 | $0 | $1 | $1 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $0 | $0 | $0 | $0 | $106 | $106 |
|  | $0 | $0 | $0 | $0 | $107 | $107 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $42 | $42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 50 | 50 |
|  | $0 | $0 | $0 | $0 | $92 | $92 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $79 | $79 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options | $0 | $0 | $0 | $0 | $19 | $19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | 0 | 0 | 0 | 0 | (959) | (959) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | 0 | 0 | 0 | (101) | (101) |
|  | $0 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1041) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1041) |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options | $0 | $0 | $0 | $0 | $(5) | $(5) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options | 0 | 0 | 0 | 0 | 153 | 153 |
|  | $0 | $0 | $0 | $0 | $148 | $148 |
|  | $0 | $0 | $0 | $0 | $(893) | $(893) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options | $0 | $0 | $0 | $0 | $(2) | $(2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | 0 | 0 | 0 | 0 | 1396 | 1396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | 0 | 0 | 0 | 155 | 155 |
|  | $0 | $0 | $0 | $0 | $1549 | $1549 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options | $0 | $0 | $0 | $0 | $(161) | $(161) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options | 0 | 0 | 0 | 0 | 180 | 180 |
|  | $0 | $0 | $0 | $0 | $19 | $19 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1568 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1568 |

---

42 PIMCO SHORT DURATION STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $11745 | $0 | $11745 |
| &nbsp;&nbsp; Industrials | 0 | 6098 | 0 | 6098 |
| &nbsp;&nbsp; Utilities | 0 | 2191 | 0 | 2191 |
|  U.S. Government Agencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117927 |
|  U.S. Treasury Obligations | 0 | 54863 | 0 | 54863 |
|  Non-Agency Mortgage-Backed Securities | 0 | 23244 | 0 | 23244 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 1027 | 0 | 1027 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 6899 | 0 | 6899 |
| &nbsp;&nbsp; CMBS Other | 0 | 2818 | 0 | 2818 |
| &nbsp;&nbsp; Credit Card Bullet | 0 | 902 | 0 | 902 |
| &nbsp;&nbsp; Credit Card Other | 0 | 2023 | 0 | 2023 |
| &nbsp;&nbsp; Home Equity Other | 0 | 90 | 0 | 90 |
| &nbsp;&nbsp; Other ABS | 0 | 3095 | 0 | 3095 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 551 | 0 | 551 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 52100 | 0 | 52100 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285573 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285573 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42457 | $0 | $0 | $42457 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42457 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285573 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328030 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  U.S. Government Agencies | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21404) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21404) |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | 0 | 1 | 0 | 1 |
|  Over the counter | 0 | 106 | 0 | 106 |
|  | $0 | $107 | $0 | $107 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | 0 | (92) | 0 | (92) |
|  Over the counter | 0 | (79) | 0 | (79) |
|  | $0 | $(171) | $0 | $(171) |
|  Total Financial Derivative Instruments | $0 | $(64) | $0 | $(64) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42457 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264105 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306562 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **43** |

---

------

Schedule of Investments PIMCO Low Duration ESG Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 100.7% | INVESTMENTS IN SECURITIES 100.7% | INVESTMENTS IN SECURITIES 100.7% |
| CORPORATE BONDS & NOTES 19.0% | CORPORATE BONDS & NOTES 19.0% | CORPORATE BONDS & NOTES 19.0% |
| BANKING & FINANCE 15.6% | BANKING & FINANCE 15.6% | BANKING & FINANCE 15.6% |
|  American Express Co. | American Express Co. | American Express Co. |
|  5.645% due 04/23/2027 •  | 1000 | 1012 |
|  Asian Development Bank | Asian Development Bank | Asian Development Bank |
|  6.000% due 02/05/2026 | 11000 | 1802 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  3.534% due 02/23/2027 ~ | 600 | 652 |
|  Bank of Ireland Group PLC | Bank of Ireland Group PLC | Bank of Ireland Group PLC |
|  6.253% due 09/16/2026 •  | 3000 | 3021 |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
|  5.194% due 02/16/2028 | 400 | 406 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  2.852% due 05/07/2026 •  | 900 | 898 |
|  7.325% due 11/02/2026 •  | 800 | 812 |
|  BPCE SA | BPCE SA | BPCE SA |
|  5.975% due 01/18/2027 •  | 400 | 404 |
|  6.612% due 10/19/2027 •  | 800 | 822 |
|  Citibank NA | Citibank NA | Citibank NA |
|  4.876% due 11/19/2027 •  | 600 | 603 |
|  4.929% due 08/06/2026 | 500 | 503 |
|  5.438% due 04/30/2026 | 1100 | 1112 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  1.004% due 09/24/2026 •  | 2400 | 2358 |
|  4.978% due 08/28/2026 ~ | 500 | 502 |
|  CTP NV | CTP NV | CTP NV |
|  0.625% due 09/27/2026 | 1100 | 1152 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  4.999% due 09/11/2030 •  | 600 | 597 |
|  Digital Dutch Finco BV | Digital Dutch Finco BV | Digital Dutch Finco BV |
|  0.625% due 07/15/2025 | 2000 | 2149 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
|  1.000% due 09/15/2025 | 1500 | 1477 |
|  Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding |
|  1.300% due 07/12/2026 | 1700 | 1633 |
|  Goldman Sachs Bank USA | Goldman Sachs Bank USA | Goldman Sachs Bank USA |
|  5.109% due 05/21/2027 ~ | 800 | 803 |
|  Hana Bank | Hana Bank | Hana Bank |
|  5.375% due 04/23/2027 | 1500 | 1532 |
|  HAT Holdings LLC | HAT Holdings LLC | HAT Holdings LLC |
|  3.375% due 06/15/2026 | 850 | 825 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  1.400% due 07/01/2026 •  | 3100 | 3075 |
|  International Bank for Reconstruction & Development | International Bank for Reconstruction & Development | International Bank for Reconstruction & Development |
|  5.310% due 02/05/2026 | 26000 | 1390 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  5.571% due 04/22/2028 •  | 500 | 510 |
|  6.070% due 10/22/2027 •  | 1000 | 1024 |
|  Metropolitan Life Global Funding | Metropolitan Life Global Funding | Metropolitan Life Global Funding |
|  0.950% due 07/02/2025 | 2000 | 1982 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  5.376% due 04/13/2028 •  | 800 | 807 |
|  6.138% due 10/16/2026 •  | 1600 | 1613 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
|  5.016% due 01/12/2029 •  | 800 | 810 |
|  Norinchukin Bank | Norinchukin Bank | Norinchukin Bank |
|  1.284% due 09/22/2026 | 2200 | 2093 |
|  5.094% due 10/16/2029 | 500 | 505 |
|  5.430% due 03/09/2028 | 600 | 611 |
|  OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
|  3.500% due 01/15/2027 | 800 | 767 |
|  Pacific Life Global Funding | Pacific Life Global Funding | Pacific Life Global Funding |
|  1.375% due 04/14/2026 | 1900 | 1844 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  6.833% due 11/21/2026 •  | 1200 | 1215 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  5.464% due 01/13/2026 | 1200 | 1209 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
|  5.500% due 03/09/2028 | 400 | 411 |
|  Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
|  5.264% due 12/11/2026 | 1200 | 1216 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. |
|  4.550% due 08/07/2026 | 200 | 201 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  5.711% due 01/12/2027 •  | 1300 | 1310 |
|  7.750% due 03/01/2029 ~ | 600 | 731 |
|  |  | 48399 |
| INDUSTRIALS 2.1% | INDUSTRIALS 2.1% | INDUSTRIALS 2.1% |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  4.750% due 03/21/2028 | 430 | 431 |
|  5.050% due 08/11/2028 | 670 | 676 |
|  Denso Corp. | Denso Corp. | Denso Corp. |
|  4.420% due 09/11/2029 | 500 | 497 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  5.800% due 06/26/2025 | 600 | 601 |
|  JSW Hydro Energy Ltd. | JSW Hydro Energy Ltd. | JSW Hydro Energy Ltd. |
|  4.125% due 05/18/2031 | 811 | 729 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  4.450% due 03/01/2027 | 200 | 201 |
|  Smurfit Kappa Treasury ULC | Smurfit Kappa Treasury ULC | Smurfit Kappa Treasury ULC |
|  1.500% due 09/15/2027 | 800 | 842 |
|  Weir Group PLC | Weir Group PLC | Weir Group PLC |
|  2.200% due 05/13/2026 | 2500 | 2428 |
|  |  | 6405 |
| UTILITIES 1.3% | UTILITIES 1.3% | UTILITIES 1.3% |
|  AES Corp. | AES Corp. | AES Corp. |
|  5.450% due 06/01/2028 | 1000 | 1018 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  3.625% due 10/13/2025 | 500 | 497 |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
|  1.625% due 07/12/2026 | 1500 | 1444 |
|  NBN Co. Ltd. | NBN Co. Ltd. | NBN Co. Ltd. |
|  4.000% due 10/01/2027 | 300 | 297 |
|  Southern Power Co. | Southern Power Co. | Southern Power Co. |
|  0.900% due 01/15/2026 | 1000 | 970 |
|  |  | 4226 |
|  Total Corporate Bonds & Notes<br>(Cost $60,083) | Total Corporate Bonds & Notes<br>(Cost $60,083) | 59030 |
| MUNICIPAL BONDS & NOTES 0.8% | MUNICIPAL BONDS & NOTES 0.8% | MUNICIPAL BONDS & NOTES 0.8% |
| CALIFORNIA 0.3% | CALIFORNIA 0.3% | CALIFORNIA 0.3% |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2020 | California Health Facilities Financing Authority Revenue Bonds, Series 2020 | California Health Facilities Financing Authority Revenue Bonds, Series 2020 |
|  1.168% due 06/01/2026 | 1000 | 966 |
| NEW YORK 0.5% | NEW YORK 0.5% | NEW YORK 0.5% |
|  New York City, New York Housing Development Corp. Revenue Bonds, Series 2021 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2021 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2021 |
|  0.823% due 05/01/2025 | 225 | 224 |
|  0.923% due 11/01/2025 | 250 | 245 |
|  1.023% due 05/01/2026 | 650 | 628 |
|  1.123% due 11/01/2026 | 250 | 238 |
|  |  | 1335 |
|  Total Municipal Bonds & Notes<br>(Cost $2,375) | Total Municipal Bonds & Notes<br>(Cost $2,375) | 2301 |
| U.S. GOVERNMENT AGENCIES 36.3% | U.S. GOVERNMENT AGENCIES 36.3% | U.S. GOVERNMENT AGENCIES 36.3% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  0.700% due 07/30/2025 | 8200 | 8101 |
|  1.000% due 01/25/2043 | 3 | 3 |
|  3.500% due 02/25/2043 (a) | 145 | 6 |
|  4.453% due 08/01/2029 •  | 1 | 1 |
|  4.737% due 12/25/2042 ~ | 2 | 2 |
|  4.804% due 09/25/2042 •  | 21 | 21 |
|  5.000% due 01/25/2040 - 07/25/2040 | 79 | 80 |
|  5.750% due 10/25/2035 | 2 | 2 |
|  5.886% due 07/01/2042 •  | 4 | 4 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.936% due 09/01/2041 •  | 10 | 10 |
|  5.938% due 02/01/2031 •  | 1 | 1 |
|  6.397% due 11/01/2035 •  | 2 | 2 |
|  6.567% due 11/01/2034 •  | 2 | 2 |
|  7.268% due 11/01/2035 •  | 4 | 4 |
|  7.315% due 05/01/2035 •  | 1 | 1 |
|  7.522% due 08/01/2035 •  | 13 | 13 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  0.650% due 10/22/2025 - 10/27/2025 | 8200 | 8032 |
|  0.680% due 08/06/2025 | 8200 | 8096 |
|  0.800% due 10/28/2026 | 1700 | 1617 |
|  0.826% due 02/25/2031 | 2578 | 2275 |
|  1.142% due 09/25/2030 ~(a) | 13741 | 664 |
|  2.539% due 08/15/2044 •  | 96 | 99 |
|  2.875% due 04/25/2026 | 1900 | 1874 |
|  2.939% due 04/25/2029 | 1900 | 1804 |
|  3.000% due 01/01/2027 | 8 | 8 |
|  4.000% due 06/01/2048 | 366 | 347 |
|  4.843% due 12/15/2042 •  | 313 | 310 |
|  5.000% due 10/01/2033 | 2 | 2 |
|  5.173% due 10/15/2037 •  | 19 | 19 |
|  5.835% due 02/25/2045 •  | 10 | 10 |
|  6.500% due 07/25/2043 | 29 | 30 |
|  7.316% due 08/01/2035 •  | 4 | 4 |
|  7.427% due 06/01/2035 •  | 8 | 8 |
|  7.454% due 07/01/2035 •  | 2 | 2 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  3.500% due 05/20/2049 -<br>08/20/2049 | 1462 | 1352 |
|  4.000% due 06/20/2048 | 524 | 492 |
|  4.625% due 02/20/2032 •  | 3 | 3 |
|  4.737% due 10/20/2043 •  | 234 | 227 |
|  4.875% due 06/20/2027 •  | 1 | 1 |
|  4.883% due 02/20/2067 •  | 104 | 104 |
|  4.890% due 04/20/2065 •  | 26 | 26 |
|  4.900% due 06/20/2065 •  | 31 | 31 |
|  4.923% due 07/20/2067 •  | 148 | 147 |
|  5.000% due 05/20/2030 •  | 3 | 3 |
|  5.003% due 05/20/2066 •  | 8 | 8 |
|  5.023% due 04/20/2065 •  | 214 | 213 |
|  5.053% due 03/20/2065 •  | 434 | 433 |
|  5.073% due 11/20/2065 •  | 23 | 23 |
|  5.143% due 02/20/2066 •  | 17 | 17 |
|  5.193% due 10/20/2066 •  | 276 | 277 |
|  5.304% due 08/20/2073 •  | 675 | 683 |
|  5.504% due 11/20/2072 •  | 3642 | 3712 |
|  5.514% due 11/20/2072 •  | 4175 | 4240 |
|  6.723% due 06/20/2067 •  | 515 | 520 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  2.500% due 07/01/2050 | 1545 | 1299 |
|  3.000% due 12/01/2026 -<br>04/01/2052 | 13190 | 11584 |
|  4.000% due 08/01/2047 -<br>10/01/2053 | 6039 | 5643 |
|  4.500% due 07/01/2053 -<br>10/01/2053 | 15680 | 15020 |
|  5.000% due 04/01/2053 -<br>11/01/2053 | 27376 | 26899 |
|  5.500% due 08/01/2053 | 802 | 802 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.000% due 05/01/2055 | 4100 | 3815 |
|  5.500% due 05/01/2055 | 1800 | 1796 |
|  Total U.S. Government Agencies<br>(Cost $114,341) | Total U.S. Government Agencies<br>(Cost $114,341) | 112824 |
| U.S. TREASURY OBLIGATIONS 14.8% | U.S. TREASURY OBLIGATIONS 14.8% | U.S. TREASURY OBLIGATIONS 14.8% |
|  U.S. Treasury Inflation Protected Securities (c) | U.S. Treasury Inflation Protected Securities (c) | U.S. Treasury Inflation Protected Securities (c) |
|  0.125% due 04/15/2025 | 369 | 369 |
|  0.125% due 10/15/2025 | 612 | 613 |
|  0.375% due 07/15/2025 | 1741 | 1744 |
|  0.625% due 07/15/2032 | 2296 | 2144 |
|  1.125% due 01/15/2033 | 2132 | 2044 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.625% due 05/15/2026 | 37300 | 37140 |
|  4.875% due 04/30/2026 (g) | 2000 | 2017 |
|  Total U.S. Treasury Obligations<br>(Cost $46,071) | Total U.S. Treasury Obligations<br>(Cost $46,071) | 46071 |

---

44 PIMCO SHORT DURATION STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 10.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 10.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 10.2% |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  5.697% due 05/25/2035 ~ | 42 | 39 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.742% due 03/25/2033 ~ | 54 | 52 |
|  6.548% due 08/25/2034 •  | 10 | 10 |
|  Barclays Commercial Real Estate Trust | Barclays Commercial Real Estate Trust | Barclays Commercial Real Estate Trust |
|  3.966% due 08/10/2033 | 2200 | 2047 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  5.954% due 01/25/2034 •  | 3 | 3 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  5.043% due 09/25/2035 •  | 6 | 3 |
|  5.564% due 05/25/2035 ~ | 12 | 11 |
|  Beast Mortgage Trust | Beast Mortgage Trust | Beast Mortgage Trust |
|  5.484% due 03/15/2036 •  | 1500 | 1361 |
|  Beneria Cowen & Pritzer Collateral Funding Corp. | Beneria Cowen & Pritzer Collateral Funding Corp. | Beneria Cowen & Pritzer Collateral Funding Corp. |
|  5.233% due 06/15/2038 •  | 2200 | 1993 |
|  BSREP Commercial Mortgage Trust | BSREP Commercial Mortgage Trust | BSREP Commercial Mortgage Trust |
|  5.384% due 08/15/2038 •  | 3153 | 3008 |
|  BX Trust | BX Trust | BX Trust |
|  5.068% due 04/15/2039 •  | 542 | 538 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.505% due 01/25/2037 •  | 19 | 17 |
|  7.230% due 10/25/2035 ~ | 2 | 2 |
|  7.410% due 05/25/2035 •  | 1 | 1 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  5.160% due 11/25/2034 •  | 9 | 8 |
|  5.415% due 02/20/2035 •  | 2 | 2 |
|  6.248% due 02/20/2036 •  | 24 | 23 |
|  DROP Mortgage Trust | DROP Mortgage Trust | DROP Mortgage Trust |
|  5.583% due 10/15/2043 •  | 2200 | 2094 |
|  Eurosail PLC | Eurosail PLC | Eurosail PLC |
|  5.529% due 06/13/2045 ~ | 329 | 424 |
|  Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust |
|  5.513% due 07/15/2038 ~ | 3291 | 3291 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  5.667% due 01/25/2035 ~ | 44 | 43 |
|  Gemgarto PLC | Gemgarto PLC | Gemgarto PLC |
|  5.344% due 12/16/2067 •  | 246 | 318 |
|  GMAC Mortgage Corp. Loan Trust | GMAC Mortgage Corp. Loan Trust | GMAC Mortgage Corp. Loan Trust |
|  3.670% due 11/19/2035 •  | 4 | 3 |
|  Great Hall Mortgages PLC | Great Hall Mortgages PLC | Great Hall Mortgages PLC |
|  4.698% due 06/18/2039 •  | 1 | 1 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.632% due 11/25/2035 •  | 14 | 12 |
|  5.058% due 06/25/2034 ~ | 5 | 5 |
|  5.328% due 09/25/2035 ~ | 13 | 12 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.444% due 06/15/2038 •  | 2200 | 2152 |
|  5.484% due 04/15/2038 ~ | 2268 | 2264 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  5.750% due 01/25/2036 | 21 | 9 |
|  Morgan Stanley Capital Trust | Morgan Stanley Capital Trust | Morgan Stanley Capital Trust |
|  5.603% due 12/15/2038 •  | 1100 | 1069 |
|  One New York Plaza Trust | One New York Plaza Trust | One New York Plaza Trust |
|  5.384% due 01/15/2036 •  | 2200 | 2110 |
|  Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates |
|  4.995% due 12/25/2035 ~ | 18 | 18 |
|  Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust |
|  4.835% due 02/25/2034 •  | 1 | 1 |
|  SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust |
|  5.583% due 05/15/2038 ~ | 2200 | 2170 |
|  Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust |
|  5.292% due 11/15/2036 •  | 1840 | 1825 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  6.035% due 01/25/2035 ~ | 21 | 19 |
|  6.527% due 02/25/2034 •  | 8 | 7 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.695% due 03/25/2037 ~ | 37 | 15 |
|  4.931% due 07/19/2035 •  | 2 | 2 |
|  4.995% due 02/25/2036 ~ | 6 | 5 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  SUMIT Mortgage Trust | SUMIT Mortgage Trust | SUMIT Mortgage Trust |
|  2.789% due 02/12/2041 | 1800 | 1583 |
|  2.850% due 02/12/2041 | 300 | 250 |
|  VASA Trust | VASA Trust | VASA Trust |
|  5.334% due 07/15/2039 ~ | 2900 | 2819 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.975% due 12/25/2045 •  | 4 | 4 |
|  5.015% due 10/25/2045 •  | 26 | 26 |
|  5.175% due 11/25/2034 ~ | 16 | 16 |
|  6.035% due 06/25/2042 •  | 3 | 2 |
|  Total Non-Agency Mortgage-Backed Securities<br>(Cost $33,106) | Total Non-Agency Mortgage-Backed Securities<br>(Cost $33,106) | 31687 |
| ASSET-BACKED SECURITIES 11.4% | ASSET-BACKED SECURITIES 11.4% | ASSET-BACKED SECURITIES 11.4% |
| AUTOMOBILE ABS OTHER 0.1% | AUTOMOBILE ABS OTHER 0.1% | AUTOMOBILE ABS OTHER 0.1% |
|  BMW Vehicle Lease Trust | BMW Vehicle Lease Trust | BMW Vehicle Lease Trust |
|  4.740% due 07/27/2026 ~ | 197 | 197 |
| AUTOMOBILE SEQUENTIAL 1.2% | AUTOMOBILE SEQUENTIAL 1.2% | AUTOMOBILE SEQUENTIAL 1.2% |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
|  5.760% due 10/22/2029 | 305 | 306 |
|  FIRST HELP FINANCIAL LLC | FIRST HELP FINANCIAL LLC | FIRST HELP FINANCIAL LLC |
|  4.430% due 01/18/2028 | 352 | 351 |
|  5.690% due 02/15/2030 | 598 | 605 |
|  6.570% due 06/15/2028 | 386 | 390 |
|  Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC |
|  5.490% due 06/25/2027 | 1000 | 1007 |
|  5.570% due 09/25/2029 | 1000 | 1017 |
|  |  | 3676 |
| CMBS OTHER 0.7% | CMBS OTHER 0.7% | CMBS OTHER 0.7% |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.784% due 11/15/2036 •  | 1109 | 1110 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.511% due 10/16/2036 ~ | 1095 | 1093 |
|  |  | 2203 |
| CREDIT CARD BULLET 0.3% | CREDIT CARD BULLET 0.3% | CREDIT CARD BULLET 0.3% |
|  Master Credit Card Trust | Master Credit Card Trust | Master Credit Card Trust |
|  5.197% due 01/21/2027 ~ | 1000 | 1002 |
| CREDIT CARD OTHER 0.5% | CREDIT CARD OTHER 0.5% | CREDIT CARD OTHER 0.5% |
|  Capital One Multi-Asset Execution Trust | Capital One Multi-Asset Execution Trust | Capital One Multi-Asset Execution Trust |
|  4.950% due 10/15/2027 | 1500 | 1503 |
| HOME EQUITY OTHER 0.5% | HOME EQUITY OTHER 0.5% | HOME EQUITY OTHER 0.5% |
|  Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates |
|  5.545% due 03/25/2035 ~ | 789 | 781 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  5.175% due 12/25/2034 •  | 750 | 735 |
|  GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust |
|  4.515% due 08/25/2036 ~ | 2 | 1 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  4.535% due 07/25/2036 ~ | 8 | 3 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.755% due 05/25/2036 •  | 59 | 58 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.555% due 12/25/2036 •  | 39 | 8 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  5.140% due 03/25/2034 •  | 35 | 36 |
|  |  | 1622 |
| OTHER ABS 8.1% | OTHER ABS 8.1% | OTHER ABS 8.1% |
|  37 Capital CLO Ltd. | 37 Capital CLO Ltd. | 37 Capital CLO Ltd. |
|  5.386% due 04/15/2035 •  | 1000 | 995 |
|  5.582% due 10/15/2034 ~ | 1000 | 1000 |
|  5.592% due 07/15/2034 ~ | 1500 | 1500 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  American Money Management Corp. CLO Ltd. | American Money Management Corp. CLO Ltd. | American Money Management Corp. CLO Ltd. |
|  5.493% due 01/20/2035 •  | 700 | 698 |
|  Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. |
|  5.393% due 01/20/2035 •  | 1000 | 998 |
|  Arbour CLO DAC | Arbour CLO DAC | Arbour CLO DAC |
|  3.681% due 12/15/2038 •  | 900 | 975 |
|  Ares European CLO DAC | Ares European CLO DAC | Ares European CLO DAC |
|  3.774% due 10/21/2034 •  | 547 | 592 |
|  Avoca Static CLO DAC | Avoca Static CLO DAC | Avoca Static CLO DAC |
|  3.811% due 01/15/2035 •  | 500 | 541 |
|  College Avenue Student Loans LLC | College Avenue Student Loans LLC | College Avenue Student Loans LLC |
|  5.635% due 12/26/2047 ~ | 1585 | 1584 |
|  GoodLeap Sustainable Home Solutions Trust | GoodLeap Sustainable Home Solutions Trust | GoodLeap Sustainable Home Solutions Trust |
|  2.100% due 05/20/2048 | 1604 | 1253 |
|  GreatAmerica Leasing Receivables Funding LLC | GreatAmerica Leasing Receivables Funding LLC | GreatAmerica Leasing Receivables Funding LLC |
|  4.520% due 10/15/2027 | 1100 | 1100 |
|  Greywolf CLO Ltd. | Greywolf CLO Ltd. | Greywolf CLO Ltd. |
|  5.520% due 04/22/2033 •  | 500 | 500 |
|  Loanpal Solar Loan Ltd. | Loanpal Solar Loan Ltd. | Loanpal Solar Loan Ltd. |
|  2.220% due 03/20/2048 | 750 | 590 |
|  Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority |
|  5.768% due 04/25/2038 ~ | 4 | 4 |
|  Mosaic Solar Loan Trust | Mosaic Solar Loan Trust | Mosaic Solar Loan Trust |
|  2.640% due 01/20/2053 | 1526 | 1335 |
|  Ocean Trails CLO | Ocean Trails CLO | Ocean Trails CLO |
|  5.592% due 07/15/2034 •  | 1500 | 1500 |
|  5.602% due 10/15/2034 •  | 1000 | 999 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  3.339% due 08/15/2033 «•(b) | 1000 | 1081 |
|  Regatta Funding Ltd. | Regatta Funding Ltd. | Regatta Funding Ltd. |
|  5.502% due 01/15/2033 •  | 1000 | 1001 |
|  Service Experts Issuer | Service Experts Issuer | Service Experts Issuer |
|  2.670% due 02/02/2032 | 496 | 481 |
|  Sunnova Sol Issuer LLC | Sunnova Sol Issuer LLC | Sunnova Sol Issuer LLC |
|  2.790% due 02/22/2049 | 2023 | 1798 |
|  5.400% due 04/30/2058 | 478 | 464 |
|  Sunrun Demeter Issuer | Sunrun Demeter Issuer | Sunrun Demeter Issuer |
|  2.270% due 01/30/2057 | 2575 | 2240 |
|  Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust |
|  5.080% due 06/21/2050 | 900 | 904 |
|  Trinitas CLO Ltd. | Trinitas CLO Ltd. | Trinitas CLO Ltd. |
|  5.403% due 10/20/2033 •  | 1100 | 1099 |
|  |  | 25232 |
|  Total Asset-Backed Securities (Cost $36,465) | Total Asset-Backed Securities (Cost $36,465) | 35435 |
| SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% |
|  Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA |
|  5.875% due 04/30/2029 | 1000 | 1040 |
|  Development Bank of Japan, Inc. | Development Bank of Japan, Inc. | Development Bank of Japan, Inc. |
|  0.875% due 10/10/2025 | 680 | 729 |
|  Korea Housing Finance Corp. | Korea Housing Finance Corp. | Korea Housing Finance Corp. |
|  4.875% due 08/27/2027 | 400 | 405 |
| Total Sovereign Issues (Cost $2,204) | Total Sovereign Issues (Cost $2,204) | 2174 |
| SHORT-TERM INSTRUMENTS 7.5% | SHORT-TERM INSTRUMENTS 7.5% | SHORT-TERM INSTRUMENTS 7.5% |
| REPURCHASE AGREEMENTS (d) 7.5% | REPURCHASE AGREEMENTS (d) 7.5% | REPURCHASE AGREEMENTS (d) 7.5% |
|  |  | 23400 |
| Total Short-Term Instruments<br>(Cost $23,400) | Total Short-Term Instruments<br>(Cost $23,400) | 23400 |
| Total Investments in Securities<br>(Cost $318,045) | Total Investments in Securities<br>(Cost $318,045) | 312922 |
| Total Investments 100.7%<br>(Cost $318,045) | Total Investments 100.7%<br>(Cost $318,045) | 312922 |
|  Financial Derivative<br>Instruments (e)(f) (0.1)%<br> (Cost or Premiums, net $473) |  | (235) |
| Other Assets and Liabilities, net (0.6)% | Other Assets and Liabilities, net (0.6)% | (1829) |
| Net Assets 100.0% | Net Assets 100.0% | 310858 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 45

------

Schedule of Investments PIMCO Low Duration ESG Fund (Cont.)

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

(a) Security is an Interest Only ("IO") or IO Strip.

(b) When-issued security.

(c) Principal amount of security is adjusted for inflation.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(d) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 4.410% | 03/31/2025 | 04/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23400 | U.S. Treasury Notes 2.750% due 04/30/2027 | $(23854) | $23400 | $23403 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23854) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23403 |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (4.3)% | U.S. Government Agencies (4.3)% | U.S. Government Agencies (4.3)% | U.S. Government Agencies (4.3)% | U.S. Government Agencies (4.3)% | U.S. Government Agencies (4.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500% | 04/01/2055 | $600 | $(495) | $(499) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.000 | 05/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14200 | (12239) | (12305) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.000 | 05/01/2055 | 700 | (686) | (686) |
|  Total Short Sales (4.3)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13420) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13490) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(2)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOS | $23403 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23403 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23854) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(451) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23403 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

The average amount of borrowings outstanding during the period ended March 31, 2025 was $(178) at a weighted average interest rate of 5.237%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

---

| | | |
|:---|:---|:---|
| **46** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;(e) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Euro-BOBL June Futures  | 06/2025 | 1 | $127 | $(1) | $0 | $0 |
|  Euro-Bund June Futures  | 06/2025 | 1 | 139 | (3) | 1 | 0 |
|  U.S. Treasury 2-Year Note June Futures  | 06/2025 | 1137 | 235554 | 1123 | 0 | (9) |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 301 | 32555 | 337 | 0 | (9) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1456 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS |  |  |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 150 | $(16683) | $(198) | $0 | $(2) |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 242 | (27618) | (322) | 0 | (23) |
|  |  |  |  | $(520) | $0 | $(25) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  Barclays Bank PLC | 1.000% | Quarterly | 12/20/2025 | 0.328% | EUR 200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500% | Annual | 03/19/2030 | 10100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(276) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(299) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | $0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.930 | Annual | 01/06/2035 | 100 | 0 | (3) | (3) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2025 | $3960 | 27 | 0 | 27 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.150 | Annual | 06/15/2027 | 7100 | (27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(361) | (388) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 3700 | 8 | (17) | (9) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 400 | (1) | (2) | (3) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.623 | Annual | 10/31/2030 | 300 | 0 | 2 | 2 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.664 | Annual | 10/31/2030 | 200 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.677 | Annual | 10/31/2030 | 100 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.689 | Annual | 10/31/2030 | 800 | 0 | 2 | 2 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 10/31/2030 | 300 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.722 | Annual | 10/31/2030 | 740 | 0 | 0 | 0 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 10/31/2030 | 400 | 0 | 0 | 0 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.739 | Annual | 10/31/2030 | 200 | 0 | 0 | 0 | 0 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.798 | Annual | 12/31/2031 | 13500 | 0 | (104) | (104) | 0 | (26) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2032 | 7140 | 737 | 131 | 868 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 08/05/2034 | 100 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.645 | Annual | 08/07/2034 | 200 | (1) | 4 | 3 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.555 | Annual | 08/28/2034 | 140 | (1) | 4 | 3 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.599 | Annual | 08/28/2034 | 120 | (1) | 3 | 2 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.605 | Annual | 08/28/2034 | 100 | (1) | 3 | 2 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.514 | Annual | 09/04/2034 | 100 | 0 | 3 | 3 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.408 | Annual | 09/05/2034 | 100 | 0 | 3 | 3 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.410 | Annual | 09/05/2034 | 100 | 0 | 3 | 3 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.278 | Annual | 09/16/2034 | 200 | (1) | 10 | 9 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.231 | Annual | 09/18/2034 | 100 | 0 | 5 | 5 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.248 | Annual | 09/18/2034 | 200 | (1) | 11 | 10 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 02/26/2035 | 50 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 200 | (1) | (1) | (2) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 300 | (1) | (2) | (3) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 | 200 | (1) | (1) | (2) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 100 | 0 | (1) | (1) | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **47** |

---

------

Schedule of Investments PIMCO Low Duration ESG Fund (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.975% | Annual | 03/21/2035 | $300 | $(1) | $(4) | $(5) | $0 | $(1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 500 | (2) | (5) | (7) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 200 | (1) | (1) | (2) | 0 | (1) |
|  Receive | 3-Month EUR-EURIBOR | 2.700 | Annual | 08/13/2029 | 200 | 0 | (6) | (6) | 0 | 0 |
|  Receive | 3-Month EUR-EURIBOR | 2.650 | Annual | 08/14/2029 | 100 | 0 | (3) | (3) | 0 | 0 |
|  Receive | 3-Month EUR-EURIBOR | 2.300 | Annual | 09/25/2029 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 3-Month EUR-EURIBOR | 2.680 | Annual | 08/07/2034 | 100 | 0 | (2) | (2) | 0 | 0 |
|  Receive | 3-Month EUR-EURIBOR | 2.390 | Annual | 10/01/2034 | 200 | (1) | 6 | 5 | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 02/12/2035 | 100 | 0 | 2 | 2 | 0 | (1) |
|  Pay | 6-Month EUR-EURIBOR | 2.420 | Annual | 03/07/2035 | 100 | 0 | (2) | (2) | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 03/13/2035 | 100 | 0 | (2) | (2) | 1 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.610 | Annual | 03/24/2035 | 100 | 0 | 0 | 0 | 0 | 0 |
|  Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.460 | Annual | 04/01/2035 | 100 | 0 | (2) | (2) | 0 | (2) |
|  |  |  |  |  |  | $454 | $(351) | $103 | $46 | $(63) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $455 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(351) | $104 | $46 | $(63) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | | Market Value | Variation Margin<br>Liability<sup>(6)</sup> | Variation Margin<br>Liability<sup>(6)</sup> | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109) |

---

Cash of $2,818 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(6)</sup> Unsettled variation margin liability of $(3) for closed futures is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(f) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Asset | Liability |
|  AZD | 04/2025 | 5141 | $34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 |
|  | 04/2025 | $1242 | 1963 | 0 | (15) |
|  | 04/2025 | 21 | 3084 | 0 | 0 |
|  | 04/2025 | 869 | 1162 | 0 | (4) |
|  | 05/2025 | 1963 | $1242 | 15 | 0 |
|  | 05/2025 | 1160 | 869 | 4 | 0 |
|  | 05/2025 | $34 | 5124 | 0 | 0 |
|  | 06/2025 | 118 | $16 | 0 | 0 |
|  BOA | 05/2025 | 123670 | 7 | 0 | 0 |
|  | 05/2025 | $16 | 1406 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **48** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  BPS | 04/2025 | 7961 | $8348 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(261) |
|  | 04/2025 | 371 | 469 | 0 | (10) |
|  | 04/2025 | 820872 | 50 | 1 | 0 |
|  | 04/2025 | 1835 | 12 | 0 | 0 |
|  | 04/2025 | $18 | 293659 | 0 | 0 |
|  | 04/2025 | 53 | 4587 | 0 | 0 |
|  | 04/2025 | 203 | 30331 | 0 | (1) |
|  | 04/2025 | 555 | 744 | 0 | (2) |
|  | 04/2025 | 8 | 278 | 0 | 0 |
|  | 04/2025 | 2367 | $129 | 1 | 0 |
|  | 05/2025 | 17 | 2 | 0 | 0 |
|  | 05/2025 | 599112 | 36 | 0 | 0 |
|  | 05/2025 | 743 | 556 | 2 | 0 |
|  | 05/2025 | $147 | 12633 | 0 | 0 |
|  | 05/2025 | 12 | 1829 | 0 | 0 |
|  | 06/2025 | 54 | $7 | 0 | 0 |
|  | 06/2025 | $266 | 1030 | 0 | (1) |
|  | 07/2025 | 140 | $4 | 0 | 0 |
|  | 08/2025 | 137 | 4 | 0 | 0 |
|  BRC | 04/2025 | 435 | 5 | 0 | 0 |
|  | 04/2025 | $248 | 4054793 | 0 | (5) |
|  | 06/2025 | 33 | 126 | 0 | 0 |
|  BSH | 04/2025 | 1963 | $1244 | 17 | 0 |
|  | 04/2025 | 49027 | 327 | 0 | 0 |
|  | 05/2025 | $326 | 48862 | 0 | 0 |
|  | 06/2025 | 168 | 650 | 0 | (1) |
|  CBK | 04/2025 | 743510 | $45 | 0 | 0 |
|  | 04/2025 | 1719 | 20 | 0 | 0 |
|  | 04/2025 | 1636 | 50 | 1 | 0 |
|  | 04/2025 | $1757 | 2503 | 0 | (18) |
|  | 04/2025 | 416 | 6802673 | 0 | (8) |
|  | 04/2025 | 22 | 1861 | 0 | 0 |
|  | 04/2025 | 17 | 564 | 0 | 0 |
|  | 05/2025 | 2500 | $1757 | 18 | 0 |
|  | 05/2025 | 293337 | 18 | 0 | 0 |
|  | 06/2025 | 1469885 | 1021 | 20 | 0 |
|  | 07/2025 | 143 | 4 | 0 | 0 |
|  | 08/2025 | 418 | 13 | 0 | 0 |
|  DUB | 04/2025 | 270562 | 16 | 0 | 0 |
|  | 04/2025 | 775 | 443 | 3 | 0 |
|  | 04/2025 | 211 | 158 | 1 | 0 |
|  | 04/2025 | $33 | 2807 | 0 | 0 |
|  | 04/2025 | 445 | 775 | 0 | (5) |
|  | 04/2025 | 444 | 595 | 0 | (2) |
|  | 05/2025 | 44476 | $3 | 0 | 0 |
|  | 05/2025 | 775 | 446 | 5 | 0 |
|  | 05/2025 | 594 | 444 | 1 | 0 |
|  | 06/2025 | 805848 | 559 | 10 | 0 |
|  FAR | 04/2025 | 930 | 1043 | 0 | (8) |
|  | 04/2025 | 35076 | 233 | 0 | (1) |
|  | 04/2025 | $158 | 23529 | 0 | (1) |
|  | 05/2025 | 233 | 34958 | 1 | 0 |
|  | 06/2025 | 309 | 1195 | 0 | (2) |
|  GLM | 04/2025 | 3134 | $547 | 0 | (2) |
|  | 04/2025 | 190978 | 12 | 0 | 0 |
|  | 04/2025 | $545 | 3134 | 4 | 0 |
|  | 04/2025 | 217 | 3560925 | 0 | (4) |
|  | 05/2025 | 196216 | $12 | 0 | 0 |
|  | 06/2025 | $286 | 1105 | 0 | (2) |
|  | 07/2025 | 58329 | $1793 | 26 | 0 |
|  JPM | 04/2025 | 21496 | 1 | 0 | 0 |
|  | 04/2025 | 1661 | 19 | 0 | 0 |
|  | 04/2025 | 10808 | 72 | 0 | 0 |
|  | 04/2025 | 175 | 131 | 1 | 0 |
|  | 04/2025 | $8587 | 7961 | 22 | 0 |
|  | 04/2025 | 89 | 1462824 | 0 | (1) |
|  | 04/2025 | 41 | 3557 | 0 | 0 |
|  | 04/2025 | 169 | 25250 | 0 | (1) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **49** |

---

------

Schedule of Investments PIMCO Low Duration ESG Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | $4 | 141 | $0 | $0 |
|  | 04/2025 | 1285 | $70 | 0 | 0 |
|  | 05/2025 | 7961 | 8601 | 0 | (21) |
|  | 05/2025 | 73968 | 5 | 0 | 0 |
|  | 05/2025 | $72 | 10772 | 1 | 0 |
|  | 06/2025 | 253 | 982 | 0 | (1) |
|  | 07/2025 | 141 | $4 | 0 | 0 |
|  MBC | 04/2025 | 1490 | 1115 | 6 | 0 |
|  | 04/2025 | $1052 | 929 | 0 | (2) |
|  | 04/2025 | 33 | 2795 | 0 | 0 |
|  | 04/2025 | 9 | 283 | 0 | 0 |
|  | 05/2025 | 926 | $1052 | 2 | 0 |
|  | 06/2025 | 361455 | 251 | 5 | 0 |
|  | 07/2025 | 144 | 4 | 0 | 0 |
|  | 08/2025 | 137 | 4 | 0 | 0 |
|  MYI | 04/2025 | 2504 | 1759 | 19 | 0 |
|  | 04/2025 | 625 | 467 | 2 | 0 |
|  | 04/2025 | 1043 | 57 | 0 | 0 |
|  | 05/2025 | 123774 | 7 | 0 | 0 |
|  SCX | 04/2025 | 841 | 146 | 0 | (1) |
|  | 04/2025 | 2832 | 19 | 0 | 0 |
|  | 04/2025 | $144 | 841 | 4 | 0 |
|  | 04/2025 | 309 | 5051997 | 0 | (6) |
|  | 04/2025 | 3 | 83 | 0 | 0 |
|  | 05/2025 | 19 | 2823 | 0 | 0 |
|  | 06/2025 | 851 | $144 | 0 | (3) |
|  | 08/2025 | 82 | 3 | 0 | 0 |
|  SSB | 04/2025 | $480 | 371 | 0 | (1) |
|  | 05/2025 | 371 | $480 | 1 | 0 |
|  UAG | 04/2025 | $155 | 23134 | 0 | (1) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(391) |

---

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| DUB Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.750% | 10/30/2025 | 8900 | $48 | $35 |
| FAR Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.750 | 08/01/2025 | 32200 | 196 | 77 |
| MYC Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.000 | 07/08/2025 | 37100 | 45 | 1 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 |

---

#### WRITTEN OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive <br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BPS Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.400% | 04/07/2025 | 200 | $(1) | $(1) |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.750 | 04/07/2025 | 200 | 0 | 0 |
| BRC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 04/11/2025 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.900 | 04/11/2025 | 100 | 0 | 0 |
| DUB Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.830 | 10/30/2025 | 8900 | (18) | (10) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.290 | 10/30/2025 | 8900 | (30) | (19) |
| FAR Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.750 | 08/01/2025 | 32200 | (74) | (12) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.250 | 08/01/2025 | 32200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(122) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.593 | 04/30/2025 | 600 | (3) | (3) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.943 | 04/30/2025 | 600 | (3) | (2) |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.535 | 04/10/2025 | 1200 | (5) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.985 | 04/10/2025 | 1200 | (5) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.723 | 04/14/2025 | 100 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.073 | 04/14/2025 | 100 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.713 | 04/28/2025 | 300 | (1) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.063 | 04/28/2025 | 300 | (1) | (1) |

---

---

| | | |
|:---|:---|:---|
| **50** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive <br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.600% | 04/30/2025 | 500 | $(2) | $(2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.950 | 04/30/2025 | 500 | (2) | (2) |
| MYC Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.710 | 04/14/2025 | 100 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.060 | 04/14/2025 | 100 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.520 | 04/07/2025 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.890 | 04/07/2025 | 100 | 0 | 0 |
| NGF Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.530 | 04/17/2025 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.890 | 04/17/2025 | 100 | 0 | 0 |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(271) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(2)</sup> |
|  AZD | $19 | $0 | $0 | $19 | $(19) | $0 | $0 | $(19) | $0 | $0 | $0 |
|  BPS | 4 | 0 | 0 | 4 | (275) | (1) | 0 | (276) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(272) | 281 | 9 |
|  BRC | 0 | 0 | 0 | 0 | (5) | 0 | 0 | (5) | (5) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |
|  BSH | 17 | 0 | 0 | 17 | (1) | 0 | 0 | (1) | 16 | 0 | 16 |
|  CBK | 39 | 0 | 0 | 39 | (26) | 0 | 0 | (26) | 13 | 0 | 13 |
|  DUB | 20 | 35 | 0 | 55 | (7) | (29) | 0 | (36) | 19 | 0 | 19 |
|  FAR | 1 | 77 | 0 | 78 | (12) | (47) | 0 | (59) | 19 | 0 | 19 |
|  GLM | 30 | 0 | 0 | 30 | (8) | (10) | 0 | (18) | 12 | 0 | 12 |
|  JPM | 24 | 0 | 0 | 24 | (24) | 0 | 0 | (24) | 0 | 0 | 0 |
|  MBC | 13 | 0 | 0 | 13 | (2) | 0 | 0 | (2) | 11 | 0 | 11 |
|  MYC | 0 | 1 | 0 | 1 | 0 | (1) | 0 | (1) | 0 | 0 | 0 |
|  MYI | 21 | 0 | 0 | 21 | 0 | 0 | 0 | 0 | 21 | 0 | 21 |
|  SCX | 4 | 0 | 0 | 4 | (10) | 0 | 0 | (10) | (6) | 0 | (6) |
|  SSB | 1 | 0 | 0 | 1 | (1) | 0 | 0 | (1) | 0 | 0 | 0 |
|  UAG | 0 | 0 | 0 | 0 | (1) | 0 | 0 | (1) | (1) | 0 | (1) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(391) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(479) |  |  |  |

---

(g) Securities with an aggregate market value of $281 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $1 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 46 | 46 |
|  | $0 | $0 | $0 | $0 | $47 | $47 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $193 | $0 | $193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 113 | 113 |
|  | $0 | $0 | $0 | $193 | $113 | $306 |
|  | $0 | $0 | $0 | $193 | $160 | $353 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 51

------

Schedule of Investments PIMCO Low Duration ESG Fund (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $46 | $46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 63 | 63 |
|  | $0 | $0 | $0 | $0 | $109 | $109 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $391 | $0 | $391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 88 | 88 |
|  | $0 | $0 | $0 | $391 | $88 | $479 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $22 | $22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | (492) | (492) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 842 | 843 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $1 | $0 | $0 | $372 | $373 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $477 | $0 | $477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 210 | 210 |
|  | $0 | $0 | $0 | $477 | $240 | $717 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $0 | $477 | $612 | $1090 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $(1) | $(1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 1608 | 1608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (806) | (806) |
|  | $0 | $0 | $0 | $0 | $801 | $801 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(304) | $0 | $(304) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (169) | (169) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 221 | 221 |
|  | $0 | $0 | $0 | $(304) | $52 | $(252) |
|  | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(304) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>03/31/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48399 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48399 |
| &nbsp;&nbsp; Industrials | 0 | 6405 | 0 | 6405 |
| &nbsp;&nbsp; Utilities | 0 | 4226 | 0 | 4226 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; California | 0 | 966 | 0 | 966 |
| &nbsp;&nbsp; New York | 0 | 1335 | 0 | 1335 |
|  U.S. Government Agencies | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112824 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112824 |
|  U.S. Treasury Obligations | 0 | 46071 | 0 | 46071 |
|  Non-Agency Mortgage-Backed Securities | 0 | 31687 | 0 | 31687 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at<br>03/31/2025** |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | $0 | $197 | $0 | $197 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 3676 | 0 | 3676 |
| &nbsp;&nbsp; CMBS Other | 0 | 2203 | 0 | 2203 |
| &nbsp;&nbsp; Credit Card Bullet | 0 | 1002 | 0 | 1002 |
| &nbsp;&nbsp; Credit Card Other | 0 | 1503 | 0 | 1503 |
| &nbsp;&nbsp; Home Equity Other | 0 | 1622 | 0 | 1622 |
| &nbsp;&nbsp; Other ABS | 0 | 24151 | 1081 | 25232 |
|  Sovereign Issues | 0 | 2174 | 0 | 2174 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 23400 | 0 | 23400 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311841 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312922 |

---

52 PIMCO SHORT DURATION STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at<br>03/31/2025** |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  U.S. Government Agencies | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13490) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13490) |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | 1 | 46 | 0 | 47 |
|  Over the counter | 0 | 306 | 0 | 306 |
|  | $1 | $352 | $0 | $353 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>03/31/2025** |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | $0 | $(106) | $0 | $(106) |
|  Over the counter | 0 | (479) | 0 | (479) |
|  | $0 | $(585) | $0 | $(585) |
|  Total Financial Derivative Instruments | $1 | $(233) | $0 | $(232) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298118 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299200 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **53** |

---

------

Schedule of Investments PIMCO Short Asset Investment Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 99.2% | INVESTMENTS IN SECURITIES 99.2% | INVESTMENTS IN SECURITIES 99.2% |
| CORPORATE BONDS & NOTES 56.0% | CORPORATE BONDS & NOTES 56.0% | CORPORATE BONDS & NOTES 56.0% |
| BANKING & FINANCE 35.9% | BANKING & FINANCE 35.9% | BANKING & FINANCE 35.9% |
|  AerCap Ireland Capital DAC | AerCap Ireland Capital DAC | AerCap Ireland Capital DAC |
|  1.750% due 01/30/2026 | 7682 | 7503 |
|  4.450% due 10/01/2025 | 1500 | 1498 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  5.800% due 05/01/2025 | 2724 | 2726 |
|  American Express Co. | American Express Co. | American Express Co. |
|  5.011% due 11/04/2026 ~ | 12000 | 12030 |
|  5.118% due 02/13/2026 ~ | 465 | 467 |
|  American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |
|  4.762% due 06/13/2025 ~ | 8600 | 8606 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  4.000% due 06/01/2025 | 21202 | 21172 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.106% due 07/16/2026 •  | 15400 | 15409 |
|  5.180% due 01/07/2027 ~ | 16600 | 16637 |
|  Australia & New Zealand Banking Group Ltd. | Australia & New Zealand Banking Group Ltd. | Australia & New Zealand Banking Group Ltd. |
|  4.937% due 03/18/2026 ~ | 2671 | 2678 |
|  5.106% due 07/03/2025 •  | 525 | 526 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  1.950% due 01/30/2026 | 2000 | 1954 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.125% due 02/21/2026 | 1200 | 1172 |
|  4.250% due 04/15/2026 | 4800 | 4774 |
|  4.375% due 05/01/2026 | 1800 | 1790 |
|  5.500% due 01/15/2026 | 5200 | 5223 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  1.319% due 06/19/2026 •  | 9000 | 8936 |
|  5.683% due 04/02/2026 •  | 4987 | 4988 |
|  Bank of Montreal | Bank of Montreal | Bank of Montreal |
|  4.978% due 09/15/2026 ~ | 195 | 195 |
|  5.313% due 09/25/2025 •  | 1075 | 1079 |
|  5.418% due 06/07/2025 •  | 4877 | 4885 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  5.254% due 04/11/2025 •  | 5575 | 5576 |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
|  4.524% due 07/13/2025 | 1704 | 1704 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  4.375% due 01/12/2026 | 24000 | 23962 |
|  BPCE SA | BPCE SA | BPCE SA |
|  1.652% due 10/06/2026 •  | 5000 | 4918 |
|  5.320% due 09/25/2025 •  | 4805 | 4821 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
|  5.290% due 04/07/2025 ~ | 7662 | 7663 |
|  Citigroup Global Markets Holdings, Inc. | Citigroup Global Markets Holdings, Inc. | Citigroup Global Markets Holdings, Inc. |
|  4.820% due 01/20/2026 ~ | 22500 | 22481 |
|  Commonwealth Bank of Australia | Commonwealth Bank of Australia | Commonwealth Bank of Australia |
|  4.752% due 07/07/2025 ~(b) | 31650 | 31668 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  5.057% due 07/18/2025 •  | 3000 | 3005 |
|  5.062% due 01/09/2026 ~(b) | 27000 | 27106 |
|  Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. |
|  3.500% due 04/04/2025 | 23004 | 23001 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  1.350% due 07/15/2025 | 929 | 921 |
|  DBS Group Holdings Ltd. | DBS Group Holdings Ltd. | DBS Group Holdings Ltd. |
|  4.983% due 09/12/2025 ~ | 16500 | 16521 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  2.129% due 11/24/2026 •  | 14775 | 14511 |
|  4.162% due 05/13/2025 | 5570 | 5567 |
|  DNB Bank ASA | DNB Bank ASA | DNB Bank ASA |
|  1.127% due 09/16/2026 •  | 3045 | 2997 |
|  F&G Global Funding | F&G Global Funding | F&G Global Funding |
|  5.150% due 07/07/2025 | 4000 | 4000 |
|  Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec |
|  4.991% due 01/27/2027 ~ | 12000 | 12005 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  4.134% due 08/04/2025 | 3900 | 3878 |
|  4.687% due 06/09/2025 | 4200 | 4194 |
|  5.125% due 06/16/2025 | 18553 | 18541 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  1.625% due 01/15/2026 | 2547 | 2485 |
|  3.850% due 04/11/2025 | 21477 | 21471 |
|  General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
|  2.750% due 06/20/2025 | 5400 | 5375 |
|  4.350% due 04/09/2025 | 2500 | 2499 |
|  5.650% due 04/07/2025 •  | 777 | 777 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  5.148% due 12/09/2026 •  | 500 | 501 |
|  5.425% due 08/10/2026 •  | 10300 | 10333 |
|  5.755% (US0003M + 1.170%) due 05/15/2026 ~ | 1078 | 1079 |
|  5.798% due 08/10/2026 •  | 13500 | 13555 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  2.099% due 06/04/2026 •  | 7200 | 7166 |
|  4.292% due 09/12/2026 •  | 3000 | 2994 |
|  Hyundai Capital Services, Inc. | Hyundai Capital Services, Inc. | Hyundai Capital Services, Inc. |
|  2.125% due 04/24/2025 | 402 | 401 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  5.500% due 01/09/2026 | 11500 | 11565 |
|  John Deere Capital Corp. | John Deere Capital Corp. | John Deere Capital Corp. |
|  4.836% due 10/22/2025 ~ | 3900 | 3906 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  2.083% due 04/22/2026 •  | 1674 | 1671 |
|  4.080% due 04/26/2026 •  | 4220 | 4217 |
|  5.681% due 04/26/2026 •  | 3150 | 3153 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  5.797% due 04/17/2026 •  | 1997 | 1998 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  5.329% due 05/22/2026 •  | 9450 | 9460 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  2.188% due 04/28/2026 •  | 5000 | 4990 |
|  5.050% due 01/28/2027 •  | 31931 | 32047 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
|  5.136% due 07/16/2025 •  | 2703 | 2706 |
|  5.524% due 10/30/2026 ~ | 2573 | 2597 |
|  New York Life Global Funding | New York Life Global Funding | New York Life Global Funding |
|  5.011% due 05/02/2025 ~ | 500 | 500 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  1.851% due 07/16/2025 | 8095 | 8031 |
|  5.099% due 07/03/2025 | 136 | 136 |
|  Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp |
|  5.318% due 06/06/2025 •  | 3200 | 3204 |
|  5.318% due 06/06/2025 •  | 5800 | 5808 |
|  Pacific Life Global Funding | Pacific Life Global Funding | Pacific Life Global Funding |
|  4.837% due 02/04/2027 ~ | 2000 | 2000 |
|  4.961% due 01/27/2028 ~ | 10000 | 10021 |
|  5.218% due 06/16/2025 •  | 800 | 801 |
|  PNC Bank NA | PNC Bank NA | PNC Bank NA |
|  4.855% due 01/15/2027 •  | 10400 | 10416 |
|  Principal Life Global Funding | Principal Life Global Funding | Principal Life Global Funding |
|  5.258% due 08/28/2025 •  | 1090 | 1093 |
|  Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding |
|  4.858% due 07/22/2026 ~ | 4300 | 4306 |
|  Public Storage Operating Co. | Public Storage Operating Co. | Public Storage Operating Co. |
|  4.961% due 07/25/2025 ~ | 1478 | 1480 |
|  Reliance Standard Life Global Funding | Reliance Standard Life Global Funding | Reliance Standard Life Global Funding |
|  2.750% due 05/07/2025 | 2310 | 2306 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.821% due 08/03/2026 ~ | 22000 | 22010 |
|  4.931% due 04/27/2026 ~ | 3301 | 3309 |
|  5.194% due 04/14/2025 •  | 2400 | 2401 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  1.673% due 06/14/2027 •  | 200 | 193 |
|  6.833% due 11/21/2026 •  | 200 | 203 |
|  Skandinaviska Enskilda Banken AB | Skandinaviska Enskilda Banken AB | Skandinaviska Enskilda Banken AB |
|  5.318% due 06/09/2025 •  | 29000 | 29047 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  5.784% due 01/13/2026 ~ | 14955 | 15088 |
|  Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB |
|  5.268% due 06/10/2025 •  | 24850 | 24887 |
|  Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
|  5.378% due 06/06/2025 •  | 1100 | 1102 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. |
|  5.001% due 01/05/2026 •  | 2000 | 2004 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  2.193% due 06/05/2026 ~ | 1250 | 1244 |
|  4.125% due 04/15/2026 | 10467 | 10428 |
|  4.488% due 05/12/2026 •  | 6500 | 6498 |
|  5.938% due 05/12/2026 ~ | 4260 | 4265 |
|  6.373% due 07/15/2026 •  | 5000 | 5020 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  4.375% due 05/15/2025 | 8103 | 8108 |
|  4.625% due 06/15/2025 | 5177 | 5180 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  2.188% due 04/30/2026 •  | 2500 | 2495 |
|  5.681% due 04/25/2026 ~ | 10405 | 10415 |
|  Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA |
|  5.065% due 01/15/2026 •  | 17100 | 17153 |
|  Westpac Banking Corp. | Westpac Banking Corp. | Westpac Banking Corp. |
|  5.371% due 08/26/2025 •  | 225 | 226 |
|  |  | 731612 |
| INDUSTRIALS 10.8% | INDUSTRIALS 10.8% | INDUSTRIALS 10.8% |
|  7-Eleven, Inc. | 7-Eleven, Inc. | 7-Eleven, Inc. |
|  0.950% due 02/10/2026 | 2000 | 1936 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  2.850% due 04/15/2025 | 3654 | 3652 |
|  4.250% due 12/15/2025 | 2000 | 1991 |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
|  1.570% due 01/15/2026 | 9100 | 8872 |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  4.979% (SOFRINDX + 0.620%) due 08/11/2025 ~ | 1000 | 1001 |
|  5.194% due 04/01/2025 ~ | 1868 | 1868 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  2.900% due 05/15/2025 | 28200 | 28135 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  1.200% due 03/01/2026 | 9806 | 9499 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  5.250% due 04/15/2025 | 4800 | 4800 |
|  7.690% due 06/15/2025 | 5000 | 5025 |
|  Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. |
|  3.844% due 05/01/2025 | 18800 | 18784 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  5.511% due 08/04/2025 ~ | 14800 | 14831 |
|  5.800% due 06/26/2025 | 600 | 601 |
|  Microchip Technology, Inc. | Microchip Technology, Inc. | Microchip Technology, Inc. |
|  4.250% due 09/01/2025 | 13000 | 12985 |
|  MPLX LP | MPLX LP | MPLX LP |
|  4.875% due 06/01/2025 | 9476 | 9476 |
|  NXP BV | NXP BV | NXP BV |
|  2.700% due 05/01/2025 | 1100 | 1098 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  2.950% due 05/15/2025 | 5000 | 4989 |
|  Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP |
|  1.200% due 11/15/2025 | 7930 | 7752 |
|  Reynolds American, Inc. | Reynolds American, Inc. | Reynolds American, Inc. |
|  4.450% due 06/12/2025 | 5619 | 5612 |
|  Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. |
|  3.625% due 12/15/2025 | 1422 | 1410 |
|  Sydney Airport Finance Co. Pty. Ltd. | Sydney Airport Finance Co. Pty. Ltd. | Sydney Airport Finance Co. Pty. Ltd. |
|  3.375% due 04/30/2025 | 200 | 200 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  3.500% due 04/15/2025 | 29882 | 29867 |
|  Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. |
|  3.550% due 04/14/2025 | 6750 | 6747 |
|  VMware LLC | VMware LLC | VMware LLC |
|  4.500% due 05/15/2025 | 15400 | 15390 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  1.250% due 11/24/2025 | 10000 | 9773 |
|  3.350% due 05/13/2025 | 1000 | 998 |
|  3.950% due 06/06/2025 | 3500 | 3494 |
|  5.190% due 03/20/2026 •  | 955 | 956 |
|  5.288% due 09/12/2025 •  | 5629 | 5638 |

---

---

| | | |
|:---|:---|:---|
| **54** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Zoetis, Inc. | Zoetis, Inc. | Zoetis, Inc. |
|  4.500% due 11/13/2025 | 1700 | 1699 |
|  5.400% due 11/14/2025 | 200 | 201 |
|  |  | 219280 |
| UTILITIES 9.3% | UTILITIES 9.3% | UTILITIES 9.3% |
|  American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
|  1.000% due 11/01/2025 | 2500 | 2447 |
|  5.699% due 08/15/2025 | 2200 | 2208 |
|  Appalachian Power Co. | Appalachian Power Co. | Appalachian Power Co. |
|  3.400% due 06/01/2025 | 3179 | 3171 |
|  Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. |
|  3.150% due 05/15/2025 | 2379 | 2375 |
|  Avangrid, Inc. | Avangrid, Inc. | Avangrid, Inc. |
|  3.200% due 04/15/2025 | 12063 | 12053 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
|  3.900% due 10/01/2025 | 8000 | 7975 |
|  DTE Energy Co. | DTE Energy Co. | DTE Energy Co. |
|  1.050% due 06/01/2025 | 7555 | 7505 |
|  Edison International | Edison International | Edison International |
|  4.950% due 04/15/2025 | 8070 | 8067 |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
|  4.500% due 06/15/2025 | 4860 | 4853 |
|  7.050% due 10/14/2025 | 1000 | 1009 |
|  Entergy Corp. | Entergy Corp. | Entergy Corp. |
|  0.900% due 09/15/2025 | 10500 | 10331 |
|  Exelon Corp. | Exelon Corp. | Exelon Corp. |
|  3.950% due 06/15/2025 | 6734 | 6724 |
|  Georgia Power Co. | Georgia Power Co. | Georgia Power Co. |
|  5.109% due 05/08/2025 ~ | 25237 | 25251 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  5.120% due 01/29/2026 ~ | 10509 | 10546 |
|  5.749% due 09/01/2025 | 12000 | 12050 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  2.200% due 09/15/2025 | 4325 | 4276 |
|  5.850% due 01/15/2026 | 5710 | 5754 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.950% due 03/01/2026 | 1200 | 1179 |
|  3.150% due 01/01/2026 | 500 | 494 |
|  3.450% due 07/01/2025 | 7300 | 7271 |
|  3.500% due 06/15/2025 | 8442 | 8418 |
|  4.950% due 06/08/2025 | 10800 | 10791 |
|  Sempra | Sempra | Sempra |
|  3.300% due 04/01/2025 | 15469 | 15469 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.900% due 06/01/2026 | 1900 | 1902 |
|  Virginia Electric & Power Co. | Virginia Electric & Power Co. | Virginia Electric & Power Co. |
|  3.100% due 05/15/2025 | 17000 | 16964 |
|  |  | 189083 |
|  Total Corporate Bonds & Notes (Cost $1,138,977) | Total Corporate Bonds & Notes (Cost $1,138,977) | 1139975 |
| MUNICIPAL BONDS & NOTES 1.1% | MUNICIPAL BONDS & NOTES 1.1% | MUNICIPAL BONDS & NOTES 1.1% |
| NEW JERSEY 1.1% | NEW JERSEY 1.1% | NEW JERSEY 1.1% |
|  New Jersey Transportation Trust Fund Authority Revenue Notes, Series 2024 | New Jersey Transportation Trust Fund Authority Revenue Notes, Series 2024 | New Jersey Transportation Trust Fund Authority Revenue Notes, Series 2024 |
|  5.093% due 06/15/2025 | 22000 | 22020 |
|  Total Municipal Bonds & Notes (Cost $22,000) | Total Municipal Bonds & Notes (Cost $22,000) | 22020 |
| U.S. GOVERNMENT AGENCIES 9.1% | U.S. GOVERNMENT AGENCIES 9.1% | U.S. GOVERNMENT AGENCIES 9.1% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  2.800% due 06/01/2025 (b) | 12511 | 12440 |
|  4.278% due 08/25/2050 •  | 1775 | 1733 |
|  4.754% due 04/25/2036 - 06/25/2042 •  | 723 | 713 |
|  4.793% due 11/25/2044 - 09/25/2055 •  | 10739 | 10639 |
|  4.804% due 07/25/2036 - 06/25/2043 •  | 128 | 126 |
|  4.843% due 09/25/2049 •  | 3739 | 3641 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.854% due 02/25/2042 •  | 233 | 232 |
|  4.904% due 08/25/2049 •  | 241 | 235 |
|  4.954% due 02/25/2042 •  | 185 | 183 |
|  4.974% due 03/25/2042 •  | 30 | 30 |
|  4.994% due 07/25/2037 •  | 34 | 34 |
|  5.004% due 10/25/2041 •  | 58 | 58 |
|  5.243% due 05/25/2050 •  | 4524 | 4512 |
|  5.310% due 08/25/2054 •  | 9220 | 9213 |
|  7.166% due 05/01/2038 •(b) | 1835 | 1907 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  1.000% due 09/15/2044 (b) | 16027 | 13959 |
|  1.000% due 11/25/2050 | 3791 | 2861 |
|  4.763% due 04/15/2037 •  | 150 | 147 |
|  4.763% due 05/15/2038 •(b) | 414 | 420 |
|  4.773% due 05/15/2041 •(b) | 415 | 408 |
|  4.783% due 06/15/2040 •(b) | 902 | 877 |
|  4.793% due 07/15/2037 - 10/15/2037 •  | 4772 | 4708 |
|  4.863% due 03/15/2040 - 11/15/2043 •  | 247 | 245 |
|  4.903% due 08/25/2027 •  | 10000 | 10002 |
|  4.913% due 06/15/2049 •  | 1966 | 1918 |
|  4.963% due 08/15/2041 •  | 7 | 7 |
|  4.983% due 12/15/2041 •  | 202 | 201 |
|  5.013% due 09/15/2037 •(b) | 308 | 307 |
|  5.013% due 11/15/2041 •  | 38 | 38 |
|  5.043% due 07/15/2037 •(b) | 342 | 341 |
|  5.063% due 11/15/2037 •  | 37 | 37 |
|  5.310% due 08/25/2054 •(b) | 10527 | 10567 |
|  5.320% due 02/25/2055 •  | 5206 | 5228 |
|  5.340% due 09/25/2054 •  | 4347 | 4369 |
|  5.340% due 02/25/2055 •(b) | 19298 | 19394 |
|  5.413% due 01/15/2032 •  | 89 | 90 |
|  5.440% due 11/25/2054 •(b) | 19046 | 18990 |
|  5.463% due 01/15/2039 •  | 22 | 22 |
|  5.967% due 05/15/2033 •  | 78 | 79 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  4.744% due 04/20/2037 •(b) | 368 | 364 |
|  4.823% due 01/20/2068 •  | 63 | 63 |
|  4.857% due 07/20/2043 •(b) | 298 | 291 |
|  4.884% due 06/20/2049 •  | 3936 | 3852 |
|  4.893% due 08/20/2065 •(b) | 344 | 344 |
|  4.894% due 05/20/2049 •  | 1328 | 1296 |
|  4.923% due 12/20/2060 •  | 47 | 47 |
|  4.923% due 07/20/2064 •(b) | 321 | 321 |
|  4.953% due 01/20/2070 •  | 6368 | 6384 |
|  4.993% due 04/20/2062 •  | 96 | 96 |
|  4.994% due 02/20/2074 •  | 6726 | 6698 |
|  5.099% due 01/20/2068 •(b) | 4296 | 4335 |
|  5.103% due 08/20/2061 •  | 20 | 20 |
|  5.123% due 10/20/2065 •  | 2 | 2 |
|  5.134% due 01/16/2040 •(b) | 566 | 566 |
|  5.173% due 08/20/2067 •(b) | 527 | 528 |
|  5.174% due 02/20/2040 •(b) | 449 | 449 |
|  5.184% due 03/20/2040 •  | 1385 | 1386 |
|  5.193% due 02/20/2066 •  | 3 | 3 |
|  5.204% due 04/20/2040 •  | 1033 | 1035 |
|  5.234% due 03/20/2040 •  | 1080 | 1083 |
|  5.449% due 01/20/2067 •  | 2273 | 2284 |
|  6.111% due 09/20/2067 •(b) | 696 | 704 |
|  6.173% due 06/20/2068 •  | 5975 | 5990 |
|  6.634% due 06/20/2071 •(b) | 3978 | 4056 |
|  7.791% due 09/20/2066 •  | 1595 | 1622 |
|  Total U.S. Government Agencies (Cost $188,697) | Total U.S. Government Agencies (Cost $188,697) | 184730 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 5.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 5.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 5.3% |
|  Arroyo Mortgage Trust | Arroyo Mortgage Trust | Arroyo Mortgage Trust |
|  1.175% due 10/25/2048 •  | 2865 | 2571 |
|  BX Trust | BX Trust | BX Trust |
|  5.163% due 10/15/2036 •  | 12823 | 12726 |
|  COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust |
|  1.397% due 10/25/2066 ~ | 10867 | 9057 |
|  Commercial Mortgage Trust | Commercial Mortgage Trust | Commercial Mortgage Trust |
|  5.367% due 06/15/2034 ~ | 2700 | 2512 |
|  CRSNT Commercial Mortgage Trust | CRSNT Commercial Mortgage Trust | CRSNT Commercial Mortgage Trust |
|  5.254% due 04/15/2036 •  | 15000 | 14784 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust |
|  3.718% due 08/15/2048 | 8567 | 8530 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  5.000% due 01/25/2052 ~ | 728 | 682 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.699% due 11/15/2038 •  | 12400 | 12361 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  5.690% due 02/25/2055 •  | 2146 | 2153 |
|  MFA Trust | MFA Trust | MFA Trust |
|  1.381% due 04/25/2065 •  | 1735 | 1669 |
|  Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust |
|  3.796% due 11/15/2032 ~ | 3087 | 2929 |
|  OBX Trust | OBX Trust | OBX Trust |
|  1.957% due 10/25/2061 ~ | 10247 | 8547 |
|  2.305% due 11/25/2061 ~ | 9393 | 8340 |
|  2.783% due 01/25/2062 þ | 10222 | 9700 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.250% due 11/25/2061 ~ | 4014 | 3720 |
|  3.750% due 05/25/2058 ~ | 7837 | 7663 |
|  5.435% due 05/25/2058 ~ | 546 | 560 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $116,506) | Total Non-Agency Mortgage-Backed Securities (Cost $116,506) | 108504 |
| ASSET-BACKED SECURITIES 20.5% | ASSET-BACKED SECURITIES 20.5% | ASSET-BACKED SECURITIES 20.5% |
| AUTOMOBILE ABS OTHER 5.9% | AUTOMOBILE ABS OTHER 5.9% | AUTOMOBILE ABS OTHER 5.9% |
|  BMW Vehicle Lease Trust | BMW Vehicle Lease Trust | BMW Vehicle Lease Trust |
|  4.740% due 07/27/2026 ~ | 6663 | 6666 |
|  4.760% due 01/25/2027 ~ | 6912 | 6916 |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  4.779% due 03/15/2028 •  | 12000 | 12002 |
|  Fifth Third Auto Trust | Fifth Third Auto Trust | Fifth Third Auto Trust |
|  4.879% due 11/16/2026 •  | 1464 | 1464 |
|  Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust |
|  4.749% due 02/15/2027 ~ | 7865 | 7864 |
|  Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust |
|  4.749% due 04/15/2027 •  | 15909 | 15911 |
|  GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust |
|  4.814% due 01/20/2027 •  | 15000 | 15005 |
|  Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust |
|  4.749% due 06/15/2027 •  | 12000 | 12000 |
|  4.949% due 03/16/2026 •  | 2273 | 2273 |
|  Nissan Auto Lease Trust | Nissan Auto Lease Trust | Nissan Auto Lease Trust |
|  4.759% due 06/15/2027 •  | 9820 | 9824 |
|  Tesla Auto Lease Trust | Tesla Auto Lease Trust | Tesla Auto Lease Trust |
|  4.844% due 06/22/2026 •  | 1856 | 1856 |
|  Toyota Lease Owner Trust | Toyota Lease Owner Trust | Toyota Lease Owner Trust |
|  4.754% due 07/20/2027 •  | 23000 | 23003 |
|  Volkswagen Auto Lease Trust | Volkswagen Auto Lease Trust | Volkswagen Auto Lease Trust |
|  4.814% due 12/21/2026 ~ | 2579 | 2576 |
|  Volkswagen Auto Loan Enhanced Trust | Volkswagen Auto Loan Enhanced Trust | Volkswagen Auto Loan Enhanced Trust |
|  4.864% due 12/21/2026 •  | 2255 | 2256 |
|  World Omni Automobile Lease Securitization Trust | World Omni Automobile Lease Securitization Trust | World Omni Automobile Lease Securitization Trust |
|  4.779% due 02/16/2027 •  | 1366 | 1367 |
|  |  | 120983 |
| AUTOMOBILE SEQUENTIAL 5.5% | AUTOMOBILE SEQUENTIAL 5.5% | AUTOMOBILE SEQUENTIAL 5.5% |
|  Ally Auto Receivables Trust | Ally Auto Receivables Trust | Ally Auto Receivables Trust |
|  4.460% due 07/15/2027 | 2455 | 2454 |
|  ARI Fleet Lease Trust | ARI Fleet Lease Trust | ARI Fleet Lease Trust |
|  5.540% due 04/15/2033 | 9213 | 9275 |
|  BMW Vehicle Owner Trust | BMW Vehicle Owner Trust | BMW Vehicle Owner Trust |
|  5.470% due 02/25/2028 | 1982 | 1996 |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  4.750% due 10/15/2027 | 706 | 707 |
|  5.340% due 08/16/2027 | 11350 | 11400 |
|  5.650% due 05/17/2027 | 980 | 983 |
|  5.720% due 11/16/2026 | 177 | 178 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  5.500% due 08/10/2027 | 1501 | 1504 |
|  6.230% due 01/11/2027 | 35 | 35 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **55** |

---

------

Schedule of Investments PIMCO Short Asset Investment Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust |
|  4.400% due 11/26/2027 | 1695 | 1693 |
|  5.660% due 05/26/2027 | 2263 | 2270 |
|  Fifth Third Auto Trust | Fifth Third Auto Trust | Fifth Third Auto Trust |
|  5.530% due 08/15/2028 | 3090 | 3118 |
|  Harley Davidson Motorcycle Trust | Harley Davidson Motorcycle Trust | Harley Davidson Motorcycle Trust |
|  4.620% due 08/16/2027 | 9897 | 9901 |
|  5.650% due 02/16/2027 | 3302 | 3312 |
|  Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust |
|  5.410% due 04/15/2026 | 663 | 663 |
|  5.710% due 03/18/2026 | 438 | 438 |
|  5.870% due 06/22/2026 | 2534 | 2539 |
|  Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust |
|  5.020% due 03/15/2027 | 8800 | 8834 |
|  LAD Auto Receivables Trust | LAD Auto Receivables Trust | LAD Auto Receivables Trust |
|  5.440% due 11/16/2026 | 870 | 871 |
|  5.930% due 06/15/2027 | 1354 | 1356 |
|  Mercedes-Benz Auto Receivables Trust | Mercedes-Benz Auto Receivables Trust | Mercedes-Benz Auto Receivables Trust |
|  4.510% due 11/15/2027 | 2204 | 2204 |
|  SBNA Auto Lease Trust | SBNA Auto Lease Trust | SBNA Auto Lease Trust |
|  4.680% due 04/20/2027 | 3800 | 3802 |
|  4.940% due 11/20/2026 | 1649 | 1650 |
|  5.450% due 01/20/2026 | 1759 | 1759 |
|  5.560% due 11/22/2027 | 11000 | 11107 |
|  SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust |
|  5.450% due 12/15/2027 | 3463 | 3475 |
|  SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust |
|  5.330% due 11/20/2029 | 8300 | 8407 |
|  5.710% due 10/20/2027 | 3924 | 3936 |
|  USAA Auto Owner Trust | USAA Auto Owner Trust | USAA Auto Owner Trust |
|  5.250% due 03/15/2027 | 7860 | 7879 |
|  World Omni Auto Receivables Trust | World Omni Auto Receivables Trust | World Omni Auto Receivables Trust |
|  4.660% due 05/15/2028 | 3722 | 3724 |
|  |  | 111470 |
| CMBS OTHER 0.1% | CMBS OTHER 0.1% | CMBS OTHER 0.1% |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  5.514% due 11/17/2038 ~ | 372 | 370 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.511% due 10/16/2036 ~ | 2501 | 2497 |
|  |  | 2867 |
| CREDIT CARD BULLET 2.1% | CREDIT CARD BULLET 2.1% | CREDIT CARD BULLET 2.1% |
|  Citibank Credit Card Issuance Trust | Citibank Credit Card Issuance Trust | Citibank Credit Card Issuance Trust |
|  5.038% due 08/07/2027 •  | 16500 | 16529 |
|  Golden Credit Card Trust | Golden Credit Card Trust | Golden Credit Card Trust |
|  4.310% due 09/15/2027 | 2000 | 1997 |
|  Master Credit Card Trust | Master Credit Card Trust | Master Credit Card Trust |
|  5.097% due 01/21/2028 •  | 20000 | 20049 |
|  5.197% due 01/21/2027 ~ | 4000 | 4006 |
|  |  | 42581 |
| CREDIT CARD OTHER 0.6% | CREDIT CARD OTHER 0.6% | CREDIT CARD OTHER 0.6% |
|  Golden Credit Card Trust | Golden Credit Card Trust | Golden Credit Card Trust |
|  1.140% due 08/15/2028 | 12000 | 11484 |
| OTHER ABS 6.3% | OTHER ABS 6.3% | OTHER ABS 6.3% |
|  ACAS CLO Ltd. | ACAS CLO Ltd. | ACAS CLO Ltd. |
|  5.445% due 10/18/2028 ~ | 84 | 84 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  5.530% due 08/14/2030 •  | 168 | 168 |
|  Catamaran CLO Ltd. | Catamaran CLO Ltd. | Catamaran CLO Ltd. |
|  5.652% due 04/22/2030 •  | 3192 | 3193 |
|  CBAM Ltd. | CBAM Ltd. | CBAM Ltd. |
|  5.584% due 04/17/2031 •  | 4245 | 4249 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.508% due 10/24/2030 ~ | 201 | 201 |
|  CNH Equipment Trust | CNH Equipment Trust | CNH Equipment Trust |
|  5.900% due 02/16/2027 | 1170 | 1173 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Crestline Denali CLO Ltd. | Crestline Denali CLO Ltd. | Crestline Denali CLO Ltd. |
|  5.585% due 04/20/2030 ~ | 1455 | 1455 |
|  Crown Point CLO Ltd. | Crown Point CLO Ltd. | Crown Point CLO Ltd. |
|  5.523% due 10/20/2031 ~ | 5124 | 5119 |
|  DLLAA LLC | DLLAA LLC | DLLAA LLC |
|  4.700% due 10/20/2027 | 12000 | 12025 |
|  DLLAD LLC | DLLAD LLC | DLLAD LLC |
|  4.790% due 01/20/2028 | 2575 | 2580 |
|  5.500% due 08/20/2027 | 4241 | 4264 |
|  DLLMT LLC | DLLMT LLC | DLLMT LLC |
|  5.353% due 08/20/2025 | 169 | 169 |
|  Dryden Senior Loan Fund | Dryden Senior Loan Fund | Dryden Senior Loan Fund |
|  5.564% due 07/15/2030 •  | 747 | 748 |
|  Golub Capital Partners Static Ltd. | Golub Capital Partners Static Ltd. | Golub Capital Partners Static Ltd. |
|  5.523% due 04/20/2033 •  | 4333 | 4332 |
|  KKR CLO Ltd. | KKR CLO Ltd. | KKR CLO Ltd. |
|  5.514% due 07/15/2030 ~ | 4625 | 4629 |
|  Kubota Credit Owner Trust | Kubota Credit Owner Trust | Kubota Credit Owner Trust |
|  5.450% due 04/15/2027 | 10000 | 10054 |
|  5.610% due 07/15/2026 | 5776 | 5787 |
|  LCM Ltd. | LCM Ltd. | LCM Ltd. |
|  5.635% due 04/20/2031 •  | 1359 | 1359 |
|  Madison Park Funding Ltd. | Madison Park Funding Ltd. | Madison Park Funding Ltd. |
|  5.705% due 04/19/2033 •  | 5173 | 5177 |
|  Magnetite Ltd. | Magnetite Ltd. | Magnetite Ltd. |
|  5.452% due 10/15/2031 •  | 1109 | 1110 |
|  MMAF Equipment Finance LLC | MMAF Equipment Finance LLC | MMAF Equipment Finance LLC |
|  5.790% due 11/13/2026 | 2026 | 2031 |
|  Navient Private Education Loan Trust | Navient Private Education Loan Trust | Navient Private Education Loan Trust |
|  5.154% due 12/15/2059 ~ | 928 | 928 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  1.310% due 01/15/2069 | 3617 | 3401 |
|  1.580% due 04/15/2070 | 6959 | 6239 |
|  1.690% due 05/15/2069 | 1429 | 1349 |
|  2.230% due 07/15/2070 | 1024 | 926 |
|  3.130% due 02/15/2068 | 452 | 444 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  1.420% due 04/20/2062 | 1506 | 1408 |
|  Northwoods Capital Ltd. | Northwoods Capital Ltd. | Northwoods Capital Ltd. |
|  5.565% due 11/13/2031 ~ | 4642 | 4638 |
|  Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. |
|  5.355% due 07/20/2029 ~ | 1051 | 1052 |
|  PHEAA Student Loan Trust | PHEAA Student Loan Trust | PHEAA Student Loan Trust |
|  5.404% due 11/25/2065 ~ | 1640 | 1638 |
|  Race Point CLO Ltd. | Race Point CLO Ltd. | Race Point CLO Ltd. |
|  5.504% due 10/15/2030 •  | 842 | 843 |
|  Saranac CLO Ltd. | Saranac CLO Ltd. | Saranac CLO Ltd. |
|  5.699% due 08/13/2031 ~ | 526 | 526 |
|  SLM Private Credit Student Loan Trust | SLM Private Credit Student Loan Trust | SLM Private Credit Student Loan Trust |
|  4.871% due 12/15/2038 •  | 1016 | 997 |
|  Sound Point CLO Ltd. | Sound Point CLO Ltd. | Sound Point CLO Ltd. |
|  5.580% due 01/25/2032 •  | 5854 | 5855 |
|  TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. |
|  5.571% due 10/13/2032 •  | 502 | 502 |
|  Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust |
|  4.830% due 12/03/2025 | 813 | 814 |
|  Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. |
|  5.545% due 07/20/2030 •  | 974 | 974 |
|  5.575% due 09/07/2030 ~ | 5768 | 5770 |
|  Verizon Master Trust | Verizon Master Trust | Verizon Master Trust |
|  4.890% due 04/13/2028 | 10000 | 10001 |
|  5.014% due 08/20/2030 •  | 10000 | 10044 |
|  |  | 128256 |
|  Total Asset-Backed Securities (Cost $418,024) | Total Asset-Backed Securities (Cost $418,024) | 417641 |
| SOVEREIGN ISSUES 4.8% | SOVEREIGN ISSUES 4.8% | SOVEREIGN ISSUES 4.8% |
|  CDP Financial, Inc. | CDP Financial, Inc. | CDP Financial, Inc. |
|  4.759% due 05/19/2025 ~ | 26825 | 26837 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  CPPIB Capital, Inc. | CPPIB Capital, Inc. | CPPIB Capital, Inc. |
|  5.609% due 04/04/2025 •  | 70400 | 70407 |
|  Total Sovereign Issues (Cost $97,235) | Total Sovereign Issues (Cost $97,235) | 97244 |
| SHORT-TERM INSTRUMENTS 2.4% | SHORT-TERM INSTRUMENTS 2.4% | SHORT-TERM INSTRUMENTS 2.4% |
| CERTIFICATES OF DEPOSIT 0.1% | CERTIFICATES OF DEPOSIT 0.1% | CERTIFICATES OF DEPOSIT 0.1% |
|  Credit Agricole Corporate and Investment Bank | Credit Agricole Corporate and Investment Bank | Credit Agricole Corporate and Investment Bank |
|  4.960% (SOFRRATE + 0.600%) due 08/01/2025 ~ | 2648 | 2652 |
| COMMERCIAL PAPER 0.8% | COMMERCIAL PAPER 0.8% | COMMERCIAL PAPER 0.8% |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.880% due 04/08/2025 | 4805 | 4800 |
|  4.910% due 04/29/2025 | 11700 | 11654 |
|  |  | 16454 |
| REPURCHASE AGREEMENTS (a) 1.5% | REPURCHASE AGREEMENTS (a) 1.5% | REPURCHASE AGREEMENTS (a) 1.5% |
|  |  | 30800 |
| Total Short-Term Instruments<br>(Cost $49,906) | Total Short-Term Instruments<br>(Cost $49,906) | 49906 |
| Total Investments in Securities<br>(Cost $2,031,345) | Total Investments in Securities<br>(Cost $2,031,345) | 2020020 |
|  | **SHARES** |  |
| INVESTMENTS IN AFFILIATES 4.3% | INVESTMENTS IN AFFILIATES 4.3% | INVESTMENTS IN AFFILIATES 4.3% |
| SHORT-TERM INSTRUMENTS 4.3% | SHORT-TERM INSTRUMENTS 4.3% | SHORT-TERM INSTRUMENTS 4.3% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.3% |
|  PIMCO Short Asset Portfolio | 8837600 | 86520 |
|  PIMCO Short-Term Floating NAV Portfolio III | 9412 | 92 |
| Total Short-Term Instruments (Cost $86,625) | Total Short-Term Instruments (Cost $86,625) | 86612 |
| Total Investments in Affiliates (Cost $86,625) | Total Investments in Affiliates (Cost $86,625) | 86612 |
| Total Investments 103.5% (Cost $2,117,970) | Total Investments 103.5% (Cost $2,117,970) | 2106632 |
|  Financial Derivative<br>Instruments (c)(d) 0.1%<br> (Cost or Premiums, net $1,522) | Financial Derivative<br>Instruments (c)(d) 0.1%<br> (Cost or Premiums, net $1,522) | 1042 |
| Other Assets and Liabilities, net (3.6)% | Other Assets and Liabilities, net (3.6)% | (71709) |
| Net Assets 100.0% | Net Assets 100.0% | 2035965 |

---

56 PIMCO SHORT DURATION STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(a) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 4.410% | 03/31/2025 | 04/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30800 | U.S. Treasury Notes 2.750% due 04/30/2027 | $(31398) | $30800 | $30804 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31398) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30804 |

---

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(2)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(2)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  SBI | 4.450% | 03/13/2025 | 04/14/2025 | $(17850) | $(17891) |
|  | 4.470 | 03/26/2025 | 04/02/2025 | (4082) | (4085) |
|  | 4.490 | 03/19/2025 | 04/02/2025 | (5741) | (5751) |
|  | 4.510 | 03/27/2025 | 04/03/2025 | (54279) | (54313) |
|  TDM | 4.530 | 03/05/2025 | TBD<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25955) | (26043) |
|  | 4.530 | 03/19/2025 | TBD<sup>(3)</sup> | (12120) | (12140) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120223) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-<br>Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(4)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOS | $30804 | $0 | $0 | $30804 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31398) | $(594) |
|  SBI | 0 | (82040) | 0 | (82040) | 85873 | 3833 |
|  TDM | 0 | (38183) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38183) | 39763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580 |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30804 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120223) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  Corporate Bonds & Notes | $0 | $0 | $0 | $(38183) | $(38183) |
|  U.S. Government Agencies | 0 | (82040) | 0 | 0 | (82040) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82040) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38183) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120223) |
|  Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | $(120223) |

---

(b) Securities with an aggregate market value of $125,526 and cash of $110 have been pledged as collateral under the terms of the above master agreements as of March 31, 2025.

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> The average amount of borrowings outstanding during the period ended March 31, 2025 was $(27603) at a weighted average interest rate of 4.730%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **57** |

---

------

Schedule of Investments PIMCO Short Asset Investment Fund (Cont.)

<sup>(3)</sup> Open maturity reverse repurchase agreement.

<sup>(4)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

&nbsp;&nbsp;&nbsp;&nbsp;(c) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month SOFR Active Contract December Futures  | 03/2026 | 695 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167452 | $109 | $0 | $0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 1980 | 214149 | 1049 | 0 | (62) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 2-Year Note June Futures  | 06/2025 | 810 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(167809) | $(18) | $6 | $0 |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 86 | (9565) | (114) | 0 | (1) |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 153 | (17461) | (189) | 0 | (14) |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2025 | 27 | (3301) | (68) | 0 | (12) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(389) | $6 | $(27) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $769 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89) |

---

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Variation Margin | Variation Margin |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Asset | Liability |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.100% | Annual | 02/11/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418800 | $519 | $(567) | $(48) | $10 | $0 |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.756 | Annual | 08/31/2029 | 240800 | 0 | (1393) | (1393) | 0 | (196) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1960) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1441) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(196) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset<sup>(2)</sup> | Variation Margin<br>Asset<sup>(2)</sup> | **Total** | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | Total |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(196) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(285) |

---

Cash of $15,029 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(2)</sup> Unsettled variation margin asset of $11 for closed futures is outstanding at period end. 

---

| | | |
|:---|:---|:---|
| **58** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;(d) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BRC Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.400% | 09/26/2025 | 82600 | $19 | $3 |
| CBK Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.600 | 08/12/2025 | 610800 | 492 | 1206 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.600 | 08/12/2025 | 610800 | 492 | 91 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(2)</sup> |
|  BRC | $0 | $3 | $0 | $3 | $0 | $0 | $0 | $0 | $3 | $0 | $3 |
|  CBK | 0 | 1297 | 0 | 1297 | 0 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1080) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $17 | $17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 10 | 10 |
|  | $0 | $0 | $0 | $0 | $27 | $27 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $0 | $0 | $0 | $0 | $1300 | $1300 |
|  | $0 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1327 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1327 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $89 | $89 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 196 | 196 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $285 | $285 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 59

------

Schedule of Investments PIMCO Short Asset Investment Fund (Cont.) March 31, 2025

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $829 | $829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 52 | 52 |
|  | $0 | $0 | $0 | $0 | $881 | $881 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $(369) | $(369) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (1960) | (1960) |
|  | $0 | $0 | $0 | $0 | $(2329) | $(2329) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $0 | $0 | $0 | $0 | $297 | $297 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2032) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2032) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at**<br> **03/31/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $731612 | $0 | $731612 |
| &nbsp;&nbsp; Industrials | 0 | 219280 | 0 | 219280 |
| &nbsp;&nbsp; Utilities | 0 | 189083 | 0 | 189083 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; New Jersey | 0 | 22020 | 0 | 22020 |
|  U.S. Government Agencies | 0 | 184730 | 0 | 184730 |
|  Non-Agency Mortgage-Backed Securities | 0 | 108504 | 0 | 108504 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 120983 | 0 | 120983 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 111470 | 0 | 111470 |
| &nbsp;&nbsp; CMBS Other | 0 | 2867 | 0 | 2867 |
| &nbsp;&nbsp; Credit Card Bullet | 0 | 42581 | 0 | 42581 |
| &nbsp;&nbsp; Credit Card Other | 0 | 11484 | 0 | 11484 |
| &nbsp;&nbsp; Other ABS | 0 | 128256 | 0 | 128256 |
|  Sovereign Issues | 0 | 97244 | 0 | 97244 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Certificates of Deposit | 0 | 2652 | 0 | 2652 |
| &nbsp;&nbsp; Commercial Paper | 0 | 16454 | 0 | 16454 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 30800 | 0 | 30800 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020020 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020020 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at**<br> **03/31/2025** |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $86612 | $0 | $0 | $86612 |
|  Total Investments | $86612 | $2020020 | $0 | $2106632 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | 0 | 16 | 0 | 16 |
|  Over the counter | 0 | 1300 | 0 | 1300 |
|  | $0 | $1316 | $0 | $1316 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | $0 | $(285) | $0 | $(285) |
|  Total Financial Derivative Instruments | $0 | $1031 | $0 | $1031 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86612 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021051 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2107663 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | |
|:---|:---|:---|
| **60** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Short-Term Fund March 31, 2025

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 129.7% | INVESTMENTS IN SECURITIES 129.7% | INVESTMENTS IN SECURITIES 129.7% |
| CORPORATE BONDS & NOTES 52.8% | CORPORATE BONDS & NOTES 52.8% | CORPORATE BONDS & NOTES 52.8% |
| BANKING & FINANCE 35.7% | BANKING & FINANCE 35.7% | BANKING & FINANCE 35.7% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  5.360% due 12/03/2028 ~ | 93945 | 94112 |
|  5.360% due 12/03/2028 •  | 1250 | 1252 |
|  6.140% due 09/18/2027 •  | 5500 | 5592 |
|  6.575% due 10/13/2026 •  | 15600 | 15756 |
|  AerCap Ireland Capital DAC | AerCap Ireland Capital DAC | AerCap Ireland Capital DAC |
|  1.750% due 01/30/2026 | 8380 | 8184 |
|  3.650% due 07/21/2027 | 4550 | 4445 |
|  6.500% due 07/15/2025 | 3000 | 3009 |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  5.300% due 06/25/2026 | 10400 | 10481 |
|  Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. |
|  5.250% due 08/11/2025 | 15285 | 15296 |
|  American Express Co. | American Express Co. | American Express Co. |
|  5.291% due 07/26/2028 ~(i) | 46525 | 46838 |
|  5.645% due 04/23/2027 •  | 17200 | 17398 |
|  American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |
|  4.762% due 06/13/2025 ~ | 33300 | 33322 |
|  5.145% due 10/03/2025 ~ | 35600 | 35671 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  4.950% due 01/07/2027 | 10000 | 10039 |
|  5.106% due 07/16/2026 •  | 24400 | 24414 |
|  5.388% due 08/27/2026 ~ | 9755 | 9794 |
|  5.573% due 03/25/2027 ~(i) | 98345 | 99012 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  1.950% due 01/30/2026 | 10245 | 10007 |
|  1.950% due 09/20/2026 | 18562 | 17833 |
|  4.125% due 08/01/2025 | 4828 | 4812 |
|  4.875% due 10/01/2025 | 7954 | 7953 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.125% due 02/21/2026 | 17378 | 16970 |
|  4.250% due 04/15/2026 | 30973 | 30808 |
|  4.375% due 05/01/2026 | 13790 | 13714 |
|  5.500% due 01/15/2026 | 18748 | 18829 |
|  Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
|  5.862% due 09/14/2026 •  | 10455 | 10504 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  4.800% due 07/19/2027 | 1600 | 996 |
|  5.473% due 07/15/2028 •  | 32800 | 32974 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  1.319% due 06/19/2026 •  | 1500 | 1489 |
|  3.384% due 04/02/2026 •  | 38784 | 38782 |
|  5.683% due 04/02/2026 •  | 39471 | 39477 |
|  Bank of Montreal | Bank of Montreal | Bank of Montreal |
|  5.238% due 09/10/2027 •  | 20716 | 20791 |
|  Bank of Queensland Ltd. | Bank of Queensland Ltd. | Bank of Queensland Ltd. |
|  4.760% due 12/09/2025 ~ | 41300 | 25812 |
|  5.394% due 10/29/2025 ~ | 18000 | 11282 |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
|  5.199% due 05/24/2027 ~ | 1750 | 1096 |
|  5.429% due 02/16/2028 •  | 27935 | 28132 |
|  5.429% due 02/16/2028 ~ | 7700 | 7754 |
|  5.490% due 01/23/2027 ~ | 20700 | 20879 |
|  5.754% due 07/13/2026 ~ | 13160 | 13305 |
|  5.790% due 07/13/2028 | 9000 | 9300 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  2.852% due 05/07/2026 •  | 37410 | 37332 |
|  4.375% due 01/12/2026 | 20490 | 20457 |
|  5.304% due 08/09/2026 •  | 10900 | 10921 |
|  5.848% due 03/12/2028 •  | 2600 | 2636 |
|  7.325% due 11/02/2026 •  | 10893 | 11051 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  1.323% due 01/13/2027 •  | 47450 | 46205 |
|  2.219% due 06/09/2026 •  | 2000 | 1990 |
|  2.219% due 06/09/2026 ~ | 500 | 498 |
|  BPCE SA | BPCE SA | BPCE SA |
|  1.652% due 10/06/2026 •  | 18237 | 17940 |
|  5.475% due 09/29/2025 ~ | 3300 | 2069 |
|  5.717% due 06/05/2025 ~ | 31400 | 19655 |
|  5.975% due 01/18/2027 •  | 10637 | 10734 |
|  5.975% due 01/18/2027 ~ | 5135 | 5182 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Brighthouse Financial Global Funding | Brighthouse Financial Global Funding | Brighthouse Financial Global Funding |
|  1.550% due 05/24/2026 | 7753 | 7479 |
|  5.550% due 04/09/2027 | 16017 | 16231 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
|  5.074% due 01/13/2028 •  | 26219 | 26211 |
|  5.289% due 09/11/2027 ~ | 6815 | 6859 |
|  5.304% due 06/28/2027 ~ | 700 | 704 |
|  5.575% due 10/02/2026 ~ | 16100 | 16284 |
|  Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. |
|  5.046% due 10/16/2026 ~ | 12800 | 12864 |
|  Citibank NA | Citibank NA | Citibank NA |
|  5.066% due 08/06/2026 •  | 29450 | 29571 |
|  5.420% due 12/04/2026 •  | 12500 | 12610 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  1.122% due 01/28/2027 ~ | 2500 | 2429 |
|  3.106% due 04/08/2026 •(i) | 103728 | 103694 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  1.106% due 02/24/2027 •  | 9100 | 8819 |
|  1.980% due 12/15/2027 •  | 14600 | 13967 |
|  4.957% due 01/21/2028 ~ | 2000 | 2006 |
|  4.978% due 08/28/2026 ~ | 19330 | 19404 |
|  Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. |
|  3.500% due 04/04/2025 | 4222 | 4221 |
|  Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding |
|  5.101% due 01/07/2028 ~ | 35300 | 35259 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  1.247% due 01/26/2027 •  | 18255 | 17758 |
|  1.907% due 06/16/2026 •  | 3535 | 3514 |
|  4.400% due 07/06/2027 | 4300 | 2656 |
|  5.229% due 03/11/2027 ~ | 5563 | 5588 |
|  5.569% due 09/11/2028 ~ | 3090 | 3116 |
|  5.569% due 09/11/2028 •  | 5100 | 5143 |
|  5.641% due 07/05/2026 ~ | 16500 | 16652 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  3.700% due 06/15/2026 | 1987 | 1964 |
|  Danske Bank AS | Danske Bank AS | Danske Bank AS |
|  1.621% due 09/11/2026 •  | 17408 | 17175 |
|  DBS Group Holdings Ltd. | DBS Group Holdings Ltd. | DBS Group Holdings Ltd. |
|  4.976% due 03/21/2028 ~ | 34400 | 34480 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  2.129% due 11/24/2026 •  | 16900 | 16598 |
|  4.100% due 01/13/2026 | 19791 | 19710 |
|  5.578% due 11/16/2027 •  | 15561 | 15623 |
|  6.119% due 07/14/2026 •  | 59772 | 59970 |
|  7.146% due 07/13/2027 •  | 7695 | 7912 |
|  DNB Bank ASA | DNB Bank ASA | DNB Bank ASA |
|  5.417% due 11/05/2030 ~ | 4500 | 4529 |
|  5.896% due 10/09/2026 •  | 15234 | 15323 |
|  F&G Global Funding | F&G Global Funding | F&G Global Funding |
|  1.750% due 06/30/2026 | 1281 | 1235 |
|  Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec |
|  4.991% due 01/27/2027 ~ | 28900 | 28912 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  3.375% due 11/13/2025 | 4892 | 4834 |
|  4.134% due 08/04/2025 | 15205 | 15119 |
|  4.389% due 01/08/2026 | 12491 | 12422 |
|  4.687% due 06/09/2025 | 17794 | 17770 |
|  5.125% due 06/16/2025 | 38348 | 38324 |
|  6.950% due 03/06/2026 | 1542 | 1559 |
|  6.950% due 06/10/2026 | 5600 | 5688 |
|  7.308% due 03/06/2026 ~ | 4201 | 4264 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  3.850% due 04/11/2025 | 36448 | 36438 |
|  4.400% due 09/23/2027 | 4666 | 4640 |
|  5.714% due 04/11/2025 •  | 1550 | 1550 |
|  5.714% due 04/11/2025 ~ | 8495 | 8498 |
|  General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
|  3.800% due 04/07/2025 | 13332 | 13329 |
|  4.350% due 04/09/2025 | 37793 | 37785 |
|  5.650% due 04/07/2025 •  | 4463 | 4464 |
|  5.709% due 05/08/2027 ~ | 16600 | 16671 |
|  Goldman Sachs Bank USA | Goldman Sachs Bank USA | Goldman Sachs Bank USA |
|  5.109% due 05/21/2027 ~ | 30463 | 30562 |
|  5.130% due 03/18/2027 •  | 25803 | 25858 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  1.431% due 03/09/2027 •  | 15501 | 15036 |
|  1.948% due 10/21/2027 •  | 2000 | 1919 |
|  5.067% due 06/22/2027 ~ | 3200 | 2002 |
|  5.148% due 12/09/2026 •  | 15800 | 15834 |
|  5.168% due 03/09/2027 ~ | 2923 | 2932 |
|  5.178% due 09/10/2027 •  | 7149 | 7165 |
|  5.425% due 08/10/2026 •  | 1135 | 1139 |
|  5.479% due 02/24/2028 •  | 7565 | 7630 |
|  5.755% (US0003M + 1.170%) due 05/15/2026 ~ | 14700 | 14720 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  2.099% due 06/04/2026 •  | 4398 | 4377 |
|  4.292% due 09/12/2026 •  | 11701 | 11676 |
|  5.887% due 08/14/2027 •  | 7300 | 7417 |
|  5.929% due 08/14/2027 •  | 13753 | 13934 |
|  5.940% (US0003M + 1.380%) due 09/12/2026 ~ | 33855 | 34062 |
|  7.336% due 11/03/2026 ~ | 4525 | 4594 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  5.373% due 03/25/2029 ~ | 21300 | 21304 |
|  5.374% due 04/01/2027 •  | 33655 | 33808 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  5.324% due 01/14/2028 •  | 13500 | 13613 |
|  John Deere Capital Corp. | John Deere Capital Corp. | John Deere Capital Corp. |
|  5.033% due 07/15/2027 ~ | 19405 | 19508 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  1.045% due 11/19/2026 •  | 2000 | 1957 |
|  1.578% due 04/22/2027 •  | 8700 | 8438 |
|  5.126% due 09/22/2027 ~ | 24500 | 24596 |
|  5.278% due 04/22/2028 •  | 29196 | 29405 |
|  5.288% due 07/22/2028 •  | 2400 | 2411 |
|  5.539% due 02/24/2028 ~ | 11085 | 11202 |
|  5.560% due 01/23/2028 •  | 18000 | 18205 |
|  5.681% due 04/26/2026 •  | 1401 | 1403 |
|  Lendlease Finance Ltd. | Lendlease Finance Ltd. | Lendlease Finance Ltd. |
|  3.400% due 10/27/2027 | 1800 | 1078 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  4.450% due 05/08/2025 | 5700 | 5698 |
|  5.419% due 11/26/2028 ~ | 66856 | 67020 |
|  5.920% due 08/07/2027 •  | 4277 | 4327 |
|  5.940% due 01/05/2028 •  | 14900 | 15089 |
|  Metropolitan Life Global Funding | Metropolitan Life Global Funding | Metropolitan Life Global Funding |
|  4.615% due 12/01/2025 •  | 3000 | 1873 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  5.541% due 04/17/2026 •  | 12171 | 12175 |
|  5.797% due 04/17/2026 •  | 5000 | 5002 |
|  Mizuho Bank Ltd. | Mizuho Bank Ltd. | Mizuho Bank Ltd. |
|  4.965% due 09/14/2026 ~ | 19700 | 12365 |
|  4.989% due 02/23/2026 ~ | 29900 | 18750 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  5.329% due 05/22/2026 •  | 700 | 701 |
|  5.448% due 05/13/2031 ~ | 17216 | 17297 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  2.188% due 04/28/2026 •  | 5800 | 5789 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
|  5.040% due 10/15/2027 ~(i) | 84868 | 85038 |
|  5.224% due 05/26/2028 •  | 19200 | 19274 |
|  5.436% due 01/14/2028 •  | 21100 | 21268 |
|  MUFG Bank Ltd. | MUFG Bank Ltd. | MUFG Bank Ltd. |
|  5.044% due 02/17/2026 ~ | 41060 | 25750 |
|  National Bank of Canada | National Bank of Canada | National Bank of Canada |
|  5.263% due 03/25/2027 ~ | 35950 | 36051 |
|  5.385% due 07/02/2027 ~ | 75590 | 75992 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  7.472% due 11/10/2026 •  | 1000 | 1017 |
|  NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC |
|  5.055% due 08/12/2025 | 9800 | 6134 |
|  5.124% due 09/29/2026 ~ | 3410 | 3422 |
|  5.124% (SOFRRATE + 0.760%) due 09/29/2026 ~ | 4200 | 4215 |
|  5.259% (SOFRRATE + 0.900%) due 05/17/2027 ~ | 13913 | 13966 |
|  5.259% due 05/17/2027 •  | 1500 | 1506 |
|  5.311% due 03/21/2028 ~ | 14300 | 14320 |
|  5.551% due 03/21/2030 ~ | 10900 | 10928 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **61** |

---

------

Schedule of Investments PIMCO Short-Term Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  1.850% due 09/16/2026 | 43594 | 41411 |
|  2.000% due 03/09/2026 | 23951 | 23080 |
|  6.950% due 09/15/2026 | 1540 | 1566 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  1.653% due 07/14/2026 | 14000 | 13477 |
|  1.851% due 07/16/2025 | 25573 | 25372 |
|  5.099% due 07/03/2025 | 2200 | 2201 |
|  5.613% due 07/02/2027 ~ | 15542 | 15680 |
|  5.709% due 01/09/2026 | 13886 | 13987 |
|  Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp |
|  5.318% due 06/06/2025 •  | 19200 | 19227 |
|  Oversea-Chinese Banking Corp. Ltd. | Oversea-Chinese Banking Corp. Ltd. | Oversea-Chinese Banking Corp. Ltd. |
|  4.949% due 05/18/2026 ~ | 5500 | 3449 |
|  Pacific Life Global Funding | Pacific Life Global Funding | Pacific Life Global Funding |
|  4.980% due 06/04/2026 •  | 2322 | 2329 |
|  PNC Bank NA | PNC Bank NA | PNC Bank NA |
|  4.855% due 01/15/2027 •  | 34755 | 34807 |
|  Reliance Standard Life Global Funding | Reliance Standard Life Global Funding | Reliance Standard Life Global Funding |
|  5.243% due 02/02/2026 | 5494 | 5510 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  5.150% due 07/23/2027 ~ | 31900 | 31989 |
|  5.184% due 03/27/2028 ~ | 36767 | 36784 |
|  5.191% due 01/24/2029 ~ | 30500 | 30484 |
|  5.217% due 10/18/2028 ~ | 6611 | 6635 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  3.450% due 06/02/2025 | 1500 | 1496 |
|  4.500% due 07/17/2025 | 1500 | 1499 |
|  5.353% due 09/06/2030 •  | 1700 | 1694 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  1.532% due 08/21/2026 •  | 1100 | 1085 |
|  6.833% due 11/21/2026 •  | 15960 | 16162 |
|  SBA Tower Trust | SBA Tower Trust | SBA Tower Trust |
|  4.831% due 10/15/2029 | 18400 | 18264 |
|  Shinhan Bank Co. Ltd. | Shinhan Bank Co. Ltd. | Shinhan Bank Co. Ltd. |
|  5.005% due 09/29/2025 ~ | 970 | 607 |
|  6.119% due 11/16/2025 ~ | 6430 | 4054 |
|  Sirius Real Estate Ltd. | Sirius Real Estate Ltd. | Sirius Real Estate Ltd. |
|  1.125% due 06/22/2026 | 5100 | 5386 |
|  Skandinaviska Enskilda Banken AB | Skandinaviska Enskilda Banken AB | Skandinaviska Enskilda Banken AB |
|  5.248% due 03/05/2027 ~ | 1432 | 1445 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  1.456% due 01/14/2027 •  | 1428 | 1392 |
|  1.456% due 01/14/2027 ~ | 4072 | 3970 |
|  5.528% due 05/14/2028 •  | 7100 | 7155 |
|  Stellantis Finance U.S., Inc. | Stellantis Finance U.S., Inc. | Stellantis Finance U.S., Inc. |
|  5.350% due 03/17/2028 | 8900 | 8913 |
|  Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. |
|  4.997% due 02/20/2026 ~ | 25400 | 15928 |
|  5.340% due 07/28/2026 ~ | 28310 | 17816 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  5.405% due 04/15/2030 ~ | 42181 | 42397 |
|  5.654% due 07/13/2026 •  | 2495 | 2522 |
|  5.784% due 01/13/2026 ~ | 1380 | 1392 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
|  5.364% due 03/13/2030 ~ | 19700 | 19852 |
|  5.492% due 03/09/2026 •  | 8025 | 8079 |
|  5.524% due 09/14/2026 •  | 7255 | 7324 |
|  Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB |
|  5.018% due 05/28/2027 •  | 12235 | 12264 |
|  Swedbank AB | Swedbank AB | Swedbank AB |
|  5.337% due 09/20/2027 | 47598 | 48373 |
|  Synchrony Bank | Synchrony Bank | Synchrony Bank |
|  5.400% due 08/22/2025 | 10861 | 10876 |
|  Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
|  4.764% due 03/17/2026 ~ | 8400 | 5245 |
|  4.814% due 03/16/2026 ~ | 2500 | 1566 |
|  UBS AG | UBS AG | UBS AG |
|  5.125% due 07/30/2025 ~ | 99040 | 61971 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  5.938% due 05/12/2026 ~(i) | 65900 | 65983 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  4.375% due 05/15/2025 | 9555 | 9561 |
|  4.625% due 06/15/2025 | 10566 | 10572 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Vicinity Centres Trust | Vicinity Centres Trust | Vicinity Centres Trust |
|  2.600% due 06/27/2025 | 5300 | 3297 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  1.500% due 05/24/2027 | 7526 | 7933 |
|  2.188% due 04/30/2026 •  | 29670 | 29608 |
|  3.908% due 04/25/2026 •  | 2200 | 2199 |
|  5.141% due 01/24/2028 ~ | 22431 | 22503 |
|  5.681% due 04/25/2026 ~ | 13332 | 13345 |
|  |  | 3499077 |
| INDUSTRIALS 12.1% | INDUSTRIALS 12.1% | INDUSTRIALS 12.1% |
|  Algonquin Power & Utilities Corp. | Algonquin Power & Utilities Corp. | Algonquin Power & Utilities Corp. |
|  5.365% due 06/15/2026 þ | 30477 | 30662 |
|  Ampol Ltd. | Ampol Ltd. | Ampol Ltd. |
|  4.000% due 04/17/2025 | 10300 | 6434 |
|  Arrow Electronics, Inc. | Arrow Electronics, Inc. | Arrow Electronics, Inc. |
|  4.000% due 04/01/2025 | 12809 | 12809 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  4.250% due 12/15/2025 | 103581 | 103131 |
|  4.375% due 12/15/2028 | 3323 | 3238 |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
|  1.570% due 01/15/2026 | 34026 | 33171 |
|  4.875% due 07/15/2026 | 39536 | 39535 |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  5.141% due 03/19/2027 ~ | 30100 | 30059 |
|  5.158% due 08/13/2026 ~ | 30342 | 30368 |
|  5.281% due 03/21/2028 ~ | 19830 | 19814 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  2.250% due 06/15/2026 | 600 | 582 |
|  2.600% due 10/30/2025 | 4481 | 4426 |
|  7.250% due 06/15/2025 | 2628 | 2640 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  3.150% due 11/15/2025 | 1594 | 1581 |
|  Burberry Group PLC | Burberry Group PLC | Burberry Group PLC |
|  1.125% due 09/21/2025 | 7765 | 9843 |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
|  4.908% due 07/23/2025 | 341 | 341 |
|  Chevron USA, Inc. | Chevron USA, Inc. | Chevron USA, Inc. |
|  4.828% due 02/26/2028 ~ | 27302 | 27367 |
|  Cigna Group | Cigna Group | Cigna Group |
|  4.500% due 02/25/2026 | 3199 | 3198 |
|  Dyno Nobel Finance LLC | Dyno Nobel Finance LLC | Dyno Nobel Finance LLC |
|  3.950% due 08/03/2027 | 1786 | 1747 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  2.900% due 05/15/2025 | 6500 | 6485 |
|  Flex Ltd. | Flex Ltd. | Flex Ltd. |
|  3.750% due 02/01/2026 | 2000 | 1983 |
|  4.750% due 06/15/2025 | 9800 | 9793 |
|  General Motors Co. | General Motors Co. | General Motors Co. |
|  4.000% due 04/01/2025 | 15327 | 15327 |
|  Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
|  5.113% due 10/01/2026 ~(b) | 31000 | 31026 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  1.200% due 03/01/2026 | 700 | 678 |
|  Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. |
|  3.350% due 06/08/2025 | 7802 | 7770 |
|  3.500% due 07/28/2025 | 31814 | 31628 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  5.232% due 03/01/2028 ~ | 31101 | 31295 |
|  5.250% due 04/15/2025 | 89064 | 89070 |
|  5.875% due 02/15/2026 | 1000 | 1004 |
|  7.690% due 06/15/2025 | 5653 | 5682 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  5.353% due 03/25/2027 ~ | 14800 | 14792 |
|  5.511% due 08/04/2025 ~(i) | 83000 | 83175 |
|  5.848% due 01/08/2027 •  | 22400 | 22645 |
|  Illumina, Inc. | Illumina, Inc. | Illumina, Inc. |
|  4.650% due 09/09/2026 | 15000 | 14991 |
|  5.800% due 12/12/2025 | 2252 | 2268 |
|  Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |
|  3.500% due 07/26/2026 | 2800 | 2760 |
|  4.250% due 07/21/2025 | 1240 | 1237 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Incitec Pivot Ltd. | Incitec Pivot Ltd. | Incitec Pivot Ltd. | Incitec Pivot Ltd. |
|  4.300% due 03/18/2026 | AUD | 17200 | 10693 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  5.900% due 06/01/2027 | $| 7600 | 7725 |
|  Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC |
|  4.991% due 07/31/2026 •  |  | 31400 | 31418 |
|  MPLX LP | MPLX LP | MPLX LP | MPLX LP |
|  1.750% due 03/01/2026 |  | 7421 | 7229 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  3.522% due 09/17/2025 |  | 21175 | 20955 |
|  NXP BV | NXP BV | NXP BV | NXP BV |
|  2.700% due 05/01/2025 |  | 4523 | 4515 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  5.121% due 08/03/2028 ~ |  | 28400 | 28496 |
|  Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP |
|  4.000% due 07/15/2025 |  | 5000 | 4989 |
|  Rio Tinto Finance USA PLC | Rio Tinto Finance USA PLC | Rio Tinto Finance USA PLC | Rio Tinto Finance USA PLC |
|  5.198% due 03/14/2028 ~ |  | 22600 | 22704 |
|  Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. |
|  3.625% due 12/15/2025 |  | 10437 | 10346 |
|  Rolls-Royce PLC | Rolls-Royce PLC | Rolls-Royce PLC | Rolls-Royce PLC |
|  3.625% due 10/14/2025 |  | 14040 | 13990 |
|  SK Hynix, Inc. | SK Hynix, Inc. | SK Hynix, Inc. | SK Hynix, Inc. |
|  1.500% due 01/19/2026 |  | 1263 | 1231 |
|  5.500% due 01/16/2027 |  | 7400 | 7505 |
|  6.250% due 01/17/2026 |  | 10700 | 10816 |
|  Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
|  4.650% due 04/01/2028 |  | 22200 | 22333 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  3.500% due 04/15/2025 |  | 32963 | 32946 |
|  Toyota Finance Australia Ltd. | Toyota Finance Australia Ltd. | Toyota Finance Australia Ltd. | Toyota Finance Australia Ltd. |
|  5.114% due 09/15/2026 ~ | AUD | 3050 | 1913 |
|  Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. |
|  4.500% due 08/15/2029 | $| 6689 | 6583 |
|  6.250% due 01/15/2028 |  | 22745 | 22921 |
|  7.500% due 09/15/2027 |  | 7453 | 7549 |
|  United Airlines, Inc. | United Airlines, Inc. | United Airlines, Inc. | United Airlines, Inc. |
|  4.375% due 04/15/2026 |  | 23125 | 22775 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  5.190% due 03/20/2026 ~ |  | 900 | 901 |
|  5.190% due 03/20/2026 •  |  | 60896 | 60959 |
|  5.288% due 09/12/2025 •  |  | 1000 | 1002 |
|  5.418% due 08/14/2026 •  |  | 39475 | 39581 |
|  5.418% due 08/14/2026 ~ |  | 3400 | 3409 |
|  Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. |
|  3.200% due 06/15/2025 |  | 7114 | 7086 |
|  Whitbread Group PLC | Whitbread Group PLC | Whitbread Group PLC | Whitbread Group PLC |
|  3.375% due 10/16/2025 | GBP | 24383 | 31177 |
|  Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. |
|  5.400% due 03/02/2026 | $| 4700 | 4734 |
|  |  |  | 1183036 |
| UTILITIES 5.0% | UTILITIES 5.0% | UTILITIES 5.0% | UTILITIES 5.0% |
|  AES Corp. | AES Corp. | AES Corp. | AES Corp. |
|  1.375% due 01/15/2026 |  | 28821 | 28034 |
|  American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
|  5.699% due 08/15/2025 |  | 2509 | 2518 |
|  Avangrid, Inc. | Avangrid, Inc. | Avangrid, Inc. | Avangrid, Inc. |
|  3.200% due 04/15/2025 |  | 10740 | 10731 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  3.625% due 10/13/2025 |  | 799 | 794 |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
|  4.500% due 06/15/2025 |  | 12292 | 12275 |
|  4.625% due 06/15/2027 |  | 11858 | 11851 |
|  7.050% due 10/14/2025 |  | 12298 | 12414 |
|  FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. |
|  1.600% due 01/15/2026 |  | 8799 | 8580 |
|  Georgia Power Co. | Georgia Power Co. | Georgia Power Co. | Georgia Power Co. |
|  5.109% due 05/08/2025 ~ |  | 33700 | 33718 |
|  Jersey Central Power & Light Co. | Jersey Central Power & Light Co. | Jersey Central Power & Light Co. | Jersey Central Power & Light Co. |
|  4.300% due 01/15/2026 |  | 800 | 797 |

---

---

| | | |
|:---|:---|:---|
| **62** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  5.120% due 01/29/2026 ~ | $| 32786 | 32901 |
|  5.161% due 02/04/2028 •  |  | 28800 | 28942 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  2.200% due 09/15/2025 |  | 2600 | 2570 |
|  4.250% due 09/24/2027 |  | 15400 | 15267 |
|  5.850% due 01/15/2026 |  | 14600 | 14713 |
|  Optus Finance Pty. Ltd. | Optus Finance Pty. Ltd. | Optus Finance Pty. Ltd. | Optus Finance Pty. Ltd. |
|  1.600% due 07/01/2025 | AUD | 3780 | 2344 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.950% due 03/01/2026 | $| 600 | 589 |
|  3.150% due 01/01/2026 |  | 62006 | 61215 |
|  3.450% due 07/01/2025 |  | 8000 | 7969 |
|  3.500% due 06/15/2025 |  | 493 | 492 |
|  4.950% due 06/08/2025 |  | 640 | 640 |
|  5.282% due 09/04/2025 •  |  | 71173 | 71184 |
|  Pinnacle West Capital Corp. | Pinnacle West Capital Corp. | Pinnacle West Capital Corp. | Pinnacle West Capital Corp. |
|  5.178% due 06/10/2026 ~ |  | 16600 | 16685 |
|  Sempra | Sempra | Sempra | Sempra |
|  3.300% due 04/01/2025 |  | 1269 | 1269 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  1.200% due 02/01/2026 |  | 55532 | 53885 |
|  4.400% due 09/06/2026 |  | 15589 | 15516 |
|  4.700% due 06/01/2027 |  | 3130 | 3128 |
|  4.875% due 02/01/2027 |  | 1600 | 1606 |
|  4.900% due 06/01/2026 |  | 4000 | 4004 |
|  5.250% due 03/15/2030 |  | 10000 | 10062 |
|  5.350% due 03/01/2026 |  | 12812 | 12868 |
|  5.850% due 11/01/2027 |  | 1100 | 1127 |
|  Victoria Power Networks Finance Pty. Ltd. | Victoria Power Networks Finance Pty. Ltd. | Victoria Power Networks Finance Pty. Ltd. | Victoria Power Networks Finance Pty. Ltd. |
|  5.132% due 04/21/2026 ~ | AUD | 9800 | 6120 |
|  Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
|  5.050% due 12/30/2026 | $| 1600 | 1606 |
|  |  |  | 488414 |
|  Total Corporate Bonds & Notes<br>(Cost $5,177,614) | Total Corporate Bonds & Notes<br>(Cost $5,177,614) | Total Corporate Bonds & Notes<br>(Cost $5,177,614) | 5170527 |
| MUNICIPAL BONDS & NOTES 0.3% | MUNICIPAL BONDS & NOTES 0.3% | MUNICIPAL BONDS & NOTES 0.3% | MUNICIPAL BONDS & NOTES 0.3% |
| LOUISIANA 0.3% | LOUISIANA 0.3% | LOUISIANA 0.3% | LOUISIANA 0.3% |
|  Tulane University, Louisiana Revenue Bonds, (NPFGC Insured), Series 2007 | Tulane University, Louisiana Revenue Bonds, (NPFGC Insured), Series 2007 | Tulane University, Louisiana Revenue Bonds, (NPFGC Insured), Series 2007 | Tulane University, Louisiana Revenue Bonds, (NPFGC Insured), Series 2007 |
|  4.885% (US0003M + 0.300%) due 02/15/2036 ~ |  | 32155 | 29764 |
|  Total Municipal Bonds & Notes<br>(Cost $30,284) | Total Municipal Bonds & Notes<br>(Cost $30,284) | Total Municipal Bonds & Notes<br>(Cost $30,284) | 29764 |
| U.S. GOVERNMENT AGENCIES 16.7% | U.S. GOVERNMENT AGENCIES 16.7% | U.S. GOVERNMENT AGENCIES 16.7% | U.S. GOVERNMENT AGENCIES 16.7% |
|  Fannie Mae | Fannie Mae | Fannie Mae | Fannie Mae |
|  3.000% due 05/25/2028 - 06/25/2028 (a) |  | 3288 | 65 |
|  4.477% due 07/01/2028 •  |  | 1 | 1 |
|  4.485% due 05/01/2036 •  |  | 116 | 114 |
|  4.526% due 12/25/2036 - 07/25/2037 •  |  | 93 | 91 |
|  4.586% due 03/25/2034 •  |  | 2 | 2 |
|  4.596% due 03/25/2036 •  |  | 10 | 10 |
|  4.615% due 05/01/2036 •  |  | 3 | 3 |
|  4.616% due 08/25/2034 •  |  | 10 | 10 |
|  4.654% due 02/25/2037 •  |  | 203 | 200 |
|  4.774% due 06/25/2036 •  |  | 32 | 32 |
|  4.794% due 11/25/2036 •  |  | 32 | 32 |
|  4.804% due 04/25/2036 - 03/25/2044 •  |  | 187 | 188 |
|  4.824% due 03/25/2036 •  |  | 15 | 15 |
|  4.843% due 03/25/2049 ~ |  | 375 | 371 |
|  4.854% due 06/25/2032 - 09/25/2032 •  |  | 10 | 10 |
|  4.862% due 05/18/2032 •  |  | 9 | 9 |
|  4.863% due 03/17/2032 •  |  | 22 | 22 |
|  4.884% due 07/25/2036 •  |  | 11 | 11 |
|  4.904% due 10/25/2030 - 09/25/2037 •  |  | 44 | 45 |
|  4.954% due 04/25/2042 •  |  | 73 | 73 |
|  4.962% due 07/18/2027 - 05/18/2032 •  |  | 11 | 11 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.994% due 07/25/2037 •  | $— | 62 | $— | 62 |
|  5.084% due 04/25/2031 •  |  | 21 |  | 21 |
|  5.109% due 12/25/2047 •  |  | 6303 |  | 6312 |
|  5.176% due 10/25/2042 •  |  | 86 |  | 87 |
|  5.224% due 06/25/2037 •  |  | 45 |  | 46 |
|  5.229% due 12/25/2050 •  |  | 5052 |  | 5039 |
|  5.240% due 09/25/2054 •(i) |  | 146971 |  | 147058 |
|  5.244% due 03/25/2055 •  |  | 67200 |  | 67206 |
|  5.290% due 11/25/2053 - 03/25/2055 •  |  | 22805 |  | 22879 |
|  5.304% due 07/25/2038 •  |  | 1 |  | 1 |
|  5.354% due 04/25/2032 - 11/25/2049 •  |  | 6 |  | 6 |
|  5.382% due 07/01/2029 •  |  | 7 |  | 7 |
|  5.390% due 01/25/2055 •  |  | 13162 |  | 13189 |
|  5.440% due 06/25/2054 - 01/25/2055 •  |  | 65646 |  | 65862 |
|  5.454% due 11/25/2049 •  |  | 4 |  | 4 |
|  5.490% due 01/25/2055 - 03/25/2055 •  |  | 72985 |  | 73282 |
|  5.500% due 03/25/2055 •  |  | 32022 |  | 32198 |
|  5.540% due 12/25/2053 •  |  | 14155 |  | 14252 |
|  5.590% due 11/25/2053 - 02/25/2055 •  |  | 50364 |  | 50793 |
|  5.674% due 10/25/2038 •  |  | 11 |  | 12 |
|  5.885% due 06/01/2043 •  |  | 93 |  | 94 |
|  5.886% due 03/01/2044 - 10/01/2044 •  |  | 552 |  | 559 |
|  6.163% due 01/01/2036 •  |  | 2 |  | 2 |
|  6.288% due 08/01/2035 •  |  | 3 |  | 3 |
|  6.309% due 01/01/2036 •  |  | 4 |  | 4 |
|  6.405% due 11/01/2035 •  |  | 6 |  | 5 |
|  6.425% due 01/01/2036 •  |  | 12 |  | 12 |
|  6.465% due 02/01/2033 •  |  | 1 |  | 1 |
|  6.583% due 11/01/2035 - 12/01/2036 •  |  | 25 |  | 26 |
|  6.701% due 12/01/2036 •  |  | 2 |  | 2 |
|  6.748% due 03/01/2036 •  |  | 13 |  | 13 |
|  6.897% due 06/01/2035 •  |  | 12 |  | 12 |
|  6.919% due 08/01/2029 •  |  | 32 |  | 32 |
|  6.925% due 09/01/2034 •  |  | 29 |  | 29 |
|  6.935% due 05/01/2035 •  |  | 35 |  | 36 |
|  6.965% due 06/01/2033 •  |  | 7 |  | 7 |
|  7.010% due 12/01/2040 •  |  | 4 |  | 4 |
|  7.038% due 10/01/2035 •  |  | 4 |  | 4 |
|  7.041% due 11/01/2034 •  |  | 18 |  | 18 |
|  7.165% due 06/01/2035 •  |  | 7 |  | 7 |
|  7.166% due 05/01/2038 •  |  | 418 |  | 435 |
|  7.199% due 02/01/2034 •  |  | 6 |  | 6 |
|  7.217% due 09/01/2034 •  |  | 3 |  | 3 |
|  7.255% due 09/01/2034 •  |  | 7 |  | 7 |
|  7.264% due 05/01/2034 •  |  | 1 |  | 1 |
|  7.350% due 07/01/2034 •  |  | 1 |  | 1 |
|  7.460% due 05/01/2035 •  |  | 6 |  | 6 |
|  7.485% due 09/01/2034 •  |  | 3 |  | 3 |
|  7.487% due 09/01/2035 •  |  | 4 |  | 4 |
|  7.529% due 07/01/2035 •  |  | 4 |  | 4 |
|  Freddie Mac | Freddie Mac | Freddie Mac | Freddie Mac | Freddie Mac |
|  2.150% due 01/15/2038 •(a) |  | 4086 |  | 208 |
|  2.500% due 10/25/2048 |  | 4351 |  | 3949 |
|  3.000% due 12/25/2046 |  | 2250 |  | 1955 |
|  3.500% due 12/25/2046 |  | 4871 |  | 4317 |
|  4.713% due 07/15/2034 •  |  | 3 |  | 3 |
|  4.813% due 07/15/2036 •  |  | 96 |  | 95 |
|  4.863% due 06/15/2031 •  |  | 12 |  | 12 |
|  4.913% due 12/15/2031 - 09/15/2041 •  |  | 230 |  | 228 |
|  4.943% due 11/15/2036 •  |  | 9 |  | 9 |
|  4.963% due 07/15/2039 - 02/15/2041 •  |  | 559 |  | 556 |
|  5.000% due 08/15/2035 |  | 398 |  | 404 |
|  5.013% due 06/15/2031 •  |  | 31 |  | 31 |
|  5.063% due 06/15/2031 - 12/15/2037 •  |  | 50 |  | 50 |
|  5.163% due 03/15/2032 •  |  | 39 |  | 39 |
|  5.252% due 09/25/2054 «•  |  | 59450 |  | 59506 |
|  5.280% due 11/25/2054 •(i) |  | 142842 |  | 143029 |
|  5.290% due 10/25/2054 - 03/25/2055 •  |  | 84732 |  | 84677 |
|  5.301% due 04/25/2055 •  |  | 44800 |  | 44854 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.340% due 02/25/2055 •  | 30843 | 30996 |
|  5.440% due 11/25/2054 •(i) | 75356 | 75135 |
|  5.440% due 01/25/2055 •  | 36845 | 36973 |
|  5.463% due 11/15/2033 - 10/15/2049 •  | 59 | 60 |
|  5.490% due 05/25/2054 •(i) | 59086 | 59397 |
|  5.490% due 12/25/2054 - 03/25/2055 •  | 106527 | 107089 |
|  5.540% due 12/25/2054 •  | 26176 | 26353 |
|  5.835% due 10/25/2044 - 02/25/2045 •  | 1079 | 1001 |
|  6.500% due 07/25/2043 | 88 | 91 |
|  6.955% due 05/01/2034 •  | 5 | 5 |
|  6.982% due 08/01/2035 •  | 1 | 1 |
|  7.245% due 07/01/2033 •  | 4 | 4 |
|  7.477% due 09/01/2035 •  | 13 | 13 |
|  7.481% due 08/01/2035 •  | 5 | 5 |
|  7.637% due 08/01/2034 •  | 7 | 7 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  2.500% due 01/20/2049 - 10/20/2049 | 3077 | 2728 |
|  4.625% due 07/20/2025 - 03/20/2032 •  | 204 | 204 |
|  4.750% due 11/20/2026 - 12/20/2033 •  | 51 | 51 |
|  4.875% due 04/20/2025 - 05/20/2032 •  | 134 | 131 |
|  4.923% due 11/20/2069 •  | 529 | 529 |
|  5.000% due 04/20/2025 - 09/20/2027 •  | 6 | 5 |
|  5.044% due 02/20/2074 •  | 2306 | 2306 |
|  5.073% due 02/20/2070 •  | 351 | 351 |
|  5.134% due 04/20/2074 •  | 6277 | 6298 |
|  5.193% due 10/20/2066 •  | 938 | 943 |
|  5.194% due 05/20/2074 •  | 3945 | 3972 |
|  5.199% due 12/20/2068 •  | 9995 | 10004 |
|  5.223% due 01/20/2066 •  | 1695 | 1695 |
|  5.244% due 11/20/2073 - 07/20/2074 ~ | 6710 | 6778 |
|  5.244% due 01/20/2074 •  | 26909 | 27175 |
|  5.273% due 04/20/2066 - 11/20/2066 •  | 3792 | 3809 |
|  5.294% due 10/20/2073 •  | 14026 | 14198 |
|  5.324% due 09/20/2073 •  | 9121 | 9224 |
|  5.344% due 05/20/2073 ~ | 22863 | 23171 |
|  5.373% due 12/20/2066 •  | 973 | 974 |
|  5.423% due 03/20/2066 •  | 4097 | 4126 |
|  5.434% due 08/16/2039 •  | 90 | 91 |
|  5.444% due 05/20/2073 •  | 5225 | 5326 |
|  5.444% due 11/20/2073 ~ | 4315 | 4405 |
|  5.656% due 11/20/2067 •  | 925 | 933 |
|  6.522% due 04/20/2067 •  | 1690 | 1711 |
|  6.639% due 05/20/2071 •(i) | 7857 | 8034 |
|  6.717% due 07/20/2067 •  | 1887 | 1909 |
|  U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
|  5.370% due 04/01/2028 | 13 | 13 |
|  5.490% due 03/01/2028 | 6 | 6 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  4.000% due 04/01/2048 - 08/01/2049 (i) | 29241 | 27558 |
|  4.000% due 05/01/2048 - 09/01/2049 | 2011 | 1896 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.000% due 05/01/2055 | 55200 | 51359 |
|  5.500% due 04/01/2055 - 05/01/2055 | 228300 | 227844 |
|  Total U.S. Government Agencies<br>(Cost $1,633,453) | Total U.S. Government Agencies<br>(Cost $1,633,453) | 1631780 |
| U.S. TREASURY OBLIGATIONS 0.7% | U.S. TREASURY OBLIGATIONS 0.7% | U.S. TREASURY OBLIGATIONS 0.7% |
|  U.S. Treasury Inflation Protected Securities (f) | U.S. Treasury Inflation Protected Securities (f) | U.S. Treasury Inflation Protected Securities (f) |
|  0.125% due 10/15/2025 (k)(m) | 36354 | 36386 |
|  2.125% due 04/15/2029 | 30219 | 31122 |
|  Total U.S. Treasury Obligations<br>(Cost $66,114) | Total U.S. Treasury Obligations<br>(Cost $66,114) | 67508 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 63

------

Schedule of Investments PIMCO Short-Term Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 9.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 9.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 9.0% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  6.000% due 02/25/2035 •  | 47 | 47 |
|  AG Trust | AG Trust | AG Trust |
|  6.335% due 07/15/2041 •  | 3041 | 3047 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  4.625% due 05/25/2046 ~ | 593 | 511 |
|  4.815% due 09/25/2046 ~ | 253 | 237 |
|  Ashford Hospitality Trust | Ashford Hospitality Trust | Ashford Hospitality Trust |
|  5.392% due 04/15/2035 ~ | 3046 | 3035 |
|  Avon Finance PLC | Avon Finance PLC | Avon Finance PLC |
|  5.357% due 12/28/2049 •  | 40200 | 52043 |
|  BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust |
|  5.484% due 09/15/2038 ~ | 4200 | 4007 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  6.425% due 02/20/2036 •  | 156 | 148 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.068% due 02/25/2036 •  | 17 | 15 |
|  5.750% due 07/20/2032 ~ | 1 | 1 |
|  Barclays Mortgage Loan Trust | Barclays Mortgage Loan Trust | Barclays Mortgage Loan Trust |
|  5.903% due 01/25/2064 þ | 19679 | 19773 |
|  BDS Ltd. | BDS Ltd. | BDS Ltd. |
|  5.582% due 10/21/2042 •  | 6800 | 6790 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  4.284% due 11/25/2034 •  | 2765 | 2456 |
|  4.321% due 05/25/2047 ~ | 259 | 234 |
|  4.913% due 11/25/2030 •  | 11 | 11 |
|  5.008% due 07/25/2033 •  | 318 | 293 |
|  5.172% due 01/25/2035 •  | 15 | 15 |
|  5.260% due 08/25/2033 •  | 297 | 275 |
|  5.954% due 01/25/2034 •  | 13 | 13 |
|  6.948% due 01/25/2034 •  | 49 | 49 |
|  7.195% due 11/25/2034 •  | 100 | 95 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.639% due 11/25/2036 •  | 930 | 540 |
|  4.755% due 02/25/2034 ~ | 147 | 139 |
|  5.043% due 09/25/2035 •  | 890 | 516 |
|  5.449% due 01/25/2036 ~ | 306 | 290 |
|  5.564% due 05/25/2035 •  | 36 | 34 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.500% due 09/25/2033 þ | 3660 | 3329 |
|  Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust |
|  4.333% due 12/26/2046 •  | 1057 | 823 |
|  5.116% due 01/26/2036 ~ | 1414 | 1011 |
|  Beast Mortgage Trust | Beast Mortgage Trust | Beast Mortgage Trust |
|  5.484% due 03/15/2036 •  | 5200 | 4718 |
|  BIG Commercial Mortgage Trust | BIG Commercial Mortgage Trust | BIG Commercial Mortgage Trust |
|  5.661% due 02/15/2039 ~ | 12504 | 12439 |
|  BWAY Mortgage Trust | BWAY Mortgage Trust | BWAY Mortgage Trust |
|  5.684% due 09/15/2036 •  | 9200 | 8801 |
|  BX Trust | BX Trust | BX Trust |
|  5.133% due 01/15/2034 •  | 29299 | 29196 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  5.590% due 09/25/2055 •  | 10234 | 10235 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.685% due 08/25/2035 •  | 32 | 31 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  3.250% due 03/25/2061 •  | 869 | 846 |
|  4.505% due 01/25/2037 •  | 87 | 77 |
|  4.821% due 09/25/2037 •  | 506 | 467 |
|  5.000% due 05/25/2051 •  | 11069 | 10285 |
|  5.607% due 07/25/2046 •  | 77 | 73 |
|  6.210% due 08/25/2035 •  | 92 | 87 |
|  6.560% due 10/25/2035 ~ | 16 | 16 |
|  6.760% due 03/25/2034 •  | 13 | 12 |
|  6.830% due 09/25/2035 •  | 1 | 1 |
|  7.410% due 05/25/2035 •  | 21 | 21 |
|  Colony Mortgage Capital Ltd. | Colony Mortgage Capital Ltd. | Colony Mortgage Capital Ltd. |
|  5.808% due 11/15/2038 ~ | 12924 | 12777 |
|  COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust |
|  5.835% due 02/25/2069 þ | 21890 | 21958 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.614% due 02/20/2047 ~ | 1442 | 1160 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.629% due 12/20/2046 ~ | $— | 950 | $— | 831 |
|  4.755% due 02/25/2047 •  |  | 50 |  | 49 |
|  4.795% due 05/25/2047 ~ |  | 912 |  | 837 |
|  4.815% due 09/25/2046 •  |  | 254 |  | 246 |
|  4.825% due 02/25/2037 •  |  | 239 |  | 211 |
|  4.854% due 07/20/2046 ~ |  | 448 |  | 377 |
|  4.855% due 07/25/2046 ~ |  | 94 |  | 85 |
|  5.635% due 12/25/2035 ~ |  | 151 |  | 129 |
|  5.635% due 02/25/2036 ~ |  | 112 |  | 102 |
|  6.000% due 04/25/2037 |  | 102 |  | 46 |
|  6.250% due 12/25/2033 |  | 42 |  | 46 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  4.895% due 05/25/2035 ~ |  | 72 |  | 63 |
|  4.933% due 09/25/2047 •  |  | 47 |  | 43 |
|  5.015% due 04/25/2035 ~ |  | 3 |  | 3 |
|  6.250% due 07/19/2031 •  |  | 1 |  | 1 |
|  Countrywide Home Loan Reperforming REMIC Trust | Countrywide Home Loan Reperforming REMIC Trust | Countrywide Home Loan Reperforming REMIC Trust | Countrywide Home Loan Reperforming REMIC Trust | Countrywide Home Loan Reperforming REMIC Trust |
|  4.749% due 01/25/2034 •  |  | 5 |  | 4 |
|  4.775% due 06/25/2035 ~ |  | 576 |  | 553 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  5.083% due 03/25/2032 •  |  | 13 |  | 12 |
|  5.516% due 11/25/2034 ~ |  | 93 |  | 90 |
|  7.370% due 11/25/2033 •  |  | 29 |  | 28 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  3.475% due 03/25/2059 ~ |  | 6496 |  | 6498 |
|  3.904% due 04/25/2062 ~ |  | 2651 |  | 2525 |
|  4.102% due 12/27/2060 ~ |  | 9187 |  | 9162 |
|  5.000% due 07/25/2056 ~ |  | 10293 |  | 9578 |
|  5.194% due 07/15/2032 ~ |  | 3714 |  | 3677 |
|  Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust |
|  2.006% due 05/25/2065 ~ |  | 134 |  | 132 |
|  5.655% due 02/25/2060 «þ |  | 2887 |  | 2894 |
|  5.726% due 01/25/2060 þ |  | 3576 |  | 3606 |
|  Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC |
|  4.728% due 06/15/2044 •  |  | 160 |  | 206 |
|  Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust |
|  5.513% due 07/15/2038 ~ | $— | 86875 |  | 86851 |
|  First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust |
|  6.739% due 08/25/2035 •  |  | 92 |  | 67 |
|  FirstKey Master Funding | FirstKey Master Funding | FirstKey Master Funding | FirstKey Master Funding | FirstKey Master Funding |
|  3.000% due 05/27/2036 ~ |  | 1591 |  | 1474 |
|  GCAT Trust | GCAT Trust | GCAT Trust | GCAT Trust | GCAT Trust |
|  1.091% due 05/25/2066 •  |  | 11070 |  | 9507 |
|  1.348% due 05/25/2066 ~ |  | 1112 |  | 956 |
|  2.650% due 10/25/2068 ~ |  | 724 |  | 699 |
|  2.885% due 12/27/2066 •  |  | 21897 |  | 20261 |
|  Gemgarto PLC | Gemgarto PLC | Gemgarto PLC | Gemgarto PLC | Gemgarto PLC |
|  5.344% due 12/16/2067 •  |  | 1202 |  | 1554 |
|  GMAC Mortgage Corp. Loan Trust | GMAC Mortgage Corp. Loan Trust | GMAC Mortgage Corp. Loan Trust | GMAC Mortgage Corp. Loan Trust | GMAC Mortgage Corp. Loan Trust |
|  4.497% due 08/19/2034 •  | $— | 177 |  | 162 |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.875% due 06/25/2045 ~ |  | 50 |  | 46 |
|  4.895% due 06/25/2045 ~ |  | 38 |  | 30 |
|  4.975% due 11/25/2045 ~ |  | 102 |  | 95 |
|  GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust |
|  5.690% due 12/15/2036 ~ |  | 7158 |  | 7132 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  5.000% due 12/25/2051 •  |  | 8880 |  | 8251 |
|  5.000% due 02/25/2052 ~ |  | 23465 |  | 21761 |
|  5.686% due 11/25/2054 •  |  | 21924 |  | 22004 |
|  GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust |
|  8.500% due 01/25/2036 |  | 61 |  | 59 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.697% due 04/25/2036 •  |  | 106 |  | 69 |
|  4.739% due 01/25/2036 ~ |  | 78 |  | 72 |
|  5.328% due 09/25/2035 ~ |  | 259 |  | 249 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.691% due 03/19/2037 •  |  | 297 |  | 273 |
|  4.871% due 05/19/2035 •  |  | 335 |  | 322 |
|  4.911% due 03/19/2036 •  |  | 982 |  | 899 |
|  6.023% due 08/19/2036 ~ |  | 4 |  | 4 |
|  6.032% due 04/19/2034 •  |  | 6 |  | 5 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  5.075% due 03/25/2035 ~ |  | 777 |  | 748 |
|  IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust |
|  4.795% due 07/25/2047 •  |  | 254 |  | 167 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.720% due 12/25/2034 ~ | 7 | 6 |
|  4.815% due 09/25/2046 •  | 467 | 417 |
|  4.835% due 06/25/2046 ~ | 197 | 171 |
|  4.855% due 05/25/2046 •  | 69 | 62 |
|  4.915% due 07/25/2035 ~ | 48 | 44 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  3.379% due 09/15/2050 | 842 | 822 |
|  4.128% due 07/05/2031 | 5000 | 4646 |
|  5.576% due 06/15/2035 •  | 4555 | 3997 |
|  5.817% due 12/15/2031 ~ | 4345 | 4250 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  3.500% due 05/25/2050 ~ | 1358 | 1227 |
|  3.500% due 08/25/2050 ~ | 252 | 228 |
|  3.959% due 04/25/2035 ~ | 527 | 435 |
|  5.000% due 02/25/2052 ~ | 9451 | 8780 |
|  Kinbane DAC | Kinbane DAC | Kinbane DAC |
|  3.224% due 09/25/2062 •  | 13696 | 14805 |
|  Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust |
|  4.750% due 07/25/2061 þ | 2736 | 2730 |
|  5.250% due 07/25/2067 þ | 5598 | 5588 |
|  Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust |
|  4.775% due 12/25/2036 •  | 283 | 257 |
|  4.795% due 12/25/2036 ~ | 32 | 31 |
|  4.835% due 10/25/2046 •  | 76 | 69 |
|  MA Money Pinnacle Residential Securitisation Trust | MA Money Pinnacle Residential Securitisation Trust | MA Money Pinnacle Residential Securitisation Trust |
|  4.900% due 04/15/2066 •  | 14200 | 8876 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  4.645% due 04/25/2046 •  | 151 | 136 |
|  6.370% due 11/21/2034 •  | 142 | 135 |
|  MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust |
|  6.000% due 08/25/2033 | 154 | 157 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates |
|  5.134% due 11/15/2031 •  | 100 | 96 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust |
|  4.874% due 12/15/2030 ~ | 101 | 98 |
|  5.009% due 10/20/2029 ~ | 99 | 96 |
|  5.294% due 08/15/2032 •  | 7 | 7 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.855% due 02/25/2036 •  | 779 | 762 |
|  4.935% due 11/25/2035 •  | 72 | 68 |
|  6.190% due 12/25/2032 •  | 1 | 1 |
|  Merrill Lynch Mortgage-Backed Securities Trust | Merrill Lynch Mortgage-Backed Securities Trust | Merrill Lynch Mortgage-Backed Securities Trust |
|  4.369% due 04/25/2037 •  | 138 | 121 |
|  MFA Trust | MFA Trust | MFA Trust |
|  1.131% due 07/25/2060 ~ | 1213 | 1099 |
|  2.479% due 03/25/2065 •  | 842 | 811 |
|  Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust |
|  1.125% due 11/25/2060 •  | 7087 | 6750 |
|  2.750% due 08/25/2059 ~ | 7611 | 7332 |
|  Morgan Stanley Capital Trust | Morgan Stanley Capital Trust | Morgan Stanley Capital Trust |
|  5.434% due 05/15/2036 •  | 11400 | 7852 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.875% due 02/25/2047 •  | 637 | 164 |
|  6.283% due 06/25/2036 •  | 20 | 20 |
|  Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust |
|  5.000% due 09/25/2051 •  | 10690 | 9932 |
|  MortgageIT Mortgage Loan Trust | MortgageIT Mortgage Loan Trust | MortgageIT Mortgage Loan Trust |
|  5.175% due 12/25/2034 •  | 108 | 108 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  0.941% due 10/25/2058 ~ | 1326 | 1262 |
|  2.464% due 01/26/2060 ~ | 799 | 752 |
|  3.500% due 12/25/2057 •  | 1378 | 1331 |
|  3.500% due 10/25/2059 ~ | 1229 | 1155 |
|  4.500% due 05/25/2058 •  | 5531 | 5409 |
|  New York Mortgage Trust | New York Mortgage Trust | New York Mortgage Trust |
|  4.670% due 08/25/2061 þ | 14255 | 14177 |
|  NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust |
|  5.529% due 11/15/2038 •  | 55900 | 55523 |
|  OBX Trust | OBX Trust | OBX Trust |
|  5.000% due 10/25/2051 •  | 5411 | 5039 |
|  5.085% due 06/25/2057 •  | 502 | 492 |

---

---

| | | |
|:---|:---|:---|
| **64** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.988% due 01/25/2064 þ | $— | 10282 | $— | 10380 |
|  6.067% due 01/25/2064 þ |  | 12437 |  | 12520 |
|  6.129% due 12/25/2063 þ |  | 20549 |  | 20701 |
|  6.447% due 02/25/2064 þ |  | 13841 |  | 14002 |
|  One New York Plaza Trust | One New York Plaza Trust | One New York Plaza Trust | One New York Plaza Trust | One New York Plaza Trust |
|  5.384% due 01/15/2036 •  |  | 27900 |  | 26761 |
|  PRKCM Trust | PRKCM Trust | PRKCM Trust | PRKCM Trust | PRKCM Trust |
|  6.333% due 03/25/2059 þ |  | 3895 |  | 3925 |
|  Progress Trust | Progress Trust | Progress Trust | Progress Trust | Progress Trust |
|  5.093% due 01/21/2051 •  |  | 17089 |  | 10690 |
|  PRPM Trust | PRPM Trust | PRPM Trust | PRPM Trust | PRPM Trust |
|  6.265% due 12/25/2068 þ | $— | 3403 |  | 3435 |
|  6.327% due 06/25/2069 þ |  | 4272 |  | 4353 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  5.553% due 03/25/2055 «þ |  | 7500 |  | 7504 |
|  5.653% due 01/25/2045 þ |  | 7730 |  | 7765 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  4.735% due 08/25/2035 ~ |  | 262 |  | 189 |
|  4.855% due 04/25/2046 •  |  | 136 |  | 35 |
|  4.935% due 08/25/2037 ~ |  | 96 |  | 93 |
|  5.995% due 09/25/2045 •  |  | 138 |  | 118 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  5.750% due 02/25/2036 |  | 80 |  | 29 |
|  5.875% due 12/25/2034 ~ |  | 597 |  | 557 |
|  Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust |
|  6.500% due 03/25/2032 |  | 5 |  | 5 |
|  Sage AR Funding PLC | Sage AR Funding PLC | Sage AR Funding PLC | Sage AR Funding PLC | Sage AR Funding PLC |
|  5.716% due 11/17/2030 •  |  | 4800 |  | 6196 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.554% due 11/25/2063 ~ | $— | 13540 |  | 13397 |
|  4.801% due 01/20/2047 ~ |  | 54 |  | 39 |
|  4.834% due 05/20/2035 ~ |  | 621 |  | 568 |
|  5.194% due 10/20/2027 •  |  | 21 |  | 21 |
|  7.415% due 04/20/2035 ~ |  | 18 |  | 18 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  4.811% due 08/25/2035 ~ |  | 139 |  | 121 |
|  6.035% due 01/25/2035 ~ |  | 19 |  | 17 |
|  6.527% due 02/25/2034 •  |  | 10 |  | 10 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.695% due 03/25/2037 ~ |  | 229 |  | 92 |
|  4.815% due 07/25/2046 •  |  | 799 |  | 572 |
|  4.875% due 05/25/2036 •  |  | 1836 |  | 1500 |
|  4.875% due 05/25/2046 •  |  | 598 |  | 212 |
|  4.895% due 05/25/2045 ~ |  | 101 |  | 96 |
|  4.931% due 07/19/2035 ~ |  | 15 |  | 15 |
|  4.931% due 07/19/2035 •  |  | 10 |  | 10 |
|  4.995% due 02/25/2036 ~ |  | 6 |  | 5 |
|  5.011% due 07/19/2034 •  |  | 2 |  | 2 |
|  5.091% due 09/19/2032 ~ |  | 2 |  | 2 |
|  5.131% due 03/19/2034 •  |  | 49 |  | 46 |
|  5.131% due 04/19/2035 •  |  | 257 |  | 250 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.679% due 04/25/2045 ~ |  | 21 |  | 21 |
|  Towd Point Mortgage Funding | Towd Point Mortgage Funding | Towd Point Mortgage Funding | Towd Point Mortgage Funding | Towd Point Mortgage Funding |
|  5.483% due 07/20/2053 •  |  | 7919 |  | 10256 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.250% due 12/25/2061 •  | $— | 10065 |  | 9720 |
|  2.710% due 01/25/2060 ~ |  | 9327 |  | 8913 |
|  2.750% due 07/25/2057 ~ |  | 52 |  | 52 |
|  3.750% due 05/25/2058 ~ |  | 10474 |  | 10241 |
|  5.435% due 05/25/2058 ~ |  | 4662 |  | 4781 |
|  5.435% due 10/25/2059 ~ |  | 3235 |  | 3276 |
|  Triton Trust | Triton Trust | Triton Trust | Triton Trust | Triton Trust |
|  4.788% due 02/09/2053 •  |  | 10760 |  | 6716 |
|  TTAN | TTAN | TTAN | TTAN | TTAN |
|  5.284% due 03/15/2038 •  | $— | 2076 |  | 2071 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  5.712% due 01/25/2069 þ |  | 16273 |  | 16303 |
|  5.811% due 05/25/2068 þ |  | 4717 |  | 4725 |
|  5.850% due 12/25/2067 þ |  | 4343 |  | 4344 |
|  5.999% due 02/25/2068 þ |  | 1371 |  | 1375 |
|  6.218% due 06/25/2069 þ |  | 7053 |  | 7144 |
|  6.338% due 04/25/2069 þ |  | 3029 |  | 3070 |
|  6.443% due 08/25/2068 þ |  | 3044 |  | 3072 |
|  6.476% due 06/25/2068 þ |  | 9188 |  | 9261 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.423% due 05/25/2037 ~ | $| 177 | 142 |
|  3.727% due 04/25/2037 •  |  | 102 | 93 |
|  3.846% due 01/25/2037 •  |  | 140 | 122 |
|  4.092% due 12/25/2046 •  |  | 325 | 291 |
|  4.174% due 12/25/2046 •  |  | 664 | 574 |
|  4.194% due 02/27/2034 ~ |  | 9 | 8 |
|  4.274% due 02/25/2037 ~ |  | 504 | 450 |
|  4.356% due 12/25/2036 •  |  | 96 | 88 |
|  4.362% due 02/25/2037 ~ |  | 203 | 187 |
|  4.541% due 02/25/2037 •  |  | 179 | 160 |
|  4.834% due 09/25/2036 •  |  | 124 | 106 |
|  4.834% due 09/25/2036 ~ |  | 2 | 2 |
|  4.955% due 11/25/2045 •  |  | 33 | 32 |
|  4.975% due 12/25/2045 •  |  | 35 | 35 |
|  5.015% due 10/25/2045 •  |  | 213 | 212 |
|  5.055% due 01/25/2045 ~ |  | 22 | 22 |
|  5.155% due 10/25/2045 •  |  | 355 | 350 |
|  5.215% due 01/25/2045 ~ |  | 664 | 639 |
|  5.335% due 02/25/2047 ~ |  | 175 | 156 |
|  5.365% due 01/25/2047 •  |  | 104 | 99 |
|  5.375% due 01/25/2047 ~ |  | 214 | 195 |
|  5.395% due 04/25/2047 •  |  | 334 | 302 |
|  5.635% due 02/25/2046 ~ |  | 603 | 548 |
|  5.635% due 08/25/2046 •  |  | 2232 | 2048 |
|  5.664% due 06/25/2034 ~ |  | 235 | 218 |
|  5.683% due 07/25/2046 •  |  | 84 | 75 |
|  5.683% due 08/25/2046 •  |  | 1055 | 903 |
|  5.760% due 03/25/2033 ~ |  | 11 | 11 |
|  5.835% due 11/25/2042 •  |  | 56 | 53 |
|  5.885% due 01/25/2047 •  |  | 73 | 67 |
|  6.035% due 06/25/2042 •  |  | 48 | 44 |
|  6.035% due 08/25/2042 •  |  | 82 | 79 |
|  6.135% due 09/25/2046 •  |  | 148 | 143 |
|  6.135% due 11/25/2046 ~ |  | 62 | 55 |
|  6.555% due 09/25/2033 •  |  | 282 | 281 |
|  6.790% due 09/25/2033 •  |  | 42 | 41 |
|  Warwick Finance Residential Mortgages PLC | Warwick Finance Residential Mortgages PLC | Warwick Finance Residential Mortgages PLC | Warwick Finance Residential Mortgages PLC |
|  5.927% due 03/21/2042 •  | GBP | 1752 | 2286 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  5.605% due 05/25/2046 •  | $| 161 | 140 |
|  Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
|  5.984% due 01/15/2059 •  |  | 3500 | 3487 |
|  Total Non-Agency Mortgage-Backed Securities<br>(Cost $900,623) | Total Non-Agency Mortgage-Backed Securities<br>(Cost $900,623) | Total Non-Agency Mortgage-Backed Securities<br>(Cost $900,623) | 883390 |
| ASSET-BACKED SECURITIES 21.5% | ASSET-BACKED SECURITIES 21.5% | ASSET-BACKED SECURITIES 21.5% | ASSET-BACKED SECURITIES 21.5% |
| AUTOMOBILE ABS OTHER 1.3% | AUTOMOBILE ABS OTHER 1.3% | AUTOMOBILE ABS OTHER 1.3% | AUTOMOBILE ABS OTHER 1.3% |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  4.969% due 03/15/2027 •  |  | 10350 | 10355 |
|  5.149% due 12/15/2026 ~ |  | 7467 | 7473 |
|  Chesapeake Funding LLC | Chesapeake Funding LLC | Chesapeake Funding LLC | Chesapeake Funding LLC |
|  5.119% due 05/15/2036 •  |  | 5977 | 5987 |
|  5.599% due 05/15/2035 •  |  | 6494 | 6527 |
|  Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
|  4.949% due 10/15/2026 ~ |  | 8649 | 8653 |
|  Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust |
|  4.849% due 07/15/2026 ~ |  | 8904 | 8906 |
|  Ford Credit Floorplan Master Owner Trust | Ford Credit Floorplan Master Owner Trust | Ford Credit Floorplan Master Owner Trust | Ford Credit Floorplan Master Owner Trust |
|  5.119% due 09/15/2029 ~ |  | 29000 | 29080 |
|  GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust |
|  4.754% due 05/20/2027 •  |  | 20200 | 20201 |
|  GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
|  4.879% due 11/16/2026 •  |  | 4661 | 4663 |
|  Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust |
|  4.949% due 03/16/2026 •  |  | 6511 | 6512 |
|  SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust |
|  5.144% due 03/22/2027 •  |  | 362 | 362 |
|  Toyota Lease Owner Trust | Toyota Lease Owner Trust | Toyota Lease Owner Trust | Toyota Lease Owner Trust |
|  4.784% due 02/22/2027 •  |  | 20219 | 20234 |
|  Volkswagen Auto Lease Trust | Volkswagen Auto Lease Trust | Volkswagen Auto Lease Trust | Volkswagen Auto Lease Trust |
|  4.914% due 01/20/2026 ~ |  | 857 | 857 |
|  |  |  | 129810 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| AUTOMOBILE SEQUENTIAL 2.5% | AUTOMOBILE SEQUENTIAL 2.5% | AUTOMOBILE SEQUENTIAL 2.5% |
|  Ally Auto Receivables Trust | Ally Auto Receivables Trust | Ally Auto Receivables Trust |
|  5.080% due 12/15/2028 | 2182 | 2197 |
|  5.760% due 11/15/2026 | 686 | 686 |
|  BMW Canada Auto Trust | BMW Canada Auto Trust | BMW Canada Auto Trust |
|  4.844% due 07/20/2027 | 3200 | 2253 |
|  BMW Vehicle Lease Trust | BMW Vehicle Lease Trust | BMW Vehicle Lease Trust |
|  5.990% due 09/25/2026 | 14521 | 14592 |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  5.300% due 03/15/2027 | 7570 | 7586 |
|  5.720% due 11/16/2026 | 1488 | 1490 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  0.800% due 01/10/2027 | 1478 | 1460 |
|  Chesapeake Funding LLC | Chesapeake Funding LLC | Chesapeake Funding LLC |
|  5.520% due 05/15/2036 | 8518 | 8613 |
|  Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
|  5.540% due 11/16/2026 | 7831 | 7850 |
|  5.840% due 01/18/2028 | 11084 | 11173 |
|  6.090% due 10/15/2026 | 4353 | 4359 |
|  CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust |
|  4.910% due 06/15/2028 | 4513 | 4515 |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
|  4.380% due 07/20/2029 | 3817 | 3811 |
|  5.740% due 12/20/2026 | 17817 | 17922 |
|  5.760% due 10/22/2029 | 13792 | 13865 |
|  6.400% due 03/20/2030 | 25967 | 26387 |
|  Fifth Third Auto Trust | Fifth Third Auto Trust | Fifth Third Auto Trust |
|  5.800% due 11/16/2026 | 2221 | 2223 |
|  Ford Auto Securitization Trust | Ford Auto Securitization Trust | Ford Auto Securitization Trust |
|  5.410% due 04/15/2026 | 3068 | 2136 |
|  5.889% due 05/15/2026 | 7 | 5 |
|  GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
|  4.880% due 08/16/2028 | 5740 | 5768 |
|  5.740% due 09/16/2026 | 1846 | 1847 |
|  GMF Canada Leasing Trust Asset-Backed Notes | GMF Canada Leasing Trust Asset-Backed Notes | GMF Canada Leasing Trust Asset-Backed Notes |
|  4.883% due 12/21/2026 | 10120 | 7132 |
|  Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC |
|  5.490% due 06/25/2027 | 38400 | 38660 |
|  Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust |
|  5.410% due 04/15/2026 | 810 | 810 |
|  Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust |
|  4.530% due 09/15/2027 | 5700 | 5700 |
|  5.290% due 04/15/2027 | 6942 | 6959 |
|  5.770% due 05/15/2026 | 1208 | 1208 |
|  5.800% due 01/15/2027 | 3427 | 3435 |
|  LAD Auto Receivables Trust | LAD Auto Receivables Trust | LAD Auto Receivables Trust |
|  5.930% due 06/15/2027 | 2884 | 2888 |
|  Oscar U.S. Funding LLC | Oscar U.S. Funding LLC | Oscar U.S. Funding LLC |
|  5.810% due 12/10/2027 | 700 | 706 |
|  SBNA Auto Lease Trust | SBNA Auto Lease Trust | SBNA Auto Lease Trust |
|  5.560% due 11/22/2027 | 21400 | 21609 |
|  6.270% due 04/20/2026 | 4068 | 4071 |
|  SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust |
|  5.890% due 03/22/2027 | 87 | 87 |
|  Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust |
|  5.600% due 08/17/2026 | 2410 | 2412 |
|  Volkswagen Auto Loan Enhanced Trust | Volkswagen Auto Loan Enhanced Trust | Volkswagen Auto Loan Enhanced Trust |
|  5.500% due 12/21/2026 | 5142 | 5148 |
|  World Omni Auto Receivables Trust | World Omni Auto Receivables Trust | World Omni Auto Receivables Trust |
|  5.570% due 12/15/2026 | 1659 | 1660 |
|  5.790% due 02/15/2029 | 1561 | 1585 |
|  |  | 244808 |
| CMBS OTHER 1.3% | CMBS OTHER 1.3% | CMBS OTHER 1.3% |
|  ACREC LLC | ACREC LLC | ACREC LLC |
|  6.549% due 02/19/2038 •  | 6099 | 6135 |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  5.514% due 11/17/2038 ~ | 1682 | 1673 |
|  6.561% due 06/17/2039 ~ | 24293 | 24343 |
|  Brightspire Capital Ltd. | Brightspire Capital Ltd. | Brightspire Capital Ltd. |
|  5.581% due 08/19/2038 ~ | 5947 | 5936 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **65** |

---

------

Schedule of Investments PIMCO Short-Term Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  BXMT Ltd. | BXMT Ltd. | BXMT Ltd. |
|  6.334% due 11/15/2037 •  | 1098 | 1093 |
|  GPMT Ltd. | GPMT Ltd. | GPMT Ltd. |
|  5.784% due 12/15/2036 •  | 8919 | 8862 |
|  HERA Commercial Mortgage Ltd. | HERA Commercial Mortgage Ltd. | HERA Commercial Mortgage Ltd. |
|  5.481% due 02/18/2038 ~ | 1284 | 1279 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.734% due 07/15/2036 •  | 3024 | 3021 |
|  M360 Ltd. | M360 Ltd. | M360 Ltd. |
|  5.934% due 11/22/2038 ~ | 4824 | 4754 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.511% due 10/16/2036 ~ | 32524 | 32466 |
|  6.134% due 12/15/2035 •  | 9660 | 9666 |
|  MF1 Multifamily Housing Mortgage Loan Trust | MF1 Multifamily Housing Mortgage Loan Trust | MF1 Multifamily Housing Mortgage Loan Trust |
|  5.284% due 07/15/2036 ~ | 4398 | 4392 |
|  PFP Ltd. | PFP Ltd. | PFP Ltd. |
|  6.154% due 09/17/2039 ~ | 8781 | 8827 |
|  6.595% due 08/19/2035 •  | 13312 | 13332 |
|  Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC |
|  6.694% due 10/25/2039 ~ | 3698 | 3715 |
|  |  | 129494 |
| CREDIT CARD BULLET 1.5% | CREDIT CARD BULLET 1.5% | CREDIT CARD BULLET 1.5% |
|  Master Credit Card Trust | Master Credit Card Trust | Master Credit Card Trust |
|  5.097% due 01/21/2028 •  | 50700 | 50824 |
|  5.197% due 01/21/2027 ~ | 91000 | 91134 |
|  |  | 141958 |
| CREDIT CARD OTHER 2.5% | CREDIT CARD OTHER 2.5% | CREDIT CARD OTHER 2.5% |
|  CARDS Trust | CARDS Trust | CARDS Trust |
|  5.158% due 07/15/2028 •  | 30000 | 30043 |
|  Golden Credit Card Trust | Golden Credit Card Trust | Golden Credit Card Trust |
|  1.970% due 01/15/2029 | 35000 | 33532 |
|  Synchrony Card Funding LLC | Synchrony Card Funding LLC | Synchrony Card Funding LLC |
|  5.740% due 10/15/2029 | 5000 | 5102 |
|  Trillium Credit Card Trust | Trillium Credit Card Trust | Trillium Credit Card Trust |
|  5.047% due 12/26/2028 ~ | 61000 | 61138 |
|  5.147% due 08/26/2028 ~ | 112600 | 112825 |
|  |  | 242640 |
| HOME EQUITY OTHER 0.9% | HOME EQUITY OTHER 0.9% | HOME EQUITY OTHER 0.9% |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  5.135% due 06/25/2034 •  | 207 | 207 |
|  5.410% due 06/25/2033 ~ | 385 | 384 |
|  Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust |
|  4.695% due 09/25/2036 •  | 917 | 912 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.555% due 10/25/2036 ~ | 8 | 3 |
|  5.215% due 04/25/2034 •  | 10419 | 9830 |
|  5.470% due 10/25/2034 ~ | 1547 | 1499 |
|  Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust |
|  5.135% due 10/25/2031 •  | 67 | 66 |
|  AMRESCO Residential Securities Corp. Mortgage Loan Trust | AMRESCO Residential Securities Corp. Mortgage Loan Trust | AMRESCO Residential Securities Corp. Mortgage Loan Trust |
|  5.375% due 06/25/2029 •  | 71 | 72 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
|  3.869% due 12/25/2033 •  | 123 | 181 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  3.085% due 07/25/2036 ~ | 626 | 613 |
|  4.515% due 05/25/2037 ~ | 17 | 12 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.235% due 10/27/2032 ~ | 11 | 11 |
|  5.435% due 11/25/2042 ~ | 6 | 6 |
|  5.685% due 08/25/2037 ~ | 50 | 49 |
|  Chase Funding Trust | Chase Funding Trust | Chase Funding Trust |
|  5.075% due 08/25/2032 ~ | 17 | 17 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.495% due 07/25/2045 •  | 179 | 124 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.725% due 05/25/2047 •  | 119 | 114 |
|  4.975% due 12/25/2034 ~ | 2954 | 2879 |
|  5.235% due 10/25/2047 ~ | 1055 | 979 |
|  5.260% due 03/25/2034 ~ | 265 | 290 |
|  5.335% due 05/25/2036 ~ | 198 | 195 |
|  5.935% due 10/25/2034 ~ | 475 | 472 |
|  Countrywide Revolving Home Equity Loan Trust | Countrywide Revolving Home Equity Loan Trust | Countrywide Revolving Home Equity Loan Trust |
|  4.574% due 01/15/2037 ~ | 4 | 4 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  4.827% due 01/25/2032 •  | 1 | 1 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  4.554% due 07/25/2037 ~ | 180 | 118 |
|  Credit-Based Asset Servicing & Securitization Trust | Credit-Based Asset Servicing & Securitization Trust | Credit-Based Asset Servicing & Securitization Trust |
|  4.555% due 11/25/2036 ~ | 32 | 14 |
|  Delta Funding Home Equity Loan Trust | Delta Funding Home Equity Loan Trust | Delta Funding Home Equity Loan Trust |
|  5.254% due 09/15/2029 ~ | 13 | 12 |
|  EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust |
|  5.175% due 05/25/2040 ~ | 15 | 15 |
|  Finance America Mortgage Loan Trust | Finance America Mortgage Loan Trust | Finance America Mortgage Loan Trust |
|  5.260% due 08/25/2034 •  | 4635 | 4390 |
|  First NLC Trust | First NLC Trust | First NLC Trust |
|  4.505% due 08/25/2037 •  | 305 | 152 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  5.170% due 01/25/2035 ~ | 289 | 285 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  4.975% due 07/25/2037 ~ | 217 | 208 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.505% due 12/25/2036 ~ | 244 | 121 |
|  4.955% due 06/25/2036 •  | 2432 | 2355 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  5.020% due 07/25/2036 ~ | 702 | 699 |
|  5.355% due 02/25/2033 •  | 1 | 1 |
|  5.380% due 06/25/2034 ~ | 1228 | 1225 |
|  HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust |
|  4.555% due 12/25/2036 •  | 81 | 24 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.930% due 02/25/2036 •  | 1595 | 1520 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  4.645% due 10/25/2036 •  | 875 | 871 |
|  4.840% due 07/25/2036 ~ | 1278 | 1260 |
|  Lehman ABS Mortgage Loan Trust | Lehman ABS Mortgage Loan Trust | Lehman ABS Mortgage Loan Trust |
|  4.525% due 06/25/2037 ~ | 209 | 139 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.995% due 10/25/2034 ~ | 325 | 319 |
|  5.135% due 03/25/2032 •  | 16 | 16 |
|  5.410% due 04/25/2035 ~ | 3710 | 3689 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.535% due 11/25/2036 •  | 45 | 14 |
|  4.535% due 01/25/2037 •  | 246 | 70 |
|  5.135% due 09/25/2034 ~ | 4953 | 4555 |
|  5.215% due 02/25/2034 •  | 721 | 723 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.595% due 09/25/2037 •  | 3 | 1 |
|  4.675% due 02/25/2037 ~ | 241 | 68 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  4.495% due 05/25/2037 •  | 74 | 67 |
|  4.635% due 09/25/2036 ~ | 17 | 6 |
|  5.055% due 12/25/2035 •  | 250 | 245 |
|  5.335% due 05/25/2034 •  | 10181 | 10612 |
|  Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust |
|  5.425% due 05/25/2035 •  | 399 | 393 |
|  Morgan Stanley IXIS Real Estate Capital Trust | Morgan Stanley IXIS Real Estate Capital Trust | Morgan Stanley IXIS Real Estate Capital Trust |
|  4.485% due 11/25/2036 •  | 7 | 2 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  4.795% due 05/25/2036 •  | 69 | 70 |
|  5.365% due 11/25/2034 •  | 1504 | 1518 |
|  Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust |
|  4.735% due 07/25/2036 ~ | 2133 | 1987 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  5.095% due 01/25/2036 •  | 483 | 480 |
|  5.515% due 06/25/2035 •  | 219 | 219 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  RAAC Trust | RAAC Trust | RAAC Trust |
|  4.985% due 01/25/2046 ~ | 1543 | 1540 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  6.025% due 02/25/2044 ~ | 6525 | 6566 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  3.991% due 08/25/2033 •  | 234 | 216 |
|  5.155% due 11/25/2034 •  | 98 | 86 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  5.125% due 10/25/2035 ~ | 9 | 9 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  5.105% due 08/25/2034 •  | 3243 | 3015 |
|  5.110% due 01/25/2035 •  | 389 | 353 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.995% due 05/25/2036 ~ | 6390 | 6219 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  5.937% due 04/25/2035 •  | 48 | 47 |
|  Terwin Mortgage Trust | Terwin Mortgage Trust | Terwin Mortgage Trust |
|  4.855% due 07/25/2037 •  | 85 | 85 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  5.848% due 01/25/2064 •  | 5973 | 5997 |
|  6.125% due 02/25/2064 •  | 1282 | 1290 |
|  6.290% due 05/25/2064 •  | 6372 | 6434 |
|  Washington Mutual Asset-Backed Certificates Trust | Washington Mutual Asset-Backed Certificates Trust | Washington Mutual Asset-Backed Certificates Trust |
|  4.343% due 10/25/2036 •  | 43 | 15 |
|  |  | 89255 |
| WHOLE LOAN COLLATERAL 0.0% | WHOLE LOAN COLLATERAL 0.0% | WHOLE LOAN COLLATERAL 0.0% |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.595% due 11/25/2036 •  | 230 | 230 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  5.185% due 01/25/2034 ~ | 758 | 757 |
|  GSRPM Mortgage Loan Trust | GSRPM Mortgage Loan Trust | GSRPM Mortgage Loan Trust |
|  5.185% due 03/25/2035 ~ | 369 | 397 |
|  PRET LLC | PRET LLC | PRET LLC |
|  4.868% due 07/25/2051 þ | 2127 | 2126 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  5.215% due 07/25/2035 ~ | 123 | 123 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  5.410% due 12/25/2035 •  | 247 | 245 |
|  |  | 3878 |
| OTHER ABS 11.5% | OTHER ABS 11.5% | OTHER ABS 11.5% |
|  AASET Trust | AASET Trust | AASET Trust |
|  3.844% due 01/16/2038 | 1710 | 1556 |
|  ACAS CLO Ltd. | ACAS CLO Ltd. | ACAS CLO Ltd. |
|  5.445% due 10/18/2028 ~ | 307 | 307 |
|  AGL CLO Ltd. | AGL CLO Ltd. | AGL CLO Ltd. |
|  5.419% due 12/02/2034 •  | 7900 | 7900 |
|  Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. |
|  5.343% due 10/20/2034 •  | 17500 | 17407 |
|  5.730% due 04/22/2034 ~ | 32200 | 32223 |
|  Apidos CLO | Apidos CLO | Apidos CLO |
|  5.543% due 04/17/2034 •(b) | 11900 | 11900 |
|  Ares CLO Ltd. | Ares CLO Ltd. | Ares CLO Ltd. |
|  5.592% due 04/25/2034 •  | 600 | 600 |
|  5.614% due 01/15/2032 ~ | 7195 | 7199 |
|  5.623% due 04/17/2033 •  | 24900 | 24938 |
|  Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. |
|  5.396% due 01/18/2035 •  | 10900 | 10900 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.285% due 04/23/2035 •  | 6600 | 6600 |
|  5.354% due 07/24/2034 •  | 13050 | 12919 |
|  5.383% due 10/21/2034 •  | 4300 | 4283 |
|  5.500% due 10/23/2034 •  | 5550 | 5543 |
|  5.538% due 07/16/2034 •  | 11100 | 11082 |
|  Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC |
|  3.484% due 01/20/2032 •  | 9962 | 10778 |
|  Benefit Street Partners CLO Ltd. | Benefit Street Partners CLO Ltd. | Benefit Street Partners CLO Ltd. |
|  5.643% due 04/20/2034 •  | 5400 | 5400 |
|  Black Diamond CLO DAC | Black Diamond CLO DAC | Black Diamond CLO DAC |
|  3.604% due 01/20/2032 •  | 137 | 148 |

---

---

| | | |
|:---|:---|:---|
| **66** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. |
|  5.490% due 10/25/2030 ~ | 6903 | 6906 |
|  Canyon Capital CLO Ltd. | Canyon Capital CLO Ltd. | Canyon Capital CLO Ltd. |
|  5.319% due 10/15/2034 •  | 12100 | 12033 |
|  5.382% due 07/15/2034 ~ | 4200 | 4183 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  5.534% due 04/17/2031 ~ | 483 | 483 |
|  Carlyle Global Market Strategies Euro CLO DAC | Carlyle Global Market Strategies Euro CLO DAC | Carlyle Global Market Strategies Euro CLO DAC |
|  3.485% due 01/15/2031 •  | 8779 | 9446 |
|  Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. |
|  5.452% due 10/15/2031 ~ | 6844 | 6845 |
|  Carval CLO Ltd. | Carval CLO Ltd. | Carval CLO Ltd. |
|  5.022% due 07/20/2032 •  | 12000 | 11974 |
|  CCG Receivables Trust | CCG Receivables Trust | CCG Receivables Trust |
|  4.480% due 10/14/2032 | 15600 | 15625 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.508% due 10/24/2030 ~ | 13232 | 13245 |
|  CNH Equipment Trust | CNH Equipment Trust | CNH Equipment Trust |
|  5.900% due 02/16/2027 | 10098 | 10118 |
|  College Avenue Student Loans LLC | College Avenue Student Loans LLC | College Avenue Student Loans LLC |
|  6.085% due 11/26/2046 •  | 898 | 907 |
|  Commonbond Student Loan Trust | Commonbond Student Loan Trust | Commonbond Student Loan Trust |
|  2.550% due 05/25/2041 | 714 | 672 |
|  3.560% due 09/25/2045 | 669 | 641 |
|  CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC |
|  3.131% due 09/15/2031 •  | 15553 | 16806 |
|  Dell Equipment Finance Trust | Dell Equipment Finance Trust | Dell Equipment Finance Trust |
|  4.690% due 08/22/2030 | 14800 | 14823 |
|  6.100% due 04/23/2029 | 2445 | 2448 |
|  DLLAA LLC | DLLAA LLC | DLLAA LLC |
|  5.930% due 07/20/2026 | 2906 | 2913 |
|  Dryden Euro CLO DAC | Dryden Euro CLO DAC | Dryden Euro CLO DAC |
|  3.445% due 04/15/2033 •  | 7240 | 7825 |
|  Dryden Senior Loan Fund | Dryden Senior Loan Fund | Dryden Senior Loan Fund |
|  5.362% due 08/20/2034 •  | 1400 | 1400 |
|  5.443% due 10/19/2029 ~ | 5041 | 5043 |
|  ECMC Group Student Loan Trust | ECMC Group Student Loan Trust | ECMC Group Student Loan Trust |
|  5.204% due 02/27/2068 •  | 12026 | 11957 |
|  5.454% due 07/25/2069 •  | 6324 | 6336 |
|  5.504% due 05/25/2067 •  | 839 | 843 |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  5.430% due 07/25/2034 ~ | 19200 | 19085 |
|  5.512% due 10/25/2030 •  | 1211 | 1211 |
|  ELFI Graduate Loan Program LLC | ELFI Graduate Loan Program LLC | ELFI Graduate Loan Program LLC |
|  1.530% due 12/26/2046 | 19872 | 17623 |
|  Euro-Galaxy CLO DAC | Euro-Galaxy CLO DAC | Euro-Galaxy CLO DAC |
|  3.291% due 04/24/2034 •  | 3738 | 4038 |
|  Flatiron CLO Ltd. | Flatiron CLO Ltd. | Flatiron CLO Ltd. |
|  5.476% due 11/16/2034 •(b) | 6700 | 6700 |
|  Gallatin CLO Ltd. | Gallatin CLO Ltd. | Gallatin CLO Ltd. |
|  5.654% due 07/15/2031 •  | 12328 | 12342 |
|  GoldenTree Loan Management U.S. CLO Ltd. | GoldenTree Loan Management U.S. CLO Ltd. | GoldenTree Loan Management U.S. CLO Ltd. |
|  5.447% due 04/24/2031 •  | 10341 | 10337 |
|  Greywolf CLO Ltd. | Greywolf CLO Ltd. | Greywolf CLO Ltd. |
|  5.722% due 01/27/2031 •  | 792 | 792 |
|  Guggenheim CLO Ltd. | Guggenheim CLO Ltd. | Guggenheim CLO Ltd. |
|  5.473% due 01/15/2035 •  | 5400 | 5400 |
|  Harvest CLO DAC | Harvest CLO DAC | Harvest CLO DAC |
|  3.545% due 07/15/2031 •  | 7579 | 8199 |
|  ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. |
|  5.443% due 10/20/2034 •  | 17200 | 17163 |
|  Invesco Euro CLO DAC | Invesco Euro CLO DAC | Invesco Euro CLO DAC |
|  3.435% due 07/15/2031 •  | 2025 | 2189 |
|  Jamestown CLO Ltd. | Jamestown CLO Ltd. | Jamestown CLO Ltd. |
|  5.420% due 07/25/2034 •  | 9500 | 9470 |
|  KKR CLO Ltd. | KKR CLO Ltd. | KKR CLO Ltd. |
|  5.495% due 07/18/2030 •  | 3166 | 3168 |
|  5.514% due 07/15/2030 ~ | 2124 | 2126 |
|  LCM Ltd. | LCM Ltd. | LCM Ltd. |
|  5.555% due 07/20/2030 •  | 2994 | 2991 |
|  M&T Equipment Notes | M&T Equipment Notes | M&T Equipment Notes |
|  6.090% due 07/15/2030 | 4767 | 4772 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Madison Park Funding Ltd. | Madison Park Funding Ltd. | Madison Park Funding Ltd. |
|  5.324% due 10/15/2034 •  | 17300 | 17209 |
|  5.361% due 10/19/2034 •  | 7500 | 7472 |
|  Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority |
|  5.768% due 04/25/2038 ~ | 165 | 164 |
|  MMAF Equipment Finance LLC | MMAF Equipment Finance LLC | MMAF Equipment Finance LLC |
|  5.200% due 09/13/2027 | 8282 | 8314 |
|  5.790% due 11/13/2026 | 7429 | 7448 |
|  Navient Private Education Loan Trust | Navient Private Education Loan Trust | Navient Private Education Loan Trust |
|  2.460% due 11/15/2068 | 1087 | 1045 |
|  5.334% due 11/15/2068 ~ | 1571 | 1570 |
|  5.884% due 07/16/2040 ~ | 3095 | 3115 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  1.060% due 10/15/2069 | 482 | 434 |
|  1.170% due 09/16/2069 | 4822 | 4463 |
|  1.330% due 04/15/2069 | 5561 | 5135 |
|  1.690% due 05/15/2069 | 8367 | 7823 |
|  5.434% due 04/15/2069 ~ | 5802 | 5807 |
|  6.034% due 11/15/2068 •  | 514 | 518 |
|  Navient Student Loan Trust | Navient Student Loan Trust | Navient Student Loan Trust |
|  5.254% due 07/26/2066 ~ | 8021 | 7986 |
|  5.504% due 12/27/2066 ~ | 12674 | 12836 |
|  6.049% due 03/15/2072 •  | 18548 | 18678 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  4.875% due 09/27/2066 •  | 1424 | 1425 |
|  5.054% due 02/27/2051 ~ | 1223 | 1221 |
|  5.154% due 09/27/2038 •  | 1892 | 1896 |
|  5.235% due 08/25/2067 •  | 13481 | 13434 |
|  5.254% due 09/25/2065 •  | 1115 | 1115 |
|  5.304% due 02/25/2066 •  | 1490 | 1489 |
|  5.354% due 06/27/2067 •  | 26918 | 26919 |
|  Neuberger Berman Loan Advisers CLO Ltd. | Neuberger Berman Loan Advisers CLO Ltd. | Neuberger Berman Loan Advisers CLO Ltd. |
|  5.360% due 07/17/2036 •  | 3300 | 3300 |
|  5.370% due 10/14/2036 •  | 3100 | 3100 |
|  OAK Hill European Credit Partners DAC | OAK Hill European Credit Partners DAC | OAK Hill European Credit Partners DAC |
|  3.484% (EUR003M + 0.740%) due 10/20/2031 ~ | 20411 | 22026 |
|  OCP CLO Ltd. | OCP CLO Ltd. | OCP CLO Ltd. |
|  5.675% due 07/20/2029 •  | 35 | 35 |
|  OCP Euro CLO DAC | OCP Euro CLO DAC | OCP Euro CLO DAC |
|  3.584% due 09/22/2034 •  | 7793 | 8424 |
|  Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. |
|  5.343% due 01/20/2035 •  | 19150 | 19131 |
|  5.443% due 10/20/2030 •  | 6727 | 6728 |
|  Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust |
|  6.660% due 07/15/2031 | 1349 | 1362 |
|  8.050% due 03/15/2030 •  | 243 | 244 |
|  Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. |
|  5.364% due 10/15/2029 •  | 1568 | 1568 |
|  Parallel Ltd. | Parallel Ltd. | Parallel Ltd. |
|  5.426% due 07/15/2034 •  | 15100 | 15053 |
|  PFS Financing Corp. | PFS Financing Corp. | PFS Financing Corp. |
|  5.499% due 08/15/2027 •  | 54200 | 54332 |
|  Pikes Peak CLO | Pikes Peak CLO | Pikes Peak CLO |
|  5.512% due 07/15/2034 ~ | 6100 | 6089 |
|  5.513% due 10/11/2034 •  | 17300 | 17269 |
|  Progress Residential Trust | Progress Residential Trust | Progress Residential Trust |
|  1.692% due 08/17/2040 | 8042 | 7374 |
|  2.013% due 11/17/2040 | 4344 | 3967 |
|  Recette CLO Ltd. | Recette CLO Ltd. | Recette CLO Ltd. |
|  5.635% due 04/20/2034 •  | 7400 | 7404 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  5.455% due 01/25/2034 •  | 524 | 535 |
|  Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. |
|  5.582% due 10/15/2034 •  | 11300 | 11302 |
|  Saranac CLO Ltd. | Saranac CLO Ltd. | Saranac CLO Ltd. |
|  5.699% due 08/13/2031 ~ | 1240 | 1240 |
|  Sculptor CLO Ltd. | Sculptor CLO Ltd. | Sculptor CLO Ltd. |
|  5.362% due 07/20/2034 •  | 9450 | 9413 |
|  Silver Rock CLO Ltd. | Silver Rock CLO Ltd. | Silver Rock CLO Ltd. |
|  5.348% due 01/20/2035 •  | 1250 | 1250 |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  4.904% due 06/25/2043 ~ | 5808 | 5722 |
|  5.104% due 12/27/2038 ~ | 1027 | 1019 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.154% due 01/25/2029 •  | $— | 2377 | 2335 |
|  5.568% due 04/25/2049 |  | 60 | 60 |
|  5.718% due 07/25/2049 |  | 946 | 943 |
|  6.518% due 04/27/2025 |  | 1373 | 1374 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  1.340% due 03/17/2053 |  | 7287 | 6810 |
|  1.600% due 09/15/2054 |  | 6056 | 5672 |
|  5.090% due 10/16/2056 |  | 3140 | 3168 |
|  5.164% due 01/15/2053 ~ |  | 5271 | 5179 |
|  5.285% due 09/15/2054 •  |  | 22165 | 22080 |
|  5.447% due 06/17/2052 ~ |  | 1978 | 1980 |
|  5.447% due 07/15/2053 •  |  | 16225 | 16251 |
|  5.500% due 06/17/2052 |  | 4584 | 4681 |
|  5.699% due 10/16/2056 •  |  | 5277 | 5332 |
|  5.799% due 03/15/2056 •  |  | 1325 | 1333 |
|  5.897% due 11/15/2052 •  |  | 9764 | 9882 |
|  6.199% due 05/16/2050 •  |  | 3427 | 3466 |
|  SoFi Alternative Trust | SoFi Alternative Trust | SoFi Alternative Trust | SoFi Alternative Trust |
|  4.800% due 02/27/2034 |  | 2700 | 2702 |
|  SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC |
|  3.020% due 02/25/2040 |  | 156 | 153 |
|  SoFi Professional Loan Program Trust | SoFi Professional Loan Program Trust | SoFi Professional Loan Program Trust | SoFi Professional Loan Program Trust |
|  1.950% due 02/15/2046 |  | 7415 | 6922 |
|  Sound Point CLO Ltd. | Sound Point CLO Ltd. | Sound Point CLO Ltd. | Sound Point CLO Ltd. |
|  5.542% due 07/25/2030 •  |  | 2790 | 2788 |
|  5.580% due 01/25/2032 •  |  | 9561 | 9562 |
|  Stonepeak ABS | Stonepeak ABS | Stonepeak ABS | Stonepeak ABS |
|  2.301% due 02/28/2033 |  | 3808 | 3644 |
|  Symphony CLO Ltd. | Symphony CLO Ltd. | Symphony CLO Ltd. | Symphony CLO Ltd. |
|  5.473% due 04/18/2033 •  |  | 5800 | 5809 |
|  5.529% due 04/16/2031 •  |  | 1911 | 1911 |
|  TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. |
|  5.571% due 10/13/2032 •  |  | 27867 | 27878 |
|  Toro European CLO DAC | Toro European CLO DAC | Toro European CLO DAC | Toro European CLO DAC |
|  3.709% due 01/12/2032 •  |  | 8504 | 9159 |
|  Towd Point Asset Trust | Towd Point Asset Trust | Towd Point Asset Trust | Towd Point Asset Trust |
|  5.134% due 11/20/2061 ~ | $— | 8681 | 8651 |
|  Tralee CLO Ltd. | Tralee CLO Ltd. | Tralee CLO Ltd. | Tralee CLO Ltd. |
|  5.366% due 10/20/2034 •  |  | 4300 | 4299 |
|  Trinitas CLO Ltd. | Trinitas CLO Ltd. | Trinitas CLO Ltd. | Trinitas CLO Ltd. |
|  5.370% due 01/25/2035 •  |  | 5300 | 5301 |
|  5.403% due 10/20/2033 •  |  | 19600 | 19579 |
|  5.670% due 04/25/2033 •  |  | 14500 | 14510 |
|  Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. |
|  5.575% due 09/07/2030 ~ |  | 7498 | 7501 |
|  5.624% due 07/15/2031 ~ |  | 5538 | 5540 |
|  5.685% due 04/20/2032 •  |  | 14032 | 14033 |
|  Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. |
|  5.423% due 07/20/2032 ~ |  | 8837 | 8838 |
|  Verizon Master Trust | Verizon Master Trust | Verizon Master Trust | Verizon Master Trust |
|  4.994% due 12/20/2028 ~ |  | 17200 | 17231 |
|  Volvo Financial Equipment LLC | Volvo Financial Equipment LLC | Volvo Financial Equipment LLC | Volvo Financial Equipment LLC |
|  4.560% due 05/17/2027 |  | 17500 | 17517 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.355% due 04/20/2034 •  |  | 7900 | 7899 |
|  5.564% due 10/15/2030 •  |  | 572 | 572 |
|  Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. |
|  5.624% due 10/15/2034 •  |  | 7500 | 7470 |
|  |  |  | 1128179 |
|  Total Asset-Backed Securities<br>(Cost $2,123,378) | Total Asset-Backed Securities<br>(Cost $2,123,378) | Total Asset-Backed Securities<br>(Cost $2,123,378) | 2110022 |
| SOVEREIGN ISSUES 2.2% | SOVEREIGN ISSUES 2.2% | SOVEREIGN ISSUES 2.2% | SOVEREIGN ISSUES 2.2% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 10/01/2025 (d) |  | 631900 | 103333 |
|  Israel Government International Bond | Israel Government International Bond | Israel Government International Bond | Israel Government International Bond |
|  5.000% due 10/30/2026 |  | 2800 | 3118 |
|  Korea Housing Finance Corp. | Korea Housing Finance Corp. | Korea Housing Finance Corp. | Korea Housing Finance Corp. |
|  4.475% due 04/06/2026 |  | 1000 | 623 |
|  Korea National Oil Corp. | Korea National Oil Corp. | Korea National Oil Corp. | Korea National Oil Corp. |
|  5.153% due 03/31/2028 ~ | $— | 5200 | 5194 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **67** |

---

------

Schedule of Investments PIMCO Short-Term Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond |
|  5.125% due 01/13/2028 | 100300 | 101566 |
|  Total Sovereign Issues<br>(Cost $211,131) | Total Sovereign Issues<br>(Cost $211,131) | 213834 |
| SHORT-TERM INSTRUMENTS 26.5% | SHORT-TERM INSTRUMENTS 26.5% | SHORT-TERM INSTRUMENTS 26.5% |
| COMMERCIAL PAPER 4.1% | COMMERCIAL PAPER 4.1% | COMMERCIAL PAPER 4.1% |
|  Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. |
|  4.640% due 04/09/2025 | 38700 | 38656 |
|  4.650% due 04/10/2025 | 63600 | 63519 |
|  Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
|  4.750% due 04/02/2025 | 30400 | 30392 |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
|  4.700% due 04/04/2025 | 18500 | 18490 |
|  4.710% due 04/01/2025 | 11200 | 11199 |
|  4.710% due 04/07/2025 | 15800 | 15785 |
|  4.750% due 04/07/2025 | 9000 | 8992 |
|  4.800% due 04/21/2025 | 28000 | 27922 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.810% due 04/08/2025 | 12500 | 12487 |
|  4.830% due 04/15/2025 | 7800 | 7784 |
|  4.850% due 04/17/2025 | 16400 | 16362 |
|  Enbridge U.S., Inc. | Enbridge U.S., Inc. | Enbridge U.S., Inc. |
|  4.650% due 04/14/2025 | 17800 | 17769 |
|  Eversource Energy | Eversource Energy | Eversource Energy |
|  4.670% due 04/14/2025 | 15300 | 15272 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  5.000% due 04/03/2025 | 9800 | 9796 |
|  5.000% due 04/07/2025 | 11000 | 10989 |
|  Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. |
|  4.920% due 04/22/2025 | 1900 | 1895 |
|  Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
|  4.600% due 04/14/2025 | 54100 | 53.,999 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Mondelez International, Inc. | Mondelez International, Inc. | Mondelez International, Inc. |
|  4.620% due 04/04/2025 | 12400 | 12394 |
|  4.620% due 04/07/2025 | 13200 | 13188 |
|  Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
|  4.700% due 04/03/2025 | 11200 | 11195 |
|  4.700% due 04/04/2025 | 2800 | 2798 |
|  |  | 400883 |
|  | **SHARES** |  |
| MUTUAL FUNDS 1.1% | MUTUAL FUNDS 1.1% | MUTUAL FUNDS 1.1% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.400% (g) | 105837491 | 105838 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| REPURCHASE AGREEMENTS (h) 3.7% | REPURCHASE AGREEMENTS (h) 3.7% | REPURCHASE AGREEMENTS (h) 3.7% |
|  |  | 360325 |
| ISRAEL TREASURY BILLS 0.4% | ISRAEL TREASURY BILLS 0.4% | ISRAEL TREASURY BILLS 0.4% |
|  4.098% due 05/30/2025 (d)(e) | 136300 | 36407 |
| U.S. TREASURY BILLS 17.2% | U.S. TREASURY BILLS 17.2% | U.S. TREASURY BILLS 17.2% |
|  4.290% due 04/17/2025 - 10/02/2025 (c)(d)(k)(m) | 1709485 | 1687723 |
|  Total Short-Term Instruments<br> (Cost $2,591,821) | Total Short-Term Instruments<br> (Cost $2,591,821) | 2591176 |
| Total Investments in Securities<br> (Cost $12,734,418) | Total Investments in Securities<br> (Cost $12,734,418) | 12698001 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 0.1% | INVESTMENTS IN AFFILIATES 0.1% | INVESTMENTS IN AFFILIATES 0.1% | INVESTMENTS IN AFFILIATES 0.1% |
| SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1% |
|  PIMCO Short Asset Portfolio | 849399 | $— | 8316 |
|  PIMCO Short-Term Floating NAV Portfolio III | 10893 |  | 106 |
| Total Short-Term Instruments<br> (Cost $8,368) | Total Short-Term Instruments<br> (Cost $8,368) |  | 8422 |
| Total Investments in Affiliates<br> (Cost $8,368) | Total Investments in Affiliates<br> (Cost $8,368) |  | 8422 |
| Total Investments 129.8%<br> (Cost $12,742,786) | Total Investments 129.8%<br> (Cost $12,742,786) | $— | 12706423 |
|  Financial Derivative<br>Instruments (j)(l) (0.0)%<br> (Cost or Premiums, net $(25523)) | Financial Derivative<br>Instruments (j)(l) (0.0)%<br> (Cost or Premiums, net $(25523)) |  | (410) |
| Other Assets and Liabilities, net (29.8)% | Other Assets and Liabilities, net (29.8)% |  | (2916387) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 9789626 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) Security is an Interest Only ("IO") or IO Strip.

(b) When-issued security.

(c) Coupon represents a weighted average yield to maturity.

(d) Zero coupon security.

(e) Coupon represents a yield to maturity.

(f) Principal amount of security is adjusted for inflation.

(g) Coupon represents a 7-Day Yield.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(h) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 4.410% | 03/31/2025 | 04/01/2025 | $12000 | U.S. Treasury Notes 2.750% due 04/30/2027 | $(12233) | $12000 | $12002 |
| JPS | 4.500 | 03/31/2025 | 04/01/2025 | 35400 | U.S. Treasury Notes 0.750% due 04/30/2026 | (36143) | 35400 | 35404 |
| SAL | 4.380 | 03/31/2025 | 04/01/2025 | 11800 | U.S. Treasury Notes 4.125% due 01/31/2027 | (12043) | 11800 | 11801 |
| SGY | 4.420 | 03/31/2025 | 04/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301125 | U.S. Treasury Notes 4.000% due 03/31/2030 | (300654) | 301125 | 301162 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(361073) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360325 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360369 |

---

68 PIMCO SHORT DURATION STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(2)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(2)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  SAL | 4.470% | 03/26/2025 | 04/02/2025 | $(47549) | $(47584) |
|  | 4.470 | 03/27/2025 | 04/03/2025 | (25994) | (26010) |
|  | 4.510 | 03/27/2025 | 04/03/2025 | (50805) | (50837) |
|  | 4.510 | 03/28/2025 | 04/04/2025 | (31119) | (31135) |
|  | 4.510 | 03/31/2025 | 04/04/2025 | (268821) | (268855) |
|  TDM | 4.530 | 03/10/2025 | TBD<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(236564) | (237219) |
|  | 4.530 | 03/13/2025 | TBD<sup>(3)</sup> | (38650) | (38742) |
|  Total Reverse Repurchase Agreements |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(700382) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales<sup>(4)</sup> |
|  U.S. Treasury Obligations (4.1)% | U.S. Treasury Obligations (4.1)% | U.S. Treasury Obligations (4.1)% | U.S. Treasury Obligations (4.1)% | U.S. Treasury Obligations (4.1)% | U.S. Treasury Obligations (4.1)% |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.000% | 03/31/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | $(399713) | $(400872) |
|  Total Short Sales (4.1)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(399713) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(400872) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Payable for<br>Short Sales<sup>(4)</sup> | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(5)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOS | $12002 | $0 | $0 | $0 | $12002 | $(12233) | $(231) |
|  JPS | 35404 | 0 | 0 | 0 | 35404 | (36143) | (739) |
|  SAL | 11801 | (424421) | 0 | 0 | (412620) | 433818 | 21198 |
|  SGY | 301162 | 0 | 0 | 0 | 301162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(300654) | 508 |
|  TDM | 0 | (275961) | 0 | 0 | (275961) | 287361 | 11400 |
|  TOR | 0 | 0 | 0 | 0 | 0 | (260) | (260) |
|  Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement |
|  WFS | 0 | 0 | 0 | (400872) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(400872) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(400872) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360369 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(700382) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(400872) |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  Corporate Bonds & Notes | $0 | $0 | $0 | $(275961) | $(275961) |
|  U.S. Government Agencies | 0 | (424421) | 0 | 0 | (424421) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(424421) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(275961) | $(700382) |
|  Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(700382) |

---

(i) Securities with an aggregate market value of $733,222 have been pledged as collateral under the terms of the above master agreements as of March 31, 2025.

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> The average amount of borrowings outstanding during the period ended March 31, 2025 was $(73268) at a weighted average interest rate of 5.064%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(3)</sup> Open maturity reverse repurchase agreement.

<sup>(4)</sup> Payable for short sales includes $(44) of accrued interest. 

<sup>(5)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **69** |

---

------

Schedule of Investments PIMCO Short-Term Fund (Cont.)

&nbsp;&nbsp;&nbsp;&nbsp;(j) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month SOFR Active Contract December Futures  | 03/2026 | 7355 | $1772095 | $961 | $0 | $0 |
|  3-Month SOFR Active Contract March Futures  | 06/2025 | 10127 | 2422568 | (507) | 0 | (63) |
|  Australia Government 3-Year Bond June Futures  | 06/2025 | 2234 | 148670 | 303 | 448 | 0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 22301 | 2411993 | 27064 | 0 | (697) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27821 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448 | $(760) |
| SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 2-Year Note June Futures  | 06/2025 | 6492 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1344960) | $(1996) | $51 | $0 |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 1986 | (220880) | (1707) | 0 | (31) |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 879 | (100316) | (416) | 0 | (82) |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2025 | 1506 | (184109) | (1595) | 0 | (659) |
|  |  |  |  | $(5714) | $51 | $(772) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22107 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1532) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>March 31, 2025<sup>(2)</sup> |  | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(4)</sup>** | Variation Margin | Variation Margin |
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>March 31, 2025<sup>(2)</sup> |  | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(4)</sup>** | Asset | Liability |
|  Barclays Bank PLC | 1.000% | Quarterly | 12/20/2025 | 0.328% | EUR | 16100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | **Fixed**<br> **Receive Rate** | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | **Fixed**<br> **Receive Rate** | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  CDX.IG-43 5-Year Index | 1.000% | Quarterly | 12/20/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | $120 | $(24) | $96 | $0 | $0 |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 1900 | 35 | 0 | 35 | 0 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500% | Annual | 03/19/2030 | 348500 | $(10843) | $516 | $(10327) | $1519 | $0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 02/11/2026 | $1746200 | 2169 | (2372) | (203) | 38 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.862 | Annual | 02/28/2029 | 256100 | 0 | (1917) | (1917) | 0 | (154) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.732 | Annual | 08/31/2029 | 243700 | 0 | (1181) | (1181) | 0 | (198) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.736 | Annual | 08/31/2029 | 186100 | 0 | (928) | (928) | 0 | (151) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.761 | Annual | 08/31/2029 | 157800 | 0 | (944) | (944) | 0 | (128) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.054 | Annual | 08/31/2029 | 444300 | 0 | (7723) | (7723) | 0 | (364) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 08/31/2029 | 1339150 | (20213) | (5457) | (25670) | 0 | (1100) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 332000 | (1052) | 210 | (842) | 0 | (312) |
|  |  |  |  |  |  | $(29939) | $(19796) | $(49735) | $1557 | $(2407) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29690) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19823) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49513) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2408) |

---

70 PIMCO SHORT DURATION STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | Total | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | Total |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2056 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1532) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2408) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3940) |

---

(k) Securities with an aggregate market value of $50,604 and cash of $79,485 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

&nbsp;&nbsp;&nbsp;&nbsp;(l) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  BOA | 04/2025 | 895000 | $155888 | $1990 | $(2942) |
|  | 04/2025 | $155864 | 895000 | 977 | 0 |
|  BPS | 04/2025 | 2956 | $1863 | 16 | 0 |
|  | 04/2025 | 174100 | 30350 | 0 | (160) |
|  | 04/2025 | 131083 | 137451 | 0 | (4289) |
|  | 04/2025 | $6394 | 10102 | 0 | (82) |
|  | 04/2025 | 30319 | 174100 | 196 | (6) |
|  | 05/2025 | 5546 | 31852 | 2 | 0 |
|  | 10/2025 | 186413 | $31097 | 11 | (185) |
|  BRC | 04/2025 | $1406 | 1284 | 0 | (17) |
|  CBK | 04/2025 | 3043 | $1919 | 18 | 0 |
|  | 04/2025 | $14979 | 21340 | 0 | (149) |
|  | 04/2025 | 1355 | 1049 | 0 | 0 |
|  | 04/2025 | 28 | 103 | 0 | (1) |
|  | 05/2025 | 19035 | $13383 | 135 | 0 |
|  | 05/2025 | 132347 | 36244 | 601 | 0 |
|  DUB | 04/2025 | 21 | 15 | 0 | 0 |
|  | 04/2025 | $304127 | 482358 | 0 | (2725) |
|  | 04/2025 | 29 | 104 | 0 | (1) |
|  | 05/2025 | 482358 | $304197 | 2722 | 0 |
|  FAR | 04/2025 | 487327 | 307038 | 2531 | 0 |
|  | 04/2025 | 44441 | 7736 | 0 | (52) |
|  | 04/2025 | $1915 | 3043 | 0 | (13) |
|  | 04/2025 | 7739 | 44441 | 49 | 0 |
|  | 04/2025 | 252 | 225 | 2 | 0 |
|  | 04/2025 | 26 | 94 | 0 | (1) |
|  | 05/2025 | 3043 | $1915 | 13 | 0 |
|  | 06/2025 | $7736 | 45007 | 51 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **71** |

---

------

Schedule of Investments PIMCO Short-Term Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  GLM | 04/2025 | 397500 | $69224 | $0 | $(434) |
|  | 04/2025 | $68313 | 397500 | 1345 | 0 |
|  | 10/2025 | 424600 | $69884 | 0 | (1343) |
|  JPM | 04/2025 | 11742 | 2046 | 0 | (11) |
|  | 04/2025 | $1561 | 2481 | 0 | (11) |
|  | 04/2025 | 2045 | 11742 | 13 | 0 |
|  | 04/2025 | 137906 | 127849 | 337 | 0 |
|  | 04/2025 | 22 | 82 | 0 | (1) |
|  | 05/2025 | 121393 | $131147 | 0 | (327) |
|  | 06/2025 | $102 | 2100 | 0 | 0 |
|  | 07/2025 | 2046 | 11973 | 11 | 0 |
|  MBC | 04/2025 | 225 | $254 | 1 | 0 |
|  | 04/2025 | 2385 | 3079 | 0 | (2) |
|  | 04/2025 | $1365 | 2193 | 5 | 0 |
|  | 04/2025 | 2129 | 1950 | 0 | (20) |
|  | 04/2025 | 2955 | 2338 | 65 | 0 |
|  | 05/2025 | 254 | 224 | 0 | 0 |
|  MYI | 04/2025 | 6851 | $4310 | 29 | 0 |
|  | 04/2025 | 20800 | 3622 | 0 | (23) |
|  | 04/2025 | 21325 | 14981 | 161 | 0 |
|  | 04/2025 | 91279 | 115659 | 0 | (2250) |
|  | 04/2025 | $3571 | 20800 | 74 | 0 |
|  | 05/2025 | 52183 | 302441 | 495 | 0 |
|  | 10/2025 | 20800 | $3420 | 0 | (69) |
|  SCX | 04/2025 | 662312 | 115341 | 0 | (723) |
|  | 04/2025 | $113313 | 662312 | 2751 | 0 |
|  | 06/2025 | 670709 | $113313 | 0 | (2731) |
|  SSB | 04/2025 | 271803 | 47385 | 0 | (245) |
|  | 04/2025 | $118101 | 91326 | 0 | (131) |
|  | 05/2025 | 91326 | $118092 | 130 | 0 |
|  | 07/2025 | $47385 | 277134 | 242 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $14973 | $(18944) |

---

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BRC Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.400% | 09/26/2025 | 327900 | $77 | $10 |
| CBK Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.600 | 08/12/2025 | 31100 | 25 | 61 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.600 | 08/12/2025 | 31100 | 25 | 5 |
| MYC Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.600 | 08/12/2025 | 2569900 | 2062 | 5074 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.600 | 08/12/2025 | 2569900 | 2066 | 383 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4255 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5533 |

---

#### WRITTEN OPTIONS:

#### CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Buy/Sell<br>Protection | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| JPM | Put - OTC CDX.IG-44 5-Year Index | Sell | 1.000% | 07/16/2025 | 65050 | $(67) | $(67) |
| RBC | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 17650 | (21) | (21) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88) |

---

72 PIMCO SHORT DURATION STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(2)</sup> |
|  BOA | $2967 | $0 | $0 | $2967 | $(2942) | $0 | $0 | $(2942) | $25 | $(339) | $(314) |
|  BPS | 225 | 0 | 0 | 225 | (4722) | 0 | 0 | (4722) | (4497) | 4480 | (17) |
|  BRC | 0 | 10 | 0 | 10 | (17) | 0 | 0 | (17) | (7) | 0 | (7) |
|  CBK | 754 | 66 | 0 | 820 | (150) | 0 | 0 | (150) | 670 | (260) | 410 |
|  DUB | 2722 | 0 | 0 | 2722 | (2726) | 0 | 0 | (2726) | (4) | 0 | (4) |
|  FAR | 2646 | 0 | 0 | 2646 | (66) | 0 | 0 | (66) | 2580 | (660) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1920 |
|  GLM | 1345 | 0 | 0 | 1345 | (1777) | 0 | 0 | (1777) | (432) | 0 | (432) |
|  JPM | 361 | 0 | 0 | 361 | (350) | (67) | 0 | (417) | (56) | 0 | (56) |
|  MBC | 71 | 0 | 0 | 71 | (22) | 0 | 0 | (22) | 49 | 0 | 49 |
|  MYC | 0 | 5457 | 0 | 5457 | 0 | 0 | 0 | 0 | 5457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5189) | 268 |
|  MYI | 759 | 0 | 0 | 759 | (2342) | 0 | 0 | (2342) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1583) | 2598 | 1015 |
|  RBC | 0 | 0 | 0 | 0 | 0 | (21) | 0 | (21) | (21) | 0 | (21) |
|  SCX | 2751 | 0 | 0 | 2751 | (3454) | 0 | 0 | (3454) | (703) | 0 | (703) |
|  SSB | 372 | 0 | 0 | 372 | (376) | 0 | 0 | (376) | (4) | 0 | (4) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14973 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5533 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20506 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18944) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19032) |  |  |  |

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(m) Securities with an aggregate market value of $7,078 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $499 | $499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 1557 | 1557 |
|  | $0 | $0 | $0 | $0 | $2056 | $2056 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $14973 | $0 | $14973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 5533 | 5533 |
|  | $0 | $0 | $0 | $14973 | $5533 | $20506 |
|  | $0 | $0 | $0 | $14973 | $7589 | $22562 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $1532 | $1532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 2407 | 2408 |
|  | $0 | $1 | $0 | $0 | $3939 | $3940 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $18944 | $0 | $18944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 88 | 0 | 0 | 0 | 88 |
|  | $0 | $88 | $0 | $18944 | $0 | $19032 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18944 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3939 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22972 |

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See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 73

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Schedule of Investments PIMCO Short-Term Fund (Cont.) March 31, 2025

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $0 | $0 | $4023 | $4023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 341 | 0 | 0 | (20322) | (19981) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16299) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15958) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24724 | $0 | $24724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (879) | (879) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 635 | 635 |
|  | $0 | $0 | $0 | $24724 | $(244) | $24480 |
|  | $0 | $341 | $0 | $24724 | $(16543) | $8522 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $18761 | $18761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (27) | 0 | 0 | (19796) | (19823) |
|  | $0 | $(27) | $0 | $0 | $(1035) | $(1062) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(8455) | $0 | $(8455) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 1113 | 1113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | (588) | (588) |
|  | $0 | $0 | $0 | $(8455) | $525 | $(7930) |
|  | $0 | $(27) | $0 | $(8455) | $(510) | $(8992) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $3499077 | $0 | $3499077 |
| &nbsp;&nbsp; Industrials | 0 | 1183036 | 0 | 1183036 |
| &nbsp;&nbsp; Utilities | 0 | 488414 | 0 | 488414 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Louisiana | 0 | 29764 | 0 | 29764 |
|  U.S. Government Agencies | 0 | 1572274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59506 | 1631780 |
|  U.S. Treasury Obligations | 0 | 67508 | 0 | 67508 |
|  Non-Agency Mortgage-Backed Securities | 0 | 872992 | 10398 | 883390 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 129810 | 0 | 129810 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 244808 | 0 | 244808 |
| &nbsp;&nbsp; CMBS Other | 0 | 129494 | 0 | 129494 |
| &nbsp;&nbsp; Credit Card Bullet | 0 | 141958 | 0 | 141958 |
| &nbsp;&nbsp; Credit Card Other | 0 | 242640 | 0 | 242640 |
| &nbsp;&nbsp; Home Equity Other | 0 | 89255 | 0 | 89255 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 3878 | 0 | 3878 |
| &nbsp;&nbsp; Other ABS | 0 | 1128179 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1128179 |
|  Sovereign Issues | 0 | 213834 | 0 | 213834 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 400883 | 0 | 400883 |
| &nbsp;&nbsp; Mutual Funds | 0 | 105838 | 0 | 105838 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 360325 | 0 | 360325 |
| &nbsp;&nbsp; Israel Treasury Bills | 0 | 36407 | 0 | 36407 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1687723 | 0 | 1687723 |
|  | $0 | $12628097 | $69904 | $12698001 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $8422 | $0 | $0 | $8422 |
|  Total Investments | $8422 | $12628097 | $69904 | $12706423 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
| U.S. Treasury Obligations | $0 | $(400872) | $0 | $(400872) |
|  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 | 448 | 1608 | 0 | 2056 |
|  Over the counter | 0 | 20506 | 0 | 20506 |
|  | $448 | $22114 | $0 | $22562 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | 0 | (3940) | 0 | (3940) |
|  Over the counter | 0 | (19032) | 0 | (19032) |
|  | $0 | $(22972) | $0 | $(22972) |
|  Total Financial Derivative Instruments | $448 | $(858) | $0 | $(410) |
|  Totals | $8870 | $12226367 | $69904 | $12305141 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | |
|:---|:---|:---|
| **74** | **PIMCO SHORT DURATION STRATEGY FUNDS** | See Accompanying Notes |

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------

Notes to Financial Statements March 31, 2025

1. ORGANIZATION

PIMCO Funds (the "Trust") is a Massachusetts business trust established under a Declaration of Trust dated February 19, 1987, as amended and restated November 4, 2014. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. Information presented in these financial statements pertains to the Institutional Class, Class M, I-2, I-3, Administrative Class, Class A, Class C, Class C-2 and Class R shares of the funds (each, a "Fund" and collectively, the "Funds") indicated on the cover of this report. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Funds.

Hereinafter, the Board of Trustees of the Funds shall be collectively referred to as the "Board."

In this reporting period, each Fund adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the Management of the Trust section of the most recent Statement of Additional Information, act as the Funds' CODM. Each Fund represents a single operating segment, as the CODM monitors the operating results of the Funds as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. The financial information in the form of each Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within the Funds' financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statements of Operations.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies

consistently followed by the Trust in the preparation of its financial

statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Each Fund is treated as an investment company under the reporting requirements of U.S. GAAP, including but not limited to, ASC 946. The functional and reporting currency for the Funds is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **75** |

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------

Notes to Financial Statements (Cont.)

obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(b) Foreign Taxes A Fund may be subject to foreign taxes on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which a Fund invests. These foreign taxes, if any, are paid by a Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "other foreign taxes", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of March 31, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

(c) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statements of Operations. Certain Funds may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statements of Operations.

(d) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a

class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the respective Fund. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the respective Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(e) Distributions to Shareholders The following table shows the anticipated frequency of distributions from net investment income, if any, for each Fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Distribution Frequency | Distribution Frequency | Distribution Frequency | Distribution Frequency |
| Fund Name | Declared | Declared | Distributed | Distributed |
|  PIMCO Government Money Market Fund |  | Daily |  | Monthly |
|  PIMCO Low Duration Fund |  | Daily |  | Monthly |
|  PIMCO Low Duration Fund II |  | Daily |  | Monthly |
|  PIMCO Low Duration ESG Fund |  | Daily |  | Monthly |
|  PIMCO Short Asset Investment Fund |  | Daily |  | Monthly |
|  PIMCO Short-Term Fund |  | Daily |  | Monthly |

---

Net realized capital gains earned by each Fund, if any, will be distributed no less frequently than annually. Net short-term capital gains may be paid more frequently. A Fund may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on each Fund's annual financial statements presented under U.S. GAAP.

Separately, if a Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable) and accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Fund determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and

---

| | |
|:---|:---|
| **76** | **PIMCO SHORT DURATION STRATEGY FUNDS** |

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------

March 31, 2025

practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Fund's daily internal accounting records and practices, a Fund's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Fund's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain funds, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where the Fund's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at a Fund's fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(f) New Accounting Pronouncements and Regulatory Updates In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. Management has implemented changes in connection with the amendments and has determined that there was no material impact to the Funds' financial statements.

In October 2022, the U.S. Securities and Exchange Commission ("SEC") adopted changes to the mutual fund and exchange-traded

fund ("ETF") shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which impact the disclosures provided to shareholders. The rule amendments were effective as of January 2023, and compliance with the rule amendments was required as of July 2024. As such, the Funds have made significant updates to the content of their shareholder reports. In addition, shareholder reports are now mailed to shareholders who have not opted to receive shareholder report documents electronically. Management has implemented format and content changes to the Funds' annual and semiannual financial and other information in connection with the rule amendments and has determined that there was no material impact to the Funds' financial statements.

The SEC made a final ruling on February 15, 2023 to adopt proposed amendments to the Settlement Cycle Rule (Rule 15c6-1) and other related rules under the Securities Exchange Act of 1934, as amended, to shorten the standard settlement cycle for most broker-dealer transactions from two business days after the trade date (T+2) to one business day after the trade date (T+1). The effective date was May 5, 2023, and compliance with the amendments was required as of May 28, 2024. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Funds' financial statements.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Act, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivative instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the financial statements.

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280)". ASU 2023-07 requires public entities to

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **77** |

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Notes to Financial Statements (Cont.)

provide disclosure of significant segment expenses that are regularly provided to the CODM. ASU 2023-07, among other things, (i) requires a single segment public entity to provide all necessary disclosures required by Topic 280, (ii) mandates the disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit and loss to assess segment performance and to decide how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Management has implemented changes in connection with the amendments and has determined that there was no material impact to the Funds' financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of a Fund's shares, or each of their respective share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, each Fund's shares, except for PIMCO Government Money Market Fund, are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). PIMCO Government Money Market Fund shares are valued as of 5:30 p.m., Eastern Time (or an earlier time if the Fund closes earlier) on each day the NYSE is open for trading. Information that becomes known to the Funds or their agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, each Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. Each Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, each Fund may calculate its NAV as of the NYSE Close for such day or such other time that each Fund may determine.

Except for the PIMCO Government Money Market Fund, for purposes of calculating NAV, portfolio securities and other assets for which market

quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that a Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation Designee") for each Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund portfolio investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, 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

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|:---|:---|
| **78** | **PIMCO SHORT DURATION STRATEGY FUNDS** |

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March 31, 2025

at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of a Fund's assets that are invested in one or more open-end management investment companies (other than ETFs), a Fund's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, a Fund may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. A Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in a Fund's portfolio investments being affected when shareholders are unable to buy or sell shares.

The PIMCO Government Money Market Fund's securities are valued using the amortized cost method of valuation, which involves valuing a security at cost on the date of acquisition and thereafter assuming a constant accretion of a discount or amortization of a premium to maturity, regardless of the impact of fluctuating interest rates on the market value of the instrument. While this method provides certainty in valuation, it may result in periods during which value, as determined by amortized cost, is higher or lower than the price the Fund would receive if it sold the instrument.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from

Pricing Sources. As a result, the value of such investments and, in turn, the NAV of a Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that a Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in each Fund's next calculated NAV. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which a Fund may transact.

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by a Fund normally will be taken into account in calculating the NAV. A Fund's whole loan investments, including those originated by the Fund or through an alternative lending platform, generally are fair valued in accordance with procedures approved by the Board.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of a Fund's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold. The Funds' use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Abusive Trading Practices" section in each Fund's prospectus.

Under certain circumstances, the per share NAV of a class of a Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3).

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **79** |

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Notes to Financial Statements (Cont.)

The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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| <sup>∎</sup> | Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |

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<sup>∎</sup> Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for each respective Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value Levels of a Fund's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy and, if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for each respective Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated

at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based 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

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|:---|:---|
| **80** | **PIMCO SHORT DURATION STRATEGY FUNDS** |

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March 31, 2025

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.

Short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price. The PIMCO Government Money Market Fund is an exception because this Fund values all holdings at amortized cost.

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

Each Fund (except the PIMCO Government Money Market Fund) may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Funds. PIMCO Low Duration ESG Fund may invest in certain other series of the Trust, series of PIMCO ETF Trust, and series of PIMCO Equity Series (each series, an "Underlying Fund" and collectively, the "Underlying Funds"). A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on

Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **81** |

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Notes to Financial Statements (Cont.)

the SEC's website at www.sec.gov, on the Funds' website at www.pimco.com, or upon request, as applicable. The tables below show the Funds' transactions in and earnings from investments in the affiliated funds for the period ended March 31, 2025 (amounts in thousands<sup>†</sup>):

#### Investments in PIMCO Short Asset Portfolio

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| Fund Name | Market Value<br>03/31/2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>03/31/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO Low Duration Fund | $224548 | $503925 | $0 | $0 | $1674 | $730147 | $21062 | $0 |
|  PIMCO Low Duration Fund II | 11509 | 25092 | 0 | 0 | 388 | 36989 | 1094 | 0 |
|  PIMCO Short Asset Investment Fund | 0 | 86533 | 0 | 0 | (13) | 86520 | 1122 | 0 |
|  PIMCO Short-Term Fund | 7851 | 424 | 0 | 0 | 41 | 8316 | 427 | 0 |

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#### Investments in PIMCO Short-Term Floating NAV Portfolio III

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Market Value<br>03/31/2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>03/31/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO Low Duration Fund | $95189 | $1264502 | $(1186760) | $112 | $(31) | $173012 | $7751 | $0 |
|  PIMCO Low Duration Fund II | 16101 | 77458 | (88101) | 8 | 2 | 5468 | 566 | 0 |
|  PIMCO Short Asset Investment Fund | 89 | 807155 | (807200) | 48 | 0 | 92 | 2056 | 0 |
|  PIMCO Short-Term Fund | 210415 | 6870930 | (7081300) | 49 | 12 | 106 | 10447 | 0 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

(b) Investments in Securities

The Funds may utilize the investments and strategies described below to the extent permitted by each Fund's respective investment policies.

Bank Obligations in which a Fund may invest include certificates of deposit, bankers' acceptances, and fixed time deposits. Certificates of deposit are negotiable certificates issued against funds deposited in a commercial bank for a definite period of time and earning a specified return. Bankers' acceptances are negotiable drafts or bills of exchange, normally drawn by an importer or exporter to pay for specific merchandise, which are "accepted" by a bank, meaning, in effect, that the bank unconditionally agrees to pay the face value of the instrument on maturity. Fixed time deposits are bank obligations payable at a stated maturity date and bearing interest at a fixed rate. Fixed time deposits may be withdrawn on demand by the investor, but may be subject to early withdrawal penalties which vary depending upon market conditions and the remaining maturity of the obligation.

Delayed-Delivery Transactions involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, a Fund will designate or receive as collateral liquid assets in an amount

sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When a Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains (losses) with respect to the security.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statements of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

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| **82** | **PIMCO SHORT DURATION STRATEGY FUNDS** |

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March 31, 2025

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental or other borrowers. A Fund's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by a Fund. A loan is often administered by a bank or other financial institution (the "agent") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When a Fund purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

The types of loans and related investments in which the Funds may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Funds may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower's obligation to the holder of such a loan, including in the event of the borrower's insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate a Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. A Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, a Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statements of Operations. Unfunded loan commitments, if any, are reflected as a liability on the Statements of Assets and Liabilities.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are interests in pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal payments. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases, syndicated bank loans, peer-to-peer loans and litigation finance loans.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs, CLOs and other CDOs are types of asset-backed securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a Fund invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and each Fund's prospectus and statement of

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **83** |

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additional information (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) risks related to the capability of the servicer of the securitized assets, (iv) the risk that a Fund may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results, and (vi) the CDO's manager may perform poorly.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches," with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Stripped Mortgage-Backed Securities ("SMBS") are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or "IO" class), while the other class will receive the entire principal (the principal-only or "PO" class). Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO class, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Restricted Investments are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933, as amended. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted

investments held by the Funds as of March 31, 2025, as applicable, are disclosed in the Notes to Schedules of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC is a government sponsored corporation that issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage-Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The long-term effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where a Fund seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and contemporaneously opening a new position with respect to substantially the same underlying asset with a later expiration date.

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| **84** | **PIMCO SHORT DURATION STRATEGY FUNDS** |

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TBA securities purchased or sold are reflected on the Statements of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that require the Funds to post collateral in connection with their TBA transactions. There is no similar requirement applicable to the Funds' TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Funds and impose added operational complexity.

When-Issued Transactions are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Transactions to purchase or sell securities on a when-issued basis involve a commitment by a Fund to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. A Fund may sell when-issued securities before they are delivered, which may result in a realized gain (loss).

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds may enter into the borrowings and other financing transactions described below to the extent permitted by each Fund's respective investment policies.

The following disclosures contain information on a Fund's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by a Fund. The location of these instruments in each Fund's financial statements is described below.

(a) Repurchase Agreements Under the terms of a typical repurchase agreement, a Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by a Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by a Fund's custodian or designated subcustodians (in the case of tri-party repurchase agreements) and in certain instances will remain in custody with the counterparty. Traditionally, a Fund has used bilateral repurchase agreements wherein the underlying securities will be held by a Fund's custodian. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased demand for collateral, a Fund may pay a fee for the receipt of collateral, which may result in interest expense to a Fund.

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(b) Reverse Repurchase Agreements In a reverse repurchase agreement, a Fund delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by a Fund or counterparty at any time. A Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by a Fund to counterparties are reflected as a liability on the Statements of Assets and Liabilities. Interest payments made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

(c) Sale-Buybacks A sale-buyback financing transaction consists of a sale of a security by a Fund to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. A Fund is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by a Fund are reflected as a liability on the Statements of Assets and Liabilities. A Fund will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the 'price drop'. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, a Fund would have otherwise received had the security not been sold and (ii) the negotiated financing terms between a Fund and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Statements of Operations. Interest payments based upon negotiated financing terms made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under sale-buyback transactions.

(d) Short Sales Short sales are transactions in which a Fund sells a security that it does not own in anticipation that the market price of that security will decline. A Fund may make short sales of securities to

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **85** |

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(i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of a Fund, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When a Fund makes a short sale, it will often borrow the security sold short and deliver it to the counterparty. A Fund will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statements of Assets and Liabilities. Short sales expose a Fund to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to a Fund. A short sale is "against the box" if a Fund holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. A Fund will be subject to additional risks to the extent that it engages in short sales that are not "against the box." A Fund's loss on a short sale could theoretically be unlimited in cases where the Fund is unable, for whatever reason, to close out its short position.

(e) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, the Funds of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund's investment policies and restrictions. The Funds are currently permitted to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the fund's investment restrictions). If a borrowing fund's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended March 31, 2025, the Funds did not participate in the Interfund Lending Program.

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6. FINANCIAL DERIVATIVE INSTRUMENTS

The Funds may enter into the financial derivative instruments described below to the extent permitted by each Fund's respective investment policies.

The following disclosures contain information on how and why the Funds use financial derivative instruments, and how financial derivative instruments affect the Funds' financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statements of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statements of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedules of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedules of Investments, serve as indicators of the volume of financial derivative activity for the Funds.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of a Fund's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by a Fund as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statements of Assets and Liabilities. In addition, a Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. A Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by a Fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based

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| **86** | **PIMCO SHORT DURATION STRATEGY FUNDS** |

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March 31, 2025

upon their quoted daily settlement prices. Upon entering into a futures contract, a Fund is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by a Fund ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statements of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. A Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase a Fund's exposure to the underlying instrument. Writing call options tends to decrease a Fund's exposure to the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statements of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. A Fund as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk a Fund may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase a Fund's exposure to the underlying instrument. Purchasing put options tends to decrease a Fund's exposure to the underlying instrument. A Fund pays a premium which is included as an asset on the Statements of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Commodity Options are options on commodity futures contracts ("Commodity Option"). The underlying instrument for the Commodity Option is not the commodity itself, but rather a futures contract for that commodity. The exercise of a Commodity Option will not include physical delivery of the underlying commodity but will result in a cash transfer for the amount of the difference between the current market value of the underlying futures contract and the strike price. For an option that is in-the-money, a Fund will normally offset its position rather than exercise the option to retain any remaining time value.

Credit Default Swaptions may be written or purchased to hedge exposure to the credit risk of an investment without making a commitment to the underlying instrument. A credit default swaption is an option to sell or buy credit protection on a specific reference by entering into a pre-defined swap agreement by some specified date in the future.

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Options on Exchange-Traded Funds use a specified exchange-traded fund as the underlying instrument for the option contract. A Fund may write or purchase options to enhance returns or to hedge an existing position or future investment.

Options on Exchange-Traded Futures Contracts ("Futures Option") may be written or purchased to hedge an existing position or future investment, for speculative purposes or to manage exposure to market movements. A Futures Option is an option contract in which the underlying instrument is a single futures contract.

Options on Securities may be written or purchased to enhance returns or to hedge an existing position or future investment. An option on a security uses a specified security as the underlying instrument for the option contract.

(d) Swap Agreementsare bilaterally negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **87** |

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Notes to Financial Statements (Cont.)

intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). A Fund may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statements of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statements of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gain (loss) on the Statements of Operations.

For purposes of applying certain of a Fund's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by a Fund at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of a Fund's investment policies and restrictions, a Fund will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of a Fund's other investment policies and restrictions. For example, a Fund may value credit default swaps at full exposure value for purposes of a Fund's credit quality guidelines (if any) because such value in general better reflects a Fund's actual economic exposure during the

term of the credit default swap agreement. As a result, a Fund may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in a Fund's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether a Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by a Fund for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may fail to perform or meet an obligation or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

A Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between a Fund and the counterparty and by the posting of collateral to a Fund to cover a Fund's exposure to the counterparty.

To the extent a Fund has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would

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| **88** | **PIMCO SHORT DURATION STRATEGY FUNDS** |

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effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indexes involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indexes are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indexes may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets and/or various credit ratings within each sector. Credit indexes are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that

name's weight in the index. The composition of the indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. Credit default swaps on credit indexes may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indexes are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Schedules of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indexes, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which a Fund is the seller of protection are disclosed in the Notes to Schedules of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure and to maintain a Fund's ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Funds hold may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, a Fund may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by a

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **89** |

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Notes to Financial Statements (Cont.)

Fund with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements

exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in a Fund, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in a Fund's prospectus for a more detailed description of the risks of investing in a Fund.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Risks | **PIMCO**<br> **Government<br>Money Market<br>Fund** | **PIMCO**<br> **Low Duration<br>Fund** | **PIMCO**<br> **Low Duration<br>Fund II** | **PIMCO**<br> **Low Duration<br>ESG Fund** | **PIMCO**<br> **Short Asset<br>Investment<br>Fund** | **PIMCO**<br> **Short-Term<br>Fund** |
|  Interest Rate | X | X | X | X | X | X |
|  Call | X | X | X | X | X | X |
|  Credit | X | X | X | X | X | X |
|  High Yield |  | X |  | X |  | X |
|  Market | X | X | X | X | X | X |
|  Issuer |  | X | X | X | X | X |
|  Liquidity |  | X | X | X | X | X |
|  Derivatives |  | X | X | X | X | X |
|  Equity |  | X | X | X |  | X |
|  Mortgage-Related and Other Asset-Backed Securities |  | X | X | X | X | X |
|  Collateralized Loan Obligations |  | X |  |  |  | X |
|  Foreign (Non-U.S.) Investment |  | X |  | X | X | X |
|  Emerging Markets |  | X |  | X | X |  |
|  Sovereign Debt |  | X |  | X |  |  |
|  Currency |  | X |  | X |  | X |
|  Leveraging |  | X | X | X | X | X |
|  Management | X | X | X | X | X | X |
|  Reverse Repurchase Agreements and Other Borrowings | X |  |  |  |  |  |
|  Short Exposure |  | X | X | X | X | X |
|  Environmental, Social and Governance |  |  |  | X |  |  |
|  LIBOR Transition |  | X | X | X | X | X |

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Interest Rate Risk is the risk that fixed income securities will fluctuate in value because of a change in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

Call Risk is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer's

credit quality). If an issuer calls a security that a Fund has invested in, the Fund may not recoup the full amount of its initial investment or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

Credit Risk is the risk that a Fund could experience losses if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

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| **90** | **PIMCO SHORT DURATION STRATEGY FUNDS** |

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March 31, 2025

High Yield Risk is the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit, call and liquidity risks. High yield securities are considered primarily speculative by rating agencies with respect to the issuer's continuing ability to make principal and interest payments, and their values may be more volatile than higher-rated securities of similar maturity.

Market Risk is the risk that the value of securities owned by a Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

Issuer Risk is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that a Fund may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a Fund could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for a Fund. A Fund's use of derivatives or other similar investments may result in losses to a Fund, a reduction in a Fund's returns and/or increased volatility. Non-centrally-cleared over-the-counter ("OTC") derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with a Fund's clearing broker or

the clearinghouse. Changes in regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact a Fund's ability to invest in derivatives, limit a Fund's ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and a Fund's performance.

Equity Risk is the risk that the value of equity or equity-related securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights.

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk. A Fund may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Fund's guidelines), which generally carry higher levels of the foregoing risks.

Collateralized Loan Obligations Risk is the risk that investing in collateralized loan obligations ("CLOs") and other similarly structured investments exposes a Fund to heightened credit risk, interest rate risk, liquidity risk, market risk and prepayment and extension risk, as well as the risk of default on the underlying asset. In addition, investments in CLOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) risks related to the capability of the servicer of the securitized assets; (iv) the risk that a Fund may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results; and (vi) the CLO's manager may perform poorly.

Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in a Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions,

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **91** |

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Notes to Financial Statements (Cont.)

including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Emerging Markets Risk is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Sovereign Debt Risk is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect a Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Leveraging Risk is the risk that certain transactions of a Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing a Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss. The use of leverage may also increase a Fund's sensitivity to interest rate risks.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing a Fund and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of a Fund will be achieved.

Reverse Repurchase Agreements and Other Borrowings Risk is the risk that reverse repurchase agreements or other borrowings may increase a Fund's overall investment exposure and that the related transaction costs may detract from Fund performance.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to a Fund.

Environmental, Social and Governance Risk is the risk that, because a Fund's ESG strategy may select or typically exclude securities of certain issuers for reasons in addition to performance, the Fund's performance may differ from funds that do not utilize an ESG investing strategy. ESG investing is qualitative and subjective by nature, and there is no guarantee that the factors utilized by PIMCO or any judgment exercised by PIMCO will reflect the opinions of any particular investor.

LIBOR Transition Risk is the risk related to the discontinuation of the London Interbank Offered Rate ("LIBOR"). Certain instruments held by a Fund may reference LIBOR. Due to benchmark reforms, publication of all LIBOR settings has ceased. Although LIBOR is no longer published, there are potential effects related to the transition away from LIBOR or the prior use of LIBOR on a Fund, or on certain instruments in which a Fund invests, which can be difficult to ascertain and could result in losses to a Fund.

(b) Other Risks

In general, a Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see a Fund's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in a Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact a Fund's performance.

Market Disruptions Risk A Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, military conflicts, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures and natural/environmental disasters, which can all negatively impact the securities markets and cause a Fund to lose value. These events can also impair the technology and other operational systems upon which a Fund's service providers, including PIMCO as a Fund's investment adviser, rely, and could otherwise disrupt a Fund's service providers' ability to fulfill their obligations to a Fund.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which a Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which a Fund itself is regulated. Such legislation or regulation could limit or preclude a Fund's ability to achieve its investment objective.

92 PIMCO SHORT DURATION STRATEGY FUNDS

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March 31, 2025

Furthermore, volatile financial markets can expose a Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Fund. The value of a Fund's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which a Fund invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way a Fund is regulated, affect the expenses incurred directly by a Fund and the value of its investments, and limit and/or preclude a Fund's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in a Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on a Fund. While a Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

Cyber Security Risk As the use of technology, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Funds have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause a Fund to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. Cyber security failures or breaches may result in financial losses to a Fund and its shareholders. These failures or breaches may also result in disruptions to business

operations, potentially resulting in financial losses; interference with a Fund's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third-party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Funds and their shareholders may suffer losses as a result of a cyber security breach related to the Funds, their service providers, trading counterparties or the issuers in which a Fund invests.

8. MASTER NETTING ARRANGEMENTS

A Fund may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes, the Statements of Assets and Liabilities generally present derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **93** |

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Notes to Financial Statements (Cont.)

Statements of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. A Fund's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase and certain sale-buyback transactions between a Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between a Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedules of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. FCM customers, such as the Funds, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Schedules of Investments.

Prime Broker Arrangements may be entered into to facilitate execution and/or clearing of listed equity option transactions or short sales of equity securities between a Fund and selected counterparties. The arrangements provide guidelines surrounding the rights, obligations and other events, including, but not limited to, margin, execution and settlement. These agreements maintain provisions for, among other things, payments, maintenance of collateral, events of default and termination. Margin and other assets delivered as collateral are typically in the possession of the prime broker and would offset any obligations due to the prime broker. The market values of listed options and securities sold short and related collateral are disclosed in the Notes to Schedules of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by a Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Funds may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Funds are required by regulation to post additional collateral beyond coverage of daily exposure, they could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from each Fund at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

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| **94** | **PIMCO SHORT DURATION STRATEGY FUNDS** |

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(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average

daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fees and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of each Fund's average daily net assets attributable to each class):

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Investment Advisory Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee |
| Fund Name | All Classes | Institutional<br>Class | Class M | I-2 | I-3 | Administrative<br>Class | Class A | Class C | Class C-2 | Class R |
|  PIMCO Government Money Market Fund | 0.12% | 0.06% | 0.06% | 0.16% | N/A | 0.06% | 0.21% | 0.21% | N/A | N/A |
|  PIMCO Low Duration Fund | 0.25% | 0.21% | N/A | 0.31% | 0.41% <sup>(1)</sup> | 0.21% | 0.25% | 0.30% | 0.30% | 0.30% |
|  PIMCO Low Duration Fund II | 0.25% | 0.25% | N/A | N/A | N/A | 0.25% | N/A | N/A | N/A | N/A |
|  PIMCO Low Duration ESG Fund | 0.25% | 0.25% | N/A | 0.35% | 0.45% \*<sup>(1)</sup> | N/A | N/A | N/A | N/A | N/A |
|  PIMCO Short Asset Investment Fund | 0.20% | 0.14% | 0.14% | 0.24% | 0.34% <sup>(1)</sup> | 0.14% | 0.24% | N/A | N/A | N/A |
|  PIMCO Short-Term Fund | 0.25% | 0.20% | N/A | 0.30% | 0.40% <sup>(1)</sup> | 0.20% | 0.20% | 0.20% | N/A | 0.20% |

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<sup>(1)</sup> PIMCO has contractually agreed, through July 31, 2025, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of the Fund. 

\* This particular share class has been registered with the SEC, but was not operational during the fiscal year ended March 31, 2025.

(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted separate Distribution and Servicing Plans with respect to the Class A, Class C, Class C-2 and Class R shares of the Trust pursuant to Rule 12b-1 under the Act. In connection with the distribution of Class C, Class C-2 and Class R shares of the Trust, the Distributor receives distribution fees from the Trust of up to 0.75% for Class C shares (for PIMCO Low Duration Fund Class C shares and PIMCO Short-Term Fund Class C shares, the Distributor received distribution fees from the Trust of up to 0.30%), 0.50% for Class C-2 shares and 0.25% for Class R shares of the Funds (except for the PIMCO Government Money Market Fund), and in connection with personal services rendered to Class A, Class C, Class C-2 and Class R shareholders and the maintenance of such shareholder accounts, the Distributor receives servicing fees from the Trust of up to 0.25% for each of Class A, Class C, Class C-2 and Class R shares of the Funds (except for the PIMCO Government Money Market Fund) (percentages reflect annual rates of the average daily net assets attributable to the applicable class).

The Trust has adopted a Distribution and Servicing Plan with respect to the Administrative Class shares of each Fund pursuant to Rule 12b-1 under the Act (the "Administrative Class Plan"). Under the terms of the Administrative Class Plan, a Fund may compensate the Distributor for providing, or procuring through financial intermediaries, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Administrative Class shares. The Administrative Class Plan

permits a Fund to make total payments at an annual rate of up to 0.25% of the average daily net assets attributable to the Administrative Class shares of the Funds (except for the PIMCO Government Money Market Fund).

The Trust paid distribution and servicing fees at effective rates as noted in the following table (calculated as a percentage of each Fund's average daily net assets attributable to each class):

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|:---|:---|:---|
|  | Allowable Rate | Allowable Rate |
|  | Distribution Fee | Servicing Fee |
|  **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PIMCO Government Money Market Fund |  | 0.10%<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; All Other Funds |  | 0.25% |
|  **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PIMCO Government Money Market Fund |  | 0.10%<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; PIMCO Low Duration Fund and PIMCO Short-Term Fund | 0.30% | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp; All Other Funds | 0.75% | 0.25% |
|  **Class C-2** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PIMCO Low Duration Fund | 0.50% | 0.25% |
|  **Class R** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PIMCO Low Duration Fund and PIMCO Short-Term Fund | 0.25% | 0.25% |
|  | Distribution and/or Servicing Fee | Distribution and/or Servicing Fee |
|  **Administrative Class** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PIMCO Government Money Market Fund | 0.10%<sup>(1)</sup> | 0.10%<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; All Other Funds | 0.25% | 0.25% |

---

<sup>(1)</sup> With respect to the PIMCO Government Money Market Fund only, the Trust has suspended payment of distribution and/or service (12b-1) fees at this time. The payment of distribution and/or service (12b-1) fees may only be resumed at such time as the Board determines that it is in the best interests of Fund shareholders to do so. 

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **95** |

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------

Notes to Financial Statements (Cont.)

The Distributor also received the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares, except for the PIMCO Short Asset Investment Fund, and the contingent deferred sales charges paid by the shareholders upon certain redemptions of Class A and Class C shares, except for the PIMCO Government Money Market Fund and the PIMCO Short Asset Investment Fund. For the period ended March 31, 2025, the Distributor retained $3,287,802 representing commissions (sales charges) and contingent deferred sales charges, net of any commission adjustments payable by the Distributor to broker-dealers, from the Trust.

(d) Fund Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Funds, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class.

(e) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates. The pro rata share of Trustee fees for each Fund is reflected on the Statements of Operations as Trustee fees.

(f) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through July 31, 2025, to waive a portion of each Fund's Supervisory and Administrative Fee, or reimburse each Fund, to the extent that each Fund's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee fees

exceed 0.0049% (the "Expense Limit") (calculated as a percentage of each Fund's average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by each Fund of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. There were no recoverable amounts to PIMCO (from the Fee Waiver Agreement and Expense Limitation Agreement combined) as of March 31, 2025.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through July 31, 2025, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of each of the PIMCO Low Duration Fund, PIMCO Low Duration ESG Fund, PIMCO Short Asset Investment Fund and PIMCO Short-Term Fund. This Fee Waiver Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

To maintain certain net yields for the PIMCO Government Money Market Fund, PIMCO and the Distributor have entered into the Fee and Expense Limitation Agreement, pursuant to which PIMCO or the Distributor may temporarily and voluntarily waive, reduce or reimburse all or any portion of the PIMCO Government Money Market Fund's Supervisory and Administrative Fee, any distribution and/or service (12b-1) fees applicable to a class of such Fund, or the Investment Advisory Fee, each waiver, reduction or reimbursement in an amount and for a period of time as determined by PIMCO or the Distributor.

In any month in which the Investment Advisory Contract or Supervision and Administration Agreement is in effect, PIMCO may recoup from the PIMCO Government Money Market Fund any portion of the Supervisory and Administrative Fee or Investment Advisory Fee waived, reduced or reimbursed pursuant to the Fee and Expense Limitation Agreement (the "Reimbursement Amount") during the previous 36 months, provided that such amount paid to PIMCO will not: i) together with any recoupment of organizational expenses, pro rata share of expenses

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| | |
|:---|:---|
| **96** | **PIMCO SHORT DURATION STRATEGY FUNDS** |

---

------

March 31, 2025

related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee Fees pursuant to the Expense Limitation Agreement, exceed the Expense Limit; ii) exceed the total Reimbursement Amount; iii) include any amounts previously reimbursed to PIMCO; or iv) cause any class of the Fund to maintain a net negative yield. The Reimbursement Amount will be reimbursed in the same order that fees were waived as described above, except the Fund will not reimburse PIMCO or the Distributor for any portion of the distribution and/or service (12b-1) fees waived, reduced or reimbursed pursuant to the Agreement. There is no guarantee that the Fund will maintain a positive net yield. The total recoverable amounts to PIMCO (from the Fee Waiver Agreement and Expense Limitation Agreement) as of March 31, 2025 were as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Expiring Within | Expiring Within | Expiring Within | |
| Fund Name | 12 months | 13-24 months | 25-36 months | Total |
|  PIMCO Government Money Market Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

Pursuant to the Expense Limitation Agreement and Fee Waiver Agreement, waiver amounts are reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. As of March 31, 2025, the Funds below waived and/or reimbursed the following fees (amounts in thousands<sup>†</sup>):

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| | |
|:---|:---|
| Fund Name | Waived Fees |
|  PIMCO Government Money Market Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
|  PIMCO Low Duration Fund | 19 |
|  PIMCO Short Asset Investment Fund | 7 |
|  PIMCO Short-Term Fund | 38 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

(g) Acquired Fund Fees and Expenses PIMCO has contractually agreed, through July 31, 2025, for the PIMCO Low Duration ESG Fund to waive its Management Fee in an amount equal to the expenses attributable to Investment Advisory, Supervisory and Administrative, and management fees of Underlying Funds indirectly incurred by the Fund's investments in the Underlying Funds. The waiver will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended March 31, 2025, there were no recoverable amounts.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee or officer of the Trust is indemnified and each employee or other agent of the Trust (including the Trust's investment manager) may be indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as "portfolio turnover." Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by a Fund. Frequent and active trading of a Fund's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Fund's after-tax returns. The transaction costs associated with portfolio turnover may adversely affect a Fund's performance. The portfolio turnover rates are reported in the Financial Highlights.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **97** |

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------

Notes to Financial Statements (Cont.)

Purchases and sales of securities (excluding short-term investments) for the period ended March 31, 2025 were as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Fund Name | Purchases | Sales | Purchases | Sales |
|  PIMCO Government Money Market Fund | $0 | $0 | $0 | $0 |
|  PIMCO Low Duration Fund | 26791524 | 26164705 | 441360 | 1142213 |
|  PIMCO Low Duration Fund II | 775544 | 759832 | 14528 | 22269 |
|  PIMCO Low Duration ESG Fund | 202097 | 199237 | 31457 | 35431 |
|  PIMCO Short Asset Investment Fund | 135008 | 92709 | 1319006 | 1123420 |
|  PIMCO Short-Term Fund | 6271244 | 5263444 | 4900439 | 4214821 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.01 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | PIMCO Government Money Market Fund | PIMCO Government Money Market Fund | PIMCO Government Money Market Fund | PIMCO Government Money Market Fund | PIMCO Low Duration Fund | PIMCO Low Duration Fund | PIMCO Low Duration Fund | PIMCO Low Duration Fund |
|  | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2024 |
|  | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 4719768 | $4719767 | 2366919 | $2366919 | 327095 | $3026301 | 220536 | $2006532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | 7812072 | 7812073 | 3581606 | 3581605 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 23159 | 23158 | 30640 | 30640 | 20206 | 186551 | 26417 | 241003 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | 3163 | 28996 | 1700 | 15406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 131413 | 131414 | 87449 | 87448 | 587 | 5417 | 1018 | 9239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 3031462 | 3031461 | 1862689 | 1862689 | 9492 | 87561 | 8585 | 78241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 49250 | 49250 | 68606 | 68607 | 280 | 2590 | 361 | 3288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | 60 | 551 | 105 | 960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | 1022 | 9449 | 1395 | 12697 |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 30616 | 30616 | 26563 | 26563 | 20268 | 187318 | 19682 | 179214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | 20722 | 20722 | 12894 | 12894 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 854 | 854 | 919 | 919 | 2343 | 21643 | 2382 | 21678 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | 163 | 1505 | 129 | 1175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 2313 | 2313 | 1677 | 1677 | 84 | 776 | 100 | 906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 92608 | 92608 | 54554 | 54554 | 2071 | 19135 | 2239 | 20381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 2662 | 2662 | 2245 | 2245 | 83 | 763 | 105 | 958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | 4 | 37 | 3 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | 301 | 2777 | 324 | 2946 |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (3998317) | (3998317) | (2582936) | (2582936) | (269265) | (2484257) | (275533) | (2506284) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | (7943949) | (7943949) | (3405012) | (3405012) | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (25257) | (25257) | (27559) | (27559) | (31490) | (290795) | (38383) | (348894) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | (3581) | (33071) | (2302) | (20838) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (81620) | (81620) | (249585) | (249585) | (720) | (6651) | (1853) | (16823) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (2024655) | (2024655) | (1192034) | (1192034) | (18343) | (169304) | (19762) | (179883) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (55017) | (55017) | (43016) | (43016) | (872) | (8057) | (1654) | (15042) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | (39) | (357) | (95) | (869) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | (2161) | (19918) | (2572) | (23417) |
|  **Net increase (decrease) resulting from Fund share transactions** | 1788084 | $1788083 | 596619 | $596618 | 60751 | $568960 | (57073) | $(517401) |

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98 PIMCO SHORT DURATION STRATEGY FUNDS

------

March 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO Low Duration Fund II** | **PIMCO Low Duration Fund II** | **PIMCO Low Duration Fund II** | **PIMCO Low Duration Fund II** | **PIMCO Low Duration ESG Fund** | **PIMCO Low Duration ESG Fund** | **PIMCO Low Duration ESG Fund** | **PIMCO Low Duration ESG Fund** |
|  | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2024** | **Year Ended<br>03/31/2024** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2024** | **Year Ended<br>03/31/2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 3204 | $29567 | 8506 | $77966 | 6206 | $56300 | 7089 | $62932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | N/A | N/A | N/A | N/A | 1618 | 14684 | 1993 | 17701 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 28 | 255 | 2 | 13 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 1125 | 10388 | 1301 | 11889 | 905 | 8231 | 914 | 8114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | N/A | N/A | N/A | N/A | 238 | 2165 | 287 | 2549 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 39 | 362 | 38 | 350 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (10097) | (93149) | (8300) | (76017) | (7902) | (71734) | (13582) | (120547) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | N/A | N/A | N/A | N/A | (3222) | (29277) | (6117) | (54317) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (10) | (90) | (5) | (45) | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Net increase (decrease) resulting from Fund share transactions** | (5711) | $(52667) | 1542 | $14156 | (2157) | $(19631) | (9416) | $(83568) |

---

ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 99

------

Notes to Financial Statements (Cont.)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO Short Asset Investment Fund** | **PIMCO Short Asset Investment Fund** | **PIMCO Short Asset Investment Fund** | **PIMCO Short Asset Investment Fund** | **PIMCO Short-Term Fund** | **PIMCO Short-Term Fund** | **PIMCO Short-Term Fund** | **PIMCO Short-Term Fund** |
| **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2024** | **Year Ended<br>03/31/2024** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2024** | **Year Ended<br>03/31/2024** |
| **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| 138733 | $1379495 | 130469 | $1289430 | 347850 | $3358732 | 311109 | $2974583 |
| 0 | 0 | 0 | 0 | N/A | N/A | N/A | N/A |
| 20821 | 207128 | 7610 | 75283 | 89514 | 864423 | 82477 | 788433 |
| 1980 | 19694 | 5463 | 54057 | 6238 | 60233 | 5356 | 51144 |
| 9 | 85 | 4 | 35 | 124 | 1197 | 168 | 1607 |
| 2896 | 28807 | 1691 | 16738 | 26892 | 259605 | 15101 | 144433 |
| N/A | N/A | N/A | N/A | 2107 | 20348 | 1288 | 12321 |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| N/A | N/A | N/A | N/A | 1584 | 15280 | 2137 | 20446 |
| 11127 | 110675 | 12606 | 124727 | 35628 | 344016 | 37319 | 356899 |
| 0 | 1 | 0 | 1 | N/A | N/A | N/A | N/A |
| 799 | 7946 | 866 | 8568 | 9856 | 95171 | 10078 | 96377 |
| 73 | 724 | 87 | 862 | 392 | 3785 | 354 | 3388 |
| 2 | 25 | 2 | 23 | 83 | 803 | 96 | 920 |
| 466 | 4636 | 604 | 5976 | 3395 | 32786 | 3875 | 37056 |
| N/A | N/A | N/A | N/A | 246 | 2378 | 261 | 2498 |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| N/A | N/A | N/A | N/A | 520 | 5018 | 620 | 5932 |
| (198209) | (1971571) | (177037) | (1751263) | (459353) | (4434306) | (410921) | (3925071) |
| 0 | 0 | 0 | 0 | N/A | N/A | N/A | N/A |
| (14935) | (148550) | (10610) | (104964) | (109359) | (1056142) | (127544) | (1218640) |
| (1575) | (15666) | (6325) | (62548) | (4164) | (40193) | (7056) | (67383) |
| (4) | (35) | (9) | (93) | (426) | (4114) | (720) | (6882) |
| (3803) | (37817) | (7437) | (73525) | (34191) | (329977) | (40612) | (387820) |
| N/A | N/A | N/A | N/A | (2017) | (19475) | (2855) | (27278) |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| N/A | N/A | N/A | N/A | (4522) | (43648) | (6943) | (66277) |
| (41620) | $(414423) | (42016) | $(416693) | (89603) | $(864080) | (126412) | $(1203314) |

---

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

The following table discloses the number of persons who owned of record or beneficially 10% or more of the outstanding shares of a Fund along with their respective percent ownership, if any, as of March 31, 2025. Some of these shareholders may be considered related parties, which may include, but are not limited to, the investment adviser and its affiliates, affiliated broker dealers, fund of funds and directors or employees of the Trust or Adviser.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Shareholders that own 10% or more<br>of outstanding shares | Shareholders that own 10% or more<br>of outstanding shares | Total percentage of portfolio held by<br>shareholders that own 10% or more<br>of outstanding shares | Total percentage of portfolio held by<br>shareholders that own 10% or more<br>of outstanding shares |
|  | Non-Related Parties | Related Parties | Non-Related Parties | Related Parties |
|  PIMCO Government Money Market Fund | 4 | 0 | 66% | 0% |
|  PIMCO Low Duration Fund | 1 | 1 | 20% | 19% |
|  PIMCO Low Duration Fund II | 4 | 0 | 77% | 0% |
|  PIMCO Low Duration ESG Fund | 3 | 0 | 70% | 0% |
|  PIMCO Short Asset Investment Fund | 2 | 0 | 44% | 0% |
|  PIMCO Short-Term Fund | 2 | 0 | 32% | 0% |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

14. REGULATORY AND LITIGATION MATTERS

The Funds are not named as defendants in any material litigation or arbitration proceedings and are not aware of any material litigation or claim pending or threatened against them.

The foregoing speaks only as of the date of this report.

15. FEDERAL INCOME TAX MATTERS

Each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and distribute all

---

| | |
|:---|:---|
| **100** | **PIMCO SHORT DURATION STRATEGY FUNDS** |

---

------

March 31, 2025

of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

A Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Adviser has reviewed the Funds' tax positions for all open tax years. As of March 31, 2025, the Funds have

recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

The Funds file U.S. federal, state and local tax returns as required. The Funds' tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

As of March 31, 2025, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Undistributed<br>Ordinary<br>Income<sup>(1)</sup> | Undistributed<br>Long-Term<br>Capital Gains | Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Other<br>Book-to-Tax<br>Accounting<br>Differences<sup>(3)</sup> | Accumulated<br>Capital<br>Losses<sup>(4)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Capital<sup>(5)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup> | Total<br>Components of<br>Distributable<br>Earnings |
|  PIMCO Government Money Market Fund | $772 | $0 | $0 | $(742) | $(111) | $0 | $0 | $(81) |
|  PIMCO Low Duration Fund | 0 | 0 | (81303) | (922) | (784714) | 0 | (8575) | (875514) |
|  PIMCO Low Duration Fund II | 227 | 0 | (3927) | (55) | (21740) | 0 | 0 | (25495) |
|  PIMCO Low Duration ESG Fund | 4 | 0 | (5741) | (66) | (18216) | 0 | 0 | (24019) |
|  PIMCO Short Asset Investment Fund | 0 | 0 | (12784) | (105) | (57598) | 0 | 0 | (70487) |
|  PIMCO Short-Term Fund | 0 | 0 | (62089) | (2121) | (378610) | 0 | 0 | (442820) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

<sup>(2)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts, straddle loss deferrals, interest accrued on defaulted securities, return of capital distributions from underlying funds, constructive sales, hyperinflationary adjustments, and short positions. 

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America, mainly for organizational expenditures and distributions payable at fiscal year-end.

<sup>(4)</sup> Capital losses available to offset future net capital gains as shown below.

<sup>(5)</sup> Capital losses realized during the period November 1, 2024 through March 31, 2025, which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

<sup>(6)</sup> Specified losses realized during the period November 1, 2024 through March 31, 2025 and Ordinary losses realized during the period January 1, 2025 through March 31, 2025 which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

Under the Regulated Investment Company Modernization Act of 2010, a fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of March 31, 2025, the Funds had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

---

| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
|  PIMCO Government Money Market Fund | $111 | $0 |
|  PIMCO Low Duration Fund | 400355 | 384359 |
|  PIMCO Low Duration Fund II | 10739 | 11001 |
|  PIMCO Low Duration ESG Fund | 9480 | 8736 |
|  PIMCO Short Asset Investment Fund | 16050 | 41548 |
|  PIMCO Short-Term Fund | 122614 | 255996 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **101** |

---

------

Notes to Financial Statements (Cont.) March 31, 2025

As of March 31, 2025, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Federal<br>Tax Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup> |
|  PIMCO Government Money Market Fund | $6555000 | $0 | $0 | $0 |
|  PIMCO Low Duration Fund | 8276240 | 82815 | (164446) | (81631) |
|  PIMCO Low Duration Fund II | 311830 | 2958 | (6861) | (3903) |
|  PIMCO Low Duration ESG Fund | 306023 | 4114 | (9837) | (5723) |
|  PIMCO Short Asset Investment Fund | 2120044 | 4026 | (16811) | (12785) |
|  PIMCO Short-Term Fund | 12341381 | 88148 | (149910) | (61762) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(7)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts, straddle loss deferrals, interest accrued on defaulted securities, return of capital distributions from underlying funds, constructive sales, hyperinflationary adjustments, and short positions. 

For the fiscal years ended March 31, 2025 and March 31, 2024, respectively, the Funds made the following tax basis distributions (amounts in thousands<sup>†</sup>):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | March 31, 2025 | March 31, 2025 | March 31, 2025 | March 31, 2024 | March 31, 2024 | March 31, 2024 |
|  | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> |
|  PIMCO Government Money Market Fund | $165664 | $0 | $0 | $106767 | $0 | $0 |
|  PIMCO Low Duration Fund | 242837 | 0 | 3638 | 244279 | 0 | 0 |
|  PIMCO Low Duration Fund II | 11572 | 0 | 0 | 13206 | 0 | 0 |
|  PIMCO Low Duration ESG Fund | 11192 | 0 | 0 | 10216 | 0 | 1235 |
|  PIMCO Short Asset Investment Fund | 125421 | 0 | 0 | 144321 | 0 | 0 |
|  PIMCO Short-Term Fund | 458175 | 0 | 53633 | 498510 | 0 | 30181 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

---

| | |
|:---|:---|
| **102** | **PIMCO SHORT DURATION STRATEGY FUNDS** |

---

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO Funds and Shareholders of PIMCO Government Money Market Fund, PIMCO Low Duration Fund, PIMCO Low Duration Fund II, PIMCO Low Duration ESG Fund, PIMCO Short Asset Investment Fund and PIMCO Short-Term Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of PIMCO Government Money Market Fund, PIMCO Low Duration Fund, PIMCO Low Duration Fund II, PIMCO Low Duration ESG Fund, PIMCO Short Asset Investment Fund and PIMCO Short-Term Fund (six of the funds constituting PIMCO Funds, hereafter collectively referred to as the "Funds") as of March 31, 2025, the related statements of operations for the year ended March 31, 2025, the statements of changes in net assets for each of the two years in the period ended March 31, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2025 and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

May 28, 2025

We have served as the auditor of one or more investment companies in PIMCO Funds since 1987.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **103** |

---

------

Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations: | Counterparty Abbreviations: |  |  |  |  |
| AZD | Australia and New Zealand Banking Group | FICC STR | Fixed Income Clearing Corp. - State Street FICC Repo | RBC | Royal Bank of Canada |
| BOA | Bank of America N.A. | GLM | Goldman Sachs Bank USA | SAL | Citigroup Global Markets, Inc. |
| BOO | BoA Securities, Inc (Repo Only) | GST | Goldman Sachs International | SBI | Citigroup Global Markets Ltd. |
| BOS | BofA Securities, Inc. | IND | Crédit Agricole Corporate and Investment Bank S.A. | SCX | Standard Chartered Bank, London |
| BPS | BNP Paribas S.A. | JPM | JP Morgan Chase Bank N.A. | SGY | Societe Generale, NY |
| BRC | Barclays Bank PLC | JPS | J.P. Morgan Securities LLC | SSB | State Street Bank and Trust Co. |
| BSH | Banco Santander S.A. - New York Branch | MBC | HSBC Bank Plc | TDM | TD Securities (USA) LLC |
| CBK | Citibank N.A. | MYC | Morgan Stanley Capital Services LLC | TOR | The Toronto-Dominion Bank |
| DEU | Deutsche Bank Securities, Inc. | MYI | Morgan Stanley & Co. International PLC | UAG | UBS AG Stamford |
| DUB | Deutsche Bank AG | NGF | Nomura Global Financial Products, Inc. | WFS | Wells Fargo Securities, LLC |
| FAR | Wells Fargo Bank National Association |  |  |  |  |
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| AUD | Australian Dollar | GBP | British Pound | NZD | New Zealand Dollar |
| BRL | Brazilian Real | IDR | Indonesian Rupiah | PLN | Polish Zloty |
| CAD | Canadian Dollar | ILS | Israeli Shekel | SGD | Singapore Dollar |
| CHF | Swiss Franc | INR | Indian Rupee | TWD | Taiwanese Dollar |
| CNH | Chinese Renminbi (Offshore) | JPY | Japanese Yen | USD (or $) | United States Dollar |
| DKK | Danish Krone | KRW | South Korean Won | ZAR | South African Rand |
| EUR | Euro | MXN | Mexican Peso |  |  |
|  Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |  |
| OTC | Over the Counter |  |  |  |  |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| BOBL | Bundesobligation, the German word for federal government bond | SOFR | Secured Overnight Financing Rate | SONIO | Sterling Overnight Interbank Average Rate |
| CDX.IG | Credit Derivatives Index - Investment Grade | SOFRINDX | Secured Overnight Financing Rate Index | US0003M | ICE 3-Month USD LIBOR |
| EUR003M | 3 Month EUR Swap 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 | DAC | Designated Activity Company | TBA | To-Be-Announced |
| ALT | Alternate Loan Trust | EURIBOR | Euro Interbank Offered Rate | TBD | To-Be-Determined |
| CLO | Collateralized Loan Obligation | OIS | Overnight Index Swap | TBD% | Interest rate to be determined when loan settles or at the time of funding |
| CMBS | Collateralized Mortgage-Backed Security | REMIC | Real Estate Mortgage Investment Conduit |  |  |

---

---

| | |
|:---|:---|
| **104** | **PIMCO SHORT DURATION STRATEGY FUNDS** |

---

------

Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the Funds estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended March 31, 2025 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

#### PIMCO Government Money Market Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0041 | $0.0000 | $0.0000 | $0.0041 |
|  November 2024 | $0.0039 | $0.0000 | $0.0000 | $0.0039 |
|  December 2024 | $0.0038 | $0.0000 | $0.0000 | $0.0038 |
|  January 2025 | $0.0037 | $0.0000 | $0.0000 | $0.0037 |
|  February 2025 | $0.0033 | $0.0000 | $0.0000 | $0.0033 |
|  March 2025 | $0.0034 | $0.0000 | $0.0000 | $0.0034 |
| Class M | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0041 | $0.0000 | $0.0000 | $0.0041 |
|  November 2024 | $0.0039 | $0.0000 | $0.0000 | $0.0039 |
|  December 2024 | $0.0038 | $0.0000 | $0.0000 | $0.0038 |
|  January 2025 | $0.0037 | $0.0000 | $0.0000 | $0.0037 |
|  February 2025 | $0.0033 | $0.0000 | $0.0000 | $0.0033 |
|  March 2025 | $0.0034 | $0.0000 | $0.0000 | $0.0034 |
| I-2 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0040 | $0.0000 | $0.0000 | $0.0040 |
|  November 2024 | $0.0038 | $0.0000 | $0.0000 | $0.0038 |
|  December 2024 | $0.0037 | $0.0000 | $0.0000 | $0.0037 |
|  January 2025 | $0.0036 | $0.0000 | $0.0000 | $0.0036 |
|  February 2025 | $0.0032 | $0.0000 | $0.0000 | $0.0032 |
|  March 2025 | $0.0033 | $0.0000 | $0.0000 | $0.0033 |
| Administrative Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0041 | $0.0000 | $0.0000 | $0.0041 |
|  November 2024 | $0.0039 | $0.0000 | $0.0000 | $0.0039 |
|  December 2024 | $0.0038 | $0.0000 | $0.0000 | $0.0038 |
|  January 2025 | $0.0037 | $0.0000 | $0.0000 | $0.0037 |
|  February 2025 | $0.0033 | $0.0000 | $0.0000 | $0.0033 |
|  March 2025 | $0.0034 | $0.0000 | $0.0000 | $0.0034 |
| Class A | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0039 | $0.0000 | $0.0000 | $0.0039 |
|  November 2024 | $0.0038 | $0.0000 | $0.0000 | $0.0038 |
|  December 2024 | $0.0037 | $0.0000 | $0.0000 | $0.0037 |
|  January 2025 | $0.0036 | $0.0000 | $0.0000 | $0.0036 |
|  February 2025 | $0.0032 | $0.0000 | $0.0000 | $0.0032 |
|  March 2025 | $0.0033 | $0.0000 | $0.0000 | $0.0033 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **105** |

---

------

Distribution Information (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0040 | $0.0000 | $0.0000 | $0.0040 |
|  November 2024 | $0.0038 | $0.0000 | $0.0000 | $0.0038 |
|  December 2024 | $0.0037 | $0.0000 | $0.0000 | $0.0037 |
|  January 2025 | $0.0036 | $0.0000 | $0.0000 | $0.0036 |
|  February 2025 | $0.0032 | $0.0000 | $0.0000 | $0.0032 |
|  March 2025 | $0.0033 | $0.0000 | $0.0000 | $0.0033 |

---

#### PIMCO Low Duration Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0324 | $0.0000 | $0.0000 | $0.0324 |
|  November 2024 | $0.0334 | $0.0000 | $0.0000 | $0.0334 |
|  December 2024 | $0.0324 | $0.0000 | $0.0000 | $0.0324 |
|  January 2025 | $0.0324 | $0.0000 | $0.0000 | $0.0324 |
|  February 2025 | $0.0296 | $0.0000 | $0.0000 | $0.0296 |
|  March 2025 | $0.0329 | $0.0000 | $0.0000 | $0.0329 |
| I-2 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0316 | $0.0000 | $0.0000 | $0.0316 |
|  November 2024 | $0.0326 | $0.0000 | $0.0000 | $0.0326 |
|  December 2024 | $0.0316 | $0.0000 | $0.0000 | $0.0316 |
|  January 2025 | $0.0316 | $0.0000 | $0.0000 | $0.0316 |
|  February 2025 | $0.0289 | $0.0000 | $0.0000 | $0.0289 |
|  March 2025 | $0.0321 | $0.0000 | $0.0000 | $0.0321 |
| I-3 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0311 | $0.0000 | $0.0000 | $0.0311 |
|  November 2024 | $0.0322 | $0.0000 | $0.0000 | $0.0322 |
|  December 2024 | $0.0312 | $0.0000 | $0.0000 | $0.0312 |
|  January 2025 | $0.0312 | $0.0000 | $0.0000 | $0.0312 |
|  February 2025 | $0.0286 | $0.0000 | $0.0000 | $0.0286 |
|  March 2025 | $0.0318 | $0.0000 | $0.0000 | $0.0318 |
| Administrative Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0305 | $0.0000 | $0.0000 | $0.0305 |
|  November 2024 | $0.0314 | $0.0000 | $0.0000 | $0.0314 |
|  December 2024 | $0.0304 | $0.0000 | $0.0000 | $0.0304 |
|  January 2025 | $0.0304 | $0.0000 | $0.0000 | $0.0304 |
|  February 2025 | $0.0278 | $0.0000 | $0.0000 | $0.0278 |
|  March 2025 | $0.0310 | $0.0000 | $0.0000 | $0.0310 |
| Class A | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0301 | $0.0000 | $0.0000 | $0.0301 |
|  November 2024 | $0.0311 | $0.0000 | $0.0000 | $0.0311 |
|  December 2024 | $0.0301 | $0.0000 | $0.0000 | $0.0301 |
|  January 2025 | $0.0301 | $0.0000 | $0.0000 | $0.0301 |
|  February 2025 | $0.0276 | $0.0000 | $0.0000 | $0.0276 |
|  March 2025 | $0.0307 | $0.0000 | $0.0000 | $0.0307 |

---

---

| | |
|:---|:---|
| **106** | **PIMCO SHORT DURATION STRATEGY FUNDS** |

---

------

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0274 | $0.0000 | $0.0000 | $0.0274 |
|  November 2024 | $0.0284 | $0.0000 | $0.0000 | $0.0284 |
|  December 2024 | $0.0274 | $0.0000 | $0.0000 | $0.0274 |
|  January 2025 | $0.0272 | $0.0000 | $0.0000 | $0.0272 |
|  February 2025 | $0.0251 | $0.0000 | $0.0000 | $0.0251 |
|  March 2025 | $0.0281 | $0.0000 | $0.0000 | $0.0281 |
| **C-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0258 | $0.0000 | $0.0000 | $0.0258 |
|  November 2024 | $0.0269 | $0.0000 | $0.0000 | $0.0269 |
|  December 2024 | $0.0257 | $0.0000 | $0.0000 | $0.0257 |
|  January 2025 | $0.0256 | $0.0000 | $0.0000 | $0.0256 |
|  February 2025 | $0.0237 | $0.0000 | $0.0000 | $0.0237 |
|  March 2025 | $0.0266 | $0.0000 | $0.0000 | $0.0266 |
| **Class R** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0278 | $0.0000 | $0.0000 | $0.0278 |
|  November 2024 | $0.0288 | $0.0000 | $0.0000 | $0.0288 |
|  December 2024 | $0.0277 | $0.0000 | $0.0000 | $0.0277 |
|  January 2025 | $0.0276 | $0.0000 | $0.0000 | $0.0276 |
|  February 2025 | $0.0254 | $0.0000 | $0.0000 | $0.0254 |
|  March 2025 | $0.0285 | $0.0000 | $0.0000 | $0.0285 |

---

#### PIMCO Low Duration Fund II

---

| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0313 | $0.0000 | $0.0000 | $0.0313 |
|  November 2024 | $0.0315 | $0.0000 | $0.0000 | $0.0315 |
|  December 2024 | $0.0297 | $0.0000 | $0.0000 | $0.0297 |
|  January 2025 | $0.0297 | $0.0000 | $0.0000 | $0.0297 |
|  February 2025 | $0.0271 | $0.0000 | $0.0000 | $0.0271 |
|  March 2025 | $0.0281 | $0.0000 | $0.0000 | $0.0281 |
| Administrative Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0293 | $0.0000 | $0.0000 | $0.0293 |
|  November 2024 | $0.0295 | $0.0000 | $0.0000 | $0.0295 |
|  December 2024 | $0.0277 | $0.0000 | $0.0000 | $0.0277 |
|  January 2025 | $0.0277 | $0.0000 | $0.0000 | $0.0277 |
|  February 2025 | $0.0253 | $0.0000 | $0.0000 | $0.0253 |
|  March 2025 | $0.0262 | $0.0000 | $0.0000 | $0.0262 |

---

#### PIMCO Low Duration ESG Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0283 | $0.0000 | $0.0000 | $0.0283 |
|  November 2024 | $0.0285 | $0.0000 | $0.0000 | $0.0285 |
|  December 2024 | $0.0276 | $0.0000 | $0.0000 | $0.0276 |
|  January 2025 | $0.0284 | $0.0000 | $0.0000 | $0.0284 |
|  February 2025 | $0.0257 | $0.0000 | $0.0000 | $0.0257 |
|  March 2025 | $0.0265 | $0.0000 | $0.0000 | $0.0265 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **107** |

---

------

Distribution Information (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0275 | $0.0000 | $0.0000 | $0.0275 |
|  November 2024 | $0.0277 | $0.0000 | $0.0000 | $0.0277 |
|  December 2024 | $0.0268 | $0.0000 | $0.0000 | $0.0268 |
|  January 2025 | $0.0276 | $0.0000 | $0.0000 | $0.0276 |
|  February 2025 | $0.0250 | $0.0000 | $0.0000 | $0.0250 |
|  March 2025 | $0.0258 | $0.0000 | $0.0000 | $0.0258 |

---

#### PIMCO Short Asset Investment Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0413 | $0.0000 | $0.0000 | $0.0413 |
|  November 2024 | $0.0408 | $0.0000 | $0.0000 | $0.0408 |
|  December 2024 | $0.0395 | $0.0000 | $0.0000 | $0.0395 |
|  January 2025 | $0.0400 | $0.0000 | $0.0000 | $0.0400 |
|  February 2025 | $0.0359 | $0.0000 | $0.0000 | $0.0359 |
|  March 2025 | $0.0366 | $0.0000 | $0.0000 | $0.0366 |
| Class M | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0414 | $0.0000 | $0.0000 | $0.0414 |
|  November 2024 | $0.0409 | $0.0000 | $0.0000 | $0.0409 |
|  December 2024 | $0.0396 | $0.0000 | $0.0000 | $0.0396 |
|  January 2025 | $0.0401 | $0.0000 | $0.0000 | $0.0401 |
|  February 2025 | $0.0360 | $0.0000 | $0.0000 | $0.0360 |
|  March 2025 | $0.0367 | $0.0000 | $0.0000 | $0.0367 |
| I-2 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0405 | $0.0000 | $0.0000 | $0.0405 |
|  November 2024 | $0.0399 | $0.0000 | $0.0000 | $0.0399 |
|  December 2024 | $0.0387 | $0.0000 | $0.0000 | $0.0387 |
|  January 2025 | $0.0391 | $0.0000 | $0.0000 | $0.0391 |
|  February 2025 | $0.0351 | $0.0000 | $0.0000 | $0.0351 |
|  March 2025 | $0.0358 | $0.0000 | $0.0000 | $0.0358 |
| I-3 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0401 | $0.0000 | $0.0000 | $0.0401 |
|  November 2024 | $0.0394 | $0.0000 | $0.0000 | $0.0394 |
|  December 2024 | $0.0382 | $0.0000 | $0.0000 | $0.0382 |
|  January 2025 | $0.0387 | $0.0000 | $0.0000 | $0.0387 |
|  February 2025 | $0.0348 | $0.0000 | $0.0000 | $0.0348 |
|  March 2025 | $0.0354 | $0.0000 | $0.0000 | $0.0354 |
| Administrative Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0392 | $0.0000 | $0.0000 | $0.0392 |
|  November 2024 | $0.0387 | $0.0000 | $0.0000 | $0.0387 |
|  December 2024 | $0.0374 | $0.0000 | $0.0000 | $0.0374 |
|  January 2025 | $0.0378 | $0.0000 | $0.0000 | $0.0378 |
|  February 2025 | $0.0340 | $0.0000 | $0.0000 | $0.0340 |
|  March 2025 | $0.0346 | $0.0000 | $0.0000 | $0.0346 |

---

---

| | |
|:---|:---|
| **108** | **PIMCO SHORT DURATION STRATEGY FUNDS** |

---

------

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0384 | $0.0000 | $0.0000 | $0.0384 |
|  November 2024 | $0.0378 | $0.0000 | $0.0000 | $0.0378 |
|  December 2024 | $0.0366 | $0.0000 | $0.0000 | $0.0366 |
|  January 2025 | $0.0370 | $0.0000 | $0.0000 | $0.0370 |
|  February 2025 | $0.0332 | $0.0000 | $0.0000 | $0.0332 |
|  March 2025 | $0.0338 | $0.0000 | $0.0000 | $0.0338 |

---

#### PIMCO Short-Term Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0407 | $0.0000 | $0.0000 | $0.0407 |
|  November 2024 | $0.0407 | $0.0000 | $0.0000 | $0.0407 |
|  December 2024 | $0.0402 | $0.0000 | $0.0000 | $0.0402 |
|  January 2025 | $0.0401 | $0.0000 | $0.0000 | $0.0401 |
|  February 2025 | $0.0369 | $0.0000 | $0.0000 | $0.0369 |
|  March 2025 | $0.0375 | $0.0000 | $0.0000 | $0.0375 |
| I-2 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0399 | $0.0000 | $0.0000 | $0.0399 |
|  November 2024 | $0.0398 | $0.0000 | $0.0000 | $0.0398 |
|  December 2024 | $0.0394 | $0.0000 | $0.0000 | $0.0394 |
|  January 2025 | $0.0393 | $0.0000 | $0.0000 | $0.0393 |
|  February 2025 | $0.0362 | $0.0000 | $0.0000 | $0.0362 |
|  March 2025 | $0.0367 | $0.0000 | $0.0000 | $0.0367 |
| I-3 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0395 | $0.0000 | $0.0000 | $0.0395 |
|  November 2024 | $0.0394 | $0.0000 | $0.0000 | $0.0394 |
|  December 2024 | $0.0390 | $0.0000 | $0.0000 | $0.0390 |
|  January 2025 | $0.0388 | $0.0000 | $0.0000 | $0.0388 |
|  February 2025 | $0.0358 | $0.0000 | $0.0000 | $0.0358 |
|  March 2025 | $0.0364 | $0.0000 | $0.0000 | $0.0364 |
| Administrative Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0386 | $0.0000 | $0.0000 | $0.0386 |
|  November 2024 | $0.0386 | $0.0000 | $0.0000 | $0.0386 |
|  December 2024 | $0.0382 | $0.0000 | $0.0000 | $0.0382 |
|  January 2025 | $0.0380 | $0.0000 | $0.0000 | $0.0380 |
|  February 2025 | $0.0351 | $0.0000 | $0.0000 | $0.0351 |
|  March 2025 | $0.0356 | $0.0000 | $0.0000 | $0.0356 |
| Class A | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0387 | $0.0000 | $0.0000 | $0.0387 |
|  November 2024 | $0.0386 | $0.0000 | $0.0000 | $0.0386 |
|  December 2024 | $0.0382 | $0.0000 | $0.0000 | $0.0382 |
|  January 2025 | $0.0380 | $0.0000 | $0.0000 | $0.0380 |
|  February 2025 | $0.0351 | $0.0000 | $0.0000 | $0.0351 |
|  March 2025 | $0.0356 | $0.0000 | $0.0000 | $0.0356 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **109** |

---

------

Distribution Information (Cont.) (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0362 | $0.0000 | $0.0000 | $0.0362 |
|  November 2024 | $0.0361 | $0.0000 | $0.0000 | $0.0361 |
|  December 2024 | $0.0357 | $0.0000 | $0.0000 | $0.0357 |
|  January 2025 | $0.0355 | $0.0000 | $0.0000 | $0.0355 |
|  February 2025 | $0.0328 | $0.0000 | $0.0000 | $0.0328 |
|  March 2025 | $0.0333 | $0.0000 | $0.0000 | $0.0333 |
| **Class R** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0366 | $0.0000 | $0.0000 | $0.0366 |
|  November 2024 | $0.0366 | $0.0000 | $0.0000 | $0.0366 |
|  December 2024 | $0.0361 | $0.0000 | $0.0000 | $0.0361 |
|  January 2025 | $0.0359 | $0.0000 | $0.0000 | $0.0359 |
|  February 2025 | $0.0332 | $0.0000 | $0.0000 | $0.0332 |
|  March 2025 | $0.0337 | $0.0000 | $0.0000 | $0.0337 |

---

\* The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits. 

\*\* Occurs when a fund distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a fund's net income, yield, earnings or investment performance. 

---

| | |
|:---|:---|
| **110** | **PIMCO SHORT DURATION STRATEGY FUNDS** |

---

------

Federal Income Tax Information (Unaudited)

As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Funds' fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a fund's dividend distribution that qualifies under tax law. The percentage of the following Funds' fiscal 2025 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below.

Qualified Dividend Income. Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended March 31, 2025 was designated as ''qualified dividend income'' as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 subject to reduced tax rates in 2025.

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only). Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended March 31, 2025 are considered to be derived from "qualified interest income," as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended March 31, 2025 are considered to be derived from "qualified short-term capital gain," as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

Section 163(j) Interest Dividends. The Funds intend to pass through the maximum amount allowable as Section 163(j) Interest defined in Proposed Treasury Section 1.163(j)-1(b).

Section 199A Dividends. The Funds intend to pass through the maximum amount allowable as Section 199A Dividends defined in Proposed Treasury Section 199A-3(d).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Dividend<br>Received<br>Deduction% | Qualified<br>Dividend<br>Income% | Qualified<br>Interest<br>Income<br>(000s)<sup>†</sup> | Qualified<br>Short-Term<br>Capital Gains<br>(000s)<sup>†</sup> |
|  PIMCO Government Money Market Fund | 0.00% | 0.00% | $165664 | $0 |
|  PIMCO Low Duration Fund | 0.00% | 0.00% | 202169 | 0 |
|  PIMCO Low Duration Fund II | 0.00% | 0.00% | 11572 | 0 |
|  PIMCO Low Duration ESG Fund | 0.00% | 0.00% | 11192 | 0 |
|  PIMCO Short Asset Investment Fund | 0.00% | 0.00% | 100546 | 0 |
|  PIMCO Short-Term Fund | 0.00% | 0.00% | 322878 | 0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2026, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2025.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **111** |

---

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **112** | **PIMCO SHORT DURATION STRATEGY FUNDS** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

A special meeting of shareholders was held on December 6, 2024. The results of votes taken among shareholders on the proposal before them are reported below.

Proposal — Election of Ten Trustees to the Board of Trustees

The purpose of this proposal was to elect ten nominees to the Board of Trustees, three of whom did not currently serve as Trustees of the Trust.

---

| | | |
|:---|:---|:---|
| Trustee | Number of Votes<br>For | Number of Votes<br>Withheld |
|  Peter G. Strelow<sup>†</sup> | 35155639503.71 | 541564301.84 |
|  Kimberley G. Stafford<sup>†</sup> | 35335546173.41 | 361657632.15 |
|  Michael J. Berchtold | 35329119814.53 | 368083991.02 |
|  Jennifer Holden Dunbar | 35291747375.28 | 405456430.27 |
|  Kym M. Hubbard | 35275801900.63 | 421401904.92 |
|  Gary F. Kennedy | 32867722905.96 | 2829480899.59 |
|  Anne K. Kratky | 35267192460.47 | 430011345.09 |
|  Steven Lipiner | 35327604784.63 | 369599020.93 |
|  Peter B. McCarthy | 34965645653.53 | 731558152.02 |
|  Ronald C. Parker | 35126210479.41 | 570993326.14 |

---

<sup>†</sup> Interested Trustee

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **113** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **114** | **PIMCO SHORT DURATION STRATEGY FUNDS** |

---

------

#### General Information
Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Funds listed on the Report cover.

------

![LOGO](g940956g75h91.jpg)

PIMSSHDURFSTMAR_033125

------

![LOGO](g940948g13e39.jpg)

PIMCO FUNDS

## Annual Financial and Other Information
March 31, 2025

**Real Return Strategy Funds**

PIMCO Long-Term Real Return Fund

PIMCO Real Return Fund

PIMCO RealEstateRealReturn Strategy Fund

PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund

PIMCO CommodityRealReturn Strategy Fund<sup>®</sup>

PIMCO Inflation Response Multi-Asset Fund

------

#### **Table of Contents**

---

| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the Funds](#tx940948_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx940948_2) | 6 |
| &nbsp;&nbsp; [Statements of Assets and Liabilities (N-CSR Item 7)](#tx940948_3) | 14 |
| &nbsp;&nbsp; [Consolidated Statements of Assets and Liabilities (N-CSR Item 7)](#tx940948_4) | 16 |
| &nbsp;&nbsp; [Statements of Operations (N-CSR Item 7)](#tx940948_5) | 18 |
| &nbsp;&nbsp; [Consolidated Statements of Operations (N-CSR Item 7)](#tx940948_6) | 19 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx940948_7) | 20 |
| &nbsp;&nbsp; [Consolidated Statements of Changes in Net Assets (N-CSR Item 7)](#tx940948_8) | 21 |
| &nbsp;&nbsp; [Statements of Cash Flows (N-CSR Item 7)](#tx940948_9) | 22 |
| &nbsp;&nbsp; [Consolidated Statement of Cash Flows (N-CSR Item 7)](#tx940948_10) | 23 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx940948_11) | 128 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx940948_12) | 151 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#tx940948_13) | 159 |
| &nbsp;&nbsp; [Glossary](#tx940948_14) | 160 |
| &nbsp;&nbsp; [Distribution Information](#tx940948_15) | 161 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx940948_16) | 165 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx940948_17) | 166 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx940948_18) | 167 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx940948_19) | 168 |
| Fund | Schedule of<br>Investments<br>(N-CSR Item 6) |
| &nbsp;&nbsp; [PIMCO Long-Term Real Return Fund](#tx940948_20) | 24 |
| &nbsp;&nbsp; [PIMCO Real Return Fund](#tx940948_21) | 34 |
| &nbsp;&nbsp; [PIMCO RealEstateRealReturn Strategy Fund](#tx940948_22) | 50 |
| &nbsp;&nbsp; [PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund<sup>(1)</sup>](#tx940948_23) | 64 |
| &nbsp;&nbsp; [PIMCO CommodityRealReturn Strategy Fund<sup>®</sup><sup>(1)</sup>](#tx940948_24) | 83 |
| &nbsp;&nbsp; [PIMCO Inflation Response Multi-Asset Fund<sup>(1)</sup>](#tx940948_25) | 110 |

---

 <br> <sup>(1)</sup> Consolidated Schedule of Investments

This material is authorized for use only when preceded or accompanied by the current PIMCO Funds prospectuses. The Shareholder Reports for the other series of the PIMCO Funds are printed separately.

------

Important Information About the Funds

PIMCO Funds (the "Trust") is an open-end management investment company that includes the PIMCO Long-Term Real Return Fund, PIMCO Real Return Fund, PIMCO RealEstateRealReturn Strategy Fund, PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund, PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> and PIMCO Inflation Response Multi-Asset Fund (each, a "Fund" and collectively, the "Funds").

The PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund and PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> are each intended for long-term investors and an investment in the Funds should be no more than a small part of a typical diversified portfolio. Each Fund's share price is expected to be more volatile than that of other funds. Each Fund may invest directly or indirectly (through investment in a wholly-owned subsidiary) in commodity-linked derivative instruments and/or notes which may subject each Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments and/or notes may be affected by overall market movements, changes in interest rates, and other factors affecting the value of a particular industry or commodity, such as weather, disease, embargoes, and international economic, political and regulatory developments, as well as, for PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund, the trading activity of speculators and arbitrageurs in the underlying commodities.

The PIMCO Inflation Response Multi-Asset Fund may invest its assets in Institutional Class or Class M shares of any funds of the Trust and PIMCO Equity Series, an affiliated open-end investment company, except funds of funds and PIMCO California Municipal Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National Municipal Intermediate Value Fund and PIMCO National Municipal Opportunistic Value Fund ("Underlying PIMCO Funds") and may also invest in other affiliated funds, including funds of PIMCO ETF Trust, and unaffiliated funds, which may or may not be registered under the Investment Company Act of 1940, as amended (collectively, "Acquired Funds"). The cost of investing in the PIMCO Inflation Response Multi-Asset Fund will generally be higher than the cost of investing in a mutual fund that only invests directly in individual stocks and bonds.

We believe that equity funds and bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that equity funds and bond funds are subject to notable risks.

Among other things, equity and equity-related securities may decline in value due to both real and perceived general market, economic and industry conditions. The value of equity securities, such as common stocks and preferred securities, has historically risen and fallen in periodic cycles and may decline due to general market conditions, which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or

adverse investor sentiment generally. Equity securities may also decline due to factors that affect a particular industry or industries, such as labor shortages, increased production costs and competitive conditions within an industry. In addition, the value of an equity security may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets. Different types of equity securities may react differently to these developments and a change in the financial condition of a single issuer may affect securities markets as a whole.

During a general downturn in the securities markets, multiple asset classes, including equity securities, may decline in value simultaneously. The market price of equity securities owned by a Fund may go up or down, sometimes rapidly or unpredictably. Equity securities generally have greater price volatility than fixed income securities and common stocks generally have the greatest appreciation and depreciation potential of all corporate securities.

Bond funds and fixed income securities are subject to a variety of risks, including interest rate risk, liquidity risk and market risk. In an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by a Fund are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Fund management will anticipate such movement accurately. The Funds may lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, remain high. In efforts to combat inflation, the U.S. Federal Reserve (the "Fed") raised interest rates multiple times in 2022 and 2023. In September 2024, the Fed lowered interest rates for the first time since March 2020. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Funds may face a heightened level of risk associated with changing interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for certain types of bonds or bonds generally. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets".

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| **2** | **PIMCO REAL RETURN STRATEGY FUNDS** |

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Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than funds or securities with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets, or negatively impact a Fund's performance or cause a Fund to incur losses. As a result, a Fund may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of a Fund.

The Funds may be subject to various risks as described in each Fund's prospectus and in the Principal and Other Risks in the Notes to Financial Statements.

Classifications of the Funds' portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Schedule of Investments sections of this report may differ from the classification used for a Fund's compliance calculations, including those used in a Fund's prospectus, investment objectives, regulatory and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. All Funds are separately monitored for compliance with respect to prospectus and regulatory requirements.

The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that provided material aid to Russia's aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures, including the United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, have had and may continue to have an adverse effect on the Russian, Belarusian and other securities, instruments and economies, which may, in turn, negatively impact a Fund. The extent, duration and impact of Russia's military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, a Fund may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause a Fund to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that a Fund may no longer seek to hold.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities (and/or portfolio securities of Underlying PIMCO Funds or Acquired Funds, as applicable). The U.S. government has indicated an intent to alter its approach to international trade policy, including in some cases renegotiating, modifying or terminating certain bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response) could lead to, for example, price volatility, reduced market sentiment, and changes in inflation expectations. These and other geopolitical events may contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of the Funds and their investments.

Certain instruments in which a Fund may invest have historically referenced the London Interbank Offered Rate ("LIBOR") to, among other things, determine payment obligations, financing terms, hedging strategies or investment value. LIBOR was traditionally an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. As of June 30, 2023, LIBOR was determined to be no longer representative but certain settings of LIBOR continued to be published synthetically until September 30, 2024. Publication of all LIBOR settings has since permanently ceased. Alternative reference rates to LIBOR have been established in most major currencies and markets in these new rates are continuing to develop (e.g., the Secured Overnight Financing Rate (SOFR) for USD-LIBOR). While the transition from LIBOR has been substantially completed, there remains residual risks associated with the transition that may impact markets or particular investments and, as such, the full impact of the transition on a Fund or the financial instruments in which a Fund invests cannot yet be fully determined. For example, so-called "tough legacy" contracts have LIBOR interest rate provisions with no fallback provisions contemplating the permanent discontinuation of LIBOR, fallback provisions which may have not effectively resulted in a transition away from LIBOR prior to LIBOR's replacement date or otherwise have inadequate fallback provisions. On March 15, 2022, the Adjustable Interest Rate (LIBOR) Act was signed into law. This law provides a statutory fallback mechanism on a nationwide basis to replace LIBOR with a benchmark rate that is selected by the Board of Governors of the Federal Reserve System based on SOFR for tough legacy contracts governed by U.S. law. On February 27, 2023, the Federal Reserve System's final rule in connection with this law became effective, establishing benchmark replacements based on SOFR and Term SOFR (a forward-looking measurement of market expectations of SOFR implied from certain derivatives markets) for applicable tough legacy contracts.

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>3</sub> |

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Important Information About the Funds (Cont.)

Certain of a Fund's investments may have involved individual tough legacy contracts which may be subject to the Adjustable Interest Rate (LIBOR) Act or were subject to synthetic LIBOR and no assurances can be given that these measures will have had the intended effects.

U.S. and global markets have experienced increased volatility, including as a result of the failures of certain U.S. and non-U.S. banks in 2023, which could be harmful to the Funds and issuers in which they invest. For example, if a bank at which a Fund or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which a Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Funds invest remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to the Funds and issuers resulting from changes in the banking sector, market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings, including those of U.S. and non-U.S. banks. Continued market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Funds and issuers in which they invest.

The following table discloses the inception dates of each Fund and its respective share classes along with each Fund's diversification status as of period end:

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| Fund Name | **Fund**<br> **Inception** | Institutional<br>Class | I-2 | **I-3** | **Administrative**<br> **Class** | Class A | Class C | Class R | Diversification<br>Status |
|  PIMCO Long-Term Real Return Fund | 11/12/01 | 11/12/01 | 11/19/10 |  |  |  |  |  | Diversified |
|  PIMCO Real Return Fund | 01/29/97 | 01/29/97 | 04/30/08 | 04/27/18 | 04/28/00 | 01/29/97 | 01/29/97 | 12/31/02 | Diversified |
|  PIMCO RealEstateRealReturn Strategy Fund | 10/30/03 | 10/30/03 | 04/30/08 | 04/27/18 |  | 10/30/03 | 10/30/03 |  | Diversified |
|  PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund | 05/28/10 | 05/28/10 | 05/28/10 | 04/27/18 |  | 05/28/10 | 05/28/10 |  | Diversified |
|  PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> | 06/28/02 | 06/28/02 | 04/30/08 | 04/27/18 | 02/14/03 | 11/29/02 | 11/29/02 | 03/12/10 | Diversified |
|  PIMCO Inflation Response Multi-Asset Fund | 08/31/11 | 08/31/11 | 08/31/11 | 09/15/22 |  | 08/31/11 |  |  | Diversified |

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An investment in a Fund is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in a Fund.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Fund's prospectus nor a Fund's summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or a Fund creates a contract between or among any shareholder of a Fund, on the one hand, and the Trust, a Fund, a service provider to the Trust or a Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the

Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to a Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or a Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Funds. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Fund, and information about how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge,

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| **4** | **PIMCO REAL RETURN STRATEGY FUNDS** |

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upon request, by calling the Trust at (888) 87-PIMCO, on the Funds' website at www.pimco.com, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Funds file portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Funds' complete schedules of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in assets will be required to comply with the amendments for reports filed on or after November 17, 2027.

Paper copies of the Funds' shareholder reports are required to be provided free of charge by the Fund or financial intermediary upon request.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund ("ETF") shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which impact the disclosures provided to shareholders. The rule amendments were effective as of January 2023, and compliance with the rule amendments was required as of July 2024. As such, the Funds have made significant updates to the content of their shareholder reports. In addition, shareholder reports are now mailed to shareholders who have not opted to receive shareholder report documents electronically.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivative instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC

extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>5</sub> |

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Financial Highlights

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital<br>Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO Long-Term Real Return Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $12.40 | $0.65 | $(0.30) | $0.35 | $(0.62) | $0.00 | $0.00 | $(0.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 13.87 | 0.64 | (1.52) | (0.88) | (0.43) | 0.00 | (0.16) | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023<sup>(e)</sup> | 19.83 | 0.88 | (5.08) | (4.20) | (1.32) | (0.44) | 0.00 | (1.76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022<sup>(e)</sup> | 21.84 | 1.47 | 0.21 | 1.68 | (1.59) | (2.10) | 0.00 | (3.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(e)</sup> | 28.23 | 0.36 | 2.40 | 2.76 | (0.81) | (8.34) | 0.00 | (9.15) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 12.40 | 0.67 | (0.33) | 0.34 | (0.61) | 0.00 | 0.00 | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 13.87 | 0.59 | (1.49) | (0.90) | (0.41) | 0.00 | (0.16) | (0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023<sup>(e)</sup> | 19.83 | 1.36 | (5.57) | (4.21) | (1.31) | (0.44) | 0.00 | (1.75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022<sup>(e)</sup> | 21.84 | 1.50 | 0.18 | 1.68 | (1.59) | (2.10) | 0.00 | (3.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(e)</sup> | 28.20 | 0.54 | 2.22 | 2.76 | (0.78) | (8.34) | 0.00 | (9.12) |
|  **PIMCO Real Return Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $10.03 | $0.36 | $0.33 | $0.69 | $(0.35) | $0.00 | $(0.01) | $(0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.25 | 0.33 | (0.23) | 0.10 | (0.25) | 0.00 | (0.07) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.78 | 0.66 | (1.40) | (0.74) | (0.75) | (0.04) | 0.00 | (0.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 12.06 | 0.75 | (0.28) | 0.47 | (0.75) | 0.00 | 0.00 | (0.75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 11.29 | 0.17 | 0.93 | 1.10 | (0.33) | 0.00 | 0.00 | (0.33) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.03 | 0.35 | 0.33 | 0.68 | (0.34) | 0.00 | (0.01) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.25 | 0.33 | (0.24) | 0.09 | (0.24) | 0.00 | (0.07) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.78 | 0.70 | (1.45) | (0.75) | (0.74) | (0.04) | 0.00 | (0.78) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 12.06 | 0.74 | (0.28) | 0.46 | (0.74) | 0.00 | 0.00 | (0.74) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 11.29 | 0.16 | 0.93 | 1.09 | (0.32) | 0.00 | 0.00 | (0.32) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.03 | 0.35 | 0.33 | 0.68 | (0.34) | 0.00 | (0.01) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.25 | 0.31 | (0.23) | 0.08 | (0.23) | 0.00 | (0.07) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.78 | 0.67 | (1.43) | (0.76) | (0.73) | (0.04) | 0.00 | (0.77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 12.06 | 0.72 | (0.27) | 0.45 | (0.73) | 0.00 | 0.00 | (0.73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 11.29 | 0.18 | 0.90 | 1.08 | (0.31) | 0.00 | 0.00 | (0.31) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.03 | 0.33 | 0.34 | 0.67 | (0.33) | 0.00 | (0.01) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.25 | 0.29 | (0.22) | 0.07 | (0.22) | 0.00 | (0.07) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.78 | 0.65 | (1.42) | (0.77) | (0.72) | (0.04) | 0.00 | (0.76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 12.06 | 0.77 | (0.33) | 0.44 | (0.72) | 0.00 | 0.00 | (0.72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 11.29 | 0.15 | 0.92 | 1.07 | (0.30) | 0.00 | 0.00 | (0.30) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.03 | 0.32 | 0.33 | 0.65 | (0.31) | 0.00 | (0.01) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.25 | 0.29 | (0.23) | 0.06 | (0.21) | 0.00 | (0.07) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.78 | 0.64 | (1.43) | (0.79) | (0.70) | (0.04) | 0.00 | (0.74) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 12.06 | 0.70 | (0.28) | 0.42 | (0.70) | 0.00 | 0.00 | (0.70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 11.29 | 0.12 | 0.93 | 1.05 | (0.28) | 0.00 | 0.00 | (0.28) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.03 | 0.28 | 0.32 | 0.60 | (0.26) | 0.00 | (0.01) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.25 | 0.25 | (0.24) | 0.01 | (0.16) | 0.00 | (0.07) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.78 | 0.59 | (1.43) | (0.84) | (0.65) | (0.04) | 0.00 | (0.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 12.06 | 0.64 | (0.28) | 0.36 | (0.64) | 0.00 | 0.00 | (0.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 11.29 | 0.03 | 0.96 | 0.99 | (0.22) | 0.00 | 0.00 | (0.22) |
| Class R |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.03 | 0.29 | 0.34 | 0.63 | (0.29) | 0.00 | (0.01) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.25 | 0.26 | (0.22) | 0.04 | (0.19) | 0.00 | (0.07) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.78 | 0.60 | (1.41) | (0.81) | (0.68) | (0.04) | 0.00 | (0.72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 12.06 | 0.67 | (0.28) | 0.39 | (0.67) | 0.00 | 0.00 | (0.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 11.29 | 0.09 | 0.93 | 1.02 | (0.25) | 0.00 | 0.00 | (0.25) |

---

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| | | |
|:---|:---|:---|
| **6** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data |
| | | | Ratios to Average Net Assets<sup>(i)</sup> | Ratios to Average Net Assets<sup>(i)</sup> | Ratios to Average Net Assets<sup>(i)</sup> | Ratios to Average Net Assets<sup>(i)</sup> | Ratios to Average Net Assets<sup>(i)</sup> | |
| Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup> | Total Return<sup>(d)</sup> | Net Assets<br>End of Year<br>or Period<br>(000s) | Expenses | Expenses<br>Excluding<br>Waivers | Expenses<br>Excluding<br>Interest<br>Expense | Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers | Net<br>Investment<br>Income (Loss) | Portfolio<br>Turnover<br>Rate |
| $12.13 | 2.99% | $403632 | 2.33% | 2.33% | 0.50% | 0.50% | 5.33% | 188% |
| 12.40 | (6.36) | 386532 | 2.28 | 2.28 | 0.50 | 0.50 | 5.06 | 141 |
| 13.87 | (21.71) | 705990 | 1.48 | 1.48 | 0.50 | 0.50 | 6.10 | 103 |
| 19.83 | 6.84 | 406108 | 0.54 | 0.54 | 0.50 | 0.50 | 6.53 | 127 |
| 21.84 | 7.40 | 583525 | 0.60 | 0.60 | 0.50 | 0.50 | 1.28 | 271 |
| 12.13 | 2.89 | 6667 | 2.43 | 2.43 | 0.60 | 0.60 | 5.56 | 188 |
| 12.40 | (6.45) | 9121 | 2.38 | 2.38 | 0.60 | 0.60 | 4.72 | 141 |
| 13.87 | (21.79) | 11424 | 1.58 | 1.58 | 0.60 | 0.60 | 8.94 | 103 |
| 19.83 | 6.73 | 18022 | 0.64 | 0.64 | 0.60 | 0.60 | 6.70 | 127 |
| 21.84 | 7.41 | 29244 | 0.70 | 0.70 | 0.60 | 0.60 | 1.97 | 271 |
| $10.36 | 7.06% | $5551497 | 0.55% | 0.55% | 0.45% | 0.45% | 3.56% | 227% |
| 10.03 | 1.05 | 5652426 | 0.50 | 0.50 | 0.45 | 0.45 | 3.33 | 134 |
| 10.25 | (6.38) | 6773169 | 0.67 | 0.67 | 0.45 | 0.45 | 6.24 | 71 |
| 11.78 | 3.86 | 7725995 | 0.47 | 0.47 | 0.45 | 0.45 | 6.18 | 104 |
| 12.06 | 9.75 | 7164153 | 0.47 | 0.47 | 0.45 | 0.45 | 1.42 | 225 |
| 10.36 | 6.96 | 598105 | 0.65 | 0.65 | 0.55 | 0.55 | 3.45 | 227 |
| 10.03 | 0.95 | 679467 | 0.60 | 0.60 | 0.55 | 0.55 | 3.31 | 134 |
| 10.25 | (6.48) | 1085452 | 0.77 | 0.77 | 0.55 | 0.55 | 6.59 | 71 |
| 11.78 | 3.75 | 1693296 | 0.57 | 0.57 | 0.55 | 0.55 | 6.03 | 104 |
| 12.06 | 9.64 | 1202563 | 0.57 | 0.57 | 0.55 | 0.55 | 1.34 | 225 |
| 10.36 | 6.90 | 17736 | 0.70 | 0.75 | 0.60 | 0.65 | 3.52 | 227 |
| 10.03 | 0.90 | 23312 | 0.65 | 0.70 | 0.60 | 0.65 | 3.15 | 134 |
| 10.25 | (6.52) | 36048 | 0.82 | 0.87 | 0.60 | 0.65 | 6.32 | 71 |
| 11.78 | 3.70 | 47216 | 0.62 | 0.67 | 0.60 | 0.65 | 5.90 | 104 |
| 12.06 | 9.58 | 27902 | 0.62 | 0.67 | 0.60 | 0.65 | 1.47 | 225 |
| 10.36 | 6.80 | 311446 | 0.80 | 0.80 | 0.70 | 0.70 | 3.32 | 227 |
| 10.03 | 0.80 | 366693 | 0.75 | 0.75 | 0.70 | 0.70 | 2.89 | 134 |
| 10.25 | (6.62) | 316258 | 0.92 | 0.92 | 0.70 | 0.70 | 6.17 | 71 |
| 11.78 | 3.60 | 382874 | 0.72 | 0.72 | 0.70 | 0.70 | 6.29 | 104 |
| 12.06 | 9.47 | 836823 | 0.72 | 0.72 | 0.70 | 0.70 | 1.24 | 225 |
| 10.36 | 6.64 | 997486 | 0.95 | 0.95 | 0.85 | 0.85 | 3.17 | 227 |
| 10.03 | 0.65 | 1116152 | 0.90 | 0.90 | 0.85 | 0.85 | 2.94 | 134 |
| 10.25 | (6.76) | 1424744 | 1.07 | 1.07 | 0.85 | 0.85 | 6.09 | 71 |
| 11.78 | 3.44 | 1825061 | 0.87 | 0.87 | 0.85 | 0.85 | 5.76 | 104 |
| 12.06 | 9.31 | 1794767 | 0.87 | 0.87 | 0.85 | 0.85 | 0.97 | 225 |
| 10.36 | 6.11 | 35415 | 1.45 | 1.45 | 1.35 | 1.35 | 2.76 | 227 |
| 10.03 | 0.15 | 53255 | 1.40 | 1.40 | 1.35 | 1.35 | 2.57 | 134 |
| 10.25 | (7.23) | 94406 | 1.57 | 1.57 | 1.35 | 1.35 | 5.61 | 71 |
| 11.78 | 2.93 | 123275 | 1.37 | 1.37 | 1.35 | 1.35 | 5.22 | 104 |
| 12.06 | 8.75 | 74017 | 1.37 | 1.37 | 1.35 | 1.35 | 0.21 | 225 |
| 10.36 | 6.37 | 172903 | 1.20 | 1.20 | 1.10 | 1.10 | 2.90 | 227 |
| 10.03 | 0.40 | 178173 | 1.15 | 1.15 | 1.10 | 1.10 | 2.67 | 134 |
| 10.25 | (6.99) | 211686 | 1.32 | 1.32 | 1.10 | 1.10 | 5.71 | 71 |
| 11.78 | 3.19 | 247703 | 1.12 | 1.12 | 1.10 | 1.10 | 5.51 | 104 |
| 12.06 | 9.04 | 241998 | 1.12 | 1.12 | 1.10 | 1.10 | 0.73 | 225 |

---

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>7</sub> |

---

------

Financial Highlights (Cont.)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital<br>Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO RealEstateRealReturn Strategy Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $24.88 | $0.70 | $1.65 | $2.35 | $(0.60) | $0.00 | $0.00 | $(0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 23.18 | 0.47 | 1.23 | 1.70 | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023<sup>(f)</sup> | 34.08 | 1.72 | (9.37) | (7.65) | (1.64) | (1.61) | 0.00 | (3.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022<sup>(f)</sup> | 35.40 | 2.24 | 8.56 | 10.80 | (9.56) | (2.56) | 0.00 | (12.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(f)</sup> | 27.12 | 0.44 | 11.60 | 12.04 | (2.56) | (1.20) | 0.00 | (3.76) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 23.82 | 0.59 | 1.63 | 2.22 | (0.58) | 0.00 | 0.00 | (0.58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 22.22 | 0.44 | 1.16 | 1.60 | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023<sup>(f)</sup> | 32.84 | 1.80 | (9.19) | (7.39) | (1.62) | (1.61) | 0.00 | (3.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022<sup>(f)</sup> | 34.44 | 2.16 | 8.36 | 10.52 | (9.56) | (2.56) | 0.00 | (12.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(f)</sup> | 26.48 | 0.40 | 11.32 | 11.72 | (2.56) | (1.20) | 0.00 | (3.76) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 23.98 | 0.62 | 1.62 | 2.24 | (0.56) | 0.00 | 0.00 | (0.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 22.39 | 0.44 | 1.15 | 1.59 | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023<sup>(f)</sup> | 33.04 | 2.12 | (9.56) | (7.44) | (1.60) | (1.61) | 0.00 | (3.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022<sup>(f)</sup> | 34.64 | 1.80 | 8.72 | 10.52 | (9.56) | (2.56) | 0.00 | (12.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(f)</sup> | 26.56 | 0.56 | 11.24 | 11.80 | (2.52) | (1.20) | 0.00 | (3.72) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 20.02 | 0.47 | 1.33 | 1.80 | (0.52) | 0.00 | 0.00 | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 18.73 | 0.29 | 1.00 | 1.29 | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023<sup>(f)</sup> | 28.36 | 1.32 | (7.76) | (6.44) | (1.58) | (1.61) | 0.00 | (3.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022<sup>(f)</sup> | 31.08 | 1.84 | 7.48 | 9.32 | (9.48) | (2.56) | 0.00 | (12.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(f)</sup> | 24.20 | 0.28 | 10.28 | 10.56 | (2.48) | (1.20) | 0.00 | (3.68) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 13.83 | 0.21 | 0.92 | 1.13 | (0.45) | 0.00 | 0.00 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 13.04 | 0.13 | 0.66 | 0.79 | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023<sup>(f)</sup> | 21.04 | 0.94 | (5.82) | (4.88) | (1.51) | (1.61) | 0.00 | (3.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022<sup>(f)</sup> | 25.56 | 1.24 | 6.16 | 7.40 | (9.36) | (2.56) | 0.00 | (11.92) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(f)</sup> | 20.40 | 0.04 | 8.56 | 8.60 | (2.24) | (1.20) | 0.00 | (3.44) |
|  **PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund (Consolidated)** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $7.11 | $0.25 | $0.03 | $0.28 | $(0.55) | $0.00 | $0.00 | $(0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 6.60 | 0.26 | 0.42 | 0.68 | (0.17) | 0.00 | 0.00 | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.27 | 0.18 | (0.61) | (0.43) | (2.23) | (0.01) | 0.00 | (2.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.26 | 0.01 | 4.55 | 4.56 | (6.55) | 0.00 | 0.00 | (6.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(g)</sup> | 6.58 | 0.01 | 4.71 | 4.72 | (0.04) | 0.00 | 0.00 | (0.04) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.00 | 0.24 | 0.03 | 0.27 | (0.55) | 0.00 | 0.00 | (0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 6.50 | 0.25 | 0.41 | 0.66 | (0.16) | 0.00 | 0.00 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.16 | 0.16 | (0.59) | (0.43) | (2.22) | (0.01) | 0.00 | (2.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.19 | 0.00 | 4.51 | 4.51 | (6.54) | 0.00 | 0.00 | (6.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(g)</sup> | 6.54 | (0.01) | 4.70 | 4.69 | (0.04) | 0.00 | 0.00 | (0.04) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 6.97 | 0.24 | 0.03 | 0.27 | (0.55) | 0.00 | 0.00 | (0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 6.48 | 0.25 | 0.40 | 0.65 | (0.16) | 0.00 | 0.00 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.13 | 0.15 | (0.57) | (0.42) | (2.22) | (0.01) | 0.00 | (2.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.17 | 0.00 | 4.50 | 4.50 | (6.54) | 0.00 | 0.00 | (6.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(g)</sup> | 6.54 | (0.01) | 4.67 | 4.66 | (0.03) | 0.00 | 0.00 | (0.03) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 6.75 | 0.21 | 0.03 | 0.24 | (0.53) | 0.00 | 0.00 | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 6.28 | 0.22 | 0.39 | 0.61 | (0.14) | 0.00 | 0.00 | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.92 | 0.14 | (0.57) | (0.43) | (2.20) | (0.01) | 0.00 | (2.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.06 | (0.03) | 4.41 | 4.38 | (6.52) | 0.00 | 0.00 | (6.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(g)</sup> | 6.48 | (0.04) | 4.64 | 4.60 | (0.02) | 0.00 | 0.00 | (0.02) |

---

---

| | | |
|:---|:---|:---|
| **8** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data |
| | | | Ratios to Average Net Assets<sup>(i)</sup> | Ratios to Average Net Assets<sup>(i)</sup> | Ratios to Average Net Assets<sup>(i)</sup> | Ratios to Average Net Assets<sup>(i)</sup> | Ratios to Average Net Assets<sup>(i)</sup> | |
| Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup> | Total Return<sup>(d)</sup> | Net Assets<br>End of Year<br>or Period<br>(000s) | Expenses | Expenses<br>Excluding<br>Waivers | Expenses<br>Excluding<br>Interest<br>Expense | Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers | Net<br>Investment<br>Income (Loss) | Portfolio<br>Turnover<br>Rate |
| $26.63 | 9.49% | $390808 | 5.49% | 5.49% | 0.74% | 0.74% | 2.70% | 165% |
| 24.88 | 7.33 | 403131 | 6.09 | 6.09 | 0.74 | 0.74 | 2.05 | 112 |
| 23.18 | (22.64) | 518027 | 3.11 | 3.11 | 0.74 | 0.74 | 6.41 | 84 |
| 34.08 | 31.78 | 984649 | 0.79 | 0.79 | 0.74 | 0.74 | 6.05 | 148 |
| 35.40 | 46.42 | 1117020 | 0.85 | 0.85 | 0.74 | 0.74 | 1.35 | 264 |
| 25.46 | 9.38 | 14552 | 5.59 | 5.59 | 0.84 | 0.84 | 2.37 | 165 |
| 23.82 | 7.20 | 17019 | 6.14 <sup>(h)</sup> | 6.14 <sup>(h)</sup> | 0.84 <sup>(h)</sup> | 0.84 <sup>(h)</sup> | 2.02 | 112 |
| 22.22 | (22.71) | 47894 | 3.14 <sup>(h)</sup> | 3.14 <sup>(h)</sup> | 0.84 <sup>(h)</sup> | 0.84 <sup>(h)</sup> | 6.90 | 84 |
| 32.84 | 31.80 | 75810 | 0.89 | 0.89 | 0.84 | 0.84 | 5.97 | 148 |
| 34.44 | 46.22 | 33838 | 0.95 | 0.95 | 0.84 | 0.84 | 1.28 | 264 |
| 25.66 | 9.39 | 1127 | 5.64 | 5.69 | 0.89 | 0.94 | 2.46 | 165 |
| 23.98 | 7.10 | 1596 | 6.19 <sup>(g)(h)</sup> | 6.24 <sup>(h)</sup> | 0.89 <sup>(h)</sup> | 0.94 <sup>(h)</sup> | 2.00 | 112 |
| 22.39 | (22.73) | 3198 | 2.88 <sup>(g)(h)</sup> | 2.93 <sup>(h)</sup> | 0.89 <sup>(h)</sup> | 0.94 <sup>(h)</sup> | 7.88 | 84 |
| 33.04 | 31.63 | 10131 | 0.94 | 0.99 | 0.89 | 0.94 | 5.17 | 148 |
| 34.64 | 46.37 | 628 | 1.00 | 1.05 | 0.89 | 0.94 | 1.81 | 264 |
| 21.30 | 9.08 | 90568 | 5.89 | 5.89 | 1.14 | 1.14 | 2.22 | 165 |
| 20.02 | 6.89 | 103478 | 6.49 | 6.49 | 1.14 | 1.14 | 1.58 | 112 |
| 18.73 | (22.94) | 129480 | 3.63 <sup>(h)</sup> | 3.63 <sup>(h)</sup> | 1.14 <sup>(h)</sup> | 1.14 <sup>(h)</sup> | 5.98 | 84 |
| 28.36 | 31.30 | 196578 | 1.19 | 1.19 | 1.14 | 1.14 | 5.77 | 148 |
| 31.08 | 45.77 | 141312 | 1.25 | 1.25 | 1.14 | 1.14 | 0.98 | 264 |
| 14.51 | 8.28 | 3227 | 6.64 | 6.64 | 1.89 | 1.89 | 1.47 | 165 |
| 13.83 | 6.06 | 4962 | 7.24 | 7.24 | 1.89 | 1.89 | 1.04 | 112 |
| 13.04 | (23.53) | 9171 | 4.19 <sup>(h)</sup> | 4.19 <sup>(h)</sup> | 1.89 <sup>(h)</sup> | 1.89 <sup>(h)</sup> | 5.78 | 84 |
| 21.04 | 30.36 | 20310 | 1.94 | 1.94 | 1.89 | 1.89 | 4.95 | 148 |
| 25.56 | 44.54 | 14835 | 2.00 | 2.00 | 1.89 | 1.89 | 0.10 | 264 |
| $6.84 | 4.47% | $2074925 | 0.82% | 0.98% | 0.74% | 0.90% | 3.69% | 201% |
| 7.11 | 10.39 | 2169504 | 0.83 | 1.00 | 0.74 | 0.91 | 3.88 | 224 |
| 6.60 | (6.32) | 2084477 | 0.81 | 0.98 | 0.74 | 0.91 | 2.32 | 247 |
| 9.27 | 61.83 | 1795422 | 0.73 | 0.94 | 0.73 | 0.94 | 0.09 | 556 |
| 11.26 | 71.97 | 1394694 | 0.74 | 0.97 | 0.74 | 0.97 | 0.08 | 560 |
| 6.72 | 4.31 | 2437546 | 0.92 | 1.08 | 0.84 | 1.00 | 3.58 | 201 |
| 7.00 | 10.30 | 2056782 | 0.93 | 1.10 | 0.84 | 1.01 | 3.79 | 224 |
| 6.50 | (6.39) | 1678525 | 0.91 | 1.08 | 0.84 | 1.01 | 2.08 | 247 |
| 9.16 | 61.76 | 2148453 | 0.83 | 1.04 | 0.83 | 1.04 | (0.01) | 556 |
| 11.19 | 71.87 | 1125181 | 0.84 | 1.07 | 0.84 | 1.07 | (0.06) | 560 |
| 6.69 | 4.28 | 29920 | 0.97 | 1.18 | 0.89 | 1.10 | 3.51 | 201 |
| 6.97 | 10.16 | 20718 | 0.98 | 1.20 | 0.89 | 1.11 | 3.77 | 224 |
| 6.48 | (6.37) | 12368 | 0.96 | 1.18 | 0.89 | 1.11 | 1.90 | 247 |
| 9.13 | 61.64 | 34626 | 0.88 | 1.14 | 0.88 | 1.14 | (0.04) | 556 |
| 11.17 | 71.47 | 22592 | 0.89 | 1.17 | 0.89 | 1.17 | (0.10) | 560 |
| 6.46 | 3.96 | 130549 | 1.27 | 1.43 | 1.19 | 1.35 | 3.25 | 201 |
| 6.75 | 9.84 | 121855 | 1.28 | 1.45 | 1.19 | 1.36 | 3.42 | 224 |
| 6.28 | (6.61) | 122821 | 1.26 | 1.43 | 1.19 | 1.36 | 1.80 | 247 |
| 8.92 | 60.97 | 131570 | 1.18 | 1.39 | 1.18 | 1.39 | (0.36) | 556 |
| 11.06 | 71.06 | 92269 | 1.19 | 1.42 | 1.19 | 1.42 | (0.40) | 560 |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>9</sub> |

---

------

Financial Highlights (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital<br>Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund (Consolidated) (Cont.)** |  |  |  |  |  |  |  |  |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $5.72 | $0.14 | $0.01 | $0.15 | $(0.49) | $0.00 | $0.00 | $(0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 5.34 | 0.15 | 0.34 | 0.49 | (0.11) | 0.00 | 0.00 | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 7.93 | 0.07 | (0.49) | (0.42) | (2.16) | (0.01) | 0.00 | (2.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.48 | (0.08) | 4.03 | 3.95 | (6.50) | 0.00 | 0.00 | (6.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(g)</sup> | 6.16 | (0.09) | 4.41 | 4.32 | 0.00 | 0.00 | 0.00 | 0.00 |
|  **PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> (Consolidated)** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $13.16 | $0.60 | $1.11 | $1.71 | $(0.39) | $0.00 | $0.00 | $(0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 13.43 | 0.37 | (0.53) | (0.16) | (0.11) | 0.00 | 0.00 | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023<sup>(e)</sup> | 22.26 | 0.91 | (3.79) | (2.88) | (5.95) | 0.00 | 0.00 | (5.95) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022<sup>(e)</sup> | 19.26 | 0.90 | 7.89 | 8.79 | (5.79) | 0.00 | 0.00 | (5.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(e)</sup> | 12.78 | 0.18 | 6.51 | 6.69 | (0.21) | 0.00 | 0.00 | (0.21) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 13.05 | 0.55 | 1.13 | 1.68 | (0.38) | 0.00 | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 13.32 | 0.36 | (0.53) | (0.17) | (0.10) | 0.00 | 0.00 | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023<sup>(e)</sup> | 22.14 | 0.93 | (3.81) | (2.88) | (5.94) | 0.00 | 0.00 | (5.94) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022<sup>(e)</sup> | 19.17 | 0.87 | 7.86 | 8.73 | (5.76) | 0.00 | 0.00 | (5.76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(e)</sup> | 12.75 | 0.18 | 6.45 | 6.63 | (0.21) | 0.00 | 0.00 | (0.21) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 13.05 | 0.53 | 1.15 | 1.68 | (0.37) | 0.00 | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 13.32 | 0.35 | (0.52) | (0.17) | (0.10) | 0.00 | 0.00 | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023<sup>(e)</sup> | 22.14 | 0.91 | (3.80) | (2.89) | (5.93) | 0.00 | 0.00 | (5.93) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022<sup>(e)</sup> | 19.20 | 0.96 | 7.74 | 8.70 | (5.76) | 0.00 | 0.00 | (5.76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(e)</sup> | 12.75 | 0.18 | 6.48 | 6.66 | (0.21) | 0.00 | 0.00 | (0.21) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 12.57 | 0.50 | 1.10 | 1.60 | (0.36) | 0.00 | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 12.84 | 0.31 | (0.49) | (0.18) | (0.09) | 0.00 | 0.00 | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023<sup>(e)</sup> | 21.57 | 0.77 | (3.58) | (2.81) | (5.92) | 0.00 | 0.00 | (5.92) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022<sup>(e)</sup> | 18.81 | 0.90 | 7.59 | 8.49 | (5.73) | 0.00 | 0.00 | (5.73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(e)</sup> | 12.51 | 0.15 | 6.36 | 6.51 | (0.21) | 0.00 | 0.00 | (0.21) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 12.41 | 0.48 | 1.08 | 1.56 | (0.34) | 0.00 | 0.00 | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 12.69 | 0.29 | (0.49) | (0.20) | (0.08) | 0.00 | 0.00 | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023<sup>(e)</sup> | 21.39 | 0.79 | (3.61) | (2.82) | (5.88) | 0.00 | 0.00 | (5.88) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022<sup>(e)</sup> | 18.72 | 0.78 | 7.59 | 8.37 | (5.70) | 0.00 | 0.00 | (5.70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(e)</sup> | 12.42 | 0.09 | 6.39 | 6.48 | (0.18) | 0.00 | 0.00 | (0.18) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.92 | 0.34 | 0.94 | 1.28 | (0.26) | 0.00 | 0.00 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 11.25 | 0.19 | (0.46) | (0.27) | (0.06) | 0.00 | 0.00 | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023<sup>(e)</sup> | 19.68 | 0.59 | (3.24) | (2.65) | (5.78) | 0.00 | 0.00 | (5.78) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022<sup>(e)</sup> | 17.61 | 0.60 | 7.08 | 7.68 | (5.61) | 0.00 | 0.00 | (5.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(e)</sup> | 11.76 | (0.03) | 5.97 | 5.94 | (0.09) | 0.00 | 0.00 | (0.09) |
| Class R |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 11.76 | 0.42 | 1.02 | 1.44 | (0.31) | 0.00 | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 12.05 | 0.26 | (0.47) | (0.21) | (0.08) | 0.00 | 0.00 | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023<sup>(e)</sup> | 20.64 | 0.67 | (3.41) | (2.74) | (5.85) | 0.00 | 0.00 | (5.85) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022<sup>(e)</sup> | 18.24 | 0.72 | 7.35 | 8.07 | (5.67) | 0.00 | 0.00 | (5.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(e)</sup> | 12.12 | 0.06 | 6.21 | 6.27 | (0.15) | 0.00 | 0.00 | (0.15) |
|  **PIMCO Inflation Response Multi-Asset Fund (Consolidated)** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $8.20 | $0.22 | $0.55 | $0.77 | $(0.31) | $0.00 | $0.00 | $(0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.65 | 0.17 | 0.40 | 0.57 | (0.02) | 0.00 | 0.00 | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.17 | 0.34 | (0.94) | (0.60) | (0.88) | (0.04) | 0.00 | (0.92) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.98 | 0.32 | 1.03 | 1.35 | (1.16) | 0.00 | 0.00 | (1.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 7.27 | 0.10 | 1.68 | 1.78 | (0.07) | 0.00 | 0.00 | (0.07) |

---

---

| | | |
|:---|:---|:---|
| **10** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(i)</sup>** | **Ratios to Average Net Assets<sup>(i)</sup>** | **Ratios to Average Net Assets<sup>(i)</sup>** | **Ratios to Average Net Assets<sup>(i)</sup>** | **Ratios to Average Net Assets<sup>(i)</sup>** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year<br>or Period<br>(000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |  |  |  |  |  |  |  |  |
| $5.38 | 3.14% | $11209 | 2.02% | 2.18% | 1.94% | 2.10% | 2.50% | 201% |
| 5.72 | 9.25 | 12851 | 2.03 | 2.20 | 1.94 | 2.11 | 2.67 | 224 |
| 5.34 | (7.44) | 14296 | 2.01 | 2.18 | 1.94 | 2.11 | 1.04 | 247 |
| 7.93 | 59.80 | 15780 | 1.93 | 2.14 | 1.93 | 2.14 | (1.09) | 556 |
| 10.48 | 70.23 | 4976 | 1.94 | 2.17 | 1.94 | 2.17 | (1.14) | 560 |
| $14.48 | 13.27% | $2192325 | 0.90% | 0.98% | 0.74% | 0.82% | 4.47% | 268% |
| 13.16 | (1.16) | 3606301 | 1.00 | 1.07 | 0.74 | 0.81 | 2.80 | 172 |
| 13.43 | (16.05) | 4165112 | 0.99 | 1.05 | 0.74 | 0.80 | 5.09 | 77 |
| 22.26 | 52.80 | 6756668 | 0.75 | 0.87 | 0.73 | 0.85 | 4.48 | 120 |
| 19.26 | 52.89 | 2361604 | 0.82 | 0.99 | 0.74 | 0.91 | 1.16 | 260 |
| 14.35 | 13.15 | 1091523 | 1.00 | 1.08 | 0.84 | 0.92 | 4.09 | 268 |
| 13.05 | (1.28) | 1002812 | 1.10 | 1.17 | 0.84 | 0.91 | 2.75 | 172 |
| 13.32 | (16.17) | 1285827 | 1.09 | 1.15 | 0.84 | 0.90 | 5.20 | 77 |
| 22.14 | 52.78 | 2363782 | 0.85 | 0.97 | 0.83 | 0.95 | 4.47 | 120 |
| 19.17 | 52.47 | 1526009 | 0.92 | 1.09 | 0.84 | 1.01 | 1.03 | 260 |
| 14.36 | 13.17 | 49180 | 1.05 | 1.18 | 0.89 | 1.02 | 3.97 | 268 |
| 13.05 | (1.30) | 44250 | 1.15 | 1.27 | 0.89 | 1.01 | 2.68 | 172 |
| 13.32 | (16.24) | 53447 | 1.14 | 1.25 | 0.89 | 1.00 | 5.09 | 77 |
| 22.14 | 52.53 | 90359 | 0.90 | 1.07 | 0.88 | 1.05 | 4.77 | 120 |
| 19.20 | 52.67 | 21505 | 0.97 | 1.19 | 0.89 | 1.11 | 1.08 | 260 |
| 13.81 | 13.04 | 129900 | 1.15 | 1.23 | 0.99 | 1.07 | 3.93 | 268 |
| 12.57 | (1.39) | 105029 | 1.25 | 1.32 | 0.99 | 1.06 | 2.51 | 172 |
| 12.84 | (16.31) | 108233 | 1.24 | 1.30 | 0.99 | 1.05 | 4.56 | 77 |
| 21.57 | 52.42 | 119491 | 1.00 | 1.12 | 0.98 | 1.10 | 4.67 | 120 |
| 18.81 | 52.42 | 143402 | 1.07 | 1.24 | 0.99 | 1.16 | 0.82 | 260 |
| 13.63 | 12.81 | 222318 | 1.35 | 1.43 | 1.19 | 1.27 | 3.77 | 268 |
| 12.41 | (1.57) | 254986 | 1.45 | 1.52 | 1.19 | 1.26 | 2.38 | 172 |
| 12.69 | (16.47) | 326255 | 1.44 | 1.50 | 1.19 | 1.25 | 4.63 | 77 |
| 21.39 | 51.98 | 500794 | 1.20 | 1.32 | 1.18 | 1.30 | 4.10 | 120 |
| 18.72 | 52.49 | 263343 | 1.27 | 1.44 | 1.19 | 1.36 | 0.64 | 260 |
| 11.94 | 11.98 | 29572 | 2.10 | 2.18 | 1.94 | 2.02 | 3.07 | 268 |
| 10.92 | (2.35) | 35836 | 2.20 | 2.27 | 1.94 | 2.01 | 1.70 | 172 |
| 11.25 | (17.10) | 57276 | 2.19 | 2.25 | 1.94 | 2.00 | 3.85 | 77 |
| 19.68 | 51.10 | 82601 | 1.95 | 2.07 | 1.93 | 2.05 | 3.36 | 120 |
| 17.61 | 50.90 | 24089 | 2.02 | 2.19 | 1.94 | 2.11 | (0.13) | 260 |
| 12.89 | 12.52 | 31133 | 1.60 | 1.68 | 1.44 | 1.52 | 3.53 | 268 |
| 11.76 | (1.77) | 32975 | 1.70 | 1.77 | 1.44 | 1.51 | 2.18 | 172 |
| 12.05 | (16.70) | 46419 | 1.69 | 1.75 | 1.44 | 1.50 | 4.19 | 77 |
| 20.64 | 51.58 | 54428 | 1.45 | 1.57 | 1.43 | 1.55 | 3.89 | 120 |
| 18.24 | 52.07 | 28868 | 1.52 | 1.69 | 1.44 | 1.61 | 0.39 | 260 |
| $8.66 | 9.65% | $1724056 | 1.84% | 2.10% | 0.63% | 0.89% | 2.64% | 322% |
| 8.20 | 7.39 | 1672893 | 1.89 | 2.11 | 0.64 | 0.86 | 2.24 | 219 |
| 7.65 | (6.62) | 1799484 | 0.78 | 0.94 | 0.66 | 0.82 | 4.11 | 130 |
| 9.17 | 15.64 | 2253027 | 0.65 | 0.82 | 0.64 | 0.81 | 3.48 | 211 |
| 8.98 | 24.55 | 1376552 | 0.66 | 0.86 | 0.62 | 0.82 | 1.17 | 394 |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>11</sub> |

---

------

Financial Highlights (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital<br>Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO Inflation Response Multi-Asset Fund (Consolidated) (Cont.)** |  |  |  |  |  |  |  |  |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $8.19 | $0.22 | $0.54 | $0.76 | $(0.30) | $0.00 | $0.00 | $(0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.63 | 0.18 | 0.38 | 0.56 | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.16 | 0.35 | (0.97) | (0.62) | (0.87) | (0.04) | 0.00 | (0.91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.97 | 0.31 | 1.04 | 1.35 | (1.16) | 0.00 | 0.00 | (1.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 7.27 | 0.09 | 1.68 | 1.77 | (0.07) | 0.00 | 0.00 | (0.07) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.18 | 0.20 | 0.56 | 0.76 | (0.30) | 0.00 | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.64 | 0.11 | 0.45 | 0.56 | (0.02) | 0.00 | 0.00 | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/2022 - 03/31/2023 | 7.99 | 0.11 | (0.01) | 0.10 | (0.41) | (0.04) | 0.00 | (0.45) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.01 | 0.19 | 0.52 | 0.71 | (0.27) | 0.00 | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.49 | 0.15 | 0.37 | 0.52 | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.01 | 0.31 | (0.95) | (0.64) | (0.84) | (0.04) | 0.00 | (0.88) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.85 | 0.27 | 1.03 | 1.30 | (1.14) | 0.00 | 0.00 | (1.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 7.18 | 0.07 | 1.65 | 1.72 | (0.05) | 0.00 | 0.00 | (0.05) |

---

---

| | |
|:---|:---|
| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

---

\* Annualized, except for organizational expense, if any.

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year or period. 

<sup>(c)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

<sup>(d)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds. Additionally, excludes initial sales charges and contingent deferred sales charges.

<sup>(e)</sup> A one for three reverse share split, effective March 24, 2023, has been retroactively applied.

<sup>(f)</sup> A one for four reverse share split, effective March 24, 2023, has been retroactively applied.

<sup>(g)</sup> A one for two reverse share split, effective March 26, 2021, has been retroactively applied.

<sup>(h)</sup> Expense ratio as presented is calculated based on average net assets for the period presented. Due to significant fluctuations in total net assets during the period, the expense ratio to average net assets differs from the total operating expense ratio in effect for each class. See Note 9, Fees and Expenses, in the Notes to Financial Statements for additional information on how the Fund's expenses are calculated. 

<sup>(i)</sup> Ratios shown do not include expenses of the investment companies in which a Fund may invest. See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information regarding the expenses and any applicable fee waivers associated with these investments.

---

| | | |
|:---|:---|:---|
| **12** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(i)</sup>** | **Ratios to Average Net Assets<sup>(i)</sup>** | **Ratios to Average Net Assets<sup>(i)</sup>** | **Ratios to Average Net Assets<sup>(i)</sup>** | **Ratios to Average Net Assets<sup>(i)</sup>** | **Ratios to Average Net Assets<sup>(i)</sup>** | **Ratios to Average Net Assets<sup>(i)</sup>** | **Ratios to Average Net Assets<sup>(i)</sup>** | **Ratios to Average Net Assets<sup>(i)</sup>** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year<br>or Period<br>(000s)** | **Expenses** |  | **Expenses<br>Excluding<br>Waivers** |  | **Expenses<br>Excluding<br>Interest<br>Expense** |  | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** |  | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |  |  |  |  |  |  |  |  |  |  |  |  |
| $8.65 | 9.53% | $51849 | 1.94 | % | 2.20 | % | 0.73 | % | 0.99 | % | 2.70% | 322% |
| 8.19 | 7.38 | 79872 | 1.93 | <sup>(h)</sup> | 2.15 | <sup>(h)</sup> | 0.74 | <sup>(h)</sup> | 0.96 | <sup>(h)</sup> | 2.37 | 219 |
| 7.63 | (6.84) | 188597 | 0.88 |  | 1.04 |  | 0.76 |  | 0.92 |  | 4.27 | 130 |
| 9.16 | 15.63 | 300570 | 0.75 |  | 0.92 |  | 0.74 |  | 0.91 |  | 3.38 | 211 |
| 8.97 | 24.37 | 43100 | 0.76 |  | 0.96 |  | 0.72 |  | 0.92 |  | 1.06 | 394 |
| 8.64 | 9.55 | 16701 | 1.99 |  | 2.30 |  | 0.78 |  | 1.09 |  | 2.36 | 322 |
| 8.18 | 7.31 | 7087 | 2.18 | <sup>(h)</sup> | 2.45 | <sup>(h)</sup> | 0.79 | <sup>(h)</sup> | 1.06 | <sup>(h)</sup> | 1.35 | 219 |
| 7.64 | 1.32 | 399 | 1.20 | <sup>(h)</sup>\* | 1.41 | <sup>(h)</sup>\* | 0.81 | <sup>(h)</sup>\* | 1.02 | <sup>(h)</sup>\* | 2.76 \* | 130 |
| 8.45 | 9.14 | 27222 | 2.29 |  | 2.55 |  | 1.08 |  | 1.34 |  | 2.28 | 322 |
| 8.01 | 6.94 | 37440 | 2.34 |  | 2.56 |  | 1.09 |  | 1.31 |  | 1.92 | 219 |
| 7.49 | (7.13) | 66937 | 1.23 |  | 1.39 |  | 1.11 |  | 1.27 |  | 3.84 | 130 |
| 9.01 | 15.21 | 92252 | 1.10 |  | 1.27 |  | 1.09 |  | 1.26 |  | 3.02 | 211 |
| 8.85 | 23.96 | 10686 | 1.11 |  | 1.31 |  | 1.07 |  | 1.27 |  | 0.79 | 394 |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>13</sub> |

---

------

Statements of Assets and Liabilities

---

| | | | |
|:---|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | **PIMCO**<br>**Long-Term<br>Real Return<br>Fund** | **PIMCO Real<br>Return Fund** | **PIMCO<br>RealEstateRealReturn<br>Strategy Fund** |
|  **Assets:** |  |  |  |
|  *Investments, at value* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | $585363 | $9431792 | $951884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 47 | 11409 | 2022 |
|  *Financial Derivative Instruments* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 579 | 11030 | 937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 818 | 38849 | 1237 |
|  Cash | 2 | 0 | 2 |
|  Deposits with counterparty | 1450 | 7092 | 5474 |
|  Foreign currency, at value | 1739 | 12317 | 1846 |
|  Receivable for investments sold | 6 | 129940 | 58292 |
|  Receivable for investments sold on a delayed-delivery basis | 965 | 13221 | 995 |
|  Receivable for TBA investments sold | 71960 | 1672750 | 98301 |
|  Receivable for Fund shares sold | 43 | 13197 | 24 |
|  Interest and/or dividends receivable | 1151 | 28614 | 3416 |
|  Dividends receivable from Affiliates | 2 | 217 | 29 |
|  Reimbursement receivable from PIMCO | 0 | 1 | 0 |
|  **Total Assets** | 664125 | 11370429 | 1124459 |
|  **Liabilities:** |  |  |  |
|  *Borrowings & Other Financing Transactions* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $132635 | $771669 | $448893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 0 | 44135 | 0 |
|  *Financial Derivative Instruments* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 606 | 11457 | 1019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 2257 | 43823 | 4500 |
|  Payable for investments purchased | 0 | 5881 | 11122 |
|  Payable for investments in Affiliates purchased | 2 | 248 | 32 |
|  Payable for TBA investments purchased | 116403 | 2673977 | 155629 |
|  Deposits from counterparty | 791 | 54548 | 1633 |
|  Payable for Fund shares redeemed | 972 | 71573 | 1026 |
|  Distributions payable | 1 | 3359 | 0 |
|  Overdraft due to custodian | 0 | 1909 | 0 |
|  Accrued investment advisory fees | 79 | 1512 | 192 |
|  Accrued supervisory and administrative fees | 80 | 1405 | 111 |
|  Accrued distribution fees | 0 | 108 | 2 |
|  Accrued servicing fees | 0 | 237 | 18 |
|  **Total Liabilities** | 253826 | 3685841 | 624177 |
|  **Commitments and Contingent Liabilities<sup>^</sup>** |  |  |  |
|  **Net Assets** | $410299 | $7684588 | $500282 |
|  **Net Assets Consist of:** |  |  |  |
|  Paid in capital | $636362 | $8945782 | $554698 |
|  Distributable earnings (accumulated loss) | (226063) | (1261194) | (54416) |
|  **Net Assets** | $410299 | $7684588 | $500282 |
|  Cost of investments in securities | $626081 | $10014218 | $938484 |
|  Cost of investments in Affiliates | $47 | $11409 | $2022 |
|  Cost of foreign currency held | $1742 | $12345 | $1836 |
|  Proceeds received on short sales | $0 | $43883 | $0 |
|  Cost or premiums of financial derivative instruments, net | $(1509) | $(33299) | $(1841) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>^</sup> See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **PIMCO**<br> **Long-Term<br>Real Return<br>Fund** | **PIMCO Real<br>Return Fund** | **PIMCO<br>RealEstateRealReturn<br>Strategy Fund** |
|  **Net Assets:** |  |  |  |
|  Institutional Class | $403632 | $5551497 | $390808 |
|  I-2 | 6667 | 598105 | 14552 |
|  I-3 | N/A | 17736 | 1127 |
|  Administrative Class | N/A | 311446 | N/A |
|  Class A | N/A | 997486 | 90568 |
|  Class C | N/A | 35415 | 3227 |
|  Class R | N/A | 172903 | N/A |
|  **Shares Issued and Outstanding:** |  |  |  |
|  Institutional Class | 33277 | 535908 | 14674 |
|  I-2 | 550 | 57738 | 572 |
|  I-3 | N/A | 1712 | 44 |
|  Administrative Class | N/A | 30065 | N/A |
|  Class A | N/A | 96291 | 4252 |
|  Class C | N/A | 3419 | 222 |
|  Class R | N/A | 16691 | N/A |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |  |  |
|  Institutional Class | $12.13 | $10.36 | $26.63 |
|  I-2 | 12.13 | 10.36 | 25.46 |
|  I-3 | N/A | 10.36 | 25.66 |
|  Administrative Class | N/A | 10.36 | N/A |
|  Class A | N/A | 10.36 | 21.30 |
|  Class C | N/A | 10.36 | 14.51 |
|  Class R | N/A | 10.36 | N/A |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **15** |

---

------

Consolidated Statements of Assets and Liabilities

---

| | | | |
|:---|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | **PIMCO<br>CommoditiesPLUS<sup>®</sup>**<br> **Strategy Fund** | **PIMCO<br>CommodityRealReturn**<br> **Strategy Fund<sup>®</sup>** | **PIMCO**<br> **Inflation Response**<br> **Multi-Asset Fund** |
|  **Assets:** |  |  |  |
|  *Investments, at value* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $5310519 | $4638676 | $2543745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 247860 | 302588 | 180284 |
|  *Financial Derivative Instruments* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 26506 | 13395 | 8270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 95558 | 81099 | 9577 |
|  Cash | 1388 | 542 | 540 |
|  Deposits with counterparty | 42678 | 9273 | 9127 |
|  Foreign currency, at value | 1515 | 8985 | 9708 |
|  Receivable for investments sold | 253 | 306 | 25948 |
|  Receivable for investments sold on a delayed-delivery basis | 1394 | 8010 | 24871 |
|  Receivable for TBA investments sold | 618204 | 759938 | 651166 |
|  Receivable for Fund shares sold | 5262 | 2502 | 4734 |
|  Interest and/or dividends receivable | 16383 | 12298 | 4710 |
|  Dividends receivable from Affiliates | 951 | 680 | 716 |
|  Reimbursement receivable from PIMCO | 586 | 256 | 400 |
|  Other assets | 0 | 0 | 62 |
|  **Total Assets** | 6369057 | 5838548 | 3473858 |
|  **Liabilities:** |  |  |  |
|  *Borrowings & Other Financing Transactions* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $0 | $596541 | $331246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for sale-buyback transactions | 0 | 0 | 239479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 129723 | 0 | 26048 |
|  *Financial Derivative Instruments* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 36278 | 13076 | 9531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 14987 | 27629 | 16497 |
|  Payable for investments purchased | 742306 | 136991 | 25567 |
|  Payable for investments in Affiliates purchased | 983 | 709 | 743 |
|  Payable for investments purchased on a delayed-delivery basis | 351 | 355 | 188 |
|  Payable for TBA investments purchased | 710675 | 1257700 | 988975 |
|  Deposits from counterparty | 42869 | 51284 | 12181 |
|  Payable for Fund shares redeemed | 3201 | 5655 | 2287 |
|  Accrued investment advisory fees | 2204 | 1611 | 833 |
|  Accrued supervisory and administrative fees | 1297 | 940 | 450 |
|  Accrued distribution fees | 6 | 49 | 0 |
|  Accrued servicing fees | 28 | 56 | 5 |
|  Other liabilities | 0 | 1 | 0 |
|  **Total Liabilities** | 1684908 | 2092597 | 1654030 |
|  **Commitments and Contingent Liabilities<sup>^</sup>** |  |  |  |
|  **Net Assets** | $4684149 | $3745951 | $1819828 |
|  **Net Assets Consist of:** |  |  |  |
|  Paid in capital | $4480142 | $4661476 | $1802722 |
|  Distributable earnings (accumulated loss) | 204007 | (915525) | 17106 |
|  **Net Assets** | $4684149 | $3745951 | $1819828 |
|  Cost of investments in securities | $4992774 | $4683122 | $2420355 |
|  Cost of investments in Affiliates | $250371 | $302614 | $200516 |
|  Cost of foreign currency held | $953 | $9000 | $9686 |
|  Proceeds received on short sales | $129642 | $0 | $25632 |
|  Cost or premiums of financial derivative instruments, net | $545 | $(20435) | $(12607) |
|  \* Includes repurchase agreements of: | $2043356 | $253675 | $47494 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>^</sup> See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **PIMCO<br>CommoditiesPLUS<sup>®</sup>**<br> **Strategy Fund** | **PIMCO<br>CommodityRealReturn<br>Strategy Fund<sup>®</sup>** | **PIMCO**<br> **Inflation Response<br>Multi-Asset Fund** |
|  **Net Assets:** |  |  |  |
|  Institutional Class | $2074925 | $2192325 | $1724056 |
|  I-2 | 2437546 | 1091523 | 51849 |
|  I-3 | 29920 | 49180 | 16701 |
|  Administrative Class | N/A | 129900 | N/A |
|  Class A | 130549 | 222318 | 27222 |
|  Class C | 11209 | 29572 | N/A |
|  Class R | N/A | 31133 | N/A |
|  **Shares Issued and Outstanding:** |  |  |  |
|  Institutional Class | 303507 | 151384 | 199173 |
|  I-2 | 362994 | 76040 | 5994 |
|  I-3 | 4472 | 3426 | 1934 |
|  Administrative Class | N/A | 9407 | N/A |
|  Class A | 20216 | 16312 | 3220 |
|  Class C | 2085 | 2477 | N/A |
|  Class R | N/A | 2416 | N/A |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |  |  |
|  Institutional Class | $6.84 | $14.48 | $8.66 |
|  I-2 | 6.72 | 14.35 | 8.65 |
|  I-3 | 6.69 | 14.36 | 8.64 |
|  Administrative Class | N/A | 13.81 | N/A |
|  Class A | 6.46 | 13.63 | 8.45 |
|  Class C | 5.38 | 11.94 | N/A |
|  Class R | N/A | 12.89 | N/A |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **17** |

---

------

Statements of Operations

---

| | | | |
|:---|:---|:---|:---|
| Year Ended March 31, 2025 | Year Ended March 31, 2025 | Year Ended March 31, 2025 | Year Ended March 31, 2025 |
| (Amounts in thousands<sup>†</sup>) | **PIMCO**<br> **Long-Term**<br> **Real Return**<br> **Fund** | **PIMCO**<br> **Real Return**<br> **Fund** | **PIMCO<br>RealEstateRealReturn<br>Strategy Fund** |
|  **Investment Income:** |  |  |  |
|  Interest | $31191 | $311218 | $34181 |
|  Dividends | 1 | 5 | 6737 |
|  Dividends from Investments in Affiliates | 189 | 4582 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 31381 | 315805 | 41288 |
|  **Expenses:** |  |  |  |
|  Investment advisory fees | 1022 | 19202 | 2475 |
|  Supervisory and administrative fees | 1030 | 17918 | 1434 |
|  Distribution and/or servicing fees - Administrative Class | N/A | 836 | N/A |
|  Distribution and/or servicing fees - Class A | N/A | 2594 | 242 |
|  Distribution and/or servicing fees - Class C | N/A | 325 | 42 |
|  Distribution and/or servicing fees - Class R | N/A | 863 | N/A |
|  Trustee fees | 3 | 54 | 4 |
|  Interest expense | 7500 | 7595 | 24015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 9555 | 49387 | 28212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | 0 | (10) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 9555 | 49377 | 28211 |
|  **Net Investment Income (Loss)** | 21826 | 266428 | 13077 |
|  **Net Realized Gain (Loss):** |  |  |  |
|  Investments in securities | (12771) | (149910) | 31282 |
|  Investments in Affiliates | (9) | (61) | 10 |
|  Exchange-traded or centrally cleared financial derivative instruments | (863) | (25268) | (2236) |
|  Over the counter financial derivative instruments | 3438 | 73767 | 589 |
|  Foreign currency | (220) | (18178) | (38) |
|  **Net Realized Gain (Loss)** | (10425) | (119650) | 29607 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |  |
|  Investments in securities | 4865 | 322264 | (1931) |
|  Investments in Affiliates | 1 | 1 | 0 |
|  Exchange-traded or centrally cleared financial derivative instruments | 1838 | 48649 | 4360 |
|  Over the counter financial derivative instruments | (1423) | (7962) | (3313) |
|  Short sales | 0 | 216 | 0 |
|  Foreign currency assets and liabilities | 214 | 5975 | (43) |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 5495 | 369143 | (927) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $16896 | $515921 | $41757 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

Consolidated Statements of Operations

---

| | | | |
|:---|:---|:---|:---|
| Year Ended March 31, 2025 | Year Ended March 31, 2025 | Year Ended March 31, 2025 | Year Ended March 31, 2025 |
| (Amounts in thousands<sup>†</sup>) | **PIMCO<br>CommoditiesPLUS<sup>®</sup><br>Strategy Fund** | **PIMCO<br>CommodityRealReturn<br>Strategy Fund<sup>®</sup>** | **PIMCO**<br> **Inflation Response<br>Multi-Asset Fund** |
|  **Investment Income:** |  |  |  |
|  Interest | $190904 | $204518 | $67835 |
|  Dividends, net of foreign taxes\* | 11 | 16 | 2657 |
|  Dividends from Investments in Affiliates | 11487 | 8426 | 8380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 202402 | 212960 | 78872 |
|  **Expenses:** |  |  |  |
|  Investment advisory fees | 27075 | 22144 | 10228 |
|  Supervisory and administrative fees | 15808 | 12793 | 5557 |
|  Distribution and/or servicing fees - Administrative Class | N/A | 275 | N/A |
|  Distribution and/or servicing fees - Class A | 300 | 598 | 71 |
|  Distribution and/or servicing fees - Class C | 117 | 318 | N/A |
|  Distribution and/or servicing fees - Class R | N/A | 155 | N/A |
|  Trustee fees | 29 | 30 | 12 |
|  Interest expense | 3427 | 6430 | 21236 |
|  Miscellaneous expense | 0 | 1 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 46756 | 42744 | 37104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (7142) | (3278) | (4523) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 39614 | 39466 | 32581 |
|  **Net Investment Income (Loss)** | 162788 | 173494 | 46291 |
|  **Net Realized Gain (Loss):** |  |  |  |
|  Investments in securities | (34189) | (81095) | (41165) |
|  Investments in Affiliates | 37 | 173 | (13) |
|  Exchange-traded or centrally cleared financial derivative instruments | (165042) | (28284) | (49307) |
|  Over the counter financial derivative instruments | 38864 | 167200 | 22056 |
|  Foreign currency | (1657) | (5024) | (871) |
|  **Net Realized Gain (Loss)** | (161987) | 52970 | (69300) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |  |
|  Investments in securities | 197496 | 180079 | 193770 |
|  Investments in Affiliates | 800 | (24) | (1797) |
|  Exchange-traded or centrally cleared financial derivative instruments | (29929) | 12369 | 1232 |
|  Over the counter financial derivative instruments | 10838 | 34522 | (7853) |
|  Foreign currency assets and liabilities | 383 | (22311) | 355 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 179588 | 204635 | 185707 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $180389 | $431099 | $162698 |
|  \* Foreign tax withholdings - Dividends | $2 | $0 | $0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **19** |

---

------

Statements of Changes in Net Assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **Long-Term Real Return Fund** | **PIMCO**<br> **Long-Term Real Return Fund** | **PIMCO**<br> **Real Return Fund** | **PIMCO**<br> **Real Return Fund** | **PIMCO**<br> **RealEstateRealReturn Strategy Fund** | **PIMCO**<br> **RealEstateRealReturn Strategy Fund** |
| (Amounts in thousands<sup>†</sup><sup>)</sup> | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |  |  |
|  **Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | $21826 | $26232 | $266428 | $282820 | $13077 | $10973 |
|  Net realized gain (loss) | (10425) | (69668) | (119650) | (399040) | 29607 | (18132) |
|  Net change in unrealized appreciation (depreciation) | 5495 | (7861) | 369143 | 154335 | (927) | 40962 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 16896 | (51297) | 515921 | 38115 | 41757 | 33803 |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |
|  From net investment income and/or net realized capital gains |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (20953) | (19113) | (193651) | (153763) | (8764) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (399) | (351) | (21980) | (21912) | (367) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | (688) | (719) | (25) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | (11106) | (6836) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | N/A | N/A | (32862) | (26836) | (2240) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | (1198) | (1315) | (104) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | (5017) | (3589) | N/A | N/A |
|  Tax basis return of capital |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 0 | (6292) | (3507) | (45514) | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 0 | (127) | (411) | (6510) | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | (13) | (224) | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | (216) | (2448) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | N/A | N/A | (669) | (9354) | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | (28) | (552) | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | (111) | (1435) | N/A | N/A |
|  **Total Distributions<sup>(a)</sup>** | (21352) | (25883) | (271457) | (281007) | (11500) | 0 |
|  **Fund Share Transactions:** |  |  |  |  |  |  |
|  Net increase (decrease) resulting from Fund share transactions\* | 19102 | (244581) | (629354) | (1629393) | (60161) | (211387) |
|  **Total Increase (Decrease) in Net Assets** | 14646 | (321761) | (384890) | (1872285) | (29904) | (177584) |
|  **Net Assets:** |  |  |  |  |  |  |
|  Beginning of year | 395653 | 717414 | 8069478 | 9941763 | 530186 | 707770 |
|  End of year | $410299 | $395653 | $7684588 | $8069478 | $500282 | $530186 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

Consolidated Statements of Changes in Net Assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **CommoditiesPLUS<sup>®</sup> Strategy Fund** | **PIMCO**<br> **CommoditiesPLUS<sup>®</sup> Strategy Fund** | **PIMCO**<br> **CommodityRealReturn Strategy<br>Fund<sup>®</sup>** | **PIMCO**<br> **CommodityRealReturn Strategy<br>Fund<sup>®</sup>** | **PIMCO**<br> **Inflation Response Multi-Asset<br>Fund** | **PIMCO**<br> **Inflation Response Multi-Asset<br>Fund** |
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |  |  |
|  **Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | $162788 | $152336 | $173494 | $150873 | $46291 | $40305 |
|  Net realized gain (loss) | (161987) | 305239 | 52970 | (350126) | (69300) | (21271) |
|  Net change in unrealized appreciation (depreciation) | 179588 | (58557) | 204635 | 117992 | 185707 | 104702 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 180389 | 399018 | 431099 | (81261) | 162698 | 123736 |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |
|  From net investment income and/or net realized capital gains |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (171760) | (50056) | (72611) | (31245) | (61502) | (2959) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (178161) | (43983) | (28879) | (7617) | (2165) | (32) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (1951) | (407) | (1554) | (328) | (446) | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | (3091) | (745) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (9612) | (2332) | (6317) | (1648) | (943) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (1025) | (233) | (754) | (213) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | (806) | (211) | N/A | N/A |
|  **Total Distributions<sup>(a)</sup>** | (362509) | (97011) | (114012) | (42007) | (65056) | (3002) |
|  **Fund Share Transactions:** |  |  |  |  |  |  |
|  Net increase (decrease) resulting from Fund share transactions\* | 484559 | 167216 | (1653325) | (837112) | (75106) | (378859) |
|  **Total Increase (Decrease) in Net Assets** | 302439 | 469223 | (1336238) | (960380) | 22536 | (258125) |
|  **Net Assets:** |  |  |  |  |  |  |
|  Beginning of year | 4381710 | 3912487 | 5082189 | 6042569 | 1797292 | 2055417 |
|  End of year | $4684149 | $4381710 | $3745951 | $5082189 | $1819828 | $1797292 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **21** |

---

------

Statements of Cash Flows

---

| | | |
|:---|:---|:---|
| Year Ended March 31, 2025 |  |  |
| (Amounts in thousands<sup>†</sup>) | **PIMCO**<br> **Long-Term<br>Real Return<br>Fund** | **PIMCO<br>RealEstateRealReturn<br>Strategy Fund** |
|  **Cash Flows Provided by (Used for) Operating Activities:** |  |  |
|  Net increase (decrease) in net assets resulting from operations | $16896 | $41757 |
|  **Adjustments to Reconcile Net Increase (Decrease) in Net Assets from Operations to Net Cash Provided by (Used for) Operating Activities:** |  |  |
|  Purchases of long-term securities | (1142385) | (1703668) |
|  Proceeds from sales of long-term securities | 1153036 | 1872870 |
| (Purchases) Proceeds from sales of short-term portfolio investments, net | 5339 | (1561) |
| (Increase) decrease in deposits with counterparty | 667 | 1588 |
| (Increase) decrease in receivable for investments sold | (40070) | (104235) |
| (Increase) decrease in interest and/or dividends receivable | (8) | 145 |
| (Increase) decrease in dividends receivable from Affiliates | 14 | (19) |
|  Proceeds from (Payments on) exchange-traded or centrally cleared financial derivative instruments | 1080 | 2151 |
|  Proceeds from (Payments on) over the counter financial derivative instruments | 3126 | 292 |
|  Increase (decrease) in payable for investments purchased | 16638 | 38748 |
|  Increase (decrease) in deposits from counterparty | 791 | 1211 |
|  Increase (decrease) in accrued investment advisory fees | (5) | (28) |
|  Increase (decrease) in accrued supervisory and administrative fees | (5) | (17) |
|  Increase (decrease) in accrued distribution fees | 0 | (1) |
|  Increase (decrease) in accrued servicing fees | 0 | (5) |
|  Proceeds from (Payments on) foreign currency transactions | (6) | (81) |
|  *Net Realized (Gain) Loss* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 12771 | (31282) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 9 | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared financial derivative instruments | 863 | 2236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter financial derivative instruments | (3438) | (589) |
| &nbsp;&nbsp;&nbsp;&nbsp; Short sales | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | 220 | 38 |
|  *Net Change in Unrealized (Appreciation) Depreciation* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (4865) | 1931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | (1) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared financial derivative instruments | (1838) | (4360) |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter financial derivative instruments | 1423 | 3313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency assets and liabilities | (214) | 43 |
|  Net amortization (accretion) on investments | (2873) | (3989) |
|  **Net Cash Provided by (Used for) Operating Activities** | 17165 | 116478 |
|  **Cash Flows Received from (Used for) Financing Activities:** |  |  |
|  Proceeds from shares sold | 140964 | 164506 |
|  Payments on shares redeemed | (142207) | (235342) |
|  Cash distributions paid\* | (3) | (169) |
|  Proceeds from reverse repurchase agreements | 4921644 | 31183222 |
|  Payments on reverse repurchase agreements | (4937229) | (31227293) |
|  Proceeds from sale-buyback transactions | 11072 | 45813 |
|  Payments on sale-buyback transactions | (11072) | (47251) |
|  **Net Cash Received from (Used for) Financing Activities** | (16831) | (116514) |
|  **Net Increase (Decrease) in Cash and Foreign Currency** | 334 | (36) |
|  **Cash and Foreign Currency:** |  |  |
|  Beginning of year | 1407 | 1884 |
|  End of year | $1741 | $1848 |
|  \*Reinvestment of distributions | $21348 | $11331 |
|  **Supplemental Disclosure of Cash Flow Information:** |  |  |
|  Interest expense paid during the year | $7786 | $24864 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

A Statement of Cash Flows is presented when a Fund has a significant amount of borrowing during the year, based on the average total borrowing outstanding in relation to total assets or when substantially all of a Fund's investments are not classified as Level 1 or 2 in the fair value hierarchy.

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

Consolidated Statement of Cash Flows

---

| | |
|:---|:---|
| Year Ended March 31, 2025 |  |
| (Amounts in thousands<sup>†</sup>) | **PIMCO<br>Inflation Response<br>Multi-Asset Fund** |
|  **Cash Flows Provided by (Used for) Operating Activities:** |  |
|  Net increase (decrease) in net assets resulting from operations | $162698 |
|  **Adjustments to Reconcile Net Increase (Decrease) in Net Assets from Operations to Net Cash Provided by (Used for) Operating Activities:** |  |
|  Purchases of long-term securities | (8132769) |
|  Proceeds from sales of long-term securities | 8212006 |
| (Purchases) Proceeds from sales of short-term portfolio investments, net | 73455 |
| (Increase) decrease in deposits with counterparty | (556) |
| (Increase) decrease in receivable for investments sold | (305128) |
| (Increase) decrease in interest and/or dividends receivable | 74 |
| (Increase) decrease in dividends receivable from Affiliates | (162) |
|  Proceeds from (Payments on) exchange-traded or centrally cleared financial derivative instruments | (47286) |
|  Proceeds from (Payments on) over the counter financial derivative instruments | 22743 |
| (Increase) decrease in reimbursement receivable from PIMCO | (43) |
|  Increase (decrease) in payable for investments purchased | 155443 |
|  Increase (decrease) in deposits from counterparty | 9570 |
|  Increase (decrease) in accrued investment advisory fees | 2 |
|  Increase (decrease) in accrued supervisory and administrative fees | (5) |
|  Increase (decrease) in accrued servicing fees | (3) |
|  Proceeds from (Payments on) short sales transactions, net | 25643 |
|  Proceeds from (Payments on) foreign currency transactions | (516) |
|  *Net Realized (Gain) Loss* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 41165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared financial derivative instruments | 49307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter financial derivative instruments | (22056) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | 871 |
|  *Net Change in Unrealized (Appreciation) Depreciation* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (193770) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 1797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared financial derivative instruments | (1232) |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter financial derivative instruments | 7853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency assets and liabilities | (355) |
|  Net amortization (accretion) on investments | (757) |
|  **Net Cash Provided by (Used for) Operating Activities** | 58002 |
|  **Cash Flows Received from (Used for) Financing Activities:** |  |
|  Proceeds from shares sold | 373425 |
|  Payments on shares redeemed | (513826) |
|  Cash distributions paid\* | (1109) |
|  Proceeds from reverse repurchase agreements | 12628434 |
|  Payments on reverse repurchase agreements | (12779923) |
|  Proceeds from sale-buyback transactions | 463930 |
|  Payments on sale-buyback transactions | (224451) |
|  **Net Cash Received from (Used for) Financing Activities** | (53520) |
|  **Net Increase (Decrease) in Cash and Foreign Currency** | 4482 |
|  **Cash and Foreign Currency:** |  |
|  Beginning of year | 5766 |
|  End of year | $10248 |
|  \* Reinvestment of distributions | $63947 |
|  **Supplemental Disclosure of Cash Flow Information:** |  |
|  Interest expense paid during the year | $23219 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

A Statement of Cash Flows is presented when a Fund has a significant amount of borrowing during the year, based on the average total borrowing outstanding in relation to total assets or when substantially all of a Fund's investments are not classified as Level 1 or 2 in the fair value hierarchy.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **23** |

---

------

Schedule of Investments PIMCO Long-Term Real Return Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 142.7% | INVESTMENTS IN SECURITIES 142.7% | INVESTMENTS IN SECURITIES 142.7% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
| BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 12 | 11 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  2.125% due 10/13/2026 ~ | 200 | 216 |
|  Total Corporate Bonds & Notes (Cost $220) | Total Corporate Bonds & Notes (Cost $220) | 227 |
| U.S. GOVERNMENT AGENCIES 16.4% | U.S. GOVERNMENT AGENCIES 16.4% | U.S. GOVERNMENT AGENCIES 16.4% |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  0.355% due 05/15/2035 •  | 23 | 23 |
|  2.920% due 01/25/2026 | 823 | 812 |
|  4.734% due 09/25/2031 •  | 7 | 7 |
|  4.813% due 01/15/2047 •  | 821 | 803 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  5.244% due 01/20/2073 •  | 6723 | 6792 |
|  5.461% due 08/20/2068 •  | 1257 | 1256 |
|  5.504% due 11/20/2072 •  | 984 | 1003 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  3.500% due 04/01/2055 | 11600 | 10615 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  4.000% due 07/01/2049 | 304 | 286 |
|  5.500% due 08/01/2054 | 7593 | 7588 |
|  6.000% due 03/01/2054 | 3765 | 3827 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.000% due 05/01/2055 | 5753 | 5353 |
|  4.500% due 05/01/2055 - 06/01/2055 | 10300 | 9847 |
|  6.000% due 06/01/2055 | 9500 | 9631 |
|  6.500% due 06/01/2055 | 9300 | 9574 |
|  Total U.S. Government Agencies (Cost $67,272) | Total U.S. Government Agencies (Cost $67,272) | 67417 |
| U.S. TREASURY OBLIGATIONS 106.5% | U.S. TREASURY OBLIGATIONS 106.5% | U.S. TREASURY OBLIGATIONS 106.5% |
|  U.S. Treasury Inflation Protected Securities (a) | U.S. Treasury Inflation Protected Securities (a) | U.S. Treasury Inflation Protected Securities (a) |
|  0.125% due 10/15/2025 | 4529 | 4533 |
|  0.125% due 01/15/2030 (f) | 370 | 348 |
|  0.125% due 02/15/2051 | 32706 | 18832 |
|  0.125% due 02/15/2052 | 26469 | 15009 |
|  0.250% due 07/15/2029 (f)(h) | 970 | 929 |
|  0.250% due 02/15/2050 | 32292 | 19739 |
|  0.625% due 07/15/2032 | 3170 | 2961 |
|  0.625% due 02/15/2043 | 32809 | 25259 |
|  0.750% due 02/15/2042 (d) | 41085 | 33041 |
|  0.750% due 02/15/2045 (d) | 53059 | 40307 |
|  0.875% due 02/15/2047 | 37616 | 28500 |
|  1.000% due 02/15/2046 | 29288 | 23127 |
|  1.000% due 02/15/2048 | 29285 | 22529 |
|  1.000% due 02/15/2049 | 22201 | 16912 |
|  1.375% due 07/15/2033 (h) | 1150 | 1122 |
|  1.375% due 02/15/2044 (d) | 48773 | 42501 |
|  1.500% due 02/15/2053 (d) | 39854 | 33194 |
|  1.625% due 10/15/2029 (f)(h) | 4542 | 4608 |
|  1.750% due 01/15/2034 | 2583 | 2580 |
|  1.875% due 07/15/2034 (d) | 3846 | 3883 |
|  2.125% due 02/15/2040 | 18941 | 19159 |
|  2.125% due 02/15/2041 | 26143 | 26391 |
|  2.125% due 02/15/2054 (d) | 38539 | 37011 |
|  2.375% due 02/15/2055 | 14192 | 14376 |
|  Total U.S. Treasury Obligations (Cost $471,906) | Total U.S. Treasury Obligations (Cost $471,906) | 436851 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 2.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 2.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 2.9% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  4.054% due 01/25/2036 ~ | 7 | 6 |
|  Alliance Bancorp Trust | Alliance Bancorp Trust | Alliance Bancorp Trust |
|  4.915% due 07/25/2037 •  | 108 | 95 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  2.371% due 03/20/2036 •  | 29 | 27 |
|  4.487% due 01/20/2047 •  | 1375 | 1187 |
|  5.015% due 07/25/2037 •  | 569 | 540 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.671% due 11/25/2035 •  | 5 | 4 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  4.875% due 05/25/2047 ~ | 128 | 117 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  4.445% due 07/25/2036 ~ | 10 | 8 |
|  4.526% due 02/25/2036 •  | 4 | 4 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.348% due 09/25/2047 ~ | 1631 | 800 |
|  5.043% due 09/25/2035 •  | 129 | 75 |
|  BX Trust | BX Trust | BX Trust |
|  5.068% due 04/15/2039 •  | 2600 | 2581 |
|  CIM Trust | CIM Trust | CIM Trust |
|  5.454% due 02/25/2049 ~ | 14 | 14 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.399% due 12/25/2035 ~ | 129 | 79 |
|  4.750% due 03/25/2037 •  | 103 | 87 |
|  6.830% due 09/25/2035 •  | 1 | 1 |
|  7.410% due 05/25/2035 •  | 3 | 3 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.825% due 02/25/2037 •  | 47 | 41 |
|  5.635% due 12/25/2035 ~ | 79 | 68 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  6.000% due 03/25/2037 | 790 | 358 |
|  7.210% due 02/20/2036 •  | 27 | 25 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  6.421% due 10/25/2037 •  | 487 | 286 |
|  Downey Savings & Loan Association Mortgage Loan Trust | Downey Savings & Loan Association Mortgage Loan Trust | Downey Savings & Loan Association Mortgage Loan Trust |
|  4.951% due 08/19/2045 ~ | 40 | 36 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  6.000% due 02/25/2037 | 25 | 9 |
|  GMAC Mortgage Corp. Loan Trust | GMAC Mortgage Corp. Loan Trust | GMAC Mortgage Corp. Loan Trust |
|  4.252% due 11/19/2035 •  | 25 | 22 |
|  IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust |
|  4.369% due 12/25/2036 •  | 437 | 344 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.817% due 12/15/2031 ~ | 229 | 224 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  5.095% due 09/25/2029 •  | 6 | 6 |
|  MortgageIT Mortgage Loan Trust | MortgageIT Mortgage Loan Trust | MortgageIT Mortgage Loan Trust |
|  4.935% due 09/25/2037 ~ | 282 | 214 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  4.500% due 05/25/2058 •  | 137 | 134 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  4.795% due 06/25/2046 ~ | 149 | 33 |
|  5.544% due 10/25/2037 •  | 163 | 131 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  4.835% due 05/25/2035 ~ | 157 | 97 |
|  5.750% due 02/25/2036 | 804 | 572 |
|  5.750% due 03/25/2037 | 106 | 32 |
|  6.500% due 06/25/2037 | 3324 | 663 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  5.168% due 07/25/2035 •  | 37 | 32 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.855% due 04/25/2036 ~ | 2 | 2 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.175% due 09/25/2034 •  | 43 | 40 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  5.435% due 05/25/2058 ~ | 41 | 42 |
|  Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC |
|  7.507% due 10/20/2035 ~ | 16 | 16 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.584% due 08/25/2036 •  | 25 | 22 |
|  4.892% due 11/25/2036 ~ | 410 | 355 |
|  4.975% due 12/25/2045 •  | 32 | 29 |
|  6.555% due 09/25/2033 •  | 17 | 17 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  6.000% due 06/25/2037 | 2352 | 1812 |
|  6.500% due 08/25/2035 | 9 | 8 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.154% due 04/25/2036 •  | 750 | 739 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.662% due 11/25/2037 •  | 33 | 30 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $15,092) | Total Non-Agency Mortgage-Backed Securities (Cost $15,092) | 12067 |
| ASSET-BACKED SECURITIES 8.0% | ASSET-BACKED SECURITIES 8.0% | ASSET-BACKED SECURITIES 8.0% |
| CMBS OTHER 3.3% | CMBS OTHER 3.3% | CMBS OTHER 3.3% |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.504% due 08/15/2034 •  | 862 | 862 |
|  5.784% due 11/15/2036 •  | 2587 | 2591 |
|  BSPDF Issuer Ltd. | BSPDF Issuer Ltd. | BSPDF Issuer Ltd. |
|  5.634% due 10/15/2036 ~ | 217 | 217 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  6.467% due 06/19/2037 ~ | 2867 | 2866 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.511% due 10/16/2036 ~ | 4568 | 4559 |
|  Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust |
|  5.631% due 04/18/2038 ~ | 2162 | 2146 |
|  |  | 13241 |
| HOME EQUITY OTHER 3.0% | HOME EQUITY OTHER 3.0% | HOME EQUITY OTHER 3.0% |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.555% due 10/25/2036 ~ | 21 | 8 |
|  Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates |
|  3.166% due 06/25/2033 •  | 849 | 797 |
|  CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust |
|  6.685% due 10/25/2037 •  | 2125 | 2155 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.895% due 12/25/2036 ~ | 67 | 45 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.575% due 07/25/2037 ~ | 11 | 11 |
|  4.625% due 11/25/2037 •  | 746 | 707 |
|  4.685% due 02/25/2036 •  | 1219 | 1174 |
|  4.715% due 05/25/2035 ~ | 10 | 10 |
|  4.935% due 03/25/2037 •  | 77 | 73 |
|  5.175% due 08/25/2047 •  | 104 | 101 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  4.654% due 07/25/2037 ~ | 413 | 271 |
|  Credit-Based Asset Servicing & Securitization Trust | Credit-Based Asset Servicing & Securitization Trust | Credit-Based Asset Servicing & Securitization Trust |
|  4.555% due 11/25/2036 ~ | 15 | 7 |
|  Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust |
|  5.535% due 05/25/2037 •  | 504 | 492 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.705% due 10/25/2036 •  | 37 | 33 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  6.720% due 03/25/2046 þ | 179 | 95 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  5.410% due 03/25/2035 •  | 188 | 179 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  5.110% due 02/25/2036 ~ | 1174 | 1147 |
|  5.290% due 08/25/2034 •  | 7 | 7 |
|  IndyMac Residential Asset Backed Trust | IndyMac Residential Asset Backed Trust | IndyMac Residential Asset Backed Trust |
|  4.655% due 04/25/2037 ~ | 70 | 53 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  4.645% due 10/25/2036 •  | 10 | 10 |
|  4.945% due 02/25/2036 ~ | 507 | 502 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.675% due 08/25/2036 •  | 83 | 33 |
|  MASTR Specialized Loan Trust | MASTR Specialized Loan Trust | MASTR Specialized Loan Trust |
|  6.235% due 07/25/2035 •  | 935 | 1045 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  4.565% due 10/25/2036 •  | 74 | 66 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  5.940% due 11/25/2036 •  | 599 | 221 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  5.215% due 02/25/2035 •  | 217 | 206 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.535% due 09/25/2037 •  | 383 | 157 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  4.870% due 09/25/2036 ~ | 2368 | 2243 |

---

---

| | | |
|:---|:---|:---|
| **24** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.555% due 11/25/2036 ~ | 258 | 71 |
|  4.615% due 07/25/2037 •  | 128 | 115 |
|  4.635% due 06/25/2037 •  | 300 | 203 |
|  4.995% due 05/25/2036 ~ | 66 | 65 |
|  |  | 12302 |
| WHOLE LOAN COLLATERAL 0.2% | WHOLE LOAN COLLATERAL 0.2% | WHOLE LOAN COLLATERAL 0.2% |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.930% due 10/25/2036 •  | 300 | 295 |
|  IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust |
|  4.575% due 07/25/2036 ~ | 90 | 28 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.873% due 06/25/2036 þ | 37 | 36 |
|  6.735% due 12/25/2037 •  | 554 | 536 |
|  |  | 895 |
| OTHER ABS 1.5% | OTHER ABS 1.5% | OTHER ABS 1.5% |
|  Avoca Static CLO DAC | Avoca Static CLO DAC | Avoca Static CLO DAC |
|  3.811% due 01/15/2035 •  | 1800 | 1949 |
|  Barings CLO Ltd. | Barings CLO Ltd. | Barings CLO Ltd. |
|  5.514% due 04/15/2031 •  | 1423 | 1424 |
|  LCM Loan Income Fund Ltd. | LCM Loan Income Fund Ltd. | LCM Loan Income Fund Ltd. |
|  5.585% due 04/20/2031 •  | 588 | 588 |
|  Man GLG Euro CLO DAC | Man GLG Euro CLO DAC | Man GLG Euro CLO DAC |
|  3.191% due 12/15/2031 •  | 860 | 931 |
|  TIAA CLO Ltd. | TIAA CLO Ltd. | TIAA CLO Ltd. |
|  5.433% due 01/20/2032 ~ | 1286 | 1285 |
|  |  | 6177 |
|  Total Asset-Backed Securities (Cost $32,857) | Total Asset-Backed Securities (Cost $32,857) | 32615 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SOVEREIGN ISSUES 8.7% | SOVEREIGN ISSUES 8.7% | SOVEREIGN ISSUES 8.7% | SOVEREIGN ISSUES 8.7% |
|  Canada Government Bond | Canada Government Bond | Canada Government Bond | Canada Government Bond |
|  4.250% due 12/01/2026 (a) | CAD | 918 | $683 |
|  Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |
|  0.400% due 05/15/2030 (a) | EUR | 244 | 255 |
|  0.650% due 05/15/2026 (a) |  | 4803 | 5219 |
|  1.300% due 05/15/2028 (a) |  | 5280 | 5832 |
|  1.400% due 05/26/2025 (a) |  | 13395 | 14522 |
|  1.800% due 05/15/2036 (a) |  | 102 | 108 |
|  Japan Government International Bond | Japan Government International Bond | Japan Government International Bond | Japan Government International Bond |
|  0.100% due 03/10/2028 (a) | JPY | 192691 | 1331 |
|  0.100% due 03/10/2029 (a) |  | 1114979 | 7686 |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  4.000% due 08/24/2034 (a) | MXN | 817 | 37 |
|  Total Sovereign Issues (Cost $38,222) | Total Sovereign Issues (Cost $38,222) | Total Sovereign Issues (Cost $38,222) | 35673 |
|  |  | SHARES |  |
| PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% |
| BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.875% due 03/15/2028 •(b) |  | 160000 | 161 |
|  Total Preferred Securities (Cost $160) | Total Preferred Securities (Cost $160) | Total Preferred Securities (Cost $160) | 161 |
| SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% |
| MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.400% (c) |  | 352372 | 352 |
| Total Short-Term Instruments (Cost $352) | Total Short-Term Instruments (Cost $352) | Total Short-Term Instruments (Cost $352) | 352 |
| Total Investments in Securities (Cost $626,081) | Total Investments in Securities (Cost $626,081) | Total Investments in Securities (Cost $626,081) | 585363 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 0.0% | INVESTMENTS IN AFFILIATES 0.0% | INVESTMENTS IN AFFILIATES 0.0% | INVESTMENTS IN AFFILIATES 0.0% |
| SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% |
|  PIMCO Short-Term Floating NAV Portfolio III | 4851 | $— | 47 |
| Total Short-Term Instruments<br>(Cost $47) | Total Short-Term Instruments<br>(Cost $47) |  | 47 |
| Total Investments in Affiliates<br>(Cost $47) | Total Investments in Affiliates<br>(Cost $47) |  | 47 |
| Total Investments 142.7% (Cost $626,128) | Total Investments 142.7% (Cost $626,128) | $— | 585410 |
|  Financial Derivative<br>Instruments (e)(g) (0.4)%<br> (Cost or Premiums, net $(1509)) | Financial Derivative<br>Instruments (e)(g) (0.4)%<br> (Cost or Premiums, net $(1509)) |  | (1466) |
| Other Assets and Liabilities, net (42.3)% | Other Assets and Liabilities, net (42.3)% |  | (173645) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 410299 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) Principal amount of security is adjusted for inflation.

(b) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(c) Coupon represents a 7-Day Yield.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BSN | 4.430% | 03/17/2025 | 04/21/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125438) | $(125669) |
|  DEU | 4.460 | 03/25/2025 | 04/03/2025 | (663) | (664) |
|  JPS | 4.440 | 03/18/2025 | 04/08/2025 | (6291) | (6302) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(132635) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 25

------

Schedule of Investments PIMCO Long-Term Real Return Fund (Cont.)

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(2)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BSN | $0 | $(125669) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125669) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126852 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1183 |
|  DEU | 0 | (664) | 0 | (664) | 678 | 14 |
|  JPS | 0 | (6302) | 0 | (6302) | 6407 | 105 |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(132635) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  U.S. Treasury Obligations | $0 | $(132635) | $0 | $0 | $(132635) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(132635) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(132635) |
|  Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | $(132635) |

---

(d) Securities with an aggregate market value of $134,857 have been pledged as collateral under the terms of the above master agreements as of March 31, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended March 31, 2025 was $(146311) at a weighted average interest rate of 4.941%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

&nbsp;&nbsp;&nbsp;&nbsp;(e) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month EURIBOR September Futures  | 09/2026 | 285 | $75475 | $19 | $38 | $(8) |
|  Aluminum July Futures  | 07/2025 | 1 | 63 | (3) | 4 | 0 |
|  Aluminum May Futures  | 05/2025 | 3 | 190 | (9) | 0 | 0 |
|  Australia Government 10-Year Bond June Futures  | 06/2025 | 66 | 4646 | 3 | 44 | 0 |
|  Brent Crude December Futures  | 10/2025 | 2 | 142 | 8 | 3 | 0 |
|  Cocoa July Futures  | 07/2025 | 1 | 79 | (1) | 0 | (1) |
|  Cocoa September Futures  | 09/2025 | 1 | 78 | (4) | 0 | (1) |
|  Euro-BOBL June Futures  | 06/2025 | 54 | 6878 | (62) | 16 | (2) |
|  Euro-BTP June Futures  | 06/2025 | 33 | 4193 | (73) | 11 | (5) |
|  Gas Oil September Futures  | 09/2025 | 1 | 67 | (3) | 2 | 0 |
|  Iron Ore July Futures  | 07/2025 | 11 | 109 | 0 | 0 | (2) |
|  Japan Government 10-Year Bond June Futures  | 06/2025 | 1 | 923 | 2 | 7 | 0 |
|  Lead May Futures  | 05/2025 | 4 | 200 | (6) | 0 | 0 |
|  Live Cattle June Futures  | 06/2025 | 2 | 163 | 10 | 0 | (1) |
|  Natural Gas September Futures  | 08/2025 | 2 | 90 | (2) | 2 | 0 |
|  New York Harbor September Futures  | 08/2025 | 1 | 95 | (4) | 2 | 0 |
|  Nickel May Futures  | 05/2025 | 2 | 190 | (5) | 0 | 0 |
|  RBOB Gasoline September Futures  | 08/2025 | 2 | 184 | (3) | 4 | 0 |
|  Silver July Futures  | 07/2025 | 1 | 175 | 0 | 0 | (1) |
|  Soybean July Futures  | 07/2025 | 3 | 154 | 1 | 0 | (1) |
|  Soybean Meal July Futures  | 07/2025 | 13 | 389 | (8) | 0 | (2) |
|  Sugar No. 11 October Futures  | 09/2025 | 3 | 63 | 1 | 0 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23624 | 108 | 19 | 0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2025 | 37 | 4523 | (68) | 16 | 0 |
|  WTI Crude September Futures  | 08/2025 | 1 | 69 | (2) | 2 | 0 |
|  Zinc May Futures  | 05/2025 | 2 | 142 | (1) | 0 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) |

---

26 PIMCO REAL RETURN STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month EURIBOR September Futures  | 09/2025 | 285 | $(75482) | $(34) | $19 | $(23) |
|  Aluminum July Futures  | 07/2025 | 3 | (190) | 8 | 0 | 0 |
|  Aluminum May Futures  | 05/2025 | 3 | (190) | 6 | 0 | 0 |
|  Copper July Futures  | 07/2025 | 2 | (101) | 1 | 1 | 0 |
|  Corn July Futures  | 07/2025 | 18 | (417) | 5 | 0 | (3) |
|  Cotton No. 2 December Futures  | 12/2025 | 5 | (175) | (1) | 1 | 0 |
|  Euro-Bund June Futures  | 06/2025 | 146 | (20338) | 254 | 2 | (78) |
|  Euro-Buxl 30-Year Bond June Futures  | 06/2025 | 1 | (129) | (2) | 0 | (2) |
|  Euro-Oat June Futures  | 06/2025 | 83 | (11011) | 219 | 15 | (36) |
|  Euro-Schatz June Futures  | 06/2025 | 21 | (2429) | 0 | 1 | (2) |
|  Gold 100 oz. June Futures  | 06/2025 | 2 | (630) | (19) | 0 | (7) |
|  Hard Red Winter Wheat July Futures  | 07/2025 | 3 | (86) | 3 | 0 | (1) |
|  Hard Red Winter Wheat September Futures  | 09/2025 | 2 | (59) | 2 | 0 | 0 |
|  Lead May Futures  | 05/2025 | 4 | (200) | (3) | 0 | 0 |
|  Lean Hogs June Futures  | 06/2025 | 4 | (152) | 10 | 1 | 0 |
|  Natural Gas July Futures  | 06/2025 | 3 | (134) | 6 | 0 | (2) |
|  Nickel July Futures  | 07/2025 | 1 | (96) | 2 | 2 | 0 |
|  Nickel May Futures  | 05/2025 | 2 | (190) | 0 | 0 | 0 |
|  Platinum July Futures  | 07/2025 | 2 | (103) | (2) | 0 | (3) |
|  Soybean Meal December Futures  | 12/2025 | 2 | (62) | 2 | 0 | 0 |
|  Soybean November Futures  | 11/2025 | 2 | (102) | (1) | 1 | 0 |
|  Soybean Oil December Futures  | 12/2025 | 2 | (55) | (3) | 0 | 0 |
|  Soybean Oil July Futures  | 07/2025 | 1 | (27) | (1) | 0 | 0 |
|  Sugar No. 11 July Futures  | 06/2025 | 3 | (63) | (1) | 0 | 0 |
|  U.S. Treasury 2-Year Note June Futures  | 06/2025 | 288 | (59666) | (206) | 2 | 0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 76 | (8220) | (55) | 2 | 0 |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 66 | (7340) | (12) | 0 | (1) |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2025 | 156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18296) | (284) | 0 | (29) |
|  Wheat July Futures  | 07/2025 | 6 | (165) | 5 | 0 | (2) |
|  Wheat September Futures  | 09/2025 | 1 | (28) | 1 | 0 | 0 |
|  Wheat September Futures  | 09/2025 | 3 | (35) | 1 | 0 | 0 |
|  Zinc July Futures  | 07/2025 | 1 | (71) | 2 | 2 | 0 |
|  Zinc May Futures  | 05/2025 | 2 | (142) | (2) | 0 | 0 |
|  |  |  |  | $(99) | $49 | $(189) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(201) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(213) |

---

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | **Variation Margin** | **Variation Margin** |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 03/19/2027 | 21600 | $(144) | $(21) | $(165) | $22 | $0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 01/27/2035 | 1900 | (13) | (21) | (34) | 18 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.300 | Semi-Annual | 09/20/2027 | 64000 | (1) | 8 | 7 | 0 | (1) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.300 | Semi-Annual | 03/20/2028 | 60000 | (1) | 9 | 8 | 0 | (1) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.550 | Annual | 09/14/2028 | 590000 | (7) | 57 | 50 | 0 | (9) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.450 | Semi-Annual | 03/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274770 | (15) | 57 | 42 | 0 | (5) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.500 | Annual | 12/15/2031 | 420000 | 8 | 103 | 111 | 0 | (14) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 12/20/2025 | $20490 | 136 | (147) | (11) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.300 | Semi-Annual | 11/15/2028 | 1240 | (16) | (48) | (64) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.340 | Semi-Annual | 11/21/2028 | 9100 | (115) | (343) | (458) | 3 | 0 |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 12/31/2031 | 11600 | (218) | (75) | (293) | 0 | (22) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.085 | Annual | 02/13/2034 | 16200 | (136) | (688) | (824) | 43 | 0 |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2034 | 2800 | 125 | (24) | 101 | 0 | (8) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.838 | Annual | 11/15/2034 | 1700 | 0 | (13) | (13) | 0 | (5) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.864 | Annual | 11/15/2034 | 1500 | 0 | (15) | (15) | 0 | (5) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.866 | Annual | 11/15/2034 | 600 | 0 | (6) | (6) | 0 | (2) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.867 | Annual | 11/15/2034 | 1500 | 0 | (15) | (15) | 0 | (4) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 11/15/2034 | 1500 | 0 | (15) | (15) | 0 | (5) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.881 | Annual | 11/15/2034 | 1500 | 0 | (17) | (17) | 0 | (5) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.894 | Annual | 11/15/2034 | 1300 | 0 | (16) | (16) | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 2000 | 139 | (53) | 86 | 0 | (6) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.050 | Annual | 11/15/2052 | 2800 | (116) | 9 | (107) | 0 | (21) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.285 | Semi-Annual | 11/15/2053 | 1000 | 63 | 247 | 310 | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.237 | Semi-Annual | 11/21/2053 | 1130 | 70 | 289 | 359 | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.865 | Annual | 02/13/2054 | 9500 | 182 | 1401 | 1583 | 0 | (64) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **27** |

---

------

Schedule of Investments PIMCO Long-Term Real Return Fund (Cont.)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500% | Annual | 06/20/2054 |  | $2300 | $61 | $89 | $150 | $0 | $(17) |
|  Receive<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.112 | Annual | 09/02/2027 |  | 3500 | 0 | 4 | 4 | 0 | (3) |
|  Receive<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.120 | Annual | 09/03/2027 |  | 19500 | 0 | 16 | 16 | 0 | (16) |
|  Pay<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1915) | (288) | (2203) | 233 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.190 | Annual | 11/04/2052 |  | 2100 | 130 | 985 | 1115 | 0 | (10) |
|  Receive | 6-Month EUR-EURIBOR | 0.195 | Annual | 11/04/2052 |  | 2200 | 1 | 1164 | 1165 | 0 | (11) |
|  Receive | 6-Month EUR-EURIBOR | 0.197 | Annual | 11/08/2052 |  | 3860 | 241 | 1802 | 2043 | 0 | (19) |
|  Receive<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 |  | 12990 | 946 | 113 | 1059 | 0 | (102) |
|  Receive | CPTFEMU | 2.975 | Maturity | 08/15/2027 |  | 2100 | 8 | (26) | (18) | 3 | 0 |
|  Pay | CPTFEMU | 1.380 | Maturity | 03/15/2031 |  | 540 | (5) | (103) | (108) | 0 | (1) |
|  Receive | CPTFEMU | 2.600 | Maturity | 05/15/2032 |  | 340 | 0 | 3 | 3 | 1 | 0 |
|  Receive | CPTFEMU | 2.049 | Maturity | 08/15/2034 |  | 2600 | (1) | (9) | (10) | 5 | 0 |
|  Receive | CPTFEMU | 2.034 | Maturity | 09/15/2034 |  | 1800 | (6) | 2 | (4) | 3 | 0 |
|  Pay | CPTFEMU | 2.488 | Maturity | 05/15/2037 |  | 40 | 0 | 0 | 0 | 0 | 0 |
|  Pay | CPTFEMU | 2.580 | Maturity | 03/15/2052 |  | 300 | 0 | 8 | 8 | 0 | (1) |
|  Pay | CPTFEMU | 2.590 | Maturity | 03/15/2052 |  | 900 | (7) | 36 | 29 | 0 | (2) |
|  Pay | CPTFEMU | 2.421 | Maturity | 05/15/2052 |  | 80 | 0 | (1) | (1) | 0 | 0 |
|  Pay | CPTFEMU | 2.590 | Maturity | 12/15/2052 |  | 900 | 0 | 85 | 85 | 0 | (1) |
|  Pay | CPTFEMU | 2.700 | Maturity | 04/15/2053 |  | 800 | 5 | 109 | 114 | 0 | (1) |
|  Pay | CPTFEMU | 2.763 | Maturity | 09/15/2053 |  | 600 | 3 | 96 | 99 | 0 | 0 |
|  Pay | CPTFEMU | 2.682 | Maturity | 10/15/2053 |  | 300 | 0 | 41 | 41 | 0 | (1) |
|  Pay | CPTFEMU | 2.736 | Maturity | 10/15/2053 |  | 400 | 4 | 59 | 63 | 0 | (1) |
|  Receive | CPURNSA | 2.703 | Maturity | 05/25/2026 |  | $4110 | 1 | 422 | 423 | 7 | 0 |
|  Pay | CPURNSA | 1.998 | Maturity | 07/25/2029 |  | 2300 | 2 | (353) | (351) | 0 | (3) |
|  Pay | CPURNSA | 1.883 | Maturity | 11/20/2029 |  | 9400 | 10 | (1577) | (1567) | 0 | (11) |
|  Receive | CPURNSA | 2.311 | Maturity | 02/24/2031 |  | 3700 | 4 | 468 | 472 | 4 | 0 |
|  Receive | CPURNSA | 2.668 | Maturity | 05/14/2031 |  | 5000 | 0 | 435 | 435 | 5 | 0 |
|  Pay | UKRPI | 3.500 | Maturity | 08/15/2034 |  | 1900 | 11 | 10 | 21 | 9 | 0 |
|  Pay | UKRPI | 3.466 | Maturity | 09/15/2034 |  | 800 | 0 | 6 | 6 | 3 | 0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(566) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4259 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3693 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(393) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | **Total** | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** | Written<br>Options | Futures | Swap<br>Agreements | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(213) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(393) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(606) |

---

(f) Securities with an aggregate market value of $3,157 and cash of $1,450 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

&nbsp;&nbsp;&nbsp;&nbsp;(g) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 04/2025 | 33343 | $223 | $1 | $0 |
|  | 04/2025 | $2995 | 4735 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37) |
|  | 04/2025 | 379 | 57226 | 2 | 0 |
|  | 04/2025 | 189 | 252 | 0 | (1) |
|  | 05/2025 | 4735 | $2996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | 0 |
|  | 05/2025 | 1054 | 144 | 0 | (2) |
|  | 05/2025 | 57034 | 379 | 0 | (2) |
|  | 05/2025 | 252 | 189 | 1 | 0 |
|  | 05/2025 | $545 | 3949 | 0 | (1) |
|  | 06/2025 | 6242 | $855 | 0 | (9) |
|  | 06/2025 | $304 | 2194 | 0 | (1) |
|  | 07/2025 | 1965 | $273 | 1 | 0 |
|  | 08/2025 | 1965 | 273 | 0 | (1) |

---

---

| | | |
|:---|:---|:---|
| **28** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  BOA | 04/2025 | 150379 | $103 | $1 | $0 |
|  | 05/2025 | 1030 | 141 | 0 | (1) |
|  | 05/2025 | 980183 | 59 | 0 | 0 |
|  | 05/2025 | $65 | 5624 | 0 | 0 |
|  | 06/2025 | 4826 | $663 | 0 | (5) |
|  | 06/2025 | $149 | 1076 | 0 | 0 |
|  | 06/2025 | 103 | 149813 | 0 | (1) |
|  | 08/2025 | 1452 | $203 | 1 | 0 |
|  | 08/2025 | 83 | 3 | 0 | 0 |
|  BPS | 04/2025 | 2280 | 394 | 0 | (5) |
|  | 04/2025 | 27182 | 28503 | 0 | (889) |
|  | 04/2025 | 7954143 | 480 | 2 | 0 |
|  | 04/2025 | 319 | 87 | 1 | 0 |
|  | 04/2025 | 327980 | 2200 | 13 | 0 |
|  | 04/2025 | 111454 | 3391 | 35 | 0 |
|  | 04/2025 | $400 | 2280 | 0 | (1) |
|  | 04/2025 | 243 | 192 | 5 | 0 |
|  | 04/2025 | 1064 | 17454510 | 0 | (17) |
|  | 04/2025 | 501 | 43458 | 7 | 0 |
|  | 04/2025 | 136 | 20423 | 0 | 0 |
|  | 04/2025 | 504 | 731167 | 0 | (8) |
|  | 04/2025 | 121 | 162 | 0 | 0 |
|  | 04/2025 | 944 | 30916 | 0 | (13) |
|  | 04/2025 | 4731 | $259 | 1 | 0 |
|  | 05/2025 | 3705 | 510 | 0 | (2) |
|  | 05/2025 | 2916370 | 175 | 1 | 0 |
|  | 05/2025 | 20355 | 136 | 0 | 0 |
|  | 05/2025 | 161 | 121 | 0 | 0 |
|  | 05/2025 | $444 | 7371275 | 0 | (2) |
|  | 05/2025 | 589 | 50533 | 1 | 0 |
|  | 06/2025 | 9343 | $1285 | 0 | (7) |
|  | 06/2025 | 85707 | 60 | 2 | 0 |
|  | 06/2025 | 766 | 198 | 1 | 0 |
|  | 06/2025 | $1054 | 4071 | 3 | (9) |
|  | 07/2025 | 16770 | $516 | 8 | 0 |
|  | 08/2025 | 13957 | 428 | 4 | 0 |
|  BRC | 04/2025 | 1440 | 16 | 0 | 0 |
|  | 04/2025 | $184 | 3013989 | 0 | (3) |
|  | 04/2025 | 17 | 1438 | 0 | 0 |
|  | 05/2025 | 1442 | $17 | 0 | 0 |
|  | 06/2025 | 565312 | 391 | 6 | 0 |
|  | 06/2025 | $10 | 41 | 0 | 0 |
|  BSH | 04/2025 | 4495 | $2848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | 0 |
|  | 04/2025 | $3634 | 545736 | 5 | 0 |
|  | 05/2025 | 543898 | $3634 | 0 | (5) |
|  | 06/2025 | $212 | 816 | 0 | (2) |
|  CBK | 04/2025 | 10335338 | $623 | 3 | 0 |
|  | 04/2025 | 1036 | 284 | 6 | 0 |
|  | 04/2025 | 17426 | 204 | 0 | 0 |
|  | 04/2025 | 33500 | 226 | 2 | 0 |
|  | 04/2025 | 31808 | 971 | 13 | 0 |
|  | 04/2025 | $3986 | 5678 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) |
|  | 04/2025 | 827 | 13555661 | 0 | (13) |
|  | 04/2025 | 258 | 22111 | 0 | 0 |
|  | 04/2025 | 22 | 32181 | 0 | 0 |
|  | 04/2025 | 2297 | 75305 | 0 | (30) |
|  | 05/2025 | 5670 | $3986 | 40 | 0 |
|  | 05/2025 | 3756626 | 226 | 1 | 0 |
|  | 05/2025 | $238 | 219 | 0 | 0 |
|  | 05/2025 | 443 | 7352974 | 0 | (2) |
|  | 06/2025 | 1642 | $227 | 0 | (1) |
|  | 06/2025 | 2651821 | 1849 | 44 | 0 |
|  | 06/2025 | $140 | 1014 | 0 | 0 |
|  | 07/2025 | 28984 | $891 | 13 | 0 |
|  | 08/2025 | 32010 | 982 | 10 | 0 |
|  DUB | 04/2025 | 1045 | 287 | 6 | 0 |
|  | 04/2025 | 210 | 121 | 2 | 0 |
|  | 04/2025 | 36 | 27 | 0 | 0 |
|  | 04/2025 | $223 | 213 | 7 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **29** |

---

------

Schedule of Investments PIMCO Long-Term Real Return Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | $434 | 7204527 | $0 | $(2) |
|  | 04/2025 | 82 | 7017 | 0 | 0 |
|  | 04/2025 | 120 | 210 | 0 | (1) |
|  | 04/2025 | 96 | 129 | 0 | 0 |
|  | 05/2025 | 435190 | $26 | 0 | 0 |
|  | 05/2025 | 129 | 96 | 0 | 0 |
|  | 05/2025 | $121 | 210 | 0 | (1) |
|  | 06/2025 | 2025209 | $1412 | 33 | 0 |
|  FAR | 04/2025 | 2498 | 2803 | 0 | (21) |
|  | 04/2025 | 49 | 7 | 0 | 0 |
|  | 04/2025 | 1265 | 349 | 8 | 0 |
|  | 04/2025 | 254420 | 1705 | 9 | 0 |
|  | 04/2025 | $2593 | 390442 | 10 | 0 |
|  | 04/2025 | 33 | 1073 | 0 | 0 |
|  | 05/2025 | 389127 | $2593 | 0 | (10) |
|  | 05/2025 | $139 | 1003 | 0 | (1) |
|  | 06/2025 | 200 | 774 | 0 | (1) |
|  | 07/2025 | 1000 | $139 | 1 | 0 |
|  GLM | 04/2025 | 27080 | 4716 | 0 | (30) |
|  | 04/2025 | 5220147 | 314 | 1 | 0 |
|  | 04/2025 | 228943 | 156 | 1 | 0 |
|  | 04/2025 | $4699 | 27080 | 47 | 0 |
|  | 04/2025 | 460 | 7586290 | 0 | (5) |
|  | 04/2025 | 30 | 43851 | 0 | 0 |
|  | 05/2025 | 1002 | $137 | 0 | (2) |
|  | 05/2025 | 1805108 | 108 | 0 | 0 |
|  | 05/2025 | $314 | 5224863 | 0 | (1) |
|  | 06/2025 | 414 | 2994 | 1 | (1) |
|  | 06/2025 | 156 | 228111 | 0 | (1) |
|  | 06/2025 | 92 | 356 | 0 | (1) |
|  | 07/2025 | 2831 | $87 | 1 | 0 |
|  | 07/2025 | $13 | 413 | 0 | 0 |
|  JPM | 04/2025 | 2171 | $378 | 0 | (2) |
|  | 04/2025 | 298 | 208 | 1 | 0 |
|  | 04/2025 | 1359250 | 82 | 1 | 0 |
|  | 04/2025 | 1518 | 417 | 8 | 0 |
|  | 04/2025 | 273034 | 1832 | 11 | 0 |
|  | 04/2025 | 39 | 29 | 0 | 0 |
|  | 04/2025 | 4217 | 129 | 2 | 0 |
|  | 04/2025 | $378 | 2171 | 2 | 0 |
|  | 04/2025 | 29965 | 27781 | 75 | 0 |
|  | 04/2025 | 98 | 1609989 | 0 | (1) |
|  | 04/2025 | 125 | 10800 | 1 | 0 |
|  | 04/2025 | 797 | 120312 | 5 | 0 |
|  | 04/2025 | 22 | 32167 | 0 | 0 |
|  | 04/2025 | 775 | 25414 | 0 | (10) |
|  | 04/2025 | 2570 | $141 | 1 | 0 |
|  | 05/2025 | 1071 | 147 | 0 | (1) |
|  | 05/2025 | 27781 | 30013 | 0 | (75) |
|  | 05/2025 | 1165286 | 70 | 0 | 0 |
|  | 05/2025 | 119909 | 797 | 0 | (5) |
|  | 05/2025 | $511 | 3704 | 1 | (1) |
|  | 06/2025 | 4032 | $552 | 0 | (5) |
|  | 06/2025 | $1184 | 4576 | 1 | (7) |
|  | 07/2025 | 1894 | $262 | 0 | 0 |
|  | 07/2025 | 16974 | 522 | 8 | 0 |
|  | 07/2025 | $378 | 2214 | 2 | 0 |
|  | 08/2025 | 1793 | $249 | 0 | (1) |
|  | 08/2025 | 17842 | 547 | 5 | 0 |
|  MBC | 04/2025 | 240 | 149 | 0 | (1) |
|  | 04/2025 | 178 | 201 | 0 | 0 |
|  | 04/2025 | 812 | 847 | 0 | (31) |
|  | 04/2025 | 961 | 263 | 5 | 0 |
|  | 04/2025 | 330 | 247 | 1 | 0 |
|  | 04/2025 | 7733 | 239 | 6 | 0 |
|  | 04/2025 | $3027 | 2674 | 0 | (5) |
|  | 04/2025 | 147 | 12713 | 2 | 0 |
|  | 04/2025 | 485 | 15918 | 0 | (5) |
|  | 04/2025 | 7202 | $394 | 2 | 0 |
|  | 05/2025 | 2665 | 3027 | 5 | 0 |

---

---

| | | |
|:---|:---|:---|
| **30** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 05/2025 | 1761 | $243 | $0 | $0 |
|  | 05/2025 | 724201 | 44 | 0 | 0 |
|  | 05/2025 | 6750 | 45 | 0 | 0 |
|  | 05/2025 | $252 | 1827 | 0 | 0 |
|  | 06/2025 | 287519 | $200 | 4 | 0 |
|  | 06/2025 | $604 | 2332 | 0 | (4) |
|  | 07/2025 | 908 | $126 | 0 | 0 |
|  | 07/2025 | 8189 | 251 | 3 | 0 |
|  | 08/2025 | 2358 | 328 | 1 | (1) |
|  | 08/2025 | 13898 | 425 | 3 | 0 |
|  MYI | 04/2025 | 5382 | 3781 | 41 | 0 |
|  | 04/2025 | 138 | 103 | 0 | 0 |
|  | 04/2025 | $110 | 3586 | 0 | (2) |
|  | 04/2025 | 2320 | 42408 | 0 | (9) |
|  | 05/2025 | 597101 | $36 | 0 | 0 |
|  | 06/2025 | 918 | 127 | 0 | 0 |
|  | 06/2025 | $38 | 151 | 1 | 0 |
|  NGF | 06/2025 | 1303943 | $915 | 27 | 0 |
|  SCX | 04/2025 | 26030 | 4453 | 0 | (108) |
|  | 04/2025 | 4096 | 126 | 3 | 0 |
|  | 04/2025 | $4533 | 26030 | 28 | 0 |
|  | 04/2025 | 229 | 3755232 | 0 | (4) |
|  | 04/2025 | 209 | 31525 | 1 | 0 |
|  | 04/2025 | 22 | 32133 | 0 | 0 |
|  | 04/2025 | 140 | 4604 | 0 | (1) |
|  | 05/2025 | 1486 | $206 | 1 | 0 |
|  | 05/2025 | 282771 | 17 | 0 | 0 |
|  | 05/2025 | 31419 | 209 | 0 | (1) |
|  | 06/2025 | 366 | 50 | 0 | 0 |
|  | 06/2025 | $4453 | 26360 | 107 | 0 |
|  | 08/2025 | 1499 | $209 | 1 | 0 |
|  | 08/2025 | 4565 | 140 | 1 | 0 |
|  SSB | 04/2025 | 192 | 248 | 0 | 0 |
|  | 05/2025 | $248 | 192 | 0 | 0 |
|  UAG | 04/2025 | 1285908 | $78 | 0 | 0 |
|  | 04/2025 | 250150 | 1681 | 14 | 0 |
|  | 04/2025 | $78 | 1285908 | 0 | 0 |
|  | 05/2025 | 77 | 1287716 | 0 | 0 |
|  | 06/2025 | 53 | 205 | 0 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1468) |

---

#### WRITTEN OPTIONS:

#### INFLATION-CAPPED OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Initial<br>Index | Floating Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GLM | Cap - OTC CPALEMU | 100.151 | Maximum of [(Final Index/Initial Index - 1) - 3.000%] or 0 | 06/22/2035 | 9000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(409) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(268) |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BRC Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.440% | 01/25/2027 | 1400 | $(13) | $(13) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.440 | 01/25/2027 | 1400 | (13) | (13) |
| GLM Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.350 | 01/07/2027 | 12600 | (114) | (107) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.350 | 01/07/2027 | 12600 | (114) | (127) |
| Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.500 | 01/14/2027 | 5100 | (47) | (51) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.500 | 01/14/2027 | 5100 | (47) | (44) |
| MYC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.660 | 09/05/2025 | 4200 | (93) | (80) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.660 | 09/05/2025 | 4200 | (93) | (86) |
|  |  |  |  |  |  | $(534) | $(521) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(943) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(789) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 31

------

Schedule of Investments PIMCO Long-Term Real Return Fund (Cont.)

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(2)</sup> |
|  AZD | $42 | $0 | $0 | $42 | $(54) | $0 | $0 | $(54) | $(12) | $0 | $(12) |
|  BOA | 2 | 0 | 0 | 2 | (7) | 0 | 0 | (7) | (5) | 0 | (5) |
|  BPS | 84 | 0 | 0 | 84 | (953) | 0 | 0 | (953) | (869) | 1046 | 177 |
|  BRC | 6 | 0 | 0 | 6 | (3) | (26) | 0 | (29) | (23) | 0 | (23) |
|  BSH | 44 | 0 | 0 | 44 | (7) | 0 | 0 | (7) | 37 | 0 | 37 |
|  CBK | 132 | 0 | 0 | 132 | (86) | 0 | 0 | (86) | 46 | 0 | 46 |
|  DUB | 48 | 0 | 0 | 48 | (4) | 0 | 0 | (4) | 44 | 0 | 44 |
|  FAR | 28 | 0 | 0 | 28 | (33) | 0 | 0 | (33) | (5) | 0 | (5) |
|  GLM | 51 | 0 | 0 | 51 | (41) | (597) | 0 | (638) | (587) | (270) | (857) |
|  JPM | 124 | 0 | 0 | 124 | (108) | 0 | 0 | (108) | 16 | 0 | 16 |
|  MBC | 32 | 0 | 0 | 32 | (47) | 0 | 0 | (47) | (15) | 0 | (15) |
|  MYC | 0 | 0 | 0 | 0 | 0 | (166) | 0 | (166) | (166) | 0 | (166) |
|  MYI | 42 | 0 | 0 | 42 | (11) | 0 | 0 | (11) | 31 | (38) | (7) |
|  NGF | 27 | 0 | 0 | 27 | 0 | 0 | 0 | 0 | 27 | 0 | 27 |
|  SCX | 142 | 0 | 0 | 142 | (114) | 0 | 0 | (114) | 28 | 0 | 28 |
|  UAG | 14 | 0 | 0 | 14 | 0 | 0 | 0 | 0 | 14 | 0 | 14 |
|  Total Over the Counter | $818 | $0 | $0 | $818 | $(1468) | $(789) | $0 | $(2257) |  |  |  |

---

(h) Securities with an aggregate market value of $1,046 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $27 | $0 | $0 | $0 | $192 | $219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 360 | 360 |
|  | $27 | $0 | $0 | $0 | $552 | $579 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $818 | $0 | $818 |
|  | $27 | $0 | $0 | $818 | $552 | $1397 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $27 | $0 | $0 | $0 | $186 | $213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 393 | 393 |
|  | $27 | $0 | $0 | $0 | $579 | $606 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $1468 | $0 | $1468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 789 | 789 |
|  | $0 | $0 | $0 | $1468 | $789 | $2257 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1468 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2863 |

---

32 PIMCO REAL RETURN STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $154 | $154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | (303) | 0 | 0 | 0 | 139 | (164) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 136 | 0 | 0 | (989) | (853) |
|  | $(303) | $136 | $0 | $0 | $(696) | $(863) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $2911 | $0 | $2911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 527 | 527 |
|  | $0 | $0 | $0 | $2911 | $527 | $3438 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(303) | $136 | $0 | $2911 | $(169) | $2575 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $(103) | $(103) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 21 | 0 | 0 | 0 | 31 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (142) | 0 | 0 | 2031 | 1889 |
|  | $21 | $(142) | $0 | $0 | $1959 | $1838 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(1162) | $0 | $(1162) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | (261) | (261) |
|  | $0 | $0 | $0 | $(1162) | $(261) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1423) |
|  | $21 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(142) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1162) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1698 | $415 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $227 | $0 | $227 |
|  U.S. Government Agencies | 0 | 67417 | 0 | 67417 |
|  U.S. Treasury Obligations | 0 | 436851 | 0 | 436851 |
|  Non-Agency Mortgage-Backed Securities | 0 | 12067 | 0 | 12067 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; CMBS Other | 0 | 13241 | 0 | 13241 |
| &nbsp;&nbsp; Home Equity Other | 0 | 12302 | 0 | 12302 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 895 | 0 | 895 |
| &nbsp;&nbsp; Other ABS | 0 | 6177 | 0 | 6177 |
|  Sovereign Issues | 0 | 35673 | 0 | 35673 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 161 | 0 | 161 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 352 | 0 | 352 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585363 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585363 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $47 | $0 | $0 | $47 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585363 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585410 |
|  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 | 180 | 399 | 0 | 579 |
|  Over the counter | 0 | 818 | 0 | 818 |
|  | $180 | $1217 | $0 | $1397 |
|  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 | (183) | (423) | 0 | (606) |
|  Over the counter | 0 | (2257) | 0 | (2257) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(183) | $(2680) | $0 | $(2863) |
|  Total Financial Derivative Instruments | $(3) | $(1463) | $0 | $(1466) |
|  Totals | $44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583944 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **33** |

---

------

Schedule of Investments PIMCO Real Return Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 122.7% | INVESTMENTS IN SECURITIES 122.7% | INVESTMENTS IN SECURITIES 122.7% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
| BANKING & FINANCE 0.3% | BANKING & FINANCE 0.3% | BANKING & FINANCE 0.3% |
|  Armor RE Ltd. | Armor RE Ltd. | Armor RE Ltd. |
|  12.792% due 01/07/2032 •  | 1050 | 1065 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 143 | 134 |
|  Jyske Realkredit AS | Jyske Realkredit AS | Jyske Realkredit AS |
|  0.500% due 10/01/2043 | 336 | 40 |
|  1.000% due 10/01/2050 | 15822 | 1775 |
|  1.500% due 10/01/2053 | 97752 | 11116 |
|  2.500% due 10/01/2047 | 7 | 1 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  4.947% due 06/27/2025 ~(e)(f) | 700 | 758 |
|  MMIFS Re Ltd. | MMIFS Re Ltd. | MMIFS Re Ltd. |
|  5.783% due 01/10/2033 ~ | 250 | 173 |
|  Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab |
|  1.000% due 10/01/2053 | 12 | 1 |
|  1.500% due 10/01/2053 | 19294 | 2059 |
|  2.000% due 10/01/2053 | 8889 | 1071 |
|  2.500% due 10/01/2047 | 3 | 0 |
|  Nykredit Realkredit AS | Nykredit Realkredit AS | Nykredit Realkredit AS |
|  1.000% due 10/01/2053 | 33 | 4 |
|  1.500% due 10/01/2053 | 2490 | 251 |
|  2.500% due 10/01/2047 | 18 | 3 |
|  Realkredit Danmark AS | Realkredit Danmark AS | Realkredit Danmark AS |
|  1.000% due 10/01/2053 | 3 | 0 |
|  1.500% due 10/01/2053 | 18321 | 2146 |
|  2.500% due 04/01/2047 | 8 | 1 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  0.650% due 01/14/2028 ~ | 600 | 624 |
|  1.000% due 06/24/2027 ~ | 500 | 529 |
|  2.125% due 11/15/2029 ~ | 100 | 117 |
|  2.875% due 04/02/2032 ~ | 100 | 104 |
|  7.000% due 09/30/2027 ~ | 300 | 397 |
|  7.750% due 03/01/2029 ~ | 1000 | 1218 |
|  |  | 23587 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  VMware, Inc. | VMware, Inc. | VMware, Inc. |
|  3.900% due 08/21/2027 | 1900 | 1867 |
|  Total Corporate Bonds & Notes (Cost $32,249) | Total Corporate Bonds & Notes (Cost $32,249) | 25454 |
| U.S. GOVERNMENT AGENCIES 14.9% | U.S. GOVERNMENT AGENCIES 14.9% | U.S. GOVERNMENT AGENCIES 14.9% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  4.525% due 02/01/2032 •  | 3 | 3 |
|  4.526% due 12/25/2036 - 07/25/2037 •  | 120 | 118 |
|  4.596% due 03/25/2036 •  | 35 | 34 |
|  4.804% due 07/25/2037 - 05/25/2042 •  | 59 | 59 |
|  4.840% due 11/01/2033 •  | 12 | 12 |
|  4.883% due 02/01/2034 •  | 4 | 4 |
|  4.893% due 10/01/2033 •  | 2 | 2 |
|  4.894% due 05/25/2036 •  | 17 | 17 |
|  4.899% due 02/25/2037 •  | 86 | 85 |
|  4.955% due 12/01/2036 •  | 3 | 2 |
|  5.290% due 01/25/2055 •  | 2976 | 2985 |
|  5.490% due 03/25/2055 •  | 1886 | 1889 |
|  5.742% due 09/01/2034 •  | 2 | 2 |
|  5.765% due 04/01/2032 •  | 3 | 3 |
|  5.885% due 06/01/2043 •  | 7 | 7 |
|  5.886% due 09/01/2044 - 10/01/2044 •  | 219 | 221 |
|  6.140% due 04/01/2027 •  | 1 | 1 |
|  6.213% due 04/01/2033 •  | 46 | 47 |
|  6.500% due 06/25/2028 | 3 | 3 |
|  6.803% due 05/25/2035 ~ | 3 | 3 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  2.920% due 01/25/2026 | 259 | 255 |
|  4.695% due 08/25/2031 •  | 44 | 47 |
|  4.734% due 09/25/2031 •  | 94 | 93 |
|  4.813% due 01/15/2047 •  | 2196 | 2148 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.863% due 06/15/2047 •  | 119 | 116 |
|  5.280% due 11/25/2054 •  | 44985 | 45044 |
|  5.490% due 03/25/2055 •  | 486 | 489 |
|  5.835% due 02/25/2045 •  | 235 | 226 |
|  6.035% due 07/25/2044 •  | 44 | 42 |
|  6.500% due 01/25/2028 | 1 | 1 |
|  6.547% due 01/01/2034 •  | 113 | 116 |
|  6.651% due 07/01/2036 •  | 23 | 23 |
|  6.901% due 10/01/2036 •  | 8 | 8 |
|  6.918% due 01/01/2034 •  | 30 | 31 |
|  7.000% due 10/15/2030 | 5 | 6 |
|  7.064% due 06/01/2033 •  | 25 | 26 |
|  7.253% due 09/01/2036 •  | 9 | 9 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  4.625% due 07/20/2035 •  | 4 | 4 |
|  4.750% due 12/20/2035 •  | 125 | 128 |
|  4.794% due 01/20/2072 •  | 396 | 395 |
|  5.123% due 08/20/2066 •  | 4 | 4 |
|  5.144% due 08/20/2072 •  | 375 | 376 |
|  5.244% due 08/20/2072 - 07/20/2073 •  | 20009 | 20048 |
|  5.258% due 01/20/2060 •  | 1971 | 1978 |
|  5.423% due 08/20/2069 •  | 1100 | 1107 |
|  5.444% due 05/20/2073 •  | 2070 | 2110 |
|  5.461% due 08/20/2068 •  | 8551 | 8537 |
|  5.504% due 11/20/2072 •  | 4430 | 4515 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  3.500% due 04/01/2055 | 233500 | 213672 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  4.000% due 08/01/2038 - 04/01/2050 | 28418 | 26806 |
|  4.500% due 07/01/2052 - 10/01/2052 | 3637 | 3487 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.000% due 05/01/2055 | 135130 | 125728 |
|  4.500% due 04/01/2055 - 06/01/2055 | 380200 | 363388 |
|  5.500% due 05/01/2055 | 64300 | 64164 |
|  6.000% due 05/01/2055 - 06/01/2055 | 189600 | 192373 |
|  6.500% due 06/01/2055 | 63600 | 65475 |
|  Total U.S. Government Agencies (Cost $1,144,551) | Total U.S. Government Agencies (Cost $1,144,551) | 1148472 |
| U.S. TREASURY OBLIGATIONS 89.4% | U.S. TREASURY OBLIGATIONS 89.4% | U.S. TREASURY OBLIGATIONS 89.4% |
|  U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) |
|  0.125% due 04/15/2026 (j)(l) | 84995 | 84410 |
|  0.125% due 07/15/2026 (h)(j)(l) | 269922 | 268707 |
|  0.125% due 10/15/2026 | 165859 | 164566 |
|  0.125% due 04/15/2027 | 66367 | 65165 |
|  0.125% due 01/15/2030 | 192327 | 181001 |
|  0.125% due 07/15/2030 (l) | 366150 | 343077 |
|  0.125% due 01/15/2031 | 324924 | 300200 |
|  0.125% due 07/15/2031 | 242901 | 223127 |
|  0.125% due 01/15/2032 | 138235 | 125163 |
|  0.125% due 02/15/2051 | 61368 | 35336 |
|  0.125% due 02/15/2052 | 55791 | 31636 |
|  0.250% due 07/15/2029 | 333420 | 319456 |
|  0.250% due 02/15/2050 | 102127 | 62425 |
|  0.375% due 01/15/2027 (l) | 454 | 449 |
|  0.375% due 07/15/2027 (j) | 54583 | 53970 |
|  0.500% due 01/15/2028 (j) | 313235 | 307726 |
|  0.625% due 01/15/2026 | 120299 | 120231 |
|  0.625% due 07/15/2032 | 377017 | 352102 |
|  0.625% due 02/15/2043 | 79042 | 60853 |
|  0.750% due 07/15/2028 | 252324 | 249416 |
|  0.750% due 02/15/2042 | 152748 | 122842 |
|  0.750% due 02/15/2045 | 164142 | 124691 |
|  0.875% due 01/15/2029 | 80090 | 78858 |
|  0.875% due 02/15/2047 | 186195 | 141069 |
|  1.000% due 02/15/2046 | 210802 | 166461 |
|  1.000% due 02/15/2048 | 65157 | 50125 |
|  1.000% due 02/15/2049 | 44756 | 34093 |
|  1.125% due 01/15/2033 | 96281 | 92277 |
|  1.250% due 04/15/2028 | 90215 | 90260 |
|  1.375% due 07/15/2033 | 319584 | 311864 |
|  1.375% due 02/15/2044 | 266554 | 232274 |
|  1.500% due 02/15/2053 (l) | 13463 | 11213 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  1.625% due 10/15/2027 (j) | 72371 | 73574 |
|  1.625% due 10/15/2029 | 85897 | 87135 |
|  1.750% due 01/15/2028 | 289652 | 294488 |
|  1.750% due 01/15/2034 | 65197 | 65108 |
|  1.875% due 07/15/2034 (h) | 298816 | 301692 |
|  2.125% due 04/15/2029 | 99088 | 102048 |
|  2.125% due 01/15/2035 (h) | 98425 | 101063 |
|  2.125% due 02/15/2040 | 85316 | 86296 |
|  2.125% due 02/15/2041 | 71171 | 71846 |
|  2.125% due 02/15/2054 | 62196 | 59731 |
|  2.375% due 01/15/2027 (j) | 2719 | 2789 |
|  2.375% due 10/15/2028 | 27686 | 28851 |
|  2.375% due 02/15/2055 | 48312 | 48941 |
|  2.500% due 01/15/2029 (j) | 103072 | 107743 |
|  3.375% due 04/15/2032 | 13957 | 15606 |
|  3.625% due 04/15/2028 | 292716 | 313816 |
|  3.875% due 04/15/2029 | 276461 | 303877 |
|  Total U.S. Treasury Obligations (Cost $7,370,857) | Total U.S. Treasury Obligations (Cost $7,370,857) | 6869647 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 1.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.3% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  5.538% due 10/25/2035 •  | 37 | 35 |
|  7.102% due 08/25/2035 •  | 55 | 55 |
|  Alliance Bancorp Trust | Alliance Bancorp Trust | Alliance Bancorp Trust |
|  4.915% due 07/25/2037 •  | 2856 | 2517 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  4.625% due 05/25/2046 ~ | 204 | 176 |
|  4.645% due 10/25/2046 •  | 4056 | 2086 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.487% due 01/20/2047 •  | 2268 | 1958 |
|  5.109% due 01/20/2047 ~ | 67 | 58 |
|  6.253% due 10/25/2036 þ | 75 | 66 |
|  6.337% due 01/25/2037 þ | 73 | 67 |
|  6.388% due 04/25/2037 þ | 59 | 50 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.671% due 11/25/2035 •  | 181 | 161 |
|  6.362% due 07/25/2035 •  | 92 | 88 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  4.630% due 04/26/2036 •  | 1042 | 924 |
|  4.775% due 01/25/2037 •  | 670 | 617 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  4.321% due 05/25/2047 ~ | 340 | 307 |
|  4.445% due 07/25/2036 ~ | 385 | 326 |
|  4.526% due 02/25/2036 •  | 64 | 59 |
|  4.913% due 11/25/2030 •  | 22 | 22 |
|  5.852% due 02/25/2034 •  | 157 | 147 |
|  5.954% due 01/25/2034 •  | 66 | 63 |
|  6.351% due 11/25/2034 •  | 19 | 18 |
|  6.631% due 10/25/2035 •  | 142 | 141 |
|  6.948% due 01/25/2034 •  | 210 | 211 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.259% due 08/25/2036 ~ | 314 | 212 |
|  4.348% due 09/25/2047 ~ | 2630 | 1290 |
|  4.639% due 11/25/2036 •  | 498 | 290 |
|  4.770% due 08/25/2036 •  | 195 | 126 |
|  5.043% due 09/25/2035 •  | 34 | 19 |
|  5.564% due 05/25/2035 •  | 12 | 11 |
|  Beast Mortgage Trust | Beast Mortgage Trust | Beast Mortgage Trust |
|  5.620% due 02/15/2037 •  | 3200 | 2859 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.762% due 12/25/2035 ~ | 29 | 27 |
|  5.986% due 02/25/2037 ~ | 24 | 24 |
|  6.694% due 02/25/2037 ~ | 7 | 7 |
|  ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust |
|  4.935% due 06/25/2035 •  | 169 | 71 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.615% due 07/25/2036 •  | 119 | 111 |
|  CIM Trust | CIM Trust | CIM Trust |
|  5.454% due 02/25/2049 ~ | 81 | 79 |
|  Citigroup Global Markets Mortgage Securities | Citigroup Global Markets Mortgage Securities | Citigroup Global Markets Mortgage Securities |
|  6.500% due 09/25/2033 | 92 | 46 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.821% due 09/25/2037 •  | 107 | 99 |
|  5.607% due 07/25/2046 •  | 320 | 301 |

---

---

| | | |
|:---|:---|:---|
| **34** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.760% due 03/25/2034 •  | $— | 31 | $— | 28 |
|  6.830% due 09/25/2035 •  |  | 11 |  | 11 |
|  7.410% due 05/25/2035 •  |  | 28 |  | 28 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.614% due 02/20/2047 ~ |  | 38 |  | 31 |
|  4.629% due 12/20/2046 ~ |  | 2163 |  | 1891 |
|  4.825% due 02/25/2037 •  |  | 941 |  | 830 |
|  4.854% due 03/20/2046 ~ |  | 88 |  | 76 |
|  4.854% due 07/20/2046 ~ |  | 1854 |  | 1559 |
|  5.000% due 07/25/2035 |  | 73 |  | 41 |
|  5.074% due 11/20/2035 •  |  | 177 |  | 171 |
|  5.135% due 10/25/2035 •  |  | 62 |  | 40 |
|  5.500% due 11/25/2035 |  | 14 |  | 11 |
|  5.635% due 12/25/2035 ~ |  | 335 |  | 286 |
|  5.750% due 05/25/2036 |  | 948 |  | 350 |
|  6.000% due 01/25/2037 |  | 2841 |  | 1444 |
|  6.000% due 02/25/2037 |  | 59 |  | 24 |
|  6.000% due 04/25/2037 |  | 1074 |  | 906 |
|  6.500% due 08/25/2032 |  | 17 |  | 18 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  4.330% due 03/25/2037 •  |  | 71 |  | 61 |
|  4.358% due 02/25/2047 ~ |  | 89 |  | 78 |
|  4.669% due 11/25/2037 •  |  | 841 |  | 793 |
|  5.015% due 04/25/2035 •  |  | 160 |  | 152 |
|  5.035% due 10/20/2035 •  |  | 7505 |  | 7132 |
|  5.075% due 03/25/2035 ~ |  | 4 |  | 4 |
|  5.160% due 11/25/2034 •  |  | 4 |  | 3 |
|  5.500% due 11/25/2035 |  | 69 |  | 36 |
|  5.500% due 04/25/2038 |  | 61 |  | 62 |
|  6.000% due 04/25/2036 |  | 1119 |  | 544 |
|  6.000% due 03/25/2037 |  | 3353 |  | 1517 |
|  7.124% due 01/20/2035 ~ |  | 16 |  | 16 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  1.841% due 10/25/2066 ~ |  | 6755 |  | 6090 |
|  6.079% due 04/25/2037 þ |  | 340 |  | 93 |
|  CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust |
|  6.184% due 12/25/2036 þ |  | 154 |  | 25 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  5.170% due 09/25/2034 •  |  | 20 |  | 20 |
|  6.000% due 02/25/2037 |  | 647 |  | 247 |
|  6.142% due 06/25/2034 ~ |  | 120 |  | 119 |
|  6.250% due 08/25/2037 |  | 143 |  | 53 |
|  First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust |
|  6.739% due 08/25/2035 •  |  | 197 |  | 143 |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.875% due 06/25/2045 ~ |  | 176 |  | 161 |
|  Grifonas Finance PLC | Grifonas Finance PLC | Grifonas Finance PLC | Grifonas Finance PLC | Grifonas Finance PLC |
|  2.669% due 08/28/2039 •  |  | 60 |  | 64 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.449% due 04/25/2035 •  | $— | 19 |  | 16 |
|  4.632% due 11/25/2035 •  |  | 11 |  | 9 |
|  4.752% due 11/25/2035 •  |  | 180 |  | 152 |
|  5.076% due 11/25/2035 •  |  | 56 |  | 54 |
|  5.507% due 07/25/2035 •  |  | 58 |  | 54 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.811% due 09/19/2037 ~ |  | 114 |  | 98 |
|  4.871% due 05/19/2035 •  |  | 3 |  | 3 |
|  4.911% due 03/19/2036 •  |  | 325 |  | 297 |
|  4.931% due 01/19/2036 •  |  | 904 |  | 589 |
|  5.051% due 11/19/2035 ~ |  | 215 |  | 142 |
|  5.051% due 08/19/2045 •  |  | 61 |  | 57 |
|  5.114% due 06/20/2035 ~ |  | 115 |  | 109 |
|  5.423% due 01/19/2035 ~ |  | 92 |  | 86 |
|  6.032% due 04/19/2034 •  |  | 42 |  | 39 |
|  HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust |
|  4.726% due 04/25/2037 •  |  | 371 |  | 335 |
|  IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust |
|  3.290% due 11/25/2035 ~ |  | 114 |  | 87 |
|  3.802% due 08/25/2036 •  |  | 241 |  | 190 |
|  5.856% due 11/25/2035 •  |  | 2 |  | 2 |
|  IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust |
|  5.035% due 11/25/2035 •  |  | 106 |  | 60 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  3.419% due 01/25/2036 ~ |  | 29 |  | 25 |
|  3.515% due 06/25/2036 ~ |  | 136 |  | 118 |
|  3.685% due 10/25/2035 •  |  | 83 |  | 67 |
|  3.834% due 08/25/2035 ~ |  | 87 |  | 64 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.834% due 08/25/2035 •  | $— | 70 | $— | 51 |
|  4.675% due 07/25/2036 •  |  | 460 |  | 447 |
|  4.720% due 12/25/2034 ~ |  | 29 |  | 27 |
|  4.735% due 06/25/2037 •  |  | 252 |  | 89 |
|  4.835% due 06/25/2046 ~ |  | 814 |  | 709 |
|  4.915% due 07/25/2035 ~ |  | 181 |  | 166 |
|  4.995% due 07/25/2035 ~ |  | 195 |  | 142 |
|  5.333% due 10/25/2034 ~ |  | 180 |  | 173 |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  4.895% due 03/25/2036 •  |  | 698 |  | 652 |
|  4.895% due 12/25/2036 •  |  | 9179 |  | 8475 |
|  6.000% due 12/27/2036 |  | 104 |  | 52 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.817% due 12/15/2031 ~ |  | 1744 |  | 1705 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  5.203% due 11/25/2035 •  |  | 80 |  | 63 |
|  5.285% due 08/25/2035 ~ |  | 46 |  | 46 |
|  5.481% due 10/25/2035 •  |  | 47 |  | 33 |
|  5.590% due 07/25/2035 ~ |  | 32 |  | 31 |
|  5.590% due 07/25/2035 •  |  | 29 |  | 28 |
|  6.057% due 02/25/2035 ~ |  | 2 |  | 2 |
|  6.142% due 06/25/2036 •  |  | 12 |  | 8 |
|  6.813% due 07/25/2035 •  |  | 9 |  | 9 |
|  6.862% due 08/25/2035 •  |  | 76 |  | 72 |
|  7.191% due 07/25/2035 •  |  | 5 |  | 5 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.795% due 12/25/2036 ~ |  | 679 |  | 657 |
|  4.935% due 08/25/2037 •  |  | 1495 |  | 1457 |
|  Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust |
|  4.795% due 12/25/2036 ~ |  | 134 |  | 129 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  4.435% due 12/25/2033 ~ |  | 2 |  | 2 |
|  4.645% due 04/25/2046 •  |  | 625 |  | 564 |
|  5.803% due 12/25/2033 •  |  | 128 |  | 119 |
|  6.370% due 11/21/2034 •  |  | 78 |  | 74 |
|  MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust |
|  4.835% due 03/25/2036 •  |  | 915 |  | 88 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates |
|  5.134% due 11/15/2031 •  |  | 13 |  | 13 |
|  5.174% due 09/15/2030 •  |  | 3 |  | 3 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust |
|  4.874% due 12/15/2030 ~ |  | 24 |  | 23 |
|  4.914% due 06/15/2030 ~ |  | 12 |  | 12 |
|  5.009% due 10/20/2029 ~ |  | 14 |  | 13 |
|  5.294% due 08/15/2032 •  |  | 32 |  | 31 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.935% due 11/25/2035 •  |  | 88 |  | 84 |
|  5.133% due 03/25/2030 •  |  | 9 |  | 7 |
|  5.266% due 06/25/2037 •  |  | 97 |  | 93 |
|  5.312% due 09/25/2035 •  |  | 51 |  | 41 |
|  5.333% due 11/25/2029 •  |  | 2 |  | 2 |
|  5.543% due 02/25/2035 ~ |  | 103 |  | 92 |
|  5.574% due 12/25/2034 •  |  | 92 |  | 88 |
|  6.084% due 05/25/2036 •  |  | 4 |  | 4 |
|  6.293% due 02/25/2033 ~ |  | 210 |  | 195 |
|  6.501% due 02/25/2034 ~ |  | 272 |  | 259 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.201% due 02/25/2047 þ |  | 169 |  | 59 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 •  |  | 12694 |  | 12174 |
|  4.500% due 05/25/2058 •  |  | 1894 |  | 1852 |
|  New York Mortgage Trust | New York Mortgage Trust | New York Mortgage Trust | New York Mortgage Trust | New York Mortgage Trust |
|  5.153% due 05/25/2036 ~ |  | 46 |  | 38 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  0.000% due 02/25/2036 •  |  | 4 |  | 0 |
|  6.320% due 03/25/2047 þ |  | 155 |  | 145 |
|  6.638% due 03/25/2047 þ |  | 144 |  | 134 |
|  Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates |
|  6.235% due 04/25/2035 •  |  | 1000 |  | 986 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  4.735% due 08/25/2035 ~ |  | 36 |  | 26 |
|  4.795% due 06/25/2046 ~ |  | 2476 |  | 550 |
|  4.995% due 12/25/2045 •  |  | 625 |  | 367 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.544% due 10/25/2037 •  | $— | 2753 | $— | 2217 |
|  5.995% due 09/25/2045 •  |  | 65 |  | 55 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  4.835% due 05/25/2035 ~ |  | 3911 |  | 2409 |
|  4.835% due 01/25/2046 ~ |  | 55 |  | 16 |
|  5.500% due 06/25/2033 |  | 35 |  | 35 |
|  6.500% due 06/25/2037 |  | 1786 |  | 356 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.834% due 07/20/2036 •  |  | 344 |  | 300 |
|  5.131% due 10/19/2026 ~ |  | 5 |  | 5 |
|  5.194% due 10/20/2027 •  |  | 4 |  | 4 |
|  5.234% due 10/20/2027 •  |  | 7 |  | 6 |
|  5.334% due 12/20/2032 •  |  | 12 |  | 11 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  4.526% due 11/25/2035 ~ |  | 26 |  | 24 |
|  4.607% due 09/25/2036 •  |  | 271 |  | 184 |
|  4.755% due 10/25/2035 •  |  | 248 |  | 235 |
|  4.811% due 08/25/2035 ~ |  | 39 |  | 34 |
|  5.038% due 09/25/2035 •  |  | 117 |  | 105 |
|  6.035% due 01/25/2035 ~ |  | 9 |  | 9 |
|  6.190% due 10/25/2037 •  |  | 137 |  | 124 |
|  6.527% due 02/25/2034 •  |  | 51 |  | 50 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.695% due 03/25/2037 ~ |  | 61 |  | 25 |
|  4.855% due 04/25/2036 ~ |  | 148 |  | 134 |
|  4.855% due 05/25/2036 •  |  | 1299 |  | 927 |
|  4.895% due 02/25/2036 •  |  | 120 |  | 97 |
|  4.931% due 07/19/2035 ~ |  | 43 |  | 41 |
|  4.931% due 07/19/2035 •  |  | 146 |  | 143 |
|  5.055% due 12/25/2035 ~ |  | 93 |  | 78 |
|  5.091% due 09/19/2032 ~ |  | 18 |  | 18 |
|  5.091% due 10/19/2034 ~ |  | 23 |  | 22 |
|  5.131% due 03/19/2034 •  |  | 48 |  | 46 |
|  Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates |
|  6.554% due 06/25/2033 ~ |  | 9 |  | 9 |
|  6.869% due 01/25/2034 ~ |  | 1 |  | 1 |
|  TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust |
|  6.470% due 09/25/2036 þ |  | 1230 |  | 29 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.423% due 05/25/2037 ~ |  | 731 |  | 589 |
|  3.727% due 04/25/2037 •  |  | 423 |  | 385 |
|  3.846% due 01/25/2037 •  |  | 580 |  | 506 |
|  4.091% due 02/25/2037 ~ |  | 158 |  | 135 |
|  4.174% due 12/25/2046 •  |  | 908 |  | 772 |
|  4.194% due 02/27/2034 ~ |  | 173 |  | 167 |
|  4.356% due 12/25/2036 •  |  | 396 |  | 362 |
|  4.541% due 02/25/2037 •  |  | 743 |  | 661 |
|  4.584% due 08/25/2036 •  |  | 62 |  | 55 |
|  4.720% due 12/25/2035 ~ |  | 12 |  | 11 |
|  4.895% due 04/25/2045 •  |  | 3 |  | 3 |
|  5.015% due 07/25/2045 •  |  | 167 |  | 164 |
|  5.015% due 10/25/2045 •  |  | 78 |  | 78 |
|  5.075% due 07/25/2045 •  |  | 6 |  | 6 |
|  5.080% due 03/25/2035 ~ |  | 25 |  | 25 |
|  5.095% due 01/25/2045 •  |  | 39 |  | 39 |
|  5.115% due 01/25/2045 •  |  | 312 |  | 308 |
|  5.131% due 12/25/2035 ~ |  | 90 |  | 83 |
|  5.178% due 09/25/2035 •  |  | 86 |  | 81 |
|  5.179% due 12/25/2035 ~ |  | 729 |  | 682 |
|  5.235% due 10/25/2044 •  |  | 101 |  | 96 |
|  5.335% due 03/25/2047 ~ |  | 1930 |  | 1670 |
|  5.405% due 05/25/2047 ~ |  | 325 |  | 284 |
|  5.535% due 07/25/2044 •  |  | 387 |  | 373 |
|  5.615% due 06/25/2046 •  |  | 33 |  | 31 |
|  5.635% due 02/25/2046 ~ |  | 262 |  | 238 |
|  5.760% due 03/25/2033 ~ |  | 2 |  | 2 |
|  5.835% due 11/25/2042 •  |  | 11 |  | 11 |
|  6.035% due 06/25/2042 •  |  | 21 |  | 19 |
|  6.188% due 06/25/2033 •  |  | 97 |  | 97 |
|  6.211% due 03/25/2034 •  |  | 18 |  | 18 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  5.605% due 05/25/2046 •  |  | 665 |  | 579 |
|  6.000% due 06/25/2037 |  | 3788 |  | 2918 |
|  6.500% due 08/25/2035 |  | 149 |  | 125 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.154% due 04/25/2036 •  |  | 272 |  | 268 |
|  6.679% due 12/28/2037 ~ |  | 1065 |  | 950 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **35** |

---

------

Schedule of Investments PIMCO Real Return Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  7.424% due 10/25/2036 •  | 7 | 7 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $109,792) | Total Non-Agency Mortgage-Backed Securities (Cost $109,792) | 97448 |
| ASSET-BACKED SECURITIES 8.4% | ASSET-BACKED SECURITIES 8.4% | ASSET-BACKED SECURITIES 8.4% |
| CMBS OTHER 0.6% | CMBS OTHER 0.6% | CMBS OTHER 0.6% |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.799% due 01/15/2037 •  | 3930 | 3936 |
|  BDS Ltd. | BDS Ltd. | BDS Ltd. |
|  6.117% due 03/19/2039 •  | 4339 | 4340 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.899% due 01/17/2037 •  | 10086 | 10074 |
|  M360 Ltd. | M360 Ltd. | M360 Ltd. |
|  5.934% due 11/22/2038 ~ | 407 | 402 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  6.467% due 06/19/2037 ~ | 13348 | 13344 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.511% due 10/16/2036 ~ | 1439 | 1436 |
|  5.531% due 07/16/2036 •  | 572 | 572 |
|  TPG Real Estate Finance Issuer Ltd. | TPG Real Estate Finance Issuer Ltd. | TPG Real Estate Finance Issuer Ltd. |
|  5.969% due 02/15/2039 •  | 8978 | 8951 |
|  |  | 43055 |
| HOME EQUITY OTHER 1.5% | HOME EQUITY OTHER 1.5% | HOME EQUITY OTHER 1.5% |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  5.135% due 06/25/2034 •  | 1763 | 1765 |
|  5.410% due 06/25/2033 ~ | 114 | 114 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  5.215% due 04/25/2034 •  | 268 | 252 |
|  5.485% due 12/25/2033 ~ | 443 | 453 |
|  Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust |
|  5.080% due 12/25/2035 •  | 1765 | 1657 |
|  Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates |
|  5.365% due 05/25/2035 •  | 124 | 123 |
|  Argent Mortgage Loan Trust | Argent Mortgage Loan Trust | Argent Mortgage Loan Trust |
|  4.915% due 05/25/2035 •  | 1093 | 972 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.735% due 07/25/2036 •  | 2407 | 2145 |
|  4.755% due 05/25/2036 •  | 1090 | 263 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.410% due 06/25/2034 •  | 44 | 48 |
|  Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust |
|  4.915% due 06/25/2036 •  | 3186 | 3088 |
|  5.035% due 01/25/2036 •  | 1234 | 1202 |
|  CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust |
|  6.685% due 10/25/2037 •  | 9131 | 9256 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.895% due 12/25/2036 ~ | 2689 | 1830 |
|  Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates | Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates | Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates |
|  5.380% due 10/25/2034 •  | 81 | 79 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.181% due 11/25/2034 •  | 2533 | 2267 |
|  4.575% due 08/25/2037 ~ | 144 | 132 |
|  4.625% due 11/25/2037 •  | 5823 | 5515 |
|  4.685% due 02/25/2036 •  | 415 | 400 |
|  4.935% due 03/25/2037 •  | 3966 | 3777 |
|  5.175% due 08/25/2047 •  | 570 | 555 |
|  5.215% due 11/25/2034 •  | 255 | 247 |
|  5.635% due 10/25/2035 ~ | 92 | 91 |
|  5.805% due 04/25/2036 •  | 317 | 288 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  3.922% due 06/25/2035 •  | 362 | 351 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.705% due 10/25/2036 •  | 1715 | 1551 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  6.720% due 03/25/2046 þ | 1089 | 581 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.575% due 12/25/2036 ~ | 1624 | 864 |
|  4.805% due 03/25/2047 •  | 2886 | 2287 |
|  5.410% due 03/25/2035 •  | 2101 | 2008 |

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---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  5.050% due 04/25/2036 •  | 443 | 438 |
|  5.110% due 02/25/2036 ~ | 6387 | 6242 |
|  5.290% due 08/25/2034 •  | 388 | 385 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.975% due 02/25/2036 •  | 698 | 690 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  4.645% due 10/25/2036 •  | 76 | 76 |
|  4.675% due 08/25/2036 •  | 17 | 17 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.591% due 11/25/2037 ~ | 9059 | 2913 |
|  4.595% due 09/25/2037 •  | 68 | 13 |
|  4.675% due 02/25/2037 ~ | 100 | 28 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  4.655% due 10/25/2036 •  | 1462 | 640 |
|  4.665% due 10/25/2036 •  | 108 | 56 |
|  4.775% due 03/25/2037 •  | 404 | 172 |
|  5.095% due 01/25/2035 •  | 119 | 115 |
|  5.215% due 01/25/2035 •  | 166 | 167 |
|  5.350% due 07/25/2034 •  | 224 | 231 |
|  5.485% due 06/25/2035 •  | 6500 | 5969 |
|  Morgan Stanley Dean Witter Capital, Inc. Trust | Morgan Stanley Dean Witter Capital, Inc. Trust | Morgan Stanley Dean Witter Capital, Inc. Trust |
|  5.785% due 02/25/2033 •  | 184 | 192 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  5.750% due 04/25/2037 ~ | 97 | 47 |
|  6.000% due 02/25/2037 •  | 75 | 42 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  5.200% due 02/25/2035 ~ | 766 | 757 |
|  5.785% due 03/25/2033 •  | 375 | 360 |
|  Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust |
|  4.870% due 03/25/2036 •  | 773 | 774 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.775% due 11/25/2036 •  | 1209 | 368 |
|  5.140% due 01/25/2036 •  | 76 | 76 |
|  5.515% due 06/25/2035 •  | 143 | 143 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.675% due 04/25/2037 ~ | 6335 | 3076 |
|  Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates |
|  5.170% due 09/25/2035 •  | 1172 | 1147 |
|  5.365% due 05/25/2035 •  | 8391 | 7857 |
|  5.485% due 10/25/2034 ~ | 1507 | 1488 |
|  6.160% due 02/25/2035 •  | 1636 | 1496 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.535% due 09/25/2037 •  | 30108 | 12313 |
|  Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust |
|  4.915% due 08/25/2036 •  | 3375 | 2986 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  1.783% due 05/25/2035 •  | 265 | 254 |
|  4.745% due 09/25/2037 ~ | 56 | 54 |
|  4.870% due 09/25/2036 ~ | 789 | 748 |
|  5.155% due 11/25/2037 •  | 1915 | 1612 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.755% due 07/25/2036 ~ | 2926 | 958 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.615% due 07/25/2037 •  | 2437 | 2180 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  5.140% due 03/25/2034 •  | 107 | 110 |
|  5.155% due 04/25/2033 ~ | 71 | 74 |
|  Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. |
|  5.140% due 02/25/2035 •  | 366 | 370 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.735% due 04/25/2036 •  | 18310 | 15430 |
|  5.005% due 10/25/2036 •  | 1093 | 1083 |
|  5.937% due 04/25/2035 •  | 10 | 10 |
|  Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust |
|  6.835% due 12/25/2034 •  | 331 | 332 |
|  |  | 118650 |
| MANUFACTURING HOUSE ABS OTHER 0.0% | MANUFACTURING HOUSE ABS OTHER 0.0% | MANUFACTURING HOUSE ABS OTHER 0.0% |
|  Lehman ABS Manufactured Housing Contract Trust | Lehman ABS Manufactured Housing Contract Trust | Lehman ABS Manufactured Housing Contract Trust |
|  7.170% due 04/15/2040 ~ | 3600 | 3389 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| WHOLE LOAN COLLATERAL 0.6% | WHOLE LOAN COLLATERAL 0.6% | WHOLE LOAN COLLATERAL 0.6% |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.930% due 10/25/2036 •  | 17188 | 16899 |
|  5.110% due 03/25/2037 •  | 1278 | 1277 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.540% due 10/25/2036 •  | 1174 | 1066 |
|  5.140% due 11/25/2036 •  | 10451 | 10159 |
|  IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust |
|  4.575% due 07/25/2036 ~ | 3680 | 1160 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.755% due 05/25/2036 •  | 2075 | 1792 |
|  4.873% due 06/25/2036 þ | 2600 | 2523 |
|  6.735% due 12/25/2037 •  | 8218 | 7955 |
|  |  | 42831 |
| OTHER ABS 5.7% | OTHER ABS 5.7% | OTHER ABS 5.7% |
|  37 Capital CLO Ltd. | 37 Capital CLO Ltd. | 37 Capital CLO Ltd. |
|  5.386% due 04/15/2035 •  | 2300 | 2290 |
|  5.582% due 10/15/2034 ~ | 1700 | 1700 |
|  5.592% due 07/15/2034 ~ | 2100 | 2100 |
|  522 Funding CLO Ltd. | 522 Funding CLO Ltd. | 522 Funding CLO Ltd. |
|  5.490% due 10/23/2034 ~ | 1750 | 1746 |
|  5.595% due 10/20/2031 •  | 3497 | 3498 |
|  ACAS CLO Ltd. | ACAS CLO Ltd. | ACAS CLO Ltd. |
|  5.445% due 10/18/2028 ~ | 69 | 69 |
|  Adagio CLO DAC | Adagio CLO DAC | Adagio CLO DAC |
|  3.715% due 04/15/2032 •  | 1876 | 2028 |
|  AIMCO CLO | AIMCO CLO | AIMCO CLO |
|  5.553% due 10/17/2034 ~ | 2500 | 2500 |
|  Albacore Euro CLO Ltd. | Albacore Euro CLO Ltd. | Albacore Euro CLO Ltd. |
|  3.775% due 07/15/2035 •  | 1000 | 1081 |
|  Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. |
|  5.393% due 01/20/2035 •  | 500 | 499 |
|  5.730% due 04/22/2034 ~ | 4800 | 4803 |
|  Apidos CLO | Apidos CLO | Apidos CLO |
|  5.505% due 10/20/2030 ~ | 621 | 621 |
|  Arbour CLO DAC | Arbour CLO DAC | Arbour CLO DAC |
|  3.681% due 12/15/2038 •  | 4200 | 4549 |
|  3.706% due 11/15/2037 •  | 800 | 867 |
|  Ares CLO Ltd. | Ares CLO Ltd. | Ares CLO Ltd. |
|  5.450% due 10/28/2034 •  | 4800 | 4785 |
|  5.614% due 01/15/2032 ~ | 1919 | 1920 |
|  Ares European CLO DAC | Ares European CLO DAC | Ares European CLO DAC |
|  3.565% due 10/15/2031 •  | 3295 | 3565 |
|  Atlantic Avenue Ltd. | Atlantic Avenue Ltd. | Atlantic Avenue Ltd. |
|  5.576% due 01/20/2035 ~ | 4750 | 4743 |
|  Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. |
|  5.510% due 10/23/2032 ~ | 2313 | 2313 |
|  5.654% due 01/15/2031 ~ | 294 | 294 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.440% due 10/23/2034 ~ | 500 | 499 |
|  5.493% due 10/20/2034 ~ | 4400 | 4396 |
|  5.538% due 07/16/2034 •  | 2900 | 2895 |
|  Barings CLO Ltd. | Barings CLO Ltd. | Barings CLO Ltd. |
|  5.514% due 04/15/2031 •  | 12807 | 12813 |
|  5.545% due 01/20/2031 •  | 1379 | 1380 |
|  BBAM European CLO DAC | BBAM European CLO DAC | BBAM European CLO DAC |
|  3.574% due 07/22/2034 •  | 1000 | 1079 |
|  Black Diamond CLO DAC | Black Diamond CLO DAC | Black Diamond CLO DAC |
|  3.604% due 01/20/2032 •  | 157 | 170 |
|  Blackrock European CLO DAC | Blackrock European CLO DAC | Blackrock European CLO DAC |
|  3.401% due 12/15/2032 •  | 1987 | 2149 |
|  3.405% due 10/15/2031 •  | 6256 | 6760 |
|  3.624% due 07/19/2035 •  | 1000 | 1075 |
|  BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. |
|  5.490% due 10/25/2030 ~ | 2387 | 2388 |
|  5.644% due 07/15/2031 •  | 2864 | 2865 |
|  BlueMountain EUR CLO Ltd. | BlueMountain EUR CLO Ltd. | BlueMountain EUR CLO Ltd. |
|  3.695% due 01/15/2033 •  | 899 | 973 |
|  Bosphorus CLO DAC | Bosphorus CLO DAC | Bosphorus CLO DAC |
|  3.371% due 05/25/2034 •  | 21600 | 23344 |
|  3.557% due 12/12/2032 •  | 2086 | 2254 |

---

---

| | | |
|:---|:---|:---|
| **36** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Cairn CLO DAC | Cairn CLO DAC | Cairn CLO DAC |
|  3.565% due 10/15/2031 •  | 3630 | 3927 |
|  Canyon Capital CLO Ltd. | Canyon Capital CLO Ltd. | Canyon Capital CLO Ltd. |
|  5.382% due 07/15/2034 ~ | 1000 | 996 |
|  Capital Four U.S. CLO Ltd. | Capital Four U.S. CLO Ltd. | Capital Four U.S. CLO Ltd. |
|  6.193% due 01/20/2037 •  | 5800 | 5826 |
|  Capital Street Master Trust | Capital Street Master Trust | Capital Street Master Trust |
|  5.699% due 10/16/2028 •  | 4500 | 4504 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  5.513% due 07/20/2032 •  | 1888 | 1888 |
|  5.530% due 08/14/2030 •  | 78 | 78 |
|  5.534% due 04/17/2031 ~ | 302 | 302 |
|  5.612% due 07/27/2031 •  | 573 | 573 |
|  Carlyle Global Market Strategies Euro CLO DAC | Carlyle Global Market Strategies Euro CLO DAC | Carlyle Global Market Strategies Euro CLO DAC |
|  3.306% (EUR003M + 0.750%) due 11/15/2031 ~ | 4102 | 4437 |
|  Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. |
|  5.744% due 01/15/2030 ~ | 564 | 564 |
|  Carval CLO Ltd. | Carval CLO Ltd. | Carval CLO Ltd. |
|  5.538% due 07/16/2031 •  | 3622 | 3624 |
|  Catamaran CLO Ltd. | Catamaran CLO Ltd. | Catamaran CLO Ltd. |
|  5.652% due 04/22/2030 •  | 1961 | 1962 |
|  CBAM Ltd. | CBAM Ltd. | CBAM Ltd. |
|  5.584% due 04/17/2031 •  | 425 | 425 |
|  5.675% due 04/20/2032 ~ | 1075 | 1075 |
|  Cedar Funding CLO Ltd. | Cedar Funding CLO Ltd. | Cedar Funding CLO Ltd. |
|  5.664% due 07/17/2031 ~ | 1674 | 1674 |
|  CIFC European Funding CLO DAC | CIFC European Funding CLO DAC | CIFC European Funding CLO DAC |
|  3.835% due 01/15/2034 •  | 2300 | 2489 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.508% due 10/24/2030 ~ | 5068 | 5073 |
|  5.655% due 07/18/2031 •  | 982 | 982 |
|  Contego CLO DAC | Contego CLO DAC | Contego CLO DAC |
|  3.321% due 01/23/2030 •  | 3779 | 4094 |
|  Crestline Denali CLO Ltd. | Crestline Denali CLO Ltd. | Crestline Denali CLO Ltd. |
|  5.585% due 04/20/2030 ~ | 262 | 262 |
|  Cumulus Static CLO DAC | Cumulus Static CLO DAC | Cumulus Static CLO DAC |
|  3.756% due 11/15/2033 •  | 3283 | 3556 |
|  CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC |
|  3.131% due 09/15/2031 •  | 558 | 603 |
|  3.336% due 08/15/2032 •  | 234 | 253 |
|  3.347% due 09/22/2034 •  | 2500 | 2701 |
|  3.435% due 10/15/2031 •  | 11222 | 12136 |
|  CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC |
|  3.310% due 08/15/2033 «•  | 10320 | 11159 |
|  Dryden Euro CLO DAC | Dryden Euro CLO DAC | Dryden Euro CLO DAC |
|  3.416% due 05/15/2034 •  | 7213 | 7791 |
|  3.445% due 04/15/2033 •  | 11399 | 12320 |
|  3.665% due 04/15/2034 •  | 900 | 971 |
|  3.728% due 01/17/2033 •  | 874 | 945 |
|  3.744% due 04/18/2033 •  | 981 | 1062 |
|  Dryden Senior Loan Fund | Dryden Senior Loan Fund | Dryden Senior Loan Fund |
|  5.362% due 08/20/2034 •  | 3100 | 3100 |
|  5.443% due 10/19/2029 ~ | 2552 | 2554 |
|  5.525% due 04/18/2031 •  | 1224 | 1225 |
|  5.614% due 07/15/2031 ~ | 814 | 815 |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  5.430% due 07/25/2034 ~ | 2300 | 2286 |
|  Euro-Galaxy CLO DAC | Euro-Galaxy CLO DAC | Euro-Galaxy CLO DAC |
|  3.291% due 04/24/2034 •  | 1595 | 1723 |
|  Gallatin CLO Ltd. | Gallatin CLO Ltd. | Gallatin CLO Ltd. |
|  5.654% due 07/15/2031 •  | 5041 | 5047 |
|  GoldenTree Loan Management U.S. CLO Ltd. | GoldenTree Loan Management U.S. CLO Ltd. | GoldenTree Loan Management U.S. CLO Ltd. |
|  5.443% due 10/20/2034 ~ | 1000 | 997 |
|  Golub Capital Partners Static Ltd. | Golub Capital Partners Static Ltd. | Golub Capital Partners Static Ltd. |
|  5.523% due 04/20/2033 •  | 3385 | 3385 |
|  Greywolf CLO Ltd. | Greywolf CLO Ltd. | Greywolf CLO Ltd. |
|  5.520% due 04/22/2033 •  | 3300 | 3301 |
|  Harvest CLO DAC | Harvest CLO DAC | Harvest CLO DAC |
|  3.424% due 10/20/2031 •  | 10245 | 11075 |
|  3.425% due 10/15/2031 •  | 1001 | 1082 |
|  3.545% due 07/15/2031 •  | 1596 | 1726 |
|  Hayfin Emerald CLO | Hayfin Emerald CLO | Hayfin Emerald CLO |
|  3.914% due 01/22/2039 «•  | 5700 | 6167 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.975% due 11/17/2037 •  |  | 4000 | $— | 4331 |
|  Henley CLO DAC | Henley CLO DAC | Henley CLO DAC | Henley CLO DAC | Henley CLO DAC |
|  3.663% due 04/25/2034 •  |  | 2600 |  | 2814 |
|  3.673% due 06/10/2034 •  |  | 3100 |  | 3350 |
|  ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. |
|  5.293% due 01/16/2033 •  | $— | 3000 |  | 2995 |
|  5.615% due 04/21/2031 •  |  | 188 |  | 188 |
|  Invesco Euro CLO DAC | Invesco Euro CLO DAC | Invesco Euro CLO DAC | Invesco Euro CLO DAC | Invesco Euro CLO DAC |
|  3.435% due 07/15/2031 •  |  | 810 |  | 875 |
|  3.725% due 10/30/2038 •  |  | 4700 |  | 5077 |
|  Jamestown CLO Ltd. | Jamestown CLO Ltd. | Jamestown CLO Ltd. | Jamestown CLO Ltd. | Jamestown CLO Ltd. |
|  5.570% due 07/25/2035 •  | $— | 3800 |  | 3801 |
|  Jubilee CLO DAC | Jubilee CLO DAC | Jubilee CLO DAC | Jubilee CLO DAC | Jubilee CLO DAC |
|  3.435% due 04/15/2031 •  |  | 8072 |  | 8673 |
|  KKR CLO Ltd. | KKR CLO Ltd. | KKR CLO Ltd. | KKR CLO Ltd. | KKR CLO Ltd. |
|  5.514% due 07/15/2030 ~ | $— | 1199 |  | 1200 |
|  5.744% due 01/15/2031 •  |  | 973 |  | 973 |
|  LCM Ltd. | LCM Ltd. | LCM Ltd. | LCM Ltd. | LCM Ltd. |
|  5.393% due 07/20/2030 ~ |  | 288 |  | 289 |
|  5.400% due 10/15/2034 •  |  | 2300 |  | 2293 |
|  5.555% due 07/20/2030 •  |  | 332 |  | 331 |
|  Madison Park Euro Funding DAC | Madison Park Euro Funding DAC | Madison Park Euro Funding DAC | Madison Park Euro Funding DAC | Madison Park Euro Funding DAC |
|  3.605% due 04/15/2032 •  |  | 11879 |  | 12768 |
|  3.665% due 07/15/2035 •  |  | 1331 |  | 1436 |
|  Madison Park Funding Ltd. | Madison Park Funding Ltd. | Madison Park Funding Ltd. | Madison Park Funding Ltd. | Madison Park Funding Ltd. |
|  5.324% due 10/15/2034 •  | $— | 4600 |  | 4576 |
|  5.540% due 10/22/2034 ~ |  | 1900 |  | 1902 |
|  Man GLG Euro CLO DAC | Man GLG Euro CLO DAC | Man GLG Euro CLO DAC | Man GLG Euro CLO DAC | Man GLG Euro CLO DAC |
|  3.191% due 12/15/2031 •  |  | 5286 |  | 5716 |
|  Marathon CLO Ltd. | Marathon CLO Ltd. | Marathon CLO Ltd. | Marathon CLO Ltd. | Marathon CLO Ltd. |
|  5.502% due 04/15/2032 ~ | $— | 1397 |  | 1397 |
|  Mountain View CLO Ltd. | Mountain View CLO Ltd. | Mountain View CLO Ltd. | Mountain View CLO Ltd. | Mountain View CLO Ltd. |
|  5.762% due 04/15/2034 ~ |  | 3400 |  | 3403 |
|  Neuberger Berman CLO Ltd. | Neuberger Berman CLO Ltd. | Neuberger Berman CLO Ltd. | Neuberger Berman CLO Ltd. | Neuberger Berman CLO Ltd. |
|  5.591% due 01/28/2030 •  |  | 321 |  | 321 |
|  Neuberger Berman Loan Advisers CLO Ltd. | Neuberger Berman Loan Advisers CLO Ltd. | Neuberger Berman Loan Advisers CLO Ltd. | Neuberger Berman Loan Advisers CLO Ltd. | Neuberger Berman Loan Advisers CLO Ltd. |
|  5.360% due 07/17/2036 •  |  | 2700 |  | 2700 |
|  5.370% due 10/14/2036 •  |  | 3200 |  | 3200 |
|  Northwoods Capital Ltd. | Northwoods Capital Ltd. | Northwoods Capital Ltd. | Northwoods Capital Ltd. | Northwoods Capital Ltd. |
|  5.489% due 06/15/2031 ~ |  | 1782 |  | 1783 |
|  OAK Hill European Credit Partners DAC | OAK Hill European Credit Partners DAC | OAK Hill European Credit Partners DAC | OAK Hill European Credit Partners DAC | OAK Hill European Credit Partners DAC |
|  3.484% (EUR003M + 0.740%) due 10/20/2031 ~ |  | 5953 |  | 6424 |
|  Ocean Trails CLO | Ocean Trails CLO | Ocean Trails CLO | Ocean Trails CLO | Ocean Trails CLO |
|  5.592% due 07/15/2034 •  | $— | 2400 |  | 2399 |
|  Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. |
|  5.343% due 01/20/2035 •  |  | 2800 |  | 2797 |
|  Octagon Loan Funding Ltd. | Octagon Loan Funding Ltd. | Octagon Loan Funding Ltd. | Octagon Loan Funding Ltd. | Octagon Loan Funding Ltd. |
|  5.765% due 11/18/2031 ~ |  | 154 |  | 154 |
|  OZLM Ltd. | OZLM Ltd. | OZLM Ltd. | OZLM Ltd. | OZLM Ltd. |
|  5.715% due 07/20/2032 •  |  | 3567 |  | 3568 |
|  Palmer Square European CLO DAC | Palmer Square European CLO DAC | Palmer Square European CLO DAC | Palmer Square European CLO DAC | Palmer Square European CLO DAC |
|  3.715% due 04/15/2035 •  |  | 2800 |  | 3027 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  3.339% due 08/15/2033 «•(a) |  | 5000 |  | 5406 |
|  3.546% due 05/15/2034 •  |  | 5540 |  | 5992 |
|  3.690% due 05/15/2034 •  |  | 2400 |  | 2604 |
|  3.806% due 08/15/2033 •  |  | 4165 |  | 4504 |
|  Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. |
|  5.355% due 07/20/2029 ~ | $— | 892 |  | 892 |
|  Parallel Ltd. | Parallel Ltd. | Parallel Ltd. | Parallel Ltd. | Parallel Ltd. |
|  5.426% due 07/15/2034 •  |  | 1600 |  | 1595 |
|  Pikes Peak CLO | Pikes Peak CLO | Pikes Peak CLO | Pikes Peak CLO | Pikes Peak CLO |
|  5.513% due 10/11/2034 •  |  | 4200 |  | 4193 |
|  Rad CLO Ltd. | Rad CLO Ltd. | Rad CLO Ltd. | Rad CLO Ltd. | Rad CLO Ltd. |
|  5.530% due 04/25/2032 •  |  | 491 |  | 491 |
|  5.678% due 07/24/2032 •  |  | 1814 |  | 1816 |
|  Regatta Funding Ltd. | Regatta Funding Ltd. | Regatta Funding Ltd. | Regatta Funding Ltd. | Regatta Funding Ltd. |
|  5.502% due 01/15/2033 •  |  | 600 |  | 600 |
|  Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC |
|  4.041% due 04/24/2037 •  |  | 1100 |  | 1190 |
|  Romark CLO Ltd. | Romark CLO Ltd. | Romark CLO Ltd. | Romark CLO Ltd. | Romark CLO Ltd. |
|  5.582% due 10/23/2030 •  | $— | 2448 |  | 2450 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. |
|  5.582% due 10/15/2034 •  | $| 3100 | 3100 |
|  Saranac CLO Ltd. | Saranac CLO Ltd. | Saranac CLO Ltd. | Saranac CLO Ltd. |
|  5.699% due 08/13/2031 ~ |  | 563 | 564 |
|  Segovia European CLO DAC | Segovia European CLO DAC | Segovia European CLO DAC | Segovia European CLO DAC |
|  3.624% due 07/20/2032 •  | EUR | 3540 | 3831 |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  5.718% due 07/25/2049 | $| 2781 | 2773 |
|  Sound Point CLO Ltd. | Sound Point CLO Ltd. | Sound Point CLO Ltd. | Sound Point CLO Ltd. |
|  5.542% due 07/25/2030 •  |  | 658 | 658 |
|  5.705% due 04/18/2031 •  |  | 1336 | 1335 |
|  5.765% due 07/20/2032 •  |  | 6889 | 6892 |
|  St Paul's CLO DAC | St Paul's CLO DAC | St Paul's CLO DAC | St Paul's CLO DAC |
|  3.503% due 04/25/2030 •  | EUR | 3612 | 3909 |
|  3.504% (EUR003M + 0.800%) due 04/22/2035 ~ |  | 3690 | 3980 |
|  3.598% due 01/17/2032 •  |  | 3913 | 4230 |
|  3.653% due 10/25/2035 •  |  | 900 | 971 |
|  TIAA CLO Ltd. | TIAA CLO Ltd. | TIAA CLO Ltd. | TIAA CLO Ltd. |
|  5.433% due 01/20/2032 ~ | $| 321 | 321 |
|  Tikehau CLO DAC | Tikehau CLO DAC | Tikehau CLO DAC | Tikehau CLO DAC |
|  3.685% due 10/15/2031 •  | EUR | 4541 | 4905 |
|  Tralee CLO Ltd. | Tralee CLO Ltd. | Tralee CLO Ltd. | Tralee CLO Ltd. |
|  5.366% due 10/20/2034 •  | $| 2000 | 2000 |
|  5.882% due 04/25/2034 •  |  | 5100 | 5104 |
|  Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. |
|  5.433% due 10/20/2034 •  |  | 2500 | 2493 |
|  5.575% due 09/07/2030 ~ |  | 2038 | 2039 |
|  5.624% due 07/15/2031 ~ |  | 766 | 766 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.493% due 07/20/2032 •  |  | 458 | 458 |
|  5.544% due 06/07/2030 ~ |  | 165 | 165 |
|  5.774% due 10/15/2030 ~ |  | 599 | 599 |
|  Voya Euro CLO DAC | Voya Euro CLO DAC | Voya Euro CLO DAC | Voya Euro CLO DAC |
|  3.755% due 10/15/2034 •  | EUR | 2500 | 2694 |
|  Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. |
|  5.605% due 07/18/2031 ~ | $| 371 | 371 |
|  |  |  | 434398 |
|  Total Asset-Backed Securities (Cost $661,987) | Total Asset-Backed Securities (Cost $661,987) | Total Asset-Backed Securities (Cost $661,987) | 642323 |
| SOVEREIGN ISSUES 8.1% | SOVEREIGN ISSUES 8.1% | SOVEREIGN ISSUES 8.1% | SOVEREIGN ISSUES 8.1% |
|  Canada Government Bond | Canada Government Bond | Canada Government Bond | Canada Government Bond |
|  4.250% due 12/01/2026 (d) | CAD | 38568 | 28700 |
|  France Government International Bond | France Government International Bond | France Government International Bond | France Government International Bond |
|  0.100% due 03/01/2026 (d) | EUR | 82298 | 89232 |
|  0.100% due 07/25/2031 (d) |  | 16341 | 16883 |
|  0.100% due 07/25/2038 (d) |  | 118 | 106 |
|  Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |
|  0.400% due 05/15/2030 (d) |  | 20236 | 21171 |
|  1.400% due 05/26/2025 (d) |  | 274609 | 297695 |
|  1.800% due 05/15/2036 (d) |  | 8453 | 8928 |
|  Japan Government International Bond | Japan Government International Bond | Japan Government International Bond | Japan Government International Bond |
|  0.100% due 03/10/2028 (d) | JPY | 9928480 | 68577 |
|  0.100% due 03/10/2029 (d) |  | 13381961 | 92252 |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  4.000% due 08/24/2034 (d) | MXN | 16499 | 751 |
|  Total Sovereign Issues (Cost $670,688) | Total Sovereign Issues (Cost $670,688) | Total Sovereign Issues (Cost $670,688) | 624295 |
|  |  | **SHARES** |  |
| PREFERRED SECURITIES 0.1% | PREFERRED SECURITIES 0.1% | PREFERRED SECURITIES 0.1% | PREFERRED SECURITIES 0.1% |
| BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.875% due 03/15/2028 •(e) |  | 6580000 | 6639 |
|  Total Preferred Securities (Cost $6,580) | Total Preferred Securities (Cost $6,580) | Total Preferred Securities (Cost $6,580) | 6639 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 37

------

Schedule of Investments PIMCO Real Return Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SHARES** | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.400% (g) |  | 1368028 | $— | 1368 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |  |
| U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% |
|  4.298% due 04/17/2025 - 06/26/2025 (b)(c)(j)(l) | $— | 16258 |  | 16146 |
| Total Short-Term Instruments<br>(Cost $17,514) | Total Short-Term Instruments<br>(Cost $17,514) | Total Short-Term Instruments<br>(Cost $17,514) |  | 17514 |
| Total Investments in Securities<br>(Cost $10,014,218) | Total Investments in Securities<br>(Cost $10,014,218) | Total Investments in Securities<br>(Cost $10,014,218) |  | 9431792 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 0.2% | INVESTMENTS IN AFFILIATES 0.2% | INVESTMENTS IN AFFILIATES 0.2% | INVESTMENTS IN AFFILIATES 0.2% |
| SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.2% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 1172105 | $— | 11409 |
| Total Short-Term Instruments<br>(Cost $11,409) | Total Short-Term Instruments<br>(Cost $11,409) |  | 11409 |
| Total Investments in Affiliates<br>(Cost $11,409) | Total Investments in Affiliates<br>(Cost $11,409) |  | 11409 |
| Total Investments 122.9%<br>(Cost $10,025,627) | Total Investments 122.9%<br>(Cost $10,025,627) | $— | 9443201 |
|  Financial Derivative<br>Instruments (i)(k) (0.1)%<br> (Cost or Premiums, net $(33299)) | Financial Derivative<br>Instruments (i)(k) (0.1)%<br> (Cost or Premiums, net $(33299)) |  | (5401) |
| Other Assets and Liabilities, net (22.8)% | Other Assets and Liabilities, net (22.8)% |  | (1753212) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 7684588 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) When-issued security.

(b) Coupon represents a weighted average yield to maturity.

(c) Zero coupon security.

(d) Principal amount of security is adjusted for inflation.

(e) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(f) Contingent convertible security.

(g) Coupon represents a 7-Day Yield.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BPS | 0.380% | 01/30/2025 | 04/30/2025 | $(8940288) | $(59644) |
|  | 0.430 | 03/24/2025 | 06/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67809684) | (452133) |
|  JPS | 4.530 | 03/31/2025 | 04/01/2025 | (31295) | (31299) |
|  MSR | 4.450 | 04/01/2025 | 04/02/2025 | (127919) | (127919) |
|  | 4.480 | 03/31/2025 | 04/01/2025 | (63838) | (63846) |
|  NOM | 4.500 | 03/28/2025 | 04/04/2025 | (36809) | (36828) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(771669) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales<sup>(2)</sup> |
|  U.S. Government Agencies 0.0% | U.S. Government Agencies 0.0% | U.S. Government Agencies 0.0% | U.S. Government Agencies 0.0% | U.S. Government Agencies 0.0% | U.S. Government Agencies 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.000% | 05/01/2055 | $300 | $(258) | $(260) |
|  U.S. Treasury Obligations (0.6)% | U.S. Treasury Obligations (0.6)% | U.S. Treasury Obligations (0.6)% | U.S. Treasury Obligations (0.6)% | U.S. Treasury Obligations (0.6)% | U.S. Treasury Obligations (0.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Inflation Protected Securities | 0.625% | 01/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43842 | (43625) | (43875) |
|  Total Short Sales (0.6)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43883) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44135) |

---

38 PIMCO REAL RETURN STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Payable for<br>Short Sales<sup>(2)</sup> | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(3)</sup> |
|  Global/Master Repurchase Agreemen | Global/Master Repurchase Agreemen | Global/Master Repurchase Agreemen | Global/Master Repurchase Agreemen | Global/Master Repurchase Agreemen | Global/Master Repurchase Agreemen | Global/Master Repurchase Agreemen | Global/Master Repurchase Agreemen |
|  BPS | $0 | $(511777) | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(511777) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520653 | $8876 |
|  JPS | 0 | (31299) | 0 | 0 | (31299) | 31207 | (92) |
|  MSR | 0 | (191765) | 0 | 0 | (191765) | 65952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125813) |
|  NOM | 0 | (36828) | 0 | 0 | (36828) | 36866 | 38 |
|  Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement |
|  CEW | 0 | 0 | 0 | (43875) | (43875) | 0 | (43875) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(771669) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43875) |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |  |  |  |
|  U.S. Treasury Obligations | $(95145) | $(96472) | $(452133) | $0 | $(643750) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95145) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96472) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(452133) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(643750) |
|  Payable for reverse repurchase agreements<sup>(4)</sup> | Payable for reverse repurchase agreements<sup>(4)</sup> | Payable for reverse repurchase agreements<sup>(4)</sup> | Payable for reverse repurchase agreements<sup>(4)</sup> | Payable for reverse repurchase agreements<sup>(4)</sup> | $(643750) |

---

(h) Securities with an aggregate market value of $664,854 have been pledged as collateral under the terms of the above master agreements as of March 31, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended March 31, 2025 was $(232528) at a weighted average interest rate of 1.863%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(2)</sup> Payable for short sales includes $(58) of accrued interest. 

<sup>(3)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

<sup>(4)</sup> Unsettled reverse repurchase agreements liability of $(127919) is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(i) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month EURIBOR September Futures  | 09/2026 | 5672 | $1502081 | $306 | $767 | $(153) |
|  Aluminum May Futures  | 05/2025 | 25 | 1581 | (72) | 0 | 0 |
|  Arabica Coffee September Futures  | 09/2025 | 7 | 972 | (3) | 0 | (3) |
|  Australia Government 10-Year Bond June Futures  | 06/2025 | 1362 | 95878 | 60 | 911 | 0 |
|  Brent Crude December Futures  | 10/2025 | 35 | 2490 | 90 | 53 | 0 |
|  Cocoa July Futures  | 07/2025 | 10 | 789 | (29) | 0 | (12) |
|  Cocoa September Futures  | 09/2025 | 10 | 780 | (74) | 0 | (11) |
|  Corn September Futures  | 09/2025 | 3 | 65 | (6) | 0 | 0 |
|  Euro-BOBL June Futures  | 06/2025 | 102 | 12991 | (117) | 31 | (3) |
|  Euro-BTP June Futures  | 06/2025 | 966 | 122754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2420) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(146) |
|  Euro-Buxl 30-Year Bond June Futures  | 06/2025 | 6 | 774 | (50) | 8 | 0 |
|  Gas Oil September Futures  | 09/2025 | 19 | 1274 | (29) | 29 | 0 |
|  Iron Ore July Futures  | 07/2025 | 215 | 2131 | 10 | 0 | (29) |
|  Japan Government 10-Year Bond June Futures  | 06/2025 | 14 | 12918 | 44 | 94 | 0 |
|  Lead May Futures  | 05/2025 | 75 | 3758 | (102) | 0 | 0 |
|  Live Cattle June Futures  | 06/2025 | 36 | 2933 | 174 | 0 | (17) |
|  Natural Gas September Futures  | 08/2025 | 38 | 1712 | (26) | 30 | 0 |
|  New York Harbor September Futures  | 08/2025 | 11 | 1043 | (13) | 23 | 0 |
|  Nickel May Futures  | 05/2025 | 24 | 2278 | (16) | 0 | 0 |
|  RBOB Gasoline September Futures  | 08/2025 | 24 | 2203 | (19) | 45 | 0 |
|  Silver July Futures  | 07/2025 | 15 | 2620 | 72 | 0 | (15) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **39** |

---

------

Schedule of Investments PIMCO Real Return Fund (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  Soybean July Futures  | 07/2025 | 46 | $2365 | $14 | $0 | $(21) |
|  Soybean Meal July Futures  | 07/2025 | 219 | 6557 | (138) | 0 | (33) |
|  Sugar No. 11 October Futures  | 09/2025 | 46 | 970 | (6) | 0 | (5) |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 77 | 8564 | 46 | 1 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 7503 | 856280 | 4701 | 703 | 0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2025 | 160 | 19560 | (283) | 70 | 0 |
|  White Sugar August Futures  | 07/2025 | 2 | 52 | 0 | 0 | 0 |
|  WTI Crude September Futures  | 08/2025 | 10 | 690 | (17) | 18 | 0 |
|  Zinc July Futures  | 07/2025 | 7 | 500 | (20) | 3 | (6) |
|  Zinc May Futures  | 05/2025 | 37 | 2635 | (45) | 0 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2032 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3110 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(454) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month EURIBOR September Futures  | 09/2025 | 5672 | $(1502234) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(497) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(460) |
|  Aluminum July Futures  | 07/2025 | 21 | (1331) | 54 | 54 | 0 |
|  Aluminum May Futures  | 05/2025 | 25 | (1581) | 32 | 0 | 0 |
|  Arabica Coffee July Futures  | 07/2025 | 7 | (985) | 17 | 3 | 0 |
|  Cocoa July Futures  | 07/2025 | 1 | (80) | 4 | 1 | (1) |
|  Copper July Futures  | 07/2025 | 60 | (4021) | 26 | 80 | (1) |
|  Corn July Futures  | 07/2025 | 299 | (6926) | 83 | 0 | (49) |
|  Cotton No. 2 December Futures  | 12/2025 | 87 | (3042) | (28) | 7 | 0 |
|  Euro-Bund June Futures  | 06/2025 | 2288 | (318727) | 3672 | 25 | (1212) |
|  Euro-Oat June Futures  | 06/2025 | 1658 | (219958) | 4617 | 305 | (717) |
|  Euro-Schatz June Futures  | 06/2025 | 1708 | (197531) | 208 | 46 | (148) |
|  European Climate Exchange December Futures  | 12/2025 | 1 | (74) | 0 | 1 | 0 |
|  Gold 100 oz. June Futures  | 06/2025 | 42 | (13231) | (399) | 0 | (151) |
|  Hard Red Winter Wheat July Futures  | 07/2025 | 44 | (1254) | 40 | 0 | (10) |
|  Hard Red Winter Wheat September Futures  | 09/2025 | 26 | (761) | 52 | 0 | (5) |
|  Lead May Futures  | 05/2025 | 75 | (3758) | (72) | 0 | 0 |
|  Lean Hogs June Futures  | 06/2025 | 63 | (2401) | 163 | 13 | 0 |
|  Natural Gas July Futures  | 06/2025 | 47 | (2103) | 84 | 0 | (34) |
|  Natural Gas June Futures  | 05/2025 | 5 | (159) | 1 | 2 | 0 |
|  Nickel July Futures  | 07/2025 | 16 | (1532) | 34 | 34 | 0 |
|  Nickel May Futures  | 05/2025 | 24 | (2278) | 12 | 0 | 0 |
|  Palladium June Futures  | 06/2025 | 3 | (300) | (17) | 0 | (5) |
|  Platinum July Futures  | 07/2025 | 29 | (1490) | (46) | 0 | (45) |
|  Robusta Coffee July Futures  | 07/2025 | 2 | (106) | 4 | 1 | 0 |
|  Soybean Meal December Futures  | 12/2025 | 32 | (985) | 33 | 7 | 0 |
|  Soybean November Futures  | 11/2025 | 45 | (2293) | 8 | 22 | 0 |
|  Soybean Oil December Futures  | 12/2025 | 32 | (875) | (51) | 4 | 0 |
|  Soybean Oil July Futures  | 07/2025 | 24 | (654) | (31) | 4 | 0 |
|  Sugar No. 11 July Futures  | 06/2025 | 59 | (1232) | (1) | 7 | 0 |
|  U.S. Treasury 2-Year Note June Futures  | 06/2025 | 6471 | (1340609) | (6748) | 50 | 0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 6917 | (748117) | (5316) | 216 | 0 |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2025 | 3684 | (432064) | (5792) | 0 | (691) |
|  Wheat July Futures  | 07/2025 | 91 | (2505) | 73 | 0 | (35) |
|  Wheat September Futures  | 09/2025 | 13 | (368) | 18 | 0 | (5) |
|  Wheat September Futures  | 09/2025 | 56 | (661) | 19 | 2 | (2) |
|  Zinc July Futures  | 07/2025 | 16 | (1142) | 8 | 0 | 0 |
|  Zinc May Futures  | 05/2025 | 37 | (2635) | (10) | 0 | 0 |
|  |  |  |  | $(9746) | $1267 | $(3571) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7714) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4377 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4025) |

---

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 03/19/2027 | GBP | 405900 | $(2719) | $(379) | $(3098) | $404 | $0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 01/27/2035 |  | 37700 | (250) | (435) | (685) | 350 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.300 | Semi-Annual | 03/20/2028 | JPY | 1141690 | (252) | 405 | 153 | 0 | (14) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.550 | Annual | 09/14/2028 |  | 10280000 | (119) | 982 | 863 | 0 | (154) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.450 | Semi-Annual | 03/20/2029 |  | 2225400 | (790) | 1133 | 343 | 0 | (40) |

---

---

| | | |
|:---|:---|:---|
| **40** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.500% | Annual | 12/15/2031 | 8842000 | $164 | $2177 | $2341 | $0 | $(290) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.868 | Annual | 12/22/2025 | 183300 | (722) | (493) | (1215) | 5 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.870 | Annual | 12/22/2025 | 73000 | (287) | (198) | (485) | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.750 | Annual | 01/18/2026 | 33300 | (155) | (46) | (201) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.758 | Annual | 01/18/2026 | 1500 | (7) | (2) | (9) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.760 | Annual | 01/18/2026 | 49370 | (230) | (73) | (303) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.300 | Semi-Annual | 11/15/2028 | 328400 | (4335) | (12618) | (16953) | 115 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.340 | Semi-Annual | 11/21/2028 | 36820 | (464) | (1390) | (1854) | 13 | 0 |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 12/31/2031 | 366400 | (6875) | (2366) | (9241) | 0 | (699) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.085 | Annual | 02/13/2034 | 219980 | (1462) | (9728) | (11190) | 590 | 0 |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2034 | 52300 | 2326 | (435) | 1891 | 0 | (150) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.838 | Annual | 11/15/2034 | 32000 | 0 | (251) | (251) | 0 | (99) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.864 | Annual | 11/15/2034 | 28800 | 0 | (284) | (284) | 0 | (89) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.866 | Annual | 11/15/2034 | 11400 | 0 | (114) | (114) | 0 | (35) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.867 | Annual | 11/15/2034 | 28300 | 0 | (285) | (285) | 0 | (87) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 11/15/2034 | 28300 | 0 | (292) | (292) | 0 | (87) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.881 | Annual | 11/15/2034 | 28700 | 0 | (322) | (322) | 0 | (89) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.894 | Annual | 11/15/2034 | 24100 | 0 | (294) | (294) | 0 | (74) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.050 | Annual | 11/15/2052 | 18600 | (772) | 63 | (709) | 0 | (142) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.285 | Semi-Annual | 11/15/2053 | 42700 | 2682 | 10537 | 13219 | 0 | (242) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.237 | Semi-Annual | 11/21/2053 | 32700 | 2030 | 8373 | 10403 | 0 | (183) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.865 | Annual | 02/13/2054 | 144900 | 2987 | 21164 | 24151 | 0 | (974) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 46700 | 1244 | 1795 | 3039 | 0 | (340) |
|  Pay | 6-Month EUR-EURIBOR | 0.700 | Annual | 04/11/2027 | 16500 | (81) | (584) | (665) | 10 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 04/12/2027 | 600 | (3) | (22) | (25) | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 05/11/2027 | 34000 | (256) | (1120) | (1376) | 26 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/13/2027 | 35900 | (131) | (916) | (1047) | 28 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/18/2027 | 16100 | (60) | (403) | (463) | 13 | 0 |
|  Receive<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.112 | Annual | 09/02/2027 | 61400 | 0 | 61 | 61 | 0 | (52) |
|  Receive<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.120 | Annual | 09/03/2027 | 115800 | 0 | 97 | 97 | 0 | (97) |
|  Pay | 6-Month EUR-EURIBOR | 2.879 | Annual | 08/15/2032 | 10500 | 0 | 433 | 433 | 33 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.915 | Annual | 08/15/2032 | 112100 | 0 | 4945 | 4945 | 353 | 0 |
|  Pay<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 | 906070 | (29424) | (6876) | (36300) | 3832 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.190 | Annual | 11/04/2052 | 31090 | 1925 | 14577 | 16502 | 0 | (153) |
|  Receive | 6-Month EUR-EURIBOR | 0.195 | Annual | 11/04/2052 | 34090 | 21 | 18037 | 18058 | 0 | (168) |
|  Receive | 6-Month EUR-EURIBOR | 0.197 | Annual | 11/08/2052 | 54400 | 3377 | 25421 | 28798 | 0 | (269) |
|  Receive<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 | 277080 | 11387 | 11196 | 22583 | 0 | (2183) |
|  Receive | CPTFEMU | 3.130 | Maturity | 05/15/2027 | 15900 | 0 | 166 | 166 | 26 | 0 |
|  Pay | CPTFEMU | 1.380 | Maturity | 03/15/2031 | 51180 | (295) | (9922) | (10217) | 0 | (109) |
|  Receive | CPTFEMU | 2.049 | Maturity | 08/15/2034 | 61900 | (25) | (205) | (230) | 114 | 0 |
|  Receive | CPTFEMU | 2.034 | Maturity | 09/15/2034 | 30600 | (81) | 18 | (63) | 59 | 0 |
|  Pay | CPTFEMU | 2.488 | Maturity | 05/15/2037 | 50 | 0 | 0 | 0 | 0 | 0 |
|  Pay | CPTFEMU | 2.580 | Maturity | 03/15/2052 | 5700 | 4 | 157 | 161 | 0 | (13) |
|  Pay | CPTFEMU | 2.590 | Maturity | 03/15/2052 | 7900 | (206) | 457 | 251 | 0 | (18) |
|  Pay | CPTFEMU | 2.550 | Maturity | 04/15/2052 | 1150 | 1 | 32 | 33 | 0 | (4) |
|  Pay | CPTFEMU | 2.421 | Maturity | 05/15/2052 | 4430 | 0 | (38) | (38) | 0 | (16) |
|  Pay | CPTFEMU | 2.590 | Maturity | 12/15/2052 | 15100 | 0 | 1434 | 1434 | 0 | (23) |
|  Pay | CPTFEMU | 2.700 | Maturity | 04/15/2053 | 10600 | 71 | 1434 | 1505 | 0 | (15) |
|  Pay | CPTFEMU | 2.763 | Maturity | 09/15/2053 | 4840 | 0 | 801 | 801 | 0 | (3) |
|  Pay | CPTFEMU | 2.682 | Maturity | 10/15/2053 | 5400 | 0 | 745 | 745 | 0 | (9) |
|  Pay | CPTFEMU | 2.736 | Maturity | 10/15/2053 | 8300 | 75 | 1223 | 1298 | 0 | (12) |
|  Pay | CPURNSA | 1.980 | Maturity | 09/19/2025 | $28000 | 0 | (340) | (340) | 0 | (9) |
|  Pay | CPURNSA | 2.033 | Maturity | 09/23/2025 | 46300 | 0 | (543) | (543) | 0 | (16) |
|  Pay | CPURNSA | 2.208 | Maturity | 10/07/2025 | 78479 | 0 | (819) | (819) | 0 | (28) |
|  Pay | CPURNSA | 2.380 | Maturity | 10/15/2025 | 22000 | 0 | (199) | (199) | 0 | (7) |
|  Pay | CPURNSA | 2.341 | Maturity | 11/07/2025 | 29900 | 0 | (303) | (303) | 0 | (8) |
|  Pay | CPURNSA | 2.350 | Maturity | 11/07/2025 | 100000 | 0 | (1005) | (1005) | 0 | (27) |
|  Pay | CPURNSA | 2.703 | Maturity | 01/14/2026 | 62400 | 0 | (459) | (459) | 0 | (64) |
|  Pay | CPURNSA | 2.820 | Maturity | 02/05/2026 | 36600 | 0 | (232) | (232) | 0 | (41) |
|  Pay | CPURNSA | 2.842 | Maturity | 02/13/2026 | 38000 | 0 | (233) | (233) | 0 | (44) |
|  Pay | CPURNSA | 3.043 | Maturity | 02/21/2026 | 2400 | 0 | (10) | (10) | 0 | (3) |
|  Receive | CPURNSA | 2.314 | Maturity | 02/26/2026 | 67600 | 0 | 8655 | 8655 | 103 | 0 |
|  Receive | CPURNSA | 2.419 | Maturity | 03/05/2026 | 79200 | 0 | 9682 | 9682 | 112 | 0 |
|  Receive | CPURNSA | 2.768 | Maturity | 05/13/2026 | 45200 | 0 | 4558 | 4558 | 74 | 0 |
|  Receive | CPURNSA | 2.813 | Maturity | 05/14/2026 | 18800 | 0 | 1848 | 1848 | 31 | 0 |
|  Receive | CPURNSA | 2.703 | Maturity | 05/25/2026 | 20410 | 5 | 2097 | 2102 | 36 | 0 |
|  Receive | CPURNSA | 2.690 | Maturity | 06/01/2026 | 20400 | 0 | 2100 | 2100 | 37 | 0 |
|  Pay | CPURNSA | 2.370 | Maturity | 06/06/2028 | 22300 | 1402 | (3956) | (2554) | 0 | (33) |
|  Pay | CPURNSA | 2.379 | Maturity | 07/09/2028 | 14700 | 956 | (2604) | (1648) | 0 | (20) |
|  Receive | CPURNSA | 2.573 | Maturity | 08/26/2028 | 9200 | 0 | 786 | 786 | 12 | 0 |
|  Receive | CPURNSA | 2.645 | Maturity | 09/10/2028 | 12700 | 0 | 981 | 981 | 16 | 0 |
|  Pay | CPURNSA | 2.165 | Maturity | 04/16/2029 | 32400 | 1066 | (5605) | (4539) | 0 | (40) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **41** |

---

------

Schedule of Investments PIMCO Real Return Fund (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | CPURNSA | 1.998% | Maturity | 07/25/2029 | $9100 | $155 | $(1545) | $(1390) | $0 | $(10) |
|  Pay | CPURNSA | 1.760 | Maturity | 11/04/2029 | 78400 | (999) | (13017) | (14016) | 0 | (100) |
|  Pay | CPURNSA | 1.883 | Maturity | 11/20/2029 | 23300 | 14 | (3898) | (3884) | 0 | (28) |
|  Receive | CPURNSA | 2.311 | Maturity | 02/24/2031 | 34500 | 30 | 4371 | 4401 | 42 | 0 |
|  Pay | FRCPXTOB | 1.910 | Maturity | 01/15/2038 | 200 | 52 | (63) | (11) | 0 | 0 |
|  Pay | FRCPXTOB | 1.410 | Maturity | 11/15/2039 | 4700 | 392 | (1235) | (843) | 0 | (22) |
|  Pay | UKRPI | 3.500 | Maturity | 08/15/2034 | 35000 | 198 | 194 | 392 | 158 | 0 |
|  Pay | UKRPI | 3.466 | Maturity | 09/15/2034 | 13800 | 0 | 97 | 97 | 57 | 0 |
|  Total Swap Agreements | Total Swap Agreements |  |  |  |  | $(18436) | $77075 | $58639 | $6653 | $(7432) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4377 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6653 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4025) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7432) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11457) |

---

(j) Securities with an aggregate market value of $82,086 and cash of $7,092 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

&nbsp;&nbsp;&nbsp;&nbsp;(k) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 04/2025 | 569600 | $3812 | $15 | $0 |
|  | 04/2025 | $53941 | 85269 | 0 | (661) |
|  | 04/2025 | 6924 | 1044563 | 40 | 0 |
|  | 04/2025 | 1169 | 1562 | 0 | (6) |
|  | 05/2025 | 85269 | $53953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660 | 0 |
|  | 05/2025 | 20090 | 2743 | 0 | (29) |
|  | 05/2025 | 1041057 | 6924 | 0 | (40) |
|  | 05/2025 | 1560 | 1169 | 6 | 0 |
|  | 05/2025 | $10405 | 75345 | 4 | (11) |
|  | 06/2025 | 132363 | $18129 | 0 | (184) |
|  | 06/2025 | $6081 | 43880 | 0 | (10) |
|  | 07/2025 | 37495 | $5204 | 9 | (2) |
|  | 08/2025 | 37501 | 5201 | 0 | (9) |
|  BOA | 04/2025 | 9442 | 10198 | 0 | (12) |
|  | 04/2025 | 13027665 | 788 | 5 | 0 |
|  | 04/2025 | 511200 | 3407 | 0 | (2) |
|  | 04/2025 | 1954936 | 1333 | 6 | 0 |
|  | 04/2025 | 261 | 23 | 0 | (1) |
|  | 04/2025 | 8555 | 803 | 0 | (48) |
|  | 04/2025 | $787 | 13027665 | 0 | (4) |
|  | 05/2025 | 19644 | $2684 | 0 | (27) |
|  | 05/2025 | 17367268 | 1043 | 2 | 0 |
|  | 05/2025 | $1096 | 94196 | 3 | 0 |
|  | 06/2025 | 53139 | $7320 | 2 | (34) |
|  | 06/2025 | $2979 | 21522 | 0 | (1) |
|  | 06/2025 | 1730 | 2520786 | 0 | (12) |
|  | 08/2025 | 24686 | $3451 | 21 | 0 |
|  | 08/2025 | 1658 | 51 | 0 | 0 |
|  BPS | 04/2025 | 543726 | 95156 | 0 | (126) |
|  | 04/2025 | 355304 | 372564 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11626) |
|  | 04/2025 | 194308296 | 11722 | 54 | 0 |
|  | 04/2025 | 5602817 | 37581 | 226 | 0 |
|  | 04/2025 | 3531 | 2646 | 18 | 0 |

---

---

| | | |
|:---|:---|:---|
| **42** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | 2110530 | $64197 | $640 | $0 |
|  | 04/2025 | $2819 | 4454 | 0 | (36) |
|  | 04/2025 | 94721 | 543726 | 568 | (5) |
|  | 04/2025 | 22041 | 361454765 | 0 | (345) |
|  | 04/2025 | 10435 | 906177 | 155 | 0 |
|  | 04/2025 | 2480 | 372793 | 5 | 0 |
|  | 04/2025 | 9505 | 13802408 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(133) |
|  | 04/2025 | 137 | 1440 | 0 | 0 |
|  | 04/2025 | 20675 | 677128 | 0 | (284) |
|  | 04/2025 | 75676 | $4137 | 14 | 0 |
|  | 05/2025 | 70691 | 9728 | 2 | (30) |
|  | 05/2025 | 52790299 | 3173 | 9 | 0 |
|  | 05/2025 | 371544 | 2480 | 0 | (5) |
|  | 05/2025 | 1440 | 137 | 0 | 0 |
|  | 05/2025 | $92556 | 531569 | 30 | 0 |
|  | 05/2025 | 9059 | 150358663 | 0 | (48) |
|  | 05/2025 | 9867 | 846426 | 12 | 0 |
|  | 05/2025 | 1048 | 1402 | 0 | (3) |
|  | 06/2025 | 201149 | $27681 | 0 | (148) |
|  | 06/2025 | 1809456 | 1270 | 38 | 0 |
|  | 06/2025 | 2300 | 595 | 3 | 0 |
|  | 06/2025 | $20049 | 77375 | 57 | (184) |
|  | 07/2025 | 324595 | $9989 | 156 | 0 |
|  | 08/2025 | 270482 | 8298 | 83 | 0 |
|  BRC | 04/2025 | 27589 | 315 | 0 | (8) |
|  | 04/2025 | 2411 | 216 | 0 | (13) |
|  | 04/2025 | $2612 | 2394 | 0 | (23) |
|  | 04/2025 | 2457 | 40216769 | 0 | (45) |
|  | 04/2025 | 598 | 2194 | 0 | (7) |
|  | 04/2025 | 322 | 27557 | 1 | 0 |
|  | 04/2025 | 1798 | 2404 | 0 | (9) |
|  | 04/2025 | 35894 | 1423459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693 | 0 |
|  | 05/2025 | 27635 | $322 | 0 | (1) |
|  | 05/2025 | 1235 | 117 | 0 | 0 |
|  | 05/2025 | $1742 | 1606 | 0 | (3) |
|  | 06/2025 | 149 | 579 | 0 | 0 |
|  BSH | 04/2025 | 84286 | $53401 | 734 | 0 |
|  | 04/2025 | $64048 | 9618695 | 81 | 0 |
|  | 05/2025 | 9586299 | $64048 | 0 | (81) |
|  | 06/2025 | $4390 | 16900 | 0 | (39) |
|  CBK | 04/2025 | 22798 | $3970 | 0 | (25) |
|  | 04/2025 | 1407 | 1600 | 10 | 0 |
|  | 04/2025 | 33319 | 4690 | 0 | (139) |
|  | 04/2025 | 204635269 | 12336 | 48 | 0 |
|  | 04/2025 | 24351 | 6681 | 129 | 0 |
|  | 04/2025 | 261473 | 3047 | 0 | (11) |
|  | 04/2025 | 722626 | 22055 | 293 | 0 |
|  | 04/2025 | $3910 | 22798 | 85 | 0 |
|  | 04/2025 | 89437 | 127398 | 0 | (904) |
|  | 04/2025 | 1005 | 778 | 0 | 0 |
|  | 04/2025 | 14579 | 239081227 | 0 | (225) |
|  | 04/2025 | 4032 | 346088 | 10 | 0 |
|  | 04/2025 | 572 | 836724 | 0 | (3) |
|  | 04/2025 | 44461 | 1457215 | 0 | (577) |
|  | 05/2025 | 127212 | $89437 | 903 | 0 |
|  | 05/2025 | 62610645 | 3769 | 17 | 0 |
|  | 05/2025 | 2 | 0 | 0 | 0 |
|  | 05/2025 | $2289 | 2110 | 0 | (3) |
|  | 05/2025 | 9028 | 149984929 | 0 | (38) |
|  | 06/2025 | 30642 | $4228 | 0 | (11) |
|  | 06/2025 | 53367906 | 37227 | 882 | 0 |
|  | 06/2025 | $2688 | 19405 | 0 | (3) |
|  | 07/2025 | 562914 | $17302 | 250 | 0 |
|  | 08/2025 | 622273 | 19096 | 194 | 0 |
|  | 09/2025 | 12330 | 3335 | 0 | (9) |
|  DUB | 04/2025 | 2227 | 1404 | 13 | 0 |
|  | 04/2025 | 127 | 88 | 0 | 0 |
|  | 04/2025 | 26 | 29 | 0 | 0 |
|  | 04/2025 | 30342 | 8320 | 157 | 0 |
|  | 04/2025 | 68299084 | 456282 | 925 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **43** |

---

------

Schedule of Investments PIMCO Real Return Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | 2775 | $1594 | $19 | $0 |
|  | 04/2025 | 104 | 78 | 0 | 0 |
|  | 04/2025 | $5161 | 35759 | 22 | 0 |
|  | 04/2025 | 1180 | 1084 | 0 | (8) |
|  | 04/2025 | 8796 | 146050897 | 0 | (34) |
|  | 04/2025 | 1664 | 143156 | 7 | 0 |
|  | 04/2025 | 58501 | 8941406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1299 | 0 |
|  | 04/2025 | 1784 | 3124 | 0 | (11) |
|  | 04/2025 | 597 | 800 | 0 | (2) |
|  | 05/2025 | 35693 | $5161 | 0 | (22) |
|  | 05/2025 | 7623723 | 459 | 2 | 0 |
|  | 05/2025 | 798 | 597 | 2 | 0 |
|  | 05/2025 | $1404 | 2227 | 0 | (13) |
|  | 05/2025 | 1595 | 2775 | 0 | (19) |
|  | 06/2025 | 39864396 | $27794 | 648 | 0 |
|  | 06/2025 | $456765 | 67809684 | 0 | (870) |
|  FAR | 04/2025 | 50126 | $56235 | 0 | (424) |
|  | 04/2025 | 52927 | 7460 | 0 | (211) |
|  | 04/2025 | 242573 | 254784 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7511) |
|  | 04/2025 | 25969 | 7153 | 167 | 0 |
|  | 04/2025 | 4346191 | 29127 | 151 | 0 |
|  | 04/2025 | $45710 | 6881611 | 171 | 0 |
|  | 04/2025 | 524 | 17160 | 0 | (7) |
|  | 04/2025 | 99 | 1810 | 0 | 0 |
|  | 05/2025 | 6858427 | $45710 | 0 | (170) |
|  | 05/2025 | $2654 | 19147 | 0 | (12) |
|  | 06/2025 | 4045 | 15650 | 0 | (14) |
|  | 07/2025 | 19074 | $2654 | 10 | 0 |
|  GLM | 04/2025 | 100283 | 17464 | 0 | (109) |
|  | 04/2025 | 105823499 | 6373 | 24 | 0 |
|  | 04/2025 | 2976250 | 2028 | 8 | 0 |
|  | 04/2025 | 8738 | 264 | 1 | 0 |
|  | 04/2025 | $16999 | 100283 | 574 | 0 |
|  | 04/2025 | 8582 | 141465884 | 0 | (96) |
|  | 04/2025 | 779 | 1140050 | 0 | (5) |
|  | 04/2025 | 41149 | $2255 | 14 | 0 |
|  | 05/2025 | 19101 | 2608 | 0 | (28) |
|  | 05/2025 | 30084798 | 1804 | 1 | 0 |
|  | 05/2025 | $6373 | 105919094 | 0 | (25) |
|  | 06/2025 | 7671 | 55484 | 19 | (14) |
|  | 06/2025 | 2028 | 2965439 | 0 | (8) |
|  | 06/2025 | 1315 | 5079 | 0 | (7) |
|  | 07/2025 | 56613 | $1740 | 25 | 0 |
|  | 07/2025 | $135 | 4374 | 0 | (2) |
|  | 08/2025 | 264 | 8670 | 0 | (1) |
|  IND | 04/2025 | 49 | 44 | 0 | 0 |
|  | 04/2025 | 9987 | 69073 | 24 | 0 |
|  | 05/2025 | 43 | $49 | 0 | 0 |
|  | 05/2025 | 68945 | 9987 | 0 | (24) |
|  JPM | 04/2025 | 15632 | 2724 | 0 | (15) |
|  | 04/2025 | 17331392 | 1048 | 8 | 0 |
|  | 04/2025 | 30102 | 8264 | 166 | 0 |
|  | 04/2025 | 4812583 | 32279 | 193 | 0 |
|  | 04/2025 | 86 | 65 | 0 | 0 |
|  | 04/2025 | 95357 | 2908 | 36 | 0 |
|  | 04/2025 | $1410 | 2227 | 0 | (18) |
|  | 04/2025 | 2722 | 15632 | 17 | 0 |
|  | 04/2025 | 1525 | 25061884 | 0 | (21) |
|  | 04/2025 | 2944 | 254412 | 27 | 0 |
|  | 04/2025 | 14552 | 2196096 | 89 | 0 |
|  | 04/2025 | 572 | 836355 | 0 | (4) |
|  | 04/2025 | 14245 | 466761 | 0 | (188) |
|  | 05/2025 | 20415 | $2795 | 0 | (23) |
|  | 05/2025 | 20037907 | 1207 | 6 | 0 |
|  | 05/2025 | 2188732 | 14552 | 0 | (89) |
|  | 05/2025 | $9750 | 70678 | 13 | (9) |
|  | 06/2025 | 89348 | $12242 | 0 | (120) |
|  | 06/2025 | 8381 | 406 | 1 | 0 |
|  | 06/2025 | $102 | 2095 | 0 | (1) |
|  | 06/2025 | 21687 | 83767 | 16 | (136) |

---

---

| | | |
|:---|:---|:---|
| **44** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 07/2025 | 36137 | $5007 | $3 | $(5) |
|  | 07/2025 | 328551 | 10103 | 151 | 0 |
|  | 07/2025 | $2724 | 15939 | 15 | 0 |
|  | 08/2025 | 34217 | $4743 | 2 | (12) |
|  | 08/2025 | 458485 | 14027 | 101 | 0 |
|  MBC | 04/2025 | 7958 | 4972 | 14 | (14) |
|  | 04/2025 | 2485 | 2807 | 0 | (2) |
|  | 04/2025 | 37290 | 40144 | 280 | (458) |
|  | 04/2025 | 2020 | 202 | 1 | 0 |
|  | 04/2025 | 736 | 551 | 3 | 0 |
|  | 04/2025 | 148563 | 4592 | 118 | 0 |
|  | 04/2025 | $29 | 42 | 0 | 0 |
|  | 04/2025 | 61129 | 54001 | 0 | (91) |
|  | 04/2025 | 277 | 1905 | 0 | (1) |
|  | 04/2025 | 6088 | 5622 | 20 | (29) |
|  | 04/2025 | 2807 | 2171 | 0 | (3) |
|  | 04/2025 | 3359 | 291395 | 45 | 0 |
|  | 04/2025 | 454044 | 67809684 | 0 | (1949) |
|  | 04/2025 | 9392 | 308535 | 0 | (100) |
|  | 04/2025 | 87555 | $4790 | 20 | 0 |
|  | 05/2025 | 42 | 29 | 0 | 0 |
|  | 05/2025 | 53808 | 61129 | 91 | 0 |
|  | 05/2025 | 33610 | 4634 | 2 | (7) |
|  | 05/2025 | 1901 | 277 | 1 | 0 |
|  | 05/2025 | 12069837 | 726 | 3 | 0 |
|  | 05/2025 | 123213 | 828 | 4 | 0 |
|  | 05/2025 | 5403 | 161 | 1 | 0 |
|  | 05/2025 | $4808 | 34859 | 6 | (4) |
|  | 06/2025 | 5146465 | $3577 | 71 | 0 |
|  | 06/2025 | $12084 | 46639 | 0 | (78) |
|  | 07/2025 | 17324 | $2404 | 3 | 0 |
|  | 07/2025 | 158404 | 4860 | 62 | 0 |
|  | 08/2025 | 46326 | 6441 | 15 | (9) |
|  | 08/2025 | 148269 | 4532 | 28 | 0 |
|  MYI | 04/2025 | 127312 | 89437 | 963 | 0 |
|  | 04/2025 | 20493 | 2861 | 0 | (109) |
|  | 04/2025 | 309 | 231 | 1 | 0 |
|  | 04/2025 | $1586 | 2521 | 0 | (11) |
|  | 04/2025 | 685460 | 635509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1716 | 0 |
|  | 04/2025 | 11262 | 8888 | 219 | 0 |
|  | 04/2025 | 2114 | 69116 | 0 | (33) |
|  | 04/2025 | 44801 | 819007 | 0 | (181) |
|  | 05/2025 | 635509 | $686571 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1716) |
|  | 05/2025 | 10983244 | 660 | 2 | 0 |
|  | 06/2025 | 18027 | 2486 | 0 | (8) |
|  | 06/2025 | $685 | 2715 | 15 | 0 |
|  NGF | 06/2025 | 27528997 | $19321 | 575 | 0 |
|  RYL | 06/2025 | 103 | 14 | 0 | 0 |
|  SCX | 04/2025 | 207600 | 1407 | 23 | 0 |
|  | 04/2025 | 349 | 199 | 1 | 0 |
|  | 04/2025 | 78686 | 2424 | 55 | 0 |
|  | 04/2025 | $3063 | 50107292 | 0 | (57) |
|  | 04/2025 | 3818 | 575430 | 19 | 0 |
|  | 04/2025 | 572 | 835466 | 0 | (4) |
|  | 04/2025 | 2718 | 89426 | 0 | (25) |
|  | 05/2025 | 28415 | $3942 | 20 | 0 |
|  | 05/2025 | 4712895 | 284 | 1 | 0 |
|  | 05/2025 | 573500 | 3818 | 0 | (19) |
|  | 06/2025 | 8767 | 1207 | 0 | (6) |
|  | 08/2025 | 88686 | 2718 | 24 | 0 |
|  SSB | 04/2025 | 11059 | 14301 | 16 | 0 |
|  | 04/2025 | $71492 | 412308 | 761 | 0 |
|  | 05/2025 | 14300 | 11059 | 0 | (16) |
|  UAG | 04/2025 | 26229925 | $1581 | 6 | 0 |
|  | 04/2025 | 4273259 | 28721 | 231 | 0 |
|  | 04/2025 | $1678 | 27779003 | 0 | (9) |
|  | 04/2025 | 1931 | 77874 | 72 | 0 |
|  | 05/2025 | 1581 | 26266813 | 0 | (7) |
|  | 06/2025 | 937 | 3617 | 0 | (6) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17808 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31483) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 45

------

Schedule of Investments PIMCO Real Return Fund (Cont.)

#### WRITTEN OPTIONS:

#### INFLATION-CAPPED OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Initial<br>Index | Floating Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GLM | Cap - OTC CPALEMU | 100.151 | Maximum of [(Final Index/Initial Index - 1) - 3.000%] or 0 | 06/22/2035 | 46100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2097) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1373) |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BRC Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.440% | 01/25/2027 | 26400 | $(235) | $(242) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.440 | 01/25/2027 | 26400 | (235) | (239) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.740 | 09/08/2025 | 28800 | (664) | (670) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.740 | 09/08/2025 | 28800 | (664) | (490) |
| CBK Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.950 | 09/15/2025 | 98700 | (1193) | (1669) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.950 | 09/15/2025 | 98700 | (1193) | (50) |
| GLM Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.465 | 12/04/2025 | 65600 | (792) | (568) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.465 | 12/04/2025 | 65600 | (792) | (195) |
| Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.350 | 01/07/2027 | 61700 | (560) | (526) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.350 | 01/07/2027 | 61700 | (560) | (620) |
| Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.500 | 01/14/2027 | 192500 | (1765) | (1945) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.500 | 01/14/2027 | 192500 | (1765) | (1672) |
| MYC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.660 | 09/05/2025 | 52300 | (1161) | (1001) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.660 | 09/05/2025 | 52300 | (1161) | (1067) |
|  |  |  |  |  |  | $(12740) | $(10954) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14837) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12327) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(4)</sup> | Swap Agreements,<br>at Value<sup>(4)</sup> |
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| SAL | CMBX.NA.AAA.12 Index | 0.500% | Monthly | 08/17/2061 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) |

---

#### TOTAL RETURN SWAPS ON SECURITIES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(5)</sup> | Underlying Reference | # of Shares | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<sup>(5)</sup> | Underlying Reference | # of Shares | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  BPS | Receive | U.S. Treasury Inflation Protected Securities | 0 | 4.450% | Maturity | 05/12/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2902 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2902 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  GLM | Receive | U.S. Treasury Inflation Protected Securities | 0 | 4.460 | Maturity | 04/09/2025 | 72200 | 0 | 334 | 334 | 0 |
|  MYC | Receive | U.S. Treasury Inflation Protected Securities | 0 | 4.490 | Maturity | 04/25/2025 | 679000 | 0 | 9739 | 9739 | 0 |
|  SOG | Receive | U.S. Treasury Inflation Protected Securities | 0 | 4.470% (FEDL01 plus a specified spread) | Maturity | 04/23/2025 | 425000 | 0 | 8066 | 8066 | 0 |
|  |  |  |  |  |  |  |  | $0 | $21041 | $21041 | $0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21054 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21041 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(6)</sup> |
|  AZD | $734 | $0 | $0 | $734 | $(952) | $0 | $0 | $(952) | $(218) | $281 | $63 |
|  BOA | 39 | 0 | 0 | 39 | (141) | 0 | 0 | (141) | (102) | 206 | 104 |
|  BPS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12973) | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12973) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9675 | 1674 |
|  BRC | 694 | 0 | 0 | 694 | (109) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1641) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | (1750) | (1056) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1056) |

---

---

| | | |
|:---|:---|:---|
| **46** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| **Counterparty** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Purchased<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Written<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Net Market<br>Value of OTC<br>Derivatives** | **Collateral<br>Pledged/<br>(Received)** | **Net<br>Exposure<sup>(6)</sup>** |
|  BSH | $815 | $0 | $0 | $815 | $(120) | $0 | $0 | $(120) | $695 | $0 | $695 |
|  BSS | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (220) | (220) |
|  CBK | 2821 | 0 | 0 | 2821 | (1948) | (1719) | 0 | (3667) | (846) | (1470) | (2316) |
|  DUB | 3094 | 0 | 0 | 3094 | (979) | 0 | 0 | (979) | 2115 | (1760) | 355 |
|  FAR | 499 | 0 | 0 | 499 | (8349) | 0 | 0 | (8349) | (7850) | 8406 | 556 |
|  GLM | 666 | 0 | 334 | 1000 | (295) | (6899) | 0 | (7194) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6194) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1150) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7344) |
|  IND | 24 | 0 | 0 | 24 | (24) | 0 | 0 | (24) | 0 | 0 | 0 |
|  JPM | 844 | 0 | 0 | 844 | (641) | 0 | 0 | (641) | 203 | (265) | (62) |
|  MBC | 788 | 0 | 0 | 788 | (2745) | 0 | 0 | (2745) | (1957) | 2708 | 751 |
|  MYC | 0 | 0 | 9739 | 9739 | 0 | (2068) | 0 | (2068) | 7671 | (8284) | (613) |
|  MYI | 2916 | 0 | 0 | 2916 | (2058) | 0 | 0 | (2058) | 858 | (77) | 781 |
|  NGF | 575 | 0 | 0 | 575 | 0 | 0 | 0 | 0 | 575 | (270) | 305 |
|  SAL | 0 | 0 | 0 | 0 | 0 | 0 | (13) | (13) | (13) | 0 | (13) |
|  SCX | 143 | 0 | 0 | 143 | (111) | 0 | 0 | (111) | 32 | (40) | (8) |
|  SOG | 0 | 0 | 8066 | 8066 | 0 | 0 | 0 | 0 | 8066 | (7380) | 686 |
|  SSB | 777 | 0 | 0 | 777 | (16) | 0 | 0 | (16) | 761 | (120) | 641 |
|  UAG | 309 | 0 | 0 | 309 | (22) | 0 | 0 | (22) | 287 | (370) | (83) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17808 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21041 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38849 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31483) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12327) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43823) |  |  |  |

---

(l) Securities with an aggregate market value of $21,277 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(6)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $443 | $0 | $0 | $0 | $3934 | $4377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 6653 | 6653 |
|  | $443 | $0 | $0 | $0 | $10587 | $11030 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $17808 | $0 | $17808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 21041 | 21041 |
|  | $0 | $0 | $0 | $17808 | $21041 | $38849 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17808 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31628 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49879 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 47

------

Schedule of Investments PIMCO Real Return Fund (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $495 | $0 | $0 | $0 | $3530 | $4025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 7432 | 7432 |
|  | $495 | $0 | $0 | $0 | $10962 | $11457 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $31483 | $0 | $31483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 12327 | 12327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 13 | 0 | 0 | 0 | 13 |
|  | $0 | $13 | $0 | $31483 | $12327 | $43823 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31483 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23289 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55280 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $2880 | $2880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | (6327) | 0 | 0 | 0 | 9392 | 3065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (31213) | (31213) |
|  | $(6327) | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18941) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25268) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $52366 | $0 | $52366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (21) | (21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 7712 | 7712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 62 | 0 | 0 | 13648 | 13710 |
|  | $0 | $62 | $0 | $52366 | $21339 | $73767 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6327) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $52366 | $2398 | $48499 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $(1974) | $(1974) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 472 | 0 | 0 | 0 | 156 | 628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 49995 | 49995 |
|  | $472 | $0 | $0 | $0 | $48177 | $48649 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24398) | $0 | $(24398) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | (3716) | (3716) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 26 | 0 | 0 | 20126 | 20152 |
|  | $0 | $26 | $0 | $(24398) | $16410 | $(7962) |
|  | $472 | $26 | $0 | $(24398) | $64587 | $40687 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $23587 | $0 | $23587 |
| &nbsp;&nbsp; Industrials | 0 | 1867 | 0 | 1867 |
|  U.S. Government Agencies | 0 | 1148472 | 0 | 1148472 |
|  U.S. Treasury Obligations | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6869647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6869647 |
|  Non-Agency Mortgage-Backed Securities | 0 | 97448 | 0 | 97448 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; CMBS Other | 0 | 43055 | 0 | 43055 |
| &nbsp;&nbsp; Home Equity Other | 0 | 118650 | 0 | 118650 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
| &nbsp;&nbsp; Manufacturing House ABS Other | $0 | $3389 | $0 | $3389 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 42831 | 0 | 42831 |
| &nbsp;&nbsp; Other ABS | 0 | 411666 | 22732 | 434398 |
|  Sovereign Issues | 0 | 624295 | 0 | 624295 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 6639 | 0 | 6639 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 1368 | 0 | 1368 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 16146 | 0 | 16146 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9409060 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22732 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9431792 |

---

48 PIMCO REAL RETURN STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $11409 | $0 | $0 | $11409 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11409 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9409060 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22732 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9443201 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  U.S. Government Agencies | 0 | (260) | 0 | (260) |
|  U.S. Treasury Obligations | 0 | (43875) | 0 | (43875) |
|  | $0 | $(44135) | $0 | $(44135) |
|  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 | 3337 | 7693 | 0 | 11030 |
|  Over the counter | 0 | 38849 | 0 | 38849 |
|  | $3337 | $46542 | $0 | $49879 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | $(3334) | $(8123) | $0 | $(11457) |
|  Over the counter | 0 | (43823) | 0 | (43823) |
|  | $(3334) | $(51946) | $0 | $(55280) |
|  Total Financial Derivative Instruments | $3 | $(5404) | $0 | $(5401) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11412 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9359521 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22732 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9393665 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **49** |

---

------

Schedule of Investments PIMCO RealEstateRealReturn Strategy Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 190.3% | INVESTMENTS IN SECURITIES 190.3% | INVESTMENTS IN SECURITIES 190.3% |
| CORPORATE BONDS & NOTES 1.3% | CORPORATE BONDS & NOTES 1.3% | CORPORATE BONDS & NOTES 1.3% |
| BANKING & FINANCE 1.2% | BANKING & FINANCE 1.2% | BANKING & FINANCE 1.2% |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 68 | 64 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  6.000% due 03/29/2040 | 1126 | 1369 |
|  Jyske Realkredit AS | Jyske Realkredit AS | Jyske Realkredit AS |
|  0.500% due 10/01/2043 | 43 | 5 |
|  1.000% due 10/01/2053 | 388 | 41 |
|  1.500% due 10/01/2053 | 12542 | 1456 |
|  2.000% due 10/01/2053 | 5031 | 606 |
|  2.500% due 10/01/2047 | 2 | 0 |
|  Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab |
|  0.500% due 10/01/2043 | 1987 | 238 |
|  1.000% due 10/01/2050 | 1 | 0 |
|  1.500% due 10/01/2053 | 1350 | 139 |
|  Nykredit Realkredit AS | Nykredit Realkredit AS | Nykredit Realkredit AS |
|  1.000% due 10/01/2050 | 1 | 0 |
|  1.000% due 10/01/2053 | 74 | 8 |
|  2.500% due 10/01/2047 | 2 | 0 |
|  Realkredit Danmark AS | Realkredit Danmark AS | Realkredit Danmark AS |
|  1.000% due 10/01/2050 | 3389 | 380 |
|  1.000% due 10/01/2053 | 3426 | 383 |
|  1.500% due 10/01/2053 | 9588 | 1111 |
|  2.500% due 04/01/2047 | 6 | 1 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  0.650% due 09/10/2029 | 200 | 193 |
|  7.750% due 03/01/2029 ~ | 100 | 122 |
|  |  | 6116 |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  VMware, Inc. | VMware, Inc. | VMware, Inc. |
|  3.900% due 08/21/2027 | 161 | 158 |
|  Total Corporate Bonds & Notes (Cost $8,032) | Total Corporate Bonds & Notes (Cost $8,032) | 6274 |
| U.S. GOVERNMENT AGENCIES 13.0% | U.S. GOVERNMENT AGENCIES 13.0% | U.S. GOVERNMENT AGENCIES 13.0% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  5.886% due 09/01/2044 - 10/01/2044 •  | 5 | 5 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  5.063% due 12/15/2037 •  | 28 | 28 |
|  6.651% due 07/01/2036 •  | 17 | 18 |
|  6.901% due 10/01/2036 •  | 6 | 6 |
|  7.253% due 09/01/2036 •  | 7 | 7 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  5.461% due 08/20/2068 •  | 1079 | 1077 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  3.500% due 04/01/2055 | 15400 | 14092 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  4.000% due 09/01/2048 - 03/01/2049 | 62 | 59 |
|  5.500% due 05/01/2054 -08/01/2054 | 2367 | 2366 |
|  6.000% due 03/01/2054 | 3069 | 3120 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.000% due 05/01/2055 - 06/01/2055 | 9900 | 9209 |
|  4.500% due 04/01/2055 - 06/01/2055 | 21000 | 20080 |
|  6.000% due 06/01/2055 | 10400 | 10543 |
|  6.500% due 06/01/2055 | 4300 | 4427 |
|  Total U.S. Government Agencies (Cost $64,632) | Total U.S. Government Agencies (Cost $64,632) | 65037 |
| U.S. TREASURY OBLIGATIONS 108.7% | U.S. TREASURY OBLIGATIONS 108.7% | U.S. TREASURY OBLIGATIONS 108.7% |
|  U.S. Treasury Inflation Protected Securities (a) | U.S. Treasury Inflation Protected Securities (a) | U.S. Treasury Inflation Protected Securities (a) |
|  0.125% due 04/15/2026 | 17863 | 17740 |
|  0.125% due 07/15/2026 (f)(h) | 25946 | 25829 |
|  0.125% due 10/15/2026 (d) | 39983 | 39671 |
|  0.125% due 04/15/2027 (d)(h) | 31046 | 30484 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  0.125% due 01/15/2030 (d)(h) | 33700 | 31716 |
|  0.250% due 07/15/2029 (d) | 30793 | 29503 |
|  0.250% due 02/15/2050 (h) | 741 | 453 |
|  0.375% due 01/15/2027 (d) | 26756 | 26485 |
|  0.375% due 07/15/2027 (d) | 27919 | 27605 |
|  0.500% due 01/15/2028 (d) | 29228 | 28714 |
|  0.625% due 01/15/2026 (h) | 1913 | 1912 |
|  0.625% due 02/15/2043 (h) | 475 | 366 |
|  0.750% due 07/15/2028 (d) | 25685 | 25389 |
|  0.750% due 02/15/2045 (h) | 405 | 307 |
|  0.875% due 01/15/2029 (h) | 21006 | 20683 |
|  1.000% due 02/15/2046 (h) | 1743 | 1376 |
|  1.250% due 04/15/2028 (d) | 44578 | 44600 |
|  1.375% due 02/15/2044 (h) | 101 | 88 |
|  1.625% due 10/15/2027 (d) | 28142 | 28609 |
|  1.625% due 10/15/2029 (d) | 33713 | 34199 |
|  1.750% due 01/15/2028 (f)(h) | 12909 | 13125 |
|  1.750% due 01/15/2034 (h) | 3100 | 3096 |
|  1.875% due 07/15/2034 (d) | 12044 | 12160 |
|  2.125% due 04/15/2029 (d)(h) | 34707 | 35744 |
|  2.125% due 01/15/2035 (h) | 101 | 103 |
|  2.125% due 02/15/2054 (h) | 103 | 99 |
|  2.375% due 01/15/2027 | 13402 | 13747 |
|  2.375% due 10/15/2028 (d) | 37744 | 39332 |
|  3.875% due 04/15/2029 | 9853 | 10830 |
|  Total U.S. Treasury Obligations (Cost $536,737) | Total U.S. Treasury Obligations (Cost $536,737) | 543965 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.7% |
|  Alliance Bancorp Trust | Alliance Bancorp Trust | Alliance Bancorp Trust |
|  4.915% due 07/25/2037 •  | 1247 | 1099 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  4.630% due 04/26/2036 •  | 188 | 167 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  4.445% due 07/25/2036 ~ | 37 | 32 |
|  4.526% due 02/25/2036 •  | 88 | 81 |
|  5.636% due 01/25/2035 ~ | 19 | 18 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  5.564% due 05/25/2035 ~ | 263 | 251 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.762% due 12/25/2035 ~ | 2 | 1 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  6.760% due 03/25/2034 •  | 17 | 16 |
|  7.410% due 05/25/2035 •  | 1 | 1 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  5.500% due 11/25/2035 | 31 | 26 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  5.500% due 01/25/2035 | 61 | 61 |
|  6.000% due 04/25/2036 | 159 | 77 |
|  Countrywide Home Loan Reperforming REMIC Trust | Countrywide Home Loan Reperforming REMIC Trust | Countrywide Home Loan Reperforming REMIC Trust |
|  4.775% due 06/25/2035 ~ | 14 | 13 |
|  Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates | Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates | Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates |
|  5.135% due 10/25/2035 •  | 152 | 69 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  5.186% due 10/26/2036 ~ | 8 | 7 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  6.000% due 02/25/2037 | 239 | 91 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.739% due 01/25/2036 ~ | 23 | 21 |
|  6.697% due 09/25/2035 •  | 1 | 1 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.871% due 05/19/2035 •  | 159 | 153 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.995% due 07/25/2035 ~ | 1307 | 951 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  4.835% due 05/25/2035 ~ | 556 | 342 |
|  5.750% due 03/25/2037 | 208 | 62 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  5.342% due 03/25/2036 ~ | 72 | 57 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.855% due 04/25/2036 ~ | 2 | 2 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.584% due 08/25/2036 •  | 4 | 3 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  6.500% due 08/25/2035 | 36 | 31 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  7.424% due 10/25/2036 •  | 1 | 1 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $4,421) | Total Non-Agency Mortgage-Backed Securities (Cost $4,421) | 3634 |
| ASSET-BACKED SECURITIES 14.1% | ASSET-BACKED SECURITIES 14.1% | ASSET-BACKED SECURITIES 14.1% |
| CMBS OTHER 0.2% | CMBS OTHER 0.2% | CMBS OTHER 0.2% |
|  BDS Ltd. | BDS Ltd. | BDS Ltd. |
|  6.117% due 03/19/2039 •  | 498 | 498 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  6.467% due 06/19/2037 ~ | 791 | 791 |
|  |  | 1289 |
| HOME EQUITY OTHER 5.1% | HOME EQUITY OTHER 5.1% | HOME EQUITY OTHER 5.1% |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  5.560% due 04/25/2035 •  | 1144 | 1020 |
|  Argent Mortgage Loan Trust | Argent Mortgage Loan Trust | Argent Mortgage Loan Trust |
|  4.915% due 05/25/2035 •  | 260 | 231 |
|  CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust |
|  6.685% due 10/25/2037 •  | 304 | 308 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.705% due 05/25/2037 •  | 3400 | 3206 |
|  4.895% due 12/25/2036 ~ | 33 | 23 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.575% due 07/25/2037 ~ | 255 | 237 |
|  4.625% due 11/25/2037 •  | 3339 | 3162 |
|  4.715% due 05/25/2035 ~ | 41 | 40 |
|  4.835% due 09/25/2037 ~ | 68 | 62 |
|  4.915% due 05/25/2036 •  | 2869 | 2442 |
|  4.935% due 03/25/2037 •  | 372 | 354 |
|  5.805% due 04/25/2036 •  | 253 | 230 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.705% due 10/25/2036 •  | 374 | 339 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  5.170% due 09/25/2035 ~ | 18 | 17 |
|  5.410% due 03/25/2035 •  | 377 | 361 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  4.861% due 10/25/2035 •  | 1174 | 1161 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.975% due 02/25/2036 •  | 122 | 121 |
|  IndyMac Residential Asset Backed Trust | IndyMac Residential Asset Backed Trust | IndyMac Residential Asset Backed Trust |
|  4.655% due 04/25/2037 ~ | 336 | 257 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.675% due 08/25/2036 •  | 285 | 113 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.775% due 06/25/2036 •  | 760 | 699 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.855% due 02/25/2037 •  | 5283 | 1495 |
|  5.155% due 05/25/2036 •  | 6 | 6 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  5.140% due 01/25/2036 •  | 56 | 55 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.535% due 09/25/2037 •  | 3053 | 1249 |
|  Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust |
|  4.715% due 09/25/2036 •  | 1786 | 1763 |
|  4.915% due 08/25/2036 •  | 1097 | 971 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  5.110% due 10/25/2035 •  | 2758 | 2660 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.635% due 06/25/2037 •  | 2689 | 1824 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  5.005% due 10/25/2036 •  | 545 | 539 |
|  Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust |
|  6.835% due 12/25/2034 •  | 465 | 467 |
|  |  | 25412 |

---

50 PIMCO REAL RETURN STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| MANUFACTURING HOUSE ABS OTHER 0.6% | MANUFACTURING HOUSE ABS OTHER 0.6% | MANUFACTURING HOUSE ABS OTHER 0.6% |
|  Lehman ABS Manufactured Housing Contract Trust | Lehman ABS Manufactured Housing Contract Trust | Lehman ABS Manufactured Housing Contract Trust |
|  7.170% due 04/15/2040 ~ | 3113 | 2930 |
| WHOLE LOAN COLLATERAL 2.2% | WHOLE LOAN COLLATERAL 2.2% | WHOLE LOAN COLLATERAL 2.2% |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.930% due 10/25/2036 •  | 1046 | 1028 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.655% due 12/25/2037 •  | 1084 | 1041 |
|  5.140% due 11/25/2036 •  | 1630 | 1585 |
|  5.305% due 09/25/2035 •  | 681 | 678 |
|  IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust |
|  4.575% due 07/25/2036 ~ | 3437 | 1083 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.873% due 06/25/2036 þ | 597 | 580 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.935% due 05/25/2036 •  | 3370 | 1738 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  4.755% due 09/25/2037 ~ | 6239 | 3062 |
|  |  | 10795 |
| OTHER ABS 6.0% | OTHER ABS 6.0% | OTHER ABS 6.0% |
|  AIMCO CLO | AIMCO CLO | AIMCO CLO |
|  5.553% due 10/17/2034 ~ | 300 | 300 |
|  Apidos CLO | Apidos CLO | Apidos CLO |
|  5.505% due 10/20/2030 ~ | 750 | 750 |
|  Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC |
|  3.484% due 01/20/2032 •  | 802 | 868 |
|  BlueMountain EUR CLO Ltd. | BlueMountain EUR CLO Ltd. | BlueMountain EUR CLO Ltd. |
|  3.695% due 01/15/2033 •  | 3198 | 3460 |
|  Carlyle Global Market Strategies Euro CLO DAC | Carlyle Global Market Strategies Euro CLO DAC | Carlyle Global Market Strategies Euro CLO DAC |
|  3.306% (EUR003M + 0.750%) due 11/15/2031 ~ | 308 | 333 |
|  CIFC European Funding CLO DAC | CIFC European Funding CLO DAC | CIFC European Funding CLO DAC |
|  3.835% due 01/15/2034 •  | 4300 | 4652 |
|  Crestline Denali CLO Ltd. | Crestline Denali CLO Ltd. | Crestline Denali CLO Ltd. |
|  5.585% due 04/20/2030 ~ | 97 | 97 |
|  CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC |
|  3.347% due 09/22/2034 •  | 1100 | 1189 |
|  Dryden Euro CLO DAC | Dryden Euro CLO DAC | Dryden Euro CLO DAC |
|  3.728% due 01/17/2033 •  | 1351 | 1461 |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  5.512% due 10/25/2030 •  | 218 | 218 |
|  GoldenTree Loan Management U.S. CLO Ltd. | GoldenTree Loan Management U.S. CLO Ltd. | GoldenTree Loan Management U.S. CLO Ltd. |
|  5.443% due 10/20/2034 ~ | 2000 | 1994 |
|  Harvest CLO DAC | Harvest CLO DAC | Harvest CLO DAC |
|  3.545% due 07/15/2031 •  | 638 | 690 |
|  Hayfin Emerald CLO | Hayfin Emerald CLO | Hayfin Emerald CLO |
|  3.975% due 11/17/2037 •  | 1100 | 1191 |
|  KKR CLO Ltd. | KKR CLO Ltd. | KKR CLO Ltd. |
|  5.514% due 07/15/2030 ~ | 137 | 137 |
|  5.744% due 01/15/2031 •  | 187 | 187 |
|  Madison Park Funding Ltd. | Madison Park Funding Ltd. | Madison Park Funding Ltd. |
|  5.540% due 10/22/2034 ~ | 400 | 400 |
|  Northwoods Capital Ltd. | Northwoods Capital Ltd. | Northwoods Capital Ltd. |
|  5.489% due 06/15/2031 ~ | 310 | 310 |
|  Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. |
|  5.364% due 10/15/2029 •  | 106 | 106 |
|  Rad CLO Ltd. | Rad CLO Ltd. | Rad CLO Ltd. |
|  5.678% due 07/24/2032 •  | 3121 | 3123 |
|  Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. |
|  5.582% due 10/15/2034 •  | 600 | 600 |
|  Symphony CLO Ltd. | Symphony CLO Ltd. | Symphony CLO Ltd. |
|  5.473% due 04/18/2033 •  | 1800 | 1803 |
|  5.535% due 04/19/2034 •  | 2500 | 2494 |
|  TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. |
|  5.571% due 10/13/2032 •  | 2699 | 2700 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.774% due 10/15/2030 ~ | 131 | 131 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Voya Euro CLO DAC | Voya Euro CLO DAC | Voya Euro CLO DAC | Voya Euro CLO DAC |
|  3.745% due 07/15/2035 •  | EUR | 700 | 757 |
|  |  |  | 29951 |
|  Total Asset-Backed Securities (Cost $74,220) | Total Asset-Backed Securities (Cost $74,220) | Total Asset-Backed Securities (Cost $74,220) | 70377 |
| SOVEREIGN ISSUES 10.8% | SOVEREIGN ISSUES 10.8% | SOVEREIGN ISSUES 10.8% | SOVEREIGN ISSUES 10.8% |
|  Canada Government Bond | Canada Government Bond | Canada Government Bond | Canada Government Bond |
|  4.250% due 12/01/2026 (a) | CAD | 5021 | 3736 |
|  France Government International Bond | France Government International Bond | France Government International Bond | France Government International Bond |
|  0.100% due 07/25/2038 (a) | EUR | 118 | 106 |
|  Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |
|  0.400% due 05/15/2030 (a) |  | 1218 | 1275 |
|  1.400% due 05/26/2025 (a) |  | 30462 | 33023 |
|  1.800% due 05/15/2036 (a) |  | 407 | 430 |
|  Japan Government International Bond | Japan Government International Bond | Japan Government International Bond | Japan Government International Bond |
|  0.100% due 03/10/2028 (a) | JPY | 714293 | 4934 |
|  0.100% due 03/10/2029 (a) |  | 1501018 | 10348 |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  4.000% due 08/24/2034 (a) | MXN | 1171 | 53 |
|  Total Sovereign Issues (Cost $57,970) | Total Sovereign Issues (Cost $57,970) | Total Sovereign Issues (Cost $57,970) | 53905 |
|  |  | **SHARES** |  |
| COMMON STOCKS 0.2% | COMMON STOCKS 0.2% | COMMON STOCKS 0.2% | COMMON STOCKS 0.2% |
| CONSUMER DISCRETIONARY 0.2% | CONSUMER DISCRETIONARY 0.2% | CONSUMER DISCRETIONARY 0.2% | CONSUMER DISCRETIONARY 0.2% |
|  Hilton Worldwide Holdings, Inc. |  | 2197 | 500 |
|  Wyndham Hotels & Resorts, Inc. |  | 5569 | 504 |
|  Total Common Stocks (Cost $1,020) | Total Common Stocks (Cost $1,020) | Total Common Stocks (Cost $1,020) | 1004 |
| PREFERRED SECURITIES 0.2% | PREFERRED SECURITIES 0.2% | PREFERRED SECURITIES 0.2% | PREFERRED SECURITIES 0.2% |
| BANKING & FINANCE 0.2% | BANKING & FINANCE 0.2% | BANKING & FINANCE 0.2% | BANKING & FINANCE 0.2% |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.875% due 03/15/2028 •(b) |  | 917000 | 925 |
|  Total Preferred Securities (Cost $917) | Total Preferred Securities (Cost $917) | Total Preferred Securities (Cost $917) | 925 |
| REAL ESTATE INVESTMENT TRUSTS 41.2% | REAL ESTATE INVESTMENT TRUSTS 41.2% | REAL ESTATE INVESTMENT TRUSTS 41.2% | REAL ESTATE INVESTMENT TRUSTS 41.2% |
| REAL ESTATE 41.2% | REAL ESTATE 41.2% | REAL ESTATE 41.2% | REAL ESTATE 41.2% |
|  Acadia Realty Trust |  | 12689 | 266 |
|  Agree Realty Corp. |  | 18188 | 1404 |
|  Alexander & Baldwin, Inc. |  | 7485 | 129 |
|  Alexandria Real Estate Equities, Inc. |  | 32240 | 2983 |
|  American Assets Trust, Inc. |  | 4835 | 97 |
|  American Healthcare REIT, Inc. |  | 16135 | 489 |
|  American Homes 4 Rent 'A' |  | 92099 | 3482 |
|  American Tower Corp. |  | 1161 | 253 |
|  Americold Realty Trust, Inc. |  | 75690 | 1624 |
|  Apartment Investment and Management Co. 'A' |  | 13587 | 120 |
|  Apple Hospitality REIT, Inc. |  | 45860 | 592 |
|  AvalonBay Communities, Inc. |  | 31904 | 6847 |
|  Brandywine Realty Trust |  | 18199 | 81 |
|  Brixmor Property Group, Inc. |  | 42963 | 1141 |
|  Broadstone Net Lease, Inc. |  | 82306 | 1403 |
|  BXP, Inc. |  | 15315 | 1029 |
|  Camden Property Trust |  | 22073 | 2700 |
|  CareTrust REIT, Inc. |  | 19525 | 558 |
|  Centerspace |  | 1732 | 112 |
|  Chatham Lodging Trust |  | 5110 | 36 |
|  Community Healthcare Trust, Inc. |  | 2621 | 48 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  COPT Defense Properties | 11825 | $— | 322 |
|  Cousins Properties, Inc. | 17481 |  | 516 |
|  Crown Castle, Inc. | 2377 |  | 248 |
|  CubeSmart | 46520 |  | 1987 |
|  Curbline Properties Corp. | 9645 |  | 233 |
|  DiamondRock Hospitality Co. | 41288 |  | 319 |
|  Digital Realty Trust, Inc. | 61836 |  | 8860 |
|  Diversified Healthcare Trust | 22689 |  | 54 |
|  Douglas Emmett, Inc. | 17745 |  | 284 |
|  Easterly Government Properties, Inc. | 10582 |  | 112 |
|  EastGroup Properties, Inc. | 10272 |  | 1809 |
|  Elme Communities | 9329 |  | 162 |
|  Empire State Realty Trust, Inc. 'A' | 14166 |  | 111 |
|  EPR Properties | 20400 |  | 1073 |
|  Equinix, Inc. | 19381 |  | 15802 |
|  Equity LifeStyle Properties, Inc. | 53870 |  | 3593 |
|  Equity Residential | 78403 |  | 5612 |
|  Essential Properties Realty Trust, Inc. | 59174 |  | 1931 |
|  Essex Property Trust, Inc. | 9907 |  | 3037 |
|  Extra Space Storage, Inc. | 39754 |  | 5903 |
|  Federal Realty Investment Trust | 25977 |  | 2541 |
|  First Industrial Realty Trust, Inc. | 32052 |  | 1730 |
|  Four Corners Property Trust, Inc. | 10107 |  | 290 |
|  Gaming & Leisure Properties, Inc. | 34531 |  | 1758 |
|  Getty Realty Corp. | 5289 |  | 165 |
|  Global Medical REIT, Inc. | 6561 |  | 57 |
|  Global Net Lease, Inc. | 20694 |  | 166 |
|  Healthcare Realty Trust, Inc. | 35716 |  | 604 |
|  Healthpeak Properties, Inc. | 169112 |  | 3419 |
|  Highwoods Properties, Inc. | 11078 |  | 328 |
|  Host Hotels & Resorts, Inc. | 143078 |  | 2033 |
|  Hudson Pacific Properties, Inc. | 14737 |  | 43 |
|  Independence Realty Trust, Inc. | 23481 |  | 499 |
|  Innovative Industrial Properties, Inc. | 2960 |  | 160 |
|  InvenTrust Properties Corp. | 8626 |  | 253 |
|  Invitation Homes, Inc. | 146590 |  | 5109 |
|  JBG SMITH Properties | 8827 |  | 142 |
|  Kilroy Realty Corp. | 11101 |  | 364 |
|  Kimco Realty Corp. | 172649 |  | 3667 |
|  Kite Realty Group Trust | 90288 |  | 2020 |
|  Lineage, Inc. | 2466 |  | 145 |
|  LXP Industrial Trust | 59550 |  | 515 |
|  Macerich Co. | 49023 |  | 842 |
|  Medical Properties Trust, Inc. | 61104 |  | 368 |
|  Mid-America Apartment Communities, Inc. | 19835 |  | 3324 |
|  National Health Investors, Inc. | 4746 |  | 351 |
|  National Storage Affiliates Trust | 7118 |  | 280 |
|  NET Lease Office Properties | 1545 |  | 48 |
|  NETSTREIT Corp. | 8306 |  | 132 |
|  NexPoint Residential Trust, Inc. | 2253 |  | 89 |
|  NNN REIT, Inc. | 44876 |  | 1914 |
|  Omega Healthcare Investors, Inc. | 55372 |  | 2109 |
|  Paramount Group, Inc. | 19091 |  | 82 |
|  Park Hotels & Resorts, Inc. | 42425 |  | 453 |
|  Pebblebrook Hotel Trust | 12506 |  | 127 |
|  Phillips Edison & Co., Inc. | 32328 |  | 1180 |
|  Piedmont Office Realty Trust, Inc. 'A' | 12956 |  | 96 |
|  Plymouth Industrial REIT, Inc. | 4126 |  | 67 |
|  Prologis, Inc. | 174048 |  | 19457 |
|  Public Storage | 27212 |  | 8144 |
|  Realty Income Corp. | 180116 |  | 10449 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **51** |

---

------

Schedule of Investments PIMCO RealEstateRealReturn Strategy Fund (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Regency Centers Corp. | 33654 | $— | 2482 |
|  Rexford Industrial Realty, Inc. | 23194 |  | 908 |
|  RLJ Lodging Trust | 33653 |  | 266 |
|  Ryman Hospitality Properties, Inc. | 12320 |  | 1127 |
|  Service Properties Trust | 17412 |  | 45 |
|  Simon Property Group, Inc. | 60921 |  | 10118 |
|  SITE Centers Corp. | 4930 |  | 63 |
|  SL Green Realty Corp. | 7385 |  | 426 |
|  STAG Industrial, Inc. | 37892 |  | 1369 |
|  Summit Hotel Properties, Inc. | 11328 |  | 61 |
|  Sun Communities, Inc. | 20624 |  | 2653 |
|  Sunstone Hotel Investors, Inc. | 41650 |  | 392 |
|  Tanger, Inc. | 11566 |  | 391 |
|  Terreno Realty Corp. | 10421 |  | 659 |
|  UDR, Inc. | 73658 |  | 3327 |
|  UMH Properties, Inc. | 7667 |  | 143 |
|  Universal Health Realty Income Trust | 1331 |  | 55 |
|  Urban Edge Properties | 25074 |  | 476 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Ventas, Inc. | 97683 | 6717 |
|  Veris Residential, Inc. | 8445 | 143 |
|  VICI Properties, Inc. | 53434 | 1743 |
|  Vornado Realty Trust | 17330 | 641 |
|  Welltower, Inc. | 109382 | 16758 |
|  WP Carey, Inc. | 37993 | 2398 |
|  Xenia Hotels & Resorts, Inc. | 10638 | 125 |
|  Total Real Estate Investment Trusts (Cost $190,140) | Total Real Estate Investment Trusts (Cost $190,140) | 206368 |
| SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% |
| MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.400% (c) | 395294 | 395 |
| Total Short-Term Instruments<br>(Cost $395) | Total Short-Term Instruments<br>(Cost $395) | 395 |
| Total Investments in Securities (Cost $938,484) | Total Investments in Securities (Cost $938,484) | 951884 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 0.4% | INVESTMENTS IN AFFILIATES 0.4% | INVESTMENTS IN AFFILIATES 0.4% | INVESTMENTS IN AFFILIATES 0.4% |
| SHORT-TERM INSTRUMENTS 0.4% | SHORT-TERM INSTRUMENTS 0.4% | SHORT-TERM INSTRUMENTS 0.4% | SHORT-TERM INSTRUMENTS 0.4% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.4% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 207709 | $— | 2022 |
| Total Short-Term Instruments<br>(Cost $2,022) | Total Short-Term Instruments<br>(Cost $2,022) |  | 2022 |
| Total Investments in Affiliates<br>(Cost $2,022) | Total Investments in Affiliates<br>(Cost $2,022) |  | 2022 |
| Total Investments 190.7% (Cost $940,506) | Total Investments 190.7% (Cost $940,506) | $— | 953906 |
|  Financial Derivative<br>Instruments (e)(g) (0.7)%<br> (Cost or Premiums, net $(1841)) | Financial Derivative<br>Instruments (e)(g) (0.7)%<br> (Cost or Premiums, net $(1841)) |  | (3345) |
| Other Assets and Liabilities, net (90.0)% | Other Assets and Liabilities, net (90.0)% |  | (450279) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 500282 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) Principal amount of security is adjusted for inflation.

(b) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(c) Coupon represents a 7-Day Yield.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BSN | 4.430% | 03/17/2025 | 04/02/2025 | $(41812) | $(41890) |
|  | 4.430 | 03/17/2025 | 04/21/2025 | (91693) | (91862) |
|  | 4.430 | 04/02/2025 | 04/21/2025 | (26302) | (26302) |
|  CIB | 4.430 | 02/21/2025 | 04/04/2025 | (97538) | (98007) |
|  DEU | 4.460 | 03/25/2025 | 04/03/2025 | (24139) | (24160) |
|  JPS | 4.440 | 03/24/2025 | 04/07/2025 | (19550) | (19569) |
|  NOM | 4.500 | 03/28/2025 | 04/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147030) | (147103) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(448893) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(2)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BSN | $0 | $(160054) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160054) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133505 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26549) |
|  CIB | 0 | (98007) | 0 | (98007) | 97772 | (235) |
|  DEU | 0 | (24160) | 0 | (24160) | 24388 | 228 |
|  JPS | 0 | (19569) | 0 | (19569) | 19750 | 181 |
|  NOM | 0 | (147103) | 0 | (147103) | 146353 | (750) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(448893) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

52 PIMCO REAL RETURN STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  U.S. Treasury Obligations | $0 | $(422591) | $0 | $0 | $(422591) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(422591) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(422591) |
|  Payable for reverse repurchase agreements<sup>(3)</sup> | Payable for reverse repurchase agreements<sup>(3)</sup> | Payable for reverse repurchase agreements<sup>(3)</sup> | Payable for reverse repurchase agreements<sup>(3)</sup> | Payable for reverse repurchase agreements<sup>(3)</sup> | $(422591) |

---

(d) Securities with an aggregate market value of $424,624 have been pledged as collateral under the terms of the above master agreements as of March 31, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended March 31, 2025 was $(463216) at a weighted average interest rate of 5.014%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

<sup>(3)</sup> Unsettled reverse repurchase agreements liability of $(26302) is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(e) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| LONG FUTURES CONTRACTS |  |  |  |  |  |  |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month EURIBOR September Futures  | 09/2026 | 379 | $100368 | $21 | $51 | $(10) |
|  Australia Government 10-Year Bond June Futures  | 06/2025 | 87 | 6124 | 5 | 58 | 0 |
|  Euro-BOBL June Futures  | 06/2025 | 75 | 9552 | (86) | 23 | (3) |
|  Euro-BTP June Futures  | 06/2025 | 60 | 7624 | (132) | 20 | (9) |
|  Euro-Buxl 30-Year Bond June Futures  | 06/2025 | 26 | 3353 | (217) | 35 | 0 |
|  Japan Government 10-Year Bond June Futures  | 06/2025 | 1 | 923 | 2 | 7 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 366 | 41770 | 309 | 34 | 0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2025 | 257 | 31418 | 171 | 105 | (9) |
|  |  |  |  | $73 | $333 | $(31) |
| SHORT FUTURES CONTRACTS |  |  |  |  |  |  |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month EURIBOR September Futures  | 09/2025 | 379 | $(100378) | $(33) | $25 | $(31) |
|  Euro-Bund June Futures  | 06/2025 | 248 | (34547) | 617 | 3 | (131) |
|  Euro-Oat June Futures  | 06/2025 | 89 | (11807) | 236 | 16 | (38) |
|  Euro-Schatz June Futures  | 06/2025 | 135 | (15613) | 6 | 4 | (12) |
|  Gold 100 oz. June Futures  | 06/2025 | 3 | (945) | (29) | 0 | (11) |
|  Long Gilt June Futures  | 06/2025 | 27 | (3198) | 60 | 0 | (35) |
|  U.S. Treasury 2-Year Note June Futures  | 06/2025 | 506 | (104829) | (468) | 4 | 0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 388 | (41965) | (29) | 22 | 0 |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 5 | (556) | 0 | 0 | 0 |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2025 | 579 | (67906) | (983) | 0 | (109) |
|  |  |  |  | $(623) | $74 | $(367) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(550) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(398) |

---

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 03/19/2027 | GBP | 27600 | $(185) | $(26) | $(211) | $28 | $0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 01/27/2035 |  | 2600 | (17) | (30) | (47) | 24 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.300 | Semi-Annual | 03/20/2028 | JPY | 190000 | (4) | 30 | 26 | 0 | (2) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.550 | Annual | 09/14/2028 |  | 1250000 | (14) | 119 | 105 | 0 | (19) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **53** |

---

------

Schedule of Investments PIMCO RealEstateRealReturn Strategy Fund (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.450% | Semi-Annual | 03/20/2029 | 613200 | $(33) | $128 | $95 | $0 | $(11) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.500 | Annual | 12/15/2031 | 319000 | 6 | 78 | 84 | 0 | (10) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.606 | Annual | 10/31/2025 | $29300 | (157) | 238 | 81 | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.611 | Annual | 10/31/2025 | 4800 | (26) | 39 | 13 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 12/20/2025 | 57600 | 101 | (131) | (30) | 3 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.840 | Semi-Annual | 11/15/2028 | 10600 | (2) | 731 | 729 | 0 | (4) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.300 | Semi-Annual | 11/15/2028 | 42500 | (561) | (1633) | (2194) | 15 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.840 | Semi-Annual | 11/21/2028 | 5700 | (1) | 394 | 393 | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.340 | Semi-Annual | 11/21/2028 | 20800 | (262) | (785) | (1047) | 7 | 0 |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 12/31/2031 | 15700 | (295) | (101) | (396) | 0 | (30) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.085 | Annual | 02/13/2034 | 16800 | (144) | (711) | (855) | 45 | 0 |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2034 | 2000 | 89 | (17) | 72 | 0 | (6) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.838 | Annual | 11/15/2034 | 2100 | 0 | (16) | (16) | 0 | (6) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.864 | Annual | 11/15/2034 | 1900 | 0 | (19) | (19) | 0 | (6) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.866 | Annual | 11/15/2034 | 800 | 0 | (8) | (8) | 0 | (2) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.867 | Annual | 11/15/2034 | 1900 | 0 | (19) | (19) | 0 | (6) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 11/15/2034 | 1900 | 0 | (20) | (20) | 0 | (6) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.881 | Annual | 11/15/2034 | 1800 | 0 | (20) | (20) | 0 | (6) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.894 | Annual | 11/15/2034 | 1600 | 0 | (19) | (19) | 0 | (5) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.050 | Annual | 11/15/2052 | 4800 | (199) | 16 | (183) | 0 | (37) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.975 | Semi-Annual | 11/15/2053 | 2200 | 1 | (802) | (801) | 12 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.285 | Semi-Annual | 11/15/2053 | 8700 | 546 | 2147 | 2693 | 0 | (49) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.888 | Semi-Annual | 11/21/2053 | 1200 | 0 | (455) | (455) | 7 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.237 | Semi-Annual | 11/21/2053 | 4200 | 261 | 1075 | 1336 | 0 | (24) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.865 | Annual | 02/13/2054 | 10500 | 201 | 1549 | 1750 | 0 | (71) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 3100 | 83 | 119 | 202 | 0 | (23) |
|  Pay | 6-Month EUR-EURIBOR | 0.700 | Annual | 04/11/2027 | 1700 | (8) | (60) | (68) | 1 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 04/12/2027 | 4100 | (22) | (149) | (171) | 2 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 05/11/2027 | 1900 | (14) | (63) | (77) | 1 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/13/2027 | 3800 | (14) | (97) | (111) | 3 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/18/2027 | 1700 | (6) | (43) | (49) | 1 | 0 |
|  Receive<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.112 | Annual | 09/02/2027 | 3500 | 0 | 4 | 4 | 0 | (3) |
|  Receive<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.120 | Annual | 09/03/2027 | 19600 | 0 | 16 | 16 | 0 | (16) |
|  Pay<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 | 69940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2156) | (646) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2802) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.190 | Annual | 11/04/2052 | 3700 | 229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1735 | 1964 | 0 | (18) |
|  Receive | 6-Month EUR-EURIBOR | 0.195 | Annual | 11/04/2052 | 3900 | 2 | 2064 | 2066 | 0 | (19) |
|  Receive | 6-Month EUR-EURIBOR | 0.197 | Annual | 11/08/2052 | 8700 | 542 | 4064 | 4606 | 0 | (43) |
|  Receive<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 | 15900 | 1160 | 136 | 1296 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125) |
|  Receive | CPTFEMU | 3.130 | Maturity | 05/15/2027 | 900 | 0 | 9 | 9 | 1 | 0 |
|  Receive | CPTFEMU | 2.975 | Maturity | 08/15/2027 | 3700 | 15 | (46) | (31) | 5 | 0 |
|  Pay | CPTFEMU | 1.380 | Maturity | 03/15/2031 | 4900 | (34) | (944) | (978) | 0 | (10) |
|  Receive | CPTFEMU | 2.600 | Maturity | 05/15/2032 | 7000 | 54 | (2) | 52 | 15 | 0 |
|  Receive | CPTFEMU | 2.720 | Maturity | 06/15/2032 | 2500 | (23) | (40) | (63) | 3 | 0 |
|  Receive | CPTFEMU | 2.470 | Maturity | 07/15/2032 | 200 | 0 | 1 | 1 | 0 | 0 |
|  Pay | CPTFEMU | 2.363 | Maturity | 11/15/2033 | 1100 | 0 | 42 | 42 | 0 | (2) |
|  Receive | CPTFEMU | 2.049 | Maturity | 08/15/2034 | 3600 | (2) | (11) | (13) | 7 | 0 |
|  Receive | CPTFEMU | 2.034 | Maturity | 09/15/2034 | 1400 | (1) | (2) | (3) | 3 | 0 |
|  Receive | CPTFEMU | 2.488 | Maturity | 05/15/2037 | 540 | 14 | (12) | 2 | 1 | 0 |
|  Pay | CPTFEMU | 1.243 | Maturity | 08/15/2039 | 930 | 0 | (245) | (245) | 0 | (5) |
|  Pay | CPTFEMU | 2.580 | Maturity | 03/15/2052 | 100 | 0 | 3 | 3 | 0 | 0 |
|  Pay | CPTFEMU | 2.590 | Maturity | 03/15/2052 | 500 | (13) | 29 | 16 | 0 | (1) |
|  Pay | CPTFEMU | 2.550 | Maturity | 04/15/2052 | 700 | 1 | 19 | 20 | 0 | (2) |
|  Pay | CPTFEMU | 2.421 | Maturity | 05/15/2052 | 350 | 0 | (3) | (3) | 0 | (1) |
|  Pay | CPTFEMU | 2.590 | Maturity | 12/15/2052 | 1000 | 0 | 95 | 95 | 0 | (2) |
|  Pay | CPTFEMU | 2.680 | Maturity | 04/15/2053 | 900 | 1 | 121 | 122 | 0 | (1) |
|  Pay | CPTFEMU | 2.700 | Maturity | 04/15/2053 | 600 | 4 | 81 | 85 | 0 | (1) |
|  Pay | CPTFEMU | 2.763 | Maturity | 09/15/2053 | 1000 | 3 | 162 | 165 | 0 | (1) |
|  Pay | CPTFEMU | 2.682 | Maturity | 10/15/2053 | 300 | 0 | 41 | 41 | 0 | (1) |
|  Receive | CPTFEMU | 2.620 | Maturity | 11/15/2053 | 300 | 0 | (36) | (36) | 1 | 0 |
|  Pay | CPURNSA | 2.380 | Maturity | 10/15/2025 | $2200 | 0 | (20) | (20) | 0 | (1) |
|  Pay | CPURNSA | 2.700 | Maturity | 01/14/2026 | 4200 | 0 | (31) | (31) | 0 | (4) |
|  Pay | CPURNSA | 2.820 | Maturity | 02/05/2026 | 1800 | 0 | (11) | (11) | 0 | (2) |
|  Pay | CPURNSA | 2.842 | Maturity | 02/13/2026 | 1900 | 0 | (12) | (12) | 0 | (2) |
|  Pay | CPURNSA | 3.043 | Maturity | 02/21/2026 | 1900 | 0 | (8) | (8) | 0 | (2) |
|  Receive | CPURNSA | 2.768 | Maturity | 05/13/2026 | 3000 | 0 | 303 | 303 | 5 | 0 |
|  Receive | CPURNSA | 2.813 | Maturity | 05/14/2026 | 2100 | 0 | 206 | 206 | 4 | 0 |
|  Receive | CPURNSA | 2.703 | Maturity | 05/25/2026 | 4320 | 1 | 444 | 445 | 8 | 0 |
|  Receive | CPURNSA | 2.690 | Maturity | 06/01/2026 | 100 | 0 | 10 | 10 | 0 | 0 |
|  Receive | CPURNSA | 1.798 | Maturity | 08/25/2027 | 8900 | 0 | 1592 | 1592 | 12 | 0 |
|  Receive | CPURNSA | 1.890 | Maturity | 08/27/2027 | 4400 | 0 | 757 | 757 | 6 | 0 |
|  Pay | CPURNSA | 2.379 | Maturity | 07/09/2028 | 3400 | (1) | (380) | (381) | 0 | (5) |

---

---

| | | |
|:---|:---|:---|
| **54** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | CPURNSA | 1.954% | Maturity | 06/03/2029 | $6700 | $0 | $(1070) | $(1070) | $0 | $(9) |
|  Pay | CPURNSA | 1.998 | Maturity | 07/25/2029 | 6900 | 5 | (1059) | (1054) | 0 | (8) |
|  Pay | CPURNSA | 1.280 | Maturity | 05/19/2030 | 5300 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1194) | (1194) | 0 | (7) |
|  Pay | FRCPXTOB | 1.910 | Maturity | 01/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280 | 5 | (76) | (71) | 0 | (3) |
|  Pay | UKRPI | 3.500 | Maturity | 08/15/2034 | 2300 | 13 | 13 | 26 | 10 | 0 |
|  Pay | UKRPI | 3.466 | Maturity | 09/15/2034 | 1000 | 0 | 7 | 7 | 4 | 0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(857) | $7545 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6688 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(621) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | **Total** | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** | Written<br>Options | Futures | Swap<br>Agreements | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(398) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(621) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1019) |

---

(f) Securities with an aggregate market value of $1,372 and cash of $5,474 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

&nbsp;&nbsp;&nbsp;&nbsp;(g) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 04/2025 | 59207 | $396 | $2 | $0 |
|  | 04/2025 | $3757 | 5939 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46) |
|  | 04/2025 | 674 | 101614 | 4 | 0 |
|  | 04/2025 | 190 | 254 | 0 | (1) |
|  | 05/2025 | 5939 | $3758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | 0 |
|  | 05/2025 | 1419 | 194 | 0 | (2) |
|  | 05/2025 | 101273 | 674 | 0 | (4) |
|  | 05/2025 | 253 | 190 | 1 | 0 |
|  | 05/2025 | $731 | 5290 | 0 | (1) |
|  | 06/2025 | 8536 | $1169 | 0 | (12) |
|  | 06/2025 | $372 | 2681 | 0 | (1) |
|  | 07/2025 | 2632 | $365 | 1 | 0 |
|  | 08/2025 | 2633 | 365 | 0 | (1) |
|  BOA | 04/2025 | 150379 | 103 | 0 | 0 |
|  | 04/2025 | 189 | 17 | 0 | (1) |
|  | 05/2025 | 1387 | 190 | 0 | (2) |
|  | 05/2025 | 1103870 | 66 | 0 | 0 |
|  | 05/2025 | $65 | 5624 | 0 | 0 |
|  | 06/2025 | 3098 | $427 | 0 | (2) |
|  | 06/2025 | 396579 | 270 | 0 | 0 |
|  | 06/2025 | $182 | 1315 | 0 | 0 |
|  | 06/2025 | 103 | 149813 | 0 | (1) |
|  | 08/2025 | 1452 | $203 | 1 | 0 |
|  | 08/2025 | 104 | 3 | 0 | 0 |
|  BPS | 04/2025 | 4555 | 791 | 0 | (8) |
|  | 04/2025 | 46335 | 48586 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1516) |
|  | 04/2025 | 794 | 1003 | 0 | (22) |
|  | 04/2025 | 13429951 | 810 | 4 | 0 |
|  | 04/2025 | 320 | 87 | 1 | 0 |
|  | 04/2025 | 582379 | 3906 | 24 | 0 |
|  | 04/2025 | 144184 | 4385 | 43 | 0 |
|  | 04/2025 | $786 | 4555 | 13 | (1) |
|  | 04/2025 | 1441 | 23643341 | 0 | (22) |
|  | 04/2025 | 630 | 54790 | 10 | 0 |
|  | 04/2025 | 241 | 36265 | 1 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **55** |

---

------

Schedule of Investments PIMCO RealEstateRealReturn Strategy Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | $808 | 1173252 | $0 | $(11) |
|  | 04/2025 | 99 | 1042 | 0 | 0 |
|  | 04/2025 | 121 | 163 | 0 | 0 |
|  | 04/2025 | 1579 | 51720 | 0 | (21) |
|  | 04/2025 | 4732 | $259 | 1 | 0 |
|  | 05/2025 | 4971 | 684 | 0 | (2) |
|  | 05/2025 | 3221449 | 194 | 1 | 0 |
|  | 05/2025 | 36143 | 241 | 0 | (1) |
|  | 05/2025 | 1042 | 99 | 0 | 0 |
|  | 05/2025 | 162 | 121 | 0 | 0 |
|  | 05/2025 | $258 | 239 | 1 | 0 |
|  | 05/2025 | 566 | 9386948 | 0 | (3) |
|  | 05/2025 | 589 | 50533 | 1 | 0 |
|  | 06/2025 | 12806 | $1762 | 0 | (10) |
|  | 06/2025 | 116235 | 82 | 2 | 0 |
|  | 06/2025 | 101 | 26 | 0 | 0 |
|  | 06/2025 | $1247 | 4814 | 4 | (12) |
|  | 07/2025 | 20028 | $616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | 0 |
|  | 08/2025 | 16628 | 510 | 5 | 0 |
|  BRC | 04/2025 | 1741 | 20 | 0 | (1) |
|  | 04/2025 | 1743 | 156 | 0 | (9) |
|  | 04/2025 | $181 | 2964714 | 0 | (3) |
|  | 04/2025 | 20 | 1739 | 0 | 0 |
|  | 05/2025 | 1744 | $20 | 0 | 0 |
|  | 05/2025 | 893 | 85 | 0 | 0 |
|  | 06/2025 | 12 | 3 | 0 | 0 |
|  BSH | 04/2025 | 5308 | 3363 | 46 | 0 |
|  | 04/2025 | $6453 | 969045 | 8 | 0 |
|  | 05/2025 | 965781 | $6453 | 0 | (8) |
|  | 06/2025 | $249 | 958 | 0 | (2) |
|  CBK | 04/2025 | 176 | $200 | 1 | 0 |
|  | 04/2025 | 9687 | 1363 | 0 | (41) |
|  | 04/2025 | 13124556 | 791 | 3 | 0 |
|  | 04/2025 | 1553 | 426 | 8 | 0 |
|  | 04/2025 | 21793 | 254 | 0 | (1) |
|  | 04/2025 | 44800 | 302 | 3 | 0 |
|  | 04/2025 | 47094 | 1437 | 19 | 0 |
|  | 04/2025 | $7664 | 10917 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78) |
|  | 04/2025 | 968 | 15872329 | 0 | (15) |
|  | 04/2025 | 280 | 23972 | 0 | 0 |
|  | 04/2025 | 44 | 64363 | 0 | 0 |
|  | 04/2025 | 2773 | 90888 | 0 | (36) |
|  | 05/2025 | 10901 | $7664 | 77 | 0 |
|  | 05/2025 | 3756626 | 226 | 1 | 0 |
|  | 05/2025 | $564 | 9363634 | 0 | (2) |
|  | 06/2025 | 2006 | $277 | 0 | (1) |
|  | 06/2025 | 3438576 | 2399 | 57 | 0 |
|  | 06/2025 | $171 | 1231 | 0 | 0 |
|  | 07/2025 | 34812 | $1070 | 15 | 0 |
|  | 08/2025 | 38425 | 1179 | 12 | 0 |
|  DUB | 04/2025 | 1567 | 431 | 9 | 0 |
|  | 04/2025 | 14700 | 100 | 2 | 0 |
|  | 04/2025 | 142 | 81 | 1 | 0 |
|  | 04/2025 | 36 | 27 | 0 | 0 |
|  | 04/2025 | $1500 | 10396 | 6 | 0 |
|  | 04/2025 | 280 | 267 | 9 | 0 |
|  | 04/2025 | 613 | 10185273 | 0 | (2) |
|  | 04/2025 | 114 | 9825 | 1 | 0 |
|  | 04/2025 | 81 | 142 | 0 | (1) |
|  | 04/2025 | 97 | 130 | 0 | 0 |
|  | 05/2025 | 10377 | $1501 | 0 | (6) |
|  | 05/2025 | 479683 | 29 | 0 | 0 |
|  | 05/2025 | 142 | 81 | 1 | 0 |
|  | 05/2025 | 130 | 97 | 0 | 0 |
|  | 06/2025 | 2547802 | 1776 | 41 | 0 |
|  FAR | 04/2025 | 3063 | 3437 | 0 | (26) |
|  | 04/2025 | 15388 | 2169 | 0 | (61) |
|  | 04/2025 | 1733 | 477 | 11 | 0 |
|  | 04/2025 | 451761 | 3028 | 16 | 0 |

---

---

| | | |
|:---|:---|:---|
| **56** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | $4605 | 693295 | $17 | $0 |
|  | 04/2025 | 33 | 1073 | 0 | 0 |
|  | 05/2025 | 690959 | $4605 | 0 | (17) |
|  | 05/2025 | $186 | 1344 | 0 | (1) |
|  | 06/2025 | 197 | 761 | 0 | (1) |
|  | 07/2025 | 1339 | $186 | 1 | 0 |
|  GLM | 04/2025 | 32393 | 5641 | 0 | (35) |
|  | 04/2025 | 7379910 | 444 | 2 | 0 |
|  | 04/2025 | 228943 | 156 | 1 | 0 |
|  | 04/2025 | $5621 | 32393 | 56 | 0 |
|  | 04/2025 | 585 | 9649282 | 0 | (6) |
|  | 04/2025 | 60 | 87697 | 0 | 0 |
|  | 05/2025 | 1349 | $184 | 0 | (2) |
|  | 05/2025 | 1805091 | 108 | 0 | 0 |
|  | 05/2025 | $444 | 7386576 | 0 | (2) |
|  | 06/2025 | 109 | $28 | 0 | 0 |
|  | 06/2025 | $485 | 3505 | 1 | (1) |
|  | 06/2025 | 156 | 228111 | 0 | (1) |
|  | 07/2025 | 3538 | $109 | 2 | 0 |
|  | 07/2025 | $13 | 435 | 0 | 0 |
|  IND | 04/2025 | 2904 | 20082 | 7 | 0 |
|  | 05/2025 | 20045 | $2904 | 0 | (7) |
|  JPM | 04/2025 | 2137 | 372 | 0 | (2) |
|  | 04/2025 | 1506539 | 91 | 1 | 0 |
|  | 04/2025 | 1926 | 529 | 11 | 0 |
|  | 04/2025 | 484814 | 3252 | 20 | 0 |
|  | 04/2025 | 39 | 29 | 0 | 0 |
|  | 04/2025 | 6243 | 190 | 2 | 0 |
|  | 04/2025 | $372 | 2137 | 2 | 0 |
|  | 04/2025 | 50720 | 47024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | 0 |
|  | 04/2025 | 106 | 1739756 | 0 | (2) |
|  | 04/2025 | 188 | 16266 | 2 | 0 |
|  | 04/2025 | 1416 | 213634 | 9 | 0 |
|  | 04/2025 | 44 | 64335 | 0 | 0 |
|  | 04/2025 | 934 | 30612 | 0 | (12) |
|  | 04/2025 | 2568 | $141 | 1 | 0 |
|  | 05/2025 | 1442 | 197 | 0 | (2) |
|  | 05/2025 | 47024 | 50803 | 0 | (127) |
|  | 05/2025 | 1239271 | 75 | 0 | 0 |
|  | 05/2025 | 212918 | 1416 | 0 | (9) |
|  | 05/2025 | $685 | 4962 | 1 | (1) |
|  | 06/2025 | 5552 | $761 | 0 | (7) |
|  | 06/2025 | $1429 | 5519 | 1 | (9) |
|  | 07/2025 | 2537 | $352 | 0 | 0 |
|  | 07/2025 | 20272 | 623 | 9 | 0 |
|  | 07/2025 | $372 | 2179 | 2 | 0 |
|  | 08/2025 | 2402 | $333 | 0 | (1) |
|  | 08/2025 | 21932 | 673 | 7 | 0 |
|  MBC | 04/2025 | 631 | 393 | 0 | (2) |
|  | 04/2025 | 397 | 445 | 0 | (4) |
|  | 04/2025 | 956 | 1000 | 0 | (34) |
|  | 04/2025 | 332 | 248 | 1 | 0 |
|  | 04/2025 | 9727 | 301 | 8 | 0 |
|  | 04/2025 | $4113 | 3633 | 0 | (6) |
|  | 04/2025 | 80 | 554 | 0 | 0 |
|  | 04/2025 | 245 | 21232 | 3 | 0 |
|  | 04/2025 | 577 | 18967 | 0 | (6) |
|  | 04/2025 | 7183 | $393 | 2 | 0 |
|  | 05/2025 | 3620 | 4113 | 6 | 0 |
|  | 05/2025 | 2352 | 324 | 0 | 0 |
|  | 05/2025 | 553 | 80 | 0 | 0 |
|  | 05/2025 | 298 | 322 | 0 | (1) |
|  | 05/2025 | 724201 | 44 | 0 | 0 |
|  | 05/2025 | 11986 | 81 | 0 | 0 |
|  | 05/2025 | $338 | 2447 | 0 | 0 |
|  | 05/2025 | 546 | 422 | 0 | (1) |
|  | 06/2025 | 351127 | $244 | 5 | 0 |
|  | 06/2025 | $795 | 3068 | 0 | (5) |
|  | 07/2025 | 1216 | $169 | 0 | 0 |
|  | 07/2025 | 9739 | 299 | 4 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **57** |

---

------

Schedule of Investments PIMCO RealEstateRealReturn Strategy Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 08/2025 | 5782 | $801 | $1 | $(3) |
|  | 08/2025 | 23570 | 722 | 6 | 0 |
|  MYI | 04/2025 | 10920 | 7672 | 83 | 0 |
|  | 04/2025 | 5958 | 832 | 0 | (32) |
|  | 04/2025 | 139 | 104 | 0 | 0 |
|  | 04/2025 | $140 | 4564 | 0 | (2) |
|  | 04/2025 | 2814 | 51446 | 0 | (11) |
|  | 05/2025 | 720892 | $43 | 0 | 0 |
|  | 06/2025 | 1085 | 150 | 0 | (1) |
|  | 06/2025 | $46 | 181 | 1 | 0 |
|  NGF | 06/2025 | 1768398 | $1241 | 37 | 0 |
|  SCX | 04/2025 | 33652 | 5757 | 0 | (140) |
|  | 04/2025 | 5152 | 159 | 4 | 0 |
|  | 04/2025 | $5861 | 33652 | 37 | 0 |
|  | 04/2025 | 226 | 3693829 | 0 | (4) |
|  | 04/2025 | 371 | 55977 | 2 | 0 |
|  | 04/2025 | 44 | 64267 | 0 | 0 |
|  | 04/2025 | 167 | 5496 | 0 | (2) |
|  | 05/2025 | 1962 | $272 | 1 | 0 |
|  | 05/2025 | 282771 | 17 | 0 | 0 |
|  | 05/2025 | 55790 | 371 | 0 | (2) |
|  | 06/2025 | 366 | 50 | 0 | 0 |
|  | 06/2025 | $5757 | 34079 | 139 | 0 |
|  | 06/2025 | 301 | 2196 | 3 | 0 |
|  | 08/2025 | 5451 | $167 | 2 | 0 |
|  SSB | 04/2025 | $1026 | 794 | 0 | (1) |
|  | 05/2025 | 794 | $1026 | 1 | 0 |
|  UAG | 04/2025 | 1637541 | 99 | 0 | 0 |
|  | 04/2025 | 444180 | 2985 | 24 | 0 |
|  | 04/2025 | $99 | 1637541 | 0 | (1) |
|  | 05/2025 | 99 | 1639844 | 0 | 0 |
|  | 06/2025 | 64 | 246 | 0 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2499) |

---

#### WRITTEN OPTIONS:

#### INFLATION-CAPPED OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Initial<br>Index | Floating Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GLM | Cap - OTC CPALEMU | 100.151 | Maximum of [(Final Index/Initial Index - 1) - 3.000%] or 0 | 06/22/2035 | 6300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(287) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(187) |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BRC Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.440% | 01/25/2027 | 1700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) | $(16) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.440 | 01/25/2027 | 1700 | (15) | (16) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.740 | 09/08/2025 | 1900 | (44) | (44) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.740 | 09/08/2025 | 1900 | (44) | (32) |
| GLM Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.350 | 01/07/2027 | 13400 | (122) | (114) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.350 | 01/07/2027 | 13400 | (122) | (135) |
| Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.500 | 01/14/2027 | 10100 | (92) | (102) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.500 | 01/14/2027 | 10100 | (93) | (88) |
| MYC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.660 | 09/05/2025 | 3400 | (75) | (65) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.660 | 09/05/2025 | 3400 | (75) | (69) |
|  |  |  |  |  |  | $(697) | $(681) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(984) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(868) |

---

58 PIMCO REAL RETURN STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

#### SWAP AGREEMENTS:

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(2)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<sup>(2)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  BOA | Receive | MLPIREIL Index<sup>(4)</sup> | 443542 | 4.980% (FEDL01 plus a specified spread) | Monthly | 06/09/2025 | $41780 | $0 | $38 | $38 | $0 |
|  | Pay | MLPIREIS Index<sup>(5)</sup> | 436966 | 4.880% (FEDL01 plus a specified spread) | Monthly | 06/09/2025 | 41208 | 0 | 24 | 24 | 0 |
|  JPM | Receive | DWRTFT Index  | 12500 | 4.990% (FEDL01 plus a specified spread) | Monthly | 06/04/2025 | 171707 | 0 | (718) | 0 | (718) |
|  MYI | Receive | DWRTFT Index  | 1282 | 4.770% (FEDL01 plus a specified spread) | Monthly | 05/07/2025 | 17610 | 0 | (68) | 0 | (68) |
|  | Receive | DWRTFT Index  | 5203 | 4.860% | Monthly | 06/04/2025 | 71471 | 0 | (259) | 0 | (259) |
|  | Receive | DWRTFT Index  | 226 | 5.180% (FEDL01 plus a specified spread) | Monthly | 11/19/2025 | 3105 | 0 | (14) | 0 | (14) |
|  | Receive | DWRTFT Index  | 2081 | 4.920% (FEDL01 plus a specified spread) | Monthly | 02/18/2026 | 28586 | 0 | (74) | 0 | (74) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1071) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1133) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(3)</sup> |
|  AZD | $54 | $0 | $0 | $54 | $(68) | $0 | $0 | $(68) | $(14) | $0 | $(14) |
|  BOA | 1 | 0 | 62 | 63 | (6) | 0 | 0 | (6) | 57 | 352 | 409 |
|  BPS | 121 | 0 | 0 | 121 | (1629) | 0 | 0 | (1629) | (1508) | 1475 | (33) |
|  BRC | 0 | 0 | 0 | 0 | (13) | (108) | 0 | (121) | (121) | 0 | (121) |
|  BSH | 54 | 0 | 0 | 54 | (10) | 0 | 0 | (10) | 44 | 0 | 44 |
|  CBK | 196 | 0 | 0 | 196 | (174) | 0 | 0 | (174) | 22 | 0 | 22 |
|  DUB | 70 | 0 | 0 | 70 | (9) | 0 | 0 | (9) | 61 | 0 | 61 |
|  FAR | 45 | 0 | 0 | 45 | (106) | 0 | 0 | (106) | (61) | 0 | (61) |
|  GLM | 62 | 0 | 0 | 62 | (47) | (626) | 0 | (673) | (611) | (280) | (891) |
|  IND | 7 | 0 | 0 | 7 | (7) | 0 | 0 | (7) | 0 | 0 | 0 |
|  JPM | 195 | 0 | 0 | 195 | (172) | 0 | (718) | (890) | (695) | 9092 | 8397 |
|  MBC | 36 | 0 | 0 | 36 | (62) | 0 | 0 | (62) | (26) | 0 | (26) |
|  MYC | 0 | 0 | 0 | 0 | 0 | (134) | 0 | (134) | (134) | 0 | (134) |
|  MYI | 84 | 0 | 0 | 84 | (46) | 0 | (415) | (461) | (377) | 5641 | 5264 |
|  NGF | 37 | 0 | 0 | 37 | 0 | 0 | 0 | 0 | 37 | 0 | 37 |
|  SCX | 188 | 0 | 0 | 188 | (148) | 0 | 0 | (148) | 40 | 0 | 40 |
|  SSB | 1 | 0 | 0 | 1 | (1) | 0 | 0 | (1) | 0 | 0 | 0 |
|  UAG | 24 | 0 | 0 | 24 | (1) | 0 | 0 | (1) | 23 | 0 | 23 |
|  Total Over the Counter | $1175 | $0 | $62 | $1237 | $(2499) | $(868) | $(1133) | $(4500) |  |  |  |

---

(h) Securities with an aggregate market value of $16,560 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(3)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **59** |

---

------

Schedule of Investments PIMCO RealEstateRealReturn Strategy Fund (Cont.)

<sup>(4)</sup> The following table represents the top 50 individual positions and related values within the total return basket swap as of March 31, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Entity | **%**<br> **of Index** | Value |
|  Real Estate |  |  |
|  American Homes 4 Rent | 0.7% | $292 |
|  American Tower Corp. | 5.1 | 2131 |
|  Apple Hospitality REIT, Inc. | 5.8 | 2423 |
|  Crown Castle International Corp. | 3.1 | 1295 |
|  Cubesmart | 0.3 | 125 |
|  DiamondRock Hospitality Company | 4.1 | 1713 |
|  Digital Realty Trust, Inc. | 7.9 | 3301 |
|  EPR Properties | 1.7 | 710 |
|  Equinix, Inc. | 5.4 | 2256 |
|  Equity Lifestyle Properties, Inc. | 3.9 | 1629 |
|  Equity Residential | 1.9 | 794 |
|  Extra Space Storage, Inc. | 0.2 | 84 |
|  First Industrial Realty Trust, Inc. | 0.7 | 292 |
|  Gaming and Leisure Properties, Inc. | 3.3 | 1379 |
|  Healthcare Realty Trust Incorporated | 2 | 836 |
|  Healthpeak Properties, Inc. | 4.7 | 1964 |
|  Host Hotels & Resorts, Inc. | 7.6 | 3175 |
|  Invitation Homes, Inc. | 2.9 | 1212 |
|  Kimco Realty Corporation | 2.5 | 1045 |
|  Kite Realty Group Trust | 4.2 | 1755 |
|  Macerich Co. | 2.6 | 1085 |
|  NNN REIT, Inc. | 1.6 | 668 |
|  Park Hotels & Resorts, Inc. | 3.4 | 1421 |
|  Public Storage | 1 | 418 |
|  Realty Income Corp. | 0.2 | 84 |
|  Rexford Industrial Realty, Inc. | 0.2 | 84 |
|  Ryman Hospitality Properties, Inc. | 6.3 | 2632 |
|  Sabra Health Care REIT, Inc. | 1.4 | 585 |
|  SBA Communications Corporation | 1.3 | 543 |
|  Simon Property Group, Inc. | 6.8 | 2841 |
|  Sun Communities Inc. | 2.3 | 961 |
|  UDR, Inc. | 0.6 | 251 |
|  VICI Properties, Inc. | 3.8 | 1587 |
|  WP Carey, Inc. | 0.5 | 209 |
|  Total Real Estate |  | $41780 |
|  Total Value |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41780 |

---

60 PIMCO REAL RETURN STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

<sup>(5)</sup> The following table represents the top 50 individual positions and related values within the total return basket swap as of March 31, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Entity | **%**<br> **of Index** | Value |
|  Real Estate |  |  |
|  Acadia Realty Trust | 1.9% | $783 |
|  Agree Realty Corporation | 5.3 | 2184 |
|  American Assets Trust, Inc. | 1.7 | 701 |
|  AvalonBay Communities Inc. | 0.0 |  |
|  Boston Properties Inc. | 3.7 | 1525 |
|  Brandywine Realty Trust | 2.3 | 948 |
|  Brixmor Property Group, Inc. | 2.4 | 989 |
|  Camden Property Trust | 0.9 | 371 |
|  Copt Defense Properties | 6.5 | 2679 |
|  Cousins Properties Incorporated | 3.3 | 1360 |
|  Curbline Properties Corp. | 4.0 | 1647 |
|  Douglas Emmett, Inc. | 4.4 | 1813 |
|  Eastgroup Properties, Inc. | 2.8 | 1154 |
|  Elme Communities | 2.6 | 1071 |
|  Essex Property Trust, Inc. | 1.7 | 701 |
|  Federal Realty Investment Trust | 0.0 |  |
|  Highwoods Properties, Inc. | 4.9 | 2019 |
|  Independence Realty Trust, Inc. | 4.6 | 1896 |
|  JBG Smith Properties | 4.1 | 1690 |
|  Kilroy Realty Corporation | 5.9 | 2431 |
|  LXP Industrial Trust | 0.3 | 124 |
|  Mid-America Apartment Communities, Inc. | 4.0 | 1647 |
|  National Storage Affiliates Trust | 2.7 | 1113 |
|  Omega Healthcare Investors Inc. | 2.0 | 824 |
|  Phillips Edison & Company, Inc. | 0.1 | 41 |
|  Prologis, Inc. | 1.1 | 453 |
|  Regency Centers Corp. | 1.5 | 618 |
|  Stag Industrial, Inc. | 0.8 | 330 |
|  Sunstone Hotel Investors, Inc. | 0.3 | 124 |
|  Tanger, Inc. | 0.4 | 165 |
|  Terreno Realty Corporation | 3.9 | 1607 |
|  Urban Edge Properties | 0.6 | 247 |
|  Ventas, Inc. | 8.0 | 3296 |
|  Veries Residential, Inc. | 1.9 | 783 |
|  Vornado Realty Trust | 1.4 | 577 |
|  Welltower, Inc. | 8.0 | 3297 |
|  Total Real Estate |  | $41208 |
|  Total Value |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41208 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 61

------

Schedule of Investments PIMCO RealEstateRealReturn Strategy Fund (Cont.)

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $407 | $407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 530 | 530 |
|  | $0 | $0 | $0 | $0 | $937 | $937 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $1175 | $0 | $1175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 62 | 0 | 0 | 62 |
|  | $0 | $0 | $62 | $1175 | $0 | $1237 |
|  | $0 | $0 | $62 | $1175 | $937 | $2174 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $11 | $0 | $0 | $0 | $387 | $398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 621 | 621 |
|  | $11 | $0 | $0 | $0 | $1008 | $1019 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $2499 | $0 | $2499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 868 | 868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 1133 | 0 | 0 | 1133 |
|  | $0 | $0 | $1133 | $2499 | $868 | $4500 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2499 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1876 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5519 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $196 | $196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | (295) | 0 | 0 | 0 | 239 | (56) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 209 | 0 | 0 | (2585) | (2376) |
|  | $(295) | $209 | $0 | $0 | $(2150) | $(2236) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $5049 | $0 | $5049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 691 | 691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | (5151) | 0 | 0 | (5151) |
|  | $0 | $0 | $(5151) | $5049 | $691 | $589 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(295) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5151) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5049 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1459) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1647) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $(136) | $(136) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 11 | 0 | 0 | 0 | 247 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (215) | 0 | 0 | 4453 | 4238 |
|  | $11 | $(215) | $0 | $0 | $4564 | $4360 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(2292) | $0 | $(2292) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | (412) | (412) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | (609) | 0 | 0 | (609) |
|  | $0 | $0 | $(609) | $(2292) | $(412) | $(3313) |
|  | $11 | $(215) | $(609) | $(2292) | $4152 | $1047 |

---

62 PIMCO REAL RETURN STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $6116 | $0 | $6116 |
| &nbsp;&nbsp; Industrials | 0 | 158 | 0 | 158 |
|  U.S. Government Agencies | 0 | 65037 | 0 | 65037 |
|  U.S. Treasury Obligations | 0 | 543965 | 0 | 543965 |
|  Non-Agency Mortgage-Backed Securities | 0 | 3634 | 0 | 3634 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; CMBS Other | 0 | 1289 | 0 | 1289 |
| &nbsp;&nbsp; Home Equity Other | 0 | 25412 | 0 | 25412 |
| &nbsp;&nbsp; Manufacturing House ABS Other | 0 | 2930 | 0 | 2930 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 10795 | 0 | 10795 |
| &nbsp;&nbsp; Other ABS | 0 | 29951 | 0 | 29951 |
|  Sovereign Issues | 0 | 53905 | 0 | 53905 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Consumer Discretionary | 1004 | 0 | 0 | 1004 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 925 | 0 | 925 |
|  Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts |
| &nbsp;&nbsp; Real Estate | 206368 | 0 | 0 | 206368 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 395 | 0 | 395 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207372 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744512 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951884 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $2022 | $0 | $0 | $2022 |
|  Total Investments | $209394 | $744512 | $0 | $953906 |
|  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 | 242 | 695 | 0 | 937 |
|  Over the counter | 0 | 1237 | 0 | 1237 |
|  | $242 | $1932 | $0 | $2174 |
|  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 | (280) | (739) | 0 | (1019) |
|  Over the counter | 0 | (4500) | 0 | (4500) |
|  | $(280) | $(5239) | $0 | $(5519) |
|  Total Financial Derivative Instruments | $(38) | $(3307) | $0 | $(3345) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209356 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741205 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950561 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **63** |

---

------

Consolidated Schedule of Investments PIMCO CommoditiesPLUS<sup>®</sup><sup></sup>Strategy Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 113.4% | INVESTMENTS IN SECURITIES 113.4% | INVESTMENTS IN SECURITIES 113.4% |
| CORPORATE BONDS & NOTES 11.5% | CORPORATE BONDS & NOTES 11.5% | CORPORATE BONDS & NOTES 11.5% |
| BANKING & FINANCE 8.8% | BANKING & FINANCE 8.8% | BANKING & FINANCE 8.8% |
|  American Express Co. | American Express Co. | American Express Co. |
|  5.645% due 04/23/2027 •  | 24900 | 25187 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  4.950% due 01/07/2027 | 500 | 502 |
|  5.106% due 07/16/2026 •  | 8000 | 8005 |
|  5.620% due 05/08/2026 | 12900 | 13038 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 201 | 188 |
|  Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA |
|  7.708% due 01/18/2028 ~ | 500 | 590 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  4.979% due 01/24/2029 ~ | 13900 | 14043 |
|  5.202% due 04/25/2029 •  | 200 | 203 |
|  5.683% due 04/02/2026 •  | 19800 | 19803 |
|  5.933% due 09/15/2027 •  | 5400 | 5507 |
|  Bank of Montreal | Bank of Montreal | Bank of Montreal |
|  5.238% due 09/10/2027 •  | 4000 | 4014 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  5.400% due 06/04/2027 | 15700 | 16021 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  4.837% due 09/10/2028 •  | 2600 | 2603 |
|  5.304% due 08/09/2026 •  | 9300 | 9318 |
|  5.674% due 03/12/2028 •  | 400 | 407 |
|  Citibank NA | Citibank NA | Citibank NA |
|  4.929% due 08/06/2026 | 11700 | 11780 |
|  5.438% due 04/30/2026 | 12600 | 12737 |
|  5.488% due 12/04/2026 | 6100 | 6204 |
|  Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding |
|  4.900% due 01/07/2028 | 1000 | 1010 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  6.119% due 07/14/2026 •  | 2600 | 2609 |
|  Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding |
|  4.600% due 04/01/2027 (b) | 15800 | 15826 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  5.125% due 11/05/2026 | 2000 | 1988 |
|  5.800% due 03/05/2027 | 2800 | 2813 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  5.714% due 04/11/2025 ~ | 7500 | 7502 |
|  Goldman Sachs Bank USA | Goldman Sachs Bank USA | Goldman Sachs Bank USA |
|  5.283% due 03/18/2027 •  | 24000 | 24157 |
|  5.414% due 05/21/2027 •  | 1400 | 1413 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  5.049% due 07/23/2030 •  | 400 | 403 |
|  HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund |
|  5.450% due 01/14/2028 | 11900 | 11907 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  4.900% due 01/13/2027 | 1400 | 1406 |
|  5.324% due 01/14/2028 •  | 1300 | 1311 |
|  5.600% due 04/10/2026 | 850 | 858 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  4.979% due 07/22/2028 •  | 800 | 807 |
|  5.681% due 04/26/2026 •  | 17800 | 17819 |
|  6.070% due 10/22/2027 •  | 1100 | 1126 |
|  JPMorgan Chase Bank NA | JPMorgan Chase Bank NA | JPMorgan Chase Bank NA |
|  5.110% due 12/08/2026 | 9400 | 9525 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  2.188% due 04/28/2026 •  | 14000 | 13972 |
|  2.475% due 01/21/2028 •  | 148 | 143 |
|  3.106% due 03/19/2027 •  | 4000 | 4337 |
|  5.123% due 02/01/2029 •  | 100 | 101 |
|  5.652% due 04/13/2028 •  | 800 | 817 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
|  4.447% due 10/15/2027 •  | 2650 | 2647 |
|  4.952% due 01/14/2028 •  | 2100 | 2114 |
|  4.968% due 07/14/2028 •  | 300 | 303 |
|  5.504% due 05/26/2028 •  | 6500 | 6621 |
|  5.882% due 10/30/2026 | 3700 | 3783 |
|  NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC |
|  4.789% due 03/21/2028 | 1100 | 1106 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  1.851% due 07/16/2025 | 1700 | 1687 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.099% due 07/03/2025 | $| 600 | 600 |
|  Nykredit Realkredit AS | Nykredit Realkredit AS | Nykredit Realkredit AS | Nykredit Realkredit AS |
|  1.000% due 04/01/2025 | DKK | 73300 | 10624 |
|  Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding |
|  4.858% due 07/22/2026 ~ | $| 11900 | 11918 |
|  Realkredit Danmark AS | Realkredit Danmark AS | Realkredit Danmark AS | Realkredit Danmark AS |
|  1.000% due 04/01/2025 | DKK | 131600 | 19073 |
|  RGA Global Funding | RGA Global Funding | RGA Global Funding | RGA Global Funding |
|  5.250% due 01/09/2030 | $| 2100 | 2139 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.965% due 01/24/2029 ~ |  | 6600 | 6651 |
|  5.069% due 07/23/2027 •  |  | 16000 | 16100 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
|  4.450% due 09/10/2027 |  | 2000 | 1999 |
|  Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
|  4.861% due 01/31/2028 |  | 10800 | 10922 |
|  UBS Group AG | UBS Group AG | UBS Group AG | UBS Group AG |
|  1.305% due 02/02/2027 •  |  | 850 | 827 |
|  5.938% due 05/12/2026 ~ |  | 6061 | 6069 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  4.750% due 04/01/2028 (b) |  | 350 | 351 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  4.900% due 01/24/2028 ~ |  | 3700 | 3721 |
|  5.707% due 04/22/2028 •  |  | 400 | 409 |
|  Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA |
|  5.254% due 12/11/2026 |  | 28200 | 28605 |
|  |  |  | 410269 |
| INDUSTRIALS 1.6% | INDUSTRIALS 1.6% | INDUSTRIALS 1.6% | INDUSTRIALS 1.6% |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  4.750% due 03/21/2028 |  | 1600 | 1604 |
|  Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. |
|  2.196% due 02/04/2026 |  | 400 | 392 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  5.050% due 07/12/2027 |  | 14700 | 14888 |
|  Dell International LLC | Dell International LLC | Dell International LLC | Dell International LLC |
|  4.750% due 04/01/2028 (b) |  | 1400 | 1407 |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
|  5.050% due 03/30/2028 |  | 400 | 402 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  5.450% due 06/24/2026 |  | 2100 | 2118 |
|  International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. |
|  4.650% due 02/10/2028 |  | 23400 | 23554 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  4.600% due 03/01/2028 |  | 3900 | 3916 |
|  Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
|  5.000% due 08/01/2027 |  | 13400 | 13455 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  4.800% due 08/03/2028 |  | 2100 | 2118 |
|  Rio Tinto Finance USA PLC | Rio Tinto Finance USA PLC | Rio Tinto Finance USA PLC | Rio Tinto Finance USA PLC |
|  4.500% due 03/14/2028 |  | 1400 | 1409 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  5.288% due 09/12/2025 •  |  | 5500 | 5509 |
|  5.800% due 09/12/2025 |  | 5100 | 5122 |
|  |  |  | 75894 |
| UTILITIES 1.1% | UTILITIES 1.1% | UTILITIES 1.1% | UTILITIES 1.1% |
|  DTE Energy Co. | DTE Energy Co. | DTE Energy Co. | DTE Energy Co. |
|  4.950% due 07/01/2027 |  | 500 | 504 |
|  Georgia Power Co. | Georgia Power Co. | Georgia Power Co. | Georgia Power Co. |
|  5.109% due 05/08/2025 ~ |  | 3400 | 3402 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  4.850% due 02/04/2028 |  | 11600 | 11739 |
|  NYSEG Storm Funding LLC | NYSEG Storm Funding LLC | NYSEG Storm Funding LLC | NYSEG Storm Funding LLC |
|  4.713% due 05/01/2029 |  | 13400 | 13441 |
|  Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC |
|  4.500% due 03/20/2027 |  | 900 | 904 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  5.282% due 09/04/2025 •  |  | 15700 | 15702 |
|  Pinnacle West Capital Corp. | Pinnacle West Capital Corp. | Pinnacle West Capital Corp. | Pinnacle West Capital Corp. |
|  5.178% due 06/10/2026 ~ |  | 400 | 402 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  3.650% due 03/01/2028 | 500 | 484 |
|  4.400% due 09/06/2026 | 200 | 199 |
|  4.700% due 06/01/2027 | 1400 | 1399 |
|  4.875% due 02/01/2027 | 500 | 502 |
|  5.350% due 03/01/2026 | 1120 | 1125 |
|  5.650% due 10/01/2028 | 200 | 205 |
|  5.850% due 11/01/2027 | 1327 | 1360 |
|  5.950% due 11/01/2032 | 400 | 411 |
|  Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. |
|  2.600% due 06/15/2026 | 700 | 685 |
|  Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
|  2.355% due 03/15/2032 | 379 | 321 |
|  |  | 52785 |
|  Total Corporate Bonds & Notes (Cost $534,831) | Total Corporate Bonds & Notes (Cost $534,831) | 538948 |
| U.S. GOVERNMENT AGENCIES 11.0% | U.S. GOVERNMENT AGENCIES 11.0% | U.S. GOVERNMENT AGENCIES 11.0% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  1.630% due 05/01/2027 | 21800 | 20652 |
|  4.884% due 10/25/2036 •  | 9 | 9 |
|  4.904% due 08/25/2037 •  | 287 | 286 |
|  5.129% due 01/25/2051 •  | 2420 | 2423 |
|  5.229% due 12/25/2050 •  | 2131 | 2126 |
|  5.240% due 09/25/2054 •  | 7733 | 7737 |
|  5.290% due 11/25/2053 - 03/25/2055 •  | 8399 | 8426 |
|  5.390% due 01/25/2055 •  | 3705 | 3713 |
|  5.540% due 02/25/2055 •  | 1461 | 1471 |
|  7.166% due 05/01/2038 •  | 1320 | 1371 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  3.000% due 10/01/2026 - 11/01/2032 | 8935 | 8662 |
|  4.843% due 07/15/2036 •  | 116 | 115 |
|  4.903% due 08/25/2027 •  | 5300 | 5301 |
|  4.913% due 05/15/2032 - 09/15/2042 •  | 694 | 690 |
|  5.063% due 12/15/2037 •  | 90 | 91 |
|  5.083% due 10/15/2037 •  | 262 | 261 |
|  5.229% due 04/15/2049 - 12/15/2050 •  | 4844 | 4852 |
|  5.240% due 11/25/2054 •  | 2519 | 2522 |
|  5.280% due 11/25/2054 •  | 41662 | 41717 |
|  5.290% due 10/25/2054 - 03/25/2055 •  | 20631 | 20607 |
|  5.329% due 08/15/2048 •  | 2285 | 2305 |
|  5.440% due 11/25/2054 •  | 17390 | 17339 |
|  5.490% due 01/25/2055 •  | 2144 | 2155 |
|  5.540% due 02/25/2055 •  | 4064 | 4092 |
|  5.590% due 05/25/2054 •  | 3992 | 4027 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  0.000% due 10/16/2053 ~(a) | 582 | 0 |
|  4.737% due 10/20/2043 •  | 1710 | 1653 |
|  4.994% due 05/20/2074 •  | 1158 | 1153 |
|  5.173% due 10/20/2063 •  | 115 | 115 |
|  5.323% due 09/20/2069 •  | 1506 | 1511 |
|  5.336% due 12/20/2069 •  | 5021 | 5044 |
|  5.461% due 08/20/2068 •  | 2313 | 2309 |
|  U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
|  4.840% due 05/01/2025 | 3 | 3 |
|  5.160% due 02/01/2028 | 8 | 8 |
|  5.310% due 05/01/2027 | 13 | 13 |
|  5.510% due 11/01/2027 | 7 | 7 |
|  5.820% due 06/01/2026 | 6 | 6 |
|  5.870% due 07/01/2028 | 5 | 5 |
|  6.020% due 08/01/2028 | 3 | 3 |
|  6.770% due 11/01/2028 | 13 | 14 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  3.000% due 12/01/2026 | 125 | 124 |
|  3.500% due 02/01/2045 - 03/01/2048 | 1128 | 1031 |
|  5.500% due 08/01/2054 - 01/01/2055 | 113532 | 113440 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.000% due 05/01/2055 | 242700 | 225814 |
|  Total U.S. Government Agencies (Cost $513,408) | Total U.S. Government Agencies (Cost $513,408) | 515203 |

---

64 PIMCO REAL RETURN STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| U.S. TREASURY OBLIGATIONS 3.2% | U.S. TREASURY OBLIGATIONS 3.2% | U.S. TREASURY OBLIGATIONS 3.2% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  3.000% due 05/15/2045 (i) | 2010 | 1577 |
|  U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) |
|  0.125% due 07/15/2026 | 5462 | 5437 |
|  0.250% due 07/15/2029 (i) | 1240 | 1189 |
|  0.375% due 07/15/2025 (i) | 27857 | 27906 |
|  0.375% due 01/15/2027 | 197 | 195 |
|  0.500% due 01/15/2028 | 7848 | 7710 |
|  0.750% due 02/15/2042 | 2416 | 1943 |
|  0.875% due 02/15/2047 | 2189 | 1659 |
|  1.000% due 02/15/2049 | 1056 | 805 |
|  1.375% due 02/15/2044 (i) | 4170 | 3634 |
|  1.375% due 02/15/2044 | 10271 | 8950 |
|  2.125% due 01/15/2035 (i) | 16304 | 16740 |
|  2.125% due 02/15/2040 | 1530 | 1547 |
|  2.125% due 02/15/2041 | 136 | 138 |
|  2.500% due 01/15/2029 (i) | 38980 | 40746 |
|  3.375% due 04/15/2032 | 1301 | 1455 |
|  3.875% due 04/15/2029 | 2722 | 2992 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  1.625% due 05/15/2026 | 25577 | 24910 |
|  Total U.S. Treasury Obligations (Cost $154,327) | Total U.S. Treasury Obligations (Cost $154,327) | 149533 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 2.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 2.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 2.2% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  9.250% due 07/25/2035 •  | 1 | 1 |
|  Ashford Hospitality Trust | Ashford Hospitality Trust | Ashford Hospitality Trust |
|  5.392% due 04/15/2035 ~ | 174 | 173 |
|  Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust |
|  5.547% due 12/15/2036 ~ | 1785 | 1755 |
|  Avon Finance PLC | Avon Finance PLC | Avon Finance PLC |
|  5.357% due 12/28/2049 •  | 12586 | 16293 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.806% due 05/20/2036 •  | 170 | 150 |
|  Barclays Commercial Mortgage Securities Trust | Barclays Commercial Mortgage Securities Trust | Barclays Commercial Mortgage Securities Trust |
|  5.617% due 07/15/2037 •  | 4300 | 4254 |
|  Bayview Opportunity Master Fund Trust | Bayview Opportunity Master Fund Trust | Bayview Opportunity Master Fund Trust |
|  5.140% due 11/25/2054 •  | 466 | 464 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  7.105% due 01/25/2035 •  | 51 | 52 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  5.023% due 07/25/2035 •  | 415 | 283 |
|  Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust |
|  5.116% due 01/26/2036 ~ | 33 | 24 |
|  Beast Mortgage Trust | Beast Mortgage Trust | Beast Mortgage Trust |
|  5.484% due 03/15/2036 •  | 600 | 544 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  5.590% due 05/25/2055 ~ | 1256 | 1260 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  5.986% due 02/25/2037 ~ | 53 | 52 |
|  6.694% due 02/25/2037 ~ | 32 | 32 |
|  ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust |
|  6.300% due 06/25/2036 •  | 38 | 34 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.715% due 01/25/2035 ~ | 1 | 1 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  5.690% due 07/25/2054 ~ | 160 | 160 |
|  6.310% due 11/25/2035 ~ | 18 | 19 |
|  Colony Mortgage Capital Ltd. | Colony Mortgage Capital Ltd. | Colony Mortgage Capital Ltd. |
|  5.808% due 11/15/2038 ~ | 5858 | 5791 |
|  Commercial Mortgage Trust | Commercial Mortgage Trust | Commercial Mortgage Trust |
|  3.545% due 02/10/2036 | 1000 | 981 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  6.000% due 03/25/2037 | 5280 | 1869 |
|  6.500% due 09/25/2037 | 1325 | 490 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  4.950% due 08/20/2035 ~ | 660 | 621 |
|  4.997% due 11/20/2034 ~ | 116 | 111 |
|  Eurosail PLC | Eurosail PLC | Eurosail PLC |
|  5.529% due 06/13/2045 •  | 315 | 404 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.529% due 06/13/2045 ~ |  | 107 | $— | 138 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  5.143% due 04/25/2035 •  | $— | 103 |  | 101 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  5.076% due 11/25/2035 •  |  | 30 |  | 29 |
|  5.328% due 09/25/2035 ~ |  | 4 |  | 4 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.691% due 03/19/2037 •  |  | 464 |  | 428 |
|  4.841% due 12/19/2036 •  |  | 6207 |  | 4883 |
|  5.051% due 11/19/2035 ~ |  | 187 |  | 123 |
|  5.114% due 06/20/2035 ~ |  | 243 |  | 231 |
|  IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust |
|  3.290% due 11/25/2035 ~ |  | 102 |  | 77 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.855% due 07/25/2036 •  |  | 575 |  | 550 |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  6.810% due 08/25/2036 þ |  | 727 |  | 708 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  4.248% due 07/05/2033 |  | 3750 |  | 3529 |
|  5.511% due 07/05/2033 •  |  | 1021 |  | 1003 |
|  Kinbane DAC | Kinbane DAC | Kinbane DAC | Kinbane DAC | Kinbane DAC |
|  3.473% due 01/24/2063 •  |  | 1888 |  | 2043 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  6.370% due 11/21/2034 •  | $— | 58 |  | 55 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates |
|  5.174% due 09/15/2030 •  |  | 8 |  | 8 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust |
|  4.914% due 06/15/2030 ~ |  | 2 |  | 2 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  5.050% due 06/25/2035 •  |  | 79 |  | 76 |
|  5.574% due 12/25/2034 •  |  | 25 |  | 24 |
|  Merrion Square Residential | Merrion Square Residential | Merrion Square Residential | Merrion Square Residential | Merrion Square Residential |
|  3.473% due 03/24/2081 •  |  | 2640 |  | 2833 |
|  MFA Trust | MFA Trust | MFA Trust | MFA Trust | MFA Trust |
|  4.112% due 12/25/2066 ~ | $— | 3085 |  | 3017 |
|  MRCD Mortgage Trust | MRCD Mortgage Trust | MRCD Mortgage Trust | MRCD Mortgage Trust | MRCD Mortgage Trust |
|  2.718% due 12/15/2036 |  | 7500 |  | 6681 |
|  New Orleans Hotel Trust | New Orleans Hotel Trust | New Orleans Hotel Trust | New Orleans Hotel Trust | New Orleans Hotel Trust |
|  5.356% due 04/15/2032 •  |  | 1674 |  | 1655 |
|  NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust |
|  5.529% due 11/15/2038 •  |  | 1000 |  | 993 |
|  One Market Plaza Trust | One Market Plaza Trust | One Market Plaza Trust | One Market Plaza Trust | One Market Plaza Trust |
|  3.614% due 02/10/2032 |  | 730 |  | 686 |
|  One New York Plaza Trust | One New York Plaza Trust | One New York Plaza Trust | One New York Plaza Trust | One New York Plaza Trust |
|  5.384% due 01/15/2036 •  |  | 14400 |  | 13812 |
|  Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates |
|  5.195% due 12/25/2035 ~ |  | 2645 |  | 2607 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  5.158% due 10/25/2044 þ |  | 905 |  | 901 |
|  5.582% due 12/25/2044 þ |  | 1065 |  | 1069 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  4.795% due 06/25/2046 ~ |  | 99 |  | 22 |
|  6.000% due 09/25/2036 |  | 410 |  | 328 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  6.500% due 09/25/2036 |  | 7242 |  | 2230 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  5.387% due 11/25/2034 ~ |  | 366 |  | 339 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.855% due 05/25/2036 •  |  | 47 |  | 33 |
|  5.111% due 05/19/2035 •  |  | 21 |  | 20 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  6.039% due 03/25/2037 ~ |  | 1150 |  | 818 |
|  Towd Point Mortgage Funding | Towd Point Mortgage Funding | Towd Point Mortgage Funding | Towd Point Mortgage Funding | Towd Point Mortgage Funding |
|  5.483% due 07/20/2053 •  |  | 3134 |  | 4059 |
|  Trinity Square PLC | Trinity Square PLC | Trinity Square PLC | Trinity Square PLC | Trinity Square PLC |
|  5.470% due 07/15/2059 ~ |  | 1277 |  | 1653 |
|  VASA Trust | VASA Trust | VASA Trust | VASA Trust | VASA Trust |
|  5.334% due 07/15/2039 ~ | $— | 4310 |  | 4189 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  4.474% due 04/25/2067 þ |  | 4983 |  | 4961 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  5.175% due 11/25/2034 ~ | 103 | 99 |
|  5.175% due 01/25/2045 ~ | 139 | 138 |
|  5.235% due 01/25/2045 ~ | 134 | 132 |
|  5.337% due 01/25/2035 ~ | 22 | 20 |
|  5.664% due 06/25/2034 ~ | 17 | 16 |
|  6.950% due 10/25/2034 ~ | 14 | 14 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.154% due 04/25/2036 •  | 101 | 100 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $111,058) | Total Non-Agency Mortgage-Backed Securities (Cost $111,058) | 103255 |
| ASSET-BACKED SECURITIES 17.0% | ASSET-BACKED SECURITIES 17.0% | ASSET-BACKED SECURITIES 17.0% |
| AUTOMOBILE ABS OTHER 0.5% | AUTOMOBILE ABS OTHER 0.5% | AUTOMOBILE ABS OTHER 0.5% |
|  Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust |
|  4.749% due 02/15/2027 ~ | 15180 | 15177 |
|  GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |
|  4.500% due 11/15/2030 | 1000 | 998 |
|  Nissan Auto Lease Trust | Nissan Auto Lease Trust | Nissan Auto Lease Trust |
|  4.759% due 06/15/2027 •  | 1375 | 1375 |
|  Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust |
|  4.699% due 03/15/2027 ~ | 5096 | 5095 |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  4.919% due 09/15/2027 ~ | 3064 | 3066 |
|  |  | 25711 |
| AUTOMOBILE SEQUENTIAL 7.7% | AUTOMOBILE SEQUENTIAL 7.7% | AUTOMOBILE SEQUENTIAL 7.7% |
|  Ally Auto Receivables Trust | Ally Auto Receivables Trust | Ally Auto Receivables Trust |
|  5.320% due 01/15/2027 | 541 | 541 |
|  American Credit Acceptance Receivables Trust | American Credit Acceptance Receivables Trust | American Credit Acceptance Receivables Trust |
|  4.810% due 03/13/2028 | 664 | 665 |
|  AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust |
|  6.190% due 04/19/2027 | 3775 | 3786 |
|  Arivo Acceptance Auto Loan Receivables Trust | Arivo Acceptance Auto Loan Receivables Trust | Arivo Acceptance Auto Loan Receivables Trust |
|  3.930% due 05/15/2028 | 1267 | 1263 |
|  Bank of America Auto Trust | Bank of America Auto Trust | Bank of America Auto Trust |
|  5.530% due 02/15/2028 | 4797 | 4832 |
|  Bayview Opportunity Master Fund Trust | Bayview Opportunity Master Fund Trust | Bayview Opportunity Master Fund Trust |
|  5.660% due 03/15/2028 | 500 | 504 |
|  BMW Canada Auto Trust | BMW Canada Auto Trust | BMW Canada Auto Trust |
|  4.844% due 07/20/2027 | 500 | 352 |
|  5.025% due 04/20/2026 | 68 | 48 |
|  Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust |
|  4.720% due 09/15/2028 | 1000 | 1002 |
|  4.840% due 09/15/2027 | 871 | 872 |
|  5.340% due 04/17/2028 | 500 | 502 |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  4.750% due 10/15/2027 | 1058 | 1061 |
|  4.840% due 01/15/2030 | 20200 | 20427 |
|  4.890% due 07/16/2029 | 500 | 505 |
|  5.340% due 08/16/2027 | 732 | 735 |
|  5.720% due 11/16/2026 | 296 | 296 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  4.530% due 01/10/2029 | 1500 | 1500 |
|  4.610% due 11/10/2027 | 737 | 737 |
|  4.640% due 01/10/2030 | 1950 | 1956 |
|  4.840% due 12/10/2027 | 1204 | 1205 |
|  5.330% due 07/10/2029 | 1000 | 1009 |
|  5.500% due 08/10/2027 | 203 | 203 |
|  5.630% due 11/10/2027 | 525 | 527 |
|  5.760% due 04/12/2027 | 159 | 159 |
|  5.900% due 08/10/2027 | 277 | 278 |
|  6.360% due 04/12/2027 | 82 | 82 |
|  6.410% due 09/10/2027 | 20 | 20 |
|  Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust |
|  4.940% due 07/25/2029 | 10000 | 10090 |
|  5.250% due 09/27/2027 | 1106 | 1109 |
|  5.480% due 04/26/2027 | 732 | 733 |
|  Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
|  5.540% due 11/16/2026 | 415 | 416 |
|  5.840% due 01/18/2028 | 6689 | 6742 |
|  6.090% due 10/15/2026 | 156 | 156 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **65** |

---

------

Consolidated Schedule of Investments PIMCO CommoditiesPLUS<sup>®</sup><sup></sup>Strategy Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust |
|  4.910% due 06/15/2028 | 694 | 695 |
|  5.780% due 01/18/2028 | 7604 | 7624 |
|  5.880% due 02/15/2028 | 278 | 280 |
|  Drive Auto Receivables Trust | Drive Auto Receivables Trust | Drive Auto Receivables Trust |
|  4.500% due 09/15/2028 | 1000 | 1000 |
|  4.940% due 12/15/2027 | 1643 | 1645 |
|  5.830% due 12/15/2026 | 23 | 23 |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
|  4.650% due 10/20/2027 | 1000 | 1002 |
|  4.820% due 02/20/2029 | 1000 | 1009 |
|  FCCU Auto Receivables Trust | FCCU Auto Receivables Trust | FCCU Auto Receivables Trust |
|  5.760% due 11/15/2027 | 312 | 313 |
|  Fifth Third Auto Trust | Fifth Third Auto Trust | Fifth Third Auto Trust |
|  5.800% due 11/16/2026 | 46 | 46 |
|  FIRST HELP FINANCIAL LLC | FIRST HELP FINANCIAL LLC | FIRST HELP FINANCIAL LLC |
|  4.430% due 01/18/2028 | 80 | 80 |
|  4.920% due 02/15/2031 | 1000 | 1000 |
|  5.890% due 06/15/2030 | 426 | 431 |
|  Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust |
|  4.880% due 11/15/2028 | 805 | 807 |
|  5.640% due 03/15/2028 | 950 | 953 |
|  Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust |
|  4.720% due 06/15/2028 | 13300 | 13373 |
|  5.180% due 02/15/2027 | 5191 | 5204 |
|  Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust |
|  4.650% due 02/15/2028 | 854 | 856 |
|  GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |
|  4.750% due 07/17/2028 | 1000 | 1001 |
|  4.760% due 10/15/2027 | 975 | 976 |
|  5.020% due 04/17/2028 | 1000 | 1004 |
|  5.570% due 02/16/2027 | 79 | 79 |
|  GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |
|  4.430% due 12/17/2029 | 964 | 964 |
|  5.590% due 10/15/2029 | 439 | 444 |
|  5.960% due 10/16/2028 | 5860 | 5940 |
|  6.270% due 08/16/2027 | 2646 | 2654 |
|  GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust |
|  4.660% due 02/21/2028 | 18000 | 18094 |
|  GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
|  4.400% due 08/16/2029 | 1100 | 1102 |
|  4.470% due 02/16/2028 | 1794 | 1793 |
|  5.350% due 06/16/2027 | 388 | 389 |
|  Harley Davidson Motorcycle Trust | Harley Davidson Motorcycle Trust | Harley Davidson Motorcycle Trust |
|  5.650% due 02/16/2027 | 258 | 259 |
|  Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC |
|  1.990% due 06/25/2026 | 1346 | 1340 |
|  5.490% due 06/25/2027 | 8290 | 8346 |
|  Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust |
|  4.890% due 02/22/2027 | 3782 | 3788 |
|  Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust |
|  4.830% due 01/18/2028 | 12100 | 12186 |
|  5.150% due 06/15/2026 | 2602 | 2606 |
|  Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust |
|  4.410% due 05/15/2029 | 1800 | 1804 |
|  4.990% due 02/15/2029 | 1700 | 1716 |
|  5.290% due 04/15/2027 | 926 | 928 |
|  LAD Auto Receivables Trust | LAD Auto Receivables Trust | LAD Auto Receivables Trust |
|  4.690% due 07/16/2029 | 15200 | 15236 |
|  Lendbuzz Securitization Trust | Lendbuzz Securitization Trust | Lendbuzz Securitization Trust |
|  5.100% due 10/15/2030 | 1000 | 1002 |
|  M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust |
|  4.730% due 06/17/2030 | 19300 | 19452 |
|  Nissan Auto Lease Trust | Nissan Auto Lease Trust | Nissan Auto Lease Trust |
|  4.750% due 03/15/2028 | 19100 | 19265 |
|  4.920% due 11/15/2027 | 22700 | 22903 |
|  5.050% due 06/15/2027 | 4616 | 4635 |
|  Prestige Auto Receivables Trust | Prestige Auto Receivables Trust | Prestige Auto Receivables Trust |
|  4.720% due 02/15/2028 | 7385 | 7382 |
|  5.690% due 05/17/2027 | 368 | 369 |
|  Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust |
|  7.090% due 06/25/2032 | 345 | 348 |
|  7.130% due 01/26/2032 | 281 | 283 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  4.620% due 11/15/2028 | 1000 | 1002 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.670% due 08/15/2029 | 10500 | 10530 |
|  4.850% due 01/16/2029 | 2300 | 2306 |
|  5.410% due 07/15/2027 | 565 | 566 |
|  5.630% due 01/16/2029 | 800 | 808 |
|  5.910% due 06/15/2027 | 276 | 277 |
|  6.310% due 07/15/2027 | 150 | 150 |
|  SBNA Auto Lease Trust | SBNA Auto Lease Trust | SBNA Auto Lease Trust |
|  5.670% due 11/20/2026 | 287 | 288 |
|  5.700% due 03/15/2027 | 49 | 49 |
|  SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust |
|  5.110% due 06/15/2029 | 500 | 505 |
|  5.450% due 12/15/2027 | 588 | 590 |
|  SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust |
|  4.750% due 07/22/2030 | 19050 | 19204 |
|  5.710% due 10/20/2027 | 408 | 409 |
|  Tesla Electric Vehicle Trust | Tesla Electric Vehicle Trust | Tesla Electric Vehicle Trust |
|  5.540% due 12/21/2026 | 3442 | 3450 |
|  Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust |
|  4.550% due 08/16/2027 | 999 | 1000 |
|  4.630% due 09/15/2027 | 1104 | 1104 |
|  5.410% due 03/15/2027 | 7434 | 7452 |
|  Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust |
|  6.360% due 12/15/2027 | 207 | 209 |
|  6.610% due 10/15/2027 | 153 | 154 |
|  United Auto Credit Securitization Trust | United Auto Credit Securitization Trust | United Auto Credit Securitization Trust |
|  6.170% due 08/10/2026 | 77 | 77 |
|  Veros Auto Receivables Trust | Veros Auto Receivables Trust | Veros Auto Receivables Trust |
|  6.280% due 11/15/2027 | 230 | 232 |
|  Volkswagen Auto Lease Trust | Volkswagen Auto Lease Trust | Volkswagen Auto Lease Trust |
|  5.400% due 12/21/2026 | 2006 | 2013 |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  4.820% due 09/15/2027 | 2203 | 2205 |
|  5.440% due 05/17/2027 | 500 | 502 |
|  6.230% due 01/15/2027 | 6346 | 6368 |
|  World Omni Auto Receivables Trust | World Omni Auto Receivables Trust | World Omni Auto Receivables Trust |
|  4.730% due 03/15/2030 | 16400 | 16587 |
|  5.610% due 02/15/2028 | 2677 | 2691 |
|  World Omni Automobile Lease Securitization Trust | World Omni Automobile Lease Securitization Trust | World Omni Automobile Lease Securitization Trust |
|  4.420% due 04/17/2028 | 20800 | 20804 |
|  World Omni Select Auto Trust | World Omni Select Auto Trust | World Omni Select Auto Trust |
|  4.980% due 02/15/2030 | 500 | 504 |
|  |  | 360978 |
| CMBS OTHER 0.6% | CMBS OTHER 0.6% | CMBS OTHER 0.6% |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.799% due 01/15/2037 •  | 258 | 258 |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  6.561% due 06/17/2039 ~ | 3418 | 3425 |
|  BDS Ltd. | BDS Ltd. | BDS Ltd. |
|  6.117% due 03/19/2039 •  | 1707 | 1708 |
|  6.453% due 08/19/2038 ~ | 1181 | 1182 |
|  BSPRT Issuer Ltd. | BSPRT Issuer Ltd. | BSPRT Issuer Ltd. |
|  6.615% due 07/15/2039 •  | 918 | 921 |
|  Fortress Credit Investments Ltd. | Fortress Credit Investments Ltd. | Fortress Credit Investments Ltd. |
|  6.192% due 02/23/2039 •  | 697 | 683 |
|  FS Rialto Issuer LLC | FS Rialto Issuer LLC | FS Rialto Issuer LLC |
|  6.245% due 01/19/2039 ~ | 2549 | 2552 |
|  GPMT Ltd. | GPMT Ltd. | GPMT Ltd. |
|  5.931% due 07/16/2035 ~ | 834 | 829 |
|  HGI CRE CLO Ltd. | HGI CRE CLO Ltd. | HGI CRE CLO Ltd. |
|  6.049% due 04/20/2037 ~ | 2265 | 2249 |
|  KREF Ltd. | KREF Ltd. | KREF Ltd. |
|  5.767% due 02/17/2039 •  | 892 | 890 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.734% due 07/15/2036 •  | 302 | 302 |
|  5.734% due 11/15/2038 ~ | 460 | 461 |
|  M360 Ltd. | M360 Ltd. | M360 Ltd. |
|  5.934% due 11/22/2038 ~ | 214 | 211 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  6.467% due 06/19/2037 ~ | 2472 | 2471 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.667% due 02/19/2037 •  | 834 | 834 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  PFP Ltd. | PFP Ltd. | PFP Ltd. |
|  6.595% due 08/19/2035 •  | 1789 | 1792 |
|  Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC |
|  5.635% due 11/25/2036 •  | 378 | 378 |
|  6.787% due 06/25/2037 •  | 466 | 468 |
|  6.872% due 10/25/2039 •  | 2087 | 2101 |
|  TPG Real Estate Finance Issuer Ltd. | TPG Real Estate Finance Issuer Ltd. | TPG Real Estate Finance Issuer Ltd. |
|  5.969% due 02/15/2039 •  | 3089 | 3080 |
|  |  | 26795 |
| CREDIT CARD BULLET 0.8% | CREDIT CARD BULLET 0.8% | CREDIT CARD BULLET 0.8% |
|  American Express Credit Account Master Trust | American Express Credit Account Master Trust | American Express Credit Account Master Trust |
|  4.650% due 07/15/2029 | 10550 | 10646 |
|  Bank of America Credit Card Trust | Bank of America Credit Card Trust | Bank of America Credit Card Trust |
|  4.790% due 05/15/2028 | 5419 | 5445 |
|  Synchrony Card Funding LLC | Synchrony Card Funding LLC | Synchrony Card Funding LLC |
|  4.930% due 07/15/2030 | 22900 | 23210 |
|  |  | 39301 |
| CREDIT CARD OTHER 0.5% | CREDIT CARD OTHER 0.5% | CREDIT CARD OTHER 0.5% |
|  Golden Credit Card Trust | Golden Credit Card Trust | Golden Credit Card Trust |
|  1.140% due 08/15/2028 | 4500 | 4307 |
|  1.970% due 01/15/2029 | 7000 | 6706 |
|  Trillium Credit Card Trust | Trillium Credit Card Trust | Trillium Credit Card Trust |
|  5.147% due 08/26/2028 ~ | 12500 | 12525 |
|  |  | 23538 |
| HOME EQUITY OTHER 0.5% | HOME EQUITY OTHER 0.5% | HOME EQUITY OTHER 0.5% |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  5.335% due 12/25/2034 •  | 323 | 290 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  4.895% due 11/25/2036 ~ | 2902 | 2830 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.095% due 02/25/2036 ~ | 4621 | 4572 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.181% due 11/25/2034 •  | 2519 | 2254 |
|  5.215% due 11/25/2034 •  | 150 | 146 |
|  5.290% due 08/25/2034 ~ | 2 | 2 |
|  5.470% due 12/25/2035 •  | 2314 | 2289 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.575% due 01/25/2037 ~ | 1401 | 732 |
|  4.915% due 10/25/2036 ~ | 5144 | 2057 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.835% due 11/25/2036 ~ | 667 | 313 |
|  Indymac Home Equity Loan Asset-Backed Trust | Indymac Home Equity Loan Asset-Backed Trust | Indymac Home Equity Loan Asset-Backed Trust |
|  5.215% due 11/25/2034 ~ | 120 | 118 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  5.470% due 07/25/2035 ~ | 3082 | 3020 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.575% due 01/25/2037 ~ | 1501 | 962 |
|  4.575% due 03/25/2037 ~ | 1191 | 794 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  4.745% due 09/25/2037 ~ | 377 | 361 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  5.385% due 10/25/2037 ~ | 697 | 532 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  5.937% due 04/25/2035 •  | 9 | 10 |
|  |  | 21282 |
| WHOLE LOAN COLLATERAL 0.0% | WHOLE LOAN COLLATERAL 0.0% | WHOLE LOAN COLLATERAL 0.0% |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.435% due 09/25/2046 •  | 202 | 177 |
| OTHER ABS 6.4% | OTHER ABS 6.4% | OTHER ABS 6.4% |
|  37 Capital CLO Ltd. | 37 Capital CLO Ltd. | 37 Capital CLO Ltd. |
|  5.582% due 10/15/2034 ~ | 3500 | 3499 |
|  ACHV ABS Trust | ACHV ABS Trust | ACHV ABS Trust |
|  5.010% due 12/26/2031 | 634 | 635 |
|  5.070% due 10/27/2031 | 295 | 295 |

---

---

| | | |
|:---|:---|:---|
| **66** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.900% due 04/25/2031 | $— | 164 | $— | 165 |
|  Affirm Asset Securitization Trust | Affirm Asset Securitization Trust | Affirm Asset Securitization Trust | Affirm Asset Securitization Trust | Affirm Asset Securitization Trust |
|  5.220% due 12/17/2029 |  | 723 |  | 722 |
|  Albacore Euro CLO Ltd. | Albacore Euro CLO Ltd. | Albacore Euro CLO Ltd. | Albacore Euro CLO Ltd. | Albacore Euro CLO Ltd. |
|  3.775% due 07/15/2035 •  |  | 1000 |  | 1081 |
|  Apidos CLO | Apidos CLO | Apidos CLO | Apidos CLO | Apidos CLO |
|  5.543% due 04/17/2034 •(b) | $— | 3000 |  | 3000 |
|  Arbour CLO DAC | Arbour CLO DAC | Arbour CLO DAC | Arbour CLO DAC | Arbour CLO DAC |
|  3.706% due 11/15/2037 •  |  | 2000 |  | 2166 |
|  Ares CLO Ltd. | Ares CLO Ltd. | Ares CLO Ltd. | Ares CLO Ltd. | Ares CLO Ltd. |
|  5.623% due 04/17/2033 •  | $— | 1600 |  | 1602 |
|  Ares European CLO DAC | Ares European CLO DAC | Ares European CLO DAC | Ares European CLO DAC | Ares European CLO DAC |
|  3.774% due 10/21/2034 •  |  | 1367 |  | 1480 |
|  Ascent Education Funding Trust | Ascent Education Funding Trust | Ascent Education Funding Trust | Ascent Education Funding Trust | Ascent Education Funding Trust |
|  6.140% due 10/25/2050 | $— | 406 |  | 417 |
|  Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. |
|  5.377% due 10/20/2034 •  |  | 3000 |  | 2988 |
|  5.632% due 04/22/2031 •  |  | 405 |  | 405 |
|  5.654% due 01/15/2031 ~ |  | 105 |  | 105 |
|  Atlas Static Senior Loan Fund Ltd. | Atlas Static Senior Loan Fund Ltd. | Atlas Static Senior Loan Fund Ltd. | Atlas Static Senior Loan Fund Ltd. | Atlas Static Senior Loan Fund Ltd. |
|  6.052% due 07/15/2030 ~ |  | 284 |  | 284 |
|  Avoca CLO DAC | Avoca CLO DAC | Avoca CLO DAC | Avoca CLO DAC | Avoca CLO DAC |
|  3.599% due 01/12/2031 •  |  | 1445 |  | 1561 |
|  3.605% due 10/15/2032 •  |  | 7962 |  | 8571 |
|  Avoca Static CLO DAC | Avoca Static CLO DAC | Avoca Static CLO DAC | Avoca Static CLO DAC | Avoca Static CLO DAC |
|  3.811% due 01/15/2035 •  |  | 1000 |  | 1083 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.383% due 10/21/2034 •  | $— | 4000 |  | 3984 |
|  5.500% due 10/23/2034 •  |  | 4000 |  | 3995 |
|  5.533% due 07/19/2034 ~ |  | 2600 |  | 2603 |
|  5.538% due 07/16/2034 •  |  | 4000 |  | 3993 |
|  Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC |
|  3.524% due 04/20/2032 •  |  | 354 |  | 383 |
|  3.768% due 07/17/2034 •  |  | 3900 |  | 4213 |
|  Barings CLO Ltd. | Barings CLO Ltd. | Barings CLO Ltd. | Barings CLO Ltd. | Barings CLO Ltd. |
|  5.514% due 04/15/2031 •  | $— | 1325 |  | 1325 |
|  5.545% due 01/20/2031 •  |  | 421 |  | 422 |
|  Benefit Street Partners CLO Ltd. | Benefit Street Partners CLO Ltd. | Benefit Street Partners CLO Ltd. | Benefit Street Partners CLO Ltd. | Benefit Street Partners CLO Ltd. |
|  5.655% due 01/20/2031 •  |  | 208 |  | 209 |
|  BHG Securitization Trust | BHG Securitization Trust | BHG Securitization Trust | BHG Securitization Trust | BHG Securitization Trust |
|  4.820% due 04/17/2036 |  | 1000 |  | 1005 |
|  5.260% due 04/17/2036 |  | 1000 |  | 1004 |
|  Black Diamond CLO DAC | Black Diamond CLO DAC | Black Diamond CLO DAC | Black Diamond CLO DAC | Black Diamond CLO DAC |
|  3.604% due 01/20/2032 •  |  | 1367 |  | 1479 |
|  Blackrock European CLO DAC | Blackrock European CLO DAC | Blackrock European CLO DAC | Blackrock European CLO DAC | Blackrock European CLO DAC |
|  3.728% due 07/17/2034 •  |  | 11304 |  | 12199 |
|  BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. |
|  5.490% due 10/25/2030 ~ | $— | 645 |  | 645 |
|  5.644% due 07/15/2031 •  |  | 324 |  | 324 |
|  BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC |
|  3.497% due 07/22/2032 •  |  | 6394 |  | 6908 |
|  Cairn CLO DAC | Cairn CLO DAC | Cairn CLO DAC | Cairn CLO DAC | Cairn CLO DAC |
|  3.475% due 10/30/2030 •  |  | 1739 |  | 1882 |
|  Capital Street Master Trust | Capital Street Master Trust | Capital Street Master Trust | Capital Street Master Trust | Capital Street Master Trust |
|  5.699% due 10/16/2028 •  | $— | 1500 |  | 1501 |
|  Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. |
|  5.744% due 01/15/2030 ~ |  | 113 |  | 113 |
|  CBAM Ltd. | CBAM Ltd. | CBAM Ltd. | CBAM Ltd. | CBAM Ltd. |
|  5.675% due 04/20/2032 ~ |  | 717 |  | 717 |
|  Cedar Funding CLO Ltd. | Cedar Funding CLO Ltd. | Cedar Funding CLO Ltd. | Cedar Funding CLO Ltd. | Cedar Funding CLO Ltd. |
|  5.664% due 07/17/2031 ~ |  | 579 |  | 580 |
|  College Avenue Student Loans LLC | College Avenue Student Loans LLC | College Avenue Student Loans LLC | College Avenue Student Loans LLC | College Avenue Student Loans LLC |
|  6.240% due 05/25/2055 •  |  | 1059 |  | 1083 |
|  CRB Securitization Trust | CRB Securitization Trust | CRB Securitization Trust | CRB Securitization Trust | CRB Securitization Trust |
|  6.960% due 10/20/2033 |  | 210 |  | 212 |
|  CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC |
|  3.336% due 08/15/2032 •  |  | 2029 |  | 2193 |
|  DLLAA LLC | DLLAA LLC | DLLAA LLC | DLLAA LLC | DLLAA LLC |
|  4.700% due 10/20/2027 | $— | 6500 |  | 6514 |
|  Dryden Euro CLO DAC | Dryden Euro CLO DAC | Dryden Euro CLO DAC | Dryden Euro CLO DAC | Dryden Euro CLO DAC |
|  1.470% due 10/15/2032 |  | 2802 |  | 2944 |
|  Dryden Senior Loan Fund | Dryden Senior Loan Fund | Dryden Senior Loan Fund | Dryden Senior Loan Fund | Dryden Senior Loan Fund |
|  5.614% due 07/15/2031 ~ | $— | 882 |  | 883 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  5.600% due 01/25/2035 ~ | 8600 | 8596 |
|  Fortress Credit Bsl Ltd. | Fortress Credit Bsl Ltd. | Fortress Credit Bsl Ltd. |
|  5.380% due 07/23/2032 •  | 2672 | 2669 |
|  GoldenTree Loan Management U.S. CLO Ltd. | GoldenTree Loan Management U.S. CLO Ltd. | GoldenTree Loan Management U.S. CLO Ltd. |
|  5.447% due 04/24/2031 •  | 852 | 851 |
|  GreenSky Home Improvement Trust | GreenSky Home Improvement Trust | GreenSky Home Improvement Trust |
|  5.150% due 10/27/2059 | 1000 | 1003 |
|  5.250% due 10/27/2059 | 774 | 777 |
|  5.880% due 06/25/2059 | 258 | 260 |
|  Greywolf CLO Ltd. | Greywolf CLO Ltd. | Greywolf CLO Ltd. |
|  5.722% due 01/27/2031 •  | 185 | 185 |
|  Grosvenor Place CLO DAC | Grosvenor Place CLO DAC | Grosvenor Place CLO DAC |
|  3.845% due 01/15/2039 •  | 2000 | 2164 |
|  Harvest CLO DAC | Harvest CLO DAC | Harvest CLO DAC |
|  3.635% due 01/15/2032 •  | 4901 | 5298 |
|  Hayfin Emerald CLO | Hayfin Emerald CLO | Hayfin Emerald CLO |
|  3.380% due 05/27/2034 •  | 28300 | 30547 |
|  ICG Euro CLO DAC | ICG Euro CLO DAC | ICG Euro CLO DAC |
|  3.835% due 10/15/2034 •  | 8000 | 8645 |
|  ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. |
|  5.443% due 10/20/2034 •  | 4000 | 3991 |
|  Jamestown CLO Ltd. | Jamestown CLO Ltd. | Jamestown CLO Ltd. |
|  5.570% due 07/25/2035 •  | 3500 | 3501 |
|  LCM Ltd. | LCM Ltd. | LCM Ltd. |
|  5.386% due 01/15/2034 •  | 3000 | 2986 |
|  5.535% due 03/20/2030 ~ | 102 | 102 |
|  5.555% due 07/20/2030 •  | 41 | 41 |
|  5.573% due 07/20/2034 •  | 2000 | 1998 |
|  5.595% due 07/20/2031 ~ | 608 | 608 |
|  5.635% due 04/20/2031 •  | 476 | 476 |
|  5.694% due 10/15/2031 •  | 301 | 301 |
|  LendingPoint Pass-Through Trust | LendingPoint Pass-Through Trust | LendingPoint Pass-Through Trust |
|  3.250% due 04/15/2028 | 928 | 909 |
|  4.000% due 05/15/2028 | 2101 | 2055 |
|  M&T Equipment Notes | M&T Equipment Notes | M&T Equipment Notes |
|  4.990% due 08/18/2031 | 1000 | 1003 |
|  Madison Park Funding Ltd. | Madison Park Funding Ltd. | Madison Park Funding Ltd. |
|  5.324% due 10/15/2034 •  | 4350 | 4327 |
|  Man GLG Euro CLO DAC | Man GLG Euro CLO DAC | Man GLG Euro CLO DAC |
|  3.595% due 10/15/2032 •  | 911 | 986 |
|  Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority |
|  5.768% due 04/25/2038 ~ | 166 | 166 |
|  Mountain View CLO Ltd. | Mountain View CLO Ltd. | Mountain View CLO Ltd. |
|  5.762% due 04/15/2034 ~ | 1000 | 1001 |
|  Navient Private Education Loan Trust | Navient Private Education Loan Trust | Navient Private Education Loan Trust |
|  5.884% due 07/16/2040 ~ | 1254 | 1262 |
|  6.034% due 10/15/2031 •  | 489 | 489 |
|  6.134% due 11/15/2030 •  | 664 | 666 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  0.940% due 07/15/2069 | 6140 | 5584 |
|  1.170% due 09/16/2069 | 257 | 238 |
|  6.034% due 11/15/2068 •  | 988 | 997 |
|  Navient Student Loan Trust | Navient Student Loan Trust | Navient Student Loan Trust |
|  5.414% due 12/15/2059 •  | 3837 | 3833 |
|  North Westerly ESG CLO DAC | North Westerly ESG CLO DAC | North Westerly ESG CLO DAC |
|  3.486% due 07/05/2032 •  | 9146 | 9892 |
|  Northwoods Capital Ltd. | Northwoods Capital Ltd. | Northwoods Capital Ltd. |
|  5.489% due 06/15/2031 ~ | 2325 | 2325 |
|  Ocean Trails CLO | Ocean Trails CLO | Ocean Trails CLO |
|  5.602% due 10/15/2034 •  | 3000 | 2997 |
|  OFSI BSL X Ltd. | OFSI BSL X Ltd. | OFSI BSL X Ltd. |
|  5.563% due 04/20/2034 •  | 4000 | 3999 |
|  OneMain Financial Issuance Trust | OneMain Financial Issuance Trust | OneMain Financial Issuance Trust |
|  5.110% due 06/16/2036 ~ | 1200 | 1200 |
|  Oportun Funding Trust | Oportun Funding Trust | Oportun Funding Trust |
|  4.960% due 08/16/2032 | 1000 | 1000 |
|  Oportun Issuance Trust | Oportun Issuance Trust | Oportun Issuance Trust |
|  5.010% due 02/08/2033 | 1000 | 1000 |
|  5.860% due 02/09/2032 | 542 | 543 |
|  OZLME DAC | OZLME DAC | OZLME DAC |
|  3.493% due 07/27/2032 •  | 2250 | 2432 |
|  Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust |
|  4.708% due 02/17/2026 | 1100 | 1100 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.156% due 07/15/2032 | $— | 1000 | $— | 1002 |
|  Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust |
|  5.065% due 03/15/2032 |  | 232 |  | 233 |
|  5.092% due 07/15/2032 |  | 436 |  | 436 |
|  5.183% due 06/15/2032 |  | 361 |  | 362 |
|  5.331% due 01/15/2032 |  | 220 |  | 221 |
|  6.093% due 11/15/2031 |  | 246 |  | 248 |
|  6.117% due 12/15/2031 |  | 243 |  | 246 |
|  6.258% due 10/15/2031 |  | 214 |  | 216 |
|  6.278% due 10/15/2031 |  | 220 |  | 222 |
|  6.660% due 07/15/2031 |  | 189 |  | 191 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  1.000% due 10/15/2034 •(b) |  | 3000 |  | 3226 |
|  3.505% due 10/15/2031 •  |  | 1297 |  | 1403 |
|  3.546% due 05/15/2034 •  |  | 1528 |  | 1653 |
|  PEAC Solutions Receivables LLC | PEAC Solutions Receivables LLC | PEAC Solutions Receivables LLC | PEAC Solutions Receivables LLC | PEAC Solutions Receivables LLC |
|  4.940% due 10/20/2028 | $— | 1000 |  | 1003 |
|  PK ALIFT Loan Funding 4 LP | PK ALIFT Loan Funding 4 LP | PK ALIFT Loan Funding 4 LP | PK ALIFT Loan Funding 4 LP | PK ALIFT Loan Funding 4 LP |
|  5.052% due 10/15/2039 |  | 822 |  | 812 |
|  Post Road Equipment Finance LLC | Post Road Equipment Finance LLC | Post Road Equipment Finance LLC | Post Road Equipment Finance LLC | Post Road Equipment Finance LLC |
|  4.900% due 05/15/2031 |  | 1000 |  | 1003 |
|  Providus CLO DAC | Providus CLO DAC | Providus CLO DAC | Providus CLO DAC | Providus CLO DAC |
|  3.356% due 02/15/2035 •  |  | 5300 |  | 5715 |
|  3.945% due 10/15/2038 •  |  | 1000 |  | 1083 |
|  Rad CLO Ltd. | Rad CLO Ltd. | Rad CLO Ltd. | Rad CLO Ltd. | Rad CLO Ltd. |
|  5.678% due 07/24/2032 •  | $— | 1234 |  | 1235 |
|  Reach ABS Trust | Reach ABS Trust | Reach ABS Trust | Reach ABS Trust | Reach ABS Trust |
|  4.960% due 08/16/2032 |  | 891 |  | 892 |
|  5.880% due 07/15/2031 |  | 285 |  | 286 |
|  Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. |
|  5.582% due 10/15/2034 •  |  | 4000 |  | 4001 |
|  SLM Private Education Loan Trust | SLM Private Education Loan Trust | SLM Private Education Loan Trust | SLM Private Education Loan Trust | SLM Private Education Loan Trust |
|  9.184% due 10/15/2041 •  |  | 1219 |  | 1283 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  5.090% due 10/16/2056 |  | 923 |  | 932 |
|  5.164% due 01/15/2053 ~ |  | 1504 |  | 1478 |
|  5.234% due 02/15/2036 ~ |  | 1568 |  | 1568 |
|  5.234% due 01/15/2053 ~ |  | 11034 |  | 11031 |
|  5.285% due 09/15/2054 •  |  | 182 |  | 181 |
|  Sound Point CLO Ltd. | Sound Point CLO Ltd. | Sound Point CLO Ltd. | Sound Point CLO Ltd. | Sound Point CLO Ltd. |
|  5.705% due 04/18/2031 •  |  | 818 |  | 817 |
|  St Paul's CLO DAC | St Paul's CLO DAC | St Paul's CLO DAC | St Paul's CLO DAC | St Paul's CLO DAC |
|  3.705% due 04/15/2033 •  |  | 7997 |  | 8647 |
|  Symphony CLO Ltd. | Symphony CLO Ltd. | Symphony CLO Ltd. | Symphony CLO Ltd. | Symphony CLO Ltd. |
|  5.473% due 04/18/2033 •  | $— | 4000 |  | 4006 |
|  5.490% due 01/23/2032 •  |  | 824 |  | 824 |
|  TIAA CLO Ltd. | TIAA CLO Ltd. | TIAA CLO Ltd. | TIAA CLO Ltd. | TIAA CLO Ltd. |
|  5.433% due 01/20/2032 ~ |  | 1446 |  | 1446 |
|  Trinitas CLO Ltd. | Trinitas CLO Ltd. | Trinitas CLO Ltd. | Trinitas CLO Ltd. | Trinitas CLO Ltd. |
|  5.359% due 07/20/2035 •  |  | 2900 |  | 2882 |
|  5.640% due 01/25/2034 •  |  | 1000 |  | 1000 |
|  TSTAT Ltd. | TSTAT Ltd. | TSTAT Ltd. | TSTAT Ltd. | TSTAT Ltd. |
|  5.443% due 07/20/2037 •  |  | 454 |  | 455 |
|  Turkeys First National Bank | Turkeys First National Bank | Turkeys First National Bank | Turkeys First National Bank | Turkeys First National Bank |
|  4.039% due 01/20/2037 •  |  | 1000 |  | 1082 |
|  Upstart Pass-Through Trust | Upstart Pass-Through Trust | Upstart Pass-Through Trust | Upstart Pass-Through Trust | Upstart Pass-Through Trust |
|  3.800% due 04/20/2030 | $— | 136 |  | 136 |
|  Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust |
|  4.250% due 06/17/2030 |  | 181 |  | 179 |
|  Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. |
|  5.423% due 07/20/2032 ~ |  | 1785 |  | 1785 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.544% due 06/07/2030 ~ |  | 165 |  | 165 |
|  5.774% due 10/15/2030 ~ |  | 94 |  | 94 |
|  Voya Euro CLO DAC | Voya Euro CLO DAC | Voya Euro CLO DAC | Voya Euro CLO DAC | Voya Euro CLO DAC |
|  3.705% due 04/15/2033 •  |  | 10989 |  | 11877 |
|  Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. |
|  5.624% due 10/15/2034 •  | $— | 4000 |  | 3984 |
|  |  |  |  | 299916 |
|  Total Asset-Backed Securities (Cost $780,738) | Total Asset-Backed Securities (Cost $780,738) | Total Asset-Backed Securities (Cost $780,738) |  | 797698 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 67

------

Consolidated Schedule of Investments PIMCO CommoditiesPLUS<sup>®</sup><sup></sup>Strategy Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| SOVEREIGN ISSUES 2.3% | SOVEREIGN ISSUES 2.3% | SOVEREIGN ISSUES 2.3% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 07/01/2025 (d) | 202845 | 34417 |
|  0.000% due 10/01/2025 (d) | 303700 | 49663 |
|  Israel Government International Bond | Israel Government International Bond | Israel Government International Bond |
|  1.750% due 08/31/2025 | 500 | 133 |
|  New Zealand Government International Bond | New Zealand Government International Bond | New Zealand Government International Bond |
|  2.000% due 09/20/2025 (e) | 2779 | 1582 |
|  Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond |
|  5.125% due 01/13/2028 | 21900 | 22177 |
|  Total Sovereign Issues (Cost $107,243) | Total Sovereign Issues (Cost $107,243) | 107972 |
|  | **SHARES** |  |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
| FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% |
|  Banca Monte dei Paschi di Siena SpA | 46500 | 367 |
|  Total Common Stocks (Cost $91) | Total Common Stocks (Cost $91) | 367 |
|  | **OUNCES** |  |
| COMMODITIES 14.8% | COMMODITIES 14.8% | COMMODITIES 14.8% |
|  Gold Warehouse Receipts | 336756 | 638122 |
|  Silver Warehouse Receipts | 47679 | 56453 |
|  Total Commodities (Cost $384,435) | Total Commodities (Cost $384,435) | 694575 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| SHORT-TERM INSTRUMENTS 51.4% | SHORT-TERM INSTRUMENTS 51.4% | SHORT-TERM INSTRUMENTS 51.4% |
| COMMERCIAL PAPER 3.8% | COMMERCIAL PAPER 3.8% | COMMERCIAL PAPER 3.8% |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  4.640% due 04/15/2025 | 6150 | 6138 |
|  AES Corp. | AES Corp. | AES Corp. |
|  4.850% due 04/01/2025 | 2100 | 2100 |
|  4.880% due 04/02/2025 | 2300 | 2299 |
|  4.900% due 04/10/2025 | 5900 | 5892 |
|  4.900% due 04/11/2025 | 1000 | 998 |
|  Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. |
|  4.550% due 04/14/2025 | 6000 | 5989 |
|  4.570% due 04/10/2025 | 4100 | 4095 |
|  4.640% due 04/09/2025 | 2210 | 2207 |
|  4.650% due 04/10/2025 | 7600 | 7590 |
|  Aon Corp. | Aon Corp. | Aon Corp. |
|  4.550% due 04/10/2025 | 3700 | 3695 |
|  4.560% due 04/21/2025 | 1300 | 1297 |
|  Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. |
|  4.600% due 04/15/2025 | 1350 | 1347 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  4.560% due 04/03/2025 | 2060 | 2059 |
|  4.560% due 04/08/2025 | 2200 | 2198 |
|  4.560% due 04/10/2025 | 4400 | 4394 |
|  4.570% due 04/24/2025 | 1200 | 1196 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  4.850% due 04/28/2025 (b) | 7430 | 7405 |
|  4.900% due 04/25/2025 (b) | 1200 | 1196 |
|  4.950% due 04/25/2025 | 9150 | 9120 |
|  CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
|  4.620% due 04/03/2025 | 2300 | 2299 |
|  4.740% due 04/17/2025 | 900 | 898 |
|  Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
|  4.750% due 04/02/2025 | 3700 | 3699 |
|  4.800% due 04/04/2025 | 250 | 250 |
|  4.900% due 04/15/2025 | 1700 | 1697 |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
|  4.700% due 04/01/2025 | 1800 | 1800 |
|  4.700% due 04/11/2025 | 4100 | 4094 |
|  4.800% due 04/21/2025 | 4340 | 4328 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.810% due 04/08/2025 | 2100 | 2098 |
|  4.830% due 04/15/2025 | 1000 | 998 |
|  4.850% due 04/17/2025 | 2700 | 2694 |
|  4.910% due 04/29/2025 | 6360 | 6335 |
|  Enbridge U.S., Inc. | Enbridge U.S., Inc. | Enbridge U.S., Inc. |
|  4.550% due 04/16/2025 | 1150 | 1148 |
|  4.560% due 04/07/2025 | 5930 | 5925 |
|  Entergy Corp. | Entergy Corp. | Entergy Corp. |
|  4.550% due 05/12/2025 | 1600 | 1591 |
|  Equifax, Inc. | Equifax, Inc. | Equifax, Inc. |
|  4.630% due 04/09/2025 | 2250 | 2247 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  5.000% due 04/03/2025 | 3000 | 2999 |
|  5.000% due 04/07/2025 | 810 | 809 |
|  HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
|  5.150% due 04/24/2025 | 1000 | 997 |
|  Intel Corp. | Intel Corp. | Intel Corp. |
|  4.550% due 04/02/2025 | 5600 | 5599 |
|  4.600% due 04/02/2025 | 3900 | 3899 |
|  International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |
|  4.950% due 04/11/2025 | 650 | 649 |
|  Jabil, Inc. | Jabil, Inc. | Jabil, Inc. |
|  4.820% due 04/11/2025 | 5200 | 5192 |
|  Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV |
|  4.660% due 04/15/2025 | 3200 | 3194 |
|  4.700% due 04/15/2025 | 2365 | 2361 |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  4.600% due 04/23/2025 | 12540 | 12504 |
|  Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
|  4.600% due 04/14/2025 | 10150 | 10131 |
|  Marsh & McLennan Cos, Inc. | Marsh & McLennan Cos, Inc. | Marsh & McLennan Cos, Inc. |
|  4.600% due 04/16/2025 | 1980 | 1976 |
|  4.600% due 04/17/2025 | 2600 | 2594 |
|  Mondelez International, Inc. | Mondelez International, Inc. | Mondelez International, Inc. |
|  4.620% due 04/15/2025 | 1700 | 1697 |
|  Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. |
|  4.590% due 06/03/2025 | 900 | 893 |
|  NXP BV | NXP BV | NXP BV |
|  4.570% due 04/28/2025 | 3360 | 3348 |
|  4.570% due 05/12/2025 | 1400 | 1392 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
|  4.700% due 04/01/2025 | 2600 | $— | 2600 |
|  |  |  | 176150 |
|  | **SHARES** |  |  |
| MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.400% (f) | 1961296 |  | 1961 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |  |
| REPURCHASE AGREEMENTS (g) 43.6% | REPURCHASE AGREEMENTS (g) 43.6% | REPURCHASE AGREEMENTS (g) 43.6% | REPURCHASE AGREEMENTS (g) 43.6% |
|  |  |  | 2043356 |
| U.S. TREASURY BILLS 3.9% | U.S. TREASURY BILLS 3.9% | U.S. TREASURY BILLS 3.9% | U.S. TREASURY BILLS 3.9% |
|  4.295% due 04/03/2025 - 06/05/2025 (c)(d)(i)(k) | 182667 |  | 181501 |
| Total Short-Term Instruments (Cost $2,406,643) | Total Short-Term Instruments (Cost $2,406,643) |  | 2402968 |
| Total Investments in Securities (Cost $4,992,774) | Total Investments in Securities (Cost $4,992,774) |  | 5310519 |
|  | **SHARES** |  |  |
| INVESTMENTS IN AFFILIATES 5.3% | INVESTMENTS IN AFFILIATES 5.3% | INVESTMENTS IN AFFILIATES 5.3% | INVESTMENTS IN AFFILIATES 5.3% |
| SHORT-TERM INSTRUMENTS 5.3% | SHORT-TERM INSTRUMENTS 5.3% | SHORT-TERM INSTRUMENTS 5.3% | SHORT-TERM INSTRUMENTS 5.3% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.3% |
|  PIMCO Short Asset Portfolio | 17640106 |  | 172697 |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 7721755 |  | 75163 |
| Total Short-Term Instruments (Cost $250,371) | Total Short-Term Instruments (Cost $250,371) |  | 247860 |
| Total Investments in Affiliates (Cost $250,371) | Total Investments in Affiliates (Cost $250,371) |  | 247860 |
| Total Investments 118.7% (Cost $5,243,145) | Total Investments 118.7% (Cost $5,243,145) | $— | 5558379 |
|  Financial Derivative Instruments (h)(j) 1.5%<br> (Cost or Premiums, net $545) |  |  | 70799 |
| Other Assets and Liabilities, net (20.2)% | Other Assets and Liabilities, net (20.2)% |  | (945029) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 4684149 |

---

#### NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) Security is an Interest Only ("IO") or IO Strip.

(b) When-issued security.

(c) Coupon represents a weighted average yield to maturity.

(d) Zero coupon security.

---

| | | |
|:---|:---|:---|
| **68** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

(e) Principal amount of security is adjusted for inflation.

(f) Coupon represents a 7-Day Yield.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(g) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 4.380% | 04/01/2025 | 04/02/2025 | $629800 | U.S. Treasury Notes 4.000% due 12/15/2027 | $(643144) | $629800 | $629800 |
|  | 4.410 | 03/31/2025 | 04/01/2025 | 106200 | U.S. Treasury Notes 2.750% due 04/30/2027 | (108262) | 106200 | 106212 |
|  | 4.420 | 03/31/2025 | 04/01/2025 | 485000 | U.S. Treasury Notes 4.000% due 12/15/2027 | (495276) | 485000 | 485060 |
| BUS | 2.720 | 03/26/2025 | 04/01/2025 | 320000 | Province of Ontario 2.650% due 12/02/2050 | (230674) | 222369 | 222470 |
|  | 2.720 | 04/01/2025 | 04/08/2025 | 30000 | Province of Saskatchewan 3.900% due 06/02/2045 | (21594) | 20847 | 20847 |
| CEW | 2.730 | 03/26/2025 | 04/01/2025 | 20000 | Canada Government International Bond 0.000% due 02/01/2026 | (14166) | 13898 | 13904 |
|  | 2.730 | 03/31/2025 | 04/07/2025 | 200000 | Province of Ontario 3.500% due 06/02/2043 | (144205) | 138980 | 138991 |
|  | 2.740 | 04/01/2025 | 04/08/2025 | 70000 | Province of Ontario 2.900% due 12/02/2046 | (18399) | 48643 | 48643 |
|  |  |  |  |  | Province of Quebec 1.500% due 09/01/2031 | (31537) |  |  |
|  | 2.750 | 03/27/2025 | 04/03/2025 | 40000 | Province of Ontario 2.650% due 12/02/2050 | (29175) | 27796 | 27805 |
| JPS | 4.390 | 07/30/2024 | TBD<sup>(2)</sup> | $165473 | U.S. Treasury Bonds 2.250% - 3.875% due 08/15/2040 - 05/15/2041 | (167157) | 165473 | 170823 |
|  | 4.410 | 04/01/2025 | 04/02/2025 | 100 | U.S. Treasury Bonds 4.750% due 11/15/2043 | (102) | 100 | 100 |
|  | 4.460 | 03/31/2025 | 04/01/2025 | 100 | U.S. Treasury Notes 4.375% due 07/31/2026 | (102) | 100 | 100 |
| TOR | 2.710 | 03/31/2025 | 04/01/2025 | 15000 | Province of Saskatchewan 4.200% due 12/02/2054 | (10871) | 10424 | 10425 |
|  | 2.710 | 03/31/2025 | 04/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135000 | Province of Alberta 1.650% due 06/01/2031 | (7133) | 93812 | 93819 |
|  |  |  |  |  | Province of New Brunswick 2.600% - 5.500% due 08/14/2026 - 01/27/2034 | (53446) |  |  |
|  |  |  |  |  | Province of Saskatchewan 2.800% - 3.800% due 12/02/2052 - 06/02/2062 | (36327) |  |  |
|  | 2.710 | 04/01/2025 | 04/07/2025 | 115000 | Province of Alberta 1.650% - 3.100% due 06/01/2031 - 06/01/2050 | (82073) | 79914 | 79919 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2093643) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2043356 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2048918 |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (2.8)% | U.S. Government Agencies (2.8)% | U.S. Government Agencies (2.8)% | U.S. Government Agencies (2.8)% | U.S. Government Agencies (2.8)% | U.S. Government Agencies (2.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500% | 05/01/2055 | $14500 | $(13014) | $(13070) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.500 | 05/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116900 | (116628) | (116653) |
|  Total Short Sales (2.8)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129642) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129723) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(3)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOS | $1221072 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221072 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1246682) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25610) |
|  BUS | 243317 | 0 | 0 | 243317 | (251828) | (8511) |
|  CEW | 229343 | 0 | 0 | 229343 | (236848) | (7505) |
|  JPS | 171023 | 0 | 0 | 171023 | (174385) | (3362) |
|  TOR | 184163 | 0 | 0 | 184163 | (189566) | (5403) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2048918 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

#### Cash of $1,358 has been pledged as collateral under the terms of the above master agreements as of March 31, 2025.
<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Open maturity repurchase agreement.

<sup>(3)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **69** |

---

------

Consolidated Schedule of Investments PIMCO CommoditiesPLUS<sup>®</sup><sup></sup>Strategy Fund (Cont.)

**The average amount of borrowings outstanding during the period ended March 31, 2025 was $(594) at a weighted average interest rate of 3.990%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

&nbsp;&nbsp;&nbsp;&nbsp;(h) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### PURCHASED OPTIONS:

#### FUTURE STYLED COMMODITY OPTIONS<sup>(1)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Cost | Market<br>Value |
|  Call - CME California Carbon Allowances December 2025 Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.000 | 12/31/2025 | 661 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661 | $96 | $52 |
|  Put - ICE Crude Oil December 2025 Futures | 55.000 | 10/28/2025 | 131 | 131 | 255 | 149 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201 |

---

#### WRITTEN OPTIONS:

#### COMMODITY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Call - CME Gold June 2025 Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200.000 | 05/27/2025 | 66 | $7 | $(225) | $(397) |
|  Call - CME Gold June 2025 Futures | 3250.000 | 05/27/2025 | 67 | 7 | (140) | (295) |
|  Call - CME Gold June 2025 Futures | 3300.000 | 05/27/2025 | 47 | 5 | (72) | (149) |
|  Call - CME Gold June 2025 Futures | 3350.000 | 05/27/2025 | 60 | 6 | (50) | (136) |
|  Call - CME Gold June 2025 Futures | 3400.000 | 05/27/2025 | 60 | 6 | (48) | (97) |
|  Call - CME Gold May 2025 Futures | 3000.000 | 04/24/2025 | 60 | 6 | (179) | (959) |
|  Call - CME Gold May 2025 Futures | 3050.000 | 04/24/2025 | 57 | 6 | (168) | (672) |
|  Call - CME Gold May 2025 Futures | 3100.000 | 04/24/2025 | 40 | 4 | (74) | (328) |
|  Call - CME Gold May 2025 Futures | 3150.000 | 04/24/2025 | 58 | 6 | (87) | (313) |
|  Call - CME Gold May 2025 Futures | 3200.000 | 04/24/2025 | 60 | 6 | (80) | (200) |
|  Call - CME Gold May 2025 Futures | 3300.000 | 04/24/2025 | 60 | 6 | (46) | (66) |
|  Call - NYMEX Crude Oil July 2025 Futures | 78.000 | 06/16/2025 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | (79) | (112) |
|  Call - NYMEX Crude Oil July 2025 Futures | 82.000 | 06/16/2025 | 60 | 60 | (39) | (38) |
|  Call - NYMEX Crude Oil June 2025 Futures | 72.000 | 05/15/2025 | 80 | 80 | (91) | (176) |
|  Call - NYMEX Crude Oil June 2025 Futures | 73.000 | 05/15/2025 | 70 | 70 | (65) | (126) |
|  Call - NYMEX Crude Oil June 2025 Futures | 74.000 | 05/15/2025 | 45 | 45 | (43) | (66) |
|  Call - NYMEX Crude Oil June 2025 Futures | 75.000 | 05/15/2025 | 60 | 60 | (71) | (72) |
|  Call - NYMEX Crude Oil June 2025 Futures | 76.000 | 05/15/2025 | 50 | 50 | (26) | (49) |
|  Call - NYMEX Crude Oil June 2025 Futures | 78.000 | 05/15/2025 | 50 | 50 | (18) | (33) |
|  Call - NYMEX Crude Oil May 2025 Futures | 78.000 | 04/16/2025 | 60 | 60 | (67) | (11) |
|  Call - NYMEX Crude Oil May 2025 Futures | 79.000 | 04/16/2025 | 60 | 60 | (50) | (8) |
|  Call - NYMEX Crude Oil May 2025 Futures | 79.500 | 04/16/2025 | 50 | 50 | (41) | (6) |
|  Call - NYMEX Crude Oil May 2025 Futures | 80.000 | 04/16/2025 | 55 | 55 | (52) | (6) |
|  Call - NYMEX Crude Oil May 2025 Futures | 81.000 | 04/16/2025 | 60 | 60 | (51) | (5) |
|  Call - NYMEX Crude Oil May 2025 Futures | 83.000 | 04/16/2025 | 40 | 40 | (15) | (2) |
|  Call - NYMEX Crude Oil May 2025 Futures | 85.000 | 04/16/2025 | 55 | 55 | (26) | (3) |
|  Put - NYMEX Natural Gas June 2025 Futures | 4.000 | 05/27/2025 | 6 | 60 | (14) | (13) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1917) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4338) |

---

#### FUTURE STYLED COMMODITY OPTIONS<sup>(1)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Call - ICE Crude Oil December 2025 Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76.000 | 10/28/2025 | 131 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | $(296) | $(466) |
|  Call - ICE Crude Oil July 2025 Futures | 76.000 | 05/27/2025 | 28 | 28 | (30) | (58) |
|  Call - ICE Crude Oil July 2025 Futures | 78.000 | 05/27/2025 | 97 | 97 | (71) | (142) |
|  Call - ICE Crude Oil July 2025 Futures | 79.000 | 05/27/2025 | 100 | 100 | (80) | (123) |
|  Call - ICE Crude Oil July 2025 Futures | 80.000 | 05/27/2025 | 100 | 100 | (63) | (104) |
|  Call - ICE Crude Oil July 2025 Futures | 85.000 | 05/27/2025 | 150 | 150 | (45) | (73) |
|  Call - ICE Crude Oil June 2025 Futures | 78.000 | 04/25/2025 | 40 | 40 | (36) | (33) |
|  Call - ICE Crude Oil June 2025 Futures | 79.000 | 04/25/2025 | 70 | 70 | (76) | (44) |
|  Call - ICE Crude Oil June 2025 Futures | 80.000 | 04/25/2025 | 45 | 45 | (41) | (22) |
|  Call - ICE Crude Oil June 2025 Futures | 81.000 | 04/25/2025 | 45 | 45 | (33) | (17) |
|  Call - ICE Crude Oil June 2025 Futures | 82.000 | 04/25/2025 | 60 | 60 | (52) | (18) |
|  Call - ICE Crude Oil June 2025 Futures | 83.000 | 04/25/2025 | 51 | 51 | (20) | (12) |
|  Call - ICE Crude Oil June 2025 Futures | 85.000 | 04/25/2025 | 51 | 51 | (19) | (9) |
|  |  |  |  |  | $(862) | $(1121) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2779) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5459) |

---

70 PIMCO REAL RETURN STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

#### FUTURES CONTRACTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Arabica Coffee September Futures  | 09/2025 | 48 | $6666 | $2 | $0 | $(23) |
|  Brent Crude December Futures  | 10/2026 | 1822 | 125354 | (1431) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1877 | 0 |
|  Brent Crude January Futures  | 11/2025 | 638 | 45151 | 1608 | 931 | 0 |
|  Brent Crude June Futures  | 04/2026 | 284 | 19758 | 656 | 344 | 0 |
|  Brent Crude March Futures  | 01/2026 | 129 | 9051 | (318) | 173 | 0 |
|  Brent Crude November Futures  | 09/2025 | 614 | 43932 | (949) | 982 | 0 |
|  Brent Crude October Futures  | 08/2025 | 652 | 46970 | 1049 | 1102 | 0 |
|  California Carbon Allowance December Futures  | 12/2025 | 2097 | 64567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13228) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(231) |
|  California Carbon Allowance Vintage December Futures  | 12/2026 | 1619 | 53038 | 241 | 6 | (172) |
|  Cocoa July Futures  | 07/2025 | 50 | 3944 | (122) | 0 | (62) |
|  Cocoa July Futures  | 07/2025 | 8 | 638 | (2) | 7 | (7) |
|  Cocoa May Futures  | 05/2025 | 71 | 5684 | 1725 | 97 | (56) |
|  Cocoa September Futures  | 09/2025 | 16 | 1248 | (133) | 0 | (17) |
|  Copper July Futures  | 07/2025 | 373 | 87101 | 1551 | 1586 | (36) |
|  Copper May Futures  | 05/2025 | 20 | 4149 | 96 | 77 | (36) |
|  Corn September Futures  | 09/2025 | 217 | 4717 | (453) | 0 | (5) |
|  European Climate Exchange December Futures  | 12/2025 | 67 | 4925 | (857) | 19 | (59) |
|  Gas Oil December Futures  | 12/2025 | 1286 | 85230 | 3829 | 1865 | 0 |
|  Gas Oil September Futures  | 09/2025 | 21 | 1408 | 58 | 32 | 0 |
|  Hard Red Winter Wheat December Futures  | 12/2025 | 360 | 10953 | (385) | 54 | 0 |
|  Hard Red Winter Wheat July Futures  | 07/2025 | 197 | 5615 | (6) | 0 | (6) |
|  Hard Red Winter Wheat May Futures  | 05/2025 | 871 | 24257 | (2135) | 229 | 0 |
|  Henry Hub Natural Gas March Futures  | 02/2027 | 48 | 465 | 14 | 1 | 0 |
|  Henry Hub Natural Gas April Futures  | 03/2027 | 47 | 396 | (46) | 0 | 0 |
|  Henry Hub Natural Gas April Futures  | 03/2030 | 179 | 1260 | (244) | 0 | (8) |
|  Henry Hub Natural Gas April Futures  | 03/2031 | 71 | 477 | (122) | 0 | (5) |
|  Henry Hub Natural Gas August Futures  | 07/2027 | 48 | 439 | (12) | 0 | 0 |
|  Henry Hub Natural Gas August Futures  | 07/2030 | 188 | 1482 | (98) | 0 | (13) |
|  Henry Hub Natural Gas August Futures  | 07/2031 | 74 | 568 | (57) | 0 | (5) |
|  Henry Hub Natural Gas December Futures  | 11/2027 | 48 | 510 | 59 | 0 | 0 |
|  Henry Hub Natural Gas December Futures  | 11/2030 | 188 | 1793 | 213 | 0 | (13) |
|  Henry Hub Natural Gas December Futures  | 11/2031 | 74 | 699 | 74 | 0 | (5) |
|  Henry Hub Natural Gas February Futures  | 01/2027 | 42 | 481 | 86 | 2 | 0 |
|  Henry Hub Natural Gas February Futures  | 01/2030 | 166 | 1639 | 244 | 0 | (2) |
|  Henry Hub Natural Gas February Futures  | 01/2031 | 66 | 628 | 71 | 0 | (4) |
|  Henry Hub Natural Gas January Futures  | 12/2026 | 48 | 604 | 153 | 3 | 0 |
|  Henry Hub Natural Gas January Futures  | 12/2029 | 188 | 1985 | 405 | 3 | 0 |
|  Henry Hub Natural Gas January Futures  | 12/2030 | 74 | 751 | 126 | 0 | (5) |
|  Henry Hub Natural Gas July Futures  | 06/2027 | 48 | 434 | (17) | 0 | 0 |
|  Henry Hub Natural Gas July Futures  | 06/2030 | 188 | 1458 | (121) | 0 | (13) |
|  Henry Hub Natural Gas July Futures  | 06/2031 | 74 | 561 | (64) | 0 | (5) |
|  Henry Hub Natural Gas June Futures  | 05/2027 | 47 | 409 | (32) | 0 | 0 |
|  Henry Hub Natural Gas June Futures  | 05/2030 | 179 | 1326 | (178) | 0 | (12) |
|  Henry Hub Natural Gas June Futures  | 05/2031 | 71 | 509 | (90) | 0 | (5) |
|  Henry Hub Natural Gas March Futures  | 02/2030 | 188 | 1558 | (22) | 0 | (2) |
|  Henry Hub Natural Gas March Futures  | 02/2031 | 74 | 588 | (37) | 0 | (5) |
|  Henry Hub Natural Gas May Futures  | 04/2027 | 48 | 404 | (47) | 0 | 0 |
|  Henry Hub Natural Gas May Futures  | 04/2030 | 188 | 1331 | (249) | 0 | (13) |
|  Henry Hub Natural Gas May Futures  | 04/2031 | 74 | 502 | (123) | 0 | (5) |
|  Henry Hub Natural Gas November Futures  | 10/2027 | 47 | 452 | 10 | 0 | (1) |
|  Henry Hub Natural Gas November Futures  | 10/2030 | 179 | 1516 | 12 | 0 | (12) |
|  Henry Hub Natural Gas November Futures  | 10/2031 | 71 | 595 | (4) | 0 | (5) |
|  Henry Hub Natural Gas October Futures  | 09/2027 | 48 | 442 | (9) | 0 | 0 |
|  Henry Hub Natural Gas October Futures  | 09/2030 | 188 | 1483 | (97) | 0 | (13) |
|  Henry Hub Natural Gas October Futures  | 09/2031 | 74 | 577 | (47) | 0 | (5) |
|  Henry Hub Natural Gas September Futures  | 08/2027 | 47 | 426 | (15) | 0 | 0 |
|  Henry Hub Natural Gas September Futures  | 08/2030 | 179 | 1387 | (117) | 0 | (12) |
|  Henry Hub Natural Gas September Futures  | 08/2031 | 71 | 540 | (59) | 0 | (5) |
|  Iron Ore July Futures  | 07/2025 | 2371 | 23499 | 122 | 0 | (318) |
|  Iron Ore May Futures  | 05/2025 | 1122 | 11331 | 133 | 0 | (139) |
|  Live Cattle June Futures  | 06/2025 | 211 | 17188 | 1006 | 0 | (101) |
|  Long Gilt June Futures  | 06/2025 | 1 | 118 | (1) | 1 | 0 |
|  Mont Belvieu Ethane (OPIS) February Futures  | 02/2026 | 65 | 892 | 80 | 14 | 0 |
|  Mont Belvieu Ethane (OPIS) January Futures  | 01/2026 | 65 | 899 | 87 | 15 | 0 |
|  Mont Belvieu Ethane (OPIS) March Futures  | 03/2026 | 65 | 836 | 24 | 8 | 0 |
|  Natural Gas April Futures  | 03/2026 | 383 | 15331 | 731 | 110 | (6) |
|  Natural Gas April Futures  | 03/2026 | 42 | 1158 | (211) | 24 | (8) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **71** |

---

------

Consolidated Schedule of Investments PIMCO CommoditiesPLUS<sup>®</sup><sup></sup>Strategy Fund (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  Natural Gas August Futures  | 07/2026 | 7 | $190 | $(25) | $4 | $(1) |
|  Natural Gas December Futures  | 11/2025 | 9 | 297 | (38) | 5 | (13) |
|  Natural Gas December Futures  | 11/2025 | 297 | 15423 | (206) | 220 | 0 |
|  Natural Gas December Futures  | 11/2026 | 7 | 195 | (21) | 4 | (1) |
|  Natural Gas February Futures  | 01/2026 | 254 | 7523 | (397) | 156 | (61) |
|  Natural Gas January Futures  | 12/2025 | 254 | 8388 | (380) | 146 | (71) |
|  Natural Gas July Futures  | 06/2026 | 7 | 190 | (25) | 4 | (1) |
|  Natural Gas June Futures  | 05/2025 | 549 | 23371 | (272) | 395 | 0 |
|  Natural Gas June Futures  | 05/2025 | 5 | 191 | (2) | 0 | (2) |
|  Natural Gas June Futures  | 05/2026 | 42 | 1103 | (266) | 23 | (8) |
|  Natural Gas March Futures  | 02/2026 | 404 | 18051 | 1880 | 250 | 0 |
|  Natural Gas March Futures  | 02/2026 | 254 | 8076 | (680) | 194 | (58) |
|  Natural Gas May Futures  | 04/2025 | 175 | 5725 | (1858) | 0 | (99) |
|  Natural Gas May Futures  | 04/2026 | 42 | 1154 | (261) | 23 | (8) |
|  Natural Gas November Futures  | 10/2025 | 111 | 3564 | 28 | 55 | (52) |
|  Natural Gas November Futures  | 10/2026 | 7 | 188 | (20) | 4 | (1) |
|  Natural Gas October Futures  | 09/2026 | 7 | 191 | (24) | 4 | (1) |
|  Natural Gas September Futures  | 08/2025 | 148 | 6666 | 378 | 115 | 0 |
|  Natural Gas September Futures  | 08/2026 | 7 | 185 | (23) | 4 | (1) |
|  New York Harbor December Futures  | 11/2025 | 239 | 22690 | (252) | 471 | 0 |
|  New York Harbor June Futures  | 05/2025 | 934 | 88620 | 787 | 1973 | 0 |
|  New York Harbor May Futures  | 04/2025 | 334 | 31975 | 1695 | 678 | 0 |
|  Nickel July Futures  | 07/2025 | 2 | 191 | (6) | 0 | (6) |
|  RBOB Gasoline December Futures  | 11/2025 | 192 | 15647 | 416 | 323 | 0 |
|  RBOB Gasoline May Futures  | 04/2025 | 833 | 80142 | 3718 | 1584 | (2) |
|  RBOB Gasoline September Futures  | 08/2025 | 202 | 18543 | 656 | 381 | 0 |
|  Silver July Futures  | 07/2025 | 22 | 3843 | 100 | 0 | (21) |
|  Soybean July Futures  | 07/2025 | 415 | 21336 | 127 | 0 | (187) |
|  Soybean Meal July Futures  | 07/2025 | 1271 | 38054 | (804) | 0 | (191) |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 345 | 37314 | 544 | 0 | (11) |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 96 | 10956 | 222 | 9 | 0 |
|  WTI Crude December Futures  | 11/2025 | 1487 | 100254 | 1417 | 2230 | 0 |
|  WTI Crude December Futures  | 11/2026 | 66 | 4284 | (131) | 63 | 0 |
|  WTI Crude January Futures  | 12/2025 | 772 | 51739 | 1854 | 1104 | 0 |
|  WTI Crude June Futures  | 05/2025 | 58 | 4115 | (183) | 119 | 0 |
|  WTI Crude May Futures  | 04/2025 | 498 | 35597 | 1915 | 1013 | 0 |
|  WTI Crude November Futures  | 10/2025 | 686 | 46566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1493) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1091 | 0 |
|  WTI Crude October Futures  | 09/2025 | 449 | 30707 | (670) | 750 | 0 |
|  WTI Crude September Futures  | 08/2025 | 5 | 345 | (18) | 9 | 0 |
|  Zinc July Futures  | 07/2025 | 22 | 1570 | (64) | 0 | (64) |
|  |  |  |  | $(55) | $22966 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2315) |
| **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  Aluminum July Futures  | 07/2025 | 49 | $(3107) | $128 | $128 | $0 |
|  Arabica Coffee July Futures  | 07/2025 | 40 | (5631) | 84 | 15 | 0 |
|  Brent Crude April Futures  | 02/2026 | 318 | (22235) | 112 | 0 | (410) |
|  Brent Crude August Futures  | 06/2025 | 637 | (46660) | (263) | 0 | (1191) |
|  Brent Crude December Futures  | 10/2025 | 1210 | (86079) | (2082) | 0 | (1839) |
|  Brent Crude December Futures  | 10/2027 | 1132 | (77293) | 322 | 0 | (985) |
|  Brent Crude February Futures  | 12/2025 | 326 | (22963) | (202) | 0 | (456) |
|  Brent Crude July Futures  | 05/2025 | 236 | (17457) | (355) | 0 | (460) |
|  Brent Crude June Futures  | 04/2025 | 858 | (64153) | (2082) | 0 | (1725) |
|  Brent Crude May Futures  | 03/2026 | 319 | (22244) | (397) | 0 | (399) |
|  Brent Crude September Futures  | 07/2025 | 40 | (2904) | (114) | 0 | (71) |
|  Cocoa May Futures  | 05/2025 | 71 | (5610) | (67) | 99 | 0 |
|  Copper July Futures  | 07/2025 | 767 | (97428) | (7466) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1841 | 0 |
|  Corn December Futures  | 12/2025 | 94 | (2077) | (9) | 2 | 0 |
|  Corn July Futures  | 07/2025 | 1742 | (40349) | 498 | 0 | (283) |
|  Cotton No. 2 December Futures  | 12/2025 | 306 | (10698) | (93) | 26 | 0 |
|  Gas Oil June Futures  | 06/2025 | 1978 | (133861) | (3172) | 0 | (3313) |
|  Gas Oil June Futures  | 06/2026 | 876 | (57071) | (2028) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1095) |
|  Gold 100 oz. June Futures  | 06/2025 | 2127 | (670069) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17609) | 0 | (7657) |
|  Hard Red Winter Wheat September Futures  | 09/2025 | 178 | (5207) | 372 | 0 | (31) |
|  Henry Hub Natural Gas April Futures  | 03/2026 | 104 | (1041) | (51) | 0 | (9) |
|  Henry Hub Natural Gas August Futures  | 07/2026 | 107 | (1138) | (122) | 0 | (6) |
|  Henry Hub Natural Gas December Futures  | 11/2026 | 107 | (1276) | (260) | 0 | (5) |

---

---

| | | |
|:---|:---|:---|
| **72** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  Henry Hub Natural Gas February Futures  | 01/2026 | 168 | $(2130) | $(402) | $0 | $(29) |
|  Henry Hub Natural Gas January Futures  | 12/2025 | 188 | (2560) | (629) | 0 | (38) |
|  Henry Hub Natural Gas July Futures  | 06/2026 | 107 | (1126) | (110) | 0 | (5) |
|  Henry Hub Natural Gas June Futures  | 05/2026 | 104 | (1063) | (74) | 0 | (5) |
|  Henry Hub Natural Gas March Futures  | 02/2026 | 188 | (2100) | (169) | 0 | (29) |
|  Henry Hub Natural Gas May Futures  | 04/2026 | 107 | (1068) | (52) | 0 | (6) |
|  Henry Hub Natural Gas November Futures  | 10/2026 | 104 | (1152) | (162) | 0 | (6) |
|  Henry Hub Natural Gas October Futures  | 09/2026 | 107 | (1144) | (128) | 0 | (6) |
|  Henry Hub Natural Gas September Futures  | 08/2026 | 104 | (1097) | (108) | 0 | (6) |
|  Lean Hogs June Futures  | 06/2025 | 368 | (14024) | 929 | 74 | 0 |
|  Natural Gas August Futures  | 07/2025 | 393 | (13109) | 1678 | 201 | (49) |
|  Natural Gas January Futures  | 12/2025 | 1084 | (59035) | (4012) | 0 | (878) |
|  Natural Gas July Futures  | 06/2025 | 673 | (30110) | 327 | 0 | (491) |
|  Natural Gas July Futures  | 06/2025 | 189 | (6265) | 1152 | 106 | (6) |
|  Natural Gas June Futures  | 05/2025 | 200 | (6372) | 1322 | 91 | 0 |
|  Natural Gas October Futures  | 09/2025 | 93 | (3119) | 38 | 18 | (27) |
|  Natural Gas September Futures  | 08/2025 | 291 | (9439) | 1535 | 144 | (47) |
|  New York Harbor September Futures  | 08/2025 | 5 | (474) | (26) | 0 | (10) |
|  Palladium June Futures  | 06/2025 | 20 | (2001) | (112) | 0 | (32) |
|  Platinum July Futures  | 07/2025 | 48 | (2466) | (79) | 0 | (75) |
|  RBOB Gasoline June Futures  | 05/2025 | 377 | (36109) | (511) | 2 | (699) |
|  RBOB Gasoline October Futures  | 09/2025 | 210 | (17853) | (857) | 0 | (378) |
|  Rotterdam Coal August Futures  | 08/2025 | 15 | (1589) | (77) | 0 | (35) |
|  Rotterdam Coal July Futures  | 07/2025 | 15 | (1578) | (67) | 0 | (38) |
|  Rotterdam Coal September Futures  | 09/2025 | 15 | (1597) | (85) | 0 | (35) |
|  Silver May Futures  | 05/2025 | 22 | (3807) | 57 | 22 | 0 |
|  SNG KEROS vs. SNG GA August Futures  | 08/2025 | 85 | 66 | 28 | 0 | (1) |
|  SNG KEROS vs. SNG GA July Futures  | 07/2025 | 85 | 75 | 36 | 2 | 0 |
|  SNG KEROS vs. SNG GA June Futures  | 06/2025 | 65 | 66 | 29 | 3 | 0 |
|  SNG KEROS vs. SNG GA May Futures  | 05/2025 | 167 | 190 | 44 | 13 | 0 |
|  SNG KEROS vs. SNG GA September Futures  | 09/2025 | 85 | 59 | 20 | 0 | (2) |
|  Soybean Meal December Futures  | 12/2025 | 217 | (6679) | 233 | 46 | 0 |
|  Soybean November Futures  | 11/2025 | 142 | (7237) | 12 | 74 | 0 |
|  Soybean Oil December Futures  | 12/2025 | 214 | (5850) | (345) | 26 | 0 |
|  Soybean Oil July Futures  | 07/2025 | 138 | (3758) | (184) | 24 | 0 |
|  Sugar No. 11 October Futures  | 09/2025 | 4 | (84) | (4) | 0 | 0 |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 535 | (59502) | (22) | 0 | (8) |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2025 | 262 | (32030) | (201) | 0 | (115) |
|  Wheat December Futures  | 12/2025 | 360 | (10607) | 431 | 0 | (104) |
|  Wheat July Futures  | 07/2025 | 426 | (11726) | 184 | 0 | (72) |
|  Wheat May Futures  | 05/2025 | 663 | (17802) | 1807 | 0 | (290) |
|  Wheat September Futures  | 09/2025 | 85 | (2407) | 125 | 0 | (30) |
|  WTI Crude April Futures  | 03/2026 | 328 | (21700) | 127 | 0 | (404) |
|  WTI Crude August Futures  | 07/2025 | 328 | (22845) | (153) | 0 | (613) |
|  WTI Crude February Futures  | 01/2026 | 169 | (11269) | 266 | 0 | (230) |
|  WTI Crude July Futures  | 06/2025 | 313 | (22010) | 429 | 0 | (617) |
|  WTI Crude June Futures  | 05/2025 | 219 | (15538) | (297) | 0 | (449) |
|  WTI Crude June Futures  | 05/2026 | 539 | (35472) | (1108) | 0 | (620) |
|  WTI Crude March Futures  | 02/2026 | 343 | (22775) | 769 | 0 | (446) |
|  WTI Crude May Futures  | 04/2026 | 386 | (25464) | (278) | 0 | (459) |
|  WTI Crude September Futures  | 08/2025 | 376 | (25940) | (1169) | 0 | (662) |
|  |  |  |  | $(34699) | $2957 | $(27987) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34754) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25923 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30302) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  Bank of America Corp. | 1.000% | Quarterly | 12/20/2025 | 0.269% | $1100 | $8 | $(2) | $6 | $0 | $0 |
|  Bank of America Corp. | 1.000 | Quarterly | 12/20/2026 | 0.401 | 4200 | 54 | (10) | 44 | 0 | (1) |
|  Barclays Bank PLC | 1.000 | Quarterly | 06/20/2025 | 0.323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | 6 | (2) | 4 | 0 | 0 |
|  Barclays Bank PLC | 1.000 | Quarterly | 12/20/2025 | 0.328 | 3200 | 19 | (1) | 18 | 0 | 0 |
|  BNP Paribas SNR | 1.000 | Quarterly | 12/20/2025 | 0.204 | 500 | 3 | 0 | 3 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 73

------

Consolidated Schedule of Investments PIMCO CommoditiesPLUS<sup>®</sup><sup></sup>Strategy Fund (Cont.)

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/ Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/ Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.400% | Annual | 12/15/2045 | 990 | $0 | $2 | $2 | $0 | $0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Semi-Annual | 12/21/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15700 | 1199 | (652) | 547 | 1 | 0 |
|  Pay | CPURNSA | 2.423 | Maturity | 11/21/2026 | 39000 | 2165 | (7349) | (5184) | 0 | (47) |
|  |  |  |  |  |  | $3364 | $(7999) | $(4635) | $1 | $(47) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3454 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8014) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4560) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset<sup>(6)</sup> | Variation Margin<br>Asset<sup>(6)</sup> | | Market Value | Variation Margin<br>Liability<sup>(6)</sup> | Variation Margin<br>Liability<sup>(6)</sup> | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26304 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26506 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5459) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30771) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36278) |

---

(i) Securities with an aggregate market value of $81,227 and cash of $41,320 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025.

<sup>(1)</sup> Future styled option variation margin liability of $(358) is outstanding at period end. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> Unsettled variation margin asset of $381 and liability of $(469) for closed futures is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(j) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Asset | Liability |
|  BOA | 04/2025 | 370 | $470 | $0 | $(8) |
|  BPS | 04/2025 | 101800 | 17749 | 0 | (90) |
|  | 04/2025 | 100052 | 69594 | 43 | 0 |
|  | 04/2025 | 133171 | 139640 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4358) |
|  | 04/2025 | 898 | 1142 | 0 | (18) |
|  | 04/2025 | $17763 | 101800 | 81 | (4) |
|  | 05/2025 | 3802 | 21835 | 1 | 0 |
|  | 10/2025 | 120300 | $20070 | 7 | (118) |
|  BRC | 04/2025 | $1117 | 1601 | 0 | (5) |
|  | 05/2025 | 1619 | 2316 | 0 | (7) |
|  | 05/2025 | 1557 | 1203 | 0 | (3) |
|  BSH | 04/2025 | 47900 | $8484 | 90 | 0 |
|  | 04/2025 | $8342 | 47900 | 52 | 0 |
|  CBK | 04/2025 | 36108 | $6343 | 15 | 0 |
|  | 04/2025 | 42613 | 29880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267 | (1) |
|  | 04/2025 | 258 | 335 | 1 | 0 |

---

---

| | | |
|:---|:---|:---|
| **74** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | $6288 | 36108 | $39 | $0 |
|  | 04/2025 | 37682 | 53693 | 2 | (371) |
|  | 04/2025 | 32 | 231 | 1 | 0 |
|  | 05/2025 | 52141 | $36658 | 371 | 0 |
|  | 07/2025 | $6343 | 36815 | 0 | (16) |
|  | 09/2025 | 497 | $132 | 0 | (3) |
|  CIB | 04/2025 | 2610 | 1800 | 0 | (14) |
|  DUB | 04/2025 | 5654 | 3931 | 2 | 0 |
|  | 04/2025 | 248 | 36 | 0 | 0 |
|  | 04/2025 | 2341 | 1337 | 8 | 0 |
|  | 04/2025 | $585 | 558 | 18 | 0 |
|  | 04/2025 | 1345 | 2341 | 0 | (16) |
|  | 05/2025 | 2341 | $1346 | 16 | 0 |
|  | 05/2025 | $36 | 247 | 0 | 0 |
|  FAR | 04/2025 | 68055 | $11850 | 0 | (76) |
|  | 04/2025 | 342107 | 239585 | 1854 | 0 |
|  | 04/2025 | $11852 | 68055 | 74 | 0 |
|  | 04/2025 | 52 | 366 | 1 | 0 |
|  | 06/2025 | 11850 | 68921 | 75 | 0 |
|  GLM | 04/2025 | 163400 | $29325 | 691 | 0 |
|  | 04/2025 | 51300 | 7584 | 149 | 0 |
|  | 04/2025 | $28157 | 163400 | 477 | 0 |
|  | 07/2025 | 202845 | $33890 | 0 | (971) |
|  | 10/2025 | 178300 | 29269 | 0 | (642) |
|  IND | 04/2025 | 478 | 69 | 0 | 0 |
|  | 05/2025 | $69 | 477 | 0 | 0 |
|  JPM | 04/2025 | 36549 | $6293 | 10 | (122) |
|  | 04/2025 | 450235 | 315175 | 2215 | 0 |
|  | 04/2025 | $6365 | 36549 | 40 | 0 |
|  | 04/2025 | 8576 | 12299 | 6 | (34) |
|  | 04/2025 | 141057 | 130778 | 353 | 0 |
|  | 05/2025 | 130778 | $141286 | 0 | (352) |
|  | 06/2025 | $5635 | 33267 | 121 | 0 |
|  | 06/2025 | 135 | 2794 | 0 | 0 |
|  MBC | 04/2025 | 2592 | $1802 | 0 | 0 |
|  | 04/2025 | 13 | 2 | 0 | 0 |
|  | 04/2025 | 1763 | 1873 | 3 | (37) |
|  | 04/2025 | $3221 | 4620 | 0 | (10) |
|  | 04/2025 | 3856 | 3598 | 44 | (9) |
|  | 05/2025 | 17 | $12 | 0 | 0 |
|  | 05/2025 | $2 | 13 | 0 | 0 |
|  MYI | 04/2025 | 54839 | $38507 | 398 | 0 |
|  | 04/2025 | 104100 | 15369 | 281 | 0 |
|  | 04/2025 | 32865 | 41643 | 0 | (810) |
|  | 04/2025 | $20 | 142 | 1 | 0 |
|  | 04/2025 | 25622 | 20221 | 498 | 0 |
|  | 05/2025 | 10 | $7 | 0 | 0 |
|  | 10/2025 | 5100 | 832 | 0 | (23) |
|  RBC | 04/2025 | 1851 | 1279 | 0 | (7) |
|  SCX | 04/2025 | 167034 | 29089 | 0 | (182) |
|  | 04/2025 | $28577 | 167034 | 694 | 0 |
|  | 06/2025 | 169152 | $28577 | 0 | (689) |
|  SSB | 04/2025 | 1738 | 1206 | 0 | (2) |
|  | 04/2025 | 18695 | 24176 | 27 | 0 |
|  | 04/2025 | $1126 | 1617 | 0 | (2) |
|  | 04/2025 | 42501 | 32865 | 0 | (47) |
|  | 05/2025 | 32865 | $42497 | 47 | 0 |
|  | 05/2025 | $24174 | 18695 | 0 | (27) |
|  UAG | 04/2025 | 49500 | $7302 | 128 | 0 |
|  | 05/2025 | 2425 | 1700 | 12 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9213 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9074) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 75

------

Consolidated Schedule of Investments PIMCO CommoditiesPLUS<sup>®</sup><sup></sup>Strategy Fund (Cont.)

#### WRITTEN OPTIONS:

#### INFLATION-CAPPED OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Initial<br>Index | Floating<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GLM | Cap - OTC CPALEMU | 100.151 | Maximum of [(Final Index/Initial Index - 1) - 3.000%] or 0 | 06/22/2035 | 10900 | $(496) | $(325) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(496) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(325) |

---

#### SWAP AGREEMENTS:

#### COMMODITY FORWARD SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive** | **Underlying Reference Commodity** | Fixed Price<br>Per Unit | **Payment<br>Frequency** | **Maturity<br>Date** | **# of<br>Units** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | **Pay/Receive** | **Underlying Reference Commodity** | Fixed Price<br>Per Unit | **Payment<br>Frequency** | **Maturity<br>Date** | **# of<br>Units** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  BPS | Pay | EUROBOBCO | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.900 | Maturity | 06/30/2025 | 75000 | $18 | $131 | $149 | $0 |
|  | Receive | EUROBOBCO | 11.350 | Maturity | 09/30/2025 | 30000 | (1) | 58 | 57 | 0 |
|  | Pay | EUROBOBCO | 13.410 | Maturity | 09/30/2025 | 30000 | 0 | 4 | 4 | 0 |
|  | Receive | EUROBOBCO | 5.050 | Maturity | 12/31/2025 | 45000 | 0 | 83 | 83 | 0 |
|  | Receive | EUROBOBCO | 7.800 | Maturity | 12/31/2025 | 180000 | 0 | 656 | 656 | 0 |
|  | Pay | EUROBOBCO | 6.550 | Maturity | 12/31/2025 | 30000 | 0 | (12) | 0 | (12) |
|  JPM | Receive | EUROBOBCO | 7.600 | Maturity | 12/31/2025 | 45000 | 0 | 173 | 173 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) |

---

#### CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| **Counterparty** | **Reference Entity** | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| MYC | Saudi Arabia Government International Bond | 1.000% | Quarterly | 06/20/2025 | 0.253% | $400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| DUB | CMBX.NA.AAA.8 Index | 0.500% | Monthly | 10/17/2057 | $60 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BPS | Receive | BCOMF1TC Index | 271752 | 0.120% | Monthly | 03/16/2026 | $34590 | $0 | $(42) | $0 | $(42) |
|  | Receive | CSIXTR Index | 77674 | 4.395% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 03/16/2026 | 553516 | 0 | 8489 | 8489 | 0 |
| CIB | Receive | CSIXTR Index | 23439 | 4.395% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 06/15/2026 | 167030 | 0 | 2556 | 2556 | 0 |
|  | Receive | PIMCODB Index<sup>(9)</sup> | 404359 | 0.00% | Monthly | 06/15/2026 | 83005 | 0 | 1268 | 1268 | 0 |
| GST | Pay | SPGCINP Index | 60852 | (0.070)% | Monthly | 01/15/2026 | 13209 | 0 | 454 | 454 | 0 |
|  | Receive | BCOMF1NTC Index<sup>(10)</sup> | 198480 | 4.405% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 04/15/2026 | 69847 | 0 | (409) | 0 | (409) |
|  | Receive | BCOMF1TC Index | 44060 | 4.345% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 04/15/2026 | 18098 | 0 | 149 | 149 | 0 |
|  | Receive | CMDSKEWLS Index<sup></sup> | 111625 | 0.003% | Monthly | 04/15/2026 | 39169 | 0 | 2752 | 2752 | 0 |
|  | Receive | CSIXTR Index | 65120 | 4.375% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 04/15/2026 | 464059 | 0 | 7104 | 7104 | 0 |

---

---

| | | |
|:---|:---|:---|
| **76** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value** | **Swap Agreements,<br>at Value** |
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
| JPM | Pay | BCOMTR Index | 2100289 | 4.125% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 01/15/2026 | $539672 | $0 | $(5125) | $0 | $(5125) |
|  | Receive | JMABFNJ2 Index | 90192 | 0.000% | Monthly | 01/30/2026 | 9355 | 0 | 0 | 0 | 0 |
|  | Receive | BCOMF1TC Index<sup>(11)</sup> | 2442024 | 4.355% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 07/15/2026 | 524632 | 0 | 4324 | 4324 | 0 |
|  | Receive | CSIXTR Index | 51015 | 4.385% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 07/15/2026 | 363543 | 0 | 5564 | 5564 | 0 |
|  | Receive | JMABNIC5 Index(12) | 710270 | 0.000% | Monthly | 07/15/2026 | 128228 | 0 | 1699 | 1699 | 0 |
| MAC | Receive | PIMCODBU Index<sup></sup> | 4500 | 0.180% | Monthly | 06/16/2025 | 772 | 0 | 12 | 12 | 0 |
|  | Receive | CSIXTR Index | 12176 | 4.385% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 08/17/2026 | 86770 | 0 | 1328 | 1328 | 0 |
|  | Receive | PIMCODB Index<sup>(13)</sup> | 1238131 | 0.000% | Monthly | 08/17/2026 | 244496 | 0 | 3488 | 3488 | 0 |
| MEI | Receive | CSIXTR Index | 143845 | 4.355% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 09/15/2026 | 1025064 | 0 | 15700 | 15700 | 0 |
| RBC | Receive | CSIXTR Index | 58058 | 4.365% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 11/16/2026 | 413733 | 0 | 6335 | 6335 | 0 |
| SOG | Receive | CSIXTR Index | 72383 | 4.385% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 02/17/2026 | 515815 | 0 | 7894 | 7894 | 0 |
| UAG | Receive | CSIXTR Index | 75986 | 4.345% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 02/17/2026 | 541487 | 0 | 8296 | 8296 | 0 |
|  |  |  |  |  |  |  |  | $0 | $71836 | $77412 | $(5576) |

---

#### VOLATILITY SWAPS

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<br>Volatility | Volatility<br>Strike | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Swap Agreements,**<br> **at Value** | **Swap Agreements,**<br> **at Value** |
| Counterparty | Pay/Receive<br>Volatility | Volatility<br>Strike | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  GST | Pay<br> Natural Gas Index<sup>(7)</sup> | 29.594% | Maturity | 05/27/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2560 | $0 | $70 | $70 | $0 |
|  JPM | Pay<br> GOLDLNPM Index<sup>(7)</sup> | 4.080 | Maturity | 10/16/2025 | 70058 | 0 | 1247 | 1247 | 0 |
|  | Pay<br> GOLDLNPM Index<sup>(7)</sup> | 4.203 | Maturity | 10/22/2025 | 13557 | 0 | 255 | 255 | 0 |
|  | Pay<br> GOLDLNPM Index<sup>(7)</sup> | 6.325 | Maturity | 04/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162405 | 0 | 6142 | 6142 | 0 |
|  MEI | Pay<br> Natural Gas Index<sup>(7)</sup> | 30.250 | Maturity | 05/27/2025 | 2519 | 0 | 96 | 96 | 0 |
|  |  |  |  |  |  | $0 | $7810 | $7810 | $0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80742 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86345 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5588) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(8)</sup> |
|  BOA | $0 | $0 | $0 | $0 | $(8) | $0 | $0 | $(8) | $(8) | $0 | $(8) |
|  BPS | 132 | 0 | 9438 | 9570 | (4588) | 0 | (54) | (4642) | 4928 | 2148 | 7076 |
|  BRC | 0 | 0 | 0 | 0 | (15) | 0 | 0 | (15) | (15) | 0 | (15) |
|  BSH | 142 | 0 | 0 | 142 | 0 | 0 | 0 | 0 | 142 | (220) | (78) |
|  CBK | 696 | 0 | 0 | 696 | (391) | 0 | 0 | (391) | 305 | 0 | 305 |
|  CIB | 0 | 0 | 3824 | 3824 | (14) | 0 | 0 | (14) | 3810 | (1280) | 2530 |
|  DUB | 44 | 0 | 0 | 44 | (16) | 0 | 0 | (16) | 28 | 0 | 28 |
|  FAR | 2004 | 0 | 0 | 2004 | (76) | 0 | 0 | (76) | 1928 | (530) | 1398 |
|  GLM | 1317 | 0 | 0 | 1317 | (1613) | (325) | 0 | (1938) | (621) | (320) | (941) |
|  GST | 0 | 0 | 10529 | 10529 | 0 | 0 | (409) | (409) | 10120 | (3975) | 6145 |
|  JPM | 2745 | 0 | 19404 | 22149 | (508) | 0 | (5125) | (5633) | 16516 | (10161) | 6355 |
|  MAC | 0 | 0 | 4828 | 4828 | 0 | 0 | 0 | 0 | 4828 | (2090) | 2738 |
|  MBC | 47 | 0 | 0 | 47 | (56) | 0 | 0 | (56) | (9) | 0 | (9) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **77** |

---

------

Consolidated Schedule of Investments PIMCO CommoditiesPLUS<sup>®</sup><sup></sup>Strategy Fund (Cont.)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| **Counterparty** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Purchased<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Written<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Net Market<br>Value of OTC<br>Derivatives** | **Collateral<br>Pledged/<br>(Received)** | **Net<br>Exposure<sup>(8)</sup>** |
|  MEI | $0 | $0 | $15796 | $15796 | $0 | $0 | $0 | $0 | $15796 | $(3860) | $11936 |
|  MYC | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 1 | 0 | 1 |
|  MYI | 1178 | 0 | 0 | 1178 | (833) | 0 | 0 | (833) | 345 | 129 | 474 |
|  RBC | 0 | 0 | 6335 | 6335 | (7) | 0 | 0 | (7) | 6328 | (1540) | 4788 |
|  SCX | 694 | 0 | 0 | 694 | (871) | 0 | 0 | (871) | (177) | 0 | (177) |
|  SOG | 0 | 0 | 7894 | 7894 | 0 | 0 | 0 | 0 | 7894 | (2100) | 5794 |
|  SSB | 74 | 0 | 0 | 74 | (78) | 0 | 0 | (78) | (4) | 11 | 7 |
|  UAG | 140 | 0 | 8296 | 8436 | 0 | 0 | 0 | 0 | 8436 | (2110) | 6326 |
|  Total Over the Counter | $9213 | $0 | $86345 | $95558 | $(9074) | $(325) | $(5588) | $(14987) |  |  |  |

---

(k) Securities with an aggregate market value of $4,728 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(7)</sup> Variance Swap

<sup>(8)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

<sup>(9)</sup> The following table represents the individual positions within the total return swap as of March 31, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum September 2025 Futures | 5.1% | $4242 |
|  Arabica Coffee September 2025 Futures | 4.7 | 3909 |
|  Brent Crude September 2025 Futures | 8.8 | 7296 |
|  Cocoa September 2025 Futures | 1.6 | 1361 |
|  Copper September 2025 Futures | 0.8 | 681 |
|  Corn September 2025 Futures | 4.6 | 3851 |
|  Gas Oil September 2025 Futures | 3.1 | 2540 |
|  Gold 100 oz. August 2025 Futures | 6.2 | 5163 |
|  Gold 100 oz. June 2025 Futures | 17.7 | 14659 |
|  Lean Hogs August 2025 Futures | 3.4 | 2797 |
|  Live Cattle August 2025 Futures | 1.6 | 1311 |
|  New York Harbor ULSD September 2025 Futures | 2.2 | 1826 |
|  Nickel September 2025 Futures | 0.5 | 374 |
|  NYMEX — Natural Gas September 2025 Futures | 4.7 | 3893 |
|  RBOB Gasoline September 2025 Futures | 8.7 | 7246 |
|  Silver May 2025 Futures | 9.2 | 7670 |
|  Silver September 2025 Futures | 2.7 | 2283 |
|  Sugar No. 11 October 2025 Futures | 2.2 | 1818 |
|  WTI Crude September 2025 Futures | 2.8 | 2324 |
|  Zinc September 2025 Futures | 2.0 | 1635 |
|  Total Long Futures Contracts |  | $76879 |
|  Cash | 7.4% | $6126 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83005 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

---

| | | |
|:---|:---|:---|
| **78** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

<sup>(10)</sup> The following table represents the individual positions within the total return swap as of March 31, 2025: 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** | Referenced Commodity — Short Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum July 2025 Futures | 19.3% | $13481 | Aluminum May 2025 Futures | (19.5)% | $(13599) |
|  Arabica Coffee July 2025 Futures | 16.2 | 11343 | Arabica Coffee May 2025 Futures | (16.6) | (11602) |
|  Copper July 2025 Futures | 30.0 | 20961 | Brent Crude July 2025 Futures | (0.4) | (279) |
|  Corn July 2025 Futures | 26.2 | 18314 | Copper May 2025 Futures | (30.1) | (20996) |
|  Cotton No. 02 July 2025 Futures | 7.4 | 5134 | Corn May 2025 Futures | (26.2) | (18286) |
|  Gas Oil July 2025 Futures | 12.7 | 8864 | Cotton No. 02 May 2025 Futures | (7.3) | (5106) |
|  Hard Red Winter Wheat July 2025 Futures | 8.7 | 6084 | Gas Oil May 2025 Futures | (13.0) | (9087) |
|  Lead July 2025 Futures | 4.4 | 3073 | Gold 100 oz. June 2025 Futures | (0.9) | (608) |
|  New York Harbor ULSD July 2025 Futures | 9.7 | 6810 | Hard Red Winter Wheat May 2025 Futures | (8.6) | (6014) |
|  Nickel July 2025 Futures | 11.5 | 8032 | Lead May 2025 Futures | (4.4) | (3087) |
|  NYMEX — Natural Gas July 2025 Futures | 52.9 | 36935 | Lean Hogs June 2025 Futures | (0.1) | (77) |
|  RBOB Gasoline July 2025 Futures | 11.0 | 7683 | Live Cattle June 2025 Futures | (0.2) | (133) |
|  Silver July 2025 Futures | 23.6 | 16463 | New York Harbor ULSD May 2025 Futures | (10.0) | (6964) |
|  Soybean Meal July 2025 Futures | 16.1 | 11211 | Nickel May 2025 Futures | (11.5) | (8053) |
|  Soybean Oil July 2025 Futures | 17.1 | 11923 | NYMEX — Natural Gas May 2025 Futures | (49.2) | (34386) |
|  Soybeans July 2025 Futures | 28.4 | 19809 | RBOB Gasoline May 2025 Futures | (11.3) | (7879) |
|  Sugar No. 11 July 2025 Futures | 13.2 | 9248 | Silver May 2025 Futures | (23.6) | (16498) |
|  Wheat July 2025 Futures | 13.2 | 9234 | Soybean Meal May 2025 Futures | (15.9) | (11085) |
|  WTI Crude July 2025 Futures | 30.7 | 21436 | Soybean Oil May 2025 Futures | (17.1) | (11923) |
|  Zinc July 2025 Futures | 10.4 | 7257 | Soybeans May 2025 Futures | (28.3) | (19767) |
|  |  |  | Sugar No. 11 May 2025 Futures | (13.5) | (9457) |
|  |  |  | Wheat May 2025 Futures | (13.0) | (9108) |
|  |  |  | WTI Crude May 2025 Futures | (31.6) | (22037) |
|  |  |  | Zinc May 2025 Futures | (10.5) | (7320) |
|  Total Long Futures Contracts |  | $253295 | Total Short Futures Contracts |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(253351) |
|  U.S. Treasury Bills | 100.0% | 69847 |  |  |  |
|  Cash | 0.1 | 56 |  |  |  |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323198 |  |  |  |
|  Total Notional Amount |  |  |  |  | $69847 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(11)</sup> The following table represents the individual positions within the total return swap as of March 31, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum July 2025 Futures | &nbsp;&nbsp;&nbsp;&nbsp;3.8% | $20136 |
|  Arabica Coffee July 2025 Futures | 3.2 | 16937 |
|  Brent Crude July 2025 Futures | 7.1 | 37091 |
|  Copper July 2025 Futures | 6.0 | 31303 |
|  Corn July 2025 Futures | 5.2 | 27357 |
|  Cotton No. 02 July 2025 Futures | 1.5 | 7670 |
|  Gas Oil July 2025 Futures | 2.5 | 13239 |
|  Gold 100 oz. June 2025 Futures | 15.5 | 81228 |
|  Hard Red Winter Wheat July 2025 Futures | 1.7 | 9087 |
|  Lead July 2025 Futures | 0.9 | 4585 |
|  Lean Hogs June 2025 Futures | 1.9 | 10033 |
|  Live Cattle June 2025 Futures | 3.4 | 17987 |
|  New York Harbor ULSD July 2025 Futures | 1.9 | 10175 |
|  Nickel July 2025 Futures | 2.3 | 11994 |
|  NYMEX — Natural Gas July 2025 Futures | 10.5 | 55160 |
|  RBOB Gasoline July 2025 Futures | 2.2 | 11478 |
|  Silver July 2025 Futures | 4.7 | 24589 |
|  Soybean Meal July 2025 Futures | 3.2 | 16742 |
|  Soybean Oil July 2025 Futures | 3.4 | 17803 |
|  Soybeans July 2025 Futures | 5.7 | 29583 |
|  Sugar No. 11 July 2025 Futures | 2.6 | 13814 |
|  Wheat July 2025 Futures | 2.6 | 13786 |
|  WTI Crude July 2025 Futures | 6.1 | 32020 |
|  Zinc July 2025 Futures | 2.1 | 10835 |
|  Total Long Futures Contracts |  | $524632 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524632 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **79** |

---

------

Consolidated Schedule of Investments PIMCO CommoditiesPLUS<sup>®</sup><sup></sup>Strategy Fund (Cont.)

<sup>(12)</sup> The following table represents the individual positions within the total return swap as of March 31, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Brent Crude September 2025 Futures | 17.6% | $22522 |
|  Cotton No. 02 May 2025 Futures | 1.7 | 2106 |
|  Gas Oil August 2025 Futures | 2.9 | 3743 |
|  Gold 100 oz. June 2025 Futures | 17.7 | 22686 |
|  Live Cattle June 2025 Futures | 6.1 | 7862 |
|  LME — Copper May 2025 Futures | 7.8 | 9964 |
|  New York Harbor ULSD August 2025 Futures | 4.8 | 6083 |
|  Nickel May 2025 Futures | 3.7 | 4783 |
|  RBOB Gasoline August 2025 Futures | 5.0 | 6455 |
|  Silver May 2025 Futures | 5.3 | 6803 |
|  Soybean Meal May 2025 Futures | 10.7 | 13760 |
|  Soybeans May 2025 Futures | 13.7 | 17566 |
|  Sugar No. 11 May 2025 Futures | 3.0 | 3901 |
|  Total Long Futures Contracts |  | $128234 |
|  Cash | 0.0% | $(6) |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128228 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(13)</sup> The following table represents the individual positions within the total return swap as of March 31, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum September 2025 Futures | 5.0% | $12315 |
|  Arabica Coffee September 2025 Futures | 4.7 | 11547 |
|  Brent Crude November 2025 Futures | 8.6 | 21156 |
|  Cocoa September 2025 Futures | 1.6 | 3906 |
|  Copper September 2025 Futures | 0.8 | 2033 |
|  Corn September 2025 Futures | 4.5 | 11118 |
|  Gas Oil November 2025 Futures | 3.0 | 7358 |
|  Gold 100 oz. December 2025 Futures | 6.2 | 15063 |
|  Gold 100 oz. June 2025 Futures | 17.5 | 42762 |
|  Lean Hogs October 2025 Futures | 3.3 | 8150 |
|  Live Cattle October 2025 Futures | 1.6 | 3796 |
|  New York Harbor ULSD November 2025 Futures | 2.2 | 5334 |
|  Nickel September 2025 Futures | 0.5 | 1106 |
|  NYMEX — Natural Gas September 2025 Futures | 4.5 | 11144 |
|  RBOB Gasoline November 2025 Futures | 8.6 | 21012 |
|  Silver July 2025 Futures | 9.3 | 22794 |
|  Silver September 2025 Futures | 2.8 | 6774 |
|  Sugar No. 11 October 2025 Futures | 2.2 | 5346 |
|  WTI Crude November 2025 Futures | 2.8 | 6739 |
|  Zinc September 2025 Futures | 2.0 | 4796 |
|  Total Long Futures Contracts |  | $224249 |
|  Cash | 8.3% | $20247 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244496 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

---

| | | |
|:---|:---|:---|
| **80** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Consolidated Statements of Assets and Liabilities as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $201 | $0 | $0 | $0 | $0 | $201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 26294 | 0 | 0 | 0 | 10 | 26304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 1 | 1 |
|  | $26495 | $0 | $0 | $0 | $11 | $26506 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $9213 | $0 | $9213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 86344 | 1 | 0 | 0 | 0 | 86345 |
|  | $86344 | $1 | $0 | $9213 | $0 | $95558 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112839 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9213 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122064 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $5459 | $0 | $0 | $0 | $0 | $5459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 30637 | 0 | 0 | 0 | 134 | 30771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 47 | 48 |
|  | $36096 | $1 | $0 | $0 | $181 | $36278 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $9074 | $0 | $9074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 325 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 5588 | 0 | 0 | 0 | 0 | 5588 |
|  | $5588 | $0 | $0 | $9074 | $325 | $14987 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41684 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9074 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51265 |

---

The effect of Financial Derivative Instruments on the Consolidated Statements of Operations for the year ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |  |  |  |  |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $963 | $0 | $0 | $0 | $0 | $963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 11584 | 0 | 0 | 0 | 0 | 11584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | (177186) | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1063) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(178249) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 107 | 0 | 0 | 553 | 660 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(164639) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $(510) | $(165042) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $65171 | $0 | $65171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | (26447) | 140 | 0 | 0 | 0 | (26307) |
|  | $(26447) | $140 | $0 | $65171 | $0 | $38864 |
|  | $(191086) | $247 | $0 | $65171 | $(510) | $(126178) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $(105) | $0 | $0 | $0 | $0 | $(105) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | (2912) | 0 | 0 | 0 | 0 | (2912) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | (26127) | 0 | 0 | 0 | 792 | (25335) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (17) | 0 | 0 | (1560) | (1577) |
|  | $(29144) | $(17) | $0 | $0 | $(768) | $(29929) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(12442) | $0 | $(12442) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 68 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 23344 | (132) | 0 | 0 | 0 | 23212 |
|  | $23344 | $(132) | $0 | $(12442) | $68 | $10838 |
|  | $(5800) | $(149) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12442) | $(700) | $(19091) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **81** |

---

------

Consolidated Schedule of Investments PIMCO CommoditiesPLUS<sup>®</sup><sup></sup>Strategy Fund (Cont.) March 31, 2025

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $410269 | $0 | $410269 |
| &nbsp;&nbsp; Industrials | 0 | 75894 | 0 | 75894 |
| &nbsp;&nbsp; Utilities | 0 | 52785 | 0 | 52785 |
|  U.S. Government Agencies | 0 | 515203 | 0 | 515203 |
|  U.S. Treasury Obligations | 0 | 149533 | 0 | 149533 |
|  Non-Agency Mortgage-Backed Securities | 0 | 103255 | 0 | 103255 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 25711 | 0 | 25711 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 360978 | 0 | 360978 |
| &nbsp;&nbsp; CMBS Other | 0 | 26795 | 0 | 26795 |
| &nbsp;&nbsp; Credit Card Bullet | 0 | 39301 | 0 | 39301 |
| &nbsp;&nbsp; Credit Card Other | 0 | 23538 | 0 | 23538 |
| &nbsp;&nbsp; Home Equity Other | 0 | 21282 | 0 | 21282 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 177 | 0 | 177 |
| &nbsp;&nbsp; Other ABS | 0 | 299916 | 0 | 299916 |
|  Sovereign Issues | 0 | 107972 | 0 | 107972 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Financials | 367 | 0 | 0 | 367 |
|  Commodities | 0 | 694575 | 0 | 694575 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 176150 | 0 | 176150 |
| &nbsp;&nbsp; Mutual Funds | 0 | 1961 | 0 | 1961 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 2043356 | 0 | 2043356 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 181501 | 0 | 181501 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5310152 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5310519 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $247860 | $0 | $0 | $247860 |
|  Total Investments | $248227 | $5310152 | $0 | $5558379 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  U.S. Government Agencies | $0 | $(129723) | $0 | $(129723) |
|  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 | 26115 | 10 | 0 | 26125 |
|  Over the counter | 0 | 95558 | 0 | 95558 |
|  | $26115 | $95568 | $0 | $121683 |
|  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 | (35627) | (182) | 0 | (35809) |
|  Over the counter | 0 | (14987) | 0 | (14987) |
|  | $(35627) | $(15169) | $0 | $(50796) |
|  Total Financial Derivative Instruments | $(9512) | $80399 | $0 | $70887 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238715 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5260828 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5499543 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | |
|:---|:---|:---|
| **82** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

Consolidated Schedule of Investments PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> March 31, 2025

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 123.8% | INVESTMENTS IN SECURITIES 123.8% | INVESTMENTS IN SECURITIES 123.8% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
| BANKING & FINANCE 0.2% | BANKING & FINANCE 0.2% | BANKING & FINANCE 0.2% |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 532 | 498 |
|  Jyske Realkredit AS | Jyske Realkredit AS | Jyske Realkredit AS |
|  0.500% due 10/01/2043 | 5 | 1 |
|  1.500% due 10/01/2053 | 4285 | 487 |
|  2.000% due 10/01/2053 | 10259 | 1236 |
|  2.500% due 10/01/2047 | 10 | 1 |
|  Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab |
|  1.000% due 10/01/2053 | 79 | 9 |
|  1.500% due 10/01/2053 | 17343 | 1966 |
|  2.000% due 10/01/2053 | 5094 | 614 |
|  2.500% due 10/01/2047 | 2 | 0 |
|  Nykredit Realkredit AS | Nykredit Realkredit AS | Nykredit Realkredit AS |
|  1.000% due 10/01/2053 | 19 | 2 |
|  1.500% due 10/01/2053 | 1494 | 151 |
|  2.000% due 10/01/2053 | 19 | 2 |
|  2.500% due 10/01/2047 | 8 | 1 |
|  Realkredit Danmark AS | Realkredit Danmark AS | Realkredit Danmark AS |
|  2.000% due 10/01/2053 | 4288 | 478 |
|  2.500% due 04/01/2047 | 8 | 1 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  0.650% due 01/14/2028 ~ | 400 | 416 |
|  6.373% due 07/15/2026 •  | 250 | 251 |
|  7.750% due 03/01/2029 ~ | 400 | 487 |
|  |  | 6601 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  VMware, Inc. | VMware, Inc. | VMware, Inc. |
|  3.900% due 08/21/2027 | 900 | 884 |
|  Total Corporate Bonds & Notes (Cost $8,987) | Total Corporate Bonds & Notes (Cost $8,987) | 7485 |
| U.S. GOVERNMENT AGENCIES 13.8% | U.S. GOVERNMENT AGENCIES 13.8% | U.S. GOVERNMENT AGENCIES 13.8% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  4.596% due 03/25/2036 •  | 29 | 28 |
|  4.899% due 02/25/2037 •  | 216 | 215 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  5.280% due 11/25/2054 •  | 4960 | 4966 |
|  6.918% due 01/01/2034 •  | 30 | 31 |
|  7.064% due 06/01/2033 •  | 25 | 26 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  5.461% due 08/20/2068 •  | 4485 | 4478 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  3.500% due 04/01/2055 | 77100 | 70553 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  4.500% due 09/01/2052 - 11/01/2052 | 899 | 862 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.000% due 05/01/2055 | 140789 | 130993 |
|  4.500% due 06/01/2055 | 119200 | 113927 |
|  5.500% due 05/01/2055 | 21700 | 21654 |
|  6.000% due 06/01/2055 | 128300 | 130066 |
|  6.500% due 06/01/2055 | 38300 | 39429 |
|  Total U.S. Government Agencies (Cost $514,513) | Total U.S. Government Agencies (Cost $514,513) | 517228 |
| U.S. TREASURY OBLIGATIONS 76.2% | U.S. TREASURY OBLIGATIONS 76.2% | U.S. TREASURY OBLIGATIONS 76.2% |
|  U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) |
|  0.125% due 04/15/2026 | 99514 | 98828 |
|  0.125% due 07/15/2026 (j) | 206210 | 205282 |
|  0.125% due 10/15/2026 | 259824 | 257800 |
|  0.125% due 04/15/2027 (j)(l) | 6074 | 5964 |
|  0.125% due 01/15/2030 | 23701 | 22306 |
|  0.125% due 07/15/2030 | 83182 | 77940 |
|  0.125% due 01/15/2031 | 78451 | 72481 |
|  0.125% due 07/15/2031 | 73446 | 67467 |
|  0.250% due 07/15/2029 | 70174 | 67235 |
|  0.250% due 02/15/2050 (l) | 618 | 378 |
|  0.375% due 07/15/2025 (j) | 44598 | 44677 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  0.375% due 01/15/2027 | 267695 | 264976 |
|  0.375% due 07/15/2027 | 64919 | 64189 |
|  0.500% due 01/15/2028 | 52791 | 51863 |
|  0.625% due 01/15/2026 (j) | 56113 | 56081 |
|  0.625% due 02/15/2043 (l) | 580 | 447 |
|  0.750% due 07/15/2028 | 169141 | 167192 |
|  0.750% due 02/15/2042 | 5060 | 4069 |
|  0.750% due 02/15/2045 (l) | 1349 | 1025 |
|  0.875% due 01/15/2029 (j) | 214963 | 211656 |
|  0.875% due 02/15/2047 (l) | 658 | 498 |
|  1.000% due 02/15/2046 | 4691 | 3705 |
|  1.125% due 01/15/2033 | 18979 | 18190 |
|  1.250% due 04/15/2028 | 182018 | 182109 |
|  1.375% due 07/15/2033 | 34092 | 33268 |
|  1.375% due 02/15/2044 | 7740 | 6745 |
|  1.625% due 10/15/2027 | 116115 | 118045 |
|  1.625% due 10/15/2029 | 166665 | 169065 |
|  1.750% due 01/15/2028 (j) | 60534 | 61545 |
|  1.875% due 07/15/2034 | 71764 | 72454 |
|  2.125% due 04/15/2029 | 249004 | 256443 |
|  2.125% due 01/15/2035 | 33211 | 34101 |
|  2.125% due 02/15/2040 | 5437 | 5499 |
|  2.125% due 02/15/2041 (l) | 1922 | 1940 |
|  2.375% due 10/15/2028 | 73207 | 76287 |
|  2.500% due 01/15/2029 (j) | 54749 | 57230 |
|  3.875% due 04/15/2029 | 15748 | 17309 |
|  Total U.S. Treasury Obligations (Cost $2,834,117) | Total U.S. Treasury Obligations (Cost $2,834,117) | 2856289 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 1.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.2% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  5.538% due 10/25/2035 •  | 43 | 40 |
|  5.837% due 09/25/2035 ~ | 208 | 184 |
|  Alliance Bancorp Trust | Alliance Bancorp Trust | Alliance Bancorp Trust |
|  4.915% due 07/25/2037 •  | 1341 | 1182 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  4.625% due 05/25/2046 ~ | 75 | 65 |
|  5.555% due 11/25/2046 ~ | 4592 | 1144 |
|  BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust |
|  5.484% due 09/15/2038 ~ | 3100 | 2957 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.487% due 01/20/2047 •  | 2785 | 2404 |
|  4.845% due 05/20/2036 ~ | 83 | 73 |
|  5.014% due 05/20/2035 •  | 54 | 49 |
|  5.109% due 01/20/2047 ~ | 59 | 51 |
|  5.697% due 05/25/2035 ~ | 8 | 7 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.671% due 11/25/2035 •  | 97 | 86 |
|  6.362% due 07/25/2035 •  | 98 | 94 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  4.630% due 04/26/2036 •  | 479 | 425 |
|  4.775% due 01/25/2037 •  | 493 | 453 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  4.445% due 07/25/2036 ~ | 230 | 195 |
|  4.526% due 02/25/2036 •  | 82 | 75 |
|  6.631% due 10/25/2035 •  | 142 | 141 |
|  6.715% due 05/25/2033 •  | 8 | 8 |
|  8.250% due 07/25/2034 •  | 19 | 18 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.348% due 09/25/2047 ~ | 2549 | 1250 |
|  4.755% due 02/25/2034 ~ | 172 | 162 |
|  5.043% due 09/25/2035 •  | 140 | 81 |
|  6.456% due 09/25/2034 ~ | 62 | 60 |
|  Beast Mortgage Trust | Beast Mortgage Trust | Beast Mortgage Trust |
|  5.620% due 02/15/2037 •  | 2200 | 1965 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.732% due 03/25/2037 ~ | 383 | 354 |
|  4.762% due 12/25/2035 ~ | 39 | 35 |
|  4.906% due 09/25/2036 •  | 275 | 229 |
|  CIM Trust | CIM Trust | CIM Trust |
|  1.951% due 06/25/2057 •  | 2148 | 1972 |
|  5.454% due 02/25/2049 ~ | 69 | 67 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.399% due 12/25/2035 ~ | 173 | 107 |
|  6.300% due 03/25/2036 ~ | 15 | 15 |
|  6.830% due 09/25/2035 •  | 6 | 6 |
|  7.410% due 05/25/2035 •  | 21 | 21 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust |
|  6.000% due 06/25/2037 | 125 | 109 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.614% due 02/20/2047 ~ | 2164 | 1740 |
|  4.629% due 12/20/2046 ~ | 166 | 145 |
|  4.795% due 05/25/2047 ~ | 712 | 653 |
|  4.855% due 07/25/2046 ~ | 62 | 56 |
|  4.895% due 11/25/2035 •  | 123 | 115 |
|  5.000% due 07/25/2035 | 626 | 353 |
|  5.500% due 07/25/2035 | 88 | 64 |
|  5.635% due 12/25/2035 ~ | 158 | 135 |
|  5.750% due 03/25/2037 ~ | 178 | 93 |
|  6.000% due 03/25/2037 | 179 | 63 |
|  6.500% due 08/25/2032 | 17 | 18 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  4.490% due 10/20/2035 •  | 5 | 5 |
|  4.933% due 09/25/2047 •  | 195 | 180 |
|  5.075% due 03/25/2035 ~ | 21 | 21 |
|  5.500% due 11/25/2035 | 51 | 27 |
|  5.500% due 04/25/2038 | 61 | 62 |
|  6.000% due 04/25/2036 | 264 | 128 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  4.585% due 09/29/2036 •  | 314 | 310 |
|  5.186% due 10/26/2036 ~ | 250 | 225 |
|  6.421% due 10/25/2037 •  | 1259 | 740 |
|  Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust |
|  4.535% due 10/25/2036 •  | 44 | 36 |
|  5.500% due 12/25/2035 | 179 | 151 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  6.000% due 02/25/2037 | 1583 | 605 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.752% due 11/25/2035 •  | 335 | 283 |
|  5.076% due 11/25/2035 •  | 65 | 63 |
|  5.665% due 11/25/2035 •  | 155 | 79 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.811% due 09/19/2037 ~ | 41 | 36 |
|  4.871% due 05/19/2035 •  | 251 | 241 |
|  4.931% due 01/19/2036 •  | 904 | 589 |
|  6.023% due 08/19/2036 ~ | 18 | 18 |
|  IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust |
|  4.795% due 07/25/2047 •  | 1052 | 693 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.110% due 09/25/2035 •  | 131 | 108 |
|  4.779% due 06/25/2035 ~ | 48 | 46 |
|  4.815% due 09/25/2046 •  | 1933 | 1724 |
|  4.835% due 11/25/2046 •  | 212 | 202 |
|  4.995% due 07/25/2035 ~ | 155 | 113 |
|  5.333% due 10/25/2034 ~ | 180 | 173 |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  4.895% due 12/25/2036 •  | 2073 | 1914 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.817% due 12/15/2031 ~ | 286 | 280 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  4.262% due 07/27/2037 ~ | 132 | 122 |
|  5.054% due 08/25/2036 ~ | 61 | 48 |
|  5.203% due 11/25/2035 •  | 80 | 63 |
|  5.987% due 07/25/2035 ~ | 31 | 30 |
|  6.142% due 06/25/2036 •  | 319 | 222 |
|  6.428% due 06/25/2035 •  | 12 | 12 |
|  Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust |
|  4.835% due 10/25/2046 •  | 316 | 287 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  4.915% due 05/25/2037 •  | 233 | 94 |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  4.578% due 06/25/2037 •  | 202 | 92 |
|  5.035% due 03/25/2037 •  | 603 | 142 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.313% due 05/25/2034 ~ | 73 | 65 |
|  5.050% due 06/25/2035 •  | 90 | 87 |
|  5.312% due 09/25/2035 •  | 59 | 47 |
|  6.084% due 05/25/2036 •  | 5 | 5 |
|  Merrill Lynch Mortgage-Backed Securities Trust | Merrill Lynch Mortgage-Backed Securities Trust | Merrill Lynch Mortgage-Backed Securities Trust |
|  4.369% due 04/25/2037 •  | 571 | 500 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 •  | 428 | 410 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **83** |

---

------

Consolidated Schedule of Investments PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.500% due 05/25/2058 •  | 55 | 53 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  4.353% due 08/25/2035 ~ | 392 | 150 |
|  4.735% due 08/25/2035 ~ | 400 | 289 |
|  4.815% due 12/25/2036 •  | 604 | 538 |
|  5.638% due 02/25/2036 •  | 218 | 188 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  4.835% due 05/25/2035 ~ | 705 | 434 |
|  6.500% due 09/25/2036 | 648 | 200 |
|  6.500% due 06/25/2037 | 11768 | 2347 |
|  Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust |
|  5.874% due 09/25/2035 ~ | 799 | 515 |
|  6.000% due 06/25/2037 | 409 | 322 |
|  6.500% due 03/25/2032 | 116 | 116 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.801% due 01/20/2047 ~ | 222 | 160 |
|  5.131% due 10/19/2026 ~ | 5 | 5 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  4.755% due 10/25/2035 •  | 350 | 331 |
|  4.912% due 02/25/2036 •  | 186 | 97 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.815% due 06/25/2036 •  | 61 | 60 |
|  4.855% due 04/25/2036 ~ | 5 | 4 |
|  4.875% due 05/25/2046 •  | 2475 | 878 |
|  4.931% due 07/19/2035 •  | 297 | 290 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  5.435% due 05/25/2058 ~ | 2719 | 2788 |
|  Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC |
|  4.210% due 08/20/2035 •  | 65 | 61 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.091% due 02/25/2037 ~ | 74 | 63 |
|  4.174% due 12/25/2046 •  | 407 | 355 |
|  4.584% due 08/25/2036 •  | 50 | 45 |
|  4.834% due 09/25/2036 •  | 512 | 439 |
|  5.375% due 01/25/2047 ~ | 885 | 805 |
|  5.615% due 06/25/2046 •  | 67 | 62 |
|  5.635% due 08/25/2046 •  | 161 | 148 |
|  5.835% due 11/25/2042 •  | 40 | 38 |
|  6.135% due 11/25/2046 ~ | 436 | 384 |
|  6.790% due 09/25/2033 •  | 16 | 15 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  6.500% due 08/25/2035 | 99 | 84 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.154% due 04/25/2036 •  | 160 | 158 |
|  7.424% due 10/25/2036 •  | 3 | 3 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $54,015) | Total Non-Agency Mortgage-Backed Securities (Cost $54,015) | 43222 |
| ASSET-BACKED SECURITIES 9.4% | ASSET-BACKED SECURITIES 9.4% | ASSET-BACKED SECURITIES 9.4% |
| CMBS OTHER 0.7% | CMBS OTHER 0.7% | CMBS OTHER 0.7% |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.799% due 01/15/2037 •  | 13048 | 13067 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.899% due 01/17/2037 •  | 6521 | 6513 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  6.134% due 12/15/2035 •  | 891 | 891 |
|  TPG Real Estate Finance Issuer Ltd. | TPG Real Estate Finance Issuer Ltd. | TPG Real Estate Finance Issuer Ltd. |
|  5.969% due 02/15/2039 •  | 6082 | 6064 |
|  |  | 26535 |
| HOME EQUITY OTHER 2.5% | HOME EQUITY OTHER 2.5% | HOME EQUITY OTHER 2.5% |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  4.715% due 10/25/2036 •  | 2996 | 2756 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.555% due 10/25/2036 ~ | 17 | 7 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.735% due 07/25/2036 •  | 3879 | 3456 |
|  4.755% due 05/25/2036 •  | 2329 | 562 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.385% due 10/25/2037 ~ | 1312 | 1266 |
|  CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust |
|  6.685% due 10/25/2037 •  | 3340 | 3386 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.595% due 01/25/2037 ~ | 37 | 27 |
|  4.615% due 03/25/2037 •  | 8459 | 7244 |
|  4.785% due 03/25/2037 •  | 5279 | 4520 |
|  4.895% due 12/25/2036 ~ | 902 | 613 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.181% due 11/25/2034 •  | 7502 | 6714 |
|  4.575% due 07/25/2037 ~ | 2468 | 2299 |
|  4.835% due 09/25/2037 ~ | 1299 | 1188 |
|  4.935% due 03/25/2037 •  | 2195 | 2090 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.705% due 10/25/2036 •  | 416 | 377 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  5.035% due 03/25/2037 •  | 493 | 197 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.805% due 03/25/2047 •  | 2405 | 1906 |
|  4.955% due 02/25/2046 •  | 1483 | 1370 |
|  5.410% due 03/25/2035 •  | 1001 | 957 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  5.110% due 02/25/2036 ~ | 1738 | 1698 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.735% due 07/25/2036 •  | 6884 | 3017 |
|  4.975% due 02/25/2036 •  | 723 | 714 |
|  IndyMac Residential Asset Backed Trust | IndyMac Residential Asset Backed Trust | IndyMac Residential Asset Backed Trust |
|  4.655% due 04/25/2037 ~ | 1478 | 1133 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  4.645% due 10/25/2036 •  | 38 | 38 |
|  4.715% due 06/25/2037 ~ | 4500 | 3903 |
|  4.735% due 07/25/2036 ~ | 11994 | 5137 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.735% due 10/25/2036 •  | 1436 | 467 |
|  MASTR Specialized Loan Trust | MASTR Specialized Loan Trust | MASTR Specialized Loan Trust |
|  5.175% due 01/25/2037 ~ | 17843 | 7134 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  4.495% due 05/25/2037 •  | 325 | 292 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.410% due 11/25/2036 þ | 1461 | 325 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  5.200% due 02/25/2035 ~ | 1107 | 1094 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.775% due 11/25/2036 •  | 7740 | 2353 |
|  5.140% due 01/25/2036 •  | 182 | 181 |
|  Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates |
|  6.460% due 12/25/2034 •  | 3100 | 2998 |
|  Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust |
|  4.745% due 06/25/2047 •  | 1870 | 1734 |
|  5.305% due 02/25/2036 •  | 4043 | 3821 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.535% due 09/25/2037 •  | 13249 | 5419 |
|  Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust |
|  4.735% due 09/25/2036 •  | 8703 | 7972 |
|  4.915% due 08/25/2036 •  | 575 | 508 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.695% due 12/25/2036 •  | 1490 | 1383 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.555% due 11/25/2036 ~ | 419 | 115 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  5.155% due 04/25/2033 ~ | 645 | 676 |
|  Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust |
|  6.835% due 12/25/2034 •  | 1207 | 1211 |
|  |  | 94258 |
| HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  5.155% due 04/25/2037 •  | 568 | 151 |
| MANUFACTURING HOUSE ABS OTHER 0.1% | MANUFACTURING HOUSE ABS OTHER 0.1% | MANUFACTURING HOUSE ABS OTHER 0.1% |
|  Lehman ABS Manufactured Housing Contract Trust | Lehman ABS Manufactured Housing Contract Trust | Lehman ABS Manufactured Housing Contract Trust |
|  7.170% due 04/15/2040 ~ | 2042 | 1922 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| WHOLE LOAN COLLATERAL 0.8% | WHOLE LOAN COLLATERAL 0.8% | WHOLE LOAN COLLATERAL 0.8% |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.930% due 10/25/2036 •  | 7400 | 7275 |
|  5.135% due 11/25/2046 •  | 11000 | 9369 |
|  5.140% due 03/25/2037 •  | 3200 | 3075 |
|  IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust |
|  4.575% due 07/25/2036 ~ | 3780 | 1192 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.755% due 05/25/2036 •  | 974 | 841 |
|  4.873% due 06/25/2036 þ | 2228 | 2163 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.875% due 10/25/2036 •  | 17897 | 5943 |
|  4.935% due 05/25/2036 •  | 3679 | 1897 |
|  |  | 31755 |
| OTHER ABS 5.3% | OTHER ABS 5.3% | OTHER ABS 5.3% |
|  522 Funding CLO Ltd. | 522 Funding CLO Ltd. | 522 Funding CLO Ltd. |
|  5.595% due 10/20/2031 •  | 1685 | 1686 |
|  ACAS CLO Ltd. | ACAS CLO Ltd. | ACAS CLO Ltd. |
|  5.445% due 10/18/2028 ~ | 44 | 44 |
|  AGL CLO Ltd. | AGL CLO Ltd. | AGL CLO Ltd. |
|  5.419% due 12/02/2034 •  | 2800 | 2800 |
|  Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. |
|  5.730% due 04/22/2034 ~ | 2900 | 2902 |
|  Apidos CLO | Apidos CLO | Apidos CLO |
|  5.543% due 04/17/2034 •(a) | 3500 | 3500 |
|  Ares European CLO DAC | Ares European CLO DAC | Ares European CLO DAC |
|  3.565% due 10/15/2031 •  | 1173 | 1269 |
|  3.594% due 04/20/2032 •  | 4894 | 5293 |
|  Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. |
|  5.632% due 04/22/2031 •  | 1499 | 1498 |
|  5.654% due 01/15/2031 ~ | 105 | 105 |
|  Avoca CLO DAC | Avoca CLO DAC | Avoca CLO DAC |
|  3.599% due 01/12/2031 •  | 903 | 976 |
|  Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC |
|  3.484% due 01/20/2032 •  | 4480 | 4846 |
|  BlueMountain Fuji EUR CLO DAC | BlueMountain Fuji EUR CLO DAC | BlueMountain Fuji EUR CLO DAC |
|  3.505% due 01/15/2031 •  | 6487 | 7016 |
|  Cairn CLO DAC | Cairn CLO DAC | Cairn CLO DAC |
|  3.565% due 10/15/2031 •  | 2617 | 2831 |
|  Carbone CLO Ltd. | Carbone CLO Ltd. | Carbone CLO Ltd. |
|  5.695% due 01/20/2031 ~ | 1271 | 1272 |
|  Carlyle Global Market Strategies Euro CLO DAC | Carlyle Global Market Strategies Euro CLO DAC | Carlyle Global Market Strategies Euro CLO DAC |
|  3.306% (EUR003M + 0.750%) due 11/15/2031 ~ | 3757 | 4064 |
|  3.485% due 01/15/2031 •  | 6584 | 7085 |
|  CBAM Ltd. | CBAM Ltd. | CBAM Ltd. |
|  5.675% due 04/20/2032 ~ | 1146 | 1147 |
|  Cedar Funding CLO Ltd. | Cedar Funding CLO Ltd. | Cedar Funding CLO Ltd. |
|  5.664% due 07/17/2031 ~ | 1545 | 1545 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.505% due 04/20/2030 ~ | 152 | 153 |
|  CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC |
|  3.131% due 09/15/2031 •  | 2473 | 2672 |
|  3.435% due 10/15/2031 •  | 6509 | 7039 |
|  Dryden Euro CLO DAC | Dryden Euro CLO DAC | Dryden Euro CLO DAC |
|  3.306% due 05/15/2032 •  | 1594 | 1720 |
|  Dryden Senior Loan Fund | Dryden Senior Loan Fund | Dryden Senior Loan Fund |
|  5.464% due 04/15/2029 •  | 1465 | 1465 |
|  5.553% due 01/17/2033 •  | 1850 | 1850 |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  5.512% due 10/25/2030 •  | 68 | 68 |
|  Euro-Galaxy CLO DAC | Euro-Galaxy CLO DAC | Euro-Galaxy CLO DAC |
|  3.291% due 04/24/2034 •  | 5931 | 6407 |
|  Flatiron CLO Ltd. | Flatiron CLO Ltd. | Flatiron CLO Ltd. |
|  5.476% due 11/16/2034 •(a) | 3000 | 3000 |
|  Galaxy CLO Ltd. | Galaxy CLO Ltd. | Galaxy CLO Ltd. |
|  5.534% due 10/15/2030 •  | 761 | 761 |
|  Greywolf CLO Ltd. | Greywolf CLO Ltd. | Greywolf CLO Ltd. |
|  5.722% due 01/27/2031 •  | 198 | 198 |
|  Harvest CLO DAC | Harvest CLO DAC | Harvest CLO DAC |
|  3.424% due 10/20/2031 •  | 3783 | 4089 |

---

---

| | | |
|:---|:---|:---|
| **84** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.425% due 10/15/2031 •  |  | 5405 | $— | 5841 |
|  3.426% due 11/18/2030 •  |  | 2044 |  | 2214 |
|  Jubilee CLO DAC | Jubilee CLO DAC | Jubilee CLO DAC | Jubilee CLO DAC | Jubilee CLO DAC |
|  3.435% due 04/15/2031 •  |  | 778 |  | 841 |
|  KKR CLO Ltd. | KKR CLO Ltd. | KKR CLO Ltd. | KKR CLO Ltd. | KKR CLO Ltd. |
|  5.495% due 07/18/2030 •  | $— | 771 |  | 771 |
|  5.514% due 07/15/2030 ~ |  | 445 |  | 446 |
|  LCM Ltd. | LCM Ltd. | LCM Ltd. | LCM Ltd. | LCM Ltd. |
|  5.625% due 01/20/2031 •  |  | 616 |  | 617 |
|  5.634% due 04/15/2031 •  |  | 1325 |  | 1325 |
|  5.694% due 10/15/2031 •  |  | 1504 |  | 1504 |
|  Madison Park Euro Funding DAC | Madison Park Euro Funding DAC | Madison Park Euro Funding DAC | Madison Park Euro Funding DAC | Madison Park Euro Funding DAC |
|  3.535% due 01/15/2032 •  |  | 4473 |  | 4842 |
|  Madison Park Funding Ltd. | Madison Park Funding Ltd. | Madison Park Funding Ltd. | Madison Park Funding Ltd. | Madison Park Funding Ltd. |
|  5.324% due 10/15/2034 •  | $— | 1100 |  | 1094 |
|  5.361% due 10/19/2034 •  |  | 1600 |  | 1594 |
|  5.532% due 07/27/2031 ~ |  | 1361 |  | 1364 |
|  5.545% due 04/20/2032 •  |  | 1731 |  | 1731 |
|  Man GLG Euro CLO DAC | Man GLG Euro CLO DAC | Man GLG Euro CLO DAC | Man GLG Euro CLO DAC | Man GLG Euro CLO DAC |
|  3.191% due 12/15/2031 •  |  | 3257 |  | 3522 |
|  Mountain View CLO Ltd. | Mountain View CLO Ltd. | Mountain View CLO Ltd. | Mountain View CLO Ltd. | Mountain View CLO Ltd. |
|  5.684% due 07/15/2031 ~ | $— | 1418 |  | 1419 |
|  OAK Hill European Credit Partners DAC | OAK Hill European Credit Partners DAC | OAK Hill European Credit Partners DAC | OAK Hill European Credit Partners DAC | OAK Hill European Credit Partners DAC |
|  3.474% due 01/20/2032 •  |  | 1054 |  | 1140 |
|  3.484% (EUR003M + 0.740%) due 10/20/2031 ~ |  | 2211 |  | 2386 |
|  Ocean Trails CLO | Ocean Trails CLO | Ocean Trails CLO | Ocean Trails CLO | Ocean Trails CLO |
|  5.340% due 07/20/2034 •  | $— | 4700 |  | 4679 |
|  OCP CLO Ltd. | OCP CLO Ltd. | OCP CLO Ltd. | OCP CLO Ltd. | OCP CLO Ltd. |
|  5.675% due 07/20/2029 •  |  | 132 |  | 132 |
|  OCP Euro CLO DAC | OCP Euro CLO DAC | OCP Euro CLO DAC | OCP Euro CLO DAC | OCP Euro CLO DAC |
|  3.584% due 09/22/2034 •  |  | 8399 |  | 9079 |
|  Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. |
|  5.343% due 01/20/2035 •  | $— | 700 |  | 699 |
|  OZLM Ltd. | OZLM Ltd. | OZLM Ltd. | OZLM Ltd. | OZLM Ltd. |
|  5.493% due 10/20/2031 ~ |  | 304 |  | 305 |
|  5.715% due 07/20/2032 •  |  | 2869 |  | 2870 |
|  Palmer Square CLO Ltd. | Palmer Square CLO Ltd. | Palmer Square CLO Ltd. | Palmer Square CLO Ltd. | Palmer Square CLO Ltd. |
|  5.380% due 05/21/2034 •  |  | 8400 |  | 8385 |
|  Palmer Square European CLO DAC | Palmer Square European CLO DAC | Palmer Square European CLO DAC | Palmer Square European CLO DAC | Palmer Square European CLO DAC |
|  3.715% due 04/15/2035 •  |  | 1400 |  | 1513 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  3.339% due 08/15/2033 «•(a) |  | 1500 |  | 1622 |
|  3.505% due 10/15/2031 •  |  | 4048 |  | 4379 |
|  Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. |
|  5.364% due 10/15/2029 •  | $— | 121 |  | 121 |
|  Rad CLO Ltd. | Rad CLO Ltd. | Rad CLO Ltd. | Rad CLO Ltd. | Rad CLO Ltd. |
|  5.678% due 07/24/2032 •  |  | 1016 |  | 1017 |
|  5.722% due 04/23/2034 •  |  | 4000 |  | 4002 |
|  Saranac CLO Ltd. | Saranac CLO Ltd. | Saranac CLO Ltd. | Saranac CLO Ltd. | Saranac CLO Ltd. |
|  5.699% due 08/13/2031 ~ |  | 1052 |  | 1052 |
|  Sound Point CLO Ltd. | Sound Point CLO Ltd. | Sound Point CLO Ltd. | Sound Point CLO Ltd. | Sound Point CLO Ltd. |
|  5.675% due 01/21/2031 ~ |  | 842 |  | 842 |
|  St Paul's CLO DAC | St Paul's CLO DAC | St Paul's CLO DAC | St Paul's CLO DAC | St Paul's CLO DAC |
|  3.653% due 10/25/2035 •  |  | 700 |  | 756 |
|  Symphony CLO Ltd. | Symphony CLO Ltd. | Symphony CLO Ltd. | Symphony CLO Ltd. | Symphony CLO Ltd. |
|  5.535% due 04/19/2034 •  | $— | 9500 |  | 9477 |
|  TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. |
|  5.571% due 10/13/2032 •  |  | 3954 |  | 3956 |
|  Toro European CLO DAC | Toro European CLO DAC | Toro European CLO DAC | Toro European CLO DAC | Toro European CLO DAC |
|  3.709% due 01/12/2032 •  |  | 4845 |  | 5219 |
|  Trinitas CLO Ltd. | Trinitas CLO Ltd. | Trinitas CLO Ltd. | Trinitas CLO Ltd. | Trinitas CLO Ltd. |
|  5.370% due 01/25/2035 •  | $— | 2600 |  | 2600 |
|  Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. |
|  5.575% due 09/07/2030 ~ |  | 1057 |  | 1058 |
|  5.605% due 07/20/2030 •  |  | 1319 |  | 1319 |
|  5.624% due 07/15/2031 ~ |  | 2176 |  | 2177 |
|  5.685% due 04/20/2032 •  |  | 7562 |  | 7563 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.514% due 04/17/2030 •  |  | 514 |  | 513 |
|  5.544% due 06/07/2030 ~ |  | 204 |  | 204 |
|  5.564% due 10/15/2030 •  |  | 1524 |  | 1525 |
|  5.649% due 07/14/2031 ~ |  | 861 |  | 861 |
|  5.774% due 10/15/2030 ~ |  | 1628 |  | 1629 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Voya Euro CLO DAC | Voya Euro CLO DAC | Voya Euro CLO DAC |
|  3.755% due 10/15/2034 •  | 2800 | 3017 |
|  Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. |
|  5.605% due 07/18/2031 ~ | 426 | 425 |
|  5.624% due 10/15/2034 •  | 3897 | 3882 |
|  |  | 198830 |
|  Total Asset-Backed Securities (Cost $378,162) | Total Asset-Backed Securities (Cost $378,162) | 353451 |
| SOVEREIGN ISSUES 10.9% | SOVEREIGN ISSUES 10.9% | SOVEREIGN ISSUES 10.9% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 07/01/2025 (c) | 161600 | 27419 |
|  0.000% due 10/01/2025 (c) | 368500 | 60260 |
|  Canada Government Bond | Canada Government Bond | Canada Government Bond |
|  4.250% due 12/01/2026 (d) | 20569 | 15306 |
|  France Government International Bond | France Government International Bond | France Government International Bond |
|  0.100% due 03/01/2026 (d) | 25913 | 28096 |
|  0.100% due 07/25/2031 (d) | 51907 | 53628 |
|  0.100% due 07/25/2038 (d) | 354 | 319 |
|  Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |
|  0.400% due 05/15/2030 (d) | 10843 | 11344 |
|  1.400% due 05/26/2025 (d) | 98703 | 107000 |
|  1.800% due 05/15/2036 (d) | 4074 | 4303 |
|  Japan Government International Bond | Japan Government International Bond | Japan Government International Bond |
|  0.100% due 03/10/2028 (d) | 3768833 | 26032 |
|  0.100% due 03/10/2029 (d) | 10801359 | 74462 |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  4.000% due 08/24/2034 (d) | 8119 | 370 |
|  Total Sovereign Issues (Cost $440,057) | Total Sovereign Issues (Cost $440,057) | 408539 |
|  | **SHARES** |  |
| PREFERRED SECURITIES 0.1% | PREFERRED SECURITIES 0.1% | PREFERRED SECURITIES 0.1% |
| BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.875% due 03/15/2028 •(e) | 3840000 | 3875 |
|  Total Preferred Securities (Cost $3,840) | Total Preferred Securities (Cost $3,840) | 3875 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| SHORT-TERM INSTRUMENTS 12.0% | SHORT-TERM INSTRUMENTS 12.0% | SHORT-TERM INSTRUMENTS 12.0% |
| COMMERCIAL PAPER 3.5% | COMMERCIAL PAPER 3.5% | COMMERCIAL PAPER 3.5% |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  4.640% due 04/15/2025 | 10250 | 10231 |
|  4.640% due 04/17/2025 | 8200 | 8182 |
|  Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. |
|  4.630% due 04/15/2025 | 4100 | 4092 |
|  4.640% due 04/09/2025 | 4500 | 4495 |
|  Bacardi-Martini BV | Bacardi-Martini BV | Bacardi-Martini BV |
|  4.700% due 04/24/2025 | 2500 | 2492 |
|  4.730% due 04/17/2025 | 1200 | 1197 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  4.610% due 05/13/2025 | 1000 | 994 |
|  CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
|  4.720% due 04/17/2025 | 4300 | 4290 |
|  4.720% due 04/23/2025 | 3400 | 3390 |
|  4.730% due 04/09/2025 | 1700 | 1698 |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
|  4.800% due 04/11/2025 | 900 | 899 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.910% due 04/29/2025 | 18490 | 18417 |
|  Enbridge U.S., Inc. | Enbridge U.S., Inc. | Enbridge U.S., Inc. |
|  4.640% due 04/25/2025 | 6500 | 6479 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  5.000% due 04/21/2025 | 4500 | 4487 |
|  5.000% due 04/22/2025 | 3400 | 3390 |
|  5.000% due 04/23/2025 | 2500 | 2492 |
|  5.000% due 04/24/2025 | 2400 | 2392 |
|  International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |
|  4.950% due 04/16/2025 | 2800 | 2794 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Jabil, Inc. | Jabil, Inc. | Jabil, Inc. |
|  4.820% due 04/07/2025 | 4500 | 4495 |
|  4.820% due 04/11/2025 | 4800 | 4792 |
|  Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV |
|  4.750% due 04/17/2025 | 2900 | 2894 |
|  4.750% due 04/22/2025 | 3700 | 3690 |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  4.600% due 04/14/2025 | 7800 | 7786 |
|  Marsh & McLennan Cos, Inc. | Marsh & McLennan Cos, Inc. | Marsh & McLennan Cos, Inc. |
|  4.630% due 04/21/2025 | 5200 | 5186 |
|  4.630% due 04/23/2025 | 4600 | 4587 |
|  4.630% due 04/24/2025 | 1100 | 1097 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  4.630% due 04/21/2025 | 2600 | 2593 |
|  Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
|  4.700% due 04/03/2025 | 3200 | 3199 |
|  4.700% due 04/04/2025 | 900 | 900 |
|  4.700% due 04/21/2025 | 5200 | 5185 |
|  VW Credit, Inc. | VW Credit, Inc. | VW Credit, Inc. |
|  4.580% due 04/04/2025 | 2700 | 2699 |
|  |  | 131514 |
|  | **SHARES** |  |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.400% (f) | 347051 | 347 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| REPURCHASE AGREEMENTS (g) 6.8% | REPURCHASE AGREEMENTS (g) 6.8% | REPURCHASE AGREEMENTS (g) 6.8% |
|  |  | 253675 |
| U.S. TREASURY BILLS 1.7% | U.S. TREASURY BILLS 1.7% | U.S. TREASURY BILLS 1.7% |
|  4.323% due 04/10/2025 - 06/05/2025 (b)(c)(j)(l) | 63425 | 63051 |
| Total Short-Term Instruments (Cost $449,431) | Total Short-Term Instruments (Cost $449,431) | 448587 |
| Total Investments in Securities (Cost $4,683,122) | Total Investments in Securities (Cost $4,683,122) | 4638676 |
|  | **SHARES** |  |
| INVESTMENTS IN AFFILIATES 8.1% | INVESTMENTS IN AFFILIATES 8.1% | INVESTMENTS IN AFFILIATES 8.1% |
| SHORT-TERM INSTRUMENTS 8.1% | SHORT-TERM INSTRUMENTS 8.1% | SHORT-TERM INSTRUMENTS 8.1% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.1% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 31085705 | 302588 |
| Total Short-Term Instruments (Cost $302,614) | Total Short-Term Instruments (Cost $302,614) | 302588 |
| Total Investments in Affiliates (Cost $302,614) | Total Investments in Affiliates (Cost $302,614) | 302588 |
| Total Investments 131.9% (Cost $4,985,736) | Total Investments 131.9% (Cost $4,985,736) | 4941264 |
|  Financial Derivative<br>Instruments (i)(k) 1.4%<br> (Cost or Premiums, net $(20435)) | Financial Derivative<br>Instruments (i)(k) 1.4%<br> (Cost or Premiums, net $(20435)) | 53789 |
| Other Assets and Liabilities, net (33.3)% | Other Assets and Liabilities, net (33.3)% | (1249102) |
| Net Assets 100.0% | Net Assets 100.0% | 3745951 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 85

------

Consolidated Schedule of Investments PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> (Cont.)

#### NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) When-issued security.

(b) Coupon represents a weighted average yield to maturity.

(c) Zero coupon security.

(d) Principal amount of security is adjusted for inflation.

(e) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(f) Coupon represents a 7-Day Yield.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(g) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | **Principal<br>Amount** | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOM | 2.730% | 03/27/2025 | 04/03/2025 | 40000 | Province of Ontario 3.750% due 12/02/2053 | $(29292) | $27796 | $27807 |
| BUS | 2.720 | 04/01/2025 | 04/08/2025 | 60000 | Province of Manitoba 4.700% due 03/05/2050 | (7131) | 41694 | 41694 |
|  |  |  |  |  | Province of Saskatchewan 2.350% due 06/02/2060 | (35868) |  |  |
| JPS | 4.500 | 03/31/2025 | 04/01/2025 | $6100 | U.S. Treasury Notes 0.750% due 03/31/2026 | (6225) | 6100 | 6101 |
| MEI | 2.730 | 03/28/2025 | 04/04/2025 | 160000 | Canada Government International Bond 4.000% due 08/01/2026 | (113536) | 111185 | 111217 |
| SAL | 4.380 | 03/31/2025 | 04/01/2025 | $66900 | U.S. Treasury Notes 4.125% due 01/31/2027 | (68275) | 66900 | 66908 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(260327) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253675 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253727 |

---

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(2)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(2)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BPS | 0.380% | 01/30/2025 | 04/30/2025 | JPY (72782491) | $(485561) |
|  | 0.430 | 03/24/2025 | 06/16/2025 | (16644589) | (110980) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(596541) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(3)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOM | $27807 | $0 | $0 | $27807 | $(28964) | $(1157) |
|  BPS | 0 | (596541) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(596541) | 606686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10145 |
|  BUS | 41694 | 0 | 0 | 41694 | (42999) | (1305) |
|  JPS | 6101 | 0 | 0 | 6101 | (6225) | (124) |
|  MEI | 111217 | 0 | 0 | 111217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113536) | (2319) |
|  SAL | 66908 | 0 | 0 | 66908 | (68275) | (1367) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253727 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(596541) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

86 PIMCO REAL RETURN STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  U.S. Treasury Obligations | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(485561) | $(110980) | $0 | $(596541) |
|  Total Borrowings | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(485561) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110980) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(596541) |
|  Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | $(596541) |

---

(h) Securities with an aggregate market value of $607,878 and cash of $328 have been pledged as collateral under the terms of the above master agreements as of March 31, 2025.

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> The average amount of borrowings outstanding during the period ended March 31, 2025 was $(548334) at a weighted average interest rate of 0.337%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(3)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

&nbsp;&nbsp;&nbsp;&nbsp;(i) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### PURCHASED OPTIONS:

#### FUTURE STYLED COMMODITY OPTIONS<sup>(1)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Cost | Market<br>Value |
|  Put - ICE Crude Oil December 2025 Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.000 | 10/28/2025 | 105 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | $205 | $120 |
|  Put - ICE Crude Oil July 2025 Futures | 60.000 | 05/27/2025 | 113 | 113 | 115 | 22 |
|  Put - ICE Crude Oil June 2025 Futures | 67.000 | 04/25/2025 | 28 | 28 | 35 | 6 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 |

---

#### WRITTEN OPTIONS:

#### COMMODITY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Call - CME Gold June 2025 Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200.000 | 05/27/2025 | 14 | $1 | $(48) | $(84) |
|  Call - CME Gold June 2025 Futures | 3250.000 | 05/27/2025 | 7 | 1 | (18) | (31) |
|  Call - CME Gold June 2025 Futures | 3300.000 | 05/27/2025 | 7 | 1 | (12) | (22) |
|  Call - CME Gold June 2025 Futures | 3400.000 | 05/27/2025 | 12 | 1 | (10) | (20) |
|  Call - CME Gold May 2025 Futures | 3000.000 | 04/24/2025 | 5 | 1 | (15) | (80) |
|  Call - CME Gold May 2025 Futures | 3050.000 | 04/24/2025 | 5 | 1 | (15) | (59) |
|  Call - CME Gold May 2025 Futures | 3100.000 | 04/24/2025 | 20 | 2 | (34) | (164) |
|  Call - CME Gold May 2025 Futures | 3150.000 | 04/24/2025 | 5 | 1 | (8) | (27) |
|  Call - CME Gold May 2025 Futures | 3300.000 | 04/24/2025 | 20 | 2 | (15) | (22) |
|  Call - NYMEX Crude Oil July 2025 Futures | 78.000 | 06/16/2025 | 10 | 10 | (8) | (11) |
|  Call - NYMEX Crude Oil July 2025 Futures | 82.000 | 06/16/2025 | 10 | 10 | (6) | (6) |
|  Call - NYMEX Crude Oil June 2025 Futures | 72.000 | 05/15/2025 | 10 | 10 | (11) | (22) |
|  Call - NYMEX Crude Oil June 2025 Futures | 73.000 | 05/15/2025 | 10 | 10 | (9) | (18) |
|  Call - NYMEX Crude Oil June 2025 Futures | 75.000 | 05/15/2025 | 4 | 4 | (5) | (5) |
|  Call - NYMEX Crude Oil June 2025 Futures | 76.000 | 05/15/2025 | 20 | 20 | (11) | (19) |
|  Call - NYMEX Crude Oil May 2025 Futures | 79.500 | 04/16/2025 | 10 | 10 | (8) | (1) |
|  Call - NYMEX Crude Oil May 2025 Futures | 80.000 | 04/16/2025 | 5 | 5 | (5) | (1) |
|  Call - NYMEX Crude Oil May 2025 Futures | 81.000 | 04/16/2025 | 10 | 10 | (8) | (1) |
|  Call - NYMEX Crude Oil May 2025 Futures | 83.000 | 04/16/2025 | 20 | 20 | (8) | (1) |
|  Call - NYMEX Crude Oil May 2025 Futures | 85.000 | 04/16/2025 | 5 | 5 | (2) | 0 |
|  Put - NYMEX Natural Gas June 2025 Futures | 4.000 | 05/27/2025 | 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 | (39) | (36) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(295) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(630) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 87

------

Consolidated Schedule of Investments PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> (Cont.)

#### FUTURE STYLED COMMODITY OPTIONS<sup>(1)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Call - ICE Crude Oil December 2025 Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76.000 | 10/28/2025 | 105 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | $(237) | $(374) |
|  Call - ICE Crude Oil July 2025 Futures | 76.000 | 05/27/2025 | 4 | 4 | (4) | (8) |
|  Call - ICE Crude Oil July 2025 Futures | 78.000 | 05/27/2025 | 124 | 124 | (507) | (181) |
|  Call - ICE Crude Oil July 2025 Futures | 79.000 | 05/27/2025 | 10 | 10 | (8) | (12) |
|  Call - ICE Crude Oil July 2025 Futures | 80.000 | 05/27/2025 | 20 | 20 | (13) | (21) |
|  Call - ICE Crude Oil July 2025 Futures | 85.000 | 05/27/2025 | 20 | 20 | (6) | (10) |
|  Call - ICE Crude Oil June 2025 Futures | 76.000 | 04/25/2025 | 28 | 28 | (22) | (40) |
|  Call - ICE Crude Oil June 2025 Futures | 79.000 | 04/25/2025 | 10 | 10 | (11) | (6) |
|  Call - ICE Crude Oil June 2025 Futures | 80.000 | 04/25/2025 | 5 | 5 | (4) | (3) |
|  Call - ICE Crude Oil June 2025 Futures | 81.000 | 04/25/2025 | 5 | 5 | (4) | (2) |
|  Call - ICE Crude Oil June 2025 Futures | 82.000 | 04/25/2025 | 10 | 10 | (9) | (3) |
|  Call - ICE Crude Oil June 2025 Futures | 83.000 | 04/25/2025 | 8 | 8 | (3) | (2) |
|  Call - ICE Crude Oil June 2025 Futures | 85.000 | 04/25/2025 | 8 | 8 | (3) | (1) |
|  |  |  |  |  | $(831) | $(663) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1126) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1293) |

---

#### FUTURES CONTRACTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month EURIBOR September Futures  | 09/2026 | 2584 | $684305 | $139 | $349 | $(70) |
|  Aluminum September Futures  | 09/2025 | 83 | 5284 | (232) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(232) |
|  Arabica Coffee September Futures  | 09/2025 | 60 | 8333 | (38) | 0 | (28) |
|  Australia Government 10-Year Bond June Futures  | 06/2025 | 997 | 70184 | 112 | 667 | 0 |
|  Brent Crude December Futures  | 10/2026 | 241 | 16581 | (171) | 248 | 0 |
|  Brent Crude January Futures  | 11/2025 | 118 | 8351 | 298 | 172 | 0 |
|  Brent Crude June Futures  | 04/2026 | 40 | 2783 | 91 | 48 | 0 |
|  Brent Crude March Futures  | 01/2026 | 14 | 982 | (35) | 19 | 0 |
|  Brent Crude November Futures  | 09/2025 | 84 | 6010 | (132) | 134 | 0 |
|  Brent Crude October Futures  | 08/2025 | 88 | 6340 | 141 | 149 | 0 |
|  California Carbon Allowance December Futures  | 12/2025 | 2072 | 63797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14084) | 0 | (228) |
|  California Carbon Allowance Vintage December Futures  | 12/2026 | 1577 | 51663 | 243 | 6 | (167) |
|  Cocoa July Futures  | 07/2025 | 27 | 2130 | (74) | 0 | (33) |
|  Cocoa July Futures  | 07/2025 | 1 | 80 | 0 | 1 | (1) |
|  Cocoa May Futures  | 05/2025 | 9 | 721 | 216 | 12 | (7) |
|  Cocoa September Futures  | 09/2025 | 30 | 2339 | (244) | 0 | (32) |
|  Copper July Futures  | 07/2025 | 288 | 68772 | 1256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268 | (12) |
|  Copper May Futures  | 05/2025 | 32 | 4027 | 219 | 0 | (77) |
|  Copper September Futures  | 09/2025 | 7 | 896 | 78 | 0 | (15) |
|  Corn September Futures  | 09/2025 | 324 | 7043 | (664) | 0 | (8) |
|  Euro-BOBL June Futures  | 06/2025 | 123 | 15666 | (141) | 37 | (4) |
|  Euro-BTP June Futures  | 06/2025 | 480 | 60996 | (1262) | 161 | (73) |
|  Euro-Buxl 30-Year Bond June Futures  | 06/2025 | 84 | 10832 | (701) | 114 | 0 |
|  European Climate Exchange December Futures  | 12/2025 | 36 | 2646 | (434) | 10 | (32) |
|  Gas Oil December Futures  | 12/2025 | 177 | 11731 | 529 | 257 | 0 |
|  Gas Oil September Futures  | 09/2025 | 59 | 3956 | 83 | 90 | 0 |
|  Gold 100 oz. December Futures  | 12/2025 | 20 | 6446 | 284 | 74 | 0 |
|  Gold 100 oz. June Futures  | 06/2025 | 48 | 15121 | 279 | 156 | 0 |
|  Hard Red Winter Wheat December Futures  | 12/2025 | 26 | 791 | (23) | 4 | 0 |
|  Hard Red Winter Wheat May Futures  | 05/2025 | 446 | 12421 | (1255) | 117 | 0 |
|  Henry Hub Natural Gas March Futures  | 02/2027 | 4 | 39 | 1 | 0 | 0 |
|  Henry Hub Natural Gas April Futures  | 03/2027 | 4 | 34 | (4) | 0 | 0 |
|  Henry Hub Natural Gas April Futures  | 03/2030 | 25 | 176 | (34) | 0 | (1) |
|  Henry Hub Natural Gas April Futures  | 03/2031 | 11 | 74 | (19) | 0 | (1) |
|  Henry Hub Natural Gas August Futures  | 07/2027 | 4 | 37 | (1) | 0 | 0 |
|  Henry Hub Natural Gas August Futures  | 07/2030 | 25 | 197 | (13) | 0 | (2) |
|  Henry Hub Natural Gas August Futures  | 07/2031 | 11 | 84 | (8) | 0 | (1) |
|  Henry Hub Natural Gas December Futures  | 11/2027 | 4 | 43 | 5 | 0 | 0 |
|  Henry Hub Natural Gas December Futures  | 11/2030 | 25 | 238 | 29 | 0 | (2) |
|  Henry Hub Natural Gas December Futures  | 11/2031 | 11 | 104 | 11 | 0 | (1) |
|  Henry Hub Natural Gas February Futures  | 01/2027 | 4 | 46 | 8 | 0 | 0 |
|  Henry Hub Natural Gas February Futures  | 01/2030 | 25 | 247 | 37 | 0 | 0 |
|  Henry Hub Natural Gas February Futures  | 01/2031 | 10 | 95 | 11 | 0 | (1) |
|  Henry Hub Natural Gas January Futures  | 12/2026 | 4 | 50 | 12 | 0 | 0 |
|  Henry Hub Natural Gas January Futures  | 12/2029 | 25 | 264 | 54 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **88** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  Henry Hub Natural Gas January Futures  | 12/2030 | 11 | $112 | $19 | $0 | $(1) |
|  Henry Hub Natural Gas July Futures  | 06/2027 | 4 | 36 | (2) | 0 | 0 |
|  Henry Hub Natural Gas July Futures  | 06/2030 | 25 | 194 | (16) | 0 | (2) |
|  Henry Hub Natural Gas July Futures  | 06/2031 | 11 | 83 | (9) | 0 | (1) |
|  Henry Hub Natural Gas June Futures  | 05/2027 | 4 | 35 | (3) | 0 | 0 |
|  Henry Hub Natural Gas June Futures  | 05/2030 | 25 | 185 | (25) | 0 | (2) |
|  Henry Hub Natural Gas June Futures  | 05/2031 | 11 | 79 | (14) | 0 | (1) |
|  Henry Hub Natural Gas March Futures  | 02/2030 | 25 | 207 | (3) | 0 | 0 |
|  Henry Hub Natural Gas March Futures  | 02/2031 | 11 | 87 | (5) | 0 | (1) |
|  Henry Hub Natural Gas May Futures  | 04/2027 | 4 | 34 | (4) | 0 | 0 |
|  Henry Hub Natural Gas May Futures  | 04/2030 | 25 | 177 | (33) | 0 | (2) |
|  Henry Hub Natural Gas May Futures  | 04/2031 | 11 | 75 | (18) | 0 | (1) |
|  Henry Hub Natural Gas November Futures  | 10/2027 | 4 | 38 | 1 | 0 | 0 |
|  Henry Hub Natural Gas November Futures  | 10/2030 | 25 | 212 | 2 | 0 | (2) |
|  Henry Hub Natural Gas November Futures  | 10/2031 | 11 | 92 | (1) | 0 | (1) |
|  Henry Hub Natural Gas October Futures  | 09/2027 | 4 | 37 | (1) | 0 | 0 |
|  Henry Hub Natural Gas October Futures  | 09/2030 | 25 | 197 | (13) | 0 | (2) |
|  Henry Hub Natural Gas October Futures  | 09/2031 | 11 | 86 | (7) | 0 | (1) |
|  Henry Hub Natural Gas September Futures  | 08/2027 | 4 | 36 | (2) | 0 | 0 |
|  Henry Hub Natural Gas September Futures  | 08/2030 | 25 | 194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) | 0 | (2) |
|  Henry Hub Natural Gas September Futures  | 08/2031 | 11 | 84 | (9) | 0 | (1) |
|  Iron Ore July Futures  | 07/2025 | 1203 | 11923 | 63 | 0 | (161) |
|  Iron Ore May Futures  | 05/2025 | 862 | 8705 | 102 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107) |
|  Japan Government 10-Year Bond June Futures  | 06/2025 | 17 | 15686 | 54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 | 0 |
|  Lean Hogs October Futures  | 10/2025 | 108 | 3508 | (88) | 0 | (18) |
|  Live Cattle June Futures  | 06/2025 | 102 | 8309 | 483 | 0 | (49) |
|  Live Cattle October Futures  | 10/2025 | 20 | 1590 | 1 | 0 | (7) |
|  Mont Belvieu Ethane (OPIS) February Futures  | 02/2026 | 10 | 137 | 12 | 2 | 0 |
|  Mont Belvieu Ethane (OPIS) January Futures  | 01/2026 | 10 | 138 | 13 | 2 | 0 |
|  Mont Belvieu Ethane (OPIS) March Futures  | 03/2026 | 10 | 129 | 4 | 1 | 0 |
|  Natural Gas April Futures  | 03/2026 | 6 | 165 | (29) | 3 | (1) |
|  Natural Gas April Futures  | 03/2026 | 51 | 2042 | 99 | 15 | (1) |
|  Natural Gas August Futures  | 07/2026 | 1 | 27 | (3) | 1 | 0 |
|  Natural Gas December Futures  | 11/2025 | 1 | 33 | (4) | 1 | (1) |
|  Natural Gas December Futures  | 11/2025 | 238 | 12359 | (164) | 176 | 0 |
|  Natural Gas December Futures  | 11/2026 | 1 | 28 | (3) | 1 | 0 |
|  Natural Gas February Futures  | 01/2026 | 34 | 1007 | (56) | 21 | (8) |
|  Natural Gas January Futures  | 12/2025 | 34 | 1123 | (54) | 20 | (10) |
|  Natural Gas July Futures  | 06/2026 | 1 | 27 | (3) | 1 | 0 |
|  Natural Gas June Futures  | 05/2025 | 520 | 22136 | (207) | 374 | 0 |
|  Natural Gas June Futures  | 05/2026 | 6 | 158 | (37) | 3 | (1) |
|  Natural Gas March Futures  | 02/2026 | 34 | 1081 | (94) | 26 | (8) |
|  Natural Gas March Futures  | 02/2026 | 54 | 2413 | 251 | 34 | 0 |
|  Natural Gas May Futures  | 04/2025 | 23 | 752 | (208) | 0 | (13) |
|  Natural Gas May Futures  | 04/2026 | 6 | 165 | (36) | 3 | (1) |
|  Natural Gas November Futures  | 10/2025 | 15 | 482 | 4 | 7 | (6) |
|  Natural Gas November Futures  | 10/2026 | 1 | 27 | (3) | 1 | 0 |
|  Natural Gas October Futures  | 09/2026 | 1 | 27 | (3) | 1 | 0 |
|  Natural Gas September Futures  | 08/2025 | 181 | 8152 | 506 | 141 | 0 |
|  Natural Gas September Futures  | 08/2026 | 1 | 26 | (3) | 1 | 0 |
|  New York Harbor December Futures  | 11/2025 | 32 | 3038 | (19) | 63 | 0 |
|  New York Harbor June Futures  | 05/2025 | 124 | 11765 | (21) | 262 | 0 |
|  New York Harbor September Futures  | 08/2025 | 23 | 2181 | (27) | 47 | 0 |
|  Nickel September Futures  | 09/2025 | 5 | 483 | (19) | 0 | (19) |
|  RBOB Gasoline December Futures  | 11/2025 | 25 | 2037 | 59 | 42 | 0 |
|  RBOB Gasoline May Futures  | 04/2025 | 63 | 6061 | 143 | 97 | 0 |
|  RBOB Gasoline September Futures  | 08/2025 | 125 | 11475 | (70) | 236 | 0 |
|  Silver July Futures  | 07/2025 | 67 | 11703 | 352 | 0 | (65) |
|  Silver May Futures  | 05/2025 | 51 | 8826 | 400 | 0 | (52) |
|  Silver September Futures  | 09/2025 | 16 | 2818 | 121 | 0 | (15) |
|  Soybean July Futures  | 07/2025 | 200 | 10283 | 62 | 0 | (90) |
|  Soybean Meal July Futures  | 07/2025 | 613 | 18353 | (389) | 0 | (92) |
|  Sugar No. 11 October Futures  | 09/2025 | 112 | 2362 | (76) | 0 | (11) |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 2272 | 245731 | 2882 | 0 | (71) |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 2112 | 241032 | 1442 | 182 | (44) |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2025 | 724 | 88509 | (368) | 317 | 0 |
|  WTI Crude December Futures  | 11/2025 | 209 | 14091 | 207 | 314 | 0 |
|  WTI Crude December Futures  | 11/2026 | 9 | 584 | (18) | 9 | 0 |
|  WTI Crude January Futures  | 12/2025 | 104 | 6970 | 244 | 149 | 0 |
|  WTI Crude June Futures  | 05/2025 | 10 | 710 | (31) | 21 | 0 |
|  WTI Crude May Futures  | 04/2025 | 66 | 4718 | 123 | 106 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **89** |

---

------

Consolidated Schedule of Investments PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  WTI Crude November Futures  | 10/2025 | 94 | $6381 | $(203) | $149 | $0 |
|  WTI Crude October Futures  | 09/2025 | 61 | 4172 | (92) | 102 | 0 |
|  Zinc July Futures  | 07/2025 | 10 | 714 | (29) | 0 | (29) |
|  Zinc September Futures  | 09/2025 | 29 | 2073 | (70) | 0 | (69) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10392) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7138 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1997) |
| **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  3-Month EURIBOR September Futures  | 09/2025 | 2584 | $(684375) | $(219) | $175 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(209) |
|  Aluminum July Futures  | 07/2025 | 22 | (1395) | 59 | 59 | 0 |
|  Arabica Coffee July Futures  | 07/2025 | 19 | (2675) | 39 | 7 | 0 |
|  Australia Government 3-Year Bond June Futures  | 06/2025 | 284 | (18900) | (34) | 0 | (57) |
|  Brent Crude April Futures  | 02/2026 | 50 | (3496) | 18 | 0 | (64) |
|  Brent Crude August Futures  | 06/2025 | 109 | (7984) | (44) | 0 | (204) |
|  Brent Crude December Futures  | 10/2025 | 11 | (783) | (34) | 0 | (17) |
|  Brent Crude December Futures  | 10/2027 | 150 | (10242) | 38 | 0 | (130) |
|  Brent Crude February Futures  | 12/2025 | 44 | (3099) | (28) | 0 | (62) |
|  Brent Crude July Futures  | 05/2025 | 32 | (2367) | (42) | 0 | (62) |
|  Brent Crude June Futures  | 04/2025 | 115 | (8599) | (299) | 0 | (231) |
|  Brent Crude May Futures  | 03/2026 | 59 | (4114) | (74) | 0 | (74) |
|  Brent Crude September Futures  | 07/2025 | 5 | (363) | (7) | 0 | (9) |
|  Cocoa May Futures  | 05/2025 | 9 | (711) | 9 | 13 | 0 |
|  Copper July Futures  | 07/2025 | 615 | (78120) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5999) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1476 | 0 |
|  Corn December Futures  | 12/2025 | 12 | (265) | (1) | 0 | 0 |
|  Corn July Futures  | 07/2025 | 840 | (19457) | 239 | 0 | (136) |
|  Cotton No. 2 December Futures  | 12/2025 | 156 | (5454) | (46) | 13 | 0 |
|  Euro-Bund June Futures  | 06/2025 | 1576 | (219543) | 3381 | 17 | (835) |
|  Euro-Oat June Futures  | 06/2025 | 1042 | (138237) | 3096 | 191 | (451) |
|  Euro-Schatz June Futures  | 06/2025 | 501 | (57941) | 62 | 14 | (43) |
|  Gas Oil June Futures  | 06/2025 | 266 | (18002) | (456) | 0 | (445) |
|  Gas Oil June Futures  | 06/2026 | 120 | (7818) | (280) | 0 | (150) |
|  Hard Red Winter Wheat July Futures  | 07/2025 | 168 | (4788) | 129 | 0 | (38) |
|  Hard Red Winter Wheat September Futures  | 09/2025 | 88 | (2574) | 168 | 0 | (15) |
|  Henry Hub Natural Gas April Futures  | 03/2026 | 12 | (120) | (8) | 0 | (1) |
|  Henry Hub Natural Gas August Futures  | 07/2026 | 12 | (128) | (16) | 0 | (1) |
|  Henry Hub Natural Gas December Futures  | 11/2026 | 12 | (143) | (31) | 0 | (1) |
|  Henry Hub Natural Gas February Futures  | 01/2026 | 23 | (292) | (56) | 0 | (4) |
|  Henry Hub Natural Gas January Futures  | 12/2025 | 24 | (327) | (79) | 0 | (5) |
|  Henry Hub Natural Gas July Futures  | 06/2026 | 12 | (126) | (14) | 0 | (1) |
|  Henry Hub Natural Gas June Futures  | 05/2026 | 12 | (123) | (11) | 0 | (1) |
|  Henry Hub Natural Gas March Futures  | 02/2026 | 24 | (268) | (21) | 0 | (4) |
|  Henry Hub Natural Gas May Futures  | 04/2026 | 12 | (120) | (8) | 0 | (1) |
|  Henry Hub Natural Gas November Futures  | 10/2026 | 12 | (133) | (21) | 0 | (1) |
|  Henry Hub Natural Gas October Futures  | 09/2026 | 12 | (128) | (16) | 0 | (1) |
|  Henry Hub Natural Gas September Futures  | 08/2026 | 12 | (127) | (15) | 0 | (1) |
|  Lean Hogs June Futures  | 06/2025 | 177 | (6745) | 472 | 35 | 0 |
|  Natural Gas August Futures  | 07/2025 | 53 | (1768) | 222 | 27 | (7) |
|  Natural Gas January Futures  | 12/2025 | 343 | (18680) | (398) | 0 | (278) |
|  Natural Gas July Futures  | 06/2025 | 25 | (829) | 156 | 14 | (1) |
|  Natural Gas July Futures  | 06/2025 | 489 | (21878) | 103 | 0 | (357) |
|  Natural Gas June Futures  | 05/2025 | 33 | (1051) | 183 | 15 | 0 |
|  Natural Gas October Futures  | 09/2025 | 13 | (436) | 5 | 3 | (3) |
|  Natural Gas September Futures  | 08/2025 | 39 | (1265) | 203 | 19 | (6) |
|  Palladium June Futures  | 06/2025 | 10 | (1001) | (56) | 0 | (16) |
|  Platinum July Futures  | 07/2025 | 26 | (1336) | (42) | 0 | (41) |
|  RBOB Gasoline June Futures  | 05/2025 | 49 | (4693) | (13) | 0 | (92) |
|  RBOB Gasoline October Futures  | 09/2025 | 28 | (2380) | (115) | 0 | (50) |
|  Rotterdam Coal August Futures  | 08/2025 | 6 | (635) | (35) | 0 | (14) |
|  Rotterdam Coal July Futures  | 07/2025 | 6 | (631) | (30) | 0 | (15) |
|  Rotterdam Coal September Futures  | 09/2025 | 6 | (639) | (38) | 0 | (14) |
|  SNG KEROS vs. SNG GA August Futures  | 08/2025 | 11 | 9 | 4 | 0 | 0 |
|  SNG KEROS vs. SNG GA July Futures  | 07/2025 | 11 | 10 | 5 | 0 | 0 |
|  SNG KEROS vs. SNG GA June Futures  | 06/2025 | 9 | 9 | 4 | 0 | 0 |
|  SNG KEROS vs. SNG GA May Futures  | 05/2025 | 23 | 26 | 6 | 2 | 0 |
|  SNG KEROS vs. SNG GA September Futures  | 09/2025 | 11 | 8 | 3 | 0 | 0 |
|  Soybean Meal December Futures  | 12/2025 | 108 | (3324) | 113 | 23 | 0 |
|  Soybean November Futures  | 11/2025 | 55 | (2803) | (20) | 28 | 0 |

---

---

| | | |
|:---|:---|:---|
| **90** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  Soybean Oil December Futures  | 12/2025 | 106 | $(2898) | $(165) | $13 | $0 |
|  Soybean Oil July Futures  | 07/2025 | 66 | (1797) | (88) | 11 | 0 |
|  U.S. Treasury 2-Year Note June Futures  | 06/2025 | 3830 | (793468) | (3874) | 30 | 0 |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 2009 | (223438) | (1078) | 0 | (31) |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2025 | 2556 | (299771) | (4315) | 0 | (479) |
|  Wheat December Futures  | 12/2025 | 26 | (766) | 34 | 0 | (7) |
|  Wheat July Futures  | 07/2025 | 116 | (3193) | 111 | 0 | (45) |
|  Wheat May Futures  | 05/2025 | 154 | (4135) | 421 | 0 | (67) |
|  Wheat September Futures  | 09/2025 | 42 | (1189) | 65 | 0 | (15) |
|  WTI Crude April Futures  | 03/2026 | 58 | (3837) | 22 | 0 | (71) |
|  WTI Crude August Futures  | 07/2025 | 58 | (4040) | (27) | 0 | (108) |
|  WTI Crude February Futures  | 01/2026 | 23 | (1534) | 36 | 0 | (31) |
|  WTI Crude July Futures  | 06/2025 | 44 | (3094) | 60 | 0 | (87) |
|  WTI Crude June Futures  | 05/2025 | 32 | (2270) | (40) | 0 | (66) |
|  WTI Crude June Futures  | 05/2026 | 73 | (4804) | (150) | 0 | (84) |
|  WTI Crude March Futures  | 02/2026 | 47 | (3121) | 105 | 0 | (61) |
|  WTI Crude May Futures  | 04/2026 | 52 | (3430) | (36) | 0 | (62) |
|  WTI Crude September Futures  | 08/2025 | 16 | (1104) | (43) | 0 | (28) |
|  |  |  |  | $(8851) | $2185 | $(5390) |
|  Total Futures Contracts |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19243) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9323 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7387) |

---

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 03/19/2027 | 185000 | $(1235) | $(177) | $(1412) | $184 | $0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 01/27/2035 | 17700 | (117) | (204) | (321) | 164 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.300 | Semi-Annual | 09/20/2027 | 2495000 | (45) | 308 | 263 | 0 | (23) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.300 | Semi-Annual | 03/20/2028 | 568470 | (11) | 87 | 76 | 0 | (7) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.550 | Annual | 09/14/2028 | 9360000 | (108) | 894 | 786 | 0 | (140) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.500 | Annual | 12/15/2031 | 4681000 | 92 | 1147 | 1239 | 0 | (153) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 12/20/2025 | $56320 | 372 | (402) | (30) | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.300 | Semi-Annual | 11/15/2028 | 201300 | (2657) | (7734) | (10391) | 70 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.340 | Semi-Annual | 11/21/2028 | 22580 | (285) | (852) | (1137) | 8 | 0 |
|  Receive<sup>(2)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 12/31/2031 | 203800 | (3824) | (1316) | (5140) | 0 | (389) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.085 | Annual | 02/13/2034 | 132880 | (1164) | (5596) | (6760) | 357 | 0 |
|  Receive<sup>(2)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2034 | 20200 | 898 | (168) | 730 | 0 | (58) |
|  Receive<sup>(2)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.838 | Annual | 11/15/2034 | 14000 | 0 | (110) | (110) | 0 | (43) |
|  Receive<sup>(2)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.864 | Annual | 11/15/2034 | 12700 | 0 | (125) | (125) | 0 | (39) |
|  Receive<sup>(2)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.866 | Annual | 11/15/2034 | 5000 | 0 | (50) | (50) | 0 | (15) |
|  Receive<sup>(2)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.867 | Annual | 11/15/2034 | 12700 | 0 | (128) | (128) | 0 | (39) |
|  Receive<sup>(2)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 11/15/2034 | 12700 | 0 | (131) | (131) | 0 | (39) |
|  Receive<sup>(2)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.881 | Annual | 11/15/2034 | 12400 | 0 | (139) | (139) | 0 | (38) |
|  Receive<sup>(2)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.894 | Annual | 11/15/2034 | 10600 | 0 | (129) | (129) | 0 | (33) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.285 | Semi-Annual | 11/15/2053 | 26200 | 1645 | 6466 | 8111 | 0 | (148) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.237 | Semi-Annual | 11/21/2053 | 20100 | 1248 | 5146 | 6394 | 0 | (113) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.865 | Annual | 02/13/2054 | 88500 | 1835 | 12916 | 14751 | 0 | (595) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 29500 | 786 | 1134 | 1920 | 0 | (215) |
|  Pay | 6-Month EUR-EURIBOR | 0.700 | Annual | 04/11/2027 | 11500 | (56) | (407) | (463) | 7 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 04/12/2027 | 21700 | (118) | (787) | (905) | 13 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 05/11/2027 | 14800 | (112) | (487) | (599) | 11 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/13/2027 | 25200 | (92) | (643) | (735) | 20 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/18/2027 | 11200 | (42) | (280) | (322) | 9 | 0 |
|  Receive<sup>(2)</sup> | 6-Month EUR-EURIBOR | 2.112 | Annual | 09/02/2027 | 35400 | 0 | 35 | 35 | 0 | (30) |
|  Receive<sup>(2)</sup> | 6-Month EUR-EURIBOR | 2.120 | Annual | 09/03/2027 | 74700 | 0 | 62 | 62 | 0 | (63) |
|  Pay<sup>(2)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 | 537060 | (17440) | (4076) | (21516) | 2272 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.190 | Annual | 11/04/2052 | 8600 | 532 | 4033 | 4565 | 0 | (42) |
|  Receive | 6-Month EUR-EURIBOR | 0.195 | Annual | 11/04/2052 | 8950 | 6 | 4735 | 4741 | 0 | (44) |
|  Receive | 6-Month EUR-EURIBOR | 0.197 | Annual | 11/08/2052 | 17500 | 1090 | 8174 | 9264 | 0 | (87) |
|  Receive<sup>(2)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 | 165980 | 6823 | 6705 | 13528 | 0 | (1308) |
|  Pay | CPTFEMU | 1.380 | Maturity | 03/15/2031 | 21840 | (164) | (4196) | (4360) | 0 | (47) |
|  Receive | CPTFEMU | 2.600 | Maturity | 05/15/2032 | 2800 | 2 | 19 | 21 | 6 | 0 |
|  Receive | CPTFEMU | 2.034 | Maturity | 06/15/2032 | 45400 | 0 | (352) | (352) | 62 | 0 |
|  Receive | CPTFEMU | 2.049 | Maturity | 08/15/2034 | 67600 | (28) | (223) | (251) | 124 | 0 |
|  Receive | CPTFEMU | 2.736 | Maturity | 09/15/2034 | 8000 | (8) | (9) | (17) | 15 | 0 |
|  Pay | CPTFEMU | 2.488 | Maturity | 05/15/2037 | 120 | 0 | 0 | 0 | 0 | 0 |
|  Pay | CPTFEMU | 2.590 | Maturity | 11/15/2048 | 2020 | 7 | (322) | (315) | 0 | (6) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **91** |

---

------

Consolidated Schedule of Investments PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | CPTFEMU | 2.550% | Maturity | 03/15/2052 | EUR 4,100 | $2 | $114 | $116 | $0 | $(10) |
|  Pay | CPTFEMU | 3.130 | Maturity | 03/15/2052 | 4730 | (123) | 273 | 150 | 0 | (11) |
|  Pay | CPTFEMU | 2.570 | Maturity | 04/15/2052 | 3000 | 4 | 81 | 85 | 0 | (9) |
|  Pay | CPTFEMU | 2.421 | Maturity | 05/15/2052 | 3330 | 0 | (28) | (28) | 0 | (12) |
|  Pay | CPTFEMU | 2.480 | Maturity | 12/15/2052 | 9000 | 0 | 855 | 855 | 0 | (14) |
|  Pay | CPTFEMU | 2.680 | Maturity | 04/15/2053 | 5100 | 34 | 690 | 724 | 0 | (7) |
|  Pay | CPTFEMU | 2.682 | Maturity | 04/15/2053 | 11200 | 9 | 1505 | 1514 | 0 | (17) |
|  Pay | CPTFEMU | 2.700 | Maturity | 09/15/2053 | 10700 | 29 | 1741 | 1770 | 0 | (7) |
|  Pay | CPTFEMU | 1.950 | Maturity | 10/15/2053 | 5500 | 50 | 810 | 860 | 0 | (8) |
|  Pay | CPTFEMU | 2.580 | Maturity | 10/15/2053 | 3400 | 0 | 469 | 469 | 0 | (6) |
|  Pay | CPURNSA | 1.980 | Maturity | 09/19/2025 | $36100 | 0 | (438) | (438) | 0 | (11) |
|  Pay | CPURNSA | 2.033 | Maturity | 09/23/2025 | 27200 | 0 | (319) | (319) | 0 | (9) |
|  Pay | CPURNSA | 2.341 | Maturity | 11/07/2025 | 85600 | 0 | (867) | (867) | 0 | (23) |
|  Pay | CPURNSA | 2.703 | Maturity | 01/14/2026 | 29000 | 0 | (213) | (213) | 0 | (30) |
|  Pay | CPURNSA | 2.820 | Maturity | 02/05/2026 | 17700 | 0 | (112) | (112) | 0 | (20) |
|  Pay | CPURNSA | 2.842 | Maturity | 02/13/2026 | 18600 | 0 | (114) | (114) | 0 | (21) |
|  Pay | CPURNSA | 3.043 | Maturity | 02/21/2026 | 19000 | 0 | (78) | (78) | 0 | (20) |
|  Receive | CPURNSA | 2.419 | Maturity | 03/05/2026 | 8100 | 0 | 990 | 990 | 11 | 0 |
|  Receive | CPURNSA | 2.768 | Maturity | 05/13/2026 | 24600 | 0 | 2481 | 2481 | 40 | 0 |
|  Receive | CPURNSA | 2.813 | Maturity | 05/14/2026 | 9800 | 0 | 963 | 963 | 16 | 0 |
|  Receive | CPURNSA | 2.703 | Maturity | 05/25/2026 | 9590 | 2 | 986 | 988 | 17 | 0 |
|  Receive | CPURNSA | 2.690 | Maturity | 06/01/2026 | 10400 | 0 | 1070 | 1070 | 19 | 0 |
|  Receive | CPURNSA | 1.794 | Maturity | 08/24/2027 | 90200 | 0 | 16176 | 16176 | 121 | 0 |
|  Receive | CPURNSA | 1.798 | Maturity | 08/25/2027 | 21700 | 0 | 3883 | 3883 | 29 | 0 |
|  Receive | CPURNSA | 1.890 | Maturity | 08/27/2027 | 40100 | 0 | 6898 | 6898 | 55 | 0 |
|  Pay | CPURNSA | 2.335 | Maturity | 02/05/2028 | 32120 | 70 | (3918) | (3848) | 0 | (43) |
|  Pay | CPURNSA | 2.353 | Maturity | 05/09/2028 | 10270 | 0 | (1180) | (1180) | 0 | (17) |
|  Pay | CPURNSA | 2.360 | Maturity | 05/09/2028 | 15460 | 0 | (1764) | (1764) | 0 | (25) |
|  Pay | CPURNSA | 2.364 | Maturity | 05/10/2028 | 15760 | 0 | (1793) | (1793) | 0 | (25) |
|  Pay | CPURNSA | 2.165 | Maturity | 04/16/2029 | 14300 | 0 | (2003) | (2003) | 0 | (18) |
|  Pay | CPURNSA | 1.954 | Maturity | 06/03/2029 | 32350 | 0 | (5164) | (5164) | 0 | (43) |
|  Pay | CPURNSA | 1.998 | Maturity | 07/25/2029 | 95800 | 21 | (14659) | (14638) | 0 | (110) |
|  Receive | CPURNSA | 2.311 | Maturity | 02/24/2031 | 34100 | 0 | 4350 | 4350 | 42 | 0 |
|  Pay | FRCPXTOB | 1.910 | Maturity | 01/15/2038 | 5600 | 16 | (328) | (312) | 0 | (12) |
|  Pay | UKRPI | 3.500 | Maturity | 08/15/2034 | 15800 | 89 | 88 | 177 | 71 | 0 |
|  Pay | UKRPI | 3.466 | Maturity | 09/15/2034 | 6600 | 0 | 46 | 46 | 27 | 0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11967) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34309 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22342 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3773 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4242) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset<sup>(3)</sup> | Variation Margin<br>Asset<sup>(3)</sup> | Total | Market Value | Variation Margin<br>Liability<sup>(3)</sup> | Variation Margin<br>Liability<sup>(3)</sup> | Total |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9474 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3773 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13395 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1293) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7541) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4242) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13076) |

---

(j) Securities with an aggregate market value of $70,386 and cash of $8,945 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025.

<sup>(1)</sup> Future styled option variation margin liability of $(204) is outstanding at period end. 

<sup>(2)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(3)</sup> Unsettled variation margin asset of $151 and liability of $(154) for closed futures is outstanding at period end. 

---

| | | |
|:---|:---|:---|
| **92** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;(k) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 04/2025 | 380170 | $2544 | $10 | $0 |
|  | 04/2025 | $25556 | 40399 | 0 | (313) |
|  | 04/2025 | 4434 | 668870 | 26 | 0 |
|  | 04/2025 | 1056 | 1411 | 0 | (5) |
|  | 05/2025 | 40399 | $25562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313 | 0 |
|  | 05/2025 | 8923 | 1218 | 0 | (13) |
|  | 05/2025 | 666625 | 4434 | 0 | (26) |
|  | 05/2025 | 1409 | 1056 | 5 | 0 |
|  | 05/2025 | $4678 | 33874 | 2 | (5) |
|  | 06/2025 | 60558 | $8294 | 0 | (84) |
|  | 06/2025 | $2973 | 21452 | 0 | (5) |
|  | 07/2025 | 16858 | $2340 | 4 | (1) |
|  | 08/2025 | 16860 | 2338 | 0 | (4) |
|  BOA | 04/2025 | 7654 | 5306 | 0 | (13) |
|  | 04/2025 | 137 | 174 | 0 | (3) |
|  | 04/2025 | 6513832 | 394 | 2 | 0 |
|  | 04/2025 | 902278 | 615 | 3 | 0 |
|  | 04/2025 | 162 | 15 | 0 | (1) |
|  | 04/2025 | $394 | 6513832 | 0 | (2) |
|  | 05/2025 | 8725 | $1192 | 0 | (12) |
|  | 05/2025 | 8336297 | 500 | 1 | 0 |
|  | 05/2025 | $524 | 44989 | 2 | 0 |
|  | 06/2025 | 24778 | $3413 | 1 | (16) |
|  | 06/2025 | $1456 | 10522 | 0 | (1) |
|  | 06/2025 | 813 | 1185486 | 0 | (6) |
|  | 08/2025 | 11617 | $1624 | 10 | 0 |
|  | 08/2025 | 787 | 24 | 0 | 0 |
|  BPS | 04/2025 | 128100 | 22316 | 0 | (132) |
|  | 04/2025 | 64005 | 44518 | 27 | 0 |
|  | 04/2025 | 293049 | 307285 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9589) |
|  | 04/2025 | 75 | 97 | 0 | 0 |
|  | 04/2025 | 95403304 | 5755 | 27 | 0 |
|  | 04/2025 | 3739514 | 25083 | 151 | 0 |
|  | 04/2025 | 155 | 116 | 1 | 0 |
|  | 04/2025 | 1066298 | 32437 | 327 | 0 |
|  | 04/2025 | $1947 | 3076 | 0 | (25) |
|  | 04/2025 | 22363 | 128100 | 92 | (7) |
|  | 04/2025 | 10561 | 173177284 | 0 | (166) |
|  | 04/2025 | 5046 | 438225 | 75 | 0 |
|  | 04/2025 | 1588 | 238712 | 3 | 0 |
|  | 04/2025 | 4449 | 6459566 | 0 | (62) |
|  | 04/2025 | 85 | 895 | 0 | 0 |
|  | 04/2025 | 675 | 904 | 0 | (2) |
|  | 04/2025 | 10044 | 328957 | 0 | (138) |
|  | 04/2025 | 35478 | $1940 | 7 | 0 |
|  | 05/2025 | 31679 | 4360 | 1 | (13) |
|  | 05/2025 | 25355399 | 1524 | 5 | 0 |
|  | 05/2025 | 237912 | 1588 | 0 | (3) |
|  | 05/2025 | 895 | 85 | 0 | 0 |
|  | 05/2025 | 902 | 675 | 2 | 0 |
|  | 05/2025 | $4343 | 24940 | 1 | 0 |
|  | 05/2025 | 4437 | 73648690 | 0 | (23) |
|  | 05/2025 | 4713 | 404263 | 6 | 0 |
|  | 06/2025 | 92390 | $12715 | 0 | (68) |
|  | 06/2025 | 829410 | 582 | 17 | 0 |
|  | 06/2025 | 768 | 199 | 1 | 0 |
|  | 06/2025 | $9536 | 36822 | 29 | (85) |
|  | 07/2025 | 157071 | $4834 | 76 | 0 |
|  | 08/2025 | 130918 | 4017 | 40 | 0 |
|  | 10/2025 | 133800 | 22334 | 9 | (120) |
|  BRC | 04/2025 | 13393 | 153 | 0 | (4) |
|  | 04/2025 | 1497 | 134 | 0 | (8) |
|  | 04/2025 | $1607 | 2303 | 0 | (7) |
|  | 04/2025 | 2909 | 2677 | 0 | (14) |
|  | 04/2025 | 1141 | 18674779 | 0 | (21) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **93** |

---

------

Consolidated Schedule of Investments PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | $399 | 1463 | $0 | $(5) |
|  | 04/2025 | 156 | 13377 | 0 | 0 |
|  | 04/2025 | 17382 | 689323 | 335 | 0 |
|  | 05/2025 | 13415 | $156 | 0 | 0 |
|  | 05/2025 | 767 | 73 | 0 | 0 |
|  | 06/2025 | $87 | 335 | 0 | 0 |
|  BSH | 04/2025 | 42690 | $27047 | 372 | 0 |
|  | 04/2025 | 70900 | 12558 | 134 | 0 |
|  | 04/2025 | $12347 | 70900 | 77 | 0 |
|  | 04/2025 | 41103 | 6172870 | 52 | 0 |
|  | 05/2025 | 6152080 | $41103 | 0 | (52) |
|  | 06/2025 | $2121 | 8165 | 0 | (19) |
|  CBK | 04/2025 | 184017 | $32087 | 0 | (161) |
|  | 04/2025 | 204287 | 142896 | 918 | 0 |
|  | 04/2025 | 703 | 800 | 5 | 0 |
|  | 04/2025 | 10453 | 1471 | 0 | (44) |
|  | 04/2025 | 99907696 | 6023 | 23 | 0 |
|  | 04/2025 | 11591 | 3180 | 62 | 0 |
|  | 04/2025 | 122023 | 1422 | 0 | (6) |
|  | 04/2025 | 318496 | 9721 | 129 | 0 |
|  | 04/2025 | $1008 | 1592 | 0 | (13) |
|  | 04/2025 | 32053 | 184017 | 194 | 0 |
|  | 04/2025 | 54391 | 77566 | 9 | (497) |
|  | 04/2025 | 7039 | 115440256 | 0 | (108) |
|  | 04/2025 | 1966 | 168900 | 6 | 0 |
|  | 04/2025 | 264 | 386181 | 0 | (2) |
|  | 04/2025 | 21434 | 702533 | 0 | (278) |
|  | 05/2025 | 67779 | $47653 | 481 | 0 |
|  | 05/2025 | 30053125 | 1809 | 8 | 0 |
|  | 05/2025 | 1 | 0 | 0 | 0 |
|  | 05/2025 | $2936 | 4176 | 0 | (30) |
|  | 05/2025 | 4422 | 73465646 | 0 | (19) |
|  | 06/2025 | 14591 | $2013 | 0 | (5) |
|  | 06/2025 | 25103511 | 17509 | 413 | 0 |
|  | 06/2025 | $1324 | 9558 | 0 | (2) |
|  | 07/2025 | 271849 | $8356 | 121 | 0 |
|  | 07/2025 | $32087 | 187623 | 158 | 0 |
|  | 08/2025 | 303847 | $9325 | 95 | 0 |
|  CIB | 04/2025 | 33 | 23 | 0 | 0 |
|  DUB | 04/2025 | 68 | 47 | 0 | 0 |
|  | 04/2025 | 13 | 14 | 0 | 0 |
|  | 04/2025 | 14260 | 3911 | 74 | 0 |
|  | 04/2025 | 16920389 | 113057 | 247 | 0 |
|  | 04/2025 | 524 | 299 | 2 | 0 |
|  | 04/2025 | 243 | 181 | 1 | 0 |
|  | 04/2025 | $1619 | 11218 | 7 | 0 |
|  | 04/2025 | 4143 | 68787546 | 0 | (16) |
|  | 04/2025 | 800 | 68771 | 3 | 0 |
|  | 04/2025 | 476258 | 72791589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10577 | 0 |
|  | 04/2025 | 502 | 874 | 0 | (6) |
|  | 04/2025 | 539 | 722 | 0 | (2) |
|  | 05/2025 | 11198 | $1619 | 0 | (7) |
|  | 05/2025 | 3659391 | 220 | 1 | 0 |
|  | 05/2025 | 874 | 503 | 6 | 0 |
|  | 05/2025 | 721 | 539 | 2 | 0 |
|  | 06/2025 | 19103694 | 13320 | 311 | 0 |
|  | 06/2025 | $112118 | 16644589 | 0 | (214) |
|  FAR | 04/2025 | 1336 | $842 | 7 | 0 |
|  | 04/2025 | 165899 | 28888 | 0 | (184) |
|  | 04/2025 | 7814 | 5443 | 12 | 0 |
|  | 04/2025 | 24113 | 27051 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(204) |
|  | 04/2025 | 16604 | 2340 | 0 | (66) |
|  | 04/2025 | 12455 | 3431 | 80 | 0 |
|  | 04/2025 | 2900798 | 19440 | 101 | 0 |
|  | 04/2025 | $28910 | 165899 | 162 | 0 |
|  | 04/2025 | 1845 | 1757 | 54 | 0 |
|  | 04/2025 | 29335 | 4416326 | 110 | 0 |
|  | 04/2025 | 262 | 8580 | 0 | (3) |

---

---

| | | |
|:---|:---|:---|
| **94** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | $46 | 851 | $0 | $0 |
|  | 05/2025 | 470 | $327 | 0 | 0 |
|  | 05/2025 | 4401448 | 29335 | 0 | (109) |
|  | 05/2025 | $1193 | 8608 | 0 | (5) |
|  | 06/2025 | 6098 | 35476 | 40 | 0 |
|  | 06/2025 | 2155 | 8340 | 0 | (8) |
|  | 07/2025 | 8575 | $1193 | 5 | 0 |
|  GLM | 04/2025 | 208500 | 37419 | 882 | 0 |
|  | 04/2025 | 49841120 | 3002 | 11 | 0 |
|  | 04/2025 | 1373654 | 936 | 4 | 0 |
|  | 04/2025 | 5212 | 158 | 1 | 0 |
|  | 04/2025 | $35688 | 208500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849 | 0 |
|  | 04/2025 | 4037 | 66552063 | 0 | (45) |
|  | 04/2025 | 360 | 526174 | 0 | (2) |
|  | 04/2025 | 19284 | $1057 | 6 | 0 |
|  | 05/2025 | 8484 | 1158 | 0 | (12) |
|  | 05/2025 | 14440713 | 866 | 1 | 0 |
|  | 05/2025 | $3002 | 49886143 | 0 | (12) |
|  | 06/2025 | 20104 | $2754 | 0 | (28) |
|  | 06/2025 | $3755 | 27157 | 10 | (7) |
|  | 06/2025 | 936 | 1368664 | 0 | (4) |
|  | 06/2025 | 762 | 2943 | 0 | (4) |
|  | 07/2025 | 161600 | $26999 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(774) |
|  | 07/2025 | 26891 | 827 | 12 | 0 |
|  | 07/2025 | $86 | 2791 | 0 | (1) |
|  | 08/2025 | 158 | 5171 | 0 | 0 |
|  | 10/2025 | 212400 | $34867 | 0 | (764) |
|  IND | 04/2025 | $24 | 21 | 0 | 0 |
|  | 04/2025 | 3133 | 21670 | 8 | 0 |
|  | 05/2025 | 21 | $24 | 0 | 0 |
|  | 05/2025 | 21629 | 3133 | 0 | (8) |
|  JPM | 04/2025 | 19439 | 3404 | 12 | (14) |
|  | 04/2025 | 8553846 | 517 | 4 | 0 |
|  | 04/2025 | 14176 | 3892 | 78 | 0 |
|  | 04/2025 | 3202137 | 21478 | 129 | 0 |
|  | 04/2025 | 202 | 151 | 1 | 0 |
|  | 04/2025 | 41971 | 1280 | 16 | 0 |
|  | 04/2025 | $3385 | 19439 | 21 | 0 |
|  | 04/2025 | 10084 | 14478 | 6 | (29) |
|  | 04/2025 | 314251 | 291385 | 824 | 0 |
|  | 04/2025 | 725 | 11909495 | 0 | (10) |
|  | 04/2025 | 1502 | 129876 | 15 | 0 |
|  | 04/2025 | 9318 | 1406236 | 57 | 0 |
|  | 04/2025 | 264 | 386011 | 0 | (2) |
|  | 04/2025 | 6893 | 225857 | 0 | (91) |
|  | 05/2025 | 502 | $350 | 0 | 0 |
|  | 05/2025 | 9068 | 1241 | 0 | (10) |
|  | 05/2025 | 289982 | 313283 | 0 | (782) |
|  | 05/2025 | 9618208 | 579 | 3 | 0 |
|  | 05/2025 | 1401521 | 9318 | 0 | (57) |
|  | 05/2025 | $4384 | 31777 | 6 | (4) |
|  | 06/2025 | 41336 | $5663 | 0 | (55) |
|  | 06/2025 | $561 | 11347 | 0 | (13) |
|  | 06/2025 | 10258 | 39633 | 8 | (63) |
|  | 07/2025 | 16247 | $2251 | 1 | (2) |
|  | 07/2025 | 158986 | 4889 | 73 | 0 |
|  | 07/2025 | $2604 | 15233 | 14 | 0 |
|  | 08/2025 | 15384 | $2133 | 1 | (5) |
|  | 08/2025 | 157990 | 4848 | 49 | 0 |
|  MBC | 04/2025 | 1041 | 657 | 6 | 0 |
|  | 04/2025 | 1527 | 1061 | 0 | 0 |
|  | 04/2025 | 1243 | 1404 | 0 | (1) |
|  | 04/2025 | 3717 | 3886 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(133) |
|  | 04/2025 | 1717 | 1285 | 7 | 0 |
|  | 04/2025 | 65389 | 2021 | 52 | 0 |
|  | 04/2025 | $3780 | 5422 | 0 | (12) |
|  | 04/2025 | 29489 | 26050 | 0 | (44) |
|  | 04/2025 | 87 | 598 | 0 | 0 |
|  | 04/2025 | 1034 | 947 | 0 | (10) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **95** |

---

------

Consolidated Schedule of Investments PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | $1413 | 1093 | $0 | $(1) |
|  | 04/2025 | 1647 | 142902 | 23 | 0 |
|  | 04/2025 | 111450 | 16644589 | 0 | (478) |
|  | 04/2025 | 4546 | 149332 | 0 | (49) |
|  | 04/2025 | 43777 | $2395 | 10 | 0 |
|  | 05/2025 | 22 | 15 | 0 | 0 |
|  | 05/2025 | 25957 | 29489 | 44 | 0 |
|  | 05/2025 | 15212 | 2097 | 1 | (3) |
|  | 05/2025 | 596 | 87 | 0 | 0 |
|  | 05/2025 | 5793521 | 349 | 1 | 0 |
|  | 05/2025 | 78897 | 530 | 3 | 0 |
|  | 05/2025 | 1808 | 54 | 0 | 0 |
|  | 05/2025 | $2162 | 15672 | 3 | (2) |
|  | 06/2025 | 2504976 | $1741 | 35 | 0 |
|  | 06/2025 | $5521 | 21311 | 0 | (35) |
|  | 07/2025 | 7789 | $1081 | 1 | 0 |
|  | 07/2025 | 76693 | 2353 | 30 | 0 |
|  | 08/2025 | 22287 | 3099 | 7 | (4) |
|  | 08/2025 | 71739 | 2193 | 14 | 0 |
|  MYI | 04/2025 | 18200 | 3170 | 0 | (20) |
|  | 04/2025 | 67832 | 47652 | 513 | 0 |
|  | 04/2025 | 6429 | 898 | 0 | (34) |
|  | 04/2025 | 720 | 538 | 2 | 0 |
|  | 04/2025 | $3124 | 18200 | 65 | 0 |
|  | 04/2025 | 7970 | 6290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | 0 |
|  | 04/2025 | 1037 | 33906 | 0 | (16) |
|  | 04/2025 | 21058 | 384957 | 0 | (85) |
|  | 05/2025 | 5271973 | $317 | 1 | 0 |
|  | 06/2025 | 8679 | 1197 | 0 | (4) |
|  | 06/2025 | $343 | 1361 | 7 | 0 |
|  | 10/2025 | 22300 | $3662 | 0 | (79) |
|  NGF | 06/2025 | 12618627 | 8856 | 264 | 0 |
|  RBC | 04/2025 | 6031 | 4177 | 1 | (15) |
|  RYL | 06/2025 | 48 | 7 | 0 | 0 |
|  SCX | 04/2025 | 350 | 200 | 1 | 0 |
|  | 04/2025 | 34633 | 1067 | 24 | 0 |
|  | 04/2025 | $1422 | 23267464 | 0 | (27) |
|  | 04/2025 | 2445 | 368468 | 12 | 0 |
|  | 04/2025 | 264 | 385600 | 0 | (2) |
|  | 04/2025 | 1315 | 43268 | 0 | (12) |
|  | 05/2025 | 13208 | $1832 | 9 | 0 |
|  | 05/2025 | 2262199 | 136 | 1 | 0 |
|  | 05/2025 | 367232 | 2445 | 0 | (12) |
|  | 06/2025 | 2925 | 403 | 0 | (2) |
|  | 08/2025 | 42910 | 1315 | 12 | 0 |
|  SSB | 04/2025 | 6078 | 7860 | 9 | 0 |
|  | 04/2025 | $652 | 936 | 0 | (1) |
|  | 05/2025 | 7859 | 6078 | 0 | (9) |
|  UAG | 04/2025 | 1588 | $1100 | 0 | (3) |
|  | 04/2025 | 12847938 | 774 | 3 | 0 |
|  | 04/2025 | 2852121 | 19170 | 154 | 0 |
|  | 04/2025 | $823 | 13622477 | 0 | (5) |
|  | 04/2025 | 935 | 37711 | 35 | 0 |
|  | 05/2025 | 774 | 12866006 | 0 | (3) |
|  | 06/2025 | 479 | 1850 | 0 | (3) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21277 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16964) |

---

#### WRITTEN OPTIONS:

#### INFLATION-CAPPED OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Initial<br>Index | Floating Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GLM | Cap - OTC CPALEMU | 100.151 | Maximum of [(Final Index/Initial Index - 1) - 3.000%] or 0 | 06/22/2035 | 31400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1428) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(935) |

---

96 PIMCO REAL RETURN STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BRC Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.440% | 01/25/2027 | 12900 | $(115) | $(118) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.440 | 01/25/2027 | 12900 | (115) | (117) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.740 | 09/08/2025 | 13800 | (318) | (321) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.740 | 09/08/2025 | 13800 | (318) | (235) |
| CBK Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.950 | 09/15/2025 | 63900 | (772) | (1080) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.950 | 09/15/2025 | 63900 | (772) | (32) |
| GLM Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.465 | 12/04/2025 | 42400 | (512) | (367) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.465 | 12/04/2025 | 42400 | (512) | (126) |
| Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.350 | 01/07/2027 | 34200 | (311) | (292) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.350 | 01/07/2027 | 34200 | (310) | (344) |
| Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.500 | 01/14/2027 | 86900 | (797) | (878) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.500 | 01/14/2027 | 86900 | (797) | (755) |
| MYC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.660 | 09/05/2025 | 25000 | (555) | (478) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.660 | 09/05/2025 | 25000 | (555) | (510) |
|  |  |  |  |  |  | $(6759) | $(5653) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8187) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6588) |

---

#### SWAP AGREEMENTS:

#### COMMODITY FORWARD SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive** | **Underlying Reference Commodity** | Fixed Price<br>Per Unit | **Payment<br>Frequency** | **Maturity<br>Date** | **# of<br>Units** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | **Pay/Receive** | **Underlying Reference Commodity** | Fixed Price<br>Per Unit | **Payment<br>Frequency** | **Maturity<br>Date** | **# of<br>Units** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  BPS | Pay | EUROBOBCO | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.900 | Maturity | 06/30/2025 | 9000 | $2 | $16 | $18 | $0 |
|  | Receive | EUROBOBCO | 11.350 | Maturity | 09/30/2025 | 3000 | 0 | 6 | 6 | 0 |
|  | Pay | EUROBOBCO | 13.410 | Maturity | 09/30/2025 | 3000 | 0 | 0 | 0 | 0 |
|  | Receive | EUROBOBCO | 5.050 | Maturity | 12/31/2025 | 6000 | 0 | 11 | 11 | 0 |
|  | Receive | EUROBOBCO | 7.800 | Maturity | 12/31/2025 | 18000 | 0 | 66 | 66 | 0 |
|  | Pay | EUROBOBCO | 6.550 | Maturity | 12/31/2025 | 3000 | 0 | (1) | 0 | (1) |
|  JPM | Receive | EUROBOBCO | 7.600 | Maturity | 12/31/2025 | 9000 | 0 | 34 | 34 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(2)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | **Pay/Receive<sup>(2)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | Receive | BCOMTR2 Index<sup>(5)</sup> | 1351922 | 4.325% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 09/15/2026 | $262477 | $0 | $2463 | $2463 | $0 |
| BPS | Receive | BCOMF1TC Index | 159133 | 0.120% | Monthly | 03/16/2026 | 20255 | 0 | (25) | 0 | (25) |
|  | Receive | BCOMF1TC Index<sup>(6)</sup> | 4451517 | 4.345% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 03/16/2026 | 493507 | 0 | 4070 | 4070 | 0 |
|  | Receive | BCOMTR Index | 796738 | 4.325% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 03/16/2026 | 204723 | 488 | 1514 | 2002 | 0 |
|  | Receive | BCOMTR1 Index<sup>(7)</sup> | 581388 | 4.345% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 03/16/2026 | 56763 | 0 | 534 | 534 | 0 |
| CBK | Receive | CIXBSTR3 Index<sup>(8)</sup> | 529485 | 4.355% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 05/15/2026 | 149484 | 0 | 1418 | 1418 | 0 |
| CIB | Receive | PIMCODB Index<sup>(9)</sup> | 648093 | 0.000% | Monthly | 06/15/2026 | 133038 | 0 | 2032 | 2032 | 0 |
| GST | Pay | BCOMTR Index | 1423365 | 4.335% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 01/15/2026 | 365735 | 0 | (3443) | 0 | (3443) |
|  | Pay | SPGCINP Index | 47036 | -0.070% | Monthly | 01/15/2026 | 10210 | 0 | 351 | 351 | 0 |
|  | Receive | BCOMF1NTC Index<sup></sup> | 12344 | 4.405% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 04/15/2026 | 4344 | 0 | (25) | 0 | (25) |
|  | Receive | BCOMF1TC Index<sup>(10)</sup> | 307379 | 4.345% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 04/15/2026 | 126258 | 0 | 1041 | 1041 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **97** |

---

------

Consolidated Schedule of Investments PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> (Cont.)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(2)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value** | **Swap Agreements,<br>at Value** |
| **Counterparty** | **Pay/Receive<sup>(2)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  | Receive | BCOMTR1 Index<sup>(11)</sup> | 374091 | 4.345% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 04/15/2026 | $107230 | $0 | $1009 | $1009 | $0 |
|  | Receive | BCOMTR2 Index<sup>(12)</sup> | 302690 | 4.345% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 04/15/2026 | 79395 | 0 | 713 | 713 | 0 |
|  | Receive | BCOMF1TC Index<sup>(13)</sup> | 705858 | 4.345% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 08/16/2032 | 289936 | 0 | 2391 | 2391 | 0 |
|  | Receive | BCOMTR Index | 1709269 | 4.335% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 08/16/2032 | 439199 | 0 | 4135 | 4135 | 0 |
|  | Receive | BCOMTR1 Index<sup>(14)</sup> | 708060 | 4.345% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 08/16/2032 | 202958 | 0 | 1910 | 1910 | 0 |
|  | Receive | BCOMTR2 Index<sup>(15)</sup> | 572918 | 4.345% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 08/16/2032 | 150275 | 0 | 1422 | 1422 | 0 |
|  | Receive | CMDSKEWLS Index<sup>(16)</sup> | 124170 | 0.250% | Monthly | 08/16/2032 | 43571 | 0 | 3061 | 3061 | 0 |
| JPM | Receive | BCOMTR Index | 533723 | 4.335% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 08/15/2025 | 137141 | 0 | 1291 | 1291 | 0 |
|  | Receive | JMABNIC5 Index<sup>(17)</sup> | 582573 | 0.000% | Monthly | 08/15/2025 | 105176 | 0 | 1394 | 1394 | 0 |
|  | Pay | BCOMTR Index | 238818 | 4.125% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 01/15/2026 | 61365 | 0 | (583) | 0 | (583) |
|  | Receive | JMABNIC5 Index | 5678 | 0.000% | Monthly | 07/15/2026 | 1023 | 0 | 14 | 14 | 0 |
| MAC | Receive | PIMCODB Index<sup>(18)</sup> | 422144 | 0.000% | Monthly | 08/17/2026 | 83361 | 0 | 1189 | 1189 | 0 |
| MEI | Receive | BCOMTR Index | 649678 | 4.325% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 09/15/2026 | 166936 | 0 | 1572 | 1572 | 0 |
|  | Receive | BCOMTR1 Index<sup>(19)</sup> | 981021 | 4.325% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 09/15/2026 | 206833 | 0 | 1948 | 1948 | 0 |
| MYC | Receive | BCOMTR1 Index<sup>(20)</sup> | 305679 | 4.355% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 10/15/2026 | 228087 | 0 | 2145 | 2145 | 0 |
| RBC | Receive | RBCAEC0T Index<sup>(21)</sup> | 838405 | 4.305% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 01/15/2026 | 73167 | 0 | 727 | 727 | 0 |
|  | Receive | RBCAECR1 Index<sup>(22)</sup> | 303641 | 4.315% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 01/15/2026 | 37602 | 0 | 313 | 313 | 0 |
|  | Receive | RBCAECT0 Index | 3202387 | 4.305% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 01/15/2026 | 273961 | 0 | 2722 | 2722 | 0 |
| SOG | Receive | BCOMTR Index | 2525 | 4.305% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 12/15/2026 | 649 | 0 | 6 | 6 | 0 |
| UAG | Receive | BCOMTR Index | 36914 | 4.335% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 02/17/2026 | 9485 | 0 | 89 | 89 | 0 |
|  |  |  |  |  |  |  |  | $488 | $37398 | $41962 | $(4076) |

---

#### TOTAL RETURN SWAPS ON SECURITIES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(2)</sup>** | **Underlying Reference** | # of Shares | Financing Rate | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | **Pay/Receive<sup>(2)</sup>** | **Underlying Reference** | # of Shares | Financing Rate | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  BPS | Receive | U.S. Treasury Inflation Protected Securities | N/A | 4.450% | Maturity | 05/12/2025 | $625000 | $0 | $4448 | $4448 | $0 |
|  GLM | Receive | U.S. Treasury Inflation Protected Securities | N/A | 4.460% | Maturity | 04/09/2025 | 48100 | 0 | 223 | 223 | 0 |
|  SOG | Receive | U.S. Treasury Inflation Protected Securities | N/A | 4.470% (FEDL01 plus a specified spread) | Maturity | 04/23/2025 | 450000 | 0 | 8400 | 8400 | 0 |
|  |  |  |  |  |  |  |  | $0 | $13071 | $13071 | $0 |

---

98 PIMCO REAL RETURN STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

#### VOLATILITY SWAPS

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | Pay/Receive<br>Volatility | **Volatility<br>Strike** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | Pay/Receive<br>Volatility | **Volatility<br>Strike** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| GST | Pay<br> Natural Gas Index<sup>(3)</sup> | 29.594% | Maturity | 05/27/2025 | $2035 | $0 | $56 | $56 | $0 |
| JPM | Pay<br> GOLDLNPM Index<sup>(3)</sup> | 4.080 | Maturity | 10/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93889 | 0 | 1671 | 1671 | 0 |
|  | Pay<br> GOLDLNPM Index<sup>(3)</sup> | 4.203 | Maturity | 10/22/2025 | 16933 | 0 | 318 | 318 | 0 |
|  | Pay<br> GOLDLNPM Index<sup>(3)</sup> | 6.325 | Maturity | 04/10/2026 | 66938 | 0 | 2531 | 2531 | 0 |
| MEI | Pay<br> Natural Gas Index<sup>(3)</sup> | 30.250 | Maturity | 05/27/2025 | 2027 | 0 | 78 | 78 | 0 |
|  |  |  |  |  |  | $0 | $4654 | $4654 | $0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55255 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59822 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4077) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(4)</sup> |
|  AZD | $360 | $0 | $0 | $360 | $(456) | $0 | $0 | $(456) | $(96) | $0 | $(96) |
|  BOA | 19 | 0 | 2463 | 2482 | (54) | 0 | 0 | (54) | 2428 | (853) | 1575 |
|  BPS | 897 | 0 | 11155 | 12052 | (10433) | 0 | (26) | (10459) | 1593 | 4388 | 5981 |
|  BRC | 335 | 0 | 0 | 335 | (59) | (791) | 0 | (850) | (515) | 1 | (514) |
|  BSH | 635 | 0 | 0 | 635 | (71) | 0 | 0 | (71) | 564 | (230) | 334 |
|  CBK | 2622 | 0 | 1418 | 4040 | (1165) | (1112) | 0 | (2277) | 1763 | (1210) | 553 |
|  CIB | 0 | 0 | 2032 | 2032 | 0 | 0 | 0 | 0 | 2032 | (1210) | 822 |
|  DUB | 11231 | 0 | 0 | 11231 | (245) | 0 | 0 | (245) | 10986 | (9989) | 997 |
|  FAR | 571 | 0 | 0 | 571 | (579) | 0 | 0 | (579) | (8) | 197 | 189 |
|  GLM | 1776 | 0 | 223 | 1999 | (1653) | (3697) | 0 | (5350) | (3351) | (962) | (4313) |
|  GST | 0 | 0 | 16089 | 16089 | 0 | 0 | (3468) | (3468) | 12621 | (5950) | 6671 |
|  IND | 8 | 0 | 0 | 8 | (8) | 0 | 0 | (8) | 0 | 0 | 0 |
|  JPM | 1318 | 0 | 7253 | 8571 | (1137) | 0 | (583) | (1720) | 6851 | (6124) | 727 |
|  MAC | 0 | 0 | 1189 | 1189 | 0 | 0 | 0 | 0 | 1189 | (710) | 479 |
|  MBC | 237 | 0 | 0 | 237 | (772) | 0 | 0 | (772) | (535) | 695 | 160 |
|  MEI | 0 | 0 | 3598 | 3598 | 0 | 0 | 0 | 0 | 3598 | (1410) | 2188 |
|  MYC | 0 | 0 | 2145 | 2145 | 0 | (988) | 0 | (988) | 1157 | (833) | 324 |
|  MYI | 743 | 0 | 0 | 743 | (238) | 0 | 0 | (238) | 505 | (112) | 393 |
|  NGF | 264 | 0 | 0 | 264 | 0 | 0 | 0 | 0 | 264 | 0 | 264 |
|  RBC | 1 | 0 | 3762 | 3763 | (15) | 0 | 0 | (15) | 3748 | (1160) | 2588 |
|  SCX | 59 | 0 | 0 | 59 | (55) | 0 | 0 | (55) | 4 | (140) | (136) |
|  SOG | 0 | 0 | 8406 | 8406 | 0 | 0 | 0 | 0 | 8406 | (7610) | 796 |
|  SSB | 9 | 0 | 0 | 9 | (10) | 0 | 0 | (10) | (1) | 0 | (1) |
|  UAG | 192 | 0 | 89 | 281 | (14) | 0 | 0 | (14) | 267 | (310) | (43) |
|  Total Over the Counter | $21277 | $0 | $59822 | $81099 | $(16964) | $(6588) | $(4077) | $(27629) |  |  |  |

---

(l) Securities with an aggregate market value of $7,255 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(3)</sup> Variance Swap

<sup>(4)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

<sup>(5)</sup> The following table represents the individual positions within the total return swap as of March 31, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum May 2025 Futures | 3.9% | $10159 |
|  Arabica Coffee May 2025 Futures | 3.3 | 8667 |
|  Brent Crude July 2025 Futures | 7.1 | 18763 |
|  Copper May 2025 Futures | 6.0 | 15688 |
|  Corn May 2025 Futures | 5.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13659 |
|  Cotton No. 02 May 2025 Futures | 1.4 | 3814 |
|  Gas Oil May 2025 Futures | 2.6 | 6789 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **99** |

---

------

Consolidated Schedule of Investments PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> (Cont.)

---

| | | |
|:---|:---|:---|
| **Referenced Commodity — Long Futures Contracts** | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Gold 100 oz. June 2025 Futures | 15.7% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41090 |
|  Hard Red Winter Wheat May 2025 Futures | 1.7 | 4492 |
|  Lead May 2025 Futures | 0.9 | 2305 |
|  Lean Hogs June 2025 Futures | 1.9 | 5075 |
|  Live Cattle June 2025 Futures | 3.5 | 9099 |
|  New York Harbor ULSD May 2025 Futures | 2.0 | 5203 |
|  Nickel May 2025 Futures | 2.3 | 6016 |
|  NYMEX — Natural Gas May 2025 Futures | 9.8 | 25689 |
|  RBOB Gasoline May 2025 Futures | 2.2 | 5887 |
|  Silver May 2025 Futures | 4.7 | 12324 |
|  Soybean Meal May 2025 Futures | 3.1 | 8280 |
|  Soybean Oil May 2025 Futures | 3.4 | 8907 |
|  Soybeans May 2025 Futures | 5.6 | 14768 |
|  Sugar No. 11 May 2025 Futures | 2.7 | 7066 |
|  Wheat May 2025 Futures | 2.6 | 6803 |
|  WTI Crude May 2025 Futures | 6.3 | 16465 |
|  Zinc May 2025 Futures | 2.1 | 5469 |
|  Total Long Futures Contracts |  | $262477 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262477 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(6)</sup> The following table represents the individual positions within the total return swap as of March 31, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum July 2025 Futures | 3.8% | $18941 |
|  Arabica Coffee July 2025 Futures | 3.2 | 15933 |
|  Brent Crude July 2025 Futures | 7.1 | 34891 |
|  Copper July 2025 Futures | 6.0 | 29446 |
|  Corn July 2025 Futures | 5.2 | 25734 |
|  Cotton No. 02 July 2025 Futures | 1.5 | 7215 |
|  Gas Oil July 2025 Futures | 2.5 | 12453 |
|  Gold 100 oz. June 2025 Futures | 15.5 | 76409 |
|  Hard Red Winter Wheat July 2025 Futures | 1.7 | 8547 |
|  Lead July 2025 Futures | 0.9 | 4313 |
|  Lean Hogs June 2025 Futures | 1.9 | 9438 |
|  Live Cattle June 2025 Futures | 3.4 | 16920 |
|  New York Harbor ULSD July 2025 Futures | 1.9 | 9571 |
|  Nickel July 2025 Futures | 2.3 | 11282 |
|  NYMEX — Natural Gas July 2025 Futures | 10.5 | 51888 |
|  RBOB Gasoline July 2025 Futures | 2.2 | 10797 |
|  Silver July 2025 Futures | 4.7 | 23131 |
|  Soybean Meal July 2025 Futures | 3.2 | 15749 |
|  Soybean Oil July 2025 Futures | 3.4 | 16747 |
|  Soybeans July 2025 Futures | 5.7 | 27828 |
|  Sugar No. 11 July 2025 Futures | 2.6 | 12994 |
|  Wheat July 2025 Futures | 2.6 | 12968 |
|  WTI Crude July 2025 Futures | 6.1 | 30120 |
|  Zinc July 2025 Futures | 2.1 | 10192 |
|  Total Long Futures Contracts |  | $493507 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493507 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(7)</sup> The following table represents the individual positions within the total return swap as of March 31, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum May 2025 Futures | 3.9% | $2197 |
|  Arabica Coffee May 2025 Futures | 3.3 | 1874 |
|  Brent Crude July 2025 Futures | 7.1 | 4058 |
|  Copper May 2025 Futures | 6.0 | 3393 |
|  Corn May 2025 Futures | 5.2 | 2954 |
|  Cotton No. 02 May 2025 Futures | 1.4 | 825 |
|  Gas Oil May 2025 Futures | 2.6 | 1468 |
|  Gold 100 oz. June 2025 Futures | 15.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8886 |
|  Hard Red Winter Wheat May 2025 Futures | 1.7 | 971 |
|  Lead May 2025 Futures | 0.9 | 498 |
|  Lean Hogs June 2025 Futures | 1.9 | 1098 |
|  Live Cattle June 2025 Futures | 3.5 | 1968 |
|  New York Harbor ULSD May 2025 Futures | 2.0 | 1125 |

---

---

| | | |
|:---|:---|:---|
| **100** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
| **Referenced Commodity — Long Futures Contracts** | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Nickel May 2025 Futures | 2.3% | $1301 |
|  NYMEX — Natural Gas May 2025 Futures | 9.8 | 5556 |
|  RBOB Gasoline May 2025 Futures | 2.2 | 1273 |
|  Silver May 2025 Futures | 4.7 | 2665 |
|  Soybean Meal May 2025 Futures | 3.1 | 1790 |
|  Soybean Oil May 2025 Futures | 3.4 | 1926 |
|  Soybeans May 2025 Futures | 5.6 | 3194 |
|  Sugar No. 11 May 2025 Futures | 2.7 | 1528 |
|  Wheat May 2025 Futures | 2.6 | 1471 |
|  WTI Crude May 2025 Futures | 6.3 | 3561 |
|  Zinc May 2025 Futures | 2.1 | 1183 |
|  Total Long Futures Contracts |  | $56763 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56763 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(8)</sup> The following table represents the individual positions within the total return swap as of March 31, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum May 2025 Futures | 3.9% | $5786 |
|  Arabica Coffee May 2025 Futures | 3.3 | 4936 |
|  Brent Crude July 2025 Futures | 7.1 | 10686 |
|  Copper May 2025 Futures | 6.0 | 8935 |
|  Corn May 2025 Futures | 5.2 | 7779 |
|  Cotton No. 02 May 2025 Futures | 1.5 | 2172 |
|  Gas Oil May 2025 Futures | 2.6 | 3867 |
|  Gold 100 oz. June 2025 Futures | 15.6 | 23401 |
|  Hard Red Winter Wheat May 2025 Futures | 1.7 | 2558 |
|  Lead May 2025 Futures | 0.9 | 1313 |
|  Lean Hogs June 2025 Futures | 1.9 | 2890 |
|  Live Cattle June 2025 Futures | 3.5 | 5182 |
|  New York Harbor ULSD May 2025 Futures | 2.0 | 2963 |
|  Nickel May 2025 Futures | 2.3 | 3426 |
|  NYMEX — Natural Gas May 2025 Futures | 9.8 | 14631 |
|  RBOB Gasoline May 2025 Futures | 2.2 | 3353 |
|  Silver May 2025 Futures | 4.7 | 7019 |
|  Soybean Meal May 2025 Futures | 3.1 | 4715 |
|  Soybean Oil May 2025 Futures | 3.4 | 5072 |
|  Soybeans May 2025 Futures | 5.6 | 8411 |
|  Sugar No. 11 May 2025 Futures | 2.7 | 4024 |
|  Wheat May 2025 Futures | 2.6 | 3874 |
|  WTI Crude May 2025 Futures | 6.3 | 9377 |
|  Zinc May 2025 Futures | 2.1 | 3114 |
|  Total Long Futures Contracts |  | $149484 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149484 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(9)</sup> The following table represents the individual positions within the total return swap as of March 31, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum September 2025 Futures | 5.1% | $6798 |
|  Arabica Coffee September 2025 Futures | 4.7 | 6266 |
|  Brent Crude September 2025 Futures | 8.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11694 |
|  Cocoa September 2025 Futures | 1.6 | 2182 |
|  Copper September 2025 Futures | 0.8 | 1091 |
|  Corn September 2025 Futures | 4.6 | 6173 |
|  Gas Oil September 2025 Futures | 3.1 | 4071 |
|  Gold 100 oz. August 2025 Futures | 6.2 | 8275 |
|  Gold 100 oz. June 2025 Futures | 17.7 | 23495 |
|  Lean Hogs August 2025 Futures | 3.4 | 4483 |
|  Live Cattle August 2025 Futures | 1.6 | 2102 |
|  New York Harbor ULSD September 2025 Futures | 2.2 | 2927 |
|  Nickel September 2025 Futures | 0.4 | 599 |
|  NYMEX — Natural Gas September 2025 Futures | 4.7 | 6239 |
|  RBOB Gasoline September 2025 Futures | 8.7 | 11614 |
|  Silver May 2025 Futures | 9.2 | 12293 |
|  Silver September 2025 Futures | 2.8 | 3659 |
|  Sugar No. 11 October 2025 Futures | 2.2 | 2913 |
|  WTI Crude September 2025 Futures | 2.8 | 3725 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **101** |

---

------

Consolidated Schedule of Investments PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> (Cont.)

---

| | | |
|:---|:---|:---|
| **Referenced Commodity — Long Futures Contracts** | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Zinc September 2025 Futures | 2.0% | $2621 |
|  Total Long Futures Contracts |  | $123220 |
|  Cash | 7.4% | $9818 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133038 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(10)</sup> The following table represents the individual positions within the total return swap as of March 31, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum July 2025 Futures | 3.8% | $4846 |
|  Arabica Coffee July 2025 Futures | 3.2 | 4076 |
|  Brent Crude July 2025 Futures | 7.1 | 8926 |
|  Copper July 2025 Futures | 6.0 | 7533 |
|  Corn July 2025 Futures | 5.2 | 6584 |
|  Cotton No. 02 July 2025 Futures | 1.5 | 1846 |
|  Gas Oil July 2025 Futures | 2.5 | 3186 |
|  Gold 100 oz. June 2025 Futures | 15.5 | 19548 |
|  Hard Red Winter Wheat July 2025 Futures | 1.7 | 2187 |
|  Lead July 2025 Futures | 0.9 | 1104 |
|  Lean Hogs June 2025 Futures | 1.9 | 2415 |
|  Live Cattle June 2025 Futures | 3.4 | 4329 |
|  New York Harbor ULSD July 2025 Futures | 1.9 | 2449 |
|  Nickel July 2025 Futures | 2.3 | 2886 |
|  NYMEX — Natural Gas July 2025 Futures | 10.5 | 13275 |
|  RBOB Gasoline July 2025 Futures | 2.2 | 2762 |
|  Silver July 2025 Futures | 4.7 | 5918 |
|  Soybean Meal July 2025 Futures | 3.2 | 4029 |
|  Soybean Oil July 2025 Futures | 3.4 | 4284 |
|  Soybeans July 2025 Futures | 5.7 | 7119 |
|  Sugar No. 11 July 2025 Futures | 2.6 | 3324 |
|  Wheat July 2025 Futures | 2.6 | 3318 |
|  WTI Crude July 2025 Futures | 6.1 | 7706 |
|  Zinc July 2025 Futures | 2.1 | 2608 |
|  Total Long Futures Contracts |  | $126258 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126258 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(11)</sup> The following table represents the individual positions within the total return swap as of March 31, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum May 2025 Futures | 3.9% | $4150 |
|  Arabica Coffee May 2025 Futures | 3.3 | 3541 |
|  Brent Crude July 2025 Futures | 7.1 | 7665 |
|  Copper May 2025 Futures | 6.0 | 6409 |
|  Corn May 2025 Futures | 5.2 | 5580 |
|  Cotton No. 02 May 2025 Futures | 1.4 | 1558 |
|  Gas Oil May 2025 Futures | 2.6 | 2774 |
|  Gold 100 oz. June 2025 Futures | 15.6 | 16786 |
|  Hard Red Winter Wheat May 2025 Futures | 1.7 | 1835 |
|  Lead May 2025 Futures | 0.9 | 942 |
|  Lean Hogs June 2025 Futures | 1.9 | 2073 |
|  Live Cattle June 2025 Futures | 3.5 | 3717 |
|  New York Harbor ULSD May 2025 Futures | 2.0 | 2126 |
|  Nickel May 2025 Futures | 2.3 | 2458 |
|  NYMEX — Natural Gas May 2025 Futures | 9.8 | 10495 |
|  RBOB Gasoline May 2025 Futures | 2.2 | 2405 |
|  Silver May 2025 Futures | 4.7 | 5035 |
|  Soybean Meal May 2025 Futures | 3.2 | 3383 |
|  Soybean Oil May 2025 Futures | 3.4 | 3639 |
|  Soybeans May 2025 Futures | 5.6 | 6033 |
|  Sugar No. 11 May 2025 Futures | 2.7 | 2887 |
|  Wheat May 2025 Futures | 2.6 | 2779 |
|  WTI Crude May 2025 Futures | 6.3 | 6726 |
|  Zinc May 2025 Futures | 2.1 | 2234 |
|  Total Long Futures Contracts |  | $107230 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107230 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

---

| | | |
|:---|:---|:---|
| **102** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

<sup>(12)</sup> The following table represents the individual positions within the total return swap as of March 31, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum May 2025 Futures | 3.9% | $3073 |
|  Arabica Coffee May 2025 Futures | 3.3 | 2622 |
|  Brent Crude July 2025 Futures | 7.1 | 5676 |
|  Copper May 2025 Futures | 6.0 | 4745 |
|  Corn May 2025 Futures | 5.2 | 4132 |
|  Cotton No. 02 May 2025 Futures | 1.4 | 1153 |
|  Gas Oil May 2025 Futures | 2.6 | 2054 |
|  Gold 100 oz. June 2025 Futures | 15.6 | 12429 |
|  Hard Red Winter Wheat May 2025 Futures | 1.7 | 1359 |
|  Lead May 2025 Futures | 0.9 | 697 |
|  Lean Hogs June 2025 Futures | 1.9 | 1535 |
|  Live Cattle June 2025 Futures | 3.5 | 2752 |
|  New York Harbor ULSD May 2025 Futures | 2.0 | 1574 |
|  Nickel May 2025 Futures | 2.3 | 1820 |
|  NYMEX — Natural Gas May 2025 Futures | 9.8 | 7771 |
|  RBOB Gasoline May 2025 Futures | 2.2 | 1781 |
|  Silver May 2025 Futures | 4.7 | 3728 |
|  Soybean Meal May 2025 Futures | 3.2 | 2504 |
|  Soybean Oil May 2025 Futures | 3.4 | 2694 |
|  Soybeans May 2025 Futures | 5.6 | 4467 |
|  Sugar No. 11 May 2025 Futures | 2.7 | 2137 |
|  Wheat May 2025 Futures | 2.6 | 2058 |
|  WTI Crude May 2025 Futures | 6.3 | 4980 |
|  Zinc May 2025 Futures | 2.1 | 1654 |
|  Total Long Futures Contracts |  | $79395 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79395 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(13)</sup> The following table represents the individual positions within the total return swap as of March 31, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum July 2025 Futures | 3.8% | $11128 |
|  Arabica Coffee July 2025 Futures | 3.2 | 9360 |
|  Brent Crude July 2025 Futures | 7.1 | 20498 |
|  Copper July 2025 Futures | 6.0 | 17300 |
|  Corn July 2025 Futures | 5.2 | 15119 |
|  Cotton No. 02 July 2025 Futures | 1.5 | 4239 |
|  Gas Oil July 2025 Futures | 2.5 | 7317 |
|  Gold 100 oz. June 2025 Futures | 15.5 | 44890 |
|  Hard Red Winter Wheat July 2025 Futures | 1.7 | 5022 |
|  Lead July 2025 Futures | 0.9 | 2534 |
|  Lean Hogs June 2025 Futures | 1.9 | 5545 |
|  Live Cattle June 2025 Futures | 3.4 | 9940 |
|  New York Harbor ULSD July 2025 Futures | 1.9 | 5623 |
|  Nickel July 2025 Futures | 2.3 | 6628 |
|  NYMEX — Natural Gas July 2025 Futures | 10.5 | 30484 |
|  RBOB Gasoline July 2025 Futures | 2.2 | 6343 |
|  Silver July 2025 Futures | 4.7 | 13589 |
|  Soybean Meal July 2025 Futures | 3.2 | 9252 |
|  Soybean Oil July 2025 Futures | 3.4 | 9839 |
|  Soybeans July 2025 Futures | 5.7 | 16349 |
|  Sugar No. 11 July 2025 Futures | 2.6 | 7634 |
|  Wheat July 2025 Futures | 2.6 | 7619 |
|  WTI Crude July 2025 Futures | 6.1 | 17696 |
|  Zinc July 2025 Futures | 2.1 | 5988 |
|  Total Long Futures Contracts |  | $289936 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289936 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(14)</sup> The following table represents the individual positions within the total return swap as of March 31, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum May 2025 Futures | 3.9% | $7855 |
|  Arabica Coffee May 2025 Futures | 3.3 | 6702 |
|  Brent Crude July 2025 Futures | 7.1 | 14508 |
|  Copper May 2025 Futures | 6.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12131 |
|  Corn May 2025 Futures | 5.2 | 10562 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **103** |

---

------

Consolidated Schedule of Investments PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> (Cont.)

---

| | | |
|:---|:---|:---|
| **Referenced Commodity — Long Futures Contracts** | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Cotton No. 02 May 2025 Futures | 1.4% | $2949 |
|  Gas Oil May 2025 Futures | 2.6 | 5250 |
|  Gold 100 oz. June 2025 Futures | 15.6 | 31772 |
|  Hard Red Winter Wheat May 2025 Futures | 1.7 | 3473 |
|  Lead May 2025 Futures | 0.9 | 1782 |
|  Lean Hogs June 2025 Futures | 1.9 | 3924 |
|  Live Cattle June 2025 Futures | 3.5 | 7036 |
|  New York Harbor ULSD May 2025 Futures | 2.0 | 4024 |
|  Nickel May 2025 Futures | 2.3 | 4652 |
|  NYMEX — Natural Gas May 2025 Futures | 9.8 | 19864 |
|  RBOB Gasoline May 2025 Futures | 2.2 | 4552 |
|  Silver May 2025 Futures | 4.7 | 9529 |
|  Soybean Meal May 2025 Futures | 3.2 | 6402 |
|  Soybean Oil May 2025 Futures | 3.4 | 6887 |
|  Soybeans May 2025 Futures | 5.6 | 11420 |
|  Sugar No. 11 May 2025 Futures | 2.7 | 5464 |
|  Wheat May 2025 Futures | 2.6 | 5260 |
|  WTI Crude May 2025 Futures | 6.3 | 12731 |
|  Zinc May 2025 Futures | 2.1 | 4229 |
|  Total Long Futures Contracts |  | $202958 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202958 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(15)</sup> The following table represents the individual positions within the total return swap as of March 31, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum May 2025 Futures | 3.9% | $5816 |
|  Arabica Coffee May 2025 Futures | 3.3 | 4962 |
|  Brent Crude July 2025 Futures | 7.1 | 10742 |
|  Copper May 2025 Futures | 6.0 | 8982 |
|  Corn May 2025 Futures | 5.2 | 7820 |
|  Cotton No. 02 May 2025 Futures | 1.4 | 2183 |
|  Gas Oil May 2025 Futures | 2.6 | 3887 |
|  Gold 100 oz. June 2025 Futures | 15.7 | 23525 |
|  Hard Red Winter Wheat May 2025 Futures | 1.7 | 2573 |
|  Lead May 2025 Futures | 0.9 | 1320 |
|  Lean Hogs June 2025 Futures | 1.9 | 2906 |
|  Live Cattle June 2025 Futures | 3.5 | 5209 |
|  New York Harbor ULSD May 2025 Futures | 2.0 | 2979 |
|  Nickel May 2025 Futures | 2.3 | 3444 |
|  NYMEX — Natural Gas May 2025 Futures | 9.8 | 14708 |
|  RBOB Gasoline May 2025 Futures | 2.2 | 3370 |
|  Silver May 2025 Futures | 4.7 | 7056 |
|  Soybean Meal May 2025 Futures | 3.1 | 4740 |
|  Soybean Oil May 2025 Futures | 3.4 | 5099 |
|  Soybeans May 2025 Futures | 5.6 | 8455 |
|  Sugar No. 11 May 2025 Futures | 2.7 | 4046 |
|  Wheat May 2025 Futures | 2.6 | 3895 |
|  WTI Crude May 2025 Futures | 6.3 | 9427 |
|  Zinc May 2025 Futures | 2.1 | 3131 |
|  Total Long Futures Contracts |  | $150275 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150275 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(16)</sup> The following table represents the individual positions within the total return swap as of March 31, 2025: 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** | Referenced Commodity — Short Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Brent Crude June 2025 Futures | 14.8% | $6457 | Aluminum May 2025 Futures | (7.2)% | $(3141) |
|  Gold 100 oz. June 2025 Futures | 45.3 | 19733 | Copper May 2025 Futures | (11.1) | (4849) |
|  RBOB Gasoline May 2025 Futures | 14.9 | 6479 | Lead May 2025 Futures | (12.2) | (5320) |
|  Silver May 2025 Futures | 24.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10444 | Nickel May 2025 Futures | (7.8) | (3412) |
|  |  |  | NYMEX — Natural Gas May 2025 Futures | (10.0) | (4340) |
|  |  |  | Soybeans May 2025 Futures | (14.5) | (6296) |
|  |  |  | Sugar No. 11 May 2025 Futures | (14.0) | (6117) |
|  |  |  | Wheat May 2025 Futures | (14.1) | (6122) |
|  |  |  | Zinc May 2025 Futures | (3.9) | (1691) |
|  Total Long Futures Contracts |  | $43113 | Total Short Futures Contracts |  | $(41288) |
|  Cash | 95.8% | $41746 |  |  |  |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84859 |  |  |  |
|  Total Notional Amount |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43571 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

---

| | | |
|:---|:---|:---|
| **104** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

<sup>(17)</sup> The following table represents the individual positions within the total return swap as of March 31, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Brent Crude September 2025 Futures | 17.6% | $18473 |
|  Cotton No. 02 May 2025 Futures | 1.7 | 1727 |
|  Gas Oil August 2025 Futures | 2.9 | 3070 |
|  Gold 100 oz. June 2025 Futures | 17.7 | 18607 |
|  Live Cattle June 2025 Futures | 6.1 | 6448 |
|  LME — Copper May 2025 Futures | 7.8 | 8172 |
|  New York Harbor ULSD August 2025 Futures | 4.8 | 4989 |
|  Nickel May 2025 Futures | 3.7 | 3923 |
|  RBOB Gasoline August 2025 Futures | 5.0 | 5295 |
|  Silver May 2025 Futures | 5.3 | 5581 |
|  Soybean Meal May 2025 Futures | 10.7 | 11288 |
|  Soybeans May 2025 Futures | 13.7 | 14408 |
|  Sugar No. 11 May 2025 Futures | 3.0 | 3200 |
|  Total Long Futures Contracts |  | $105181 |
|  Cash | 0.0% | $(5) |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105176 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(18)</sup> The following table represents the individual positions within the total return swap as of March 31, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum September 2025 Futures | 5.0% | $4199 |
|  Arabica Coffee September 2025 Futures | 4.7 | 3937 |
|  Brent Crude November 2025 Futures | 8.6 | 7213 |
|  Cocoa September 2025 Futures | 1.6 | 1332 |
|  Copper September 2025 Futures | 0.8 | 693 |
|  Corn September 2025 Futures | 4.5 | 3790 |
|  Gas Oil November 2025 Futures | 3.0 | 2509 |
|  Gold 100 oz. December 2025 Futures | 6.2 | 5136 |
|  Gold 100 oz. June 2025 Futures | 17.5 | 14580 |
|  Lean Hogs October 2025 Futures | 3.3 | 2779 |
|  Live Cattle October 2025 Futures | 1.5 | 1294 |
|  New York Harbor ULSD November 2025 Futures | 2.2 | 1819 |
|  Nickel September 2025 Futures | 0.5 | 377 |
|  NYMEX — Natural Gas September 2025 Futures | 4.6 | 3799 |
|  RBOB Gasoline November 2025 Futures | 8.6 | 7164 |
|  Silver July 2025 Futures | 9.3 | 7772 |
|  Silver September 2025 Futures | 2.8 | 2310 |
|  Sugar No. 11 October 2025 Futures | 2.2 | 1823 |
|  WTI Crude November 2025 Futures | 2.8 | 2297 |
|  Zinc September 2025 Futures | 2.0 | 1635 |
|  Total Long Futures Contracts |  | $76458 |
|  Cash | 8.3% | $6903 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83361 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(19)</sup> The following table represents the individual positions within the total return swap as of March 31, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum May 2025 Futures | 3.9% | $8005 |
|  Arabica Coffee May 2025 Futures | 3.3 | 6830 |
|  Brent Crude July 2025 Futures | 7.1 | 14785 |
|  Copper May 2025 Futures | 6.0 | 12363 |
|  Corn May 2025 Futures | 5.2 | 10764 |
|  Cotton No. 02 May 2025 Futures | 1.4 | 3005 |
|  Gas Oil May 2025 Futures | 2.6 | 5350 |
|  Gold 100 oz. June 2025 Futures | 15.7 | 32379 |
|  Hard Red Winter Wheat May 2025 Futures | 1.7 | 3540 |
|  Lead May 2025 Futures | 0.9 | 1817 |
|  Lean Hogs June 2025 Futures | 1.9 | 3999 |
|  Live Cattle June 2025 Futures | 3.4 | 7170 |
|  New York Harbor ULSD May 2025 Futures | 2.0 | 4100 |
|  Nickel May 2025 Futures | 2.3 | 4741 |
|  NYMEX — Natural Gas May 2025 Futures | 9.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20243 |
|  RBOB Gasoline May 2025 Futures | 2.2 | 4639 |
|  Silver May 2025 Futures | 4.7 | 9711 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **105** |

---

------

Consolidated Schedule of Investments PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> (Cont.)

---

| | | |
|:---|:---|:---|
| **Referenced Commodity — Long Futures Contracts** | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Soybean Meal May 2025 Futures | 3.2% | $6524 |
|  Soybean Oil May 2025 Futures | 3.4 | 7018 |
|  Soybeans May 2025 Futures | 5.6 | 11638 |
|  Sugar No. 11 May 2025 Futures | 2.7 | 5568 |
|  Wheat May 2025 Futures | 2.6 | 5361 |
|  WTI Crude May 2025 Futures | 6.3 | 12974 |
|  Zinc May 2025 Futures | 2.1 | 4309 |
|  Total Long Futures Contracts |  | $206833 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206833 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(20)</sup> The following table represents the individual positions within the total return swap as of March 31, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum May 2025 Futures | 3.9% | $8828 |
|  Arabica Coffee May 2025 Futures | 3.3 | 7532 |
|  Brent Crude July 2025 Futures | 7.1 | 16305 |
|  Copper May 2025 Futures | 6.0 | 13633 |
|  Corn May 2025 Futures | 5.2 | 11870 |
|  Cotton No. 02 May 2025 Futures | 1.4 | 3314 |
|  Gas Oil May 2025 Futures | 2.6 | 5900 |
|  Gold 100 oz. June 2025 Futures | 15.7 | 35706 |
|  Hard Red Winter Wheat May 2025 Futures | 1.7 | 3903 |
|  Lead May 2025 Futures | 0.9 | 2003 |
|  Lean Hogs June 2025 Futures | 1.9 | 4410 |
|  Live Cattle June 2025 Futures | 3.4 | 7906 |
|  New York Harbor ULSD May 2025 Futures | 2.0 | 4521 |
|  Nickel May 2025 Futures | 2.3 | 5227 |
|  NYMEX — Natural Gas May 2025 Futures | 9.8 | 22324 |
|  RBOB Gasoline May 2025 Futures | 2.2 | 5116 |
|  Silver May 2025 Futures | 4.7 | 10709 |
|  Soybean Meal May 2025 Futures | 3.2 | 7195 |
|  Soybean Oil May 2025 Futures | 3.4 | 7740 |
|  Soybeans May 2025 Futures | 5.6 | 12833 |
|  Sugar No. 11 May 2025 Futures | 2.7 | 6140 |
|  Wheat May 2025 Futures | 2.6 | 5912 |
|  WTI Crude May 2025 Futures | 6.3 | 14308 |
|  Zinc May 2025 Futures | 2.1 | 4752 |
|  Total Long Futures Contracts |  | $228087 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228087 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(21)</sup> The following table represents the individual positions within the total return swap as of March 31, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum May 2025 Futures | 3.9% | $2832 |
|  Arabica Coffee May 2025 Futures | 3.3 | 2416 |
|  Brent Crude July 2025 Futures | 7.1 | 5230 |
|  Copper May 2025 Futures | 6.0 | 4373 |
|  Corn May 2025 Futures | 5.2 | 3808 |
|  Cotton No. 02 May 2025 Futures | 1.4 | 1063 |
|  Gas Oil May 2025 Futures | 2.6 | 1893 |
|  Gold 100 oz. June 2025 Futures | 15.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11454 |
|  Hard Red Winter Wheat May 2025 Futures | 1.7 | 1252 |
|  Lead May 2025 Futures | 0.9 | 643 |
|  Lean Hogs June 2025 Futures | 1.9 | 1415 |
|  Live Cattle June 2025 Futures | 3.5 | 2536 |
|  New York Harbor ULSD May 2025 Futures | 2.0 | 1450 |
|  Nickel May 2025 Futures | 2.3 | 1677 |
|  NYMEX — Natural Gas May 2025 Futures | 9.8 | 7161 |
|  RBOB Gasoline May 2025 Futures | 2.2 | 1641 |
|  Silver May 2025 Futures | 4.7 | 3435 |
|  Soybean Meal May 2025 Futures | 3.1 | 2308 |
|  Soybean Oil May 2025 Futures | 3.4 | 2483 |
|  Soybeans May 2025 Futures | 5.6 | 4117 |
|  Sugar No. 11 May 2025 Futures | 2.7 | 1970 |
|  Wheat May 2025 Futures | 2.6 | 1896 |
|  WTI Crude May 2025 Futures | 6.3 | 4590 |

---

---

| | | |
|:---|:---|:---|
| **106** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
| **Referenced Commodity — Long Futures Contracts** | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Zinc May 2025 Futures | 2.1% | $1524 |
|  Total Long Futures Contracts |  | $73167 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73167 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(22)</sup> The following table represents the individual positions within the total return swap as of March 31, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum July 2025 Futures | 3.9% | $1444 |
|  Arabica Coffee July 2025 Futures | 3.2 | 1214 |
|  Brent Crude September 2025 Futures | 6.9 | 2611 |
|  Copper July 2025 Futures | 6.0 | 2245 |
|  Corn July 2025 Futures | 5.2 | 1962 |
|  Cotton No. 02 July 2025 Futures | 1.5 | 550 |
|  Gas Oil July 2025 Futures | 2.5 | 949 |
|  Gold 100 oz. August 2025 Futures | 15.6 | 5871 |
|  Hard Red Winter Wheat July 2025 Futures | 1.7 | 652 |
|  Lead July 2025 Futures | 0.9 | 329 |
|  Lean Hogs July 2025 Futures | 1.9 | 723 |
|  Live Cattle August 2025 Futures | 3.4 | 1267 |
|  New York Harbor ULSD July 2025 Futures | 1.9 | 730 |
|  Nickel July 2025 Futures | 2.3 | 860 |
|  NYMEX — Natural Gas July 2025 Futures | 10.5 | 3956 |
|  RBOB Gasoline July 2025 Futures | 2.2 | 823 |
|  Silver July 2025 Futures | 4.7 | 1763 |
|  Soybean Meal July 2025 Futures | 3.2 | 1201 |
|  Soybean Oil July 2025 Futures | 3.4 | 1277 |
|  Soybeans July 2025 Futures | 5.7 | 2122 |
|  Sugar No. 11 July 2025 Futures | 2.6 | 991 |
|  Wheat July 2025 Futures | 2.6 | 989 |
|  WTI Crude July 2025 Futures | 6.1 | 2296 |
|  Zinc July 2025 Futures | 2.1 | 777 |
|  Total Long Futures Contracts |  | $37602 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37602 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Consolidated Statements of Assets and Liabilities as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $148 | $0 | $0 | $0 | $0 | $148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 7001 | 0 | 0 | 0 | 2473 | 9474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 3773 | 3773 |
|  | $7149 | $0 | $0 | $0 | $6246 | $13395 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $21277 | $0 | $21277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 46751 | 0 | 0 | 0 | 13071 | 59822 |
|  | $46751 | $0 | $0 | $21277 | $13071 | $81099 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21277 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19317 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94494 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 107

------

Consolidated Schedule of Investments PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $1293 | $0 | $0 | $0 | $0 | $1293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 5123 | 0 | 0 | 0 | 2418 | 7541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 4242 | 4242 |
|  | $6416 | $0 | $0 | $0 | $6660 | $13076 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $16964 | $0 | $16964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 6588 | 6588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 4077 | 0 | 0 | 0 | 0 | 4077 |
|  | $4077 | $0 | $0 | $16964 | $6588 | $27629 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10493 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16964 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13248 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40705 |

---

The effect of Financial Derivative Instruments on the Consolidated Statements of Operations for the year ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $(514) | $0 | $0 | $0 | $0 | $(514) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 2136 | 0 | 0 | 0 | 1735 | 3871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | (20147) | 0 | 0 | 0 | (834) | (20981) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (10660) | (10660) |
|  | $(18525) | $0 | $0 | $0 | $(9759) | $(28284) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $9175 | $0 | $9175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 4062 | 4062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 143281 | 0 | 0 | 0 | 10682 | 153963 |
|  | $143281 | $0 | $0 | $9175 | $14744 | $167200 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124756 | $0 | $0 | $9175 | $4985 | $138916 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $123 | $0 | $0 | $0 | $0 | $123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | (234) | 0 | 0 | 0 | (1238) | (1472) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | (17155) | 0 | 0 | 0 | 6846 | (10309) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 24027 | 24027 |
|  | $(17266) | $0 | $0 | $0 | $29635 | $12369 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $1760 | $0 | $1760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | (1632) | (1632) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 20952 | 0 | 0 | 0 | 13442 | 34394 |
|  | $20952 | $0 | $0 | $1760 | $11810 | $34522 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3686 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1760 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41445 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46891 |

---

---

| | | |
|:---|:---|:---|
| **108** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $6601 | $0 | $6601 |
| &nbsp;&nbsp; Industrials | 0 | 884 | 0 | 884 |
|  U.S. Government Agencies | 0 | 517228 | 0 | 517228 |
|  U.S. Treasury Obligations | 0 | 2856289 | 0 | 2856289 |
|  Non-Agency Mortgage-Backed Securities | 0 | 43222 | 0 | 43222 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; CMBS Other | 0 | 26535 | 0 | 26535 |
| &nbsp;&nbsp; Home Equity Other | 0 | 94258 | 0 | 94258 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 151 | 0 | 151 |
| &nbsp;&nbsp; Manufacturing House ABS Other | 0 | 1922 | 0 | 1922 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 31755 | 0 | 31755 |
| &nbsp;&nbsp; Other ABS | 0 | 197208 | 1622 | 198830 |
|  Sovereign Issues | 0 | 408539 | 0 | 408539 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 3875 | 0 | 3875 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 131514 | 0 | 131514 |
| &nbsp;&nbsp; Mutual Funds | 0 | 347 | 0 | 347 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 253675 | 0 | 253675 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 63051 | 0 | 63051 |
|  | $0 | $4637054 | $1622 | $4638676 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $302588 | $0 | $0 | $302588 |
|  Total Investments | $302588 | $4637054 | $1622 | $4941264 |
|  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 | 8942 | 4302 | 0 | 13244 |
|  Over the counter | 0 | 81099 | 0 | 81099 |
|  | $8942 | $85401 | $0 | $94343 |
|  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 | (8055) | (4867) | 0 | (12922) |
|  Over the counter | 0 | (27629) | 0 | (27629) |
|  | $(8055) | $(32496) | $0 | $(40551) |
|  Total Financial Derivative Instruments | $887 | $52905 | $0 | $53792 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303475 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4689959 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1622 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4995056 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **109** |

---

------

Consolidated Schedule of Investments PIMCO Inflation Response Multi-Asset Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 139.8% | INVESTMENTS IN SECURITIES 139.8% | INVESTMENTS IN SECURITIES 139.8% |
| CORPORATE BONDS & NOTES 1.5% | CORPORATE BONDS & NOTES 1.5% | CORPORATE BONDS & NOTES 1.5% |
| BANKING & FINANCE 1.5% | BANKING & FINANCE 1.5% | BANKING & FINANCE 1.5% |
|  Ambac Assurance Corp. | Ambac Assurance Corp. | Ambac Assurance Corp. |
|  5.100% (e) | 28 | 38 |
|  Jyske Realkredit AS | Jyske Realkredit AS | Jyske Realkredit AS |
|  1.500% due 10/01/2050 | 75377 | 8745 |
|  1.500% due 10/01/2053 | 26471 | 3010 |
|  2.000% due 10/01/2053 | 789 | 95 |
|  2.500% due 10/01/2047 | 1 | 0 |
|  Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab |
|  1.000% due 10/01/2053 | 1365 | 156 |
|  1.500% due 10/01/2053 | 5576 | 592 |
|  2.000% due 10/01/2053 | 2996 | 361 |
|  Nykredit Realkredit AS | Nykredit Realkredit AS | Nykredit Realkredit AS |
|  1.000% due 10/01/2053 | 9 | 1 |
|  1.500% due 10/01/2053 | 896 | 91 |
|  2.500% due 10/01/2047 | 2 | 0 |
|  3.000% due 10/01/2053 | 28188 | 3828 |
|  Realkredit Danmark AS | Realkredit Danmark AS | Realkredit Danmark AS |
|  1.500% due 10/01/2053 | 31026 | 3634 |
|  2.000% due 10/01/2053 | 509 | 57 |
|  2.500% due 04/01/2047 | 8 | 1 |
|  3.000% due 10/01/2053 | 38275 | 5193 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  7.750% due 03/01/2029 ~ | 100 | 122 |
|  |  | 25924 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  VMware, Inc. | VMware, Inc. | VMware, Inc. |
|  3.900% due 08/21/2027 | 200 | 197 |
| UTILITIES 0.0% | UTILITIES 0.0% | UTILITIES 0.0% |
|  Petrobras Global Finance BV | Petrobras Global Finance BV | Petrobras Global Finance BV |
|  7.250% due 03/17/2044 | 424 | 430 |
|  Total Corporate Bonds & Notes (Cost $32,651) | Total Corporate Bonds & Notes (Cost $32,651) | 26551 |
| U.S. GOVERNMENT AGENCIES 27.7% | U.S. GOVERNMENT AGENCIES 27.7% | U.S. GOVERNMENT AGENCIES 27.7% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  5.290% due 11/25/2053 - 03/25/2055 •  | 4745 | 4760 |
|  5.490% due 03/25/2055 •  | 2283 | 2287 |
|  5.500% due 03/25/2055 •  | 3261 | 3279 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  5.129% due 03/15/2050 •  | 2372 | 2354 |
|  5.280% due 11/25/2054 •  | 8729 | 8741 |
|  5.340% due 02/25/2055 •  | 1153 | 1159 |
|  5.490% due 03/25/2055 •  | 2042 | 2053 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  4.994% due 02/20/2074 •  | 800 | 796 |
|  5.461% due 08/20/2068 •  | 838 | 837 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  3.500% due 04/01/2055 | 94900 | 86841 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  4.000% due 08/01/2052 | 911 | 850 |
|  4.500% due 09/01/2052 - 11/01/2052 | 2709 | 2596 |
|  5.500% due 08/01/2054 | 28739 | 28720 |
|  6.000% due 03/01/2054 - 08/01/2054 | 96985 | 98562 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.000% due 05/01/2055 | 51690 | 48094 |
|  4.500% due 04/01/2055 - 06/01/2055 | 194200 | 185609 |
|  6.500% due 06/01/2055 | 26400 | 27178 |
|  Total U.S. Government Agencies (Cost $502,745) | Total U.S. Government Agencies (Cost $502,745) | 504716 |
| U.S. TREASURY OBLIGATIONS 60.8% | U.S. TREASURY OBLIGATIONS 60.8% | U.S. TREASURY OBLIGATIONS 60.8% |
|  U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) |
|  0.125% due 04/15/2026 (k) | 12353 | 12268 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  0.125% due 07/15/2026 | 20895 | 20801 |
|  0.125% due 07/15/2026 (k) | 8957 | 8917 |
|  0.125% due 10/15/2026 (i) | 59044 | 58584 |
|  0.125% due 04/15/2027 | 11699 | 11487 |
|  0.125% due 01/15/2030 (k)(m) | 7407 | 6970 |
|  0.125% due 07/15/2030 | 26522 | 24850 |
|  0.125% due 01/15/2031 | 30551 | 28226 |
|  0.125% due 07/15/2031 (i) | 155176 | 142543 |
|  0.125% due 01/15/2032 | 22686 | 20541 |
|  0.125% due 02/15/2051 (m) | 6075 | 3498 |
|  0.250% due 07/15/2029 (i) | 42823 | 41029 |
|  0.250% due 02/15/2050 (m) | 7536 | 4606 |
|  0.375% due 07/15/2025 (k) | 12188 | 12209 |
|  0.375% due 01/15/2027 (k) | 14963 | 14811 |
|  0.375% due 07/15/2027 | 17632 | 17434 |
|  0.500% due 01/15/2028 (i) | 50731 | 49839 |
|  0.625% due 01/15/2026 | 51047 | 51018 |
|  0.625% due 01/15/2026 (i)(k)(m) | 7886 | 7882 |
|  0.625% due 07/15/2032 (i) | 53235 | 49717 |
|  0.625% due 02/15/2043 | 9642 | 7423 |
|  0.750% due 07/15/2028 (i) | 37907 | 37471 |
|  0.750% due 02/15/2042 | 13016 | 10467 |
|  0.750% due 02/15/2045 | 27460 | 20860 |
|  0.875% due 01/15/2029 (m) | 82 | 80 |
|  0.875% due 02/15/2047 | 20578 | 15591 |
|  1.000% due 02/15/2046 | 15495 | 12236 |
|  1.000% due 02/15/2048 | 14299 | 11000 |
|  1.000% due 02/15/2049 | 9971 | 7595 |
|  1.125% due 01/15/2033 (i) | 40730 | 39036 |
|  1.250% due 04/15/2028 (i) | 34413 | 34430 |
|  1.375% due 07/15/2033 (i) | 42144 | 41126 |
|  1.375% due 02/15/2044 | 25688 | 22385 |
|  1.625% due 10/15/2027 (k) | 24124 | 24525 |
|  1.625% due 10/15/2029 | 19784 | 20069 |
|  1.750% due 01/15/2034 | 21181 | 21152 |
|  1.875% due 07/15/2034 (i) | 82088 | 82878 |
|  2.000% due 01/15/2026 (i)(k)(m) | 2203 | 2226 |
|  2.125% due 04/15/2029 (i)(k) | 7598 | 7825 |
|  2.125% due 01/15/2035 (i) | 27278 | 28009 |
|  2.125% due 02/15/2040 (m) | 5246 | 5306 |
|  2.125% due 02/15/2041 | 6671 | 6735 |
|  2.125% due 02/15/2054 | 14902 | 14312 |
|  2.375% due 10/15/2028 (i) | 34219 | 35658 |
|  2.500% due 01/15/2029)(i)(k)(m) | 6124 | 6402 |
|  2.500% due 01/15/2029 (k) | 4808 | 5026 |
|  3.375% due 04/15/2032 (m) | 54 | 60 |
|  Total U.S. Treasury Obligations (Cost $1,159,938) | Total U.S. Treasury Obligations (Cost $1,159,938) | 1107113 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.7% |
|  Alliance Bancorp Trust | Alliance Bancorp Trust | Alliance Bancorp Trust |
|  4.915% due 07/25/2037 •  | 416 | 367 |
|  Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust |
|  5.085% due 12/25/2035 ~ | 321 | 273 |
|  6.000% due 06/25/2046 | 226 | 195 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.432% due 06/25/2035 ~ | 32 | 28 |
|  5.671% due 11/25/2035 •  | 37 | 33 |
|  5.899% due 08/25/2035 ~ | 38 | 37 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  4.630% due 04/26/2036 •  | 188 | 167 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  4.445% due 07/25/2036 ~ | 76 | 64 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  5.500% due 08/25/2034 | 620 | 608 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.629% due 12/20/2046 ~ | 119 | 104 |
|  4.902% due 10/25/2035 •  | 7 | 5 |
|  5.500% due 11/25/2035 | 21 | 18 |
|  5.500% due 01/25/2036 | 134 | 74 |
|  6.000% due 08/25/2036 •  | 72 | 42 |
|  6.000% due 04/25/2037 | 750 | 551 |
|  6.250% due 11/25/2036 | 59 | 44 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  5.015% due 04/25/2035 •  | 137 | 130 |
|  6.000% due 03/25/2037 | 459 | 208 |
|  6.000% due 05/25/2037 | 325 | 143 |
|  6.000% due 07/25/2037 | 944 | 424 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust |
|  6.672% due 06/25/2036 þ | $| 337 | 86 |
|  Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust |
|  4.735% due 04/25/2037 •  |  | 320 | 224 |
|  6.800% due 07/25/2036 þ |  | 145 | 125 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  6.000% due 02/25/2037 |  | 50 | 19 |
|  Grifonas Finance PLC | Grifonas Finance PLC | Grifonas Finance PLC | Grifonas Finance PLC |
|  2.669% due 08/28/2039 •  | EUR | 133 | 141 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  5.328% due 09/25/2035 ~ | $| 6 | 5 |
|  6.000% due 11/25/2035 |  | 313 | 104 |
|  IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust |
|  4.795% due 07/25/2047 •  |  | 310 | 204 |
|  Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust |
|  5.088% due 01/25/2036 ~ |  | 99 | 94 |
|  MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust |
|  4.835% due 03/25/2036 •  |  | 414 | 40 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.320% due 06/25/2036 ~ |  | 22 | 22 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  4.500% due 05/25/2058 •  |  | 1530 | 1497 |
|  New York Mortgage Trust | New York Mortgage Trust | New York Mortgage Trust | New York Mortgage Trust |
|  5.153% due 05/25/2036 ~ |  | 37 | 31 |
|  One Market Plaza Trust | One Market Plaza Trust | One Market Plaza Trust | One Market Plaza Trust |
|  3.614% due 02/10/2032 |  | 1109 | 1041 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  4.835% due 05/25/2035 ~ |  | 322 | 198 |
|  4.835% due 01/25/2046 ~ |  | 881 | 249 |
|  5.750% due 02/25/2036 |  | 172 | 63 |
|  6.250% due 11/25/2036 |  | 166 | 62 |
|  6.500% due 06/25/2037 |  | 11508 | 2295 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.834% due 07/20/2036 •  |  | 455 | 396 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.855% due 05/25/2036 •  |  | 178 | 127 |
|  4.875% due 05/25/2036 •  |  | 246 | 201 |
|  4.995% due 02/25/2036 ~ |  | 194 | 162 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.750% due 10/25/2057 ~ |  | 1042 | 1017 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.091% due 02/25/2037 ~ |  | 32 | 27 |
|  4.218% due 11/25/2036 ~ |  | 204 | 179 |
|  5.005% due 10/25/2035 •  |  | 446 | 407 |
|  6.790% due 09/25/2033 •  |  | 2 | 2 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  6.000% due 07/25/2036 |  | 248 | 178 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $18,426) | Total Non-Agency Mortgage-Backed Securities (Cost $18,426) | Total Non-Agency Mortgage-Backed Securities (Cost $18,426) | 12711 |
| ASSET-BACKED SECURITIES 7.7% | ASSET-BACKED SECURITIES 7.7% | ASSET-BACKED SECURITIES 7.7% | ASSET-BACKED SECURITIES 7.7% |
| CMBS OTHER 0.8% | CMBS OTHER 0.8% | CMBS OTHER 0.8% | CMBS OTHER 0.8% |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.799% due 01/15/2037 •  |  | 3222 | 3226 |
|  BDS Ltd. | BDS Ltd. | BDS Ltd. | BDS Ltd. |
|  6.117% due 03/19/2039 •  |  | 5192 | 5194 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.734% due 07/15/2036 •  |  | 484 | 483 |
|  5.899% due 01/17/2037 •  |  | 1913 | 1911 |
|  MF1 LLC | MF1 LLC | MF1 LLC | MF1 LLC |
|  6.467% due 06/19/2037 ~ |  | 2472 | 2471 |
|  TPG Real Estate Finance Issuer Ltd. | TPG Real Estate Finance Issuer Ltd. | TPG Real Estate Finance Issuer Ltd. | TPG Real Estate Finance Issuer Ltd. |
|  5.969% due 02/15/2039 •  |  | 1641 | 1636 |
|  |  |  | 14921 |
| HOME EQUITY OTHER 1.3% | HOME EQUITY OTHER 1.3% | HOME EQUITY OTHER 1.3% | HOME EQUITY OTHER 1.3% |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.755% due 05/25/2036 •  |  | 1417 | 342 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.595% due 01/25/2037 ~ |  | 204 | 148 |

---

---

| | | |
|:---|:---|:---|
| **110** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.575% due 07/25/2037 ~ | 226 | 211 |
|  4.835% due 09/25/2037 ~ | 60 | 55 |
|  4.895% due 05/25/2037 ~ | 773 | 719 |
|  4.935% due 03/25/2037 •  | 847 | 807 |
|  5.635% due 10/25/2035 ~ | 830 | 822 |
|  5.805% due 04/25/2036 •  | 35 | 32 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.705% due 10/25/2036 •  | 159 | 144 |
|  4.735% due 10/25/2036 •  | 4065 | 1626 |
|  4.915% due 10/25/2036 ~ | 2234 | 893 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  5.110% due 02/25/2036 ~ | 2301 | 2249 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.735% due 07/25/2036 •  | 4806 | 2106 |
|  IndyMac Residential Asset Backed Trust | IndyMac Residential Asset Backed Trust | IndyMac Residential Asset Backed Trust |
|  4.655% due 04/25/2037 ~ | 261 | 200 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  4.645% due 10/25/2036 •  | 19 | 19 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  5.035% due 01/25/2036 •  | 1057 | 970 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.915% due 06/25/2036 ~ | 202 | 71 |
|  5.005% due 01/25/2036 ~ | 1500 | 1496 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  4.505% due 10/25/2036 •  | 1431 | 626 |
|  4.545% due 10/25/2036 •  | 17 | 9 |
|  4.565% due 10/25/2036 •  | 750 | 669 |
|  4.655% due 10/25/2036 •  | 1765 | 772 |
|  4.735% due 06/25/2036 •  | 1099 | 554 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.226% due 10/25/2036 þ | 176 | 49 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.775% due 11/25/2036 •  | 145 | 44 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.535% due 09/25/2037 •  | 5081 | 2078 |
|  Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust |
|  4.685% due 11/25/2036 ~ | 3026 | 2716 |
|  4.915% due 08/25/2036 •  | 431 | 381 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.755% due 07/25/2036 ~ | 1883 | 617 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.555% due 11/25/2036 ~ | 116 | 32 |
|  4.840% due 12/25/2036 •  | 1063 | 1053 |
|  4.995% due 05/25/2036 ~ | 166 | 161 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  5.155% due 10/25/2035 ~ | 1136 | 1109 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  5.937% due 04/25/2035 •  | 2 | 2 |
|  |  | 23782 |
| HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.895% due 02/25/2037 ~ | 146 | 30 |
| WHOLE LOAN COLLATERAL 0.7% | WHOLE LOAN COLLATERAL 0.7% | WHOLE LOAN COLLATERAL 0.7% |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.930% due 10/25/2036 •  | 2300 | 2261 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  5.140% due 11/25/2036 •  | 1818 | 1767 |
|  IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust |
|  4.575% due 07/25/2036 ~ | 718 | 226 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.755% due 05/25/2036 •  | 536 | 463 |
|  4.873% due 06/25/2036 þ | 446 | 433 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.875% due 10/25/2036 •  | 9976 | 3313 |
|  4.935% due 05/25/2036 •  | 698 | 360 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  4.755% due 09/25/2037 ~ | 8149 | 4000 |
|  |  | 12823 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| OTHER ABS 4.9% | OTHER ABS 4.9% | OTHER ABS 4.9% |
|  522 Funding CLO Ltd. | 522 Funding CLO Ltd. | 522 Funding CLO Ltd. |
|  5.595% due 10/20/2031 •  | 211 | 211 |
|  Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. |
|  5.343% due 10/20/2034 •  | 800 | 796 |
|  Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. |
|  5.654% due 01/15/2031 ~ | 168 | 168 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.383% due 10/21/2034 •  | 1800 | 1793 |
|  Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC |
|  3.804% due 01/24/2033 •  | 494 | 535 |
|  Barings CLO Ltd. | Barings CLO Ltd. | Barings CLO Ltd. |
|  5.545% due 01/20/2031 •  | 804 | 805 |
|  Canyon Capital CLO Ltd. | Canyon Capital CLO Ltd. | Canyon Capital CLO Ltd. |
|  5.382% due 07/15/2034 ~ | 1000 | 996 |
|  Capital Four U.S. CLO Ltd. | Capital Four U.S. CLO Ltd. | Capital Four U.S. CLO Ltd. |
|  6.193% due 01/20/2037 •  | 1200 | 1205 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  5.612% due 07/27/2031 •  | 143 | 143 |
|  Carlyle Global Market Strategies Euro CLO DAC | Carlyle Global Market Strategies Euro CLO DAC | Carlyle Global Market Strategies Euro CLO DAC |
|  3.306% (EUR003M + 0.750%) due 11/15/2031 ~ | 739 | 800 |
|  Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. |
|  5.744% due 01/15/2030 ~ | 135 | 135 |
|  CBAM Ltd. | CBAM Ltd. | CBAM Ltd. |
|  5.584% due 04/17/2031 •  | 340 | 340 |
|  5.675% due 04/20/2032 ~ | 1720 | 1721 |
|  Cedar Funding CLO Ltd. | Cedar Funding CLO Ltd. | Cedar Funding CLO Ltd. |
|  5.664% due 07/17/2031 ~ | 579 | 580 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.508% due 10/24/2030 ~ | 121 | 121 |
|  Contego CLO DAC | Contego CLO DAC | Contego CLO DAC |
|  3.321% due 01/23/2030 •  | 1193 | 1293 |
|  CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC |
|  3.336% due 08/15/2032 •  | 195 | 211 |
|  3.347% due 09/22/2034 •  | 2300 | 2485 |
|  Dryden Euro CLO DAC | Dryden Euro CLO DAC | Dryden Euro CLO DAC |
|  3.724% due 10/18/2034 •  | 6800 | 7347 |
|  3.728% due 01/17/2033 •  | 795 | 859 |
|  Dryden Senior Loan Fund | Dryden Senior Loan Fund | Dryden Senior Loan Fund |
|  5.525% due 04/18/2031 •  | 322 | 322 |
|  Dunedin Park CLO DAC | Dunedin Park CLO DAC | Dunedin Park CLO DAC |
|  3.496% due 11/20/2034 •  | 700 | 757 |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  5.512% due 10/25/2030 •  | 306 | 305 |
|  Harvest CLO DAC | Harvest CLO DAC | Harvest CLO DAC |
|  3.426% due 11/18/2030 •  | 598 | 648 |
|  Hayfin Emerald CLO | Hayfin Emerald CLO | Hayfin Emerald CLO |
|  4.094% due 07/18/2038 •  | 1900 | 2057 |
|  ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. |
|  5.443% due 10/20/2034 •  | 4700 | 4690 |
|  KKR CLO Ltd. | KKR CLO Ltd. | KKR CLO Ltd. |
|  5.744% due 01/15/2031 •  | 599 | 599 |
|  LCM Ltd. | LCM Ltd. | LCM Ltd. |
|  5.393% due 07/20/2030 ~ | 125 | 125 |
|  5.595% due 07/20/2031 ~ | 608 | 608 |
|  Madison Park Euro Funding DAC | Madison Park Euro Funding DAC | Madison Park Euro Funding DAC |
|  3.585% due 07/15/2032 •  | 5588 | 6062 |
|  Madison Park Funding Ltd. | Madison Park Funding Ltd. | Madison Park Funding Ltd. |
|  5.361% due 10/19/2034 •  | 1100 | 1096 |
|  Mountain View CLO Ltd. | Mountain View CLO Ltd. | Mountain View CLO Ltd. |
|  5.684% due 07/15/2031 ~ | 327 | 327 |
|  Navesink CLO Ltd. | Navesink CLO Ltd. | Navesink CLO Ltd. |
|  5.572% due 04/15/2036 •  | 4300 | 4295 |
|  Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. |
|  5.529% due 04/16/2031 ~ | 571 | 572 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  3.546% due 05/15/2034 •  | 3534 | 3822 |
|  Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. |
|  5.364% due 10/15/2029 •  | 498 | 498 |
|  Providus CLO DAC | Providus CLO DAC | Providus CLO DAC |
|  3.564% due 04/20/2034 •  | 3300 | 3560 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.945% due 10/15/2038 •  | EUR | 1500 | 1624 |
|  Rad CLO Ltd. | Rad CLO Ltd. | Rad CLO Ltd. | Rad CLO Ltd. |
|  5.678% due 07/24/2032 •  | $| 4645 | 4648 |
|  Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC |
|  4.041% due 04/24/2037 •  | EUR | 2700 | 2922 |
|  Silver Rock CLO Ltd. | Silver Rock CLO Ltd. | Silver Rock CLO Ltd. | Silver Rock CLO Ltd. |
|  5.348% due 01/20/2035 •  | $| 1300 | 1300 |
|  Sound Point CLO Ltd. | Sound Point CLO Ltd. | Sound Point CLO Ltd. | Sound Point CLO Ltd. |
|  5.705% due 04/18/2031 •  |  | 935 | 934 |
|  St Paul's CLO DAC | St Paul's CLO DAC | St Paul's CLO DAC | St Paul's CLO DAC |
|  3.504% (EUR003M + 0.800%) due 04/22/2035 ~ | EUR | 800 | 863 |
|  Tikehau CLO DAC | Tikehau CLO DAC | Tikehau CLO DAC | Tikehau CLO DAC |
|  3.685% due 10/15/2031 •  |  | 1708 | 1845 |
|  Toro European CLO DAC | Toro European CLO DAC | Toro European CLO DAC | Toro European CLO DAC |
|  3.366% due 02/15/2034 •  |  | 5590 | 6011 |
|  3.709% due 01/12/2032 •  |  | 3758 | 4047 |
|  Trysail CLO Ltd. | Trysail CLO Ltd. | Trysail CLO Ltd. | Trysail CLO Ltd. |
|  5.532% due 10/20/2033 ~ | $| 600 | 599 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.355% due 04/20/2034 •  |  | 6300 | 6299 |
|  5.493% due 07/20/2032 •  |  | 458 | 458 |
|  5.544% due 06/07/2030 ~ |  | 229 | 229 |
|  5.649% due 07/14/2031 ~ |  | 241 | 241 |
|  5.774% due 10/15/2030 ~ |  | 430 | 431 |
|  Voya Euro CLO DAC | Voya Euro CLO DAC | Voya Euro CLO DAC | Voya Euro CLO DAC |
|  3.745% due 07/15/2035 •  | EUR | 2800 | 3027 |
|  |  |  | 88365 |
|  Total Asset-Backed Securities (Cost $147,305) | Total Asset-Backed Securities (Cost $147,305) | Total Asset-Backed Securities (Cost $147,305) | 139921 |
| SOVEREIGN ISSUES 10.4% | SOVEREIGN ISSUES 10.4% | SOVEREIGN ISSUES 10.4% | SOVEREIGN ISSUES 10.4% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 07/01/2025 (c) | BRL | 79500 | 13489 |
|  0.000% due 10/01/2025 (c) |  | 131900 | 21569 |
|  France Government International Bond | France Government International Bond | France Government International Bond | France Government International Bond |
|  0.100% due 03/01/2026 (d) | EUR | 20035 | 21723 |
|  0.100% due 07/25/2031 (d) |  | 13698 | 14152 |
|  0.100% due 07/25/2038 (d) |  | 118 | 106 |
|  Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |
|  0.400% due 05/15/2030 (d) |  | 3289 | 3441 |
|  1.400% due 05/26/2025 (d) |  | 42301 | 45857 |
|  1.800% due 05/15/2036 (d) |  | 1222 | 1291 |
|  Japan Government International Bond | Japan Government International Bond | Japan Government International Bond | Japan Government International Bond |
|  0.100% due 03/10/2028 (d) | JPY | 2065022 | 14263 |
|  0.100% due 03/10/2029 (d) |  | 7625660 | 52570 |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  4.000% due 08/24/2034 (d) | MXN | 6199 | 282 |
|  Peru Government International Bond | Peru Government International Bond | Peru Government International Bond | Peru Government International Bond |
|  6.150% due 08/12/2032 | PEN | 1000 | 274 |
|  Total Sovereign Issues (Cost $203,757) | Total Sovereign Issues (Cost $203,757) | Total Sovereign Issues (Cost $203,757) | 189017 |
|  |  | **SHARES** |  |
| COMMON STOCKS 0.2% | COMMON STOCKS 0.2% | COMMON STOCKS 0.2% | COMMON STOCKS 0.2% |
| COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% |
|  Frontier Communications Parent, Inc. (a) |  | 11500 | 413 |
| CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% |
|  Hilton Worldwide Holdings, Inc. |  | 790 | 180 |
|  Wyndham Hotels & Resorts, Inc. |  | 2002 | 181 |
|  |  |  | 361 |
| CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% |
|  Kellanova |  | 5700 | 470 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 111

------

Consolidated Schedule of Investments PIMCO Inflation Response Multi-Asset Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% |
|  Hess Corp. | 2800 | 447 |
| FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% |
|  Discover Financial Services | 1800 | 307 |
| HEALTH CARE 0.0% | HEALTH CARE 0.0% | HEALTH CARE 0.0% |
|  Amedisys, Inc. (a) | 2400 | 223 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  H&E Equipment Services, Inc. | 1800 | 171 |
|  International Distribution Services PLC | 49490 | 232 |
|  |  | 403 |
| INFORMATION TECHNOLOGY 0.0% | INFORMATION TECHNOLOGY 0.0% | INFORMATION TECHNOLOGY 0.0% |
|  Ansys, Inc. (a) | 800 | 253 |
| MATERIALS 0.1% | MATERIALS 0.1% | MATERIALS 0.1% |
|  Berry Global Group, Inc. | 4800 | 335 |
|  U.S. Steel Corp. | 7800 | 330 |
|  |  | 665 |
| REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% |
|  Redfin Corp. (a) | 11600 | 107 |
|  Total Common Stocks (Cost $3,593) | Total Common Stocks (Cost $3,593) | 3649 |
| PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% |
| BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.875% due 03/15/2028 •(e) | 670000 | 676 |
|  Total Preferred Securities (Cost $670) | Total Preferred Securities (Cost $670) | 676 |
| REAL ESTATE INVESTMENT TRUSTS 4.7% | REAL ESTATE INVESTMENT TRUSTS 4.7% | REAL ESTATE INVESTMENT TRUSTS 4.7% |
| REAL ESTATE 4.7% | REAL ESTATE 4.7% | REAL ESTATE 4.7% |
|  Acadia Realty Trust | 5853 | 123 |
|  Agree Realty Corp. | 7653 | 591 |
|  Alexander & Baldwin, Inc. | 3465 | 60 |
|  Alexandria Real Estate Equities, Inc. | 13267 | 1227 |
|  American Assets Trust, Inc. | 2242 | 45 |
|  American Healthcare REIT, Inc. | 7452 | 226 |
|  American Homes 4 Rent 'A' | 36506 | 1380 |
|  American Tower Corp. | 417 | 91 |
|  Americold Realty Trust, Inc. | 30034 | 645 |
|  Apartment Investment and Management Co. 'A' | 6288 | 55 |
|  Apple Hospitality REIT, Inc. | 18924 | 244 |
|  AvalonBay Communities, Inc. | 13003 | 2791 |
|  Brandywine Realty Trust | 8407 | 38 |
|  Brixmor Property Group, Inc. | 18706 | 497 |
|  Broadstone Net Lease, Inc. | 31623 | 539 |
|  BXP, Inc. | 7076 | 475 |
|  Camden Property Trust | 9087 | 1111 |
|  CareTrust REIT, Inc. | 9042 | 258 |
|  Centerspace | 802 | 52 |
|  Chatham Lodging Trust | 2365 | 17 |
|  Community Healthcare Trust, Inc. | 1213 | 22 |
|  COPT Defense Properties | 5465 | 149 |
|  Cousins Properties, Inc. | 8091 | 239 |
|  Crown Castle, Inc. | 855 | 89 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  CubeSmart | 19164 | $— | 819 |
|  Curbline Properties Corp. | 4482 |  | 108 |
|  DiamondRock Hospitality Co. | 17204 |  | 133 |
|  Digital Realty Trust, Inc. | 25570 |  | 3664 |
|  Diversified Healthcare Trust | 10501 |  | 25 |
|  Douglas Emmett, Inc. | 8186 |  | 131 |
|  Easterly Government Properties, Inc. | 4875 |  | 52 |
|  EastGroup Properties, Inc. | 4226 |  | 744 |
|  Elme Communities | 4303 |  | 75 |
|  Empire State Realty Trust, Inc. 'A' | 6554 |  | 51 |
|  EPR Properties | 8151 |  | 429 |
|  Equinix, Inc. | 7978 |  | 6505 |
|  Equity LifeStyle Properties, Inc. | 21425 |  | 1429 |
|  Equity Residential | 31897 |  | 2283 |
|  Essential Properties Realty Trust, Inc. | 23165 |  | 756 |
|  Essex Property Trust, Inc. | 4255 |  | 1305 |
|  Extra Space Storage, Inc. | 16553 |  | 2458 |
|  Federal Realty Investment Trust | 10164 |  | 994 |
|  First Industrial Realty Trust, Inc. | 12951 |  | 699 |
|  Four Corners Property Trust, Inc. | 4678 |  | 134 |
|  Gaming & Leisure Properties, Inc. | 12413 |  | 632 |
|  Getty Realty Corp. | 2448 |  | 76 |
|  Global Medical REIT, Inc. | 3037 |  | 27 |
|  Global Net Lease, Inc. | 9578 |  | 77 |
|  Healthcare Realty Trust, Inc. | 16594 |  | 281 |
|  Healthpeak Properties, Inc. | 68344 |  | 1382 |
|  Highwoods Properties, Inc. | 5127 |  | 152 |
|  Host Hotels & Resorts, Inc. | 59114 |  | 840 |
|  Hudson Pacific Properties, Inc. | 6821 |  | 20 |
|  Independence Realty Trust, Inc. | 10868 |  | 231 |
|  Innovative Industrial Properties, Inc. | 1370 |  | 74 |
|  InvenTrust Properties Corp. | 3101 |  | 91 |
|  Invitation Homes, Inc. | 58847 |  | 2051 |
|  JBG SMITH Properties | 4085 |  | 66 |
|  Kilroy Realty Corp. | 5138 |  | 168 |
|  Kimco Realty Corp. | 69254 |  | 1471 |
|  Kite Realty Group Trust | 34828 |  | 779 |
|  Lineage, Inc. | 886 |  | 52 |
|  LXP Industrial Trust | 24574 |  | 213 |
|  Macerich Co. | 20230 |  | 347 |
|  Medical Properties Trust, Inc. | 28363 |  | 171 |
|  Mid-America Apartment Communities, Inc. | 8392 |  | 1406 |
|  National Health Investors, Inc. | 2197 |  | 162 |
|  National Storage Affiliates Trust | 3305 |  | 130 |
|  NET Lease Office Properties | 715 |  | 22 |
|  NETSTREIT Corp. | 3855 |  | 61 |
|  NexPoint Residential Trust, Inc. | 1045 |  | 41 |
|  NNN REIT, Inc. | 18157 |  | 774 |
|  Omega Healthcare Investors, Inc. | 22820 |  | 869 |
|  Paramount Group, Inc. | 8836 |  | 38 |
|  Park Hotels & Resorts, Inc. | 17473 |  | 187 |
|  Pebblebrook Hotel Trust | 5788 |  | 59 |
|  Phillips Edison & Co., Inc. | 12941 |  | 472 |
|  Piedmont Office Realty Trust, Inc. 'A' | 5997 |  | 44 |
|  Plymouth Industrial REIT, Inc. | 1910 |  | 31 |
|  Prologis, Inc. | 72480 |  | 8103 |
|  Public Storage | 11469 |  | 3433 |
|  Realty Income Corp. | 74126 |  | 4300 |
|  Regency Centers Corp. | 13844 |  | 1021 |
|  Rexford Industrial Realty, Inc. | 10735 |  | 420 |
|  RLJ Lodging Trust | 13316 |  | 105 |
|  Ryman Hospitality Properties, Inc. | 5067 |  | 463 |
|  Service Properties Trust | 8059 |  | 21 |
|  Simon Property Group, Inc. | 25169 |  | 4180 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  SITE Centers Corp. |  | 2282 | 29 |
|  SL Green Realty Corp. |  | 3418 | 197 |
|  STAG Industrial, Inc. |  | 15589 | 563 |
|  Summit Hotel Properties, Inc. |  | 5243 | 28 |
|  Sun Communities, Inc. |  | 8707 | 1120 |
|  Sunstone Hotel Investors, Inc. |  | 16496 | 155 |
|  Tanger, Inc. |  | 5353 | 181 |
|  Terreno Realty Corp. |  | 4823 | 305 |
|  UDR, Inc. |  | 29721 | 1343 |
|  UMH Properties, Inc. |  | 3548 | 66 |
|  Universal Health Realty Income Trust |  | 616 | 25 |
|  Urban Edge Properties |  | 10347 | 197 |
|  Ventas, Inc. |  | 39645 | 2726 |
|  Veris Residential, Inc. |  | 3909 | 66 |
|  VICI Properties, Inc. |  | 19208 | 627 |
|  Vornado Realty Trust |  | 8021 | 297 |
|  Welltower, Inc. |  | 45708 | 7003 |
|  WP Carey, Inc. |  | 16021 | 1011 |
|  Xenia Hotels & Resorts, Inc. |  | 4924 | 58 |
|  Total Real Estate Investment Trusts (Cost $69,855) | Total Real Estate Investment Trusts (Cost $69,855) | Total Real Estate Investment Trusts (Cost $69,855) | 85298 |
|  | **OUNCES** | **OUNCES** |  |
| COMMODITIES 23.2% | COMMODITIES 23.2% | COMMODITIES 23.2% | COMMODITIES 23.2% |
|  Gold Warehouse Receipts |  | 135500 | 421721 |
|  Total Commodities (Cost $229,043) | Total Commodities (Cost $229,043) | Total Commodities (Cost $229,043) | 421721 |
|  | **SHARES** | **SHARES** |  |
| SHORT-TERM INSTRUMENTS 2.9% | SHORT-TERM INSTRUMENTS 2.9% | SHORT-TERM INSTRUMENTS 2.9% | SHORT-TERM INSTRUMENTS 2.9% |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.400% (g) |  | 546359 | 546 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| REPURCHASE AGREEMENTS (h) 2.6% | REPURCHASE AGREEMENTS (h) 2.6% | REPURCHASE AGREEMENTS (h) 2.6% | REPURCHASE AGREEMENTS (h) 2.6% |
|  |  |  | 47494 |
| U.S. TREASURY BILLS 0.3% | U.S. TREASURY BILLS 0.3% | U.S. TREASURY BILLS 0.3% | U.S. TREASURY BILLS 0.3% |
|  4.297% due 04/17/2025 - 06/05/2025 (b)(c)(i)(k)(m) | $— | 4356 | 4332 |
| Total Short-Term Instruments<br>(Cost $52,372) | Total Short-Term Instruments<br>(Cost $52,372) | Total Short-Term Instruments<br>(Cost $52,372) | 52372 |
| Total Investments in Securities (Cost $2,420,355) | Total Investments in Securities (Cost $2,420,355) | Total Investments in Securities (Cost $2,420,355) | 2543745 |
|  | **SHARES** | **SHARES** |  |
| INVESTMENTS IN AFFILIATES 9.9% | INVESTMENTS IN AFFILIATES 9.9% | INVESTMENTS IN AFFILIATES 9.9% | INVESTMENTS IN AFFILIATES 9.9% |
| MUTUAL FUNDS 9.8% | MUTUAL FUNDS 9.8% | MUTUAL FUNDS 9.8% | MUTUAL FUNDS 9.8% |
|  PIMCO Commodity Strategy Active Exchange-Traded Fund |  | 2245036 | 60100 |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund (f) |  | 16446470 | 118250 |
|  Total Mutual Funds (Cost $198,581) | Total Mutual Funds (Cost $198,581) | Total Mutual Funds (Cost $198,581) | 178350 |

---

112 PIMCO REAL RETURN STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 198749 | $— | 1934 |
| Total Short-Term Instruments<br>(Cost $1,935) | Total Short-Term Instruments<br>(Cost $1,935) |  | 1934 |
| Total Investments in Affiliates<br>(Cost $200,516) | Total Investments in Affiliates<br>(Cost $200,516) |  | 180284 |
| Total Investments 149.7%<br>(Cost $2,620,871) | Total Investments 149.7%<br>(Cost $2,620,871) | $— | 2724029 |
|  Financial Derivative<br>Instruments (j)(l) (0.5)%<br> (Cost or Premiums, net $(12607)) | Financial Derivative<br>Instruments (j)(l) (0.5)%<br> (Cost or Premiums, net $(12607)) |  | (8181) |
| Other Assets and Liabilities, net (49.2)% | Other Assets and Liabilities, net (49.2)% |  | (896020) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 1819828 |

---

#### NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) Security did not produce income within the last twelve months.

(b) Coupon represents a weighted average yield to maturity.

(c) Zero coupon security.

(d) Principal amount of security is adjusted for inflation.

(e) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(f) Institutional Class Shares of each Fund.

(g) Coupon represents a 7-Day Yield.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(h) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 4.410% | 03/31/2025 | 04/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44800 | U.S. Treasury Notes 2.750% due 04/30/2027 | $(45670) | $44800 | $44805 |
| JPS | 4.350 | 03/31/2025 | 04/02/2025 | 2694 | U.S. Treasury Inflation Protected Securities<br>2.125% due 01/15/2035 | (2698) | 2694 | 2695 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48368) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47494 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47500 |

---

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(2)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(2)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BSN | 4.430% | 03/17/2025 | 04/21/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(219423) | $(219828) |
|  JPS | 4.410 | 03/24/2025 | 04/07/2025 | (7921) | (7929) |
|  | 4.440 | 03/24/2025 | 04/07/2025 | (2982) | (2985) |
|  | 4.450 | 03/10/2025 | 04/07/2025 | (7796) | (7818) |
|  | 4.490 | 03/31/2025 | 04/03/2025 | (1278) | (1278) |
|  NOM | 4.500 | 03/28/2025 | 04/04/2025 | (91363) | (91408) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(331246) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 113

------

Consolidated Schedule of Investments PIMCO Inflation Response Multi-Asset Fund (Cont.)

#### SALE-BUYBACK TRANSACTIONS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(2)</sup> | Borrowing<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(2)</sup> | Payable for<br>Sale-Buyback<br>Transactions<sup>(3)</sup> |
|  UBS | 4.430% | 02/10/2025 | 05/06/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(238014) | $(239479) |
|  Total Sale-Buyback Transactions | Total Sale-Buyback Transactions | Total Sale-Buyback Transactions |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(239479) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales<sup>(4)</sup> |
|  U.S. Treasury Obligations (1.4)% |  |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Inflation Protected Securities | 0.125% | 07/15/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28345 | $(25632) | $(26048) |
|  Total Short Sales (1.4)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25632) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26048) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions<sup>(3)</sup> | Payable for<br>Short Sales<sup>(4)</sup> | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(5)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOS | $44805 | $0 | $0 | $0 | $44805 | $(45670) | $(865) |
|  BSN | 0 | (219828) | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(219828) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219601 | (227) |
|  JPS | 2695 | (20010) | 0 | 0 | (17315) | 17371 | 56 |
|  NOM | 0 | (91408) | 0 | 0 | (91408) | 91600 | 192 |
|  Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement |
|  UBS | 0 | 0 | (239479) | (26048) | (265527) | 246305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19222) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(331246) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(239479) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26048) |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  U.S. Treasury Obligations | $0 | $(331246) | $0 | $0 | $(331246) |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(331246) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(331246) |
|  Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions |
|  U.S. Treasury Obligations | 0 | 0 | (239479) | 0 | (239479) |
|  Total | $0 | $0 | $(239479) | $0 | $(239479) |
|  Total Borrowings | $0 | $(331246) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(239479) | $0 | $(570725) |
|  Payable for reverse repurchase agreements and sale-buyback financing transactions  | Payable for reverse repurchase agreements and sale-buyback financing transactions  | Payable for reverse repurchase agreements and sale-buyback financing transactions  | Payable for reverse repurchase agreements and sale-buyback financing transactions  | Payable for reverse repurchase agreements and sale-buyback financing transactions  | $(570725) |

---

(i) Securities with an aggregate market value of $580,241 have been pledged as collateral under the terms of the above master agreements as of March 31, 2025.

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> The average amount of borrowings outstanding during the period ended March 31, 2025 was $(418152) at a weighted average interest rate of 4.773%. 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 $(1025) of deferred price drop. 

<sup>(4)</sup> Payable for short sales includes $(11) of accrued interest. 

<sup>(5)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | |
|:---|:---|:---|
| **114** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;(j) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### PURCHASED OPTIONS:

#### FUTURE STYLED COMMODITY OPTIONS<sup>(1)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Cost | Market<br>Value |
|  Put - ICE Crude Oil December 2025 Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.000 | 10/28/2025 | 50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | $97 | $57 |
|  Put - ICE Crude Oil July 2025 Futures | 60.000 | 05/27/2025 | 68 | 68 | 70 | 14 |
|  Put - ICE Crude Oil June 2025 Futures | 67.000 | 04/25/2025 | 17 | 17 | 21 | 3 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 |

---

#### WRITTEN OPTIONS:

#### COMMODITY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - NYMEX Natural Gas June 2025 Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000 | 05/27/2025 | 20 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43) |

---

#### FUTURE STYLED COMMODITY OPTIONS<sup>(1)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Call - ICE Crude Oil December 2025 Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76.000 | 10/28/2025 | 50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | $(113) | $(178) |
|  Call - ICE Crude Oil July 2025 Futures | 78.000 | 05/27/2025 | 68 | 68 | (301) | (99) |
|  Call - ICE Crude Oil June 2025 Futures | 76.000 | 04/25/2025 | 17 | 17 | (13) | (24) |
|  |  |  |  |  | $(427) | $(301) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(473) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(344) |

---

#### FUTURES CONTRACTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS |
| Description | Expiration<br>Month | # of<br>Contracts | **Notional<br>Amount** | <br> **Unrealized<br>Appreciation/<br>(Depreciation)** | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | **Notional<br>Amount** | <br> **Unrealized<br>Appreciation/<br>(Depreciation)** | Asset | Liability |
|  3-Month EURIBOR September Futures  | 09/2026 | 2556 | $676890 | $139 | $345 | $(69) |
|  Aluminum July Futures  | 07/2025 | 148 | 9384 | (96) | 0 | 0 |
|  Aluminum May Futures  | 05/2025 | 71 | 4490 | (224) | 0 | 0 |
|  Aluminum September Futures  | 09/2025 | 136 | 8659 | (380) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(203) |
|  Arabica Coffee September Futures  | 09/2025 | 30 | 4166 | 47 | 0 | (14) |
|  Australia Government 10-Year Bond June Futures  | 06/2025 | 560 | 39421 | 84 | 375 | 0 |
|  Brent Crude December Futures  | 10/2025 | 250 | 17785 | 642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 | 0 |
|  California Carbon Allowance December Futures  | 12/2025 | 910 | 28019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6157) | 0 | (100) |
|  California Carbon Allowance Vintage December Futures  | 12/2026 | 694 | 22735 | 104 | 3 | (74) |
|  Cocoa September Futures  | 09/2025 | 18 | 1404 | (100) | 0 | (19) |
|  Copper July Futures  | 07/2025 | 40 | 9712 | 187 | 187 | 0 |
|  Copper May Futures  | 05/2025 | 66 | 15999 | 779 | 779 | 0 |
|  Copper September Futures  | 09/2025 | 6 | 768 | 66 | 0 | (13) |
|  Corn September Futures  | 09/2025 | 186 | 4043 | (370) | 0 | (5) |
|  Cotton No. 2 July Futures  | 07/2025 | 36 | 1224 | 22 | 0 | (2) |
|  Euro-BTP June Futures  | 06/2025 | 539 | 68493 | (1384) | 181 | (82) |
|  European Climate Exchange December Futures  | 12/2025 | 39 | 2867 | (380) | 11 | (35) |
|  Gas Oil September Futures  | 09/2025 | 73 | 4895 | 12 | 111 | 0 |
|  Gold 100 oz. December Futures  | 12/2025 | 17 | 5479 | 259 | 63 | 0 |
|  Hard Red Winter Wheat December Futures  | 12/2025 | 68 | 2069 | (115) | 10 | 0 |
|  Hard Red Winter Wheat May Futures  | 05/2025 | 213 | 5932 | (710) | 56 | 0 |
|  Henry Hub Natural Gas April Futures  | 03/2030 | 7 | 49 | (11) | 0 | 0 |
|  Henry Hub Natural Gas April Futures  | 03/2031 | 3 | 20 | (5) | 0 | 0 |
|  Henry Hub Natural Gas August Futures  | 07/2030 | 7 | 55 | (5) | 0 | (1) |
|  Henry Hub Natural Gas August Futures  | 07/2031 | 3 | 23 | (2) | 0 | 0 |
|  Henry Hub Natural Gas December Futures  | 11/2030 | 7 | 67 | 7 | 0 | (1) |
|  Henry Hub Natural Gas December Futures  | 11/2031 | 3 | 28 | 3 | 0 | 0 |
|  Henry Hub Natural Gas February Futures  | 01/2030 | 7 | 69 | 9 | 0 | 0 |
|  Henry Hub Natural Gas February Futures  | 01/2031 | 3 | 29 | 4 | 0 | 0 |
|  Henry Hub Natural Gas January Futures  | 12/2029 | 7 | 74 | 14 | 0 | 0 |
|  Henry Hub Natural Gas January Futures  | 12/2030 | 3 | 30 | 5 | 0 | 0 |
|  Henry Hub Natural Gas July Futures  | 06/2030 | 7 | 54 | (6) | 0 | (1) |
|  Henry Hub Natural Gas July Futures  | 06/2031 | 3 | 23 | (2) | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **115** |

---

------

Consolidated Schedule of Investments PIMCO Inflation Response Multi-Asset Fund (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  Henry Hub Natural Gas June Futures  | 05/2030 | 7 | $52 | $(8) | $0 | $(1) |
|  Henry Hub Natural Gas June Futures  | 05/2031 | 3 | 22 | (4) | 0 | 0 |
|  Henry Hub Natural Gas March Futures  | 02/2030 | 7 | 58 | (2) | 0 | 0 |
|  Henry Hub Natural Gas March Futures  | 02/2031 | 3 | 24 | (1) | 0 | 0 |
|  Henry Hub Natural Gas May Futures  | 04/2030 | 7 | 50 | (10) | 0 | (1) |
|  Henry Hub Natural Gas May Futures  | 04/2031 | 3 | 20 | (5) | 0 | 0 |
|  Henry Hub Natural Gas November Futures  | 10/2030 | 7 | 59 | (1) | 0 | (1) |
|  Henry Hub Natural Gas November Futures  | 10/2031 | 3 | 25 | 0 | 0 | 0 |
|  Henry Hub Natural Gas October Futures  | 09/2030 | 7 | 55 | (5) | 0 | (1) |
|  Henry Hub Natural Gas October Futures  | 09/2031 | 3 | 23 | (2) | 0 | 0 |
|  Henry Hub Natural Gas September Futures  | 08/2030 | 7 | 54 | (6) | 0 | (1) |
|  Henry Hub Natural Gas September Futures  | 08/2031 | 3 | 23 | (2) | 0 | 0 |
|  Iron Ore July Futures  | 07/2025 | 518 | 5134 | 21 | 0 | (69) |
|  Japan Government 10-Year Bond June Futures  | 06/2025 | 8 | 7382 | 23 | 54 | 0 |
|  Lean Hogs October Futures  | 10/2025 | 91 | 2956 | (66) | 0 | (15) |
|  Live Cattle June Futures  | 06/2025 | 57 | 4643 | 106 | 0 | (27) |
|  Live Cattle October Futures  | 10/2025 | 17 | 1352 | 1 | 0 | (6) |
|  Natural Gas June Futures  | 05/2025 | 125 | 5321 | 21 | 90 | 0 |
|  Natural Gas September Futures  | 08/2025 | 90 | 4054 | 306 | 70 | 0 |
|  New York Harbor December Futures  | 11/2025 | 16 | 1519 | 15 | 31 | 0 |
|  New York Harbor June Futures  | 05/2025 | 60 | 5693 | 35 | 127 | 0 |
|  New York Harbor September Futures  | 08/2025 | 58 | 5500 | 45 | 119 | 0 |
|  Nickel July Futures  | 07/2025 | 30 | 2872 | (44) | 0 | (44) |
|  Nickel May Futures  | 05/2025 | 71 | 6739 | (324) | 0 | 0 |
|  Nickel September Futures  | 09/2025 | 5 | 483 | (19) | 0 | (15) |
|  RBOB Gasoline September Futures  | 08/2025 | 126 | 11567 | 64 | 238 | 0 |
|  Silver July Futures  | 07/2025 | 70 | 12227 | 457 | 0 | (68) |
|  Silver May Futures  | 05/2025 | 51 | 8826 | 370 | 0 | (52) |
|  Silver September Futures  | 09/2025 | 14 | 2465 | 110 | 0 | (13) |
|  Soybean July Futures  | 07/2025 | 203 | 10437 | 80 | 0 | (91) |
|  Soybean Meal July Futures  | 07/2025 | 272 | 8144 | (133) | 0 | (41) |
|  Sugar No. 11 July Futures  | 06/2025 | 111 | 2319 | (44) | 0 | (12) |
|  Sugar No. 11 October Futures  | 09/2025 | 92 | 1940 | (63) | 0 | (9) |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 1555 | 177464 | 804 | 146 | 0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2025 | 230 | 28118 | (202) | 101 | 0 |
|  WTI Crude December Futures  | 11/2025 | 95 | 6405 | 166 | 142 | 0 |
|  WTI Crude June Futures  | 05/2025 | 309 | 21924 | 32 | 633 | 0 |
|  WTI Crude September Futures  | 08/2025 | 60 | 4139 | (3) | 106 | 0 |
|  Zinc July Futures  | 07/2025 | 78 | 5568 | (319) | 0 | 0 |
|  Zinc May Futures  | 05/2025 | 56 | 3988 | (359) | 0 | 0 |
|  Zinc September Futures  | 09/2025 | 24 | 1716 | (57) | 0 | (57) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6587) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4358 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1143) |
| **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  3-Month EURIBOR September Futures  | 09/2025 | 2556 | $(676959) | $(220) | $173 | $(207) |
|  Aluminum July Futures  | 07/2025 | 148 | (9384) | 405 | 0 | 0 |
|  Aluminum May Futures  | 05/2025 | 71 | (4490) | 80 | 0 | 0 |
|  Aluminum September Futures  | 09/2025 | 66 | (4202) | 186 | 0 | 0 |
|  Brent Crude June Futures  | 04/2025 | 309 | (23104) | (298) | 0 | (621) |
|  Brent Crude September Futures  | 07/2025 | 12 | (871) | (18) | 0 | (22) |
|  Copper July Futures  | 07/2025 | 41 | (5208) | (337) | 98 | 0 |
|  Copper May Futures  | 05/2025 | 129 | (16235) | (1471) | 310 | 0 |
|  Euro-BOBL June Futures  | 06/2025 | 10 | (1274) | (14) | 0 | (3) |
|  Euro-Bund June Futures  | 06/2025 | 250 | (34826) | (2) | 105 | (2) |
|  Euro-Buxl 30-Year Bond June Futures  | 06/2025 | 311 | (40105) | 1742 | 37 | (354) |
|  Euro-Oat June Futures  | 06/2025 | 766 | (101621) | 2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 | (331) |
|  Euro-Schatz June Futures  | 06/2025 | 484 | (55975) | 48 | 13 | (82) |
|  Gas Oil December Futures  | 12/2025 | 22 | (1458) | (8) | 0 | (32) |
|  Gas Oil June Futures  | 06/2025 | 80 | (5414) | 45 | 0 | (134) |
|  Gold 100 oz. June Futures  | 06/2025 | 707 | (222726) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6172) | 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2459) |
|  Hard Red Winter Wheat July Futures  | 07/2025 | 39 | (1112) | 70 | 0 | (9) |
|  Long Gilt June Futures  | 06/2025 | 83 | (9831) | 0 | 85 | 0 |
|  Nickel May Futures  | 05/2025 | 71 | (6739) | 158 | 0 | 0 |
|  Nickel September Futures  | 09/2025 | 1 | (97) | 2 | 0 | 0 |
|  U.S. Treasury 2-Year Note June Futures  | 06/2025 | 1733 | (359029) | (1667) | 13 | 0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 1921 | (207768) | (1401) | 80 | 0 |

---

---

| | | |
|:---|:---|:---|
| **116** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 91 | $(10139) | $16 | $16 | $0 |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2025 | 897 | (105201) | (1559) | 0 | (168) |
|  Wheat December Futures  | 12/2025 | 68 | (2003) | 99 | 0 | (20) |
|  Wheat July Futures  | 07/2025 | 16 | (440) | 0 | 0 | (1) |
|  Wheat May Futures  | 05/2025 | 3 | (81) | 8 | 0 | (1) |
|  WTI Crude December Futures  | 11/2025 | 50 | (3371) | (111) | 0 | (75) |
|  WTI Crude September Futures  | 08/2025 | 12 | (828) | (57) | 0 | (21) |
|  Zinc July Futures  | 07/2025 | 78 | (5568) | 140 | 0 | 0 |
|  Zinc May Futures  | 05/2025 | 56 | (3988) | 230 | 0 | 0 |
|  |  |  |  | $(8076) | $1083 | $(4542) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14663) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5441 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5685) |

---

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 03/19/2027 | 183700 | $(1227) | $(175) | $(1402) | $183 | $0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 01/27/2035 | 17600 | (116) | (203) | (319) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.380 | Semi-Annual | 06/18/2028 | 13680 | (4) | 6 | 2 | 0 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.550 | Annual | 09/14/2028 | 6260000 | (72) | 597 | 525 | 0 | (94) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.450 | Semi-Annual | 03/20/2029 | 385260 | (147) | 206 | 59 | 0 | (7) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.500 | Annual | 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2933000 | 56 | 720 | 776 | 0 | (96) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 12/20/2025 | $218380 | 1246 | (1362) | (116) | 10 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.300 | Semi-Annual | 11/15/2028 | 110100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1453) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4230) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5683) | 39 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.340 | Semi-Annual | 11/21/2028 | 12450 | (157) | (470) | (627) | 4 | 0 |
|  Receive<sup>(2)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 12/31/2031 | 6300 | (118) | (41) | (159) | 0 | (12) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.085 | Annual | 02/13/2034 | 97230 | (842) | (4104) | (4946) | 261 | 0 |
|  Receive<sup>(2)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2034 | 13000 | 579 | (109) | 470 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37) |
|  Receive<sup>(2)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.838 | Annual | 11/15/2034 | 16800 | 0 | (132) | (132) | 0 | (52) |
|  Receive<sup>(2)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.864 | Annual | 11/15/2034 | 15200 | 0 | (150) | (150) | 0 | (47) |
|  Receive<sup>(2)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.866 | Annual | 11/15/2034 | 6000 | 0 | (60) | (60) | 0 | (18) |
|  Receive<sup>(2)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.867 | Annual | 11/15/2034 | 15200 | 0 | (153) | (153) | 0 | (47) |
|  Receive<sup>(2)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 11/15/2034 | 15200 | 0 | (157) | (157) | 0 | (47) |
|  Receive<sup>(2)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.881 | Annual | 11/15/2034 | 14900 | 0 | (167) | (167) | 0 | (46) |
|  Receive<sup>(2)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.894 | Annual | 11/15/2034 | 12700 | 0 | (155) | (155) | 0 | (39) |
|  Receive<sup>(2)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.050 | Annual | 11/15/2052 | 65000 | (2697) | 220 | (2477) | 0 | (497) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.285 | Semi-Annual | 11/15/2053 | 14330 | 900 | 3536 | 4436 | 0 | (81) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.237 | Semi-Annual | 11/21/2053 | 11000 | 683 | 2817 | 3500 | 0 | (62) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.865 | Annual | 02/13/2054 | 50900 | 1074 | 7410 | 8484 | 0 | (342) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 19200 | 511 | 738 | 1249 | 0 | (140) |
|  Pay | 6-Month EUR-EURIBOR | 0.700 | Annual | 04/11/2027 | 3000 | (15) | (106) | (121) | 2 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 04/12/2027 | 5100 | (28) | (185) | (213) | 3 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 05/11/2027 | 4200 | (32) | (138) | (170) | 3 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/13/2027 | 6700 | (24) | (171) | (195) | 5 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/18/2027 | 3000 | (11) | (75) | (86) | 2 | 0 |
|  Receive<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.112 | Annual | 09/02/2027 | 22300 | 0 | 22 | 22 | 0 | (19) |
|  Receive<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.120 | Annual | 09/03/2027 | 47100 | 0 | 39 | 39 | 0 | (40) |
|  Pay<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 | 358400 | (12405) | (1954) | (14359) | 1516 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.190 | Annual | 11/04/2052 | 3600 | 223 | 1688 | 1911 | 0 | (18) |
|  Receive | 6-Month EUR-EURIBOR | 0.195 | Annual | 11/04/2052 | 3700 | 2 | 1958 | 1960 | 0 | (18) |
|  Receive | 6-Month EUR-EURIBOR | 0.197 | Annual | 11/08/2052 | 7000 | 436 | 3270 | 3706 | 0 | (35) |
|  Receive<sup>(2)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 | 121700 | 6134 | 3785 | 9919 | 0 | (959) |
|  Receive | CPTFEMU | 2.965 | Maturity | 05/15/2027 | 11300 | 0 | 227 | 227 | 18 | 0 |
|  Receive | CPTFEMU | 3.000 | Maturity | 05/15/2027 | 10000 | 5 | 176 | 181 | 16 | 0 |
|  Receive | CPTFEMU | 3.130 | Maturity | 05/15/2027 | 4100 | 0 | 43 | 43 | 7 | 0 |
|  Pay | CPTFEMU | 1.380 | Maturity | 03/15/2031 | 9810 | (89) | (1869) | (1958) | 0 | (21) |
|  Receive | CPTFEMU | 2.049 | Maturity | 08/15/2034 | 18500 | (7) | (62) | (69) | 34 | 0 |
|  Receive | CPTFEMU | 2.034 | Maturity | 09/15/2034 | 13600 | (33) | 5 | (28) | 26 | 0 |
|  Receive | CPTFEMU | 2.488 | Maturity | 05/15/2037 | 50 | 1 | (1) | 0 | 0 | 0 |
|  Pay | CPTFEMU | 2.580 | Maturity | 03/15/2052 | 1600 | 1 | 44 | 45 | 0 | (4) |
|  Pay | CPTFEMU | 2.590 | Maturity | 03/15/2052 | 2300 | (60) | 133 | 73 | 0 | (5) |
|  Pay | CPTFEMU | 2.550 | Maturity | 04/15/2052 | 900 | 1 | 25 | 26 | 0 | (3) |
|  Pay | CPTFEMU | 2.421 | Maturity | 05/15/2052 | 950 | 0 | (8) | (8) | 0 | (3) |
|  Pay | CPTFEMU | 2.590 | Maturity | 12/15/2052 | 2900 | 0 | 275 | 275 | 0 | (4) |
|  Pay | CPTFEMU | 2.680 | Maturity | 04/15/2053 | 4200 | 4 | 564 | 568 | 0 | (6) |
|  Pay | CPTFEMU | 2.700 | Maturity | 04/15/2053 | 3700 | 25 | 500 | 525 | 0 | (5) |
|  Pay | CPTFEMU | 2.763 | Maturity | 09/15/2053 | 6600 | 18 | 1074 | 1092 | 0 | (4) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **117** |

---

------

Consolidated Schedule of Investments PIMCO Inflation Response Multi-Asset Fund (Cont.)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | CPTFEMU | 2.682% | Maturity | 10/15/2053 | EUR | 2100 | $0 | $290 | $290 | $0 | $(4) |
|  Pay | CPTFEMU | 2.736 | Maturity | 10/15/2053 |  | 3400 | 31 | 501 | 532 | 0 | (5) |
|  Pay | CPURNSA | 2.380 | Maturity | 10/15/2025 | $— | 200 | 0 | (2) | (2) | 0 | 0 |
|  Pay | CPURNSA | 2.341 | Maturity | 11/07/2025 |  | 2600 | 0 | (26) | (26) | 0 | (1) |
|  Pay | CPURNSA | 2.700 | Maturity | 01/14/2026 |  | 3100 | 0 | (23) | (23) | 0 | (3) |
|  Pay | CPURNSA | 3.043 | Maturity | 02/21/2026 |  | 7600 | 0 | (31) | (31) | 0 | (8) |
|  Receive | CPURNSA | 2.314 | Maturity | 02/26/2026 |  | 13700 | 0 | 1754 | 1754 | 21 | 0 |
|  Receive | CPURNSA | 2.419 | Maturity | 03/05/2026 |  | 15300 | 0 | 1870 | 1870 | 22 | 0 |
|  Receive | CPURNSA | 2.768 | Maturity | 05/13/2026 |  | 11500 | 0 | 1160 | 1160 | 19 | 0 |
|  Receive | CPURNSA | 2.813 | Maturity | 05/14/2026 |  | 5500 | 0 | 541 | 541 | 9 | 0 |
|  Receive | CPURNSA | 2.703 | Maturity | 05/25/2026 |  | 10230 | 0 | 1054 | 1054 | 18 | 0 |
|  Receive | CPURNSA | 2.690 | Maturity | 06/01/2026 |  | 600 | 0 | 62 | 62 | 1 | 0 |
|  Pay | CPURNSA | 2.335 | Maturity | 02/05/2028 |  | 4720 | 405 | (970) | (565) | 0 | (6) |
|  Pay | CPURNSA | 2.353 | Maturity | 05/09/2028 |  | 1820 | 167 | (376) | (209) | 0 | (3) |
|  Pay | CPURNSA | 2.360 | Maturity | 05/09/2028 |  | 2740 | 253 | (566) | (313) | 0 | (4) |
|  Pay | CPURNSA | 2.364 | Maturity | 05/10/2028 |  | 5590 | 519 | (1155) | (636) | 0 | (9) |
|  Receive | CPURNSA | 2.573 | Maturity | 08/26/2028 |  | 1200 | 0 | 103 | 103 | 2 | 0 |
|  Pay | CPURNSA | 2.165 | Maturity | 04/16/2029 |  | 7000 | 455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1436) | (981) | 0 | (9) |
|  Pay | CPURNSA | 1.954 | Maturity | 06/03/2029 |  | 1300 | 55 | (263) | (208) | 0 | (2) |
|  Pay | CPURNSA | 1.280 | Maturity | 05/19/2030 |  | 4500 | (154) | (860) | (1014) | 0 | (6) |
|  Pay | UKRPI | 3.500 | Maturity | 08/15/2034 | GBP | 15600 | 88 | 87 | 175 | 70 | 0 |
|  Pay | UKRPI | 3.466 | Maturity | 09/15/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12800 | (2) | 92 | 90 | 53 | 0 |
|  Total Swap Agreements | Total Swap Agreements |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5821) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15647 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9826 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2508 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2868) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset<sup>(3)</sup> | Variation Margin<br>Asset<sup>(3)</sup> | | Market Value | Variation Margin<br>Liability<sup>(3)</sup> | Variation Margin<br>Liability<sup>(3)</sup> | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5688 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2508 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8270 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(344) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6319) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2868) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9531) |

---

(k) Securities with an aggregate market value of $50,086 and cash of $9,127 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025.

<sup>(1)</sup> Future styled option variation margin liability of $(93) is outstanding at period end. 

<sup>(2)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(3)</sup> Unsettled variation margin asset of $247 and liability of $(634) for closed futures is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(l) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 04/2025 | 247627 | $1657 | $6 | $0 |
|  | 04/2025 | 6171 | 4616 | 23 | 0 |
|  | 04/2025 | $25622 | 40503 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(314) |
|  | 04/2025 | 2975 | 448775 | 17 | 0 |
|  | 05/2025 | 40503 | $25628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313 | 0 |
|  | 05/2025 | 8332 | 1138 | 0 | (12) |
|  | 05/2025 | 447268 | 2975 | 0 | (17) |
|  | 05/2025 | $4370 | 31641 | 2 | (5) |
|  | 05/2025 | 4616 | 6162 | 0 | (22) |
|  | 06/2025 | 57294 | $7847 | 0 | (79) |
|  | 06/2025 | $2838 | 20478 | 0 | (5) |
|  | 07/2025 | 15746 | $2186 | 4 | (1) |
|  | 08/2025 | 15749 | 2184 | 0 | (4) |
|  BOA | 04/2025 | 3821 | 4127 | 0 | (5) |
|  | 04/2025 | 6513832 | 394 | 2 | 0 |
|  | 04/2025 | 902278 | 615 | 3 | 0 |
|  | 04/2025 | $381 | 9328 | 24 | 0 |
|  | 04/2025 | 394 | 6513832 | 0 | (2) |

---

---

| | | |
|:---|:---|:---|
| **118** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 05/2025 | 8147 | $1113 | $0 | $(11) |
|  | 05/2025 | 8050787 | 483 | 1 | 0 |
|  | 05/2025 | $524 | 44989 | 2 | 0 |
|  | 06/2025 | 37079 | $5097 | 1 | (33) |
|  | 06/2025 | $1390 | 10043 | 0 | (1) |
|  | 06/2025 | 813 | 1185486 | 0 | (6) |
|  | 08/2025 | 11616 | $1624 | 10 | 0 |
|  | 08/2025 | 787 | 24 | 0 | 0 |
|  BPS | 04/2025 | 59856 | 10417 | 0 | (72) |
|  | 04/2025 | 128455 | 134695 | 0 | (4203) |
|  | 04/2025 | 1490 | 1910 | 0 | (15) |
|  | 04/2025 | 107750590 | 6500 | 30 | 0 |
|  | 04/2025 | 2394618 | 16062 | 97 | 0 |
|  | 04/2025 | 4136 | 3088 | 9 | 0 |
|  | 04/2025 | 863481 | 26257 | 254 | 0 |
|  | 04/2025 | $1223 | 1932 | 0 | (16) |
|  | 04/2025 | 10408 | 59856 | 85 | (4) |
|  | 04/2025 | 5328 | 129586 | 288 | 0 |
|  | 04/2025 | 4077 | 3225 | 89 | 0 |
|  | 04/2025 | 12631 | 207137646 | 0 | (197) |
|  | 04/2025 | 4925 | 427623 | 72 | 0 |
|  | 04/2025 | 1066 | 160163 | 2 | 0 |
|  | 04/2025 | 4448 | 6459566 | 0 | (62) |
|  | 04/2025 | 7030 | 230265 | 0 | (96) |
|  | 04/2025 | 35493 | $1940 | 7 | 0 |
|  | 05/2025 | 29587 | 4072 | 1 | (13) |
|  | 05/2025 | 24621592 | 1480 | 4 | 0 |
|  | 05/2025 | 159626 | 1066 | 0 | (2) |
|  | 05/2025 | $1331 | 7643 | 0 | 0 |
|  | 05/2025 | 5191 | 86160720 | 0 | (27) |
|  | 05/2025 | 5670 | 486314 | 6 | 0 |
|  | 05/2025 | 2950 | 3946 | 0 | (8) |
|  | 05/2025 | 1187 | 40550 | 12 | 0 |
|  | 06/2025 | 87560 | $12050 | 0 | (64) |
|  | 06/2025 | 670557 | 471 | 14 | 0 |
|  | 06/2025 | 768 | 199 | 1 | 0 |
|  | 06/2025 | $11701 | 45219 | 42 | (100) |
|  | 07/2025 | 105524 | $3248 | 51 | 0 |
|  | 08/2025 | 84383 | 2589 | 26 | 0 |
|  | 10/2025 | 45800 | 7640 | 3 | (46) |
|  BRC | 04/2025 | 12991 | 148 | 0 | (4) |
|  | 04/2025 | 2800 | 73 | 0 | 0 |
|  | 04/2025 | $1169 | 19143368 | 0 | (21) |
|  | 04/2025 | 199 | 731 | 0 | (3) |
|  | 04/2025 | 151 | 12976 | 0 | 0 |
|  | 04/2025 | 6685 | 29508 | 0 | (22) |
|  | 04/2025 | 16727 | 663373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323 | 0 |
|  | 05/2025 | 13013 | $151 | 0 | 0 |
|  | 05/2025 | 1465 | 37 | 1 | 0 |
|  | 05/2025 | $1621 | 7852 | 82 | 0 |
|  | 05/2025 | 739 | 28720 | 0 | (23) |
|  | 06/2025 | 87 | 339 | 0 | 0 |
|  | 06/2025 | 2366 | 94428 | 0 | (83) |
|  BSH | 04/2025 | 40686 | $25777 | 354 | 0 |
|  | 04/2025 | 20700 | 3667 | 39 | 0 |
|  | 04/2025 | $3605 | 20700 | 23 | 0 |
|  | 04/2025 | 27545 | 4136760 | 35 | 0 |
|  | 05/2025 | 4122828 | $27545 | 0 | (35) |
|  | 06/2025 | $2389 | 9198 | 0 | (21) |
|  CBK | 04/2025 | 5906 | $1028 | 0 | (7) |
|  | 04/2025 | 1299 | 906 | 4 | 0 |
|  | 04/2025 | 703 | 800 | 5 | 0 |
|  | 04/2025 | 116851 | 16274 | 3 | 0 |
|  | 04/2025 | 57041 | 8029 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(239) |
|  | 04/2025 | 114380836 | 6895 | 27 | 0 |
|  | 04/2025 | 8844 | 2426 | 47 | 0 |
|  | 04/2025 | 122023 | 1422 | 0 | (6) |
|  | 04/2025 | 138300 | 932 | 10 | 0 |
|  | 04/2025 | 151268 | 4617 | 61 | 0 |
|  | 04/2025 | $1029 | 5906 | 6 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **119** |

---

------

Consolidated Schedule of Investments PIMCO Inflation Response Multi-Asset Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | $26958 | 38400 | $0 | $(273) |
|  | 04/2025 | 16292 | 116836 | 0 | (23) |
|  | 04/2025 | 10193 | 167739601 | 0 | (124) |
|  | 04/2025 | 8333 | 724875 | 132 | 0 |
|  | 04/2025 | 264 | 386181 | 0 | (2) |
|  | 04/2025 | 16418 | 537958 | 0 | (217) |
|  | 05/2025 | 38344 | $26958 | 272 | 0 |
|  | 05/2025 | 94 | 13 | 0 | 0 |
|  | 05/2025 | 28800927 | 1734 | 8 | 0 |
|  | 05/2025 | $16274 | 116841 | 0 | (1) |
|  | 05/2025 | 5173 | 85946565 | 0 | (22) |
|  | 05/2025 | 494 | 42314 | 0 | 0 |
|  | 05/2025 | 3 | 99 | 0 | 0 |
|  | 06/2025 | 14591 | $2013 | 0 | (5) |
|  | 06/2025 | 12535153 | 8765 | 229 | 0 |
|  | 06/2025 | $2220 | 2105603 | 0 | (4) |
|  | 06/2025 | 1284 | 9268 | 0 | (2) |
|  | 06/2025 | 1410 | 5871771 | 0 | (20) |
|  | 07/2025 | 193386 | $5944 | 85 | 0 |
|  | 08/2025 | 221675 | 6808 | 74 | 0 |
|  DUB | 04/2025 | 1971 | 1243 | 11 | 0 |
|  | 04/2025 | 37 | 26 | 0 | 0 |
|  | 04/2025 | 11 | 12 | 0 | 0 |
|  | 04/2025 | 11488 | 3148 | 58 | 0 |
|  | 04/2025 | 236300 | 1606 | 31 | 0 |
|  | 04/2025 | 3158 | 2358 | 8 | 0 |
|  | 04/2025 | $8835 | 61218 | 37 | 0 |
|  | 04/2025 | 299 | 285 | 9 | 0 |
|  | 04/2025 | 5065 | 84109500 | 0 | (19) |
|  | 04/2025 | 783 | 67368 | 3 | 0 |
|  | 04/2025 | 201 | 350 | 0 | (2) |
|  | 04/2025 | 848 | 1136 | 0 | (2) |
|  | 05/2025 | 61105 | $8835 | 0 | (37) |
|  | 05/2025 | 3529159 | 212 | 1 | 0 |
|  | 05/2025 | 305 | 175 | 2 | 0 |
|  | 05/2025 | $1243 | 1971 | 0 | (11) |
|  | 05/2025 | 2358 | 3153 | 0 | (7) |
|  | 06/2025 | 14131 | $1964 | 9 | 0 |
|  | 06/2025 | 11748562 | 8206 | 206 | 0 |
|  FAR | 04/2025 | 5556 | 967 | 0 | (7) |
|  | 04/2025 | 21453 | 24067 | 0 | (181) |
|  | 04/2025 | 90611 | 12772 | 0 | (361) |
|  | 04/2025 | 9969 | 2746 | 64 | 0 |
|  | 04/2025 | 1889459 | 12663 | 65 | 0 |
|  | 04/2025 | $968 | 5556 | 6 | 0 |
|  | 04/2025 | 4003 | 1476944 | 0 | (41) |
|  | 04/2025 | 19659 | 2959609 | 73 | 0 |
|  | 04/2025 | 229 | 7508 | 0 | (3) |
|  | 04/2025 | 52 | 957 | 0 | 0 |
|  | 05/2025 | 2949638 | $19659 | 0 | (73) |
|  | 05/2025 | $1115 | 8041 | 0 | (5) |
|  | 06/2025 | 967 | 5626 | 6 | 0 |
|  | 06/2025 | 2562 | 9915 | 0 | (8) |
|  | 07/2025 | 8010 | $1115 | 4 | 0 |
|  GLM | 04/2025 | 333272 | 58420 | 303 | (286) |
|  | 04/2025 | 60942874 | 3670 | 14 | 0 |
|  | 04/2025 | 1373654 | 936 | 4 | 0 |
|  | 04/2025 | 12885 | 389 | 1 | 0 |
|  | 04/2025 | $57464 | 333272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939 | 0 |
|  | 04/2025 | 4716 | 77755506 | 0 | (51) |
|  | 04/2025 | 360 | 526174 | 0 | (2) |
|  | 04/2025 | 19269 | $1056 | 6 | 0 |
|  | 05/2025 | 7921 | 1082 | 0 | (12) |
|  | 05/2025 | 13839010 | 830 | 1 | 0 |
|  | 05/2025 | $3670 | 60997926 | 0 | (14) |
|  | 06/2025 | 3674 | 26574 | 10 | (7) |
|  | 06/2025 | 936 | 1368664 | 0 | (4) |
|  | 06/2025 | 770 | 2975 | 0 | (4) |
|  | 07/2025 | 79500 | $13282 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(381) |
|  | 07/2025 | 26891 | 827 | 12 | 0 |

---

---

| | | |
|:---|:---|:---|
| **120** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 07/2025 | $46 | 1495 | $0 | $(1) |
|  | 08/2025 | 389 | 12785 | 0 | (1) |
|  | 10/2025 | 84100 | $13807 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(301) |
|  IND | 04/2025 | 18369 | 562 | 9 | 0 |
|  | 04/2025 | $21 | 19 | 0 | 0 |
|  | 04/2025 | 17097 | 118252 | 41 | 0 |
|  | 05/2025 | 19 | $21 | 0 | 0 |
|  | 05/2025 | 118032 | 17097 | 0 | (41) |
|  JPM | 04/2025 | 275866 | 48043 | 4 | (305) |
|  | 04/2025 | 163 | 176 | 0 | 0 |
|  | 04/2025 | 9468108 | 573 | 4 | 0 |
|  | 04/2025 | 12006 | 3295 | 65 | 0 |
|  | 04/2025 | 2089603 | 14015 | 84 | 0 |
|  | 04/2025 | 19865 | 606 | 8 | 0 |
|  | 04/2025 | $1247 | 1971 | 0 | (16) |
|  | 04/2025 | 48042 | 275866 | 301 | 0 |
|  | 04/2025 | 142673 | 132276 | 357 | 0 |
|  | 04/2025 | 791 | 12990330 | 0 | (11) |
|  | 04/2025 | 7625 | 664198 | 131 | 0 |
|  | 04/2025 | 6252 | 943507 | 38 | 0 |
|  | 04/2025 | 264 | 386011 | 0 | (2) |
|  | 04/2025 | 1923 | 39520 | 7 | 0 |
|  | 04/2025 | 3049 | 177652 | 52 | 0 |
|  | 04/2025 | 706 | 943 | 0 | (4) |
|  | 04/2025 | 4572 | 149778 | 0 | (61) |
|  | 05/2025 | 8467 | $1159 | 0 | (9) |
|  | 05/2025 | 132276 | 142905 | 0 | (357) |
|  | 05/2025 | 9254447 | 557 | 3 | 0 |
|  | 05/2025 | 940343 | 6252 | 0 | (38) |
|  | 05/2025 | 31186 | 931 | 9 | 0 |
|  | 05/2025 | $4095 | 29681 | 5 | (4) |
|  | 05/2025 | 176 | 163 | 0 | 0 |
|  | 05/2025 | 1258 | 55910 | 150 | 0 |
|  | 06/2025 | 39297 | $5384 | 0 | (53) |
|  | 06/2025 | $10582 | 217309 | 0 | (71) |
|  | 06/2025 | 12211 | 47187 | 12 | (73) |
|  | 07/2025 | 15176 | $2103 | 1 | (2) |
|  | 07/2025 | 106828 | 3285 | 49 | 0 |
|  | 07/2025 | $47758 | 279649 | 302 | 0 |
|  | 08/2025 | 14370 | $1992 | 1 | (5) |
|  | 08/2025 | 131833 | 4048 | 44 | 0 |
|  MBC | 04/2025 | 1749 | 1094 | 4 | (3) |
|  | 04/2025 | 1065 | 1203 | 0 | (1) |
|  | 04/2025 | 6352 | 265 | 0 | (10) |
|  | 04/2025 | 122 | 131 | 0 | (1) |
|  | 04/2025 | 2020 | 202 | 1 | 0 |
|  | 04/2025 | 34868 | 1078 | 28 | 0 |
|  | 04/2025 | $26277 | 23213 | 0 | (39) |
|  | 04/2025 | 474 | 3261 | 0 | (1) |
|  | 04/2025 | 2587 | 2007 | 7 | (1) |
|  | 04/2025 | 1565 | 135780 | 21 | 0 |
|  | 04/2025 | 6004 | 8021 | 0 | (34) |
|  | 04/2025 | 2929 | 96223 | 0 | (31) |
|  | 04/2025 | 43777 | $2395 | 10 | 0 |
|  | 05/2025 | 23130 | 26277 | 39 | 0 |
|  | 05/2025 | 14212 | 1959 | 1 | (3) |
|  | 05/2025 | 3255 | 474 | 1 | 0 |
|  | 05/2025 | 1139 | 1231 | 0 | (2) |
|  | 05/2025 | 5552132 | 334 | 1 | 0 |
|  | 05/2025 | 52936 | 356 | 2 | 0 |
|  | 05/2025 | $2019 | 14639 | 3 | (2) |
|  | 05/2025 | 7617 | 255862 | 0 | (50) |
|  | 06/2025 | 90067 | $63 | 1 | 0 |
|  | 06/2025 | $6533 | 25215 | 0 | (42) |
|  | 07/2025 | 7275 | $1010 | 1 | 0 |
|  | 07/2025 | 49594 | 1522 | 19 | 0 |
|  | 08/2025 | 20326 | 2826 | 7 | (4) |
|  | 08/2025 | 46048 | 1407 | 9 | 0 |
|  MYI | 04/2025 | 37076 | 26046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281 | 0 |
|  | 04/2025 | 22737 | 991 | 6 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **121** |

---

------

Consolidated Schedule of Investments PIMCO Inflation Response Multi-Asset Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | 35084 | $4899 | $0 | $(186) |
|  | 04/2025 | $1132 | 5030 | 4 | 0 |
|  | 04/2025 | 2513 | 3363 | 0 | (9) |
|  | 04/2025 | 997 | 32602 | 0 | (15) |
|  | 04/2025 | 23702 | 433287 | 0 | (96) |
|  | 05/2025 | 5114186 | $307 | 1 | 0 |
|  | 06/2025 | 8346 | 1151 | 0 | (4) |
|  | 06/2025 | $494 | 1958 | 11 | 0 |
|  | 10/2025 | 2000 | $326 | 0 | (9) |
|  NGF | 06/2025 | 10201826 | 7160 | 213 | 0 |
|  RYL | 06/2025 | 45 | 6 | 0 | 0 |
|  SCX | 04/2025 | 126800 | 860 | 14 | 0 |
|  | 04/2025 | 350 | 200 | 1 | 0 |
|  | 04/2025 | 18468 | 569 | 13 | 0 |
|  | 04/2025 | $1458 | 23851293 | 0 | (27) |
|  | 04/2025 | 1640 | 247221 | 8 | 0 |
|  | 04/2025 | 264 | 385600 | 0 | (2) |
|  | 04/2025 | 844 | 27774 | 0 | (8) |
|  | 05/2025 | 12350 | $1713 | 9 | 0 |
|  | 05/2025 | 2167942 | 131 | 1 | 0 |
|  | 05/2025 | 246392 | 1640 | 0 | (8) |
|  | 06/2025 | 2925 | 403 | 0 | (2) |
|  | 08/2025 | 27543 | 844 | 8 | 0 |
|  | 08/2025 | $899 | 6444 | 0 | (4) |
|  SSB | 04/2025 | 4056 | $5245 | 6 | 0 |
|  | 04/2025 | $406 | 314 | 0 | 0 |
|  | 05/2025 | 314 | $406 | 0 | 0 |
|  | 05/2025 | $5245 | 4056 | 0 | (6) |
|  UAG | 04/2025 | 15030659 | $906 | 3 | 0 |
|  | 04/2025 | 1826371 | 12275 | 99 | 0 |
|  | 04/2025 | $954 | 15805198 | 0 | (5) |
|  | 04/2025 | 900 | 36292 | 34 | 0 |
|  | 05/2025 | 906 | 15051797 | 0 | (4) |
|  | 06/2025 | 689 | 2660 | 0 | (4) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7748 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10085) |

---

#### WRITTEN OPTIONS:

#### INFLATION-CAPPED OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Initial<br>Index | Floating Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GLM | Cap - OTC CPALEMU | 100.151 | Maximum of [(Final Index/Initial Index - 1) - 3.000%] or 0 | 06/22/2035 | 1900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57) |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BRC Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.440% | 01/25/2027 | 6200 | $(55) | $(57) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.440 | 01/25/2027 | 6200 | (55) | (56) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.740 | 09/08/2025 | 13300 | (307) | (309) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.740 | 09/08/2025 | 13300 | (307) | (226) |
| CBK Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.950 | 09/15/2025 | 40300 | (487) | (681) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.950 | 09/15/2025 | 40300 | (487) | (21) |
| GLM Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.465 | 12/04/2025 | 26800 | (324) | (232) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.465 | 12/04/2025 | 26800 | (323) | (80) |
| Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.350 | 01/07/2027 | 33700 | (306) | (287) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.350 | 01/07/2027 | 33700 | (306) | (339) |
| Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.500 | 01/14/2027 | 85100 | (780) | (860) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.500 | 01/14/2027 | 85100 | (780) | (739) |
| MYC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.660 | 09/05/2025 | 24100 | (535) | (461) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.660 | 09/05/2025 | 24100 | (535) | (492) |
|  |  |  |  |  |  | $(5587) | $(4840) |
|  Total Written Options | Total Written Options |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5673) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4897) |

---

122 PIMCO REAL RETURN STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(4)</sup> | Swap Agreements,<br>at Value<sup>(4)</sup> |
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| GST | CMBX.NA.AAA.10 Index | 0.500% | Monthly | 11/17/2059 | $3200 | $(95) | $98 | $3 | $0 |
|  | CMBX.NA.AAA.8 Index | 0.500 | Monthly | 10/17/2057 | 50 | (3) | 3 | 0 | 0 |
|  | CMBX.NA.AAA.9 Index | 0.500 | Monthly | 09/17/2058 | 2257 | (139) | 140 | 1 | 0 |
| MYC | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 13300 | (440) | 450 | 10 | 0 |
| UAG | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 5200 | (151) | 155 | 4 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(828) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | Pay/Receive<br>Floating Rate | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Notional<br>Amount | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | Pay/Receive<br>Floating Rate | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Notional<br>Amount | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  MYC | Receive | CPURNSA | 1.800% | Maturity | 07/20/2026 | $1900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(347) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(347) |
|  | Receive | CPURNSA | 1.805 | Maturity | 09/20/2026 | 900 | 0 | (164) | 0 | (164) |
|  |  |  |  |  |  |  | $0 | $(511) | $0 | $(511) |

---

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(5)</sup>** | **Underlying Reference** | **# of Units** | Financing Rate | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | **Pay/Receive<sup>(5)</sup>** | **Underlying Reference** | **# of Units** | Financing Rate | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  BOA | Receive | MLPIREIL Index | 161397 | 4.980% (FEDL01 plus a specified spread) | Monthly | 06/09/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15203 | $0 | $14 | $14 | $0 |
|  | Pay | MLPIREIS Index | 159004 | 4.880% (FEDL01 plus a specified spread) | Monthly | 06/09/2025 | 14995 | 0 | 9 | 9 | 0 |
|  CBK | Receive | DWRTFT Index  | 392 | 4.920% (FEDL01 plus a specified spread) | Monthly | 04/16/2025 | 5385 | 0 | (22) | 0 | (22) |
|  CIB | Receive | PIMCODB Index(7) | 277256 | 0.000% | Monthly | 06/15/2026 | 56914 | 0 | 869 | 869 | 0 |
|  MAC | Receive | PIMCODB Index(8) | 324740 | 0.000% | Monthly | 08/17/2026 | 64127 | 0 | 915 | 915 | 0 |
|  MYI | Receive | DWRTFT Index  | 1273 | 4.740% (FEDL01 plus a specified spread) | Monthly | 04/02/2025 | 18169 | 0 | (749) | 0 | (749) |
|  | Receive | DWRTFT Index  | 865 | 4.770% (FEDL01 plus a specified spread) | Monthly | 05/07/2025 | 11882 | 0 | (46) | 0 | (46) |
|  | Receive | DWRTFT Index  | 799 | 4.820% (FEDL01 plus a specified spread) | Monthly | 05/07/2025 | 10976 | 0 | (43) | 0 | (43) |
|  | Receive | DWRTFT Index  | 1761 | 4.860% | Monthly | 06/04/2025 | 24190 | 0 | (88) | 0 | (88) |
|  | Receive | DWRTFT Index  | 1905 | 4.920% (FEDL01 plus a specified spread) | Monthly | 02/18/2026 | 26168 | 0 | (49) | 0 | (49) |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1807 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(997) |

---

#### TOTAL RETURN SWAPS ON SECURITIES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(5)</sup> | Underlying Reference | # of Shares | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<sup>(5)</sup> | Underlying Reference | # of Shares | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  BOA | Pay | Herc Holdings Inc. | 232 | 4.080% (FEDL01 plus a specified spread) | Monthly | 08/20/2025 | $31 | $0 | $0 | $0 | $0 |
|  | Pay | Synopsys Inc. | 276 | 4.330% (FEDL01 plus a specified spread) | Monthly | 01/21/2026 | 118 | 0 | 0 | 0 | 0 |
|  | Pay | Rocket Companies, Inc. | 9194 | 2.370% | Monthly | 03/11/2026 | 111 | 0 | (7) | 0 | (7) |
|  BRC | Pay | Capital One Financial Corp. | 1835 | 4.470% | Monthly | 02/18/2026 | 329 | 0 | 1 | 1 | 0 |
|  GST | Pay | Amcor Plc | 34800 | 4.330% (FEDL01 plus a specified spread) | Monthly | 12/03/2025 | 338 | 0 | 1 | 1 | 0 |
|  MYI | Pay | Chevron Corp. | 2870 | 4.330% (FEDL01 plus a specified spread) | Monthly | 07/09/2025 | 480 | 0 | 2 | 2 | 0 |
|  |  |  |  |  |  |  |  | $0 | $(3) | $4 | $(7) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(828) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1829 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1515) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 123

------

Consolidated Schedule of Investments PIMCO Inflation Response Multi-Asset Fund (Cont.)

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(6)</sup> |
|  AZD | $365 | $0 | $0 | $365 | $(459) | $0 | $0 | $(459) | $(94) | $0 | $(94) |
|  BOA | 43 | 0 | 23 | 66 | (58) | 0 | (7) | (65) | 1 | 75 | 76 |
|  BPS | 1093 | 0 | 0 | 1093 | (4925) | 0 | 0 | (4925) | (3832) | 3944 | 112 |
|  BRC | 406 | 0 | 1 | 407 | (156) | (648) | 0 | (804) | (397) | 0 | (397) |
|  BSH | 451 | 0 | 0 | 451 | (56) | 0 | 0 | (56) | 395 | (340) | 55 |
|  CBK | 963 | 0 | 0 | 963 | (945) | (702) | (22) | (1669) | (706) | 0 | (706) |
|  CIB | 0 | 0 | 869 | 869 | 0 | 0 | 0 | 0 | 869 | (600) | 269 |
|  DUB | 375 | 0 | 0 | 375 | (78) | 0 | 0 | (78) | 297 | (300) | (3) |
|  FAR | 218 | 0 | 0 | 218 | (679) | 0 | 0 | (679) | (461) | 588 | 127 |
|  GLM | 1290 | 0 | 0 | 1290 | (1064) | (2594) | 0 | (3658) | (2368) | (210) | (2578) |
|  GST | 0 | 0 | 5 | 5 | 0 | 0 | 0 | 0 | 5 | 0 | 5 |
|  IND | 50 | 0 | 0 | 50 | (41) | 0 | 0 | (41) | 9 | 0 | 9 |
|  JPM | 1627 | 0 | 0 | 1627 | (1011) | 0 | 0 | (1011) | 616 | (370) | 246 |
|  MAC | 0 | 0 | 915 | 915 | 0 | 0 | 0 | 0 | 915 | (320) | 595 |
|  MBC | 155 | 0 | 0 | 155 | (224) | 0 | 0 | (224) | (69) | 0 | (69) |
|  MYC | 0 | 0 | 10 | 10 | 0 | (953) | (511) | (1464) | (1454) | 616 | (838) |
|  MYI | 303 | 0 | 2 | 305 | (319) | 0 | (975) | (1294) | (989) | 4487 | 3498 |
|  NGF | 213 | 0 | 0 | 213 | 0 | 0 | 0 | 0 | 213 | 0 | 213 |
|  SCX | 54 | 0 | 0 | 54 | (51) | 0 | 0 | (51) | 3 | (237) | (234) |
|  SSB | 6 | 0 | 0 | 6 | (6) | 0 | 0 | (6) | 0 | 0 | 0 |
|  UAG | 136 | 0 | 4 | 140 | (13) | 0 | 0 | (13) | 127 | (10) | 117 |
|  Total Over the Counter | $7748 | $0 | $1829 | $9577 | $(10085) | $(4897) | $(1515) | $(16497) |  |  |  |

---

(m) Securities with an aggregate market value of $9,710 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(6)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

<sup>(7)</sup> The following table represents the individual positions within the total return swap as of March 31, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum September 2025 Futures | 5.1% | $2908 |
|  Arabica Coffee September 2025 Futures | 4.7 | 2681 |
|  Brent Crude September 2025 Futures | 8.8 | 5003 |
|  Cocoa September 2025 Futures | 1.6 | 933 |
|  Copper September 2025 Futures | 0.8 | 467 |
|  Corn September 2025 Futures | 4.6 | 2641 |
|  Gas Oil September 2025 Futures | 3.1 | 1742 |
|  Gold 100 oz. August 2025 Futures | 6.2 | 3540 |
|  Gold 100 oz. June 2025 Futures | 17.7 | 10051 |
|  Lean Hogs August 2025 Futures | 3.4 | 1918 |
|  Live Cattle August 2025 Futures | 1.6 | 899 |
|  New York Harbor ULSD September 2025 Futures | 2.2 | 1252 |
|  Nickel September 2025 Futures | 0.5 | 256 |
|  NYMEX — Natural Gas September 2025 Futures | 4.7 | 2669 |
|  RBOB Gasoline September 2025 Futures | 8.7 | 4969 |

---

---

| | | |
|:---|:---|:---|
| **124** | **PIMCO REAL RETURN STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
| **Referenced Commodity — Long Futures Contracts** | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Silver May 2025 Futures | 9.2% | $5259 |
|  Silver September 2025 Futures | 2.7 | 1565 |
|  Sugar No. 11 October 2025 Futures | 2.2 | 1246 |
|  WTI Crude September 2025 Futures | 2.8 | 1594 |
|  Zinc September 2025 Futures | 2.0 | 1121 |
|  Total Long Futures Contracts |  | $52714 |
|  Cash | 7.4% | $4200 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56914 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(8)</sup> The following table represents the individual positions within the total return swap as of March 31, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum September 2025 Futures | 5.0% | $3230 |
|  Arabica Coffee September 2025 Futures | 4.7 | 3028 |
|  Brent Crude November 2025 Futures | 8.6 | 5549 |
|  Cocoa September 2025 Futures | 1.6 | 1024 |
|  Copper September 2025 Futures | 0.8 | 533 |
|  Corn September 2025 Futures | 4.5 | 2916 |
|  Gas Oil November 2025 Futures | 3.0 | 1930 |
|  Gold 100 oz. December 2025 Futures | 6.2 | 3951 |
|  Gold 100 oz. June 2025 Futures | 17.5 | 11216 |
|  Lean Hogs October 2025 Futures | 3.3 | 2138 |
|  Live Cattle October 2025 Futures | 1.5 | 996 |
|  New York Harbor ULSD November 2025 Futures | 2.2 | 1399 |
|  Nickel September 2025 Futures | 0.5 | 290 |
|  NYMEX — Natural Gas September 2025 Futures | 4.6 | 2923 |
|  RBOB Gasoline November 2025 Futures | 8.6 | 5511 |
|  Silver July 2025 Futures | 9.3 | 5979 |
|  Silver September 2025 Futures | 2.8 | 1777 |
|  Sugar No. 11 October 2025 Futures | 2.2 | 1402 |
|  WTI Crude November 2025 Futures | 2.8 | 1767 |
|  Zinc September 2025 Futures | 2.0 | 1258 |
|  Total Long Futures Contracts |  | $58817 |
|  Cash | 8.3% | $5310 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64127 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Consolidated Statements of Assets and Liabilities as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $74 | $0 | $0 | $0 | $0 | $74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 3576 | 0 | 116 | 0 | 1996 | 5688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 2508 | 2508 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3650 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4504 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8270 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7748 | $0 | $7748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 1784 | 18 | 27 | 0 | 0 | 1829 |
|  | $1784 | $18 | $27 | $7748 | $0 | $9577 |
|  | $5434 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | $143 | $7748 | $4504 | $17847 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 125

------

Consolidated Schedule of Investments PIMCO Inflation Response Multi-Asset Fund (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $344 | $0 | $0 | $0 | $0 | $344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 4397 | 0 | 543 | 0 | 1379 | 6319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 2868 | 2868 |
|  | $4741 | $0 | $543 | $0 | $4247 | $9531 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $10085 | $0 | $10085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 4897 | 4897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 1004 | 0 | 511 | 1515 |
|  | $0 | $0 | $1004 | $10085 | $5408 | $16497 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4741 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1547 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10085 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9655 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26028 |

---

The effect of Financial Derivative Instruments on the Consolidated Statements of Operations for the year ended March 31, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments |  |  |  |  |  |  |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $(906) | $0 | $0 | $0 | $0 | $(906) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | (1553) | 0 | 0 | 0 | 1070 | (483) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | (49577) | 0 | (2442) | 0 | 7713 | (44306) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (3612) | (3612) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52036) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2442) | $0 | $5171 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49307) |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $16781 | $0 | $16781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 2539 | 2539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | (1709) | 244 | 4201 | 0 | 0 | 2736 |
|  | $(1709) | $244 | $4201 | $16781 | $2539 | $22056 |
|  | $(53745) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244 | $1759 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16781 | $7710 | $(27251) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |  |  |  |  |  |  |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $542 | $0 | $0 | $0 | $0 | $542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 180 | 0 | 0 | 0 | (812) | (632) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | (9073) | 0 | 0 | 0 | (1564) | (10637) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11959 | 11959 |
|  | $(8351) | $0 | $0 | $0 | $9583 | $1232 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(5100) | $0 | $(5100) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | (1010) | (1010) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | (648) | (88) | (928) | 0 | (79) | (1743) |
|  | $(648) | $(88) | $(928) | $(5100) | $(1089) | $(7853) |
|  | $(8999) | $(88) | $(928) | $(5100) | $8494 | $(6621) |

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126 PIMCO REAL RETURN STRATEGY FUNDS See Accompanying Notes

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March 31, 2025

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

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| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at**<br> **03/31/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $25924 | $0 | $25924 |
| &nbsp;&nbsp; Industrials | 0 | 197 | 0 | 197 |
| &nbsp;&nbsp; Utilities | 0 | 430 | 0 | 430 |
|  U.S. Government Agencies | 0 | 504716 | 0 | 504716 |
|  U.S. Treasury Obligations | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107113 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107113 |
|  Non-Agency Mortgage-Backed Securities | 0 | 12711 | 0 | 12711 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; CMBS Other | 0 | 14921 | 0 | 14921 |
| &nbsp;&nbsp; Home Equity Other | 0 | 23782 | 0 | 23782 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 30 | 0 | 30 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 12823 | 0 | 12823 |
| &nbsp;&nbsp; Other ABS | 0 | 88365 | 0 | 88365 |
|  Sovereign Issues | 0 | 189017 | 0 | 189017 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Communication Services | 413 | 0 | 0 | 413 |
| &nbsp;&nbsp; Consumer Discretionary | 361 | 0 | 0 | 361 |
| &nbsp;&nbsp; Consumer Staples | 470 | 0 | 0 | 470 |
| &nbsp;&nbsp; Energy | 447 | 0 | 0 | 447 |
| &nbsp;&nbsp; Financials | 307 | 0 | 0 | 307 |
| &nbsp;&nbsp; Health Care | 223 | 0 | 0 | 223 |
| &nbsp;&nbsp; Industrials | 403 | 0 | 0 | 403 |
| &nbsp;&nbsp; Information Technology | 253 | 0 | 0 | 253 |
| &nbsp;&nbsp; Materials | 665 | 0 | 0 | 665 |
| &nbsp;&nbsp; Real Estate | 107 | 0 | 0 | 107 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 676 | 0 | 676 |
|  Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts |
| &nbsp;&nbsp; Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85298 | 0 | 0 | 85298 |
|  Commodities | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 421721 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 546 | 0 | 546 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at**<br> **03/31/2025** |
| &nbsp;&nbsp; Repurchase Agreements | $0 | $47494 | $0 | $47494 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 4332 | 0 | 4332 |
|  | $88947 | $2454798 | $0 | $2543745 |
|  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 | 178350 | 0 | 0 | 178350 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | 1934 | 0 | 0 | 1934 |
|  | $180284 | $0 | $0 | $180284 |
|  Total Investments | $269231 | $2454798 | $0 | $2724029 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  U.S. Treasury Obligations | $0 | $(26048) | $0 | $(26048) |
|  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 | 5175 | 2848 | 0 | 8023 |
|  Over the counter | 0 | 9577 | 0 | 9577 |
|  | $5175 | $12425 | $0 | $17600 |
|  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 | (5861) | (3036) | 0 | (8897) |
|  Over the counter | 0 | (16497) | 0 | (16497) |
|  | $(5861) | $(19533) | $0 | $(25394) |
|  Total Financial Derivative Instruments | $(686) | $(7108) | $0 | $(7794) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268545 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2421642 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2690187 |

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There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **127** |

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Notes to Financial Statements

1. ORGANIZATION

PIMCO Funds (the "Trust") is a Massachusetts business trust established under a Declaration of Trust dated February 19, 1987, as amended and restated November 4, 2014. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. Information presented in these financial statements pertains to the Institutional Class, I-2, I-3, Administrative Class, Class A, Class C and Class R shares of the funds (each, a "Fund" and collectively, the "Funds") indicated on the cover of this report. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Funds. The PIMCO Inflation Response Multi-Asset Fund ("IRMA Fund") may invest in Institutional Class or Class M shares of any funds of the Trust and PIMCO Equity Series, an affiliated open-end investment company, except funds of funds and PIMCO California Municipal Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National Municipal Intermediate Value Fund and PIMCO National Municipal Opportunistic Value Fund ("Underlying PIMCO Funds"), and may also invest in other affiliated funds, including funds of PIMCO ETF Trust, and unaffiliated funds (collectively, "Acquired Funds").

PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund, PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> and PIMCO Inflation Response Multi-Asset Fund each have established a Cayman Islands exempted company, (each, a "Subsidiary" and collectively, the "Subsidiaries"), which is wholly-owned and controlled by each respective Fund. See Note 14, Basis for Consolidation, in the Notes to Financial Statements for more information regarding the Subsidiaries.

Hereinafter, the Board of Trustees of the Funds shall be collectively referred to as the "Board."

In this reporting period, each Fund adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the Management of the Trust section of the most recent Statement of Additional Information, act as the Funds' CODM. Each Fund represents a single operating segment, as the CODM monitors the operating results of the Funds as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance

with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. The financial information in the form of each Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within the Funds' financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statements of Operations.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Each Fund is treated as an investment company under the reporting requirements of U.S. GAAP, including but not limited to, ASC 946. The functional and reporting currency for the Funds is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss)

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| | |
|:---|:---|
| **128** | **PIMCO REAL RETURN STRATEGY FUNDS** |

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March 31, 2025

on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(b) Foreign Taxes A Fund may be subject to foreign taxes on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which a Fund invests. These foreign taxes, if any, are paid by Fund and are reflected in its Consolidated Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "other foreign taxes", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of March 31, 2025, if any, are disclosed in the Consolidated Statements of Assets and Liabilities.

(c) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statements of Operations. The Funds may invest directly or indirectly through investments in Underlying PIMCO Funds or Acquired Funds, as applicable, in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign

currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statements of Operations.

(d) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the respective Fund. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the respective Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(e) Distributions to Shareholders The following table shows the anticipated frequency of distributions from net investment income, if any, for each Fund.

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| | | |
|:---|:---|:---|
|  | Distribution Frequency | Distribution Frequency |
| Fund Name | Declared | Distributed |
|  PIMCO Long-Term Real Return Fund | Daily | Monthly |
|  PIMCO Real Return Fund | Daily | Monthly |
|  PIMCO RealEstateRealReturn Strategy Fund | Quarterly | Quarterly |
|  PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund | Quarterly | Quarterly |
|  PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> | Quarterly | Quarterly |
|  PIMCO Inflation Response Multi-Asset Fund | Quarterly | Quarterly |

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Net realized capital gains earned by each Fund, if any, will be distributed no less frequently than annually. Net short-term capital gains may be paid more frequently. A Fund may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **129** |

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------

Notes to Financial Statements (Cont.)

different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on each Fund's annual financial statements presented under U.S. GAAP.

Separately, if a Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable) and accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Fund determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Fund's daily internal accounting records and practices, a Fund's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Fund's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain funds, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where the Fund's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at a Fund's fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(f) New Accounting Pronouncements and Regulatory Updates In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity

securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. Management has implemented changes in connection with the amendments and has determined that there was no material impact to the Funds' financial statements.

In October 2022, the U.S. Securities and Exchange Commission ("SEC") adopted changes to the mutual fund and exchange-traded fund ("ETF") shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which impact the disclosures provided to shareholders. The rule amendments were effective as of January 2023, and compliance with the rule amendments was required as of July 2024. As such, the Funds have made significant updates to the content of their shareholder reports. In addition, shareholder reports are now mailed to shareholders who have not opted to receive shareholder report documents electronically. Management has implemented format and content changes to the Funds' annual and semiannual financial and other information in connection with the rule amendments and has determined that there was no material impact to the Funds' financial statements.

The SEC made a final ruling on February 15, 2023 to adopt proposed amendments to the Settlement Cycle Rule (Rule 15c6-1) and other related rules under the Securities Exchange Act of 1934, as amended, to shorten the standard settlement cycle for most broker-dealer transactions from two business days after the trade date (T+2) to one business day after the trade date (T+1). The effective date was May 5, 2023, and compliance with the amendments was required as of May 28, 2024. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Funds' financial statements.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Act, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of

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| | |
|:---|:---|
| **130** | **PIMCO REAL RETURN STRATEGY FUNDS** |

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March 31, 2025

derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivative instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the financial statements.

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280)". ASU 2023-07 requires public entities to provide disclosure of significant segment expenses that are regularly provided to the CODM. ASU 2023-07, among other things, (i) requires a single segment public entity to provide all necessary disclosures required by Topic 280, (ii) mandates the disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit and loss to assess segment performance and to decide how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Management has implemented changes in connection with the amendments and has determined that there was no material impact to the Funds' financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of a Fund's shares, or each of their respective share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, each Fund's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information

that becomes known to the Funds or their agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, each Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. Each Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, each Fund may calculate its NAV as of the NYSE Close for such day or such other time that each Fund may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that a Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation Designee") for each Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund portfolio investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **131** |

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of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of a Fund's assets that are invested in one or more open-end management investment companies (other than ETFs), a Fund's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, a Fund may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. A Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in a Fund's portfolio investments being affected when shareholders are unable to buy or sell shares.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of a Fund's shares may be affected by changes in the value of

currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that a Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in each Fund's next calculated NAV. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which a Fund may transact.

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by a Fund normally will be taken into account in calculating the NAV. A Fund's whole loan investments, including those originated by the Fund or through an alternative lending platform, generally are fair valued in accordance with procedures approved by the Board.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of a Fund's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold. The Funds' use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Abusive Trading Practices" section in each Fund's prospectus.

Under certain circumstances, the per share NAV of a class of a Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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| **132** | **PIMCO REAL RETURN STRATEGY FUNDS** |

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| <sup>∎</sup> | Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |

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<sup>∎</sup> Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for each respective Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value Levels of a Fund's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy and, if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for each respective Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based

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.

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **133** |

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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.

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.

Physical commodities are valued using spot prices from established commodity exchanges as published by third-party Pricing Sources as of the reporting date. In addition, warehouse receipts are generally valued by a third-party vendor using the front month futures discounted back to the reporting date. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

The IRMA Fund may invest substantially all or a significant portion of its assets in Institutional Class or Class M shares of any Underlying PIMCO Funds and may also invest in other Acquired Funds. The Underlying PIMCO Funds are considered to be affiliated with the IRMA Fund. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each Acquired Fund's shareholder report is also available at the SEC's website at www.sec.gov, and a copy of each affiliate fund's shareholder report is available on the Fund's website at www.pimco.com, or upon request, as applicable. The table below shows the transactions in and earnings from investments in these Underlying PIMCO Funds or Acquired Funds for the period ended March 31, 2025 (amounts in thousands<sup>†</sup>):

#### PIMCO Inflation Response Multi-Asset Fund

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Underlying PIMCO Funds | Market Value<br>03/31/2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>03/31/2025 | Dividend<br>Income<sup>(1)</sup> | Realized<br>Net Capital<br>Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO Commodity Strategy Active Exchange-Traded Fund | $0 | $58999 | $0 | $0 | $1101 | $60100 | $36 | $0 |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | 113109 | 8040 | 0 | 0 | (2899) | 118250 | 8093 | 0 |
|  PIMCO Short-Term Floating NAV Portfolio III | 15197 | 684549 | (697800) | (13) | 1 | 1934 | 251 | 0 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128306 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751588 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(697800) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1797) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180284 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8380 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund, unless otherwise advised on IRS Form 1099-DIV. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

Each Fund may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely

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| **134** | **PIMCO REAL RETURN STRATEGY FUNDS** |

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by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Funds. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Funds' website at www.pimco.com, or upon request, as applicable. The tables below show the Funds' transactions in and earnings from investments in the affiliated funds for the period ended March 31, 2025 (amounts in thousands<sup>†</sup>):

#### Investments in PIMCO Short Asset Portfolio

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| Fund Name | Market Value<br>03/31/2024 | Purchases at<br>Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>03/31/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147880 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24018 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172697 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8384 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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#### Investments in PIMCO Short-Term Floating NAV Portfolio III

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Market Value<br>03/31/2024 | Purchases at<br>Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>03/31/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO Long-Term Real Return Fund | $5169 | $259786 | $(264900) | $(9) | $1 | $47 | $189 | $0 |
|  PIMCO Real Return Fund | 11268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3568301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3568100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61) | 1 | 11409 | 4582 | 0 |
|  PIMCO RealEstateRealReturn Strategy Fund | 39 | 817673 | (815700) | 10 | 0 | 2022 | 370 | 0 |
|  PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59749 | 295476 | (280100) | 37 | 1 | 75163 | 3103 | 0 |
|  PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> | 73328 | 2811111 | (2582000) | 173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

(b) Investments in Securities

The Funds (and where applicable, certain Acquired Funds and Underlying PIMCO Funds) may utilize the investments and strategies described below to the extent permitted by each Fund's respective investment policies.

Delayed-Delivery Transactions involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, a Fund will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When a Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains (losses) with respect to the security.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The

interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statements of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are interests in pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal payments. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **135** |

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Notes to Financial Statements (Cont.)

shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases, syndicated bank loans, peer-to-peer loans and litigation finance loans.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs, CLOs and other CDOs are types of asset-backed securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a Fund invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and each Fund's prospectus and statement of additional information (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) risks related to the capability of the servicer of the securitized assets, (iv) the risk that a Fund may invest in CBOs,

CLOs, or other CDOs that are subordinate to other classes, (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results, and (vi) the CDO's manager may perform poorly.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches," with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Stripped Mortgage-Backed Securities ("SMBS") are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or "IO" class), while the other class will receive the entire principal (the principal-only or "PO" class). Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO class, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Perpetual Bonds are fixed income securities with no maturity date but pay a coupon in perpetuity (with no specified ending or maturity date). Unlike typical fixed income securities, there is no obligation for perpetual bonds to repay principal. The coupon payments, however, are mandatory. While perpetual bonds have no maturity date, they may have a callable date in which the perpetuity is eliminated and the issuer may return the principal received on the specified call date. Additionally, a perpetual bond may have additional features, such as interest rate increases at periodic dates or an increase as of a predetermined point in the future.

Real Estate Investment Trusts ("REITs") are pooled investment vehicles that own, and typically operate, income-producing real estate. If a REIT meets certain requirements, including distributing to shareholders substantially all of its taxable income (other than net capital gains), then it is not taxed on the income distributed to shareholders. Distributions received from REITs may be characterized as income, capital gain or a return of capital. A return of capital is recorded by a Fund as a reduction to the cost basis of its investment in

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| **136** | **PIMCO REAL RETURN STRATEGY FUNDS** |

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the REIT. REITs are subject to management fees and other expenses, and so a Fund that invests in REITs will bear its proportionate share of the costs of the REITs' operations.

Restricted Investments are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933, as amended. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Funds as of March 31, 2025, as applicable, are disclosed in the Notes to Schedules of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC is a government sponsored corporation that issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage-Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The long-term effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where a Fund seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and contemporaneously opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statements of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that require the Funds to post collateral in connection with their TBA transactions. There is no similar requirement applicable to the Funds' TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Funds and impose added operational complexity.

When-Issued Transactions are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Transactions to purchase or sell securities on a when-issued basis involve a commitment by a Fund to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. A Fund may sell when-issued securities before they are delivered, which may result in a realized gain (loss).

(c) The PIMCO Inflation Response Multi-Asset Fund and the PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund each may acquire and hold physical commodities. Physical commodities are pursuant to warehouse receipts providing proof of ownership of such commodities. Warehouse receipts may be negotiable or non-negotiable. Negotiable warehouse receipts allow transfer of ownership of that commodity without having to deliver the physical commodity.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds (and where applicable, certain Acquired Funds and Underlying PIMCO Funds) may enter into the borrowings and other financing transactions described below to the extent permitted by each Fund's respective investment policies.

The following disclosures contain information on a Fund's ability to lend or borrow cash or securities to the extent permitted under the Act,

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **137** |

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Notes to Financial Statements (Cont.)

which may be viewed as borrowing or financing transactions by a Fund. The location of these instruments in each Fund's financial statements is described below.

(a) Repurchase Agreements Under the terms of a typical repurchase agreement, a Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by a Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by a Fund's custodian or designated subcustodians (in the case of tri-party repurchase agreements) and in certain instances will remain in custody with the counterparty. Traditionally, a Fund has used bilateral repurchase agreements wherein the underlying securities will be held by a Fund's custodian. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased demand for collateral, a Fund may pay a fee for the receipt of collateral, which may result in interest expense to a Fund.

(b) Reverse Repurchase Agreements In a reverse repurchase agreement, a Fund delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by a Fund or counterparty at any time. A Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by a Fund to counterparties are reflected as a liability on the Statements of Assets and Liabilities. Interest payments made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

(c) Sale-Buybacks A sale-buyback financing transaction consists of a sale of a security by a Fund to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. A Fund is not entitled to receive principal and interest payments, if any, made on the

security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by a Fund are reflected as a liability on the Statements of Assets and Liabilities. A Fund will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the 'price drop'. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, a Fund would have otherwise received had the security not been sold and (ii) the negotiated financing terms between a Fund and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Statements of Operations. Interest payments based upon negotiated financing terms made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under sale-buyback transactions.

(d) Short Sales Short sales are transactions in which a Fund sells a security that it does not own in anticipation that the market price of that security will decline. A Fund may make short sales of securities to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of a Fund, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When a Fund makes a short sale, it will often borrow the security sold short and deliver it to the counterparty. A Fund will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statements of Assets and Liabilities. Short sales expose a Fund to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to a Fund. A short sale is "against the box" if a Fund holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. A Fund will be subject to additional risks to the extent that it engages in short sales that are not "against the box." A Fund's loss on a short sale could theoretically be unlimited in cases where the Fund is unable, for whatever reason, to close out its short position.

(e) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, the Funds of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund

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| **138** | **PIMCO REAL RETURN STRATEGY FUNDS** |

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March 31, 2025

Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund's investment policies and restrictions. The Funds are currently permitted to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the fund's investment restrictions). If a borrowing fund's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended March 31, 2025, the Funds did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Funds (and where applicable, certain Acquired Funds and Underlying PIMCO Funds) may enter into the financial derivative instruments described below to the extent permitted by each Fund's respective investment policies.

The following disclosures contain information on how and why the Funds use financial derivative instruments, and how financial derivative instruments affect the Funds' financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statements of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statements of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedules of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedules of Investments, serve as indicators of the volume of financial derivative activity for the Funds.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of a Fund's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell

a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by a Fund as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statements of Assets and Liabilities. In addition, a Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. A Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by a Fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, a Fund is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by a Fund ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statements of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. A Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase a Fund's exposure to the underlying instrument. Writing call options tends to decrease a Fund's exposure to the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **139** |

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Notes to Financial Statements (Cont.)

Statements of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. A Fund as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk a Fund may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase a Fund's exposure to the underlying instrument. Purchasing put options tends to decrease a Fund's exposure to the underlying instrument. A Fund pays a premium which is included as an asset on the Statements of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Commodity Options are options on commodity futures contracts ("Commodity Option"). The underlying instrument for the Commodity Option is not the commodity itself, but rather a futures contract for that commodity. The exercise of a Commodity Option will not include physical delivery of the underlying commodity but will result in a cash transfer for the amount of the difference between the current market value of the underlying futures contract and the strike price. For an option that is in-the-money, a Fund will normally offset its position rather than exercise the option to retain any remaining time value.

Inflation-Capped Options may be written or purchased to enhance returns or for hedging opportunities. The purpose of purchasing inflation-capped options is to protect a Fund from inflation erosion above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in inflation-linked products.

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the

swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Options on Exchange-Traded Funds use a specified exchange-traded fund as the underlying instrument for the option contract. A Fund may write or purchase options to enhance returns or to hedge an existing position or future investment.

Options on Exchange-Traded Futures Contracts ("Futures Option") may be written or purchased to hedge an existing position or future investment, for speculative purposes or to manage exposure to market movements. A Futures Option is an option contract in which the underlying instrument is a single futures contract.

(d) Swap Agreements are bilaterally negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). A Fund may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statements of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statements of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statements of Operations upon termination or maturity of the swap. A

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|:---|:---|
| **140** | **PIMCO REAL RETURN STRATEGY FUNDS** |

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March 31, 2025

liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gain (loss) on the Statements of Operations.

For purposes of applying certain of a Fund's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by a Fund at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of a Fund's investment policies and restrictions, a Fund will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of a Fund's other investment policies and restrictions. For example, a Fund may value credit default swaps at full exposure value for purposes of a Fund's credit quality guidelines (if any) because such value in general better reflects a Fund's actual economic exposure during the term of the credit default swap agreement. As a result, a Fund may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in a Fund's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether a Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by a Fund for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may fail to perform or meet an obligation or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

A Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between a Fund and the counterparty and by the posting of collateral to a Fund to cover a Fund's exposure to the counterparty.

To the extent a Fund has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not

apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Commodity Forward Swap Agreements ("Commodity Forwards") are entered into to gain or mitigate exposure to the underlying referenced commodity. Commodity Forwards involve commitments between two parties where cash flows are exchanged at a future date based on the difference between a fixed and variable price with respect to the number of units of the commodity. At the maturity date, a net cash flow is exchanged, where the payoff amount is equivalent to the difference between the fixed and variable price of the underlying commodity multiplied by the number of units. To the extent the difference between the fixed and variable price of the underlying referenced commodity exceeds or falls short of the offsetting payment obligation, a Fund will receive a payment from or make a payment to the counterparty.

Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **141** |

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Notes to Financial Statements (Cont.)

(ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indexes involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indexes are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indexes may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets and/or various credit ratings within each sector. Credit indexes are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. Credit default swaps on credit indexes may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indexes are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Schedules of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the

agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indexes, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which a Fund is the seller of protection are disclosed in the Notes to Schedules of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure and to maintain a Fund's ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Funds hold may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, a Fund may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by a Fund with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

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| **142** | **PIMCO REAL RETURN STRATEGY FUNDS** |

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Total Return Swap Agreements are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, a Fund would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, a Fund would owe payments on any net positive total return and would receive payments in the event of a net negative total return.

Volatility Swap Agreements are also known as forward volatility agreements and volatility swaps, and are agreements in which the counterparties agree to make payments in connection with changes in the volatility (i.e., the magnitude of change over a specified period of time) of an underlying referenced instrument, such as a currency, rate, index, security or other financial instrument. Volatility swaps permit the parties to attempt to hedge volatility risk and/or take positions on the projected future volatility of an underlying referenced instrument. For

example, a Fund may enter into a volatility swap in order to take the position that the referenced instrument's volatility will increase over a particular period of time. If the referenced instrument's volatility does increase over the specified time, a Fund will receive payment from its counterparty based upon the amount by which the referenced instrument's realized volatility level exceeds a volatility level agreed upon by the parties. If the referenced instrument's volatility does not increase over the specified time, a Fund will make a payment to the counterparty based upon the amount by which the referenced instrument's realized volatility level falls below the volatility level agreed upon by the parties. At the maturity date, a net cash flow is exchanged, where the payoff amount is equivalent to the difference between the realized price volatility of the referenced instrument and the strike multiplied by the notional amount. As a receiver of the realized price volatility, a Fund would receive the payoff amount when the realized price volatility of the referenced instrument is greater than the strike and would owe the payoff amount when the volatility is less than the strike. As a payer of the realized price volatility, a Fund would owe the payoff amount when the realized price volatility of the referenced instrument is greater than the strike and would receive the payoff amount when the volatility is less than the strike. Payments on a volatility swap will be greater if they are based upon the mathematical square of volatility (i.e., the measured volatility multiplied by itself, which is referred to as "variance"). This type of volatility swap is frequently referred to as a variance swap.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in a Fund, which could adversely affect its net asset value, yield and total return, are listed below. The principal risks of investing in a Fund include risks from direct investments and/or for certain Funds that invest in Acquired Funds or Underlying PIMCO Funds, indirect exposure through investment in such Acquired Funds or Underlying PIMCO Funds. Please see "Description of Principal Risks" in a Fund's prospectus for more detailed description of the risks of investing in a Fund.

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|  | PIMCO<br>Long-Term<br>Real Return<br>Fund | PIMCO Real<br>Return<br>Fund | PIMCO<br>RealEstateRealReturn<br>Strategy Fund | PIMCO<br>CommoditiesPLUS<sup>®</sup><br>Strategy Fund | PIMCO<br>CommodityRealReturn<br>Strategy Fund<sup>®</sup> | PIMCO<br>Inflation Response<br>Multi-Asset Fund |
|  Allocation |  |  |  |  |  | X |
|  Acquired Fund |  |  |  |  |  | X |
|  Interest Rate | X | X | X | X | X | X |
|  Call | X | X | X | X | X | X |
|  Credit | X | X | X | X | X | X |
|  High Yield | X | X | X | X | X |  |
|  High Yield and Distressed Company |  |  |  |  |  | X |
|  Market | X | X | X | X | X | X |
|  Issuer | X | X | X | X | X | X |
|  Liquidity | X | X | X | X | X | X |
|  Derivatives | X | X | X | X | X | X |
|  Model |  |  |  | X | X | X |
|  Commodity | X |  |  | X | X | X |
|  Equity | X | X | X |  | X | X |
|  Mortgage-Related and Other Asset-Backed Securities | X | X | X | X | X | X |
|  Foreign (Non-U.S.) Investment | X | X | X | X | X | X |

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **143** |

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Notes to Financial Statements (Cont.)

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|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO<br>Long-Term<br>Real Return<br>Fund** | **PIMCO Real<br>Return<br>Fund** | **PIMCO<br>RealEstateRealReturn<br>Strategy Fund** | **PIMCO<br>CommoditiesPLUS<sup>®</sup><br>Strategy Fund** | **PIMCO<br>CommodityRealReturn<br>Strategy Fund<sup>®</sup>** | **PIMCO<br>Inflation Response<br>Multi-Asset Fund** |
|  Real Estate |  |  | X |  |  | X |
|  Emerging Markets | X | X | X | X | X | X |
|  Sovereign Debt | X | X | X | X | X | X |
|  Currency | X | X | X | X | X | X |
|  Leveraging | X | X | X | X | X | X |
|  Management | X | X | X | X | X | X |
|  Short Exposure | X | X | X | X | X | X |
|  Inflation-Indexed Security | X | X | X |  | X | X |
|  Tax |  |  |  | X | X | X |
|  Subsidiary |  |  |  | X | X | X |
|  Value Investing |  |  |  |  |  | X |
|  Arbitrage |  |  |  |  |  | X |
|  Convertible Securities |  |  |  |  |  | X |
|  Small-Cap and Mid-Cap Company |  |  |  |  |  | X |
|  Gold-Related |  |  |  |  | X | X |
|  Oil-Related |  |  |  | X |  |  |
|  Exchange-Traded Fund |  |  |  |  |  | X |
|  Collateralized Loan Obligations |  | X | X |  | X |  |
|  LIBOR Transition | X |  | X | X | X | X |

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Allocation Risk is the risk that a Fund could lose money as a result of less than optimal or poor asset allocation decisions. The Fund could miss attractive investment opportunities by underweighting markets that subsequently experience significant returns and could lose value by overweighting markets that subsequently experience significant declines.

Acquired Fund Risk is the risk that a Fund's performance is closely related to the risks associated with the securities and other investments held by the Acquired Funds and that the ability of a Fund to achieve its investment objective will depend upon the ability of the Acquired Funds to achieve their investment objectives. Investments in Acquired Funds that are exchange-traded funds are also subject to market risk, tracking error, the potential for trading at a discount or premium to their net asset value, bid/ask spread risk as well as the risks of the underlying securities they hold. In addition, a Fund's performance will be reduced by the Fund's proportionate amount of the expenses of any Acquired Funds in which it invests.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value because of a change in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

Call Risk is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer's credit quality). If an issuer calls a security

that a Fund has invested in, the Fund may not recoup the full amount of its initial investment or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

Credit Risk is the risk that a Fund could experience losses if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

High Yield Risk is the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit, call and liquidity risks. High yield securities are considered primarily speculative by rating agencies with respect to the issuer's continuing ability to make principal and interest payments, and their values may be more volatile than higher-rated securities of similar maturity.

High Yield and Distressed Company Risk is the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") and securities of distressed companies may be subject to greater levels of credit, issuer and liquidity risks. Securities of distressed companies include both debt and equity securities. High yield securities and debt securities of distressed companies are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments. Distressed companies may be engaged in restructurings or bankruptcy proceedings.

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| | |
|:---|:---|
| **144** | **PIMCO REAL RETURN STRATEGY FUNDS** |

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March 31, 2025

Market Risk is the risk that the value of securities owned by a Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

Issuer Risk is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that a Fund may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a Fund could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for the Fund. A Fund's use of derivatives or other similar investments may result in losses to the Fund, a reduction in the Fund's returns and/or increased volatility. Non-centrally-cleared over-the-counter ("OTC") derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with a Fund's clearing broker or the clearinghouse. Changes in regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact a Fund's ability to invest in derivatives, limit a Fund's ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and a Fund's performance.

Model Risk is the risk that a Fund's investment models used in making investment allocation decisions may not adequately take into account certain factors, or may contain design flaws or faulty assumptions, and may rely on incomplete or inaccurate data inputs, any of which may result in a decline in the value of an investment in a Fund.

Commodity Risk is the risk that investing in commodity-linked derivative instruments and commodities, either directly or indirectly through a subsidiary, may subject a Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments or commodities may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in inflation, interest rates, or supply and demand factors affecting a particular industry or commodity market, such as drought, floods, weather, livestock disease, pandemics and public health emergencies, embargoes, taxation, war, terrorism, cyber hacking, economic and political developments, environmental proceedings, tariffs, changes in storage costs, availability of transportation systems, and international economic, political and regulatory developments. Investments in commodities can also present risks associated with transportation and delivery, custody, storage and maintenance, illiquidity, and the unavailability of accurate market valuations of the commodity.

Equity Risk is the risk that the value of equity or equity-related securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights.

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk. A Fund may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Fund's guidelines), which generally carry higher levels of the foregoing risks.

Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in a Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **145** |

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Notes to Financial Statements (Cont.)

securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Real Estate Risk is the risk that a Fund's investments in real estate investment trusts ("REITs") or real estate-linked derivative instruments will subject a Fund to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. A Fund's investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, REITs that are privately held or not traded on a national securities exchange subject a Fund to liquidity and valuation risk.

Emerging Markets Risk is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Sovereign Debt Risk is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect a Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Leveraging Risk is the risk that certain transactions of a Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing a Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss. The use of leverage may also increase a Fund's sensitivity to interest rate risks.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO, including the use of quantitative models or methods, will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing a Fund and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of a Fund will be achieved.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to a Fund.

Inflation-Indexed Security Risk is the risk that inflation-indexed debt securities are subject to the effects of actual or anticipated changes in market interest rates caused by factors other than inflation (real interest rates). In general, the value of an inflation-indexed security, including TIPS, tends to decrease when real interest rates increase and can increase when real interest rates decrease. Interest payments on inflation-indexed securities are unpredictable and will fluctuate as the principal and interest are adjusted for inflation. There can be no assurance that the inflation index used will accurately measure the real rate of inflation in the prices of goods and services. Any increase in the principal amount of an inflation-indexed debt security will be considered taxable ordinary income, even though a Fund will not receive the principal until maturity.

Tax Risk is the risk that the tax treatment of swap agreements and other derivative instruments, such as commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity options, futures, and options on futures, may be affected by future regulatory or legislative changes that could affect whether income from such investments is "qualifying income" under Subchapter M of the Internal Revenue Code, or otherwise affect the character, timing and/or amount of a Fund's taxable income or gains and distributions.

Subsidiary Risk is the risk that, by investing in a Fund's subsidiary, a Fund is indirectly exposed to the risks associated with a Fund's subsidiary's investments. Fund subsidiaries are not registered under the Act and may not be subject to all the investor protections of the Act. There is no guarantee that the investment objective of a subsidiary will be achieved.

Value Investing Risk is the risk that a value stock may decrease in price or may not increase in price as anticipated by PIMCO if it continues to be undervalued by the market or the factors that the portfolio manager believes will cause the stock price to increase do not occur.

Arbitrage Risk is the risk that securities purchased pursuant to an arbitrage strategy intended to take advantage of a perceived relationship between the value of two securities may not perform as expected.

Convertible Securities Risk is the risk that arises because convertible securities share both fixed income and equity characteristics.

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| | |
|:---|:---|
| **146** | **PIMCO REAL RETURN STRATEGY FUNDS** |

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March 31, 2025

Convertible securities are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk and credit risk.

Small-Cap and Mid-Cap Company Risk is the risk that the value of securities issued by small-capitalization and mid-capitalization companies may go up or down, sometimes rapidly and unpredictably, due to narrow markets and limited managerial and financial resources.

Gold-Related Risk is the risk that investments in or tied to the price of gold may fluctuate substantially over short periods of time or be more volatile than other types of investments due to, among other matters, changes in interest rates or inflation expectations or other economic, financial and political factors in the U.S. and foreign (non-U.S.) countries.

Oil-Related Risk is the risk that investments in or tied to the price of oil may fluctuate substantially over short periods of time or be more volatile than other types of investments due to, among other things, national and international political changes, policies of Organization of the Petroleum Exporting Countries ("OPEC") and other oil exporting countries, changes in relationships among OPEC and other oil exporting countries and oil importing countries, regulatory changes, taxation policies and the economies of key energy-consuming countries.

Exchange-Traded Fund Risk is the risk that an exchange-traded fund may not achieve its investment objective, among other reasons, because of regulatory restrictions including, for example, exchange rules, market prices of shares of an exchange-traded fund may fluctuate rapidly and materially, or shares of an exchange-traded fund may trade significantly above or below net asset value, any of which may cause losses to a Fund invested in the exchange-traded fund.

Collateralized Loan Obligations Risk is the risk that investing in collateralized loan obligations ("CLOs") and other similarly structured investments exposes a Fund to heightened credit risk, interest rate risk, liquidity risk, market risk and prepayment and extension risk, as well as the risk of default on the underlying asset. In addition, investments in CLOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) risks related to the capability of the servicer of the securitized assets; (iv) the risk that a Fund may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results; and (vi) the CLO's manager may perform poorly.

LIBOR Transition Risk is the risk related to the discontinuation of the London Interbank Offered Rate ("LIBOR"). Certain instruments held by a Fund may reference LIBOR. Due to benchmark reforms, publication of all LIBOR settings has ceased. Although LIBOR is no longer published, there are potential effects related to the transition away from LIBOR or the prior use of LIBOR on a Fund, or on certain instruments in which a Fund invests, which can be difficult to ascertain and could result in losses to a Fund.

(b) Other Risks

In general, a Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks.

Please see a Fund's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in a Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact a Fund's performance.

Market Disruptions Risk A Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, military conflicts, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures and natural/environmental disasters, which can all negatively impact the securities markets and cause a Fund to lose value. These events can also impair the technology and other operational systems upon which a Fund's service providers, including PIMCO as a Fund's investment adviser, rely, and could otherwise disrupt a Fund's service providers' ability to fulfill their obligations to a Fund.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which a Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which a Fund itself is regulated. Such legislation or regulation could limit or preclude a Fund's ability to achieve its investment objective. Furthermore, volatile financial markets can expose a Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Fund. The value of a Fund's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which a Fund invests. In addition, it is not certain that the U.S. Government will intervene in response to a

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **147** |

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Notes to Financial Statements (Cont.)

future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way a Fund is regulated, affect the expenses incurred directly by a Fund and the value of its investments, and limit and/or preclude a Fund's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in a Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on a Fund. While a Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

Cyber Security Risk As the use of technology, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Funds have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause a Fund to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. Cyber security failures or breaches may result in financial losses to a Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a Fund's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third-party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other

adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Funds and their shareholders may suffer losses as a result of a cyber security breach related to the Funds, their service providers, trading counterparties or the issuers in which a Fund invests.

8. MASTER NETTING ARRANGEMENTS

A Fund may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes, the Statements of Assets and Liabilities generally present derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. A Fund's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements")

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| **148** | **PIMCO REAL RETURN STRATEGY FUNDS** |

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March 31, 2025

govern repurchase, reverse repurchase and certain sale-buyback transactions between a Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between a Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedules of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. FCM customers, such as the Funds, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Schedules of Investments.

Prime Broker Arrangements may be entered into to facilitate execution and/or clearing of listed equity option transactions or short sales of equity securities between a Fund and selected counterparties. The arrangements provide guidelines surrounding the rights, obligations and other events, including, but not limited to, margin, execution and settlement. These agreements maintain provisions for, among other things, payments, maintenance of collateral, events of default and termination. Margin and other assets delivered as collateral are

typically in the possession of the prime broker and would offset any obligations due to the prime broker. The market values of listed options and securities sold short and related collateral are disclosed in the Notes to Schedules of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by a Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Funds may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Funds are required by regulation to post additional collateral beyond coverage of daily exposure, they could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from each Fund at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **149** |

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Notes to Financial Statements (Cont.)

The Investment Advisory Fees and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of each Fund's average daily net assets attributable to each class):

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment<br>Advisory Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee |
| Fund Name | All Classes | Institutional<br>Class | I-2 | I-3 | Administrative<br>Class | Class A | Class C | Class R |
|  PIMCO Long-Term Real Return Fund | 0.25% | 0.25% | 0.35% | N/A | 0.25% \* | N/A | N/A | N/A |
|  PIMCO Real Return Fund | 0.25% | 0.20% | 0.30% | 0.40%<sup>(1)</sup> | 0.20% | 0.35% | 0.35% | 0.35% |
|  PIMCO RealEstateRealReturn Strategy Fund | 0.49% | 0.25% | 0.35% | 0.45%<sup>(1)</sup> | 0.25% \* | 0.40% | 0.40% | N/A |
|  PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund | 0.49% | 0.25% | 0.35% | 0.45%<sup>(1)</sup> | N/A | 0.45% | 0.45% | N/A |
|  PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> | 0.49% | 0.25% | 0.35% | 0.45%<sup>(1)</sup> | 0.25% | 0.45% | 0.45% | 0.45% |
|  PIMCO Inflation Response Multi-Asset Fund | 0.44% | 0.25% | 0.35% | 0.45%<sup>(1)</sup> | 0.25% \* | 0.45% | N/A | N/A |

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<sup>(1)</sup> PIMCO has contractually agreed, through July 31, 2025, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of the Fund. 

\* This particular share class has been registered with the SEC, but was not operational during the fiscal year ended March 31, 2025.

(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted separate Distribution and Servicing Plans with respect to the Class A, Class C and Class R shares of the Trust pursuant to Rule 12b-1 under the Act. In connection with the distribution of Class C and Class R shares of the Trust, the Distributor receives distribution fees from the Trust of up to 0.75% for Class C shares (for PIMCO Real Return Fund Class C shares, the Distributor receives distribution fees from the Trust of up to 0.50%) and 0.25% for Class R shares, and in connection with personal services rendered to Class A, Class C and Class R shareholders and the maintenance of such shareholder accounts, the Distributor receives servicing fees from the Trust of up to 0.25% for each of Class A, Class C and Class R shares (percentages reflect annual rates of the average daily net assets attributable to the applicable class).

The Trust has adopted a Distribution and Servicing Plan with respect to the Administrative Class shares of each Fund pursuant to Rule 12b-1 under the Act (the "Administrative Class Plan"). Under the terms of the Administrative Class Plan, a Fund may compensate the Distributor for providing, or procuring through financial intermediaries, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Administrative Class shares. The Administrative Class Plan permits a Fund to make total payments at an annual rate of up to

0.25% of the average daily net assets attributable to the Administrative Class shares.

The Trust paid distribution and servicing fees at effective rates as noted in the following table (calculated as a percentage of each Fund's average daily net assets attributable to each class):

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| | | |
|:---|:---|:---|
| | Allowable Rate | Allowable Rate |
|  | Distribution Fee | Servicing Fee |
|  **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; All Funds |  | 0.25% |
|  **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PIMCO Real Return Fund | 0.50% | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp; All other Funds | 0.75% | 0.25% |
|  **Class R** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; All Funds | 0.25% | 0.25% |
|  | Distribution and/or Servicing Fee | Distribution and/or Servicing Fee |
|  **Administrative Class** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; All Funds | 0.25% | 0.25% |

---

The Distributor also received the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares, except for the PIMCO Short Asset Investment Fund, and the contingent deferred sales charges paid by the shareholders upon certain redemptions of Class A and Class C shares, except for the PIMCO Government Money Market Fund and the PIMCO Short Asset Investment Fund. For the period ended March 31, 2025, the Distributor retained $3,287,802 representing commissions (sales charges) and contingent deferred sales charges, net of any commission adjustments payable by the Distributor to broker-dealers, from the Trust.

(d) Fund Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest

---

| | |
|:---|:---|
| **150** | **PIMCO REAL RETURN STRATEGY FUNDS** |

---

------

March 31, 2025

expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Funds, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class.

(e) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates. The pro rata share of Trustee fees for each Fund is reflected on the Statements of Operations as Trustee fees.

(f) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through July 31, 2025, to waive a portion of each Fund's Supervisory and Administrative Fee, or reimburse each Fund, to the extent that each Fund's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee fees exceed 0.0049% (the "Expense Limit") (calculated as a percentage of each Fund's average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by each Fund of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. As of March 31, 2025, there were no recoverable amounts.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through July 31, 2025, to waive its supervisory and administrative fee for

I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of each of the PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund, PIMCO CommodityRealReturn Strategy Fund<sup>®</sup>, PIMCO Inflation Response Multi-Asset Fund, PIMCO Real Return Fund and PIMCO RealEstateRealReturn Strategy Fund. This Fee Waiver Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

Pursuant to the Expense Limitation Agreement and Fee Waiver Agreement, waiver amounts are reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. As of March 31, 2025, the Funds below waived and/or reimbursed the following fees (amounts in thousands<sup>†</sup>):

---

| | |
|:---|:---|
| Fund Name | Waived Fees |
|  PIMCO Real Return Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
|  PIMCO RealEstateRealReturn Strategy Fund | 1 |
|  PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund | 12 |
|  PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> | 27 |
|  PIMCO Inflation Response Multi-Asset Fund | 6 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

(g) Acquired Fund Fees and Expenses The Underlying PIMCO Fund expenses for the IRMA Fund are based upon an allocation of the IRMA Fund's assets among the Underlying PIMCO Funds and upon the total annual operating expenses of the Institutional Class and Class M shares of these Underlying PIMCO Funds. Underlying PIMCO Fund expenses for the Fund will vary with changes in the expenses of the Underlying PIMCO Funds, as well as the allocation of the IRMA Fund's assets.

PIMCO has contractually agreed, through July 31, 2025, to waive, first, the Investment Advisory Fee and, second, to the extent necessary, the Supervisory and Administrative Fee it receives from the IRMA Fund in an amount equal to the expenses attributable to the management fees of Underlying PIMCO Funds indirectly incurred by the IRMA Fund in connection with its investments in Underlying PIMCO Funds up to a maximum waived amount that is equal to the IRMA Fund's aggregate Investment Advisory Fee and Supervisory and Administrative Fee. The waiver is reflected on the Consolidated Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended March 31, 2025, the amount waived and/or reimbursed was $1,016,128.

PIMCO Cayman Commodity Fund III Ltd. (the "Commodity Subsidiary III") has entered into a separate contract with PIMCO for the management of the Commodity Subsidiary III's portfolio pursuant to which the Commodity Subsidiary III pays PIMCO a management fee and administrative services

fee at the annual rates of 0.49% and 0.20%, respectively, of its net assets. PIMCO has contractually agreed to waive the PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund's Investment Advisory Fee and the Supervisory and Administrative Fee in an amount equal to the management fee and administrative services fee, respectively, paid by the

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **151** |

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------

Notes to Financial Statements (Cont.)

Commodity Subsidiary III to PIMCO. This waiver may not be terminated by PIMCO and will remain in effect for as long as PIMCO's contract with the Commodity Subsidiary III is in place. The waiver is reflected on the Consolidated Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended March 31, 2025, the amount waived and/or reimbursed was $7,129,922. See Note 14, Basis for Consolidation, in the Notes to Financial Statements for more information regarding the Commodity Subsidiary III.

PIMCO Cayman Commodity Fund I Ltd. (the "Commodity Subsidiary I") has entered into a separate contract with PIMCO for the management of the Commodity Subsidiary I's portfolio pursuant to which the Commodity Subsidiary I pays PIMCO a management fee and administrative services fee at the annual rates of 0.49% and 0.20%, respectively, of its net assets. PIMCO has contractually agreed to waive the PIMCO CommodityRealReturn Strategy Fund<sup>®</sup>'s Investment Advisory Fee and the Supervisory and Administrative Fee in an amount equal to the management fee and administrative services fee, respectively, paid by the Commodity Subsidiary I to PIMCO. This waiver may not be terminated by PIMCO and will remain in effect for as long as PIMCO's contract with the Commodity Subsidiary I is in place. The waiver is reflected on the Consolidated Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended March 31, 2025, the amount waived and/or reimbursed was $3,250,676. See Note 14, Basis for Consolidation, in the Notes to Financial Statements for more information regarding the Commodity Subsidiary I.

PIMCO Cayman Commodity Fund VII, Ltd. (the "Commodity Subsidiary VII"), has entered into a separate contract with PIMCO for the management of the Commodity Subsidiary VII's portfolio pursuant to which the Commodity Subsidiary VII pays PIMCO a management fee and administrative services fee at the annual rates of 0.49% and 0.20%, respectively, of its net assets. PIMCO has contractually agreed to waive the IRMA Fund's Investment Advisory Fee and the Supervisory and Administrative Fee in an amount equal to the management fee and administrative services fee, respectively, paid by the Commodity Subsidiary VII to PIMCO. This waiver may not be terminated by PIMCO and will remain in effect for as long as PIMCO's contract with the Commodity Subsidiary VII is in place. The waiver is reflected on the

Consolidated Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended March 31, 2025, the amount waived and/or reimbursed was $3,500,459. See Note 14, Basis for Consolidation, in the Notes to Financial Statements for more information regarding the Commodity Subsidiary VII.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee or officer of the Trust is indemnified and each employee or other agent of the Trust (including the Trust's investment manager) may be indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as "portfolio turnover." Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by a Fund. Frequent and active trading of a Fund's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Fund's after-tax returns. The transaction costs associated with portfolio turnover may adversely affect a Fund's performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended March 31, 2025 were as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Fund Name | Purchases | Sales | Purchases | Sales |
|  PIMCO Long-Term Real Return Fund | $1120560 | $1121810 | $3847 | $7881 |
|  PIMCO Real Return Fund | 19895878 | 19852350 | 215433 | 252370 |
|  PIMCO RealEstateRealReturn Strategy Fund | 1440398 | 1545959 | 243921 | 285853 |
|  PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund | 4539519 | 4388221 | 1007162 | 228327 |
|  PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> | 11733762 | 12946122 | 57647 | 187043 |
|  PIMCO Inflation Response Multi-Asset Fund | 7918462 | 7921648 | 173244 | 200853 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | |
|:---|:---|
| **152** | **PIMCO REAL RETURN STRATEGY FUNDS** |

---

------

March 31, 2025

13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.01 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **Long-Term Real Return Fund** | **PIMCO**<br> **Long-Term Real Return Fund** | **PIMCO**<br> **Long-Term Real Return Fund** | **PIMCO**<br> **Long-Term Real Return Fund** | **PIMCO**<br> **Real Return Fund** | **PIMCO**<br> **Real Return Fund** | **PIMCO**<br> **Real Return Fund** | **PIMCO**<br> **Real Return Fund** |
|  | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2024 |
|  | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 11469 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136297 | 5977 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76054 | 117432 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184562 | 122236 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214611 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 376 | 4602 | 292 | 3688 | 18586 | 187030 | 17421 | 172897 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | 186 | 1873 | 850 | 8346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | 8681 | 87703 | 19082 | 188031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | N/A | N/A | N/A | N/A | 12338 | 124729 | 11572 | 115308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | 164 | 1649 | 271 | 2706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | 2604 | 26326 | 2274 | 22669 |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 1740 | 20949 | 1995 | 25386 | 18686 | 187845 | 19203 | 190602 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 33 | 399 | 38 | 478 | 1739 | 17484 | 2238 | 22226 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | 70 | 701 | 95 | 942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | 1113 | 11178 | 922 | 9137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | N/A | N/A | N/A | N/A | 2809 | 28205 | 3097 | 30734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | 107 | 1070 | 164 | 1625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | 510 | 5117 | 505 | 5012 |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (11092) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(135896) | (27702) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(344988) | (163857) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1648619) | (238345) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2358276) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (594) | (7249) | (418) | (5199) | (30341) | (306159) | (57763) | (573798) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | (869) | (8751) | (2135) | (21183) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | (16295) | (163756) | (14281) | (141807) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | N/A | N/A | N/A | N/A | (30156) | (303493) | (42316) | (420180) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | (2162) | (21772) | (4332) | (42877) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | (4190) | (42276) | (5657) | (56118) |
|  **Net increase (decrease) resulting from Fund share transactions** | 1932 | $19102 | (19818) | $(244581) | (62845) | $(629354) | (164899) | $(1629393) |

---

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **153** |

---

------

Notes to Financial Statements (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **RealEstateRealReturn Strategy Fund** | **PIMCO**<br> **RealEstateRealReturn Strategy Fund** | **PIMCO**<br> **RealEstateRealReturn Strategy Fund** | **PIMCO**<br> **RealEstateRealReturn Strategy Fund** | **PIMCO**<br> **CommoditiesPLUS<sup>®</sup> Strategy Fund** | **PIMCO**<br> **CommoditiesPLUS<sup>®</sup> Strategy Fund** | **PIMCO**<br> **CommoditiesPLUS<sup>®</sup> Strategy Fund** | **PIMCO**<br> **CommoditiesPLUS<sup>®</sup> Strategy Fund** |
|  | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2024** | **Year Ended<br>03/31/2024** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2024** | **Year Ended<br>03/31/2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 5499 | $147419 | 4496 | $104642 | 95206 | $655248 | 94102 | $636857 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 508 | 12675 | 289 | 6316 | 122153 | 824188 | 116778 | 776964 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 1 | 35 | 8 | 173 | 2363 | 15834 | 2357 | 15564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 201 | 4189 | 246 | 4589 | 9879 | 64093 | 11332 | 73646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 8 | 119 | 26 | 341 | 605 | 3266 | 801 | 4367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 333 | 8703 | 0 | 0 | 23726 | 158006 | 6821 | 46615 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 14 | 362 | 0 | 0 | 25951 | 169531 | 6258 | 42027 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 1 | 25 | 0 | 0 | 300 | 1951 | 61 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 102 | 2137 | 0 | 0 | 1184 | 7466 | 296 | 1911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 7 | 104 | 0 | 0 | 151 | 800 | 39 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (7362) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(191021) | (10636) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(246062) | (120440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(816528) | (111585) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(750660) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (665) | (16768) | (1730) | (37342) | (79034) | (529149) | (87352) | (581132) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (25) | (609) | (84) | (1866) | (1162) | (7774) | (1356) | (8915) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (1219) | (25357) | (1990) | (37421) | (8895) | (57375) | (13145) | (83820) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (152) | (2174) | (371) | (4757) | (919) | (4998) | (1267) | (6825) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Net increase (decrease) resulting from Fund share transactions** | <br>(2749) | $(60161) | (9746) | $(211387) | 71068 | $484559 | 24140 | $167216 |

---

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| | |
|:---|:---|
| **154** | **PIMCO REAL RETURN STRATEGY FUNDS** |

---

------

March 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO**<br> **CommodityRealReturn Strategy Fund<sup>®</sup>** | **PIMCO**<br> **CommodityRealReturn Strategy Fund<sup>®</sup>** | **PIMCO**<br> **CommodityRealReturn Strategy Fund<sup>®</sup>** | **PIMCO**<br> **CommodityRealReturn Strategy Fund<sup>®</sup>** | **PIMCO**<br> **Inflation Response Multi-Asset Fund** | **PIMCO**<br> **Inflation Response Multi-Asset Fund** | **PIMCO**<br> **Inflation Response Multi-Asset Fund** | **PIMCO**<br> **Inflation Response Multi-Asset Fund** |
| **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2024** | **Year Ended<br>03/31/2024** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2024** | **Year Ended<br>03/31/2024** |
| **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| 38187 | $512856 | 85218 | $1117490 | 40629 | $339187 | 49057 | $388018 |
| 26563 | 353800 | 35393 | 458492 | 2221 | 18469 | 4053 | 31576 |
| 2081 | 27684 | 1276 | 16581 | 1711 | 14172 | 1033 | 8127 |
| 3114 | 39960 | 3656 | 46056 | N/A | N/A | N/A | N/A |
| 3462 | 43671 | 5115 | 63123 | 542 | 4433 | 1339 | 10085 |
| 223 | 2475 | 366 | 4003 | N/A | N/A | N/A | N/A |
| 322 | 3863 | 538 | 6297 | N/A | N/A | N/A | N/A |
| 4607 | 61428 | 2066 | 26941 | 7461 | 61316 | 365 | 2950 |
| 1891 | 24954 | 511 | 6597 | 158 | 1296 | 3 | 22 |
| 118 | 1554 | 25 | 328 | 54 | 446 | 1 | 11 |
| 243 | 3087 | 60 | 744 | N/A | N/A | N/A | N/A |
| 435 | 5454 | 116 | 1427 | 111 | 889 | 0 | 0 |
| 60 | 660 | 17 | 185 | N/A | N/A | N/A | N/A |
| 68 | 806 | 18 | 211 | N/A | N/A | N/A | N/A |
| (165480) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2165030) | (123403) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1617353) | (52984) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(441350) | (80666) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(628431) |
| (29262) | (388587) | (55623) | (723915) | (6139) | (51189) | (19004) | (146917) |
| (2164) | (28601) | (1923) | (25013) | (697) | (5797) | (220) | (1687) |
| (2305) | (29499) | (3789) | (47584) | N/A | N/A | N/A | N/A |
| (8132) | (102645) | (10387) | (128757) | (2105) | (16978) | (5600) | (42613) |
| (1086) | (11934) | (2194) | (24042) | N/A | N/A | N/A | N/A |
| (779) | (9281) | (1602) | (18923) | N/A | N/A | N/A | N/A |
| (127834) | $(1653325) | (64546) | $(837112) | (9038) | $(75106) | (49639) | $(378859) |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

The following table discloses the number of persons who owned of record or beneficially 10% or more of the outstanding shares of a Fund along with their respective percent ownership, if any, as of March 31, 2025. Some of these shareholders may be considered related parties, which may include, but are not limited to, the investment adviser and its affiliates, affiliated broker dealers, fund of funds and directors or employees of the Trust or Adviser.

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name | Shareholders that own 10% or more<br>of outstanding shares | Shareholders that own 10% or more<br>of outstanding shares | Total percentage of portfolio held by<br>shareholders that own 10% or more<br>of outstanding shares | Total percentage of portfolio held by<br>shareholders that own 10% or more<br>of outstanding shares |
|  | Non-Related<br>Parties | Related<br>Parties | Non-Related<br>Parties | Related<br>Parties |
|  PIMCO Long-Term Real Return Fund | 0 | 4 | 0% | 67% |
|  PIMCO Real Return Fund | 2 | 0 | 35% | 0% |
|  PIMCO RealEstateRealReturn Strategy Fund | 0 | 2 | 0% | 45% |
|  PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund | 2 | 0 | 74% | 0% |
|  PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> | 3 | 0 | 44% | 0% |
|  PIMCO Inflation Response Multi-Asset Fund | 1 | 0 | 53% | 0% |

---

14. BASIS FOR CONSOLIDATION

The PIMCO Cayman Commodity Fund III Ltd., PIMCO Cayman Commodity Fund I Ltd. and PIMCO Cayman Commodity Fund VII, Ltd., each a Cayman Islands exempted company (each, a "Commodity Subsidiary" and collectively, "the Commodity Subsidiaries"), were incorporated as wholly-owned

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **155** |

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------

Notes to Financial Statements (Cont.)

subsidiaries acting as investment vehicles for the PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund, PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> and PIMCO Inflation Response Multi-Asset Fund, respectively (each, a "Fund" and collectively, the "Funds") in order to effect certain investments for each Fund consistent with each Fund's investment objectives and policies as specified in each Fund's prospectus and statement of additional information. Each Fund's investment portfolio has been consolidated and includes the portfolio holdings of the Fund and its respective Commodity Subsidiary. The consolidated financial statements include the accounts of each Fund and its respective Commodity Subsidiary, if any. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the Funds and the Commodity Subsidiaries, comprising the entire issued share capital of the respective Commodity Subsidiary, with the intent that each Fund will remain the sole shareholder and retain all rights. Under the Memorandum and Articles of Association of each Commodity Subsidiary, shares issued by the each Commodity Subsidiary confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the respective Commodity Subsidiary and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the respective Commodity Subsidiary. See the table below for details regarding the structure, incorporation and relationship as of period end of each Commodity Subsidiary to its respective Fund.

---

| | | | |
|:---|:---|:---|:---|
| Fund Name | Subsidiary | Date of<br>Formation | Subsidiary % of Consolidated<br>Fund Net Assets<sup>†</sup> |
|  PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund | PIMCO Cayman Commodity Fund III Ltd. | 04/14/2010 | 24.8% |
|  PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> | PIMCO Cayman Commodity Fund I Ltd. | 07/21/2006 | 10.8% |
|  PIMCO Inflation Response Multi-Asset Fund | PIMCO Cayman Commodity Fund VII, Ltd. | 08/01/2011 | 30.3% |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than 0.01%.  |

---

15. REGULATORY AND LITIGATION MATTERS

The Funds are not named as defendants in any material litigation or arbitration proceedings and are not aware of any material litigation or claim pending or threatened against them.

The foregoing speaks only as of the date of this report.

16. FEDERAL INCOME TAX MATTERS

Each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

A Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Adviser has reviewed the Funds' tax positions for all open tax years. As of March 31, 2025, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

The Funds file U.S. federal, state and local tax returns as required. The Funds' tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which

can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

One of the requirements for favorable tax treatment as a regulated investment company under the Code is that a Fund derive at least 90% of its gross income from certain qualifying sources of income. The Internal Revenue Service ("IRS") has issued a revenue ruling which holds that income derived from commodity index-linked derivatives, if earned directly by a Fund, is not qualifying income under Subchapter M of the Code. As such, the Funds' ability to utilize direct investments in commodity-linked swaps as part of its investment strategy is limited to a maximum of 10% of its gross income. However, in a subsequent revenue ruling, the IRS provides that income from alternative investment instruments (such as certain commodity index-linked notes) that create commodity exposure may be considered qualifying income under the Code. The IRS has issued private letter rulings in which the IRS specifically concluded that income derived from an investment in a subsidiary that provides commodity-linked exposure through its investments will constitute qualifying income.

Each Fund will continue to seek to gain exposure to the commodity markets primarily through investments in its Subsidiary and perhaps through commodity-linked notes. The Subsidiary will be treated as a controlled foreign corporation. As a result, a Fund with the Subsidiary will be required to include in gross income for U.S. federal income tax purposes all of its Subsidiary's "subpart F income," whether or not such income is distributed by the Subsidiary. It is expected that all of

---

| | |
|:---|:---|
| **156** | **PIMCO REAL RETURN STRATEGY FUNDS** |

---

------

March 31, 2025

the Subsidiary's income and realized gains and mark-to-market gains will be "subpart F income." The Funds' recognition of its Subsidiary's "subpart F income" will increase the Funds' tax basis in its Subsidiary. Distributions by the Subsidiary to a Fund will be tax-free, to the extent of its previously undistributed "subpart F income," and will correspondingly reduce the Funds' tax basis in its Subsidiary. "Subpart F income" is generally treated by a Fund as ordinary income, regardless of the character of the Subsidiary's underlying income or gains.

If a net loss is realized by Subsidiary, such loss is not generally available to offset the income earned by such Subsidiary's parent Fund, and such loss cannot be carried forward to offset taxable income of the parent Fund or the Subsidiary in future periods.

Under IRS regulations, income derived from a controlled foreign corporation will be considered qualifying income if distributed to a Fund or if the Funds' income from in the subsidiary is derived with respect to the Funds' business of investing in securities. A subsidiary may pay such a distribution at any time. An IRS revenue procedure states that the IRS will not in the future issue private letter rulings that

would require a determination of whether an asset (such as a commodity index-linked note) is a "security" under the Act.

There can be no assurance that the IRS will not change its position with respect to some or all of these conclusions or that future legislation will not adversely impact the tax treatment of a Fund's commodity-linked investments. If the IRS were to change or reverse its position, or if future legislation adversely affected the tax treatment of a Fund's commodity-linked investments, there would likely be a significant adverse impact on the Fund, including the possibility of failing to qualify as a regulated investment company. If a Fund did not qualify as a regulated investment company for any taxable year, its taxable income would be subject to tax at the Fund level at regular corporate tax rates (without reduction for distributions to shareholders) and to a further tax at the shareholder level when such income is distributed. Furthermore, the tax treatment of a Fund's investments in its Subsidiary may otherwise be adversely affected by future legislation, court decisions, Treasury Regulations and/or guidance issued by the IRS. Such developments could affect the character, timing and/or amount of a Fund's taxable income or any distributions made by the Fund or result in the inability of the Fund to operate as described in its prospectus.

As of March 31, 2025, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed**<br> **Ordinary**<br> **Income<sup>(1)</sup>** | **Undistributed**<br> **Long-Term**<br> **Capital Gains** | **Net Tax Basis**<br> **Unrealized**<br> **Appreciation/**<br> (Depreciation)<sup>(2)</sup> | **Other**<br> **Book-to-Tax<br>Accounting<br>Differences<sup>(3)</sup>** | Accumulated<br>Capital<br>Losses<sup>(4)</sup> | **Qualified<br>Late-Year<br>Loss<br>Deferral -**<br> **Capital<sup>(5)</sup>** | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup> | Total<br>Components<br>of<br>Distributable<br>Earnings |
|  PIMCO Long-Term Real Return Fund | $1011 | $0 | $(41040) | $(1) | $(186033) | $0 | $0 | $(226063) |
|  PIMCO Real Return Fund | 0 | 0 | (541171) | (3359) | (716664) | 0 | 0 | (1261194) |
|  PIMCO RealEstateRealReturn Strategy Fund | 0 | 0 | 3334 | 0 | (54896) | 0 | (2854) | (54416) |
|  PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund | 28652 | 0 | 318441 | 0 | (143086) | 0 | 0 | 204007 |
|  PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> | 185226 | 0 | (33429) | 0 | (1067322) | 0 | 0 | (915525) |
|  PIMCO Inflation Response Multi-Asset Fund | 8498 | 0 | 99920 | 0 | (91312) | 0 | 0 | 17106 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

<sup>(2)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, swap contracts, straddle loss deferrals, treasury inflation-protected securities (TIPS), sale/buyback transactions, passive foreign investment companies (PFICs), interest accrued on defaulted securities, return of capital distributions from underlying funds, short positions, other temporary differences, and controlled foreign corporation (CFC) transactions. 

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America, mainly for organizational expenditures and distributions payable at fiscal year-end.

<sup>(4)</sup> Capital losses available to offset future net capital gains as shown below.

<sup>(5)</sup> Capital losses realized during the period November 1, 2024 through March 31, 2025, which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

<sup>(6)</sup> Specified losses realized during the period November 1, 2024 through March 31, 2025 and Ordinary losses realized during the period January 1, 2025 through March 31, 2025 which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

Under the Regulated Investment Company Modernization Act of 2010, a fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **157** |

---

------

Notes to Financial Statements (Cont.) March 31, 2025

As of March 31, 2025, the Funds had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

---

| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
|  PIMCO Long-Term Real Return Fund\* | $88725 | $97308 |
|  PIMCO Real Return Fund | 452394 | 264270 |
|  PIMCO RealEstateRealReturn Strategy Fund | 54896 | 0 |
|  PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund\* | 68036 | 75050 |
|  PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> | 435237 | 632085 |
|  PIMCO Inflation Response Multi-Asset Fund | 81408 | 9904 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* Portion of amount represents realized loss and recognized built-in loss under IRC sections 382-83, which is carried forward to future years to offset future realized gain subject to certain limitations. 

As of March 31, 2025, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Federal Tax<br>Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup> |
|  PIMCO Long-Term Real Return Fund | $628466 | $11367 | $(52368) | $(41001) |
|  PIMCO Real Return Fund | 9989016 | 290665 | (834665) | (544000) |
|  PIMCO RealEstateRealReturn Strategy Fund | 953355 | 39493 | (36067) | 3426 |
|  PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund | 5146574 | 447775 | (129694) | 318081 |
|  PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> | 5017773 | 246178 | (267264) | (21086) |
|  PIMCO Inflation Response Multi-Asset Fund | 2586187 | 279836 | (180071) | 99765 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(7)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, swap contracts, straddle loss deferrals, treasury inflation-protected securities (TIPS), sale/buyback transactions, passive foreign investment companies (PFICs), interest accrued on defaulted securities, return of capital distributions from underlying funds, short positions, other temporary differences and controlled foreign corporation (CFC) transactions. 

For the fiscal years ended March 31, 2025 and March 31, 2024, respectively, the Funds made the following tax basis distributions (amounts in thousands<sup>†</sup>):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2025**  | **March 31, 2025**  | **March 31, 2025**  | March 31, 2024 | March 31, 2024 | March 31, 2024 |
|  | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return<br>of<br>Capital<sup>(9)</sup> | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return<br>of<br>Capital<sup>(9)</sup> |
|  PIMCO Long-Term Real Return Fund | $21352 | $0 | $0 | $19464 | $0 | $6419 |
|  PIMCO Real Return Fund | 266502 | 0 | 4955 | 214970 | 0 | 66037 |
|  PIMCO RealEstateRealReturn Strategy Fund | 11500 | 0 | 0 | 0 | 0 | 0 |
|  PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund | 362509 | 0 | 0 | 97011 | 0 | 0 |
|  PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> | 114012 | 0 | 0 | 42007 | 0 | 0 |
|  PIMCO Inflation Response Multi-Asset Fund | 65056 | 0 | 0 | 3002 | 0 | 0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

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| | |
|:---|:---|
| **158** | **PIMCO REAL RETURN STRATEGY FUNDS** |

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------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO Funds and Shareholders of PIMCO Long-Term Real Return Fund,

PIMCO Real Return Fund, PIMCO RealEstateRealReturn Strategy Fund, PIMCO CommoditiesPLUS Strategy Fund,

PIMCO CommodityRealReturn Strategy Fund and PIMCO Inflation Response Multi-Asset Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (six of the funds constituting PIMCO Funds, hereafter collectively referred to as the "Funds") as of March 31, 2025, the related statements of operations, of changes in net assets and, for the funds indicated in the table below, of cash flows, for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of March 31, 2025, the results of each of their operations, the changes in each of their net assets and, for the funds indicated in the table below, each of their cash flows, for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

PIMCO Long-Term Real Return Fund (2)

PIMCO Real Return Fund (1)

PIMCO RealEstateRealReturn Strategy Fund (2)

PIMCO CommoditiesPLUS Strategy Fund (1)\*

PIMCO CommodityRealReturn Strategy Fund (1)\*

PIMCO Inflation Response Multi-Asset Fund (2)\*

(1) Statement of operations for the year ended March 31, 2025, and statement of changes in net assets for the years ended March 31, 2025 and 2024

(2) Statement of operations and statement of cash flows for the year ended March 31, 2025, and statement of changes in net assets for the years ended March 31, 2025 and 2024

\* The financial statements for PIMCO CommoditiesPLUS Strategy Fund, PIMCO CommodityRealReturn Strategy Fund and PIMCO Inflation Response Multi-Asset Fund are presented on a consolidated basis

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

May 28, 2025

We have served as the auditor of one or more investment companies in PIMCO Funds since 1987.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **159** |

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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. | MYI | Morgan Stanley & Co. International PLC |
| BOA | Bank of America N.A. | DUB | Deutsche Bank AG | NGF | Nomura Global Financial Products, Inc. |
| BOM | Bank of Montreal | FAR | Wells Fargo Bank National Association | NOM | Nomura Securities International, Inc. |
| BOS | BofA Securities, Inc. | GLM | Goldman Sachs Bank USA | RBC | Royal Bank of Canada |
| BPS | BNP Paribas S.A. | GST | Goldman Sachs International | RYL | NatWest Markets Plc |
| BRC | Barclays Bank PLC | IND | Crédit Agricole Corporate and Investment Bank S.A. | 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 |
| BSN | The Bank of Nova Scotia - Toronto | JPS | J.P. Morgan Securities LLC | SOG | Societe Generale Paris |
| BSS | Banco Santander S.A. | MAC | Macquarie Bank Limited | SSB | State Street Bank and Trust Co. |
| BUS | The Bank of Nova Scotia - Toronto | MBC | HSBC Bank Plc | TOR | The Toronto-Dominion Bank |
| CBK | Citibank N.A. | MEI | Merrill Lynch International | UAG | UBS AG Stamford |
| CEW | Canadian Imperial Bank of Commerce World Markets | MSR | Morgan Stanley & Co LLC FICC Repo | UBS | UBS Securities LLC |
| CIB | Canadian Imperial Bank of Commerce | MYC | Morgan Stanley Capital Services LLC |  |  |
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| AUD | Australian Dollar | GBP | British Pound | PEN | Peruvian New Sol |
| BRL | Brazilian Real | HUF | Hungarian Forint | PHP | Philippine Peso |
| CAD | Canadian Dollar | IDR | Indonesian Rupiah | PLN | Polish Zloty |
| CHF | Swiss Franc | ILS | Israeli Shekel | RON | Romanian New Leu |
| CLP | Chilean Peso | INR | Indian Rupee | SEK | Swedish Krona |
| CNH | Chinese Renminbi (Offshore) | JPY | Japanese Yen | SGD | Singapore Dollar |
| CNY | Chinese Renminbi (Mainland) | KRW | South Korean Won | THB | Thai Baht |
| COP | Colombian Peso | MXN | Mexican Peso | TRY | Turkish New Lira |
| CZK | Czech Koruna | MYR | Malaysian Ringgit | TWD | Taiwanese Dollar |
| DKK | Danish Krone | NOK | Norwegian Krone | USD (or $) | United States Dollar |
| EUR | Euro | NZD | New Zealand Dollar | ZAR | South African Rand |
|  Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |  |
| CME | Chicago Mercantile Exchange | NYMEX | New York Mercantile Exchange | OTC | Over the Counter |
| ICE | IntercontinentalExchange<sup>®</sup> |  |  |  |  |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| BCOMF1NTC | Bloomberg Commodity Index 1-Month Forward Total Return Custom Index | CSIXTR | Credit Suisse U.S. Dollar Total Return Index | OPIS | Oil Price Information Service |
| BCOMF1TC | Bloomberg Commodity Index 1-Month Forward Total Return | DWRTFT | Dow Jones Wilshire REIT Total Return Index | PIMCODB | PIMCO Custom Commodity Basket |
| BCOMTR | Bloomberg Commodity Index Total Return | EUR003M | 3 Month EUR Swap Rate | PIMCODBU | PIMCO Custom Commodity Basket |
| BCOMTR1 | Bloomberg Custom Commodity Index | EUROBOBCO | Margin Eurobob Gasoline vs. Brent | RBCAEC0T | Custom Commodity Forward Index |
| BCOMTR2 | Bloomberg Custom Commodity Index | FEDL01 | Federal funds effective rate | RBCAECR1 | Custom Commodity Forward Index |
| BOBL | Bundesobligation, the German word for federal government bond | FRCPXTOB | France Consumer Price ex-Tobacco Index | RBCAECT0 | Custom Commodity Forward Index |
| BRENT | Brent Crude | GOLDLNPM | London Gold Market Fixing Ltd. PM | SNG GA | Singapore Gasoil (Platts) |
| CIXBSTR3 | Custom Commodity Index | JMABFNJ2 | J.P. Morgan Custom Commodity Index | SNG KEROS | Singapore Jet Kerosene (Platts) |
| CMBX | Commercial Mortgage-Backed Index | JMABNIC5 | J.P. Morgan Custom Commodity Index | SOFR | Secured Overnight Financing Rate |
| CMDSKEWLS | CBEO SKEW Index is an index derived from the price of S&P 500 tail risk | MLPIREIL | Merrill Lynch Custom Equity Index | SONIO | Sterling Overnight Interbank Average Rate |
| CPALEMU | Euro Area All Items Non-Seasonally Adjusted Index | MLPIREIS | Merrill Lynch Custom Equity Index | SPGCINP | S&P GSCI Industrial Metals ER |
| CPTFEMU | Eurozone HICP ex-Tobacco Index | MUTKCALM | Tokyo Overnight Average Rate | UKRPI | United Kingdom Retail Prices Index |
| CPURNSA | Consumer Price All Urban Non-Seasonally Adjusted Index |  |  |  |  |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ABS | Asset-Backed Security | EURIBOR | Euro Interbank Offered Rate | REIT | Real Estate Investment Trust |
| ALT | Alternate Loan Trust | OAT | Obligations Assimilables du Trésor | REMIC | Real Estate Mortgage Investment Conduit |
| BTP | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | OIS | Overnight Index Swap | TBA | To-Be-Announced |
| CLO | Collateralized Loan Obligation | oz. | Ounce | TBD | To-Be-Determined |
| CMBS | Collateralized Mortgage-Backed Security | RBOB | Reformulated Blendstock for Oxygenate Blending | WTI | West Texas Intermediate |
| DAC | Designated Activity Company | REIT | Real Estate Investment Trust |  |  |

---

---

| | |
|:---|:---|
| **160** | **PIMCO REAL RETURN STRATEGY FUNDS** |

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------

Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the Funds estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended March 31, 2025 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

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| | | | | |
|:---|:---|:---|:---|:---|
| PIMCO Long-Term Real Return Fund | PIMCO Long-Term Real Return Fund | PIMCO Long-Term Real Return Fund | PIMCO Long-Term Real Return Fund | PIMCO Long-Term Real Return Fund |
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0251 | $0.0000 | $0.0000 | $0.0251 |
|  November 2024 | $0.0344 | $0.0000 | $0.0000 | $0.0344 |
|  December 2024 | $0.0314 | $0.0000 | $0.0000 | $0.0314 |
|  January 2025 | $0.0047 | $0.0000 | $0.0000 | $0.0047 |
|  February 2025 | $0.0210 | $0.0000 | $0.0000 | $0.0210 |
|  March 2025 | $0.1121 | $0.0000 | $0.0000 | $0.1121 |
| I-2 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0241 | $0.0000 | $0.0000 | $0.0241 |
|  November 2024 | $0.0334 | $0.0000 | $0.0000 | $0.0334 |
|  December 2024 | $0.0304 | $0.0000 | $0.0000 | $0.0304 |
|  January 2025 | $0.0037 | $0.0000 | $0.0000 | $0.0037 |
|  February 2025 | $0.0201 | $0.0000 | $0.0000 | $0.0201 |
|  March 2025 | $0.1111 | $0.0000 | $0.0000 | $0.1111 |
| PIMCO Real Return Fund | PIMCO Real Return Fund | PIMCO Real Return Fund | PIMCO Real Return Fund | PIMCO Real Return Fund |
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0207 | $0.0000 | $0.0000 | $0.0207 |
|  November 2024 | $0.0183 | $0.0000 | $0.0000 | $0.0183 |
|  December 2024 | $0.0167 | $0.0000 | $0.0000 | $0.0167 |
|  January 2025 | $0.0079 | $0.0000 | $0.0000 | $0.0079 |
|  February 2025 | $0.0070 | $0.0000 | $0.0000 | $0.0070 |
|  March 2025 | $0.0645 | $0.0000 | $0.0000 | $0.0645 |
| I-2 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0198 | $0.0000 | $0.0000 | $0.0198 |
|  November 2024 | $0.0175 | $0.0000 | $0.0000 | $0.0175 |
|  December 2024 | $0.0158 | $0.0000 | $0.0000 | $0.0158 |
|  January 2025 | $0.0070 | $0.0000 | $0.0000 | $0.0070 |
|  February 2025 | $0.0063 | $0.0000 | $0.0000 | $0.0063 |
|  March 2025 | $0.0636 | $0.0000 | $0.0000 | $0.0636 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **161** |

---

------

Distribution Information (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **I-3** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0194 | $0.0000 | $0.0000 | $0.0194 |
|  November 2024 | $0.0171 | $0.0000 | $0.0000 | $0.0171 |
|  December 2024 | $0.0154 | $0.0000 | $0.0000 | $0.0154 |
|  January 2025 | $0.0066 | $0.0000 | $0.0000 | $0.0066 |
|  February 2025 | $0.0059 | $0.0000 | $0.0000 | $0.0059 |
|  March 2025 | $0.0632 | $0.0000 | $0.0000 | $0.0632 |
| **Administrative Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0185 | $0.0000 | $0.0000 | $0.0185 |
|  November 2024 | $0.0162 | $0.0000 | $0.0000 | $0.0162 |
|  December 2024 | $0.0145 | $0.0000 | $0.0000 | $0.0145 |
|  January 2025 | $0.0057 | $0.0000 | $0.0000 | $0.0057 |
|  February 2025 | $0.0051 | $0.0000 | $0.0000 | $0.0051 |
|  March 2025 | $0.0624 | $0.0000 | $0.0000 | $0.0624 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0172 | $0.0000 | $0.0000 | $0.0172 |
|  November 2024 | $0.0149 | $0.0000 | $0.0000 | $0.0149 |
|  December 2024 | $0.0133 | $0.0000 | $0.0000 | $0.0133 |
|  January 2025 | $0.0044 | $0.0000 | $0.0000 | $0.0044 |
|  February 2025 | $0.0039 | $0.0000 | $0.0000 | $0.0039 |
|  March 2025 | $0.0612 | $0.0000 | $0.0000 | $0.0612 |
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0129 | $0.0000 | $0.0000 | $0.0129 |
|  November 2024 | $0.0106 | $0.0000 | $0.0000 | $0.0106 |
|  December 2024 | $0.0090 | $0.0000 | $0.0000 | $0.0090 |
|  January 2025 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  February 2025 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  March 2025 | $0.0571 | $0.0000 | $0.0000 | $0.0571 |
| **Class R** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0151 | $0.0000 | $0.0000 | $0.0151 |
|  November 2024 | $0.0128 | $0.0000 | $0.0000 | $0.0128 |
|  December 2024 | $0.0111 | $0.0000 | $0.0000 | $0.0111 |
|  January 2025 | $0.0022 | $0.0000 | $0.0000 | $0.0022 |
|  February 2025 | $0.0020 | $0.0000 | $0.0000 | $0.0020 |
|  March 2025 | $0.0592 | $0.0000 | $0.0000 | $0.0592 |
| PIMCO RealEstateRealReturn Strategy Fund | PIMCO RealEstateRealReturn Strategy Fund | PIMCO RealEstateRealReturn Strategy Fund | PIMCO RealEstateRealReturn Strategy Fund | PIMCO RealEstateRealReturn Strategy Fund |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2024 | $0.0564 | $0.0000 | $0.0000 | $0.0564 |
|  March 2025 | $0.2452 | $0.0000 | $0.1910 | $0.4362 |
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2024 | $0.0476 | $0.0000 | $0.0000 | $0.0476 |
|  March 2025 | $0.2418 | $0.0000 | $0.1884 | $0.4301 |

---

---

| | |
|:---|:---|
| **162** | **PIMCO REAL RETURN STRATEGY FUNDS** |

---

------

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **I-3** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2024 | $0.0421 | $0.0000 | $0.0000 | $0.0421 |
|  March 2025 | $0.2398 | $0.0000 | $0.1869 | $0.4267 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2024 | $0.0331 | $0.0000 | $0.0000 | $0.0331 |
|  March 2025 | $0.2359 | $0.0000 | $0.1838 | $0.4197 |
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2024 | $0.0110 | $0.0000 | $0.0000 | $0.0110 |
|  March 2025 | $0.2258 | $0.0000 | $0.1759 | $0.4017 |
| PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund | PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund | PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund | PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund | PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2024 | $0.1534 | $0.0000 | $0.0000 | $0.1534 |
|  March 2025 | $0.0770 | $0.0000 | $0.0000 | $0.0770 |
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2024 | $0.1518 | $0.0000 | $0.0000 | $0.1518 |
|  March 2025 | $0.0758 | $0.0000 | $0.0000 | $0.0758 |
| **I-3** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2024 | $0.1512 | $0.0000 | $0.0000 | $0.1512 |
|  March 2025 | $0.0752 | $0.0000 | $0.0000 | $0.0752 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2024 | $0.1445 | $0.0000 | $0.0000 | $0.1445 |
|  March 2025 | $0.0718 | $0.0000 | $0.0000 | $0.0718 |
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2024 | $0.1343 | $0.0000 | $0.0000 | $0.1343 |
|  March 2025 | $0.0640 | $0.0000 | $0.0000 | $0.0640 |
| PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> | PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> | PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> | PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> | PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2024 | $0.0707 | $0.0000 | $0.0000 | $0.0707 |
|  March 2025 | $0.0786 | $0.0000 | $0.0000 | $0.0786 |
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2024 | $0.0669 | $0.0000 | $0.0000 | $0.0669 |
|  March 2025 | $0.0759 | $0.0000 | $0.0000 | $0.0759 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **163** |

---

------

---

| | | |
|:---|:---|:---|
| Distribution Information | **(Cont.)** | (Unaudited) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **I-3** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2024 | $0.0633 | $0.0000 | $0.0000 | $0.0633 |
|  March 2025 | $0.0739 | $0.0000 | $0.0000 | $0.0739 |
| **Administrative Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2024 | $0.0627 | $0.0000 | $0.0000 | $0.0627 |
|  March 2025 | $0.0724 | $0.0000 | $0.0000 | $0.0724 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2024 | $0.0542 | $0.0000 | $0.0000 | $0.0542 |
|  March 2025 | $0.0662 | $0.0000 | $0.0000 | $0.0662 |
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2024 | $0.0311 | $0.0000 | $0.0000 | $0.0311 |
|  March 2025 | $0.0510 | $0.0000 | $0.0000 | $0.0510 |
| **Class R** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2024 | $0.0471 | $0.0000 | $0.0000 | $0.0471 |
|  March 2025 | $0.0612 | $0.0000 | $0.0000 | $0.0612 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| PIMCO Inflation Response Multi-Asset Fund | PIMCO Inflation Response Multi-Asset Fund | PIMCO Inflation Response Multi-Asset Fund | PIMCO Inflation Response Multi-Asset Fund | PIMCO Inflation Response Multi-Asset Fund |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2024 | $0.1132 | $0.0000 | $0.0000 | $0.1132 |
|  March 2025 | $0.0074 | $0.0000 | $0.0000 | $0.0074 |
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2024 | $0.1101 | $0.0000 | $0.0000 | $0.1101 |
|  March 2025 | $0.0058 | $0.0000 | $0.0000 | $0.0058 |
| **I-3** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2024 | $0.1094 | $0.0000 | $0.0000 | $0.1094 |
|  March 2025 | $0.0053 | $0.0000 | $0.0000 | $0.0053 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2024 | $0.1024 | $0.0000 | $0.0000 | $0.1024 |
|  March 2025 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |

---

\* The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits. 

\*\* Occurs when a funds distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a fund's net income, yield, earnings or investment performance. 

---

| | |
|:---|:---|
| **164** | **PIMCO REAL RETURN STRATEGY FUNDS** |

---

------

Federal Income Tax Information (Unaudited)

As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Funds' fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a fund's dividend distribution that qualifies under tax law. The percentage of the following Funds' fiscal 2025 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below.

Qualified Dividend Income. Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended March 31, 2025 was designated as "qualified dividend income" as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 subject to reduced tax rates in 2025.

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only). Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended March 31, 2025 are considered to be derived from "qualified interest income," as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended March 31, 2025 are considered to be derived from "qualified short-term capital gain," as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

Section 163(j) Interest Dividends. The Funds intend to pass through the maximum amount allowable as Section 163(j) Interest defined in Proposed Treasury Section 1.163(j)-1(b).

Section 199A Dividends. The Funds intend to pass through the maximum amount allowable as Section 199A Dividends defined in Proposed Treasury Section 199A-3(d).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Dividend<br>Received<br>Deduction% | Qualified<br>Dividend<br>Income% | Qualified<br>Interest<br>Income<br>(000s)<sup>†</sup> | Qualified<br>Short-Term<br>Capital Gains<br>(000s)<sup>†</sup> |
|  PIMCO Long-Term Real Return Fund | 0.00% | 0.00% | $21352 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  PIMCO Real Return Fund | 0.00% | 0.00% | 266502 | 0 |
|  PIMCO RealEstateRealReturn Strategy Fund | 0.00% | 1.31% | 11500 | 0 |
|  PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund | 0.00% | 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362509 | 0 |
|  PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> | 0.00% | 0.00% | 114012 | 0 |
|  PIMCO Inflation Response Multi-Asset Fund | 0.00% | 0.00% | 65056 | 0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2026, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2025.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **165** |

---

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **166** | **PIMCO REAL RETURN STRATEGY FUNDS** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

A special meeting of shareholders was held on December 6, 2024. The results of votes taken among shareholders on the proposal before them are reported below.

Proposal – Election of Ten Trustees to the Board of Trustees

The purpose of this proposal was to elect ten nominees to the Board of Trustees, three of whom did not currently serve as Trustees of the Trust.

---

| | | |
|:---|:---|:---|
| Trustee | Number of Votes<br>For | Number of Votes<br>Withheld |
|  Peter G. Strelow<sup>†</sup> | 35155639503.71 | 541564301.84 |
|  Kimberley G. Stafford<sup>†</sup> | 35335546173.41 | 361657632.15 |
|  Michael J. Berchtold | 35329119814.53 | 368083991.02 |
|  Jennifer Holden Dunbar | 35291747375.28 | 405456430.27 |
|  Kym M. Hubbard | 35275801900.63 | 421401904.92 |
|  Gary F. Kennedy | 32867722905.96 | 2829480899.59 |
|  Anne K. Kratky | 35267192460.47 | 430011345.09 |
|  Steven Lipiner | 35327604784.63 | 369599020.93 |
|  Peter B. McCarthy | 34965645653.53 | 731558152.02 |
|  Ronald C. Parker | 35126210479.41 | 570993326.14 |

---

<sup>†</sup> Interested Trustee

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **167** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **168** | **PIMCO REAL RETURN STRATEGY FUNDS** |

---

------

#### General Information
Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Funds listed on the Report cover.

------

![LOGO](g940948g75h91.jpg)

PIMSREALRTNFSTMAR_033125

------

![LOGO](g940944g13e39.jpg)

PIMCO FUNDS

## Annual

## Financial and Other Information
March 31, 2025

PIMCO TRENDS Managed Futures Strategy Fund

------

#### **Table of Contents**

---

| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the PIMCO TRENDS Managed Futures Strategy Fund](#tx940944_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx940944_2) | 6 |
| &nbsp;&nbsp; [Consolidated Statement of Assets and Liabilities (N-CSR Item 7)](#tx940944_3) | 8 |
| &nbsp;&nbsp; [Consolidated Statement of Operations (N-CSR Item 7)](#tx940944_4) | 10 |
| &nbsp;&nbsp; [Consolidated Statements of Changes in Net Assets (N-CSR Item 7)](#tx940944_5) | 11 |
| &nbsp;&nbsp; [Consolidated Schedule of Investments (N-CSR Item 6)](#tx940944_6) | 12 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx940944_7) | 32 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx940944_8) | 50 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#tx940944_11) | 55 |
| &nbsp;&nbsp; [Glossary](#tx940944_9) | 56 |
| &nbsp;&nbsp; [Distribution Information](#tx940944_12) | 57 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx940944_13) | 58 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx940944_14) | 59 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx940944_15) | 60 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx940944_10) | 61 |

---

This material is authorized for use only when preceded or accompanied by the current PIMCO Funds prospectuses. The Shareholder Reports for the other series of the PIMCO Funds are printed separately.

------

Important Information About the PIMCO TRENDS Managed Futures Strategy Fund

PIMCO Funds (the "Trust") is an open-end management investment company that includes the PIMCO TRENDS Managed Futures Strategy Fund (the "Fund").

The Fund is intended for long-term investors and an investment in the Fund should be no more than a small part of a typical diversified portfolio. The Fund's share price is expected to be more volatile than that of other funds. The Fund may invest directly or indirectly (through investment in a wholly-owned subsidiary) in commodity-linked derivative instruments which may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments and/or notes may be affected by overall market movements, and other factors affecting the value of a particular industry or commodity, such as weather, disease, embargoes, and international economic, political or regulatory developments.

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the Fund are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Fund management will anticipate such movement accurately. The Fund may lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, remain high. In efforts to combat inflation, the U.S. Federal Reserve (the "Fed") raised interest rates multiple times in 2022 and 2023. In September 2024, the Fed lowered interest rates for the first time since March 2020. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Fund may face a heightened level of risk associated with changing interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for certain types of bonds or bonds generally. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets".

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates,

usually making them more volatile than funds or securities with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets, or negatively impact the Fund's performance or cause the Fund to incur losses. As a result, the Fund may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of the Fund.

The Fund may be subject to various risks as described in the Fund's prospectus and in the Principal and Other Risks in the Notes to Financial Statements.

Classifications of the Fund's portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Schedule of Investments section of this report may differ from the classification used for the Fund's compliance calculations, including those used in the Fund's prospectus, investment objectives, regulatory and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. The Fund is separately monitored for compliance with respect to prospectus and regulatory requirements.

The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that provided material aid to Russia's aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures, including the United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, have had and may continue to have an adverse effect on the Russian, Belarusian and other securities, instruments and economies, which may, in turn, negatively impact the Fund. The extent, duration and impact of Russia's military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, the Fund may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause the Fund to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that the Fund may no longer seek to hold.

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|:---|:---|
| **2** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** |

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The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The U.S. government has indicated an intent to alter its approach to international trade policy, including in some cases renegotiating, modifying or terminating certain bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response) could lead to, for example, price volatility, reduced market sentiment, and changes in inflation expectations. These and other geopolitical events may contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of the Fund and its investments.

Certain instruments in which the Fund may invest have historically referenced the London Interbank Offered Rate ("LIBOR") to, among other things, determine payment obligations, financing terms, hedging strategies or investment value. LIBOR was traditionally an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. As of June 30, 2023, LIBOR was determined to be no longer representative but certain settings of LIBOR continued to be published synthetically until September 30, 2024. Publication of all LIBOR settings has since permanently ceased. Alternative reference rates to LIBOR have been established in most major currencies and markets in these new rates are continuing to develop (e.g., the Secured Overnight Financing Rate (SOFR) for USD-LIBOR). While the transition from LIBOR has been substantially completed, there remains residual risks associated with the transition that may impact markets or particular investments and, as such, the full impact of the transition on the Fund or the financial instruments in which the Fund invests cannot yet be fully determined. For example, so-called "tough legacy" contracts have LIBOR interest rate provisions with no fallback provisions contemplating the permanent discontinuation of LIBOR, fallback provisions which may have not effectively resulted in a transition away from LIBOR prior to LIBOR's replacement date or otherwise have inadequate fallback provisions. On March 15, 2022, the Adjustable Interest Rate (LIBOR) Act was signed into law. This law provides a statutory fallback mechanism on a nationwide basis to replace LIBOR with a benchmark

rate that is selected by the Board of Governors of the Federal Reserve System based on SOFR for tough legacy contracts governed by U.S. law. On February 27, 2023, the Federal Reserve System's final rule in connection with this law became effective, establishing benchmark replacements based on SOFR and Term SOFR (a forward-looking measurement of market expectations of SOFR implied from certain derivatives markets) for applicable tough legacy contracts. Certain of the Fund's investments may have involved individual tough legacy contracts which may be subject to the Adjustable Interest Rate (LIBOR) Act or were subject to synthetic LIBOR and no assurances can be given that these measures will have had the intended effects.

U.S. and global markets have experienced increased volatility, including as a result of the failures of certain U.S. and non-U.S. banks in 2023, which could be harmful to the Fund and issuers in which it invests. For example, if a bank at which the Fund or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which the Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Fund invests remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to the Fund and issuers resulting from changes in the banking sector, market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings, including those of U.S. and non-U.S. banks. Continued market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Fund and issuers in which it invests.

The following table discloses the inception dates of the Fund and its respective share classes along with the Fund's diversification status as of period end:

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Fund<br>Inception | Fund<br>Inception | Institutional<br>Class | Institutional<br>Class | I-2 | I-2 | I-3 | I-3 | Class A | Class A | Class C | Class C | Diversification<br>Status | Diversification<br>Status |
|  PIMCO TRENDS Managed Futures Strategy Fund |  | 12/31/13 |  | 12/31/13 |  | 12/31/13 |  | 04/27/18 |  | 12/31/13 |  | 05/26/23 |  | Diversified |

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>3</sub> |

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Important Information About the PIMCO TRENDS Managed Futures Strategy Fund (Cont.)

An investment in the Fund is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Fund.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Fund. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither this Fund's prospectus nor summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or the Fund creates a contract between or among any shareholder of the Fund, on the one hand, and the Trust, the Fund, a service provider to the Trust or the Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to the Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or the Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to the Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Fund. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Fund, and information about how the Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Fund's website at www.pimco.com, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Fund files portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The

Fund's complete schedule of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in assets will be required to comply with the amendments for reports filed on or after November 17, 2027.

Paper copies of the Fund's shareholder reports are required to be provided free of charge by the Fund or financial intermediary upon request.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund ("ETF") shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which impact the disclosures provided to shareholders. The rule amendments were effective as of January 2023, and compliance with the rule amendments was required as of July 2024. As such, the Fund has made significant updates to the content of its shareholder reports. In addition, shareholder reports are now mailed to shareholders who have not opted to receive shareholder report documents electronically.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivative instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

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| **4** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** |

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(THIS PAGE INTENTIONALLY LEFT BLANK)

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|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>5</sub> |

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Financial Highlights PIMCO TRENDS Managed Futures Strategy Fund (Consolidated)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Total** |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $11.14 | $0.25 | $(1.42) | $(1.17) | $0.00 | $0.00 | $0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.50 | 0.16 | 0.48 | 0.64 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 12.48 | 0.08 | (0.50) | (0.42) | (1.42) | (0.14) | (1.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.61 | (0.13) | 2.38 | 2.25 | (0.25) | (0.13) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.61 | (0.09) | 0.59 | 0.50 | (0.44) | (0.06) | (0.50) |
| I-2 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 11.08 | 0.24 | (1.42) | (1.18) | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.45 | 0.15 | 0.48 | 0.63 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 12.44 | 0.06 | (0.50) | (0.44) | (1.41) | (0.14) | (1.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.58 | (0.14) | 2.37 | 2.23 | (0.24) | (0.13) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.59 | (0.11) | 0.59 | 0.48 | (0.43) | (0.06) | (0.49) |
| I-3 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 11.10 | 0.24 | (1.42) | (1.18) | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.47 | 0.14 | 0.49 | 0.63 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 12.46 | 0.05 | (0.49) | (0.44) | (1.41) | (0.14) | (1.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.60 | (0.16) | 2.39 | 2.23 | (0.24) | (0.13) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.60 | (0.10) | 0.58 | 0.48 | (0.42) | (0.06) | (0.48) |
| Class A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.93 | 0.21 | (1.40) | (1.19) | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.34 | 0.12 | 0.47 | 0.59 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 12.33 | 0.01 | (0.48) | (0.47) | (1.38) | (0.14) | (1.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.49 | (0.18) | 2.36 | 2.18 | (0.21) | (0.13) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.50 | (0.12) | 0.57 | 0.45 | (0.40) | (0.06) | (0.46) |
| Class C |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 11.03 | 0.12 | (1.39) | (1.27) | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/26/2023 - 03/31/2024 | 11.13 | 0.04 | (0.14) | (0.10) | 0.00 | 0.00 | 0.00 |

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|:---|:---|
| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

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\* Annualized, except for organizational expense, if any.

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Fund.

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year or period. 

<sup>(c)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

<sup>(d)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Fund. Additionally, excludes initial sales charges and contingent deferred sales charges.

<sup>(e)</sup> Expense ratio as presented is calculated based on average net assets for the period presented. Due to significant fluctuations in total net assets during the period, the expense ratio to average net assets differs from the total operating expense ratio in effect for each class. See Note 9, Fees and Expenses, in the Notes to Financial Statements for additional information on how the Fund's expenses are calculated. 

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|:---|:---|:---|
| **6** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** | See Accompanying Notes |

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** |  | **Expenses<br>Excluding<br>Waivers** |  | **Expenses<br>Excluding<br>Interest<br>Expense** |  | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** |  | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $9.97 | (10.50)% | $1716208 | 1.54 | % | 1.76 | % | 1.40 | % | 1.62 | % | 2.43% | 919% |
| 11.14 | 6.10 | 2420423 | 2.36 |  | 2.57 |  | 1.40 |  | 1.61 |  | 1.53 | 637 |
| 10.50 | (4.25) | 3088384 | 1.90 |  | 2.08 |  | 1.41 |  | 1.59 |  | 0.64 | 433 |
| 12.48 | 21.48 | 2211453 | 1.46 |  | 1.70 |  | 1.40 |  | 1.64 |  | (1.15) | 35 |
| 10.61 | 5.00 | 888307 | 1.40 |  | 1.65 |  | 1.37 |  | 1.62 |  | (0.86) | 48 |
| 9.90 | (10.65) | 244407 | 1.64 |  | 1.86 |  | 1.50 |  | 1.72 |  | 2.34 | 919 |
| 11.08 | 6.03 | 370453 | 2.51 | <sup>(e)</sup> | 2.72 | <sup>(e)</sup> | 1.50 | <sup>(e)</sup> | 1.71 | <sup>(e)</sup> | 1.43 | 637 |
| 10.45 | (4.42) | 722203 | 2.00 |  | 2.18 |  | 1.51 |  | 1.69 |  | 0.51 | 433 |
| 12.44 | 21.37 | 395122 | 1.56 |  | 1.80 |  | 1.50 |  | 1.74 |  | (1.24) | 35 |
| 10.58 | 4.85 | 103899 | 1.50 |  | 1.75 |  | 1.47 |  | 1.72 |  | (1.05) | 48 |
| 9.92 | (10.63) | 24400 | 1.69 |  | 1.96 |  | 1.55 |  | 1.82 |  | 2.30 | 919 |
| 11.10 | 6.02 | 37044 | 2.56 | <sup>(e)</sup> | 2.82 | <sup>(e)</sup> | 1.55 | <sup>(e)</sup> | 1.81 | <sup>(e)</sup> | 1.35 | 637 |
| 10.47 | (4.46) | 72830 | 2.05 |  | 2.28 |  | 1.56 |  | 1.79 |  | 0.38 | 433 |
| 12.46 | 21.27 | 67409 | 1.61 |  | 1.90 |  | 1.55 |  | 1.84 |  | (1.35) | 35 |
| 10.60 | 4.87 | 13869 | 1.55 |  | 1.85 |  | 1.52 |  | 1.82 |  | (1.01) | 48 |
| 9.74 | (10.89) | 24228 | 1.94 |  | 2.16 |  | 1.80 |  | 2.02 |  | 2.04 | 919 |
| 10.93 | 5.71 | 48632 | 2.76 |  | 2.97 |  | 1.80 |  | 2.01 |  | 1.13 | 637 |
| 10.34 | (4.68) | 101476 | 2.30 |  | 2.48 |  | 1.81 |  | 1.99 |  | 0.11 | 433 |
| 12.33 | 21.04 | 84948 | 1.86 |  | 2.10 |  | 1.80 |  | 2.04 |  | (1.56) | 35 |
| 10.49 | 4.56 | 30969 | 1.80 |  | 2.05 |  | 1.77 |  | 2.02 |  | (1.15) | 48 |
| 9.76 | (11.51) | 90 | 2.64 | <sup>(e)</sup> | 2.86 | <sup>(e)</sup> | 2.55 | <sup>(e)</sup> | 2.77 | <sup>(e)</sup> | 1.23 | 919 |
| 11.03 | (0.90) | 28 | 3.33 | <sup>(e)</sup>\* | 3.54 | <sup>(e)</sup>\* | 2.55 | <sup>(e)</sup>\* | 2.76 | <sup>(e)</sup>\* | 0.46 \* | 637 |

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|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>7</sub> |

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Consolidated Statement of Assets and Liabilities PIMCO TRENDS Managed Futures Strategy Fund

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| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | (Amounts in thousands<sup>†</sup>, except per share amounts) |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $1784015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 846319 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 41488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 36272 |
|  Deposits with counterparty | 242813 |
|  Foreign currency, at value | 41231 |
|  Receivable for investments sold | 4244 |
|  Receivable for TBA investments sold | 1128664 |
|  Receivable for Fund shares sold | 1651 |
|  Interest and/or dividends receivable | 2739 |
|  Dividends receivable from Affiliates | 3270 |
|  Reimbursement receivable from PIMCO | 398 |
|  **Total Assets** | 4133104 |
|  **Liabilities:** |  |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | $58364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 93642 |
|  Payable for investments purchased | 27976 |
|  Payable for investments in Affiliates purchased | 3383 |
|  Payable for TBA investments purchased | 1924251 |
|  Deposits from counterparty | 7994 |
|  Payable for Fund shares redeemed | 3277 |
|  Overdraft due to custodian | 2108 |
|  Accrued investment advisory fees | 2210 |
|  Accrued supervisory and administrative fees | 561 |
|  Accrued servicing fees | 5 |
|  **Total Liabilities** | 2123771 |
|  **Commitments and Contingent Liabilities^** |  |
|  **Net Assets** | $2009333 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $2043567 |
|  Distributable earnings (accumulated loss) | (34234) |
|  **Net Assets** | $2009333 |
|  Cost of investments in securities | $1570714 |
|  Cost of investments in Affiliates | $836093 |
|  Cost of foreign currency held | $41376 |
|  Cost or premiums of financial derivative instruments, net | $78302 |
|  \* Includes repurchase agreements of: | $147100 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

^ See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **8** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** | See Accompanying Notes |

---

------

March 31, 2025

---

| | |
|:---|:---|
|  **Net Assets:** |  |
|  Institutional Class | $1716208 |
|  I-2 | 244407 |
|  I-3 | 24400 |
|  Class A | 24228 |
|  Class C | 90 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 172216 |
|  I-2 | 24682 |
|  I-3 | 2461 |
|  Class A | 2487 |
|  Class C | 9 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $9.97 |
|  I-2 | 9.90 |
|  I-3 | 9.92 |
|  Class A | 9.74 |
|  Class C | 9.76 |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Fund.

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>9</sub> |

---

------

Consolidated Statement of Operations PIMCO TRENDS Managed Futures Strategy Fund

---

| | |
|:---|:---|
| Year Ended March 31, 2025 | Year Ended March 31, 2025 |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest, net of foreign taxes\* | $60603 |
|  Dividends from Investments in Affiliates | 43300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 103903 |
|  **Expenses:** |  |
|  Investment advisory fees | 34169 |
|  Supervisory and administrative fees | 8638 |
|  Distribution and/or servicing fees - Class A | 101 |
|  Distribution and/or servicing fees - Class C | 1 |
|  Trustee fees | 18 |
|  Interest expense | 3569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 46496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (5729) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 40767 |
|  **Net Investment Income (Loss)** | 63136 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | 83985 |
|  Investments in Affiliates | 972 |
|  Exchange-traded or centrally cleared financial derivative instruments | (344895) |
|  Over the counter financial derivative instruments | 2931 |
|  Foreign currency | 16675 |
|  **Net Realized Gain (Loss)** | (240332) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 73809 |
|  Investments in Affiliates | 6585 |
|  Exchange-traded or centrally cleared financial derivative instruments | (112319) |
|  Over the counter financial derivative instruments | (83233) |
|  Foreign currency assets and liabilities | (2461) |
|  **Net Change in Unrealized Appreciation (Depreciation)** | (117619) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(294815) |
|  \* Foreign tax withholdings | $16 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | |
|:---|:---|:---|
| **10** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** | See Accompanying Notes |

---

------

Consolidated Statements of Changes in Net Assets PIMCO TRENDS Managed Futures Strategy Fund

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $63136 | $50686 |
|  Net realized gain (loss) | (240332) | 6258 |
|  Net change in unrealized appreciation (depreciation) | (117619) | 142194 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | (294815) | 199138 |
|  **Fund Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Fund share transactions\* | (572432) | (1307451) |
|  **Total Increase (Decrease) in Net Assets** | (867247) | (1108313) |
|  **Net Assets:** |  |  |
|  Beginning of year | 2876580 | 3984893 |
|  End of year | $2009333 | $2876580 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>11</sub> |

---

------

Consolidated Schedule of Investments PIMCO TRENDS Managed Futures Strategy Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 88.7% | INVESTMENTS IN SECURITIES 88.7% | INVESTMENTS IN SECURITIES 88.7% |
| CORPORATE BONDS & NOTES 5.4% | CORPORATE BONDS & NOTES 5.4% | CORPORATE BONDS & NOTES 5.4% |
| BANKING & FINANCE 3.1% | BANKING & FINANCE 3.1% | BANKING & FINANCE 3.1% |
|  AerCap Ireland Capital DAC | AerCap Ireland Capital DAC | AerCap Ireland Capital DAC |
|  2.450% due 10/29/2026 | 200 | 193 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  1.450% due 09/15/2026 | 400 | 383 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.106% due 07/16/2026 •  | 10000 | 10006 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.683% due 04/02/2026 •  | 300 | 300 |
|  Bank of Queensland Ltd. | Bank of Queensland Ltd. | Bank of Queensland Ltd. |
|  5.249% (BBSW3M + 1.070%) due 05/14/2025 ~ | 10000 | 6254 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  2.852% due 05/07/2026 •  | 12386 | 12360 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  2.129% due 11/24/2026 •  | 2000 | 1964 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  4.134% due 08/04/2025 | 2400 | 2386 |
|  4.687% due 06/09/2025 | 2515 | 2512 |
|  5.125% due 06/16/2025 | 3366 | 3364 |
|  7.308% (SOFRRATE + 2.950%) due 03/06/2026 ~ | 3522 | 3575 |
|  General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
|  2.750% due 06/20/2025 | 2000 | 1991 |
|  3.800% due 04/07/2025 | 1000 | 1000 |
|  4.350% due 04/09/2025 | 3360 | 3359 |
|  5.650% due 04/07/2025 •  | 1286 | 1286 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  4.900% due 01/13/2027 | 3400 | 3416 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  2.188% due 04/28/2026 •  | 5000 | 4990 |
|  Standard Chartered Bank | Standard Chartered Bank | Standard Chartered Bank |
|  4.853% due 12/03/2027 | 3700 | 3740 |
|  |  | 63079 |
| INDUSTRIALS 1.6% | INDUSTRIALS 1.6% | INDUSTRIALS 1.6% |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  2.900% due 05/15/2025 | 400 | 399 |
|  General Motors Co. | General Motors Co. | General Motors Co. |
|  4.000% due 04/01/2025 | 1200 | 1200 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  5.511% due 08/04/2025 ~ | 6800 | 6814 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  3.522% due 09/17/2025 | 200 | 198 |
|  NPC Ukrenergo | NPC Ukrenergo | NPC Ukrenergo |
|  6.875% due 11/09/2028 | 200 | 157 |
|  Reynolds American, Inc. | Reynolds American, Inc. | Reynolds American, Inc. |
|  4.450% due 06/12/2025 | 5799 | 5792 |
|  Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. |
|  3.625% due 12/15/2025 | 3000 | 2974 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  3.500% due 04/15/2025 | 5000 | 4997 |
|  Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. |
|  3.200% due 06/15/2025 | 9696 | 9658 |
|  |  | 32189 |
| UTILITIES 0.7% | UTILITIES 0.7% | UTILITIES 0.7% |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  3.625% due 10/13/2025 | 12505 | 12421 |
|  Total Corporate Bonds & Notes<br>(Cost $107,492) | Total Corporate Bonds & Notes<br>(Cost $107,492) | 107689 |
| U.S. GOVERNMENT AGENCIES 41.4% | U.S. GOVERNMENT AGENCIES 41.4% | U.S. GOVERNMENT AGENCIES 41.4% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  4.793% due 12/25/2044 •  | 594 | 588 |
|  4.843% due 03/25/2049 ~ | 468 | 464 |
|  4.893% due 07/25/2046 - 09/25/2046 •  | 1515 | 1503 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.904% due 07/25/2049 •  | 1487 | 1454 |
|  5.109% due 12/25/2047 •  | 808 | 809 |
|  5.129% due 01/25/2051 •  | 1614 | 1615 |
|  5.229% due 12/25/2050 •  | 1350 | 1346 |
|  5.290% due 01/25/2055 •  | 1190 | 1194 |
|  5.310% due 08/25/2054 •  | 954 | 953 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  4.793% due 03/15/2037 - 08/15/2042 •  | 2087 | 2033 |
|  4.863% due 11/15/2043 •  | 484 | 479 |
|  5.013% due 01/15/2042 •  | 134 | 133 |
|  5.229% due 04/15/2049 - 12/15/2050 •  | 3730 | 3733 |
|  5.310% due 08/25/2054 •  | 4628 | 4646 |
|  5.329% due 08/15/2048 •  | 1456 | 1469 |
|  5.490% due 12/25/2054 •  | 2736 | 2751 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  4.773% due 05/20/2059 •  | 18 | 17 |
|  4.923% due 03/20/2061 - 11/20/2069 •  | 113 | 112 |
|  4.994% due 02/20/2074 - 05/20/2074 •  | 2371 | 2362 |
|  5.044% due 02/20/2074 •  | 384 | 384 |
|  5.053% due 03/20/2065 •  | 237 | 236 |
|  5.073% due 02/20/2070 •  | 41 | 41 |
|  5.083% due 12/20/2065 •  | 106 | 106 |
|  5.134% due 04/20/2074 •  | 981 | 984 |
|  5.173% due 02/20/2067 •  | 463 | 463 |
|  5.194% due 05/20/2074 •  | 986 | 993 |
|  5.199% due 12/20/2068 •  | 764 | 765 |
|  5.244% due 07/20/2074 ~ | 1399 | 1413 |
|  5.323% due 09/20/2069 •  | 1004 | 1008 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  6.000% due 04/01/2055 - 05/01/2055 | 288500 | 292636 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  5.000% due 04/01/2040 | 103400 | 103928 |
|  6.000% due 06/01/2055 | 126200 | 127937 |
|  6.500% due 05/01/2055 - 06/01/2055 | 266100 | 273974 |
|  Total U.S. Government Agencies<br>(Cost $830,628) | Total U.S. Government Agencies<br>(Cost $830,628) | 832529 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3% |
|  OBX Trust | OBX Trust | OBX Trust |
|  2.305% due 11/25/2061 ~ | 5744 | 5100 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  5.582% due 12/25/2044 þ | 484 | 486 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.554% due 11/25/2063 ~ | 897 | 887 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $7,111) | Total Non-Agency Mortgage-Backed Securities (Cost $7,111) | 6473 |
| ASSET-BACKED SECURITIES 3.5% | ASSET-BACKED SECURITIES 3.5% | ASSET-BACKED SECURITIES 3.5% |
| AUTOMOBILE ABS OTHER 0.1% | AUTOMOBILE ABS OTHER 0.1% | AUTOMOBILE ABS OTHER 0.1% |
|  BMW Vehicle Lease Trust | BMW Vehicle Lease Trust | BMW Vehicle Lease Trust |
|  4.740% due 07/27/2026 ~ | 1262 | 1262 |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  4.949% due 11/16/2026 •  | 458 | 459 |
|  Fifth Third Auto Trust | Fifth Third Auto Trust | Fifth Third Auto Trust |
|  4.879% due 11/16/2026 •  | 450 | 450 |
|  |  | 2171 |
| AUTOMOBILE SEQUENTIAL 0.9% | AUTOMOBILE SEQUENTIAL 0.9% | AUTOMOBILE SEQUENTIAL 0.9% |
|  Ally Auto Receivables Trust | Ally Auto Receivables Trust | Ally Auto Receivables Trust |
|  5.320% due 01/15/2027 | 216 | 217 |
|  Bank of America Auto Trust | Bank of America Auto Trust | Bank of America Auto Trust |
|  5.530% due 02/15/2028 | 2590 | 2609 |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  4.750% due 10/15/2027 | 353 | 354 |
|  5.340% due 08/16/2027 | 2014 | 2023 |
|  5.720% due 11/16/2026 | 74 | 74 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  5.330% due 07/10/2029 | 500 | 505 |
|  5.630% due 11/10/2027 | 263 | 263 |
|  6.360% due 04/12/2027 | 41 | 41 |
|  Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
|  5.840% due 01/18/2028 | 2580 | 2601 |
|  Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust |
|  5.640% due 03/15/2028 | 1346 | 1350 |
|  GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
|  4.470% due 02/16/2028 | 449 | 448 |
|  SBNA Auto Lease Trust | SBNA Auto Lease Trust | SBNA Auto Lease Trust |
|  4.560% due 02/22/2028 | 3700 | 3701 |
|  SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust |
|  5.890% due 03/22/2027 | 72 | 72 |
|  Toyota Lease Owner Trust | Toyota Lease Owner Trust | Toyota Lease Owner Trust |
|  4.580% due 07/20/2027 | 3400 | 3408 |
|  |  | 17666 |
| CMBS OTHER 0.1% | CMBS OTHER 0.1% | CMBS OTHER 0.1% |
|  BDS Ltd. | BDS Ltd. | BDS Ltd. |
|  6.453% due 08/19/2038 ~ | 1377 | 1378 |
|  BSPRT Issuer Ltd. | BSPRT Issuer Ltd. | BSPRT Issuer Ltd. |
|  5.534% due 03/15/2036 •  | 121 | 121 |
|  |  | 1499 |
| CREDIT CARD BULLET 0.4% | CREDIT CARD BULLET 0.4% | CREDIT CARD BULLET 0.4% |
|  American Express Credit Account Master Trust | American Express Credit Account Master Trust | American Express Credit Account Master Trust |
|  3.390% due 05/15/2027 | 9100 | 9086 |
| OTHER ABS 2.0% | OTHER ABS 2.0% | OTHER ABS 2.0% |
|  37 Capital CLO Ltd. | 37 Capital CLO Ltd. | 37 Capital CLO Ltd. |
|  5.582% due 10/15/2034 ~ | 1000 | 1000 |
|  522 Funding CLO Ltd. | 522 Funding CLO Ltd. | 522 Funding CLO Ltd. |
|  5.490% due 10/23/2034 ~ | 300 | 299 |
|  American Money Management Corp. CLO Ltd. | American Money Management Corp. CLO Ltd. | American Money Management Corp. CLO Ltd. |
|  5.493% due 01/20/2035 •  | 1000 | 997 |
|  Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. |
|  5.393% due 01/20/2035 •  | 1000 | 998 |
|  Apidos CLO | Apidos CLO | Apidos CLO |
|  5.543% due 04/17/2034 •(a) | 1000 | 1000 |
|  Ares CLO Ltd. | Ares CLO Ltd. | Ares CLO Ltd. |
|  5.450% due 10/28/2034 •  | 1000 | 997 |
|  Ares European CLO DAC | Ares European CLO DAC | Ares European CLO DAC |
|  3.565% due 10/15/2031 •  | 140 | 151 |
|  Atlantic Avenue Ltd. | Atlantic Avenue Ltd. | Atlantic Avenue Ltd. |
|  5.576% due 01/20/2035 ~ | 900 | 899 |
|  Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. |
|  5.419% due 01/18/2035 •  | 1000 | 1000 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.383% due 10/21/2034 •  | 1000 | 996 |
|  5.440% due 10/23/2034 ~ | 1000 | 997 |
|  5.493% due 10/20/2034 ~ | 1000 | 999 |
|  5.500% due 10/23/2034 •  | 1000 | 999 |
|  5.533% due 07/19/2034 ~ | 1000 | 1001 |
|  5.538% due 07/16/2034 •  | 1000 | 998 |
|  BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. |
|  5.732% due 10/22/2030 ~ | 139 | 139 |
|  Crown Point CLO Ltd. | Crown Point CLO Ltd. | Crown Point CLO Ltd. |
|  5.523% due 10/20/2031 ~ | 563 | 563 |
|  DLLAA LLC | DLLAA LLC | DLLAA LLC |
|  5.930% due 07/20/2026 | 404 | 405 |
|  DLLMT LLC | DLLMT LLC | DLLMT LLC |
|  5.353% due 08/20/2025 | 68 | 68 |
|  Dryden Senior Loan Fund | Dryden Senior Loan Fund | Dryden Senior Loan Fund |
|  5.362% due 08/20/2034 •  | 1100 | 1100 |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  5.600% due 01/25/2035 ~ | 1000 | 999 |
|  Fortress Credit Bsl Ltd. | Fortress Credit Bsl Ltd. | Fortress Credit Bsl Ltd. |
|  5.380% due 07/23/2032 •  | 764 | 763 |
|  GoldenTree Loan Management U.S. CLO Ltd. | GoldenTree Loan Management U.S. CLO Ltd. | GoldenTree Loan Management U.S. CLO Ltd. |
|  5.443% due 10/20/2034 ~ | 1000 | 997 |

---

---

| | | |
|:---|:---|:---|
| **12** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Greywolf CLO Ltd. | Greywolf CLO Ltd. | Greywolf CLO Ltd. |
|  5.520% due 04/22/2033 •  | 1000 | 1000 |
|  Griffith Park CLO DAC | Griffith Park CLO DAC | Griffith Park CLO DAC |
|  3.249% due 11/21/2031 •  | 282 | 304 |
|  Jamestown CLO Ltd. | Jamestown CLO Ltd. | Jamestown CLO Ltd. |
|  5.570% due 07/25/2035 •  | 1000 | 1000 |
|  Madison Park Funding Ltd. | Madison Park Funding Ltd. | Madison Park Funding Ltd. |
|  5.540% due 10/22/2034 ~ | 1000 | 1001 |
|  Mountain View CLO Ltd. | Mountain View CLO Ltd. | Mountain View CLO Ltd. |
|  5.461% due 10/15/2034 ~ | 1000 | 994 |
|  Navient Student Loan Trust | Navient Student Loan Trust | Navient Student Loan Trust |
|  5.414% due 12/15/2059 •  | 270 | 270 |
|  Neuberger Berman Loan Advisers CLO Ltd. | Neuberger Berman Loan Advisers CLO Ltd. | Neuberger Berman Loan Advisers CLO Ltd. |
|  5.368% due 07/17/2036 •  | 1000 | 1000 |
|  5.377% due 10/14/2036 •  | 1000 | 1000 |
|  Northwoods Capital Ltd. | Northwoods Capital Ltd. | Northwoods Capital Ltd. |
|  5.489% due 06/15/2031 ~ | 775 | 775 |
|  OAK Hill European Credit Partners DAC | OAK Hill European Credit Partners DAC | OAK Hill European Credit Partners DAC |
|  3.484% (EUR003M + 0.740%) due 10/20/2031 ~ | 227 | 245 |
|  OZLM Ltd. | OZLM Ltd. | OZLM Ltd. |
|  5.493% due 10/20/2031 ~ | 311 | 311 |
|  Pikes Peak CLO | Pikes Peak CLO | Pikes Peak CLO |
|  5.512% due 07/15/2034 ~ | 1000 | 998 |
|  5.513% due 10/11/2034 •  | 1000 | 998 |
|  Recette CLO Ltd. | Recette CLO Ltd. | Recette CLO Ltd. |
|  5.635% due 04/20/2034 •  | 600 | 600 |
|  Regatta Funding Ltd. | Regatta Funding Ltd. | Regatta Funding Ltd. |
|  5.502% due 01/15/2033 •  | 1000 | 1000 |
|  Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. |
|  5.582% due 10/15/2034 •  | 1000 | 1000 |
|  SLM Private Credit Student Loan Trust | SLM Private Credit Student Loan Trust | SLM Private Credit Student Loan Trust |
|  4.801% due 12/16/2041 •  | 251 | 245 |
|  4.851% due 06/15/2039 ~ | 450 | 437 |
|  4.871% due 12/15/2038 •  | 271 | 266 |
|  4.891% due 06/15/2039 •  | 457 | 446 |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  4.904% due 06/25/2043 ~ | 399 | 393 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  SoFi Professional Loan Program Trust | SoFi Professional Loan Program Trust | SoFi Professional Loan Program Trust |
|  2.540% due 05/15/2046 | 145 | 139 |
|  Steele Creek CLO Ltd. | Steele Creek CLO Ltd. | Steele Creek CLO Ltd. |
|  5.574% due 04/15/2031 •  | 360 | 360 |
|  Symphony CLO Ltd. | Symphony CLO Ltd. | Symphony CLO Ltd. |
|  5.473% due 04/18/2033 •  | 1000 | 1002 |
|  TIAA CLO Ltd. | TIAA CLO Ltd. | TIAA CLO Ltd. |
|  5.433% due 01/20/2032 ~ | 723 | 723 |
|  Tralee CLO Ltd. | Tralee CLO Ltd. | Tralee CLO Ltd. |
|  5.399% due 10/20/2034 •  | 1000 | 1000 |
|  5.520% due 10/25/2032 •  | 527 | 527 |
|  Trinitas CLO Ltd. | Trinitas CLO Ltd. | Trinitas CLO Ltd. |
|  5.403% due 10/20/2033 •  | 1000 | 999 |
|  5.630% due 01/25/2034 •  | 1000 | 1000 |
|  TSTAT Ltd. | TSTAT Ltd. | TSTAT Ltd. |
|  5.443% due 07/20/2037 •  | 568 | 568 |
|  Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. |
|  5.433% due 10/20/2034 •  | 1000 | 997 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.564% due 10/15/2030 •  | 191 | 191 |
|  |  | 40154 |
|  Total Asset-Backed Securities<br>(Cost $70,504) | Total Asset-Backed Securities<br>(Cost $70,504) | 70576 |
|  | **OUNCES** |  |
| COMMODITIES 27.0% |  |  |
|  Gold Warehouse Receipts | 145021 | 451354 |
|  Silver Warehouse Receipts | 2670700 | 91716 |
|  Total Commodities (Cost $331,298) | Total Commodities (Cost $331,298) | 543070 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| SHORT-TERM INSTRUMENTS 11.1% | SHORT-TERM INSTRUMENTS 11.1% | SHORT-TERM INSTRUMENTS 11.1% |
| REPURCHASE AGREEMENTS (d) 7.3%  | REPURCHASE AGREEMENTS (d) 7.3%  |  |
|  |  | 147100 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. TREASURY BILLS 3.8% |  |  |  |
|  4.292% due 04/03/2025 - 06/26/2025 (b)(c)(f)(h) | 77040 | $— | 76578 |
| Total Short-Term Instruments<br>(Cost $223,681) | Total Short-Term Instruments<br>(Cost $223,681) |  | 223678 |
| Total Investments in Securities<br>(Cost $1,570,714) | Total Investments in Securities<br>(Cost $1,570,714) |  | 1784015 |
|  | SHARES |  |  |
| INVESTMENTS IN AFFILIATES 42.1% | INVESTMENTS IN AFFILIATES 42.1% | INVESTMENTS IN AFFILIATES 42.1% | INVESTMENTS IN AFFILIATES 42.1% |
| SHORT-TERM INSTRUMENTS 42.1% | SHORT-TERM INSTRUMENTS 42.1% | SHORT-TERM INSTRUMENTS 42.1% | SHORT-TERM INSTRUMENTS 42.1% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 42.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 42.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 42.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 42.1% |
|  PIMCO Short Asset Portfolio | 75701718 |  | 744058 |
|  PIMCO Short-Term Floating NAV Portfolio III | 10459862 |  | 102261 |
| Total Short-Term Instruments<br>(Cost $836,093) | Total Short-Term Instruments<br>(Cost $836,093) |  | 846319 |
| Total Investments in Affiliates<br>(Cost $836,093) | Total Investments in Affiliates<br>(Cost $836,093) |  | 846319 |
| Total Investments 130.8%<br>(Cost $2,406,807) | Total Investments 130.8%<br>(Cost $2,406,807) | $— | 2630334 |
|  Financial Derivative<br>Instruments (e)(g) (3.7)%<br>(Cost or Premiums, net $78,302) | Financial Derivative<br>Instruments (e)(g) (3.7)%<br>(Cost or Premiums, net $78,302) |  | (74246) |
| Other Assets and Liabilities, net (27.1)% | Other Assets and Liabilities, net (27.1)% |  | (546755) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 2009333 |

---

#### NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) When-issued security.

(b) Coupon represents a weighted average yield to maturity.

(c) Zero coupon security.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(d) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| DEU | 4.420% | 03/31/2025 | 04/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122900 | U.S. Treasury Bonds 1.375% due 11/15/2040 | $(125146) | $122900 | $122915 |
| FICC STR | 4.360 | 03/31/2025 | 04/01/2025 | 15400 | U.S. Treasury Inflation Protected Securities 2.375% due 02/15/2055 | (15708) | 15400 | 15402 |
| JPS | 4.500 | 03/31/2025 | 04/01/2025 | 8800 | U.S. Treasury Notes 0.750% due 03/31/2026 | (8980) | 8800 | 8801 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(149834) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147118 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 13

------

Consolidated Schedule of Investments PIMCO TRENDS Managed Futures Strategy Fund (Cont.)

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-<br>Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(2)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  DEU | $122915 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122915 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125146) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2231) |
|  FICC STR | 15402 | 0 | 0 | 15402 | (15708) | (306) |
|  JPS | 8801 | 0 | 0 | 8801 | (8980) | (179) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147118 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

**The average amount of borrowings outstanding during the period ended March 31, 2025 was $(2,337) at a weighted average interest rate of 5.391%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

&nbsp;&nbsp;&nbsp;&nbsp;(e) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month EURIBOR March Futures  | 03/2026 | 599 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158759 | $234 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | $(24) |
|  3-Month SOFR Active Contract March Futures  | 06/2026 | 2605 | 628538 | (25) | 0 | 0 |
|  Aluminum April Futures  | 04/2025 | 1072 | 67433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1121) | 0 | 0 |
|  Aluminum May Futures  | 05/2025 | 970 | 61338 | (3096) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1112) |
|  Arabica Coffee September Futures  | 09/2025 | 384 | 53330 | (278) | 0 | (180) |
|  Australia Government 3-Year Bond June Futures  | 06/2025 | 597 | 39730 | 70 | 120 | 0 |
|  Canada Government 10-Year Bond June Futures  | 06/2025 | 128 | 11043 | 167 | 11 | 0 |
|  Corn May Futures  | 05/2025 | 1662 | 37997 | (2263) | 332 | 0 |
|  DAX Index June Futures  | 06/2025 | 21 | 12702 | (491) | 0 | (290) |
|  Euro STOXX 50 June Futures  | 06/2025 | 2887 | 28384 | (530) | 0 | (1217) |
|  FTSE China Index April Futures  | 04/2025 | 3148 | 41975 | (428) | 0 | (242) |
|  FTSE/JSE TOP 40 Index June Futures  | 06/2025 | 870 | 38999 | 335 | 0 | (484) |
|  FTSE/MIB Index June Futures  | 06/2025 | 134 | 27047 | (582) | 0 | (770) |
|  Gold 100 oz. April Futures  | 04/2025 | 142 | 44344 | 492 | 192 | 0 |
|  Hang Seng China Enterprises Index April Futures  | 04/2025 | 672 | 36785 | (535) | 0 | (877) |
|  Hang Seng Index April Futures  | 04/2025 | 231 | 34379 | (389) | 0 | (744) |
|  IBEX 35 Index April Futures  | 04/2025 | 326 | 46249 | (141) | 0 | (1016) |
|  Iron Ore May Futures  | 05/2025 | 4463 | 45072 | (110) | 0 | (553) |
|  Lead April Futures  | 04/2025 | 1119 | 55740 | 184 | 0 | 0 |
|  Lead May Futures  | 05/2025 | 1513 | 75803 | (843) | 0 | (625) |
|  Live Cattle June Futures  | 06/2025 | 202 | 16455 | 306 | 0 | (97) |
|  MSCI Singapore Index April Futures  | 04/2025 | 1948 | 56509 | (1097) | 65 | (1457) |
|  Natural Gas July Futures  | 06/2025 | 942 | 42145 | 2041 | 688 | 0 |
|  Natural Gas July Futures  | 06/2025 | 365 | 12098 | (130) | 11 | (147) |
|  Natural Gas May Futures  | 04/2025 | 335 | 13114 | (324) | 0 | (170) |
|  Nickel April Futures  | 04/2025 | 739 | 69768 | 866 | 0 | 0 |
|  Nickel May Futures  | 05/2025 | 546 | 51827 | (761) | 0 | (26) |
|  Robusta Coffee May Futures  | 05/2025 | 12 | 632 | (62) | 0 | (8) |
|  Short Euro-BTP Italy Government Bond June Futures  | 06/2025 | 393 | 45678 | (118) | 47 | (131) |
|  Topix Index Futures June Futures  | 06/2025 | 70 | 12423 | (540) | 0 | (540) |
|  U.S. Treasury 2-Year Note June Futures  | 06/2025 | 353 | 73155 | 313 | 0 | (3) |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 284 | 32494 | 377 | 27 | 0 |
|  VSTOXX Index April Futures  | 04/2025 | 137 | 311 | 1 | 32 | 0 |
|  White Sugar May Futures  | 04/2025 | 217 | 5804 | (271) | 0 | (9) |
|  WIG20 Index June Futures  | 06/2025 | 1588 | 22019 | (860) | 0 | (763) |
|  Zinc April Futures  | 04/2025 | 1140 | 80984 | (422) | 0 | 0 |
|  Zinc May Futures  | 05/2025 | 981 | 69867 | (1852) | 0 | (555) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11883) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12040) |

---

14 PIMCO TRENDS MANAGED FUTURES STRATEGY FUND See Accompanying Notes

------

March 31, 2025

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Aluminum April Futures  | 04/2025 | 1072 | $(67433) | $3412 | $0 | $0 |
|  Aluminum May Futures  | 05/2025 | 572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36171) | 931 | 0 | 0 |
|  Australia Government 10-Year Bond June Futures  | 06/2025 | 165 | (11615) | (80) | 0 | (80) |
|  BIST 30 Index April Futures  | 04/2025 | 10528 | (30218) | (134) | 0 | (300) |
|  Bitcoin April Futures  | 04/2025 | 26 | (10752) | 224 | 174 | 0 |
|  Brent Crude August Futures  | 06/2025 | 142 | (10402) | (410) | 0 | (140) |
|  CAC 40 Index April Futures  | 04/2025 | 15 | (1266) | 25 | 25 | 0 |
|  Cocoa July Futures  | 07/2025 | 21 | (1656) | 16 | 26 | 0 |
|  Cocoa May Futures  | 05/2025 | 81 | (6485) | 1181 | 64 | (98) |
|  Copper May Futures  | 05/2025 | 73 | (9187) | (666) | 175 | 0 |
|  Cotton No. 2 July Futures  | 07/2025 | 487 | (16556) | (56) | 27 | (59) |
|  Cotton No. 2 May Futures  | 05/2025 | 1024 | (34217) | 594 | 24 | 0 |
|  E-Mini Russell 2000 Index June Futures  | 06/2025 | 196 | (19866) | 330 | 98 | 0 |
|  E-Mini S&P 100 Index June Futures  | 06/2025 | 88 | (34214) | 841 | 31 | 0 |
|  E-Mini S&P 500 Index June Futures  | 06/2025 | 16 | (4523) | 46 | 0 | (24) |
|  Euro-BTP June Futures  | 06/2025 | 226 | (28719) | (114) | 34 | (76) |
|  Euro-Oat June Futures  | 06/2025 | 76 | (10083) | 202 | 14 | (33) |
|  European Climate Exchange December Futures  | 12/2025 | 374 | (27492) | 546 | 332 | (105) |
|  FTSE 100 Index June Futures  | 06/2025 | 46 | (5105) | 28 | 48 | 0 |
|  FTSE Taiwan Index April Futures  | 04/2025 | 43 | (2989) | 230 | 122 | 0 |
|  Gas Oil May Futures  | 05/2025 | 198 | (13504) | (680) | 0 | (332) |
|  Gold 100 oz. June Futures  | 06/2025 | 1301 | (409854) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12326) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4684) |
|  Hard Red Winter Wheat July Futures  | 07/2025 | 326 | (9291) | (126) | 0 | (84) |
|  Hard Red Winter Wheat May Futures  | 05/2025 | 757 | (21082) | (13) | 0 | (199) |
|  IFSC Nifty 50 Index April Futures  | 04/2025 | 459 | (21452) | 422 | 247 | 0 |
|  Lead April Futures  | 04/2025 | 1119 | (55740) | (1119) | 0 | 0 |
|  Lead May Futures  | 05/2025 | 1043 | (52255) | (161) | 0 | 0 |
|  Lean Hogs June Futures  | 06/2025 | 215 | (8194) | (61) | 43 | 0 |
|  New York Harbor May Futures  | 04/2025 | 145 | (13882) | (614) | 0 | (308) |
|  Nickel April Futures  | 04/2025 | 739 | (69768) | (1157) | 0 | 0 |
|  Nickel May Futures  | 05/2025 | 539 | (51163) | (1317) | 0 | 0 |
|  Nikkei 225 Index June Futures  | 06/2025 | 132 | (15707) | 465 | 759 | 0 |
|  OMX Stockholm 30 Index April Futures  | 04/2025 | 240 | (5911) | 144 | 144 | 0 |
|  Palladium June Futures  | 06/2025 | 181 | (18113) | (1572) | 0 | (288) |
|  Phelix De Base July Futures  | 06/2025 | 75 | (14896) | 702 | 401 | 0 |
|  RBOB Gasoline July Futures  | 06/2025 | 301 | (28563) | (2063) | 0 | (575) |
|  Rotterdam Coal August Futures  | 08/2025 | 104 | (11014) | (870) | 0 | (239) |
|  Rotterdam Coal July Futures  | 07/2025 | 104 | (10941) | (797) | 0 | (260) |
|  Rotterdam Coal September Futures  | 09/2025 | 104 | (11071) | (927) | 0 | (239) |
|  S&P 60 Index June Futures  | 06/2025 | 19 | (3955) | (58) | 0 | (32) |
|  Silver May Futures  | 05/2025 | 332 | (57454) | (2235) | 337 | 0 |
|  Soybean May Futures  | 05/2025 | 309 | (15678) | (212) | 127 | 0 |
|  Soybean Meal July Futures  | 07/2025 | 218 | (6527) | 25 | 33 | 0 |
|  Soybean Meal May Futures  | 05/2025 | 1412 | (41329) | 1907 | 113 | 0 |
|  Soybean Oil July Futures  | 07/2025 | 955 | (26008) | (1912) | 166 | 0 |
|  Soybean Oil May Futures  | 05/2025 | 918 | (24725) | (1199) | 122 | 0 |
|  SPI 200 Index June Futures  | 06/2025 | 321 | (39499) | 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717 | (30) |
|  Sugar No. 11 May Futures  | 04/2025 | 63 | (1331) | (105) | 7 | 0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 704 | (76222) | (754) | 22 | 0 |
|  Wheat July Futures  | 07/2025 | 608 | (16735) | 200 | 0 | (236) |
|  Wheat May Futures  | 05/2025 | 255 | (6847) | 183 | 0 | (111) |
|  Wheat May Futures  | 05/2025 | 3227 | (38427) | 1944 | 0 | (349) |
|  WTI Crude July Futures  | 06/2025 | 224 | (15752) | (992) | 0 | (441) |
|  Zinc April Futures  | 04/2025 | 1140 | (80984) | (82) | 0 | 0 |
|  Zinc May Futures  | 05/2025 | 683 | (48643) | 615 | 0 | 0 |
|  |  |  |  | $(17539) | $4432 | $(9322) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29422) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21362) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 15

------

Consolidated Schedule of Investments PIMCO TRENDS Managed Futures Strategy Fund (Cont.)

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(4)</sup>** | Variation Margin | Variation Margin |
| **Index/Tranches** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(4)</sup>** | Asset | Liability |
|  CDX.EM-42 5-Year Index | (1.000)% | Quarterly | 12/20/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | $3600 | $199 | $3799 | $0 | $(25) |
|  CDX.HY-43 5-Year Index | (5.000) | Quarterly | 12/20/2029 | 84800 | (5521) | 853 | (4668) | 0 | (22) |
|  CDX.IG-43 5-Year Index | (1.000) | Quarterly | 12/20/2029 | 247500 | (4739) | (24) | (4763) | 0 | (2) |
|  CDX.IG-44 5-Year Index | (1.000) | Quarterly | 06/20/2030 | 188800 | (3778) | 306 | (3472) | 0 | (3) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10438) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1334 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9104) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(4)</sup>** | Variation Margin | Variation Margin |
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(4)</sup>** | Asset | Liability |
|  CDX.EM-40 5-Year Index | 1.000% | Quarterly | 12/20/2028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187700 | $(6807) | $4179 | $(2628) | $104 | $0 |
|  CDX.EM-41 5-Year Index | 1.000 | Quarterly | 06/20/2029 | 14700 | (345) | 48 | (297) | 5 | 0 |
|  CDX.EM-43 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 3500 | (125) | (7) | (132) | 0 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7277) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4220 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3057) | $109 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Variation Margin | Variation Margin |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 4.250% | Annual | 09/18/2026 | 94200 | $1228 | $(1339) | $(111) | $52 | $0 |
|  Pay<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 09/17/2027 | 181800 | 230 | 5 | 235 | 295 | 0 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 09/18/2034 | 21100 | (755) | 1748 | 993 | 0 | (187) |
|  Pay<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 09/17/2035 | 168400 | (2667) | (420) | (3087) | 1758 | (46) |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 09/18/2054 | 17900 | 687 | (3410) | (2723) | 287 | 0 |
|  Receive<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.250 | Annual | 09/17/2055 | 200300 | 6030 | 1559 | 7589 | 0 | (3476) |
|  Pay | 1-Day INR-MIBOR Compounded-OIS | 6.000 | Semi-Annual | 09/17/2030 | 18365074 | 614 | 361 | 975 | 0 | (16) |
|  Receive<sup>(5)</sup> | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 09/17/2035 | 20405800 | 5182 | (545) | 4637 | 0 | (1022) |
|  Receive<sup>(5)</sup> | 1-Day JPY-MUTKCALM Compounded-OIS | 2.000 | Annual | 09/17/2055 | 16197600 | 1690 | (1881) | (191) | 0 | (1402) |
|  Pay<sup>(5)</sup> | 1-Day SGD-SIBCSORA Compounded-OIS | 2.500 | Semi-Annual | 09/17/2030 | 399700 | 2655 | 317 | 2972 | 901 | 0 |
|  Pay | 1-Day THB-THOR Compounded-OIS | 2.000 | Quarterly | 09/17/2030 | 6952000 | 2533 | 1907 | 4440 | 906 | 0 |
|  Pay<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2027 | $44100 | 27 | 145 | 172 | 8 | 0 |
|  Pay<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2030 | 45000 | 4 | 301 | 305 | 62 | 0 |
|  Pay<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | 332700 | (3586) | 3611 | 25 | 1163 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 09/17/2055 | 165800 | 9830 | (1850) | 7980 | 0 | (1287) |
|  Receive | 1-Year BRL-CDI | 10.321 | Maturity | 01/04/2027 | 217800 | 1455 | 2620 | 4075 | 0 | (67) |
|  Pay | 1-Year BRL-CDI | 10.471 | Maturity | 01/04/2027 | 451800 | 0 | (7929) | (7929) | 138 | 0 |
|  Receive | 1-Year BRL-CDI | 11.071 | Maturity | 01/04/2027 | 313800 | 0 | 4261 | 4261 | 0 | (95) |
|  Pay | 1-Year BRL-CDI | 11.099 | Maturity | 01/04/2027 | 194900 | 0 | (2647) | (2647) | 59 | 0 |
|  Pay | 1-Year BRL-CDI | 11.210 | Maturity | 01/04/2027 | 416200 | 0 | (5358) | (5358) | 125 | 0 |
|  Pay | 1-Year BRL-CDI | 11.272 | Maturity | 01/04/2027 | 742000 | (430) | (8288) | (8718) | 223 | 0 |
|  Pay | 1-Year BRL-CDI | 11.383 | Maturity | 01/04/2027 | 1797400 | (251) | (19692) | (19943) | 539 | 0 |
|  Pay | 1-Year BRL-CDI | 11.459 | Maturity | 01/04/2027 | 219400 | 0 | (2346) | (2346) | 66 | 0 |
|  Receive | 1-Year BRL-CDI | 11.485 | Maturity | 01/04/2027 | 414500 | 0 | 4130 | 4130 | 0 | (124) |
|  Receive | 1-Year BRL-CDI | 11.540 | Maturity | 01/04/2027 | 391000 | 0 | 3777 | 3777 | 0 | (117) |
|  Receive | 1-Year BRL-CDI | 11.604 | Maturity | 01/04/2027 | 118800 | 0 | 1120 | 1120 | 0 | (35) |
|  Receive | 1-Year BRL-CDI | 11.630 | Maturity | 01/04/2027 | 442500 | 0 | 4032 | 4032 | 0 | (132) |
|  Receive | 1-Year BRL-CDI | 11.660 | Maturity | 01/04/2027 | 723500 | 0 | 5516 | 5516 | 0 | (215) |
|  Receive | 1-Year BRL-CDI | 11.696 | Maturity | 01/04/2027 | 364000 | 0 | 3548 | 3548 | 0 | (109) |
|  Pay | 1-Year BRL-CDI | 11.952 | Maturity | 01/04/2027 | 929200 | 0 | (7282) | (7282) | 276 | 0 |
|  Receive | 1-Year BRL-CDI | 11.976 | Maturity | 01/04/2027 | 643300 | (1860) | 6956 | 5096 | 0 | (191) |
|  Pay | 1-Year BRL-CDI | 12.078 | Maturity | 01/04/2027 | 204700 | 0 | (1271) | (1271) | 61 | 0 |
|  Pay | 1-Year BRL-CDI | 12.115 | Maturity | 01/04/2027 | 404600 | 0 | (2795) | (2795) | 120 | 0 |
|  Receive | 1-Year BRL-CDI | 12.173 | Maturity | 01/04/2027 | 249500 | 0 | 1696 | 1696 | 0 | (74) |
|  Receive | 1-Year BRL-CDI | 12.228 | Maturity | 01/04/2027 | 610100 | 0 | 3951 | 3951 | 0 | (181) |
|  Pay | 1-Year BRL-CDI | 12.299 | Maturity | 01/04/2027 | 663300 | 0 | (3379) | (3379) | 196 | 0 |
|  Receive | 1-Year BRL-CDI | 12.490 | Maturity | 01/04/2027 | 273100 | 0 | 1336 | 1336 | 0 | (80) |
|  Receive | 1-Year BRL-CDI | 12.731 | Maturity | 01/04/2027 | 202000 | 0 | 573 | 573 | 0 | (59) |
|  Receive | 1-Year BRL-CDI | 12.754 | Maturity | 01/04/2027 | 1184200 | 0 | 3977 | 3977 | 0 | (347) |
|  Receive | 1-Year BRL-CDI | 12.779 | Maturity | 01/04/2027 | 477300 | 0 | 1359 | 1359 | 0 | (140) |
|  Receive | 1-Year BRL-CDI | 13.073 | Maturity | 01/04/2027 | 292000 | 0 | 335 | 335 | 0 | (85) |

---

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** | See Accompanying Notes |

---

------

March 31, 2025

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 1-Year BRL-CDI | 13.120% | Maturity | 01/04/2027 | BRL | 452800 | $0 | $485 | $485 | $0 | $(132) |
|  Receive | 1-Year BRL-CDI | 13.231 | Maturity | 01/04/2027 |  | 411200 | 0 | 211 | 211 | 0 | (120) |
|  Pay | 1-Year BRL-CDI | 13.318 | Maturity | 01/04/2027 |  | 458200 | 0 | (81) | (81) | 133 | 0 |
|  Receive | 1-Year BRL-CDI | 9.870 | Maturity | 01/02/2029 |  | 538400 | 2648 | 8492 | 11140 | 0 | (229) |
|  Receive | 1-Year BRL-CDI | 9.955 | Maturity | 01/02/2029 |  | 234700 | 0 | 4733 | 4733 | 0 | (99) |
|  Pay | 1-Year BRL-CDI | 10.038 | Maturity | 01/02/2029 |  | 331900 | 55 | (6614) | (6559) | 140 | 0 |
|  Pay | 1-Year BRL-CDI | 10.075 | Maturity | 01/02/2029 |  | 112100 | 0 | (2179) | (2179) | 47 | 0 |
|  Receive | 1-Year BRL-CDI | 10.095 | Maturity | 01/02/2029 |  | 461900 | 0 | 8857 | 8857 | 0 | (194) |
|  Pay | 1-Year BRL-CDI | 10.205 | Maturity | 01/02/2029 |  | 220800 | 0 | (4112) | (4112) | 92 | 0 |
|  Pay | 1-Year BRL-CDI | 10.210 | Maturity | 01/02/2029 |  | 154531 | 0 | (2875) | (2875) | 65 | 0 |
|  Receive | 1-Year BRL-CDI | 10.234 | Maturity | 01/02/2029 |  | 592700 | 0 | 10934 | 10934 | 0 | (247) |
|  Receive | 1-Year BRL-CDI | 10.276 | Maturity | 01/02/2029 |  | 301300 | 79 | 5826 | 5905 | 0 | (127) |
|  Receive | 1-Year BRL-CDI | 10.317 | Maturity | 01/02/2029 |  | 212200 | 353 | 3691 | 4044 | 0 | (89) |
|  Receive | 1-Year BRL-CDI | 10.333 | Maturity | 01/02/2029 |  | 154000 | 0 | 2739 | 2739 | 0 | (64) |
|  Pay | 1-Year BRL-CDI | 10.386 | Maturity | 01/02/2029 |  | 167000 | (62) | (3065) | (3127) | 70 | 0 |
|  Receive | 1-Year BRL-CDI | 10.512 | Maturity | 01/02/2029 |  | 309700 | 0 | 5665 | 5665 | 0 | (129) |
|  Pay | 1-Year BRL-CDI | 10.567 | Maturity | 01/02/2029 |  | 144500 | 0 | (2431) | (2431) | 59 | 0 |
|  Receive | 1-Year BRL-CDI | 10.583 | Maturity | 01/02/2029 |  | 361000 | 0 | 6263 | 6263 | 0 | (149) |
|  Receive | 1-Year BRL-CDI | 10.689 | Maturity | 01/02/2029 |  | 1386900 | 0 | 21883 | 21883 | 0 | (564) |
|  Receive | 1-Year BRL-CDI | 10.804 | Maturity | 01/02/2029 |  | 361500 | 0 | 5774 | 5774 | 0 | (147) |
|  Receive | 1-Year BRL-CDI | 10.829 | Maturity | 01/02/2029 |  | 178500 | 0 | 2800 | 2800 | 0 | (73) |
|  Pay | 1-Year BRL-CDI | 10.933 | Maturity | 01/02/2029 |  | 652800 | 0 | (9620) | (9620) | 263 | 0 |
|  Receive | 1-Year BRL-CDI | 10.963 | Maturity | 01/02/2029 |  | 624600 | 0 | 8952 | 8952 | 0 | (250) |
|  Receive | 1-Year BRL-CDI | 11.060 | Maturity | 01/02/2029 |  | 216200 | 0 | 3074 | 3074 | 0 | (87) |
|  Pay | 1-Year BRL-CDI | 11.113 | Maturity | 01/02/2029 |  | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Year BRL-CDI | 11.131 | Maturity | 01/02/2029 |  | 181000 | 0 | 2465 | 2465 | 0 | (72) |
|  Pay | 1-Year BRL-CDI | 11.140 | Maturity | 01/02/2029 |  | 381700 | 0 | (5575) | (5575) | 153 | 0 |
|  Pay | 1-Year BRL-CDI | 11.180 | Maturity | 01/02/2029 |  | 120200 | (185) | (1403) | (1588) | 48 | 0 |
|  Pay | 1-Year BRL-CDI | 11.344 | Maturity | 01/02/2029 |  | 292600 | 0 | (3925) | (3925) | 116 | 0 |
|  Pay | 1-Year BRL-CDI | 11.394 | Maturity | 01/02/2029 |  | 374800 | 0 | (4918) | (4918) | 149 | 0 |
|  Receive | 1-Year BRL-CDI | 11.460 | Maturity | 01/02/2029 |  | 256500 | 0 | 3018 | 3018 | 0 | (100) |
|  Pay | 1-Year BRL-CDI | 11.465 | Maturity | 01/02/2029 |  | 133000 | 0 | (1615) | (1615) | 52 | 0 |
|  Pay | 1-Year BRL-CDI | 11.542 | Maturity | 01/02/2029 |  | 177900 | 0 | (2028) | (2028) | 69 | 0 |
|  Pay | 1-Year BRL-CDI | 11.550 | Maturity | 01/02/2029 |  | 295300 | 0 | (3424) | (3424) | 115 | 0 |
|  Pay | 1-Year BRL-CDI | 11.695 | Maturity | 01/02/2029 |  | 381100 | 0 | (4318) | (4318) | 148 | 0 |
|  Pay | 1-Year BRL-CDI | 11.790 | Maturity | 01/02/2029 |  | 173000 | 0 | (1783) | (1783) | 67 | 0 |
|  Pay | 1-Year BRL-CDI | 11.843 | Maturity | 01/02/2029 |  | 219000 | 0 | (2237) | (2237) | 84 | 0 |
|  Pay | 1-Year BRL-CDI | 11.872 | Maturity | 01/02/2029 |  | 724000 | 0 | (7493) | (7493) | 279 | 0 |
|  Pay | 1-Year BRL-CDI | 11.975 | Maturity | 01/02/2029 |  | 179700 | 0 | (1749) | (1749) | 69 | 0 |
|  Receive | 1-Year BRL-CDI | 12.003 | Maturity | 01/02/2029 |  | 207700 | 0 | 2011 | 2011 | 0 | (80) |
|  Pay | 1-Year BRL-CDI | 12.080 | Maturity | 01/02/2029 |  | 136000 | (105) | (1117) | (1222) | 52 | 0 |
|  Pay | 1-Year BRL-CDI | 12.094 | Maturity | 01/02/2029 |  | 825100 | 0 | (7461) | (7461) | 314 | 0 |
|  Pay | 1-Year BRL-CDI | 12.226 | Maturity | 01/02/2029 |  | 154100 | 0 | (1272) | (1272) | 58 | 0 |
|  Receive | 1-Year BRL-CDI | 12.393 | Maturity | 01/02/2029 |  | 142800 | 0 | 1147 | 1147 | 0 | (54) |
|  Pay | 1-Year BRL-CDI | 12.492 | Maturity | 01/02/2029 |  | 165500 | 0 | (1108) | (1108) | 62 | 0 |
|  Pay | 1-Year BRL-CDI | 12.597 | Maturity | 01/02/2029 |  | 331500 | 0 | (2019) | (2019) | 122 | 0 |
|  Receive | 1-Year BRL-CDI | 12.635 | Maturity | 01/02/2029 |  | 167200 | 0 | 1185 | 1185 | 0 | (62) |
|  Pay | 1-Year BRL-CDI | 12.677 | Maturity | 01/02/2029 |  | 232000 | 0 | (1310) | (1310) | 85 | 0 |
|  Receive | 1-Year BRL-CDI | 12.805 | Maturity | 01/02/2029 |  | 176400 | 0 | 1128 | 1128 | 0 | (65) |
|  Receive | 1-Year BRL-CDI | 13.030 | Maturity | 01/02/2029 |  | 159700 | 0 | 892 | 892 | 0 | (59) |
|  Pay | 1-Year BRL-CDI | 13.240 | Maturity | 01/02/2029 |  | 170400 | 0 | (807) | (807) | 62 | 0 |
|  Pay | 1-Year BRL-CDI | 13.705 | Maturity | 01/02/2029 |  | 279600 | 0 | (818) | (818) | 100 | 0 |
|  Pay | 1-Year BRL-CDI | 14.275 | Maturity | 01/02/2029 |  | 282500 | 0 | (297) | (297) | 99 | 0 |
|  Pay | 1-Year BRL-CDI | 15.343 | Maturity | 01/02/2029 |  | 557100 | 0 | 1813 | 1813 | 186 | 0 |
|  Pay | 1-Year BRL-CDI | 14.450 | Maturity | 01/02/2031 |  | 106100 | (150) | 63 | (87) | 30 | 0 |
|  Receive | 1-Year BRL-CDI | 14.605 | Maturity | 01/02/2031 |  | 683800 | (386) | 507 | 121 | 0 | (190) |
|  Pay<sup>(5)</sup> | 3-Month AUD-BBR-BBSW | 3.500 | Quarterly | 09/17/2027 | AUD | 138700 | (191) | 144 | (47) | 176 | 0 |
|  Receive<sup>(5)</sup> | 3-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/17/2035 |  | 48000 | (322) | (114) | (436) | 0 | (260) |
|  Pay<sup>(5)</sup> | 3-Month CNY-CNREPOFIX | 1.500 | Quarterly | 09/17/2030 | CNY | 687000 | (761) | 393 | (368) | 0 | (6) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 10.200 | Quarterly | 09/26/2027 | COP | 229000000 | 0 | (2193) | (2193) | 0 | (47) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 10.478 | Quarterly | 09/29/2027 |  | 283667000 | 0 | (3136) | (3136) | 0 | (54) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 10.390 | Quarterly | 09/30/2027 |  | 277488000 | 0 | (2940) | (2940) | 0 | (53) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 10.810 | Quarterly | 10/14/2027 |  | 110710000 | 0 | (1537) | (1537) | 0 | (24) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 10.920 | Quarterly | 10/18/2027 |  | 56554300 | 0 | (825) | (825) | 0 | (17) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 10.210 | Quarterly | 11/18/2027 |  | 50952000 | 0 | 527 | 527 | 12 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 10.420 | Quarterly | 11/21/2027 |  | 101120000 | 0 | 1173 | 1173 | 24 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 10.430 | Quarterly | 11/21/2027 |  | 104020000 | 0 | 1213 | 1213 | 24 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 10.443 | Quarterly | 11/21/2027 |  | 313549000 | 0 | 3678 | 3678 | 74 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 10.260 | Quarterly | 12/16/2027 |  | 252299000 | 0 | (2692) | (2692) | 0 | (62) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 9.140 | Quarterly | 02/07/2028 |  | 386860000 | 0 | 1652 | 1652 | 100 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.970 | Quarterly | 02/08/2028 |  | 86586300 | 0 | 277 | 277 | 22 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.990 | Quarterly | 02/08/2028 |  | 211015000 | 0 | 701 | 701 | 54 | 0 |

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **17** |

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Consolidated Schedule of Investments PIMCO TRENDS Managed Futures Strategy Fund (Cont.)

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.992% | Quarterly | 02/08/2028 | COP | 216642000 | $0 | $722 | $722 | $55 | $0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 9.040 | Quarterly | 02/08/2028 |  | 43609700 | 0 | 159 | 159 | 11 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 10.240 | Quarterly | 02/24/2028 |  | 624000000 | 0 | (7039) | (7039) | 0 | (179) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 9.980 | Quarterly | 03/13/2028 |  | 237248000 | 0 | (2288) | (2288) | 0 | (70) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 9.220 | Quarterly | 03/23/2028 |  | 210000000 | 0 | 1020 | 1020 | 60 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.985 | Quarterly | 03/24/2028 |  | 123000000 | 0 | 416 | 416 | 35 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 9.020 | Quarterly | 03/24/2028 |  | 71974300 | 0 | 259 | 259 | 20 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 9.050 | Quarterly | 03/24/2028 |  | 105785000 | 0 | 401 | 401 | 30 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.750 | Quarterly | 03/27/2028 |  | 79094500 | 0 | 151 | 151 | 22 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.880 | Quarterly | 03/27/2028 |  | 121000000 | 0 | 330 | 330 | 34 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.700 | Quarterly | 04/10/2028 |  | 49330700 | 0 | 69 | 69 | 14 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.588 | Quarterly | 04/11/2028 |  | 257194000 | 0 | 166 | 166 | 73 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.106 | Quarterly | 06/15/2028 |  | 170162000 | 0 | (419) | (419) | 51 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.730 | Quarterly | 06/28/2028 |  | 191854100 | 120 | (1074) | (954) | 58 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.040 | Quarterly | 08/09/2028 |  | 233800000 | 0 | 784 | 784 | 0 | (74) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.130 | Quarterly | 08/22/2028 |  | 130626000 | (432) | 779 | 347 | 0 | (42) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.960 | Quarterly | 09/01/2028 |  | 174157000 | 0 | 676 | 676 | 0 | (56) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.943 | Quarterly | 09/27/2028 |  | 190441000 | 0 | (617) | (617) | 0 | (67) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 9.220 | Quarterly | 10/02/2028 |  | 110060000 | 0 | (586) | (586) | 0 | (40) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 9.370 | Quarterly | 10/02/2028 |  | 427600000 | 0 | (2776) | (2776) | 0 | (156) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 9.260 | Quarterly | 10/10/2028 |  | 67180000 | 0 | (379) | (379) | 0 | (24) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 9.650 | Quarterly | 10/11/2028 |  | 156650000 | 0 | (1355) | (1355) | 0 | (58) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 9.700 | Quarterly | 10/11/2028 |  | 115000000 | 0 | (1039) | (1039) | 0 | (43) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 9.374 | Quarterly | 10/12/2028 |  | 178710000 | 0 | (1165) | (1165) | 0 | (65) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.338 | Quarterly | 11/09/2028 |  | 201055000 | 0 | (289) | (289) | 70 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.128 | Quarterly | 11/10/2028 |  | 136336000 | 0 | (418) | (418) | 47 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.070 | Quarterly | 11/14/2028 |  | 361981000 | 0 | (1266) | (1266) | 124 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.188 | Quarterly | 11/15/2028 |  | 148317000 | 0 | (382) | (382) | 51 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.260 | Quarterly | 11/15/2028 |  | 155600000 | 0 | (314) | (314) | 54 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.830 | Quarterly | 12/13/2028 |  | 188131000 | 0 | (992) | (992) | 65 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.325 | Quarterly | 01/23/2029 |  | 144518000 | 0 | (1447) | (1447) | 50 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.415 | Quarterly | 02/16/2029 |  | 134216000 | 0 | (1231) | (1231) | 47 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.450 | Quarterly | 02/26/2029 |  | 172200000 | 0 | 1528 | 1528 | 0 | (61) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.520 | Quarterly | 03/01/2029 |  | 115906800 | (159) | (801) | (960) | 42 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.440 | Quarterly | 03/14/2029 |  | 124000000 | 0 | 1104 | 1104 | 0 | (45) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.550 | Quarterly | 03/18/2029 |  | 106812000 | (927) | 71 | (856) | 39 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.950 | Quarterly | 04/05/2029 |  | 107460000 | 0 | 580 | 580 | 0 | (41) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.885 | Quarterly | 04/08/2029 |  | 157944000 | 0 | 943 | 943 | 0 | (61) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.927 | Quarterly | 04/09/2029 |  | 80595200 | 0 | 452 | 452 | 0 | (31) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.120 | Quarterly | 04/10/2029 |  | 62685100 | 0 | 247 | 247 | 0 | (24) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.080 | Quarterly | 04/11/2029 |  | 131919000 | 0 | 564 | 564 | 0 | (51) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.150 | Quarterly | 04/11/2029 |  | 105781000 | 0 | 389 | 389 | 0 | (41) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.435 | Quarterly | 04/12/2029 |  | 291705900 | (636) | 997 | 361 | 0 | (116) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.480 | Quarterly | 04/12/2029 |  | 193000000 | 0 | 164 | 164 | 0 | (77) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.567 | Quarterly | 04/15/2029 |  | 165098000 | 0 | 18 | 18 | 0 | (67) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.449 | Quarterly | 04/16/2029 |  | 186273000 | 0 | 209 | 209 | 0 | (74) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.771 | Quarterly | 04/18/2029 |  | 191093000 | 0 | (315) | (315) | 0 | (78) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.914 | Quarterly | 05/24/2029 |  | 236282000 | 0 | (1324) | (1324) | 95 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.035 | Quarterly | 05/28/2029 |  | 119902000 | 0 | (548) | (548) | 49 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.370 | Quarterly | 08/08/2029 |  | 173163000 | 0 | (1897) | (1897) | 75 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.335 | Quarterly | 08/09/2029 |  | 113178000 | 0 | (1276) | (1276) | 49 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.340 | Quarterly | 08/09/2029 |  | 56589100 | 0 | (636) | (636) | 24 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.360 | Quarterly | 08/09/2029 |  | 171465000 | 0 | (1896) | (1896) | 74 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.400 | Quarterly | 08/09/2029 |  | 113913900 | 0 | (1219) | (1219) | 49 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.436 | Quarterly | 08/12/2029 |  | 104241000 | 0 | (1083) | (1083) | 45 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.275 | Quarterly | 08/13/2029 |  | 78180800 | 0 | (923) | (923) | 34 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.220 | Quarterly | 08/14/2029 |  | 118934000 | 0 | (1462) | (1462) | 51 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.090 | Quarterly | 08/15/2029 |  | 89351100 | 0 | (1198) | (1198) | 38 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.175 | Quarterly | 08/22/2029 |  | 120467000 | 0 | (1523) | (1523) | 52 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.000 | Quarterly | 09/19/2029 |  | 138354000 | 0 | (1957) | (1957) | 62 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.546 | Quarterly | 10/17/2029 |  | 137953000 | 0 | 1399 | 1399 | 0 | (66) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.595 | Quarterly | 10/18/2029 |  | 69142700 | 0 | 667 | 667 | 0 | (33) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.650 | Quarterly | 10/18/2029 |  | 69807800 | 0 | 637 | 637 | 0 | (34) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.746 | Quarterly | 10/21/2029 |  | 124534000 | 0 | 1028 | 1028 | 0 | (61) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.805 | Quarterly | 10/22/2029 |  | 93400000 | 0 | 719 | 719 | 0 | (46) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.930 | Quarterly | 10/23/2029 |  | 115913000 | 0 | 757 | 757 | 0 | (57) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.047 | Quarterly | 10/24/2029 |  | 195723000 | 0 | 1063 | 1063 | 0 | (97) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.105 | Quarterly | 10/25/2029 |  | 140225000 | 0 | 684 | 684 | 0 | (70) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.105 | Quarterly | 10/28/2029 |  | 294006000 | 0 | 1438 | 1438 | 0 | (147) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.250 | Quarterly | 10/30/2029 |  | 108582000 | 0 | 383 | 383 | 0 | (55) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.180 | Quarterly | 11/01/2029 |  | 107569000 | 0 | 448 | 448 | 0 | (54) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.240 | Quarterly | 11/05/2029 |  | 107076000 | 0 | 387 | 387 | 0 | (54) |

---

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| | | |
|:---|:---|:---|
| **18** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** | See Accompanying Notes |

---

------

March 31, 2025

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.310% | Quarterly | 03/19/2030 | COP | 129354000 | $0 | $(427) | $(427) | $76 | $0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.470 | Quarterly | 03/19/2030 |  | 110600000 | 0 | (195) | (195) | 66 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.225 | Quarterly | 06/18/2030 |  | 105000000 | 0 | (433) | (433) | 66 | 0 |
|  Pay<sup>(5)</sup> | 3-Month HKD-HIBOR | 3.500 | Quarterly | 09/17/2030 | HKD | 49320 | 21 | 54 | 75 | 51 | 0 |
|  Receive | 3-Month ILS-TELBOR | 2.450 | Annual | 05/20/2027 | ILS | 352700 | 4674 | (3054) | 1620 | 0 | (37) |
|  Receive | 3-Month ILS-TELBOR | 2.390 | Annual | 05/27/2027 |  | 232900 | 3237 | (2068) | 1169 | 0 | (25) |
|  Receive | 3-Month ILS-TELBOR | 2.670 | Annual | 07/15/2027 |  | 145600 | 1647 | (818) | 829 | 0 | (19) |
|  Receive | 3-Month ILS-TELBOR | 2.666 | Annual | 07/18/2027 |  | 307600 | 3478 | (1742) | 1736 | 0 | (39) |
|  Pay | 3-Month ILS-TELBOR | 3.260 | Annual | 11/18/2027 |  | 557400 | 268 | (2311) | (2043) | 96 | 0 |
|  Receive | 3-Month ILS-TELBOR | 3.670 | Annual | 12/30/2027 |  | 151900 | 0 | 70 | 70 | 0 | (30) |
|  Receive | 3-Month ILS-TELBOR | 3.650 | Annual | 01/02/2028 |  | 150800 | 0 | 543 | 543 | 0 | (30) |
|  Receive | 3-Month ILS-TELBOR | 3.570 | Annual | 01/05/2028 |  | 257800 | 422 | 656 | 1078 | 0 | (51) |
|  Receive | 3-Month ILS-TELBOR | 3.475 | Annual | 01/06/2028 |  | 64300 | 176 | 139 | 315 | 0 | (13) |
|  Receive | 3-Month ILS-TELBOR | 3.980 | Annual | 02/23/2028 |  | 68400 | (228) | 289 | 61 | 0 | (15) |
|  Receive | 3-Month ILS-TELBOR | 4.030 | Annual | 02/24/2028 |  | 375300 | (1472) | 1666 | 194 | 0 | (81) |
|  Receive | 3-Month ILS-TELBOR | 4.039 | Annual | 02/24/2028 |  | 83200 | (335) | 372 | 37 | 0 | (18) |
|  Pay | 3-Month ILS-TELBOR | 3.870 | Annual | 03/16/2028 |  | 255500 | 790 | (1207) | (417) | 58 | 0 |
|  Pay | 3-Month ILS-TELBOR | 3.590 | Annual | 03/31/2028 |  | 193000 | 0 | (707) | (707) | 45 | 0 |
|  Pay | 3-Month ILS-TELBOR | 3.530 | Annual | 04/03/2028 |  | 276800 | (143) | 806 | 663 | 65 | 0 |
|  Receive | 3-Month ILS-TELBOR | 3.590 | Annual | 05/18/2028 |  | 234400 | (143) | (599) | (742) | 0 | (57) |
|  Receive | 3-Month ILS-TELBOR | 3.525 | Annual | 06/20/2028 |  | 35300 | 176 | (266) | (90) | 0 | (9) |
|  Receive | 3-Month ILS-TELBOR | 3.800 | Annual | 08/18/2028 |  | 247300 | 1028 | (1656) | (628) | 0 | (70) |
|  Receive | 3-Month ILS-TELBOR | 4.460 | Annual | 10/02/2028 |  | 361500 | 0 | (2232) | (2232) | 0 | (118) |
|  Pay | 3-Month ILS-TELBOR | 3.770 | Annual | 10/18/2028 |  | 160500 | 0 | (95) | (95) | 49 | 0 |
|  Pay | 3-Month ILS-TELBOR | 3.915 | Annual | 10/19/2028 |  | 283700 | 0 | 224 | 224 | 88 | 0 |
|  Pay | 3-Month ILS-TELBOR | 3.980 | Annual | 10/19/2028 |  | 118900 | 0 | 170 | 170 | 37 | 0 |
|  Pay | 3-Month ILS-TELBOR | 3.515 | Annual | 11/22/2028 |  | 300000 | 0 | (898) | (898) | 94 | 0 |
|  Pay | 3-Month ILS-TELBOR | 3.460 | Annual | 11/23/2028 |  | 322900 | 0 | (1159) | (1159) | 101 | 0 |
|  Pay | 3-Month ILS-TELBOR | 3.440 | Annual | 11/24/2028 |  | 244600 | 537 | (1456) | (919) | 77 | 0 |
|  Pay | 3-Month ILS-TELBOR | 3.460 | Annual | 11/24/2028 |  | 456600 | 0 | (1625) | (1625) | 144 | 0 |
|  Receive | 3-Month ILS-TELBOR | 3.680 | Annual | 01/24/2029 |  | 298500 | 0 | 1263 | 1263 | 0 | (102) |
|  Receive | 3-Month ILS-TELBOR | 3.740 | Annual | 01/25/2029 |  | 176300 | 0 | 641 | 641 | 0 | (61) |
|  Receive | 3-Month ILS-TELBOR | 3.700 | Annual | 01/29/2029 |  | 340300 | 0 | 1369 | 1369 | 0 | (117) |
|  Receive | 3-Month ILS-TELBOR | 3.704 | Annual | 01/29/2029 |  | 96700 | 0 | 385 | 385 | 0 | (33) |
|  Receive | 3-Month ILS-TELBOR | 3.825 | Annual | 03/18/2029 |  | 235200 | 0 | 621 | 621 | 0 | (87) |
|  Receive | 3-Month ILS-TELBOR | 3.855 | Annual | 03/19/2029 |  | 233000 | 0 | 544 | 544 | 0 | (86) |
|  Receive | 3-Month ILS-TELBOR | 3.920 | Annual | 03/20/2029 |  | 214100 | 0 | 363 | 363 | 0 | (80) |
|  Receive | 3-Month ILS-TELBOR | 3.930 | Annual | 03/21/2029 |  | 331100 | 165 | 364 | 529 | 0 | (123) |
|  Pay | 3-Month ILS-TELBOR | 4.515 | Annual | 04/22/2029 |  | 286800 | 0 | 3818 | 3818 | 114 | 0 |
|  Pay | 3-Month ILS-TELBOR | 4.430 | Annual | 04/25/2029 |  | 286800 | 0 | 3525 | 3525 | 113 | 0 |
|  Pay | 3-Month ILS-TELBOR | 4.360 | Annual | 05/02/2029 |  | 721100 | 563 | 7685 | 8248 | 285 | 0 |
|  Pay | 3-Month ILS-TELBOR | 4.370 | Annual | 05/02/2029 |  | 356400 | 0 | 4121 | 4121 | 141 | 0 |
|  Receive | 3-Month ILS-TELBOR | 4.140 | Annual | 07/24/2029 |  | 164100 | 0 | (951) | (951) | 0 | (69) |
|  Receive | 3-Month ILS-TELBOR | 4.440 | Annual | 10/22/2029 |  | 32200 | 0 | (211) | (211) | 0 | (15) |
|  Pay | 3-Month ILS-TELBOR | 3.995 | Annual | 02/05/2030 |  | 555700 | 155 | (1091) | (936) | 272 | 0 |
|  Pay | 3-Month ILS-TELBOR | 4.140 | Annual | 04/02/2030 |  | 207200 | 0 | (37) | (37) | 0 | (37) |
|  Pay | 3-Month KRW-KORIBOR | 2.500 | Quarterly | 09/17/2030 | KRW | 171092000 | (411) | 126 | (285) | 425 | 0 |
|  Receive | 3-Month PLN-WIBOR | 4.650 | Annual | 08/05/2029 | PLN | 520800 | 1815 | (4797) | (2982) | 0 | (352) |
|  Receive | 3-Month PLN-WIBOR | 4.715 | Annual | 10/10/2029 |  | 208000 | 0 | 118 | 118 | 0 | (165) |
|  Receive | 3-Month PLN-WIBOR | 4.709 | Annual | 10/11/2029 |  | 311800 | 28 | 167 | 195 | 0 | (247) |
|  Receive | 3-Month PLN-WIBOR | 4.770 | Annual | 10/17/2029 |  | 568000 | 736 | (807) | (71) | 0 | (450) |
|  Receive | 3-Month PLN-WIBOR | 4.904 | Annual | 12/20/2029 |  | 366800 | 184 | (1010) | (826) | 0 | (289) |
|  Pay | 3-Month PLN-WIBOR | 4.855 | Annual | 02/10/2030 |  | 159100 | (51) | 381 | 330 | 133 | 0 |
|  Receive | 3-Month PLN-WIBOR | 4.910 | Annual | 02/10/2030 |  | 157700 | 13 | (438) | (425) | 0 | (132) |
|  Pay | 3-Month PLN-WIBOR | 4.695 | Annual | 03/28/2030 |  | 404700 | 0 | 275 | 275 | 379 | 0 |
|  Pay | 3-Month PLN-WIBOR | 4.665 | Annual | 03/31/2030 |  | 129300 | 0 | 47 | 47 | 121 | 0 |
|  Pay | 3-Month PLN-WIBOR | 4.670 | Annual | 03/31/2030 |  | 17200 | 0 | 7 | 7 | 16 | 0 |
|  Pay | 3-Month PLN-WIBOR | 4.692 | Annual | 03/31/2030 |  | 116400 | 0 | 78 | 78 | 109 | 0 |
|  Pay | 3-Month TWD-TAIBOR | 1.750 | Quarterly | 09/17/2030 | TWD | 689500 | (111) | 60 | (51) | 62 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 7.740 | Quarterly | 08/17/2027 | ZAR | 2516600 | 4821 | (5873) | (1052) | 0 | (108) |
|  Pay | 3-Month ZAR-JIBAR | 8.055 | Quarterly | 11/14/2027 |  | 790100 | 0 | 679 | 679 | 38 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 7.900 | Quarterly | 01/06/2028 |  | 1432000 | 0 | 942 | 942 | 76 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 7.730 | Quarterly | 01/09/2028 |  | 1432000 | 0 | 580 | 580 | 74 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 7.705 | Quarterly | 01/10/2028 |  | 4619000 | 242 | 1465 | 1707 | 240 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 8.205 | Quarterly | 02/17/2028 |  | 1895000 | 0 | (2117) | (2117) | 0 | (87) |
|  Receive | 3-Month ZAR-JIBAR | 8.375 | Quarterly | 02/23/2028 |  | 1400000 | 0 | (1908) | (1908) | 0 | (78) |
|  Receive | 3-Month ZAR-JIBAR | 8.395 | Quarterly | 02/23/2028 |  | 1110000 | 0 | (1545) | (1545) | 0 | (62) |
|  Pay | 3-Month ZAR-JIBAR | 8.430 | Quarterly | 02/23/2028 |  | 742000 | 924 | 147 | 1071 | 42 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 8.465 | Quarterly | 02/23/2028 |  | 1542600 | 0 | (2306) | (2306) | 0 | (86) |
|  Receive | 3-Month ZAR-JIBAR | 8.120 | Quarterly | 03/13/2028 |  | 891100 | 642 | (1518) | (876) | 0 | (51) |
|  Receive | 3-Month ZAR-JIBAR | 8.510 | Quarterly | 04/25/2028 |  | 744800 | 0 | (1222) | (1222) | 0 | (46) |
|  Receive | 3-Month ZAR-JIBAR | 8.560 | Quarterly | 04/25/2028 |  | 2084600 | 0 | (3584) | (3584) | 0 | (129) |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **19** |

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------

Consolidated Schedule of Investments PIMCO TRENDS Managed Futures Strategy Fund (Cont.)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 3-Month ZAR-JIBAR | 8.950% | Quarterly | 05/11/2028 | ZAR | 1009500 | $665 | $(3026) | $(2361) | $0 | $(65) |
|  Receive | 3-Month ZAR-JIBAR | 9.350 | Quarterly | 05/18/2028 |  | 805900 | (494) | (1895) | (2389) | 0 | (53) |
|  Pay | 3-Month ZAR-JIBAR | 9.185 | Quarterly | 06/12/2028 |  | 2192400 | 2151 | 3744 | 5895 | 152 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.411 | Quarterly | 07/19/2028 |  | 2018200 | (22) | 3130 | 3108 | 141 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.370 | Quarterly | 07/20/2028 |  | 2488800 | (70) | 3732 | 3662 | 174 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.291 | Quarterly | 07/27/2028 |  | 561000 | 0 | 751 | 751 | 39 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.305 | Quarterly | 07/27/2028 |  | 990000 | 0 | 1349 | 1349 | 69 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.310 | Quarterly | 07/27/2028 |  | 561000 | 0 | 769 | 769 | 39 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.330 | Quarterly | 07/27/2028 |  | 633600 | 0 | 890 | 890 | 45 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 8.700 | Quarterly | 08/22/2028 |  | 1371700 | 0 | (2767) | (2767) | 0 | (102) |
|  Receive | 3-Month ZAR-JIBAR | 8.550 | Quarterly | 08/23/2028 |  | 1631100 | 0 | (2882) | (2882) | 0 | (121) |
|  Receive | 3-Month ZAR-JIBAR | 8.625 | Quarterly | 08/23/2028 |  | 1254700 | 0 | (2375) | (2375) | 0 | (93) |
|  Pay | 3-Month ZAR-JIBAR | 8.220 | Quarterly | 08/30/2028 |  | 1336800 | 0 | 1621 | 1621 | 98 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.205 | Quarterly | 08/31/2028 |  | 120100 | 0 | 143 | 143 | 9 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 8.220 | Quarterly | 08/31/2028 |  | 2590400 | 3334 | (6475) | (3141) | 0 | (191) |
|  Pay | 3-Month ZAR-JIBAR | 8.225 | Quarterly | 08/31/2028 |  | 1033600 | 0 | 1262 | 1262 | 76 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 9.090 | Quarterly | 09/28/2028 |  | 2950100 | 22 | (7834) | (7812) | 0 | (248) |
|  Pay | 3-Month ZAR-JIBAR | 8.355 | Quarterly | 11/03/2028 |  | 2116900 | (125) | 3287 | 3162 | 175 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.360 | Quarterly | 11/06/2028 |  | 1355200 | 0 | 2031 | 2031 | 112 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.352 | Quarterly | 11/09/2028 |  | 3142900 | 825 | 3830 | 4655 | 261 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.250 | Quarterly | 11/22/2028 |  | 1351100 | 92 | 1646 | 1738 | 114 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 8.130 | Quarterly | 01/25/2029 |  | 3412500 | 385 | (4081) | (3696) | 0 | (317) |
|  Receive | 3-Month ZAR-JIBAR | 8.645 | Quarterly | 04/02/2029 |  | 1363400 | 0 | (2891) | (2891) | 0 | (144) |
|  Receive | 3-Month ZAR-JIBAR | 8.650 | Quarterly | 04/02/2029 |  | 687500 | 0 | (1464) | (1464) | 0 | (73) |
|  Receive | 3-Month ZAR-JIBAR | 8.670 | Quarterly | 04/02/2029 |  | 1369300 | 0 | (2972) | (2972) | 0 | (145) |
|  Receive | 3-Month ZAR-JIBAR | 8.649 | Quarterly | 04/03/2029 |  | 982000 | 0 | (2089) | (2089) | 0 | (104) |
|  Receive | 3-Month ZAR-JIBAR | 8.880 | Quarterly | 04/11/2029 |  | 1181400 | 0 | (3049) | (3049) | 0 | (127) |
|  Pay | 3-Month ZAR-JIBAR | 8.820 | Quarterly | 04/12/2029 |  | 47100 | 127 | (11) | 116 | 5 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.530 | Quarterly | 05/16/2029 |  | 1509600 | 0 | 2801 | 2801 | 164 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.510 | Quarterly | 05/17/2029 |  | 1894200 | 101 | 3339 | 3440 | 206 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.541 | Quarterly | 05/17/2029 |  | 1263400 | 0 | 2372 | 2372 | 137 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.459 | Quarterly | 05/22/2029 |  | 2158300 | 0 | 3682 | 3682 | 235 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.276 | Quarterly | 06/14/2029 |  | 982300 | 0 | 1299 | 1299 | 111 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 7.560 | Quarterly | 08/23/2029 |  | 672800 | (16) | 128 | 112 | 0 | (78) |
|  Receive | 6-Month CLP-CHILIBOR | 6.000 | Semi-Annual | 02/16/2028 | CLP | 45622900 | 0 | (1436) | (1436) | 0 | (52) |
|  Receive | 6-Month CLP-CHILIBOR | 6.370 | Semi-Annual | 03/03/2028 |  | 35480300 | 0 | (1507) | (1507) | 0 | (43) |
|  Receive | 6-Month CLP-CHILIBOR | 6.380 | Semi-Annual | 03/03/2028 |  | 37609100 | 0 | (1609) | (1609) | 0 | (46) |
|  Receive | 6-Month CLP-CHILIBOR | 6.490 | Semi-Annual | 03/06/2028 |  | 76219100 | 0 | (3508) | (3508) | 0 | (93) |
|  Receive | 6-Month CLP-CHILIBOR | 6.320 | Semi-Annual | 03/07/2028 |  | 36032800 | 0 | (1475) | (1475) | 0 | (42) |
|  Receive | 6-Month CLP-CHILIBOR | 6.385 | Semi-Annual | 03/07/2028 |  | 22932900 | 0 | (983) | (983) | 0 | (27) |
|  Pay | 6-Month CLP-CHILIBOR | 5.458 | Semi-Annual | 03/20/2028 |  | 65873400 | 0 | 1011 | 1011 | 77 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.293 | Semi-Annual | 03/21/2028 |  | 39594200 | 0 | 414 | 414 | 46 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.300 | Semi-Annual | 03/22/2028 |  | 81002200 | (52) | 916 | 864 | 94 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.380 | Semi-Annual | 03/24/2028 |  | 4680000 | 1 | (61) | (60) | 0 | (5) |
|  Pay | 6-Month CLP-CHILIBOR | 5.830 | Semi-Annual | 04/25/2028 |  | 14103200 | 112 | 309 | 421 | 16 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.798 | Semi-Annual | 05/31/2028 |  | 74694800 | 0 | (2150) | (2150) | 0 | (94) |
|  Receive | 6-Month CLP-CHILIBOR | 5.650 | Semi-Annual | 06/01/2028 |  | 37896200 | 0 | (896) | (896) | 0 | (47) |
|  Receive | 6-Month CLP-CHILIBOR | 5.699 | Semi-Annual | 06/01/2028 |  | 63930000 | 0 | (1619) | (1619) | 0 | (79) |
|  Pay | 6-Month CLP-CHILIBOR | 5.290 | Semi-Annual | 06/13/2028 |  | 22913200 | 0 | 257 | 257 | 28 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.230 | Semi-Annual | 06/14/2028 |  | 23240900 | 0 | 213 | 213 | 28 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.237 | Semi-Annual | 06/14/2028 |  | 31615500 | 0 | 297 | 297 | 39 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.158 | Semi-Annual | 06/15/2028 |  | 106783000 | 0 | 712 | 712 | 130 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.133 | Semi-Annual | 06/23/2028 |  | 42954000 | 0 | 249 | 249 | 52 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.160 | Semi-Annual | 07/13/2028 |  | 42308500 | 0 | 281 | 281 | 52 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.310 | Semi-Annual | 08/07/2028 |  | 40390400 | 0 | 471 | 471 | 50 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.455 | Semi-Annual | 08/16/2028 |  | 90919100 | (24) | (1482) | (1506) | 0 | (114) |
|  Receive | 6-Month CLP-CHILIBOR | 5.540 | Semi-Annual | 08/17/2028 |  | 62110300 | 0 | (1210) | (1210) | 0 | (79) |
|  Receive | 6-Month CLP-CHILIBOR | 5.550 | Semi-Annual | 08/17/2028 |  | 62110300 | 0 | (1232) | (1232) | 0 | (79) |
|  Receive | 6-Month CLP-CHILIBOR | 5.490 | Semi-Annual | 08/18/2028 |  | 35696400 | 0 | (635) | (635) | 0 | (45) |
|  Receive | 6-Month CLP-CHILIBOR | 5.590 | Semi-Annual | 08/21/2028 |  | 71214300 | 0 | (1508) | (1508) | 0 | (90) |
|  Receive | 6-Month CLP-CHILIBOR | 5.530 | Semi-Annual | 08/22/2028 |  | 36186400 | 0 | (691) | (691) | 0 | (46) |
|  Receive | 6-Month CLP-CHILIBOR | 5.631 | Semi-Annual | 08/23/2028 |  | 85645900 | 0 | (1933) | (1933) | 0 | (109) |
|  Receive | 6-Month CLP-CHILIBOR | 5.750 | Semi-Annual | 09/28/2028 |  | 3465400 | (123) | 32 | (91) | 0 | (5) |
|  Pay | 6-Month CLP-CHILIBOR | 5.655 | Semi-Annual | 11/08/2028 |  | 43000000 | 0 | 1103 | 1103 | 56 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.475 | Semi-Annual | 11/13/2028 |  | 58866200 | 0 | 1094 | 1094 | 75 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.540 | Semi-Annual | 11/14/2028 |  | 24248300 | 40 | 473 | 513 | 31 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 4.945 | Semi-Annual | 12/06/2028 |  | 41321800 | 0 | (89) | (89) | 50 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 4.886 | Semi-Annual | 12/11/2028 |  | 58952800 | 0 | (263) | (263) | 71 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 4.899 | Semi-Annual | 12/11/2028 |  | 28746500 | 0 | (113) | (113) | 35 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.009 | Semi-Annual | 12/12/2028 |  | 90439600 | 0 | 33 | 33 | 110 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 4.649 | Semi-Annual | 12/20/2028 |  | 56499300 | 25 | (797) | (772) | 67 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 4.517 | Semi-Annual | 02/01/2029 |  | 38802000 | 0 | (736) | (736) | 45 | 0 |

---

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** | See Accompanying Notes |

---

------

March 31, 2025

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 6-Month CLP-CHILIBOR | 4.439% | Semi-Annual | 02/02/2029 | CLP | 66291000 | $0 | $(1458) | $(1458) | $76 | $0 |
|  Pay | 6-Month CLP-CHILIBOR | 4.398 | Semi-Annual | 02/06/2029 |  | 52148000 | 0 | (1232) | (1232) | 59 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.815 | Semi-Annual | 02/15/2029 |  | 67641700 | 0 | 506 | 506 | 0 | (79) |
|  Receive | 6-Month CLP-CHILIBOR | 4.810 | Semi-Annual | 02/16/2029 |  | 39267900 | 0 | 301 | 301 | 0 | (46) |
|  Receive | 6-Month CLP-CHILIBOR | 4.965 | Semi-Annual | 03/01/2029 |  | 202464900 | (37) | 393 | 356 | 0 | (242) |
|  Pay | 6-Month CLP-CHILIBOR | 5.000 | Semi-Annual | 03/04/2029 |  | 9789000 | (67) | 64 | (3) | 11 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.970 | Semi-Annual | 03/25/2029 |  | 125928000 | 0 | 219 | 219 | 0 | (149) |
|  Receive | 6-Month CLP-CHILIBOR | 5.200 | Semi-Annual | 04/04/2029 |  | 81405600 | 0 | (579) | (579) | 0 | (98) |
|  Pay | 6-Month CLP-CHILIBOR | 4.869 | Semi-Annual | 05/09/2029 |  | 73022400 | 0 | (521) | (521) | 85 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 4.900 | Semi-Annual | 06/10/2029 |  | 38418200 | 0 | (222) | (222) | 46 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.270 | Semi-Annual | 06/25/2029 |  | 34100000 | 0 | (349) | (349) | 0 | (43) |
|  Receive | 6-Month CLP-CHILIBOR | 5.350 | Semi-Annual | 06/28/2029 |  | 42899000 | 0 | (587) | (587) | 0 | (54) |
|  Pay | 6-Month CLP-CHILIBOR | 4.740 | Semi-Annual | 08/07/2029 |  | 23921300 | 0 | (309) | (309) | 29 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 4.760 | Semi-Annual | 08/08/2029 |  | 59080000 | 0 | (711) | (711) | 71 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 4.800 | Semi-Annual | 08/08/2029 |  | 39546100 | 0 | (408) | (408) | 48 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 4.840 | Semi-Annual | 08/12/2029 |  | 113357000 | 0 | (979) | (979) | 138 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 4.920 | Semi-Annual | 08/12/2029 |  | 22671200 | 0 | (118) | (118) | 28 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 4.798 | Semi-Annual | 08/13/2029 |  | 67565800 | 0 | (707) | (707) | 81 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 4.725 | Semi-Annual | 08/20/2029 |  | 47647600 | 0 | (649) | (649) | 57 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 4.480 | Semi-Annual | 09/10/2029 |  | 79722100 | 0 | (1934) | (1934) | 96 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.375 | Semi-Annual | 10/01/2029 |  | 33459400 | 0 | 1111 | 1111 | 0 | (39) |
|  Receive | 6-Month CLP-CHILIBOR | 4.860 | Semi-Annual | 10/28/2029 |  | 54174200 | 0 | 525 | 525 | 0 | (67) |
|  Receive | 6-Month CLP-CHILIBOR | 4.870 | Semi-Annual | 10/29/2029 |  | 26834100 | 0 | 247 | 247 | 0 | (33) |
|  Receive | 6-Month CLP-CHILIBOR | 4.940 | Semi-Annual | 10/30/2029 |  | 37466300 | 15 | 204 | 219 | 0 | (47) |
|  Receive | 6-Month CLP-CHILIBOR | 5.000 | Semi-Annual | 11/04/2029 |  | 20856900 | 0 | 62 | 62 | 0 | (26) |
|  Receive | 6-Month CLP-CHILIBOR | 5.013 | Semi-Annual | 11/04/2029 |  | 53044200 | 0 | 126 | 126 | 0 | (67) |
|  Receive | 6-Month CLP-CHILIBOR | 4.975 | Semi-Annual | 11/05/2029 |  | 27189600 | 0 | 113 | 113 | 0 | (34) |
|  Receive | 6-Month CLP-CHILIBOR | 5.010 | Semi-Annual | 11/05/2029 |  | 80561800 | 0 | 201 | 201 | 0 | (101) |
|  Receive | 6-Month CLP-CHILIBOR | 5.285 | Semi-Annual | 12/24/2029 |  | 21848800 | 0 | (231) | (231) | 0 | (28) |
|  Receive | 6-Month CLP-CHILIBOR | 5.500 | Semi-Annual | 03/19/2030 |  | 92857100 | (46) | (1810) | (1856) | 0 | (135) |
|  Pay | 6-Month CLP-CHILIBOR | 5.150 | Semi-Annual | 06/18/2030 |  | 39000000 | (45) | 142 | 97 | 45 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 0.776 | Annual | 08/20/2025 | CZK | 5600 | 12 | (9) | 3 | 0 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 1.934 | Annual | 07/02/2026 |  | 1432000 | 0 | 875 | 875 | 0 | (34) |
|  Receive | 6-Month CZK-PRIBOR | 1.972 | Annual | 07/07/2026 |  | 724600 | (123) | 541 | 418 | 0 | (18) |
|  Receive | 6-Month CZK-PRIBOR | 2.015 | Annual | 08/10/2026 |  | 3135200 | 2483 | (870) | 1613 | 0 | (75) |
|  Receive | 6-Month CZK-PRIBOR | 4.300 | Annual | 03/18/2027 |  | 2427400 | 0 | (1709) | (1709) | 0 | (118) |
|  Receive | 6-Month CZK-PRIBOR | 4.876 | Annual | 04/19/2027 |  | 542600 | 0 | (1348) | (1348) | 0 | (29) |
|  Receive | 6-Month CZK-PRIBOR | 4.880 | Annual | 04/19/2027 |  | 548900 | 0 | (1366) | (1366) | 0 | (30) |
|  Receive | 6-Month CZK-PRIBOR | 5.370 | Annual | 05/13/2027 |  | 1458000 | 0 | (4569) | (4569) | 0 | (87) |
|  Receive | 6-Month CZK-PRIBOR | 5.285 | Annual | 05/20/2027 |  | 2031600 | 0 | (6157) | (6157) | 0 | (124) |
|  Receive | 6-Month CZK-PRIBOR | 5.185 | Annual | 05/24/2027 |  | 1559400 | 0 | (4536) | (4536) | 0 | (96) |
|  Receive | 6-Month CZK-PRIBOR | 5.640 | Annual | 06/10/2027 |  | 1737000 | 0 | (6032) | (6032) | 0 | (115) |
|  Pay | 6-Month CZK-PRIBOR | 5.140 | Annual | 07/11/2027 |  | 1944900 | 0 | 5555 | 5555 | 135 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 5.175 | Annual | 07/11/2027 |  | 2585000 | 13 | 7485 | 7498 | 179 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 4.805 | Annual | 08/19/2027 |  | 1656800 | 0 | 4049 | 4049 | 109 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 5.538 | Annual | 09/02/2027 |  | 2336700 | 0 | (7839) | (7839) | 0 | (157) |
|  Receive | 6-Month CZK-PRIBOR | 5.630 | Annual | 10/03/2027 |  | 1433850 | 0 | (3736) | (3736) | 0 | (96) |
|  Pay | 6-Month CZK-PRIBOR | 5.788 | Annual | 10/20/2027 |  | 1930700 | 0 | 5417 | 5417 | 136 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 5.103 | Annual | 11/16/2027 |  | 2607200 | 0 | 5149 | 5149 | 191 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 4.640 | Annual | 12/07/2027 |  | 1923600 | 0 | 2700 | 2700 | 147 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 4.680 | Annual | 12/08/2027 |  | 1923600 | 0 | 2798 | 2798 | 148 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 4.560 | Annual | 12/09/2027 |  | 1923600 | 0 | 2513 | 2513 | 147 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 4.440 | Annual | 12/12/2027 |  | 3107400 | 0 | 3593 | 3593 | 239 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 4.600 | Annual | 12/15/2027 |  | 596900 | 0 | (810) | (810) | 0 | (47) |
|  Receive | 6-Month CZK-PRIBOR | 4.590 | Annual | 12/16/2027 |  | 1524500 | 0 | (2050) | (2050) | 0 | (119) |
|  Receive | 6-Month CZK-PRIBOR | 4.600 | Annual | 12/16/2027 |  | 450700 | (24) | (588) | (612) | 0 | (35) |
|  Receive | 6-Month CZK-PRIBOR | 5.175 | Annual | 02/23/2028 |  | 400300 | 0 | (836) | (836) | 0 | (32) |
|  Receive | 6-Month CZK-PRIBOR | 5.165 | Annual | 02/24/2028 |  | 850000 | (627) | (1138) | (1765) | 0 | (68) |
|  Receive | 6-Month CZK-PRIBOR | 5.215 | Annual | 02/24/2028 |  | 2100300 | (1754) | (2738) | (4492) | 0 | (168) |
|  Pay | 6-Month CZK-PRIBOR | 4.630 | Annual | 03/21/2028 |  | 1031800 | 0 | 1465 | 1465 | 81 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 4.420 | Annual | 03/22/2028 |  | 1173200 | 0 | 1360 | 1360 | 91 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 4.510 | Annual | 03/22/2028 |  | 1031800 | 0 | 1311 | 1311 | 80 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 5.070 | Annual | 04/20/2028 |  | 921900 | 0 | (3061) | (3061) | 0 | (77) |
|  Receive | 6-Month CZK-PRIBOR | 5.090 | Annual | 04/20/2028 |  | 1112400 | 0 | (3731) | (3731) | 0 | (93) |
|  Pay | 6-Month CZK-PRIBOR | 4.695 | Annual | 05/04/2028 |  | 1061900 | 0 | 2871 | 2871 | 90 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 4.735 | Annual | 05/04/2028 |  | 872300 | 0 | 2416 | 2416 | 74 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 4.615 | Annual | 07/11/2028 |  | 2551600 | 77 | (6714) | (6637) | 0 | (243) |
|  Receive | 6-Month CZK-PRIBOR | 4.730 | Annual | 10/03/2028 |  | 833000 | 0 | (1596) | (1596) | 0 | (77) |
|  Pay | 6-Month CZK-PRIBOR | 4.190 | Annual | 11/09/2028 |  | 1437700 | 0 | 1506 | 1506 | 138 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 3.965 | Annual | 04/16/2029 |  | 1583500 | 0 | (2524) | (2524) | 0 | (166) |
|  Pay | 6-Month CZK-PRIBOR | 4.250 | Annual | 04/18/2029 |  | 210100 | 122 | 337 | 459 | 23 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.480 | Annual | 07/15/2029 |  | 4436000 | 495 | 2324 | 2819 | 518 | 0 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **21** |

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Consolidated Schedule of Investments PIMCO TRENDS Managed Futures Strategy Fund (Cont.)

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 6-Month CZK-PRIBOR | 3.524% | Annual | 10/29/2029 | CZK | 1505400 | $0 | $179 | $179 | $0 | $(179) |
|  Receive | 6-Month CZK-PRIBOR | 3.489 | Annual | 10/30/2029 |  | 2785800 | 93 | 429 | 522 | 0 | (331) |
|  Receive | 6-Month CZK-PRIBOR | 3.365 | Annual | 11/28/2029 |  | 1137300 | 722 | (255) | 467 | 0 | (141) |
|  Pay | 6-Month CZK-PRIBOR | 3.470 | Annual | 02/05/2030 |  | 2309300 | (20) | (431) | (451) | 299 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 3.550 | Annual | 03/07/2030 |  | 210700 | 68 | (62) | 6 | 0 | (27) |
|  Receive | 6-Month CZK-PRIBOR | 3.340 | Annual | 01/06/2032 |  | 1460900 | 6237 | (5004) | 1233 | 0 | (279) |
|  Pay | 6-Month CZK-PRIBOR | 4.420 | Annual | 05/05/2032 |  | 78800 | 129 | 117 | 246 | 16 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 4.195 | Annual | 03/21/2033 |  | 1347300 | 34 | 2000 | 2034 | 314 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 4.220 | Annual | 03/21/2033 |  | 576800 | 0 | 914 | 914 | 134 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 4.420 | Annual | 06/01/2033 |  | 1567100 | (274) | (4824) | (5098) | 0 | (388) |
|  Pay | 6-Month CZK-PRIBOR | 4.455 | Annual | 06/01/2033 |  | 135900 | 265 | 193 | 458 | 34 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 4.638 | Annual | 10/03/2033 |  | 1869500 | (872) | (4840) | (5712) | 0 | (476) |
|  Pay | 6-Month CZK-PRIBOR | 4.280 | Annual | 11/08/2033 |  | 1601900 | 716 | 2239 | 2955 | 412 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 4.020 | Annual | 11/22/2033 |  | 935300 | 49 | 871 | 920 | 239 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 4.060 | Annual | 04/17/2034 |  | 482200 | 0 | (957) | (957) | 0 | (127) |
|  Receive | 6-Month CZK-PRIBOR | 4.155 | Annual | 04/17/2034 |  | 720000 | 0 | (1686) | (1686) | 0 | (191) |
|  Receive | 6-Month CZK-PRIBOR | 4.290 | Annual | 04/18/2034 |  | 650900 | (1045) | (810) | (1855) | 0 | (175) |
|  Receive | 6-Month CZK-PRIBOR | 4.300 | Annual | 04/18/2034 |  | 344100 | 0 | (993) | (993) | 0 | (92) |
|  Pay | 6-Month CZK-PRIBOR | 3.545 | Annual | 07/16/2034 |  | 1392100 | (142) | 211 | 69 | 374 | 0 |
|  Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.000 | Annual | 09/17/2027 | EUR | 426200 | (2865) | 1435 | (1430) | 343 | 0 |
|  Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 |  | 50400 | (2390) | 371 | (2019) | 550 | 0 |
|  Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 |  | 99800 | 9124 | (990) | 8134 | 0 | (988) |
|  Receive | 6-Month HUF-BBR | 1.980 | Annual | 03/09/2026 | HUF | 10484500 | 9 | 1258 | 1267 | 7 | 0 |
|  Receive | 6-Month HUF-BBR | 1.958 | Annual | 03/19/2026 |  | 21108600 | 84 | 2483 | 2567 | 14 | 0 |
|  Pay | 6-Month HUF-BBR | 2.499 | Annual | 07/05/2026 |  | 8174200 | 214 | (1235) | (1021) | 0 | (9) |
|  Receive | 6-Month HUF-BBR | 2.558 | Annual | 08/06/2026 |  | 21624900 | 976 | 1636 | 2612 | 19 | 0 |
|  Receive | 6-Month HUF-BBR | 2.720 | Annual | 09/13/2026 |  | 16557940 | 915 | 943 | 1858 | 15 | 0 |
|  Receive | 6-Month HUF-BBR | 4.700 | Annual | 12/27/2026 |  | 8203400 | 65 | 721 | 786 | 17 | 0 |
|  Pay | 6-Month HUF-BBR | 5.060 | Annual | 02/18/2027 |  | 21565400 | 0 | (1649) | (1649) | 0 | (52) |
|  Receive | 6-Month HUF-BBR | 5.500 | Annual | 03/04/2027 |  | 17400200 | 0 | 945 | 945 | 43 | 0 |
|  Receive | 6-Month HUF-BBR | 6.100 | Annual | 03/11/2027 |  | 20219900 | 2183 | (1685) | 498 | 50 | 0 |
|  Receive | 6-Month HUF-BBR | 6.280 | Annual | 03/18/2027 |  | 22466000 | 1779 | (1425) | 354 | 57 | 0 |
|  Receive | 6-Month HUF-BBR | 7.640 | Annual | 05/13/2027 |  | 22982600 | 0 | (3846) | (3846) | 74 | 0 |
|  Pay | 6-Month HUF-BBR | 10.100 | Annual | 07/15/2027 |  | 20227800 | 0 | 7054 | 7054 | 0 | (75) |
|  Pay | 6-Month HUF-BBR | 10.070 | Annual | 07/18/2027 |  | 17745300 | 0 | 6166 | 6166 | 0 | (67) |
|  Pay | 6-Month HUF-BBR | 9.625 | Annual | 08/15/2027 |  | 23861400 | 0 | 7474 | 7474 | 0 | (95) |
|  Receive | 6-Month HUF-BBR | 11.524 | Annual | 09/12/2027 |  | 25811300 | 0 | (11600) | (11600) | 103 | 0 |
|  Pay | 6-Month HUF-BBR | 10.640 | Annual | 09/29/2027 |  | 6781200 | (740) | 3339 | 2599 | 0 | (28) |
|  Pay | 6-Month HUF-BBR | 12.500 | Annual | 10/19/2027 |  | 13486900 | 0 | 5832 | 5832 | 0 | (60) |
|  Pay | 6-Month HUF-BBR | 12.510 | Annual | 10/19/2027 |  | 24742600 | 0 | 10717 | 10717 | 0 | (110) |
|  Pay | 6-Month HUF-BBR | 11.350 | Annual | 11/11/2027 |  | 3696300 | 339 | 934 | 1273 | 0 | (18) |
|  Pay | 6-Month HUF-BBR | 9.800 | Annual | 11/16/2027 |  | 28570314 | 0 | 6599 | 6599 | 0 | (143) |
|  Pay | 6-Month HUF-BBR | 10.000 | Annual | 11/18/2027 |  | 4081400 | 0 | 1003 | 1003 | 0 | (20) |
|  Pay | 6-Month HUF-BBR | 9.750 | Annual | 11/22/2027 |  | 3628786 | 0 | 827 | 827 | 0 | (18) |
|  Receive | 6-Month HUF-BBR | 10.050 | Annual | 12/15/2027 |  | 15033100 | 40 | (3774) | (3734) | 80 | 0 |
|  Receive | 6-Month HUF-BBR | 10.340 | Annual | 12/15/2027 |  | 16210500 | 0 | (4366) | (4366) | 86 | 0 |
|  Receive | 6-Month HUF-BBR | 9.900 | Annual | 12/16/2027 |  | 7883500 | 0 | (1874) | (1874) | 42 | 0 |
|  Receive | 6-Month HUF-BBR | 10.460 | Annual | 12/21/2027 |  | 18654600 | 0 | (5173) | (5173) | 100 | 0 |
|  Receive | 6-Month HUF-BBR | 10.700 | Annual | 12/22/2027 |  | 13997700 | 0 | (4127) | (4127) | 75 | 0 |
|  Receive | 6-Month HUF-BBR | 11.140 | Annual | 12/23/2027 |  | 2716000 | 0 | (888) | (888) | 15 | 0 |
|  Pay | 6-Month HUF-BBR | 8.650 | Annual | 01/19/2028 |  | 7162300 | 0 | 1045 | 1045 | 0 | (40) |
|  Pay | 6-Month HUF-BBR | 8.320 | Annual | 01/20/2028 |  | 7142600 | 0 | 874 | 874 | 0 | (40) |
|  Pay | 6-Month HUF-BBR | 8.500 | Annual | 01/25/2028 |  | 49476600 | (986) | 7659 | 6673 | 0 | (281) |
|  Receive | 6-Month HUF-BBR | 9.490 | Annual | 04/11/2028 |  | 23570900 | 0 | (8804) | (8804) | 142 | 0 |
|  Receive | 6-Month HUF-BBR | 9.500 | Annual | 04/11/2028 |  | 9662000 | 0 | (3618) | (3618) | 58 | 0 |
|  Receive | 6-Month HUF-BBR | 9.510 | Annual | 04/11/2028 |  | 13183400 | 9 | (4959) | (4950) | 79 | 0 |
|  Pay | 6-Month HUF-BBR | 8.800 | Annual | 04/27/2028 |  | 11676400 | 0 | 3530 | 3530 | 0 | (73) |
|  Pay | 6-Month HUF-BBR | 8.712 | Annual | 04/28/2028 |  | 11300000 | 0 | 3321 | 3321 | 0 | (70) |
|  Pay | 6-Month HUF-BBR | 8.740 | Annual | 04/28/2028 |  | 55136900 | 4017 | 12338 | 16355 | 0 | (344) |
|  Receive | 6-Month HUF-BBR | 7.720 | Annual | 10/26/2028 |  | 26760000 | 0 | (2726) | (2726) | 203 | 0 |
|  Receive | 6-Month HUF-BBR | 7.740 | Annual | 10/26/2028 |  | 17539000 | 0 | (1820) | (1820) | 133 | 0 |
|  Pay | 6-Month HUF-BBR | 7.770 | Annual | 10/27/2028 |  | 36940100 | 5173 | (1235) | 3938 | 0 | (281) |
|  Pay | 6-Month HUF-BBR | 6.060 | Annual | 12/13/2028 |  | 6049200 | 0 | (342) | (342) | 0 | (49) |
|  Receive | 6-Month HUF-BBR | 6.065 | Annual | 12/13/2028 |  | 25307800 | 735 | 684 | 1419 | 204 | 0 |
|  Receive | 6-Month HUF-BBR | 6.550 | Annual | 04/04/2029 |  | 11569900 | 0 | (922) | (922) | 96 | 0 |
|  Receive | 6-Month HUF-BBR | 6.530 | Annual | 04/05/2029 |  | 6196500 | 0 | (485) | (485) | 52 | 0 |
|  Receive | 6-Month HUF-BBR | 6.587 | Annual | 04/05/2029 |  | 19437700 | 0 | (1653) | (1653) | 162 | 0 |
|  Receive | 6-Month HUF-BBR | 6.530 | Annual | 04/08/2029 |  | 8896400 | 0 | (686) | (686) | 74 | 0 |
|  Receive | 6-Month HUF-BBR | 6.560 | Annual | 04/08/2029 |  | 6842100 | 0 | (552) | (552) | 57 | 0 |
|  Receive | 6-Month HUF-BBR | 6.800 | Annual | 04/16/2029 |  | 13186700 | 0 | (1427) | (1427) | 111 | 0 |
|  Receive | 6-Month HUF-BBR | 6.830 | Annual | 04/17/2029 |  | 13016100 | 0 | (1453) | (1453) | 109 | 0 |
|  Receive | 6-Month HUF-BBR | 7.100 | Annual | 04/19/2029 |  | 12189200 | 0 | (1760) | (1760) | 103 | 0 |

---

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 6-Month HUF-BBR | 7.000% | Annual | 04/22/2029 | 12447400 | $(799) | $(834) | $(1633) | $105 | $0 |
|  Receive | 6-Month HUF-BBR | 7.088 | Annual | 04/22/2029 | 20000000 | 0 | (2833) | (2833) | 169 | 0 |
|  Pay | 6-Month HUF-BBR | 6.250 | Annual | 05/21/2029 | 12888800 | 0 | 512 | 512 | 0 | (111) |
|  Pay | 6-Month HUF-BBR | 6.270 | Annual | 05/22/2029 | 25722600 | 762 | 321 | 1083 | 0 | (222) |
|  Pay | 6-Month HUF-BBR | 6.281 | Annual | 05/22/2029 | 14883700 | 0 | 646 | 646 | 0 | (129) |
|  Pay | 6-Month HUF-BBR | 5.790 | Annual | 07/17/2029 | 11334700 | 0 | (175) | (175) | 0 | (100) |
|  Pay | 6-Month HUF-BBR | 5.825 | Annual | 07/17/2029 | 11334700 | 0 | (129) | (129) | 0 | (100) |
|  Pay | 6-Month HUF-BBR | 5.700 | Annual | 07/18/2029 | 11345600 | 0 | (283) | (283) | 0 | (101) |
|  Pay | 6-Month HUF-BBR | 5.722 | Annual | 07/18/2029 | 7649500 | 0 | (172) | (172) | 0 | (68) |
|  Pay | 6-Month HUF-BBR | 5.820 | Annual | 07/22/2029 | 11148400 | 0 | (134) | (134) | 0 | (99) |
|  Pay | 6-Month HUF-BBR | 5.842 | Annual | 07/22/2029 | 24947900 | 0 | (238) | (238) | 0 | (221) |
|  Pay | 6-Month HUF-BBR | 5.850 | Annual | 07/22/2029 | 2939400 | 0 | (25) | (25) | 0 | (26) |
|  Pay | 6-Month HUF-BBR | 5.545 | Annual | 08/02/2029 | 2920100 | 0 | (127) | (127) | 0 | (26) |
|  Pay | 6-Month HUF-BBR | 5.550 | Annual | 08/02/2029 | 20000000 | 0 | (857) | (857) | 0 | (176) |
|  Pay | 6-Month HUF-BBR | 5.300 | Annual | 08/07/2029 | 9054900 | 0 | (655) | (655) | 0 | (80) |
|  Pay | 6-Month HUF-BBR | 5.340 | Annual | 08/08/2029 | 520500 | 0 | (35) | (35) | 0 | (5) |
|  Receive | 6-Month HUF-BBR | 6.090 | Annual | 10/21/2029 | 15420200 | 0 | 1049 | 1049 | 141 | 0 |
|  Receive | 6-Month HUF-BBR | 6.079 | Annual | 10/22/2029 | 48002600 | 1788 | 1550 | 3338 | 440 | 0 |
|  Receive | 6-Month HUF-BBR | 6.118 | Annual | 10/22/2029 | 20560000 | 0 | 1339 | 1339 | 188 | 0 |
|  Receive | 6-Month HUF-BBR | 6.310 | Annual | 10/24/2029 | 11600000 | 0 | 502 | 502 | 105 | 0 |
|  Receive | 6-Month HUF-BBR | 6.550 | Annual | 10/25/2029 | 50640300 | 400 | 425 | 825 | 461 | 0 |
|  Pay | 6-Month PLN-WIBOR | 5.750 | Annual | 12/08/2027 | 199800 | 0 | 1292 | 1292 | 67 | 0 |
|  Pay | 6-Month PLN-WIBOR | 5.670 | Annual | 12/09/2027 | 239000 | 0 | 1410 | 1410 | 79 | 0 |
|  Pay | 6-Month PLN-WIBOR | 5.490 | Annual | 12/12/2027 | 241100 | 0 | 1117 | 1117 | 79 | 0 |
|  Pay | 6-Month PLN-WIBOR | 5.525 | Annual | 12/12/2027 | 79900 | 0 | 390 | 390 | 26 | 0 |
|  Pay | 6-Month PLN-WIBOR | 5.300 | Annual | 01/12/2028 | 242600 | 0 | 869 | 869 | 79 | 0 |
|  Receive | 6-Month PLN-WIBOR | 6.040 | Annual | 02/24/2028 | 252100 | 0 | (2320) | (2320) | 0 | (97) |
|  Pay | 6-Month PLN-WIBOR | 5.430 | Annual | 03/16/2028 | 226100 | 0 | 1157 | 1157 | 93 | 0 |
|  Pay | 6-Month PLN-WIBOR | 5.540 | Annual | 06/01/2028 | 313200 | 1728 | 2455 | 4183 | 131 | 0 |
|  Pay | 6-Month PLN-WIBOR | 4.930 | Annual | 06/29/2028 | 196400 | 0 | 1543 | 1543 | 79 | 0 |
|  Receive | 6-Month PLN-WIBOR | 4.840 | Annual | 08/22/2028 | 118300 | (192) | (693) | (885) | 0 | (53) |
|  Pay | 6-Month PLN-WIBOR | 4.735 | Annual | 10/09/2028 | 88400 | 688 | (751) | (63) | 47 | 0 |
|  Receive | 6-Month PLN-WIBOR | 4.255 | Annual | 12/27/2028 | 203100 | 1497 | (605) | 892 | 0 | (100) |
|  Receive | 6-Month PLN-WIBOR | 4.440 | Annual | 01/09/2029 | 212800 | 446 | 95 | 541 | 0 | (108) |
|  Receive | 6-Month PLN-WIBOR | 4.850 | Annual | 02/15/2029 | 309600 | 0 | (494) | (494) | 0 | (175) |
|  Receive | 6-Month PLN-WIBOR | 4.865 | Annual | 02/16/2029 | 309600 | 0 | (538) | (538) | 0 | (175) |
|  Receive | 6-Month PLN-WIBOR | 4.890 | Annual | 02/16/2029 | 218100 | 0 | (429) | (429) | 0 | (124) |
|  Receive | 6-Month PLN-WIBOR | 4.825 | Annual | 03/13/2029 | 588400 | 0 | (948) | (948) | 0 | (365) |
|  Receive | 6-Month PLN-WIBOR | 4.899 | Annual | 03/19/2029 | 562900 | 404 | (1729) | (1325) | 0 | (358) |
|  Receive | 6-Month PLN-WIBOR | 4.975 | Annual | 03/29/2029 | 329900 | 0 | (1054) | (1054) | 0 | (221) |
|  Pay | 6-Month PLN-WIBOR | 5.165 | Annual | 04/12/2029 | 250600 | (172) | 2904 | 2732 | 170 | 0 |
|  Pay | 6-Month PLN-WIBOR | 5.054 | Annual | 05/15/2029 | 426900 | 273 | 3918 | 4191 | 282 | 0 |
|  Pay | 6-Month PLN-WIBOR | 5.058 | Annual | 05/15/2029 | 200000 | 0 | 1972 | 1972 | 132 | 0 |
|  Pay | 6-Month PLN-WIBOR | 5.060 | Annual | 05/15/2029 | 139100 | 0 | 1375 | 1375 | 92 | 0 |
|  Pay | 6-Month PLN-WIBOR | 4.305 | Annual | 08/07/2029 | 645000 | (169) | 1290 | 1121 | 427 | 0 |
|  Pay | 6-Month PLN-WIBOR | 4.270 | Annual | 08/08/2029 | 243300 | 0 | 345 | 345 | 161 | 0 |
|  Pay | 6-Month PLN-WIBOR | 4.283 | Annual | 08/08/2029 | 243300 | 0 | 380 | 380 | 161 | 0 |
|  Pay | 6-Month PLN-WIBOR | 4.495 | Annual | 08/12/2029 | 156700 | 384 | 238 | 622 | 106 | 0 |
|  Receive | 6-Month PLN-WIBOR | 4.560 | Annual | 09/02/2029 | 122300 | 302 | (891) | (589) | 0 | (88) |
|  Pay | 6-Month PLN-WIBOR | 4.495 | Annual | 11/22/2029 | 493600 | (22) | (1301) | (1323) | 379 | 0 |
|  Pay | 6-Month PLN-WIBOR | 4.513 | Annual | 11/25/2029 | 251500 | 0 | (614) | (614) | 193 | 0 |
|  Receive | 28-Day MXN-TIIE | 9.480 | Lunar | 12/16/2025 | 834000 | 1 | (236) | (235) | 2 | 0 |
|  Pay | 28-Day MXN-TIIE | 9.415 | Lunar | 12/25/2025 | 175100 | 0 | 47 | 47 | 0 | (1) |
|  Pay<sup>(5)</sup> | 28-Day MXN-TIIE | 9.415 | Lunar | 10/25/2029 | 175100 | 101 | 230 | 331 | 5 | 0 |
|  Pay | 28-Day MXN-TIIE | 8.500 | Lunar | 03/13/2030 | 2273600 | 369 | 1733 | 2102 | 55 | 0 |
|  Pay | 28-Day MXN-TIIE | 9.100 | Lunar | 03/13/2030 | 607000 | 794 | 508 | 1302 | 16 | 0 |
|  Pay<sup>(5)</sup> | 28-Day MXN-TIIE | 8.090 | Lunar | 06/12/2030 | 385600 | 0 | 62 | 62 | 10 | 0 |
|  Receive<sup>(5)</sup> | 28-Day MXN-TIIE | 9.480 | Lunar | 10/10/2034 | 834000 | (584) | (1576) | (2160) | 0 | (17) |
|  Pay | 28-Day MXN-TIIE | 9.100 | Lunar | 12/06/2034 | 888000 | 1865 | 307 | 2172 | 20 | 0 |
|  Pay | 28-Day MXN-TIIE | 8.700 | Lunar | 03/07/2035 | 800900 | (40) | 922 | 882 | 23 | 0 |
|  Pay<sup>(5)</sup> | CAONREPO | 2.750 | Semi-Annual | 09/15/2027 | 320300 | 1596 | 467 | 2063 | 146 | 0 |
|  Pay<sup>(5)</sup> | CAONREPO | 2.750 | Semi-Annual | 09/15/2030 | 178400 | 1261 | 666 | 1927 | 232 | 0 |
|  Pay<sup>(5)</sup> | CAONREPO | 3.000 | Semi-Annual | 09/15/2035 | 418500 | 5578 | 693 | 6271 | 1148 | 0 |
|  Receive<sup>(5)</sup> | CAONREPO | 3.000 | Semi-Annual | 09/15/2055 | 183000 | (1244) | (1441) | (2685) | 0 | (1382) |
|  Pay | CPURNSA | 2.500 | Maturity | 03/29/2033 | $86600 | (258) | (807) | (1065) | 0 | (68) |
|  Receive | CPURNSA | 2.525 | Maturity | 06/07/2033 | 21100 | 121 | 67 | 188 | 16 | 0 |
|  Receive | CPURNSA | 2.595 | Maturity | 07/12/2033 | 65500 | 0 | 96 | 96 | 54 | 0 |
|  Pay | CPURNSA | 2.598 | Maturity | 04/10/2034 | 38800 | 484 | (354) | 130 | 0 | (41) |
|  |  |  |  |  |  | $94854 | $(51282) | $43572 | $34735 | $(35963) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  |  |  | $77139 | $(45728) | $31411 | $34844 | $(36015) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **23** |

---

------

Consolidated Schedule of Investments PIMCO TRENDS Managed Futures Strategy Fund (Cont.)

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset<sup>(6)</sup> | Variation Margin<br>Asset<sup>(6)</sup> | **Total** | Market Value | Variation Margin<br>Liability<sup>(6)</sup> | Variation Margin<br>Liability<sup>(6)</sup> | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** | **Written<br>Options** | Futures | Swap<br>Agreements | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6209 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35279 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41488 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22111) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36253) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58364) |

---

(f) Securities with an aggregate market value of $4,054 and cash of $242,813 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025.

<sup>(1)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(6)</sup> Unsettled variation margin asset of $187 and liability of $(749) for closed futures and unsettled variation margin asset of $435 and liability of $(238) for closed swap agreements is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(g) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Asset | Liability |
|  AZD | 04/2025 | 2418512 | $16071 | $16 | $(69) |
|  | 04/2025 | $67819 | 107206 | 0 | (831) |
|  | 04/2025 | 5460 | 7299 | 0 | (27) |
|  | 05/2025 | 107206 | $67834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 | 0 |
|  | 05/2025 | 7288 | 5460 | 26 | 0 |
|  | 05/2025 | $23788 | 172306 | 17 | (25) |
|  | 05/2025 | 11901 | 1789418 | 69 | 0 |
|  | 06/2025 | 104782 | $14359 | 0 | (138) |
|  | 06/2025 | $1198 | 8756 | 14 | 0 |
|  | 07/2025 | 83364 | $11571 | 21 | (5) |
|  | 08/2025 | 83377 | 11563 | 0 | (20) |
|  BOA | 04/2025 | 178809 | 7297 | 0 | (451) |
|  | 04/2025 | 1104 | 1192 | 0 | (1) |
|  | 04/2025 | 161410 | 14451 | 0 | (891) |
|  | 04/2025 | 4047 | 3007 | 0 | (5) |
|  | 04/2025 | $5349 | 4916 | 0 | (34) |
|  | 04/2025 | 1532 | 1206 | 26 | 0 |
|  | 04/2025 | 62321 | 9352100 | 30 | 0 |
|  | 04/2025 | 278533 | 2795045 | 61 | (530) |
|  | 04/2025 | 72176 | 96012 | 0 | (714) |
|  | 05/2025 | 519938 | $66923 | 21 | 0 |
|  | 05/2025 | 101740 | 2630 | 96 | 0 |
|  | 05/2025 | $640 | 4685 | 7 | 0 |
|  | 06/2025 | 78494 | $13200 | 0 | (334) |
|  | 06/2025 | 109613 | 30000 | 467 | 0 |
|  | 06/2025 | $13760 | 314950 | 0 | (92) |
|  | 06/2025 | 6098 | 122564 | 0 | (170) |
|  BPS | 04/2025 | 2484155 | $102139 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5514) |
|  | 04/2025 | 102223 | 107258 | 8 | (3283) |
|  | 04/2025 | 2076 | 2647 | 0 | (35) |
|  | 04/2025 | 544636042 | 32919 | 215 | 0 |
|  | 04/2025 | 3082243 | 20639 | 99 | (9) |

---

---

| | | |
|:---|:---|:---|
| **24** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | 417129 | $39731 | $83 | $0 |
|  | 04/2025 | 111564 | 2910 | 17 | 0 |
|  | 04/2025 | 1154859 | 35217 | 438 | 0 |
|  | 04/2025 | $820 | 780 | 23 | 0 |
|  | 04/2025 | 25426 | 415234657 | 0 | (486) |
|  | 04/2025 | 4885 | 6536 | 0 | (21) |
|  | 04/2025 | 88 | 3363 | 0 | 0 |
|  | 04/2025 | 32295 | 1058664 | 0 | (413) |
|  | 05/2025 | 123914 | $17122 | 21 | 0 |
|  | 05/2025 | 29424 | 3789 | 3 | 0 |
|  | 05/2025 | 4530798 | 272 | 1 | 0 |
|  | 05/2025 | 4667 | 3489 | 9 | 0 |
|  | 05/2025 | 48706 | 1225 | 18 | (3) |
|  | 05/2025 | $1873 | 13623 | 7 | 0 |
|  | 05/2025 | 1402 | 1299 | 5 | 0 |
|  | 05/2025 | 25001 | 414935572 | 0 | (131) |
|  | 05/2025 | 4263 | 638627 | 9 | 0 |
|  | 05/2025 | 39731 | 417126 | 0 | (83) |
|  | 06/2025 | 73284 | $12700 | 65 | 0 |
|  | 06/2025 | 180652 | 24889 | 0 | (104) |
|  | 06/2025 | 60506347 | 14267 | 0 | (53) |
|  | 06/2025 | 12089686 | 32700 | 375 | 0 |
|  | 06/2025 | 362455 | 98800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145 | 0 |
|  | 06/2025 | 2013080 | 1413 | 42 | 0 |
|  | 06/2025 | 274714 | 13400 | 113 | 0 |
|  | 06/2025 | 155824 | 40277 | 142 | 0 |
|  | 06/2025 | 8543 | 217 | 11 | 0 |
|  | 06/2025 | $79300 | 112588 | 0 | (763) |
|  | 06/2025 | 26800 | 23339 | 0 | (178) |
|  | 06/2025 | 1183 | 8644 | 13 | 0 |
|  | 06/2025 | 8710 | 199563 | 0 | (50) |
|  | 06/2025 | 27615 | 25250 | 0 | (194) |
|  | 06/2025 | 10200 | 167352419 | 0 | (191) |
|  | 06/2025 | 28800 | 2503884 | 331 | 0 |
|  | 06/2025 | 44846 | 902784 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1180) |
|  | 06/2025 | 31700 | 335841 | 290 | (69) |
|  | 06/2025 | 20012 | 77710 | 109 | (110) |
|  | 06/2025 | 168429 | $9200 | 70 | 0 |
|  | 07/2025 | 458938 | 14121 | 219 | 0 |
|  | 08/2025 | 592947 | 18174 | 163 | 0 |
|  BRC | 04/2025 | 1378 | 235 | 0 | (6) |
|  | 04/2025 | 1346 | 1741 | 2 | 0 |
|  | 04/2025 | 519513168 | 31735 | 577 | 0 |
|  | 04/2025 | 36252 | 9925 | 173 | 0 |
|  | 04/2025 | 1489976 | 133678 | 0 | (7945) |
|  | 04/2025 | 371794 | 212214 | 1128 | 0 |
|  | 04/2025 | 35415 | 920 | 15 | (3) |
|  | 04/2025 | $240 | 1378 | 1 | 0 |
|  | 04/2025 | 1961 | 47553 | 100 | 0 |
|  | 04/2025 | 1306 | 1010 | 0 | (2) |
|  | 04/2025 | 60385 | 266544 | 0 | (203) |
|  | 04/2025 | 172778 | 296500 | 0 | (4440) |
|  | 04/2025 | 4921 | 189644 | 5 | (16) |
|  | 04/2025 | 120 | 2187 | 0 | (1) |
|  | 05/2025 | 42835 | $1084 | 19 | (7) |
|  | 05/2025 | $560 | 2713 | 28 | 0 |
|  | 05/2025 | 4254 | 166411 | 0 | (102) |
|  | 06/2025 | 19070 | $4922 | 10 | 0 |
|  | 06/2025 | 72929 | 1846 | 91 | 0 |
|  | 06/2025 | $9500 | 8725275 | 0 | (316) |
|  | 06/2025 | 530 | 12132 | 0 | (4) |
|  | 06/2025 | 4300 | 1572584 | 0 | (95) |
|  | 06/2025 | 10046 | 201937 | 0 | (279) |
|  | 06/2025 | 19945 | 34400 | 0 | (378) |
|  | 06/2025 | 10800 | 108846 | 78 | 0 |
|  | 06/2025 | 737 | 29742 | 0 | (26) |
|  CBK | 04/2025 | 1451 | $915 | 8 | 0 |
|  | 04/2025 | 1103 | 1199 | 7 | 0 |
|  | 04/2025 | 665 | 863 | 4 | 0 |
|  | 04/2025 | 1319855099 | 80273 | 1072 | 0 |
|  | 04/2025 | 6740 | 1830 | 17 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **25** |

---

------

Consolidated Schedule of Investments PIMCO TRENDS Managed Futures Strategy Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | 499089 | $5715 | $0 | $(112) |
|  | 04/2025 | 8278 | 2224 | 0 | (30) |
|  | 04/2025 | 2403 | 41 | 0 | (1) |
|  | 04/2025 | 1943107 | 185078 | 133 | (8365) |
|  | 04/2025 | 1772825 | 54109 | 719 | 0 |
|  | 04/2025 | $110257 | 172710 | 0 | (2339) |
|  | 04/2025 | 413879 | 590270 | 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3682) |
|  | 04/2025 | 1294 | 29740 | 0 | (5) |
|  | 04/2025 | 187714 | 171425 | 1 | (2353) |
|  | 04/2025 | 1896 | 1462 | 0 | (7) |
|  | 04/2025 | 670 | 245997 | 0 | (10) |
|  | 04/2025 | 30037 | 493042197 | 0 | (424) |
|  | 04/2025 | 53601 | 195376 | 0 | (1039) |
|  | 04/2025 | 4956 | 8652 | 0 | (44) |
|  | 04/2025 | 2190 | 7984 | 0 | (17) |
|  | 04/2025 | 55883 | 1834816 | 0 | (627) |
|  | 05/2025 | 209965 | $147617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491 | 0 |
|  | 05/2025 | 8652 | 4960 | 43 | 0 |
|  | 05/2025 | 15345 | 1531 | 1 | 0 |
|  | 05/2025 | $4923 | 38210 | 0 | (6) |
|  | 05/2025 | 24913 | 413904266 | 0 | (106) |
|  | 05/2025 | 61879 | 3546308 | 0 | (22) |
|  | 05/2025 | 56893 | 569497 | 0 | (134) |
|  | 05/2025 | 13556 | 454735 | 0 | (107) |
|  | 06/2025 | 59034121 | $13933 | 0 | (38) |
|  | 06/2025 | 77990436 | 54079 | 963 | 0 |
|  | 06/2025 | 7998 | 2190 | 17 | 0 |
|  | 06/2025 | 34251 | 8800 | 0 | (18) |
|  | 06/2025 | $8600 | 49826 | 0 | (9) |
|  | 06/2025 | 78613 | 73743316 | 0 | (987) |
|  | 06/2025 | 140469 | 591604243 | 0 | (457) |
|  | 06/2025 | 27800 | 562755 | 0 | (581) |
|  | 06/2025 | 73947 | 270233 | 0 | (533) |
|  | 07/2025 | 690860 | $21240 | 312 | 0 |
|  | 08/2025 | 1131558 | 34644 | 272 | 0 |
|  | 12/2025 | $19845 | 73463 | 31 | 0 |
|  CIB | 06/2025 | 38402548 | $9200 | 111 | 0 |
|  DUB | 04/2025 | 393564 | 68529 | 0 | (439) |
|  | 04/2025 | 232685 | 259616 | 0 | (3394) |
|  | 04/2025 | 7799 | 325 | 0 | (13) |
|  | 04/2025 | 2322 | 2436 | 0 | (75) |
|  | 04/2025 | 91415957 | 5505 | 21 | 0 |
|  | 04/2025 | 13901 | 10385 | 38 | 0 |
|  | 04/2025 | $68539 | 393564 | 429 | 0 |
|  | 04/2025 | 1857 | 2671 | 0 | (1) |
|  | 04/2025 | 2836 | 68272 | 124 | (2) |
|  | 04/2025 | 54229 | 197219 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1171) |
|  | 04/2025 | 1642 | 241600 | 0 | (32) |
|  | 04/2025 | 232942 | 2444080 | 0 | (630) |
|  | 04/2025 | 81459 | 4669244 | 42 | 0 |
|  | 04/2025 | 2790 | 3735 | 0 | (9) |
|  | 05/2025 | 3730 | $2790 | 9 | 0 |
|  | 05/2025 | $68529 | 395761 | 402 | 0 |
|  | 06/2025 | 32085574 | $22391 | 541 | 0 |
|  | 06/2025 | 77915 | 21300 | 133 | 0 |
|  FAR | 04/2025 | 276925 | 174475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438 | 0 |
|  | 04/2025 | 857114 | 149379 | 0 | (822) |
|  | 04/2025 | 97443 | 102348 | 0 | (3017) |
|  | 04/2025 | 16998515 | 113192 | 165 | (304) |
|  | 04/2025 | 375591 | 35628 | 48 | (120) |
|  | 04/2025 | 1158391 | 35350 | 465 | 0 |
|  | 04/2025 | $913 | 1451 | 0 | (6) |
|  | 04/2025 | 147683 | 857114 | 2518 | 0 |
|  | 04/2025 | 622 | 559 | 10 | 0 |
|  | 04/2025 | 234 | 5583 | 8 | 0 |
|  | 04/2025 | 87477 | 32272106 | 0 | (904) |
|  | 04/2025 | 34974 | 126967 | 0 | (815) |
|  | 04/2025 | 148 | 2721 | 0 | 0 |
|  | 05/2025 | 1451 | $913 | 6 | 0 |
|  | 05/2025 | $5901 | 42569 | 0 | (26) |

---

---

| | | |
|:---|:---|:---|
| **26** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 05/2025 | $81331 | 12203089 | $303 | $0 |
|  | 05/2025 | 33959 | 356758 | 0 | (48) |
|  | 06/2025 | 180824 | $46792 | 230 | 0 |
|  | 06/2025 | $6521 | 25276 | 0 | (11) |
|  | 07/2025 | 42406 | $5901 | 23 | 0 |
|  GLM | 04/2025 | 495642737 | 30224 | 497 | 0 |
|  | 04/2025 | 1049 | 27 | 0 | 0 |
|  | 04/2025 | $3989 | 66236897 | 0 | (15) |
|  | 04/2025 | 2007 | 2665 | 0 | (24) |
|  | 04/2025 | 2808 | 110971 | 32 | 0 |
|  | 05/2025 | 66296731 | $3989 | 15 | 0 |
|  | 05/2025 | $622 | 4555 | 7 | 0 |
|  | 06/2025 | 204194 | $52928 | 351 | 0 |
|  | 06/2025 | $88332 | 635844 | 0 | (362) |
|  IND | 04/2025 | 18 | 16 | 0 | 0 |
|  | 04/2025 | 43 | 77 | 1 | 0 |
|  | 05/2025 | 16 | $18 | 0 | 0 |
|  JPM | 04/2025 | 348614 | 60711 | 0 | (380) |
|  | 04/2025 | 3438 | 2406 | 17 | 0 |
|  | 04/2025 | 24748718 | 26939 | 875 | 0 |
|  | 04/2025 | 1744 | 2198 | 0 | (55) |
|  | 04/2025 | 214986511 | 13065 | 169 | 0 |
|  | 04/2025 | 482154 | 5525 | 0 | (105) |
|  | 04/2025 | 3774751 | 25013 | 0 | (153) |
|  | 04/2025 | 4661221 | 79995 | 0 | (1367) |
|  | 04/2025 | 234778 | 7160 | 89 | 0 |
|  | 04/2025 | $1069 | 1699 | 0 | (7) |
|  | 04/2025 | 60005 | 348614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087 | 0 |
|  | 04/2025 | 23256 | 21628 | 131 | 0 |
|  | 04/2025 | 476767 | 366859 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2877) |
|  | 04/2025 | 1846 | 30319971 | 0 | (25) |
|  | 04/2025 | 31259 | 1026784 | 0 | (337) |
|  | 05/2025 | 18922 | $20443 | 0 | (51) |
|  | 05/2025 | $22344 | 162009 | 33 | (19) |
|  | 05/2025 | 3844 | 29835 | 0 | (5) |
|  | 05/2025 | 25013 | 3762094 | 154 | 0 |
|  | 05/2025 | 314 | 10579 | 0 | (1) |
|  | 05/2025 | 963 | 40388 | 58 | (15) |
|  | 06/2025 | 85298 | $14600 | 0 | (107) |
|  | 06/2025 | 97880 | 13411 | 0 | (131) |
|  | 06/2025 | 23012 | 6300 | 100 | 0 |
|  | 06/2025 | 517730 | 25087 | 45 | 0 |
|  | 06/2025 | $26920 | 24748718 | 0 | (871) |
|  | 06/2025 | 62554 | 48375 | 0 | (70) |
|  | 06/2025 | 8800 | 3220058 | 0 | (190) |
|  | 06/2025 | 1200 | 24274 | 0 | (26) |
|  | 06/2025 | 27770 | 47900 | 0 | (524) |
|  | 06/2025 | 9035 | 34789 | 0 | (79) |
|  | 07/2025 | 80344 | $11132 | 7 | (11) |
|  | 07/2025 | 464295 | 14276 | 211 | 0 |
|  | 08/2025 | 76076 | 10546 | 4 | (26) |
|  | 08/2025 | 555915 | 16983 | 97 | 0 |
|  MBC | 04/2025 | 4690 | 2919 | 0 | (11) |
|  | 04/2025 | 182825 | 7701 | 3 | (224) |
|  | 04/2025 | 3985 | 4267 | 12 | (53) |
|  | 04/2025 | 299 | 386 | 0 | 0 |
|  | 04/2025 | 69258 | 51844 | 295 | 0 |
|  | 04/2025 | 365499 | 11298 | 291 | 0 |
|  | 04/2025 | $48 | 69 | 0 | 0 |
|  | 04/2025 | 264138 | 232110 | 0 | (1779) |
|  | 04/2025 | 117682 | 2701655 | 5 | (608) |
|  | 04/2025 | 10350 | 9582 | 77 | (66) |
|  | 04/2025 | 7885 | 6147 | 63 | (7) |
|  | 04/2025 | 12765 | 4701378 | 0 | (153) |
|  | 04/2025 | 192700 | 28817000 | 0 | (574) |
|  | 04/2025 | 21099 | 693870 | 0 | (203) |
|  | 05/2025 | 69 | $48 | 0 | 0 |
|  | 05/2025 | 20139 | 22880 | 34 | 0 |
|  | 05/2025 | 125071 | 17277 | 17 | 0 |
|  | 05/2025 | $11345 | 82252 | 16 | (9) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **27** |

---

------

Consolidated Schedule of Investments PIMCO TRENDS Managed Futures Strategy Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 05/2025 | $1081 | 835 | $0 | $(2) |
|  | 05/2025 | 91348 | 3072972 | 0 | (466) |
|  | 06/2025 | 3510184 | $2440 | 49 | 0 |
|  | 06/2025 | $1323 | 27203 | 0 | (7) |
|  | 06/2025 | 44952 | 172742 | 0 | (483) |
|  | 06/2025 | 103796 | $5667 | 40 | 0 |
|  | 07/2025 | 38517 | 5345 | 6 | 0 |
|  | 07/2025 | 249024 | 7641 | 97 | 0 |
|  | 08/2025 | 38624 | 5346 | 0 | (20) |
|  | 08/2025 | 440330 | 13458 | 83 | 0 |
|  MYI | 04/2025 | 592660 | 416345 | 4484 | 0 |
|  | 04/2025 | 61154 | 2645 | 5 | (11) |
|  | 04/2025 | 754 | 813 | 0 | (2) |
|  | 04/2025 | 292980 | 371235 | 0 | (7222) |
|  | 04/2025 | 29039 | 21695 | 82 | 0 |
|  | 04/2025 | 17077 | 450 | 13 | 0 |
|  | 04/2025 | $2143 | 3088 | 3 | 0 |
|  | 04/2025 | 180 | 4334 | 8 | 0 |
|  | 04/2025 | 88458 | 69811 | 1721 | 0 |
|  | 04/2025 | 796 | 293053 | 0 | (10) |
|  | 04/2025 | 57 | 209 | 0 | (1) |
|  | 04/2025 | 67370 | 1231583 | 0 | (272) |
|  | 05/2025 | 1152 | 1650 | 0 | (3) |
|  | 05/2025 | 815 | 754 | 2 | 0 |
|  | 05/2025 | 5100 | 39585 | 0 | (6) |
|  | 06/2025 | 79560 | $18000 | 3 | 0 |
|  | 06/2025 | $127127 | 490690 | 0 | (810) |
|  | 06/2025 | 51901 | $2833 | 20 | 0 |
|  NGF | 06/2025 | 30626904 | 21495 | 640 | 0 |
|  RYL | 04/2025 | $2327 | 341800 | 0 | (48) |
|  | 06/2025 | 113 | $16 | 0 | 0 |
|  SCX | 04/2025 | 647277167 | 39562 | 742 | 0 |
|  | 04/2025 | 10557960 | 70210 | 0 | (181) |
|  | 04/2025 | 193586 | 5965 | 135 | 0 |
|  | 04/2025 | $629 | 602 | 21 | 0 |
|  | 04/2025 | 1043 | 153800 | 0 | (17) |
|  | 04/2025 | 38160 | 66565 | 0 | (368) |
|  | 04/2025 | 8072 | 265579 | 0 | (74) |
|  | 05/2025 | 259556 | $36005 | 185 | 0 |
|  | 05/2025 | 66565 | 38188 | 366 | 0 |
|  | 05/2025 | $7986 | 1197923 | 32 | (4) |
|  | 06/2025 | 14637 | 13586992 | 0 | (335) |
|  | 08/2025 | 263379 | $8072 | 72 | 0 |
|  SOG | 04/2025 | $145 | 3332 | 0 | (1) |
|  SSB | 04/2025 | 120641 | $21017 | 0 | (124) |
|  | 04/2025 | 147600 | 190874 | 212 | 0 |
|  | 04/2025 | $26649 | 24748718 | 0 | (586) |
|  | 05/2025 | 21018 | 121315 | 113 | 0 |
|  | 05/2025 | 190860 | 147600 | 0 | (211) |
|  UAG | 04/2025 | 72385095 | $4363 | 16 | 0 |
|  | 04/2025 | 1862104 | 12515 | 101 | 0 |
|  | 04/2025 | 849916 | 79604 | 0 | (4949) |
|  | 04/2025 | 357 | 9 | 0 | 0 |
|  | 04/2025 | $4369 | 72385095 | 0 | (22) |
|  | 05/2025 | 43702 | $5631 | 8 | 0 |
|  | 05/2025 | 24707 | 636 | 17 | 0 |
|  | 05/2025 | $3937 | 30575 | 0 | (3) |
|  | 05/2025 | 4363 | 72486895 | 0 | (19) |
|  | 06/2025 | 3446 | 13299 | 0 | (20) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34198 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92719) |

---

28 PIMCO TRENDS MANAGED FUTURES STRATEGY FUND See Accompanying Notes

------

March 31, 2025

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| MYC Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.600% | 08/12/2025 | 628800 | $500 | $1241 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.600 | 08/12/2025 | 628800 | 503 | 94 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335 |

---

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | Pay/Receive<br>Floating Rate | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | Pay/Receive<br>Floating Rate | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BPS | Pay<br> 3-Month MYR-KLIBOR<sup>(2)</sup> | 3.500% | Quarterly | 09/17/2030 | MYR | 737700 | $164 | $(84) | $80 | $0 |
| SCX | Receive<br> 3-Month MYR-KLIBOR<sup>(2)</sup> | 3.500 | Quarterly | 09/17/2030 |  | 66198 | (4) | (3) | 0 | (7) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | $(87) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |

---

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(3)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<sup>(3)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| MEI | Pay | BOVESPA Index | 1874 | 0.000% | Maturity | 04/16/2025 | BRL | 240234 | $0 | $(916) | $0 | $(916) |
|  | Pay | KOSPI2 Index | 21250000 | 0.000% | Maturity | 06/12/2025 | KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7213780 | 0 | 82 | 82 | 0 |
|  | Pay | Thailand Equity Index | 1317800 | 0.000% | Maturity | 06/27/2025 | THB | 982215 | 0 | 577 | 577 | 0 |
|  |  |  |  |  |  |  |  |  | $0 | $(257) | $659 | $(916) |
|  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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(344) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(923) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(4)</sup> |
|  AZD | $993 | $0 | $0 | $993 | $(1115) | $0 | $0 | $(1115) | $(122) | $262 | $140 |
|  BOA | 708 | 0 | 0 | 708 | (3222) | 0 | 0 | (3222) | (2514) | 909 | (1605) |
|  BPS | 4044 | 0 | 80 | 4124 | (12870) | 0 | 0 | (12870) | (8746) | 8606 | (140) |
|  BRC | 2227 | 0 | 0 | 2227 | (13823) | 0 | 0 | (13823) | (11596) | 12541 | 945 |
|  CBK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22053) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 0 | (22053) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16960) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14364 | (2596) |
|  CIB | 111 | 0 | 0 | 111 | 0 | 0 | 0 | 0 | 111 | 0 | 111 |
|  DUB | 1739 | 0 | 0 | 1739 | (5766) | 0 | 0 | (5766) | (4027) | 4399 | 372 |
|  FAR | 5214 | 0 | 0 | 5214 | (6073) | 0 | 0 | (6073) | (859) | 1955 | 1096 |
|  GLM | 902 | 0 | 0 | 902 | (401) | 0 | 0 | (401) | 501 | (310) | 191 |
|  IND | 1 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 1 | 1030 | 1031 |
|  JPM | 3077 | 0 | 0 | 3077 | (7432) | 0 | 0 | (7432) | (4355) | 2914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1441) |
|  MBC | 1088 | 0 | 0 | 1088 | (4665) | 0 | 0 | (4665) | (3577) | 2252 | (1325) |
|  MEI | 0 | 0 | 659 | 659 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(916) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(916) | (257) | 1682 | 1425 |
|  MYC | 0 | 1335 | 0 | 1335 | 0 | 0 | 0 | 0 | 1335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1110) | 225 |
|  MYI | 6341 | 0 | 0 | 6341 | (8337) | 0 | 0 | (8337) | (1996) | 5335 | 3339 |
|  NGF | 640 | 0 | 0 | 640 | 0 | 0 | 0 | 0 | 640 | (300) | 340 |
|  RYL | 0 | 0 | 0 | 0 | (48) | 0 | 0 | (48) | (48) | 0 | (48) |
|  SCX | 1553 | 0 | 0 | 1553 | (979) | 0 | (7) | (986) | 567 | (780) | (213) |
|  SOG | 0 | 0 | 0 | 0 | (1) | 0 | 0 | (1) | (1) | 0 | (1) |
|  SSB | 325 | 0 | 0 | 325 | (921) | 0 | 0 | (921) | (596) | 442 | (154) |
|  UAG | 142 | 0 | 0 | 142 | (5013) | 0 | 0 | (5013) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4871) | 5304 | 433 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34198 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36272 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92719) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(923) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93642) |  |  |  |

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See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 29

------

Consolidated Schedule of Investments PIMCO TRENDS Managed Futures Strategy Fund (Cont.)

(h) Securities with an aggregate market value of $64,225 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(3)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(4)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Consolidated Statement of Assets and Liabilities as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $3303 | $0 | $2326 | $174 | $406 | $6209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 109 | 0 | 0 | 35170 | 35279 |
|  | $3303 | $109 | $2326 | $174 | $35576 | $41488 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $34198 | $0 | $34198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 1335 | 1335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 659 | 0 | 80 | 739 |
|  | $0 | $0 | $659 | $34198 | $1415 | $36272 |
|  | $3303 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | $2985 | $34372 | $36991 | $77760 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $12607 | $0 | $9157 | $0 | $347 | $22111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 67 | 0 | 0 | 36186 | 36253 |
|  | $12607 | $67 | $9157 | $0 | 36533 | $58364 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $92719 | $0 | $92719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 916 | 0 | 7 | 923 |
|  | $0 | $0 | $916 | $92719 | $7 | $93642 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12607 | $67 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10073 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92719 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36540 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152006 |

---

The effect of Financial Derivative Instruments on the Consolidated Statement of Operations for the year ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $(290769) | $0 | $(16605) | $3005 | $(14804) | $(319173) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (20094) | 0 | 0 | (5628) | (25722) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(290769) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20094) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16605) | $3005 | $(20432) | $(344895) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $26716 | $0 | $26716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | (21631) | 0 | (2154) | (23785) |
|  | $0 | $0 | $(21631) | $26716 | $(2154) | $2931 |
|  | $(290769) | $(20094) | $(38236) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29721 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22586) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(341964) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $3774 | $0 | $(35464) | $(2346) | $(404) | $(34440) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (12523) | 0 | 0 | (65356) | (77879) |
|  | $3774 | $(12523) | $(35464) | $(2346) | $(65760) | $(112319) |

---

30 PIMCO TRENDS MANAGED FUTURES STRATEGY FUND See Accompanying Notes

------

March 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(82145) | $0 | $(82145) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 332 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | (1539) | 0 | 119 | (1420) |
|  | $0 | $0 | $(1539) | $(82145) | $451 | $(83233) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3774 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12523) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37003) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84491) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65309) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(195552) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>03/31/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $63079 | $0 | $63079 |
| &nbsp;&nbsp; Industrials | 0 | 32189 | 0 | 32189 |
| &nbsp;&nbsp; Utilities | 0 | 12421 | 0 | 12421 |
|  U.S. Government Agencies | 0 | 832529 | 0 | 832529 |
|  Non-Agency Mortgage-Backed Securities | 0 | 6473 | 0 | 6473 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 2171 | 0 | 2171 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 17666 | 0 | 17666 |
| &nbsp;&nbsp; CMBS Other | 0 | 1499 | 0 | 1499 |
| &nbsp;&nbsp; Credit Card Bullet | 0 | 9086 | 0 | 9086 |
| &nbsp;&nbsp; Other ABS | 0 | 40154 | 0 | 40154 |
|  Commodities | 0 | 543070 | 0 | 543070 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 147100 | 0 | 147100 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 76578 | 0 | 76578 |
|  | $0 | $1784015 | $0 | $1784015 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $846319 | $0 | $0 | $846319 |
|  Total Investments | $846319 | $1784015 | $0 | $2630334 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>03/31/2025** |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | $5973 | $34893 | $0 | $40866 |
|  Over the counter | 0 | 36272 | 0 | 36272 |
|  | $5973 | $71165 | $0 | $77138 |
|  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 | (21359) | (36018) | 0 | (57377) |
|  Over the counter | 0 | (93642) | 0 | (93642) |
|  | $(21359) | $(129660) | $0 | $(151019) |
|  Total Financial Derivative Instruments | $(15386) | $(58495) | $0 | $(73881) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830933 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725520 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2556453 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **31** |

---

------

Notes to Financial Statements

1. ORGANIZATION

PIMCO Funds (the "Trust") is a Massachusetts business trust established under a Declaration of Trust dated February 19, 1987, as amended and restated November 4, 2014. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. Information presented in these financial statements pertains to the Institutional Class, I-2, I-3, Class A and Class C shares of the PIMCO TRENDS Managed Futures Strategy Fund (the "Fund") offered by the Trust. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Fund.

The Fund has established a Cayman Islands exempted company (the "Subsidiary"), which is wholly-owned and controlled by the Fund. See Note 14, Basis for Consolidation, in the Notes to Financial Statements for more information regarding the Subsidiary.

Hereinafter, the Board of Trustees of the Fund shall be collectively referred to as the "Board."

In this reporting period, the Fund adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the Management of the Trust section of the most recent Statement of Additional Information, act as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Consolidated Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Consolidated Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Fund is treated as an investment company under the reporting requirements of U.S. GAAP, including but not limited to, ASC 946. The functional and reporting currency for the Fund is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Consolidated Statement of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Consolidated Statement of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Consolidated Statement of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest

---

| | |
|:---|:---|
| **32** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** |

---

------

March 31, 2025

has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(b) Foreign Taxes The Fund may be subject to foreign taxes on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Consolidated Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "other foreign taxes", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of March 31, 2025, if any, are disclosed in the Consolidated Statement of Assets and Liabilities.

(c) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Fund does not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Consolidated Statement of Operations. The Fund may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Consolidated Statement of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Consolidated Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(d) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the Fund. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(e) Distributions to Shareholders Distributions from net investment income, if any, are declared and distributed to shareholders quarterly. Net realized capital gains earned by the Fund, if any, will be distributed no less frequently than annually. Net short-term capital gains may be paid more frequently. The Fund may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on the Fund's annual financial statements presented under U.S. GAAP.

Separately, if the Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable) and accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, the Fund determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between the Fund's daily internal accounting records and practices, the Fund's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, the

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **33** |

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Notes to Financial Statements (Cont.)

Fund's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain funds, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that the Fund may not issue a Section 19 Notice in situations where the Fund's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at the Fund's fiscal year end, if any, are reflected on the Consolidated Statements of Changes in Net Assets and have been recorded to paid in capital on the Consolidated Statement of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Consolidated Statement of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(f) New Accounting Pronouncements and Regulatory Updates In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. Management has implemented changes in connection with the amendments and has determined that there was no material impact to the Fund's consolidated financial statements.

In October 2022, the U.S. Securities and Exchange Commission ("SEC") adopted changes to the mutual fund and exchange-traded fund ("ETF") shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which impact the disclosures provided to shareholders. The rule amendments were effective as of January 2023, and compliance with the rule amendments was required as of July 2024. As such, the Fund has made significant updates to the content of its shareholder reports. In

addition, shareholder reports are now mailed to shareholders who have not opted to receive shareholder report documents electronically. Management has implemented format and content changes to the Fund's annual and semiannual financial and other information in connection with the rule amendments and has determined that there was no material impact to the Fund's consolidated financial statements.

The SEC made a final ruling on February 15, 2023 to adopt proposed amendments to the Settlement Cycle Rule (Rule 15c6-1) and other related rules under the Securities Exchange Act of 1934, as amended, to shorten the standard settlement cycle for most broker-dealer transactions from two business days after the trade date (T+2) to one business day after the trade date (T+1). The effective date was May 5, 2023, and compliance with the amendments was required as of May 28, 2024. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Fund's consolidated financial statements.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Act, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivative instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280)". ASU 2023-07 requires public entities to provide disclosure of significant segment expenses that are regularly provided to the CODM. ASU 2023-07, among other things, (i) requires a single segment public entity to provide all necessary disclosures required by Topic 280, (ii) mandates the disclosure of the title and position of the CODM and an explanation of how the CODM uses the

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| **34** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** |

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March 31, 2025

reported measure(s) of segment profit and loss to assess segment performance and to decide how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Management has implemented changes in connection with the amendments and has determined that there was no material impact to the Fund's consolidated financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the consolidated financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of the Fund's shares, or each of its share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, the Fund's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Fund or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, the Fund may calculate its NAV as of the NYSE Close for such day or such other time that the Fund may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Fund will normally use pricing data for domestic equity securities received shortly after the

NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation Designee") for the Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund portfolio investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Fund's assets that

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **35** |

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Notes to Financial Statements (Cont.)

are invested in one or more open-end management investment companies (other than ETFs), the Fund's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, the Fund may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. The Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in the Fund's portfolio investments being affected when shareholders are unable to buy or sell shares.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of the Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that the Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Fund's next calculated NAV. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which the Fund may transact.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of the Fund's NAV that fairly reflects security values as of the time of pricing, the Trust

cannot ensure that fair values accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Fund may differ from the value that would be realized if the securities were sold. The Fund's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Abusive Trading Practices" section in the Fund's prospectus.

Under certain circumstances, the per share NAV of a class of the Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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| <sup>∎</sup> | Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |

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<sup>∎</sup> Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Consolidated Schedule of Investments for the Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value Levels of the Fund's assets and liabilities.

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| **36** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** |

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March 31, 2025

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 Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities, non-U.S. bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indexes, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **37** |

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Notes to Financial Statements (Cont.)

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.

Physical commodities are valued using spot prices from established commodity exchanges as published by third-party Pricing Sources as of the reporting date. In addition, warehouse receipts are generally valued by a third-party vendor using the front month futures discounted back to the reporting date. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

The Fund may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Fund. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Fund's website at www.pimco.com, or upon request, as applicable. The tables below show the Fund's transactions in and earnings from investments in the affiliated funds for the period ended March 31, 2025 (amounts in thousands<sup>†</sup>):

#### Investment in PIMCO Short Asset Portfolio

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| Fund Name | Market Value<br>03/31/2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>03/31/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO TRENDS Managed Futures Strategy Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694309 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192289 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150000) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6561 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744058 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36381 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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#### Investment in PIMCO Short-Term Floating NAV Portfolio III

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Market Value<br>03/31/2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>03/31/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO TRENDS Managed Futures Strategy Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205155 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415809 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1518800) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102261 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6919 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

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| **38** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** |

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March 31, 2025

(b) Investments in Securities

The Fund may utilize the investments and strategies described below to the extent permitted by the Fund's investment policies.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are interests in pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal payments. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases, syndicated bank loans, peer-to-peer loans and litigation finance loans.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs, CLOs and other CDOs are types of asset-backed securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties. The risks of an

investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which the Fund invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and the Fund's prospectus and statement of additional information (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) risks related to the capability of the servicer of the securitized assets, (iv) the risk that the Fund may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results, and (vi) the CDO's manager may perform poorly.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches," with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Payment In-Kind Securities may give the issuer the option at each interest payment date of making interest payments in either cash and/ or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro rata adjustment from the unrealized appreciation (depreciation) on investments to interest receivable on the Consolidated Statement of Assets and Liabilities.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as

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those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC is a government sponsored corporation that issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage-Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The long-term effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where the Fund seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and contemporaneously opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Consolidated Statement of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that require the Fund to post collateral in connection with its TBA transactions. There is no similar requirement applicable to the Fund's TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Fund and impose added operational complexity.

When-Issued Transactions are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market.

Transactions to purchase or sell securities on a when-issued basis involve a commitment by the Fund to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. The Fund may sell when-issued securities before they are delivered, which may result in a realized gain (loss).

(c) The fund may acquire and hold physical commodities. Physical commodities are pursuant to warehouse receipts providing proof of ownership of such commodities. Warehouse receipts may be negotiable or non-negotiable. Negotiable warehouse receipts allow transfer of ownership of that commodity without having to deliver the physical commodity.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Fund may enter into the borrowings and other financing transactions described below to the extent permitted by the Fund's investment policies.

The following disclosures contain information on the Fund's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by the Fund. The location of these instruments in the Fund's financial statements is described below.

(a) Repurchase Agreements Under the terms of a typical repurchase agreement, the Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and the Fund to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by the Fund's custodian or designated subcustodians (in the case of tri-party repurchase agreements) and in certain instances will remain in custody with the counterparty. Traditionally, the Fund has used bilateral repurchase agreements wherein the underlying securities will be held by the Fund's custodian. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Consolidated Statement of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Consolidated Statement of Operations. In periods of increased demand for collateral, the Fund may pay a fee for the receipt of collateral, which may result in interest expense to the Fund.

(b) Reverse Repurchase Agreements In a reverse repurchase agreement, the Fund delivers a security in exchange for cash to a

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March 31, 2025

financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty at any time. The Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by the Fund to counterparties are reflected as a liability on the Consolidated Statement of Assets and Liabilities. Interest payments made by the Fund to counterparties are recorded as a component of interest expense on the Consolidated Statement of Operations. In periods of increased demand for the security, the Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. The Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

(c) Sale-Buybacks A sale-buyback financing transaction consists of a sale of a security by the Fund to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. The Fund is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by the Fund are reflected as a liability on the Consolidated Statement of Assets and Liabilities. The Fund will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the 'price drop'. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, the Fund would have otherwise received had the security not been sold and (ii) the negotiated financing terms between the Fund and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Consolidated Statement of Operations. Interest payments based upon negotiated financing terms made by the Fund to counterparties are recorded as a component of interest expense on the Consolidated Statement of Operations. In periods of increased demand for the security, the Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. The Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under sale-buyback transactions.

(d) Short Sales Short sales are transactions in which the Fund sells a security that it does not own in anticipation that the market price of that security will decline. The Fund may make short sales of securities to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Fund, (iii) for investment return,

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(iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Fund makes a short sale, it will often borrow the security sold short and deliver it to the counterparty. The Fund will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Consolidated Statement of Assets and Liabilities. Short sales expose the Fund to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Fund. A short sale is "against the box" if the Fund holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Fund will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The Fund's loss on a short sale could theoretically be unlimited in cases where the Fund is unable, for whatever reason, to close out its short position.

(e) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Fund of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund's investment policies and restrictions. Each Fund is currently permitted to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the fund's investment restrictions). If a borrowing fund's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended March 31, 2025, the Fund did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Fund may enter into the financial derivative instruments described below to the extent permitted by the Fund's investment policies.

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Notes to Financial Statements (Cont.)

The following disclosures contain information on how and why the Fund uses financial derivative instruments, and how financial derivative instruments affect the Fund's financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Consolidated Statement of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Consolidated Statement of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Consolidated Schedule of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Consolidated Schedule of Investments, serve as indicators of the volume of financial derivative activity for the Fund.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of the Fund's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by the Fund as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Consolidated Statement of Assets and Liabilities. In addition, the Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. The Fund may use futures contracts to manage its exposure to the securities markets, commodities and other assets and/or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures

contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Fund ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Consolidated Statement of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Consolidated Statement of Assets and Liabilities.

The Fund may invest in cash-settled futures contracts based on price movements of Bitcoin that are traded on an exchange regulated by the U.S. Commodity Futures Trading Commission (e.g., Chicago Mercantile Exchange) ("Bitcoin Futures"). Bitcoin Futures are subject to the risk that the value of Bitcoin (and therefore, the price of Bitcoin Futures), is not backed by any government, corporation, or other identified body. Because Bitcoin is a new technological innovation with a limited history and is a highly speculative asset, future regulatory actions or policies may limit, perhaps to a materially adverse extent, the value of any Fund exposure to Bitcoin through investments in Bitcoin Futures.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. The Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase the Fund's exposure to the underlying instrument. Writing call options tends to decrease the Fund's exposure to the underlying instrument. When the Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Consolidated Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The Fund as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Fund may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase the Fund's exposure to the underlying instrument. Purchasing put options tends to decrease the Fund's exposure to the underlying instrument. The Fund pays a

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premium which is included as an asset on the Consolidated Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

(d) Swap Agreementsare bilaterally negotiated agreements between the Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). The Fund may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Consolidated Statement of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Consolidated Statement of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Consolidated Statement of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences

between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Consolidated Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Consolidated Statement of Operations. Net periodic payments received or paid by the Fund are included as part of realized gain (loss) on the Consolidated Statement of Operations.

For purposes of applying certain of the Fund's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by the Fund at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of the Fund's investment policies and restrictions, the Fund will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of the Fund's other investment policies and restrictions. For example, the Fund may value credit default swaps at full exposure value for purposes of the Fund's credit quality guidelines (if any) because such value in general better reflects the Fund's actual economic exposure during the term of the credit default swap agreement. As a result, the Fund may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in the Fund's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether the Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the Fund for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may fail to perform or meet an obligation or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

The Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the

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counterparty over the contract's remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between the Fund and the counterparty and by the posting of collateral to the Fund to cover the Fund's exposure to the counterparty.

To the extent the Fund has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where the Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, the Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap.

If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are

estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indexes involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indexes are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indexes may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets and/or various credit ratings within each sector. Credit indexes are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. Credit default swaps on credit indexes may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indexes are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Consolidated Schedule of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed

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securities and credit indexes, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that the Fund as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which the Fund is the seller of protection are disclosed in the Notes to Consolidated Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure and to maintain the Fund's ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Fund holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Fund may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Fund with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

Total Return Swap Agreements are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows

are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, the Fund would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, the Fund would owe payments on any net positive total return and would receive payments in the event of a net negative total return.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in the Fund's prospectus for a more detailed description of the risks of investing in the Fund.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value because of a change in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

Call Risk is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer's credit quality). If an issuer calls a security that the Fund has invested in, the Fund may not recoup the full amount of its initial investment or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

Credit Risk is the risk that the Fund could experience losses if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

High Yield Risk is the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit, call and liquidity risks. High yield

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securities are considered primarily speculative by rating agencies with respect to the issuer's continuing ability to make principal and interest payments, and their values may be more volatile than higher-rated securities of similar maturity.

Market Risk is the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

Issuer Risk is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Fund could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for the Fund. The Fund's use of derivatives or other similar investments may result in losses to the Fund, a reduction in the Fund's returns and/or increased volatility. Non-centrally-cleared over-the-counter ("OTC") derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Fund's clearing broker or the clearinghouse. Changes in regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact the Fund's ability to invest in derivatives, limit the Fund's ability

to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Fund's performance.

Futures Contract Risk is the risk that, while the value of a futures contract tends to correlate with the value of the underlying asset that it represents, differences between the futures market and the market for the underlying asset may result in an imperfect correlation. Futures contracts may involve risks different from, and possibly greater than, the risks associated with investing directly in the underlying assets. The purchase or sale of a futures contract may result in losses in excess of the amount invested in the futures contract.

Model Risk is the risk that the Fund's investment models used in making investment allocation decisions may not adequately take into account certain factors, or may contain design flaws or faulty assumptions, and may rely on incomplete or inaccurate data inputs, any of which may result in a decline in the value of an investment in the Fund.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO, including the use of quantitative models or methods, will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing the Fund and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Fund will be achieved.

Commodity Risk is the risk that investing in commodity-linked derivative instruments and commodities, either directly or indirectly through the Subsidiary, may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments or commodities may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in inflation, interest rates, or supply and demand factors affecting a particular industry or commodity market, such as drought, floods, weather, livestock disease, pandemics and public health emergencies, embargoes, taxation, war, terrorism, cyber hacking, economic and political developments, environmental proceedings, tariffs, changes in storage costs, availability of transportation systems, and international economic, political and regulatory developments. Investments in commodities can also present risks associated with transportation and delivery, custody, storage and maintenance, illiquidity, and the unavailability of accurate market valuations of the commodity.

Equity Risk is the risk that the value of equity or equity-related securities, such as common stocks and preferred securities, may decline

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|:---|:---|
| **46** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** |

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March 31, 2025

due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights.

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk. The Fund may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Fund's guidelines), which generally carry higher levels of the foregoing risks.

Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Emerging Markets Risk is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Sovereign Debt Risk is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect the Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Leveraging Risk is the risk that certain transactions of the Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Fund to be more volatile

than if it had not been leveraged. This means that leverage entails a heightened risk of loss. The use of leverage may also increase the Fund's sensitivity to interest rate risks.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to the Fund.

Tax Risk is the risk that the tax treatment of swap agreements and other derivative instruments, such as commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity options, futures, and options on futures, may be affected by future regulatory or legislative changes that could affect whether income from such investments is "qualifying income" under Subchapter M of the Internal Revenue Code, or otherwise affect the character, timing and/or amount of the Fund's taxable income or gains and distributions.

Subsidiary Risk is the risk that, by investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary's investments. The Subsidiary is not registered under the Act and may not be subject to all the investor protections of the Act. There is no guarantee that the investment objective of the Subsidiary will be achieved.

LIBOR Transition Risk is the risk related to the discontinuation of the London Interbank Offered Rate ("LIBOR"). Certain instruments held by the Fund may reference LIBOR. Due to benchmark reforms, publication of all LIBOR settings has ceased. Although LIBOR is no longer published, there are potential effects related to the transition away from LIBOR or the prior use of LIBOR on the Fund, or on certain instruments in which the Fund invests, which can be difficult to ascertain and could result in losses to the Fund.

(b) Other Risks

In general, the Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see the Fund's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in the Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact the Fund's performance.

Market Disruptions Risk The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **47** |

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Notes to Financial Statements (Cont.)

war, military conflicts, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures and natural/environmental disasters, which can all negatively impact the securities markets and cause the Fund to lose value. These events can also impair the technology and other operational systems upon which the Fund's service providers, including PIMCO as the Fund's investment adviser, rely, and could otherwise disrupt the Fund's service providers' ability to fulfill their obligations to the Fund.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which the Fund itself is regulated. Such legislation or regulation could limit or preclude the Fund's ability to achieve its investment objective. Furthermore, volatile financial markets can expose the Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Fund. The value of the Fund's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which the Fund invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/ or intervention may change the way the Fund is regulated, affect the expenses incurred directly by the Fund and the value of its investments, and limit and/or preclude the Fund's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in the Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

Cyber Security Risk As the use of technology, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Fund has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause the Fund to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. Cyber security failures or breaches may result in financial losses to the Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with the Fund's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third-party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Fund and its shareholders may suffer losses as a result of a cyber security breach related to the Fund, its service providers, trading counterparties or the issuers in which the Fund invests.

8. MASTER NETTING ARRANGEMENTS

The Fund may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow the Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes, the Consolidated Statement of Assets and Liabilities generally presents derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

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| **48** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** |

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March 31, 2025

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Consolidated Statement of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Consolidated Statement of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. The Fund's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase and certain sale-buyback transactions between the Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Consolidated Schedule of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between the Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Consolidated Schedule of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States,

counterparty risk may be reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. FCM customers, such as the Fund, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Consolidated Schedule of Investments.

Prime Broker Arrangements may be entered into to facilitate execution and/or clearing of listed equity option transactions or short sales of equity securities between the Fund and selected counterparties. The arrangements provide guidelines surrounding the rights, obligations and other events, including, but not limited to, margin, execution and settlement. These agreements maintain provisions for, among other things, payments, maintenance of collateral, events of default and termination. Margin and other assets delivered as collateral are typically in the possession of the prime broker and would offset any obligations due to the prime broker. The market values of listed options and securities sold short and related collateral are disclosed in the Notes to Consolidated Schedule of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by the Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Fund may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Fund is required by regulation to post additional collateral beyond coverage of

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **49** |

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Notes to Financial Statements (Cont.)

daily exposure, it could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Consolidated Schedule of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from the Fund at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fee and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of the Fund's average daily net assets attributable to each class):

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|:---|:---|:---|:---|:---|:---|
| Investment Advisory Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee |
| All Classes | Institutional<br>Class | I-2 | I-3 | Class A | Class C |
| 1.15% | 0.25% | 0.35% | 0.45%<sup>(1)</sup> | 0.40% | 0.40% |

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<sup>(1)</sup> PIMCO has contractually agreed, through July 31, 2025, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of the Fund. 

(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted separate Distribution and Servicing Plans with respect to the Class A and Class C shares of the Trust pursuant to Rule 12b-1 under the Act. In connection with the distribution of Class C shares of the Trust, the Distributor receives distribution fees from the Trust of up to 0.75% for Class C shares, and in connection with personal services rendered to Class A and Class C shareholders and the maintenance of such shareholder accounts, the Distributor receives servicing fees from the Trust of up to 0.25% for each of Class A and Class C shares (percentages reflect annual rates of the average daily net assets attributable to the applicable class).

The Trust paid distribution and servicing fees at effective rates as noted in the following table (calculated as a percentage of the Fund's average daily net assets attributable to each class):

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| | | |
|:---|:---|:---|
|  | Allowable Rate | Allowable Rate |
|  | Distribution Fee | Servicing Fee |
|  **Class A** |  | 0.25% |
|  **Class C** | 0.75% | 0.25% |

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The Distributor also received the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares, except for the PIMCO Short Asset Investment Fund, and the contingent deferred sales charges paid by the shareholders upon certain redemptions of Class A and Class C shares, except for the PIMCO Government Money Market Fund and the PIMCO Short Asset Investment Fund. For the period ended March 31, 2025, the Distributor retained $3,287,802 representing commissions (sales charges) and contingent deferred sales charges, net of any commission adjustments payable by the Distributor to broker-dealers, from the Trust.

(d) Fund Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Fund, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Fund, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class.

(e) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates. The pro rata share of Trustee fees for the Fund is reflected on the Consolidated Statement of Operations as Trustee fees.

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| **50** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** |

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March 31, 2025

(f) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through July 31, 2025, to waive a portion of the Fund's Supervisory and Administrative Fee, or reimburse the Fund, to the extent that the Fund's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee fees exceed 0.0049% (the "Expense Limit") (calculated as a percentage of the Fund's average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Fund of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. As of March 31, 2025, there were no recoverable amounts.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through July 31, 2025, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of the Fund. This Fee Waiver Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

Pursuant to the Expense Limitation Agreement and Fee Waiver Agreement, waiver amounts are reflected on the Consolidated Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. As of March 31, 2025, the amount waived and/or reimbursed was $16,984.

(g) Acquired Fund Fees and Expenses PIMCO Cayman Commodity Fund VIII, Ltd. (the "Subsidiary"), has entered into a separate contract with PIMCO for the management of the Subsidiary's portfolio pursuant to which the Subsidiary pays PIMCO a management fee and an administrative services fee at the annual rates of 0.49% and 0.20%, respectively, of its net assets. PIMCO has contractually agreed to waive the Fund's Investment Advisory Fee and the Supervisory and Administrative Fee in an amount equal to the management fee and administrative services fee, respectively, paid by the Subsidiary to PIMCO. This waiver may not be terminated by PIMCO and will remain in effect for as long as PIMCO's contract with the Subsidiary is in place.

The waiver is reflected on the Consolidated Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended March 31, 2025, the amount waived and/or reimbursed was $5,711,756. See Note 14, Basis for Consolidation, in the Notes to Financial Statements for more information regarding the Subsidiary.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Consolidated Statement of Assets and Liabilities.

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee or officer of the Trust is indemnified and each employee or other agent of the Trust (including the Trust's investment manager) may be indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund has not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time the Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Fund is known as "portfolio turnover." The Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Fund. Frequent and active trading of the Fund's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Fund's after-tax returns. The transaction costs associated with portfolio turnover may adversely affect the Fund's performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended March 31, 2025 were as follows (amounts in thousands<sup>†</sup>):

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| | | | |
|:---|:---|:---|:---|
| U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Purchases | Sales | Purchases | Sales |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9996009 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9391384 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221268 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1493863 |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **51** |

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Notes to Financial Statements (Cont.)

13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.01 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2024 |
|  | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 98276 | $1031085 | 88359 | $949442 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 12634 | 130749 | 21944 | 236411 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 1705 | 17946 | 2376 | 25802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 2659 | 27533 | 2649 | 28097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 10 | 106 | 3 <sup>(a)</sup> | 29 <sup>(a)</sup> |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (143395) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1485866) | (165255) | (1781493) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (21395) | (220605) | (57608) | (616465) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (2582) | (26578) | (5991) | (64431) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (4623) | (46764) | (8012) | (84843) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (4) | (38) | 0 <sup>(a)</sup> | 0 <sup>(a)</sup> |
|  **Net increase (decrease) resulting from Fund share transactions** | (56715) | $(572432) | (121535) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1307451) |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(a)</sup> Inception date of the Class C was May 26, 2023.

As of March 31, 2025, two persons owned of record or beneficially 10% or more of the Fund's total outstanding shares, comprising 52% of the Fund. One of the shareholders is a related party of the Fund and comprises 20% of the Fund. Related parties may include, but are not limited to, the investment adviser and its affiliates, affiliated broker dealers, fund of funds and directors or employees of the Trust or Adviser.

14. BASIS FOR CONSOLIDATION

The Subsidiary, a Cayman Islands exempted company, was incorporated on September 6, 2013, as a wholly-owned subsidiary acting as an investment vehicle for the Fund in order to effect certain investments for the Fund consistent with the Fund's investment objectives and policies as specified in its prospectus and statement of additional information. The Fund's investment portfolio has been consolidated and includes the portfolio holdings of the Fund and the Subsidiary. The consolidated financial statements include the accounts of the Fund and the Subsidiary, if any. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the Fund and the Subsidiary, comprising the entire issued share capital of the Subsidiary, with the intent that the Fund will remain the sole shareholder and retain all rights. Under the Memorandum and Articles of Association, shares issued by the Subsidiary confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Subsidiary and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Subsidiary. The net assets of the Subsidiary as of period end represented 35.7% of the Fund's consolidated net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

15. REGULATORY AND LITIGATION MATTERS

The Fund is not named as a defendant in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened against it.

The foregoing speaks only as of the date of this report.

16. FEDERAL INCOME TAX MATTERS

The Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

The Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Adviser has reviewed the Fund's tax positions for all open tax years. As of March 31, 2025, the Fund has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

The Fund files U.S. federal, state and local tax returns as required. The Fund's tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

---

| | |
|:---|:---|
| **52** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** |

---

------

March 31, 2025

The Fund may gain exposure to the commodities markets primarily through investments in swap agreements, futures and options. The Fund may also gain exposure indirectly to commodity markets by investing in the Subsidiary, which may invest without limit in commodity-linked swap agreements and other commodity-linked derivative instruments.

One of the requirements for favorable tax treatment as a regulated investment company under the Code is that the Fund derive at least 90% of its gross income from certain qualifying sources of income. The Internal Revenue Service ("IRS") has issued a revenue ruling which holds that income derived from commodity index-linked derivatives, if earned directly by the Fund, is not qualifying income under Subchapter M of the Code. As such, the Fund'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 Fund will continue to seek to gain exposure to the commodity markets primarily through investments in its Subsidiary and perhaps through commodity-linked notes. The Subsidiary will be treated as a controlled foreign corporation. As a result, the Fund with the Subsidiary will be required to include in gross income for U.S. federal income tax purposes all of its Subsidiary's "subpart F income," whether or not such income is distributed by the Subsidiary. It is expected that all of the Subsidiary's income and realized gains and mark-to-market gains will be "subpart F income." The Fund's recognition of its Subsidiary's "subpart F income" will increase the Fund's tax basis in its Subsidiary. Distributions by the Subsidiary to the Fund will be tax-free, to the extent of its previously undistributed "subpart F income," and will correspondingly reduce the

Fund's tax basis in its Subsidiary. "Subpart F income" is generally treated by the Fund as ordinary income, regardless of the character of the Subsidiary's underlying income or gains.

If a net loss is realized by Subsidiary, such loss is not generally available to offset the income earned by such Subsidiary's parent Fund, and such loss cannot be carried forward to offset taxable income of the parent Fund or the Subsidiary in future periods.

Under IRS regulations, income derived from a controlled foreign corporation will be considered qualifying income if distributed to the Fund or if the Fund's income from in the subsidiary is derived with respect to the Fund'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 Fund's commodity-linked investments. If the IRS were to change or reverse its position, or if future legislation adversely affected the tax treatment of the Fund's commodity-linked investments, there would likely be a significant adverse impact on the Fund, including the possibility of failing to qualify as a regulated investment company. If the Fund did not qualify as a regulated investment company for any taxable year, its taxable income would be subject to tax at the Fund level at regular corporate tax rates (without reduction for distributions to shareholders) and to a further tax at the shareholder level when such income is distributed. Furthermore, the tax treatment of the Fund'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 Fund's taxable income or any distributions made by the Fund or result in the inability of the Fund to operate as described in this prospectus.

As of March 31, 2025, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Undistributed<br>Ordinary<br>Income<sup>(1)</sup> | Undistributed<br>Long-Term<br>Capital Gains | Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Other<br>Book-to-Tax<br>Accounting<br>Differences<sup>(3)</sup> | Accumulated<br>Capital<br>Losses<sup>(4)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Capital<sup>(5)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup> | Total<br>Components of<br>Distributable<br>Earnings |
|  PIMCO TRENDS Managed Futures Strategy Fund | $0 | $0 | $167290 | $0 | $(201524) | $0 | $0 | $(34234) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

<sup>(2)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, swap contracts, straddle loss deferrals, short positions, and controlled foreign corporation (CFC) transactions. 

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America, mainly for organizational expenditures.

<sup>(4)</sup> Capital losses available to offset future net capital gains as shown below.

<sup>(5)</sup> Capital losses realized during the period November 1, 2024 through March 31, 2025, which the Fund elected to defer to the following taxable year pursuant to income tax regulations.

<sup>(6)</sup> Specified losses realized during the period November 1, 2024 through March 31, 2025 and Ordinary losses realized during the period January 1, 2025 through March 31, 2025 which the Fund elected to defer to the following taxable year pursuant to income tax regulations.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **53** |

---

------

Notes to Financial Statements (Cont.) March 31, 2025

Under the Regulated Investment Company Modernization Act of 2010, a fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of March 31, 2025, the Fund had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

---

| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
|  PIMCO TRENDS Managed Futures Strategy Fund | $198923 | $2601 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

As of March 31, 2025, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Federal<br>Tax Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup> |
|  PIMCO TRENDS Managed Futures Strategy Fund | $2408239 | $843891 | $(677178) | $166713 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(7)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, swap contracts, straddle loss deferrals, short positions, and controlled foreign corporation (CFC) transactions. 

For the fiscal years ended March 31, 2025 and March 31, 2024, respectively, the Fund made the following tax basis distributions (amounts in thousands<sup>†</sup>):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | March 31, 2025 | March 31, 2025 | March 31, 2025 | March 31, 2024 | March 31, 2024 | March 31, 2024 |
|  | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> |
|  PIMCO TRENDS Managed Futures Strategy Fund | $0 | $0 | $0 | $0 | $0 | $0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

---

| | |
|:---|:---|
| **54** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** |

---

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO Funds and Shareholders of PIMCO TRENDS Managed Futures Strategy Fund

#### Opinion on the Financial Statements
We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of PIMCO TRENDS Managed Futures Strategy Fund and its subsidiary (one of the funds constituting PIMCO Funds, referred to hereafter as the "Fund") as of March 31, 2025, the related consolidated statement of operations for the year ended March 31, 2025, the consolidated statement of changes in net assets for each of the two years in the period ended March 31, 2025, including the related notes, and the financial highlights (consolidated) for each of the periods indicated therein (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended March 31, 2025 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These consolidated financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

May 28, 2025

We have served as the auditor of one or more investment companies in PIMCO Funds since 1987.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **55** |

---

------

Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations: | Counterparty Abbreviations: |  |  |  |  |
| AZD | Australia and New Zealand Banking Group | FAR | Wells Fargo Bank National Association | MYC | Morgan Stanley Capital Services LLC |
| BOA | Bank of America N.A. | FICC STR | Fixed Income Clearing Corp. - State Street FICC Repo | MYI | Morgan Stanley & Co. International PLC |
| BPS | BNP Paribas S.A. | GLM | Goldman Sachs Bank USA | NGF | Nomura Global Financial Products, Inc. |
| BRC | Barclays Bank PLC | IND | Crédit Agricole Corporate and Investment Bank S.A. | RYL | NatWest Markets Plc |
| CBK | Citibank N.A. | JPM | JP Morgan Chase Bank N.A. | SCX | Standard Chartered Bank, London |
| CIB | Canadian Imperial Bank of Commerce | JPS | J.P. Morgan Securities LLC | SOG | Societe Generale Paris |
| DEU | Deutsche Bank Securities, Inc. | 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 | HKD | Hong Kong Dollar | PHP | Philippine Peso |
| BRL | Brazilian Real | IDR | Indonesian Rupiah | PLN | Polish Zloty |
| CAD | Canadian Dollar | ILS | Israeli Shekel | RON | Romanian New Leu |
| CHF | Swiss Franc | INR | Indian Rupee | SEK | Swedish Krona |
| CLP | Chilean Peso | JPY | Japanese Yen | SGD | Singapore Dollar |
| CNH | Chinese Renminbi (Offshore) | KRW | South Korean Won | THB | Thai Baht |
| CNY | Chinese Renminbi (Mainland) | MXN | Mexican Peso | TRY | Turkish New Lira |
| COP | Colombian Peso | MYR | Malaysian Ringgit | TWD | Taiwanese Dollar |
| CZK | Czech Koruna | NOK | Norwegian Krone | USD (or $) | United States Dollar |
| EUR | Euro | NZD | New Zealand Dollar | ZAR | South African Rand |
| GBP | British Pound | PEN | Peruvian New Sol |  |  |
|  Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |  |
| BIST | Borsa Instanbul Exchange | FTSE | Financial Times Stock Exchange | OTC | Over the Counter |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| BBSW3M | 3 Month Bank Bill Swap Rate | CPURNSA | Consumer Price All Urban Non-Seasonally Adjusted Index | SIBCSORA | Singapore Overnight Rate Average |
| BOVESPA | Brazil Bovespa Index | DAX | Deutscher Aktien Index 30 | SOFR | Secured Overnight Financing Rate |
| BRENT | Brent Crude | EUR003M | 3 Month EUR Swap Rate | SOFRRATE | Secured Overnight Financing Rate |
| CAC | Cotation Assistée en Continu | FEDL01 | Federal funds effective rate | SONIO | Sterling Overnight Interbank Average Rate |
| CAONREPO | Canadian Overnight Repo Rate Average | IBR | Indicador Bancario de Referencia | THOR | Thai Overnight Baht Repurchase Rate |
| CDX.EM | Credit Derivatives Index - Emerging Markets | IFSC | National Stock Exchange of India | TOPIX | Tokyo Price Index |
| CDX.HY | Credit Derivatives Index - High Yield | KOSPI2 | Korea Stock Exchange KOSPI 200 Index | VSTOXX | Euro Stoxx 50 Volatility Index |
| CDX.IG | Credit Derivatives Index - Investment Grade | MUTKCALM | Tokyo Overnight Average Rate | WIG20 | Capitalization-weighted Stock Market Index of the 20 largest companies on the Warsaw Stock Exchange |
| CNREPOFIX | China Fixing Repo Rates 7-Day | S&P 500 | Standard & Poor's 500 Index |  |  |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ABS | Asset-Backed Security | HIBOR | Hong Kong Interbank Offered Rate | oz. | Ounce |
| BBR | Bank Bill Rate | JIBAR | Johannesburg Interbank Agreed Rate | PRIBOR | Prague Interbank Offered Rate |
| BBSW | Bank Bill Swap Reference Rate | KLIBOR | Kuala Lumpur Interbank Offered Rate | RBOB | Reformulated Blendstock for Oxygenate Blending |
| BRL-CDI | Brazil Interbank Deposit Rate | KORIBOR | Korea Interbank Offered Rate | TAIBOR | Taipei Interbank Offered Rate |
| BTP | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | Lunar | Monthly payment based on 28-day periods. One year consists of 13 periods. | TBA | To-Be-Announced |
| CHILIBOR | Chile Interbank Offered Rate | MIBOR | Mumbai Interbank Offered Rate | TELBOR | Tel Aviv Inter-Bank Offered Rate |
| CLO | Collateralized Loan Obligation | MSCI | Morgan Stanley Capital International | TIIE | Tasa de Interés Interbancaria de Equilibrio "Equilibrium Interbank Interest Rate" |
| CMBS | Collateralized Mortgage-Backed Security | OAT | Obligations Assimilables du Trésor | WIBOR | Warsaw Interbank Offered Rate |
| DAC | Designated Activity Company | OIS | Overnight Index Swap | WTI | West Texas Intermediate |
| EURIBOR | Euro Interbank Offered Rate |  |  |  |  |

---

---

| | |
|:---|:---|
| **56** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** |

---

------

Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the Fund estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended March 31, 2025 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

---

| | | | | |
|:---|:---|:---|:---|:---|
| PIMCO TRENDS Managed Futures Strategy Fund\*\*\* | PIMCO TRENDS Managed Futures Strategy Fund\*\*\* | PIMCO TRENDS Managed Futures Strategy Fund\*\*\* | PIMCO TRENDS Managed Futures Strategy Fund\*\*\* | PIMCO TRENDS Managed Futures Strategy Fund\*\*\* |
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
| I-2 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
| I-3 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
| Class A | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
| Class C | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |

---

\* The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits. 

\*\* Occurs when a fund distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a fund's net income, yield, earnings or investment performance. 

\*\*\* The Fund did not pay any dividends or distributions for any share classes during the six month period ended March 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **57** |

---

------

Federal Income Tax Information (Unaudited)

As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Fund's fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a fund's dividend distribution that qualifies under tax law. The percentage of the following Fund's fiscal 2025 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below.

Qualified Dividend Income. Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended March 31, 2025 was designated as ''qualified dividend income'' as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 subject to reduced tax rates in 2025.

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only). Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended March 31, 2025 are considered to be derived from "qualified interest income," as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended March 31, 2025 are considered to be derived from "qualified short-term capital gain," as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

Section 163(j) Interest Dividends. The Fund intends to pass through the maximum amount allowable as Section 163(j) Interest defined in Proposed Treasury Section 1.163(j)-1(b).

Section 199A Dividends. The Fund intends to pass through the maximum amount allowable as Section 199A Dividends defined in Proposed Treasury Section 199A-3(d).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Dividend<br>Received<br>Deduction % | Qualified<br>Dividend<br>Income % | Qualified<br>Interest<br>Income<br>(000s)<sup>†</sup> | Qualified<br>Short-Term<br>Capital Gains<br>(000s)<sup>†</sup> |
|  PIMCO TRENDS Managed Futures Strategy Fund | 0.00% | 0.00% | $0 | $0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2026, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2025.

---

| | |
|:---|:---|
| **58** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** |

---

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **59** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

A special meeting of shareholders was held on December 6, 2024. The results of votes taken among shareholders on the proposal before them are reported below.

Proposal – Election of Ten Trustees to the Board of Trustees

The purpose of this proposal was to elect ten nominees to the Board of Trustees, three of whom did not currently serve as Trustees of the Trust.

---

| | | |
|:---|:---|:---|
| Trustee | Number of Votes<br>For | Number of Votes<br>Withheld |
|  Peter G. Strelow<sup>†</sup> | 35155639503.71 | 541564301.84 |
|  Kimberley G. Stafford<sup>†</sup> | 35335546173.41 | 361657632.15 |
|  Michael J. Berchtold | 35329119814.53 | 368083991.02 |
|  Jennifer Holden Dunbar | 35291747375.28 | 405456430.27 |
|  Kym M. Hubbard | 35275801900.63 | 421401904.92 |
|  Gary F. Kennedy | 32867722905.96 | 2829480899.59 |
|  Anne K. Kratky | 35267192460.47 | 430011345.09 |
|  Steven Lipiner | 35327604784.63 | 369599020.93 |
|  Peter B. McCarthy | 34965645653.53 | 731558152.02 |
|  Ronald C. Parker | 35126210479.41 | 570993326.14 |

---

<sup>†</sup> Interested Trustee

---

| | |
|:---|:---|
| **60** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **61** |

---

------

#### General Information
Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Fund listed on the Report cover.

------

![LOGO](g940944g75h91.jpg)

PIMS10789FSTMAR_033125

------

**Item 8.** **Changes In and Disagreements with Accountants for Open-End Management Investment Companies.** <br>

The information required by this Item 8 is included as part of the Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.** <br>

The information required by this Item 9 is included as part of the Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** <br>

The information required by this Item 10 is included as part of the Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.** <br>

The information required by this Item 11 is included as part of the Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures For Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

------

Not applicable to open-end investment companies.

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable to open-end investment companies.

**Item 15.** **Submission of Matters to a Vote of Security Holders.** <br>

There have been no material changes to the procedures by which shareholders may recommend nominees to the Trust's Board of Trustees since the Trust last provided disclosure in response to this item.

**Item 16.** **Controls and Procedures.** <br>

(a) The principal executive officer and principal financial & accounting officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) provide reasonable assurances that material information relating to the Registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities For Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

**Item 18.** **Recovery of Erroneously Awarded Compensation.** <br>

(a) Not applicable to the Registrant.

(b) Not applicable to the Registrant.

**Item 19.** **Exhibits.** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)(1) [Exhibit99.CODE—Code of Ethics pursuant to Section 406 of the Sarbanes-Oxley Act of 2002.](d23367dex99codeeth.htm)<br>(a)(2) Notapplicable to the Registrant.<br>(a)(3) [Exhibit99.CERT—Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](d23367dex99cert.htm)<br>(a)(4) Notapplicable to the Registrant.<br>(a)(5) Therewas no change in the Registrant's independent public accountant for the period covered by the report.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Exhibit99.906CERT—Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](d23367dex99906cert.htm)<br>

------

#### Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| PIMCO Funds | PIMCO Funds |
| By: | /s/ Joshua D. Ratner<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
|  | Joshua D. Ratner<br> President (Principal Executive Officer) |
| Date: | June 5, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Joshua D. Ratner<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
|  | Joshua D. Ratner<br> President (Principal Executive Officer) |
| Date: | June 5, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Bijal Y. Parikh<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
|  | Bijal Y. Parikh<br> Treasurer (Principal Financial & Accounting Officer) |
| Date: | June 5, 2025 |

---

## Ex-99.Code

**<u>Code of Ethics Pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 for Principal</u>** 

**<u>Executive and Senior Financial Officers</u>** 

**PIMCO Funds** 

**PIMCO Variable Insurance Trust ("PVIT")** 

**PIMCO ETF Trust ("ETF")** 

**PIMCO Equity Series ("PES")** 

**PIMCO Equity Series VIT ("PESVIT")** 

**PIMCO Managed Accounts Trust** 

**PIMCO Sponsored Closed-End Funds** 

**PIMCO Sponsored Interval Funds** 

**PIMCO Capital Solutions BDC Corp.<sup>1</sup>** 

**I. Covered Officers/Purpose of the Code** 

This Code of Ethics (this "Code") pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 has been adopted by the Funds and, except as provided in Section VI below, applies to each Fund's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer (the "Covered Persons"). Each Covered Person is identified in <u>Exhibit A</u>.)

This Code has been adopted for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that a Fund files with, or
submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

Each Covered Person should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to conflicts of interest or the appearance thereof.

<sup>1</sup> The listed entities which are open-end investment companies are known as the "Trusts," the listed entities which are publicly-traded closed-end investment companies are known as the "Closed-End Funds," the listed entities which are closed-end investment companies operating as "interval" funds pursuant to Rule 23c-3 under the 1940 Act are known as the "Interval Funds", and the listed entities which are business development companies are known as the "BDCs." The Trusts' respective series, the Closed-End Funds, the Interval Funds and the BDC are referred to herein as the "Funds." References to "Trustees" include Directors, as applicable.

------

Sarbanes-Oxley Code of Ethics

**II. Covered Persons Should Handle Ethically Any Actual or Apparent Conflicts of Interest** 

**Overview**. A "conflict of interest" occurs when a Covered Person's private interest interferes with the interests of, or his service to, the relevant Fund. For example, a conflict of interest would arise if a Covered Person, or a member of the Covered Person's family, receives improper personal benefits as a result of the Covered Person's position with the relevant Fund.

Certain conflicts of interest arise out of the relationships between Covered Persons and the relevant Fund and already are subject to conflict of interest provisions and procedures in the Investment Company Act of 1940, as amended (including the regulations thereunder, the "1940 Act") and the Investment Advisers Act of 1940, as amended (including the regulations thereunder, the "Investment Advisers Act") and other applicable laws. Indeed, conflicts of interest are endemic for registered management investment companies and those conflicts are both substantially and procedurally dealt with under the 1940 Act. For example, Covered Persons may not engage in certain transactions with a Fund because of their status as "affiliated persons" of such Fund. The compliance program of each Fund and the compliance programs of its investment adviser, principal underwriter (with respect to the Trusts) and administrator (each a "PIMCO-Affiliated Service Provider" and, collectively, the "PIMCO-Affiliated Service Providers"<sup>2</sup>) are reasonably designed to prevent, or identify and correct, violations of many of those provisions, although they are not designed to provide absolute assurance as to those matters. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code. *See also* Section V of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between a Fund and its applicable PIMCO-Affiliated Service Providers of which the Covered Persons are also officers or employees. As a result, this Code recognizes that the Covered Persons will, in the normal course of their duties (whether for the Funds or for a PIMCO-Affiliated Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on the PIMCO-Affiliated Service Providers and the Funds. The participation of the Covered Persons in such activities is inherent in the contractual relationships between the Funds and their applicable PIMCO-Affiliated Service Providers and is consistent with the performance by the Covered Persons of their duties as officers of the relevant Fund. Thus, if performed in conformity with the provisions of the 1940 Act, the Investment Advisers Act, other applicable law and the relevant Fund's constitutional documents, such activities will be deemed to have been handled ethically. Frequently, the 1940 Act establishes, as a mechanism for dealing with conflicts, requirements that such potential conflicts be disclosed to and approved by the Trustees of a Fund who are not "interested persons" of such Fund under the 1940 Act. In addition, it is recognized by each Fund's Board of Trustees that the Covered Persons may also be officers or employees of one or more other investment companies covered by this or other codes and that such service, by itself, does not give rise to a conflict of interest.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not the subject of provisions of the 1940 Act and the Investment Advisers Act. The following list provides

<sup>2</sup> Each PIMCO-Affiliated Service Provider is identified in <u>Exhibit B.</u>

------

Sarbanes-Oxley Code of Ethics

examples of conflicts of interest under the Code, but Covered Persons should bear in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Person should not be placed improperly before the interest of the relevant Fund, unless the personal interest is disclosed to and reviewed by other officers of such Fund or such Fund's Chief Compliance Officer ("CCO").

\* \* \* \*

Each Covered Person must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use his personal influence or personal relationships to improperly influence investment decisions or financial
reporting by the relevant Fund whereby the Covered Person would benefit personally to the detriment of such Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cause the relevant Fund to take action, or fail to take action, for the individual personal benefit of the
Covered Person rather than the benefit of such Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• retaliate against any other Covered Person or any employee of the Funds or their PIMCO-Affiliated Service
Providers for reports of potential violations that are made in good faith.

There are some conflict of interest situations that should always be submitted for review by the President of the relevant Fund (or, with respect to activities of the President, by the Chairman of the relevant Fund or, if the same person holds the titles of President and Chairman, by the Fund's CCO). These conflict of interest situations are listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service on the board of directors or governing board of a publicly traded entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• knowing acceptance of any investment opportunity or of any material gift or gratuity from any person or entity
that does business, or desires to do business, with the relevant Fund. For these purposes, material gifts do <u>not</u> include (i) gifts from a single giver so long as their aggregate annual value does not exceed the equivalent of $100.00;
(ii) attending business meals, business related conferences, sporting events and other entertainment events at the expense of a giver, so long as the expense is reasonable<sup>3</sup> and both the Covered
Person and the giver are present<sup>4</sup> ; or (iii) gifts or meals/conferences/events received from the Covered Person's employer;

<sup>3</sup> Whether an entertainment expense is "reasonable" will vary depending on the circumstances. For example, under proposed FINRA (NASD) guidance (Proposed IM 3060, SEC Release No. 34-55765, May 15, 2007), generally, a business entertainment event that is so lavish or extensive in nature that an attendee would likely feel compelled to direct business to the sponsor of the event, or a business entertainment event that is intended or designed to cause, or would be reasonably judged to have the likely effect of causing the attendee to act in a manner that is inconsistent with the best interests of a Fund would be unreasonable *per se*. 

<sup>4</sup> In the event a Covered Person is a registered representative of the Funds' principal underwriter, the aggregate annual gift value from a single giver shall not exceed $100.00 as required by the rules of FINRA. However, PIMCO employees and PIMCO Investments LLC registered representatives are subject to the respective firm's internal policies on accepting gifts and entertainment and must abide by the limitations imposed by such policies.

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Sarbanes-Oxley Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any entities doing business with
the relevant Fund, other than a PIMCO-Affiliated Service Provider or an affiliate of a PIMCO-Affiliated Service Provider.<sup>5</sup> This restriction shall not apply to or otherwise limit the ownership of
publicly traded securities of such entities doing business with the relevant Fund so long as the Covered Person's ownership does not exceed more than 2% of the outstanding securities of the relevant class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• knowingly have a direct or indirect financial interest in commissions, transaction charges or spreads paid by
the relevant Fund for effecting portfolio transactions or for selling or redeeming shares of a Fund other than an interest arising from the Covered Person's employment. This restriction shall not apply to or otherwise limit the direct or
indirect ownership of publicly traded securities of any such company so long as the Covered Person's ownership does not exceed more than 2% of the particular class of security outstanding.

**III. Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No Covered Person should knowingly misrepresent, or cause others to misrepresent, facts about the relevant
Fund to others, whether within or outside such Fund, including to such Fund's Board of Trustees and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Covered Person should, to the extent appropriate within his area of responsibility, consult with other
officers and employees of the Funds, applicable PIMCO Affiliated Service Providers, other service providers, or with counsel to the Funds with the goal of promoting full, fair, accurate, timely and understandable disclosure in the registration
statements or periodic reports that the Funds file with, or submit to, the SEC (which, for sake of clarity, does not include any sales literature, omitting prospectuses, or "tombstone" advertising prepared by the relevant Fund's
principal underwriter(s)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it is the responsibility of each Covered Person to promote compliance with the standards and restrictions
imposed by applicable laws, rules and regulations.

<sup>5</sup> For purposes of the Code, an "affiliate" of a Service Provider is (a) any natural person or entity directly or indirectly owning, controlling, or holding with power to vote, 5% or more of the outstanding voting securities of the Service Provider; (b) any natural person or entity 5% or more of whose outstanding voting securities are directly or indirectly owned by, controlled, or held with power to vote, by the Service Provider; (c) any person directly or indirectly controlling, controlled by, or under common control with, the Service Provider; or (d) any officer, director, partner, copartner, or employee of the Service Provider.

------

Sarbanes-Oxley Code of Ethics

**IV. Reporting and Accountability** 

Each Covered Person must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Person), affirm in writing to
the relevant Fund that he has received, read, and understood the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm to the relevant Fund that he has complied with the requirements of the Code by
completing the Annual Certification of Compliance attached hereto as <u>Exhibit C</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide full and fair responses to all questions asked in any Trustee and Officer Questionnaire provided by
the relevant Fund as well as with respect to any supplemental request for information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the President of the relevant Fund promptly if he or she is convinced to a moral certainty that there
has been a material violation of this Code (with respect to violations by a President, the Covered Person shall report to the Chairman of the relevant Fund or, if the same person holds the titles of President and Chairman, to the Fund's CCO).

The President of each Fund is responsible for applying this Code to specific situations in which questions are presented under it and, in consultation with the Fund's CCO, has the authority to interpret this Code in any particular situation. However, any reviews sought by the President will be considered by the Chairman of the relevant Fund or, if the same person holds the titles of President and Chairman, by the Fund's CCO.

The Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the President will take all appropriate action to investigate any potential material violations reported to
him, which actions may include the use of internal or external counsel, accountants or other personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the President believes that no material violation has occurred, the President is
not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the President believes is a material violation will be reported to the applicable Fund's
CCO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the CCO concurs that a material violation has occurred, it will inform and make a recommendation to the
Fund's Board of Trustees, which will consider appropriate action, which may include review of, and appropriate modifications to applicable policies and procedures; notification to appropriate personnel of a PIMCO-Affiliated Service Provider or
its board; or a recommendation to dismiss the Covered Person; and

A Fund's CCO or Board of Trustees may grant waivers under this Code, as each deems appropriate .

------

Sarbanes-Oxley Code of Ethics

**V. Public Disclosure of Changes and Waivers** 

Any changes to this Code will, to the extent required by the SEC's rules, be disclosed on the Fund's website or in the Fund's N-CSR. Any waivers under this Code relating to a Covered Person will, to the extent required by the SEC's rules, be disclosed on the Fund's website or in the Fund's N-CSR.

**VI. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds or the Funds' PIMCO-Affiliated Service Providers govern or purport to govern the behavior or activities of the Covered Persons who are subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code. The Funds' and their PIMCO-Affiliated Service Providers' codes of ethics under Rule 17j-1 under the 1940 Act and the PIMCO-Affiliated Service Providers' more detailed compliance policies and procedures are separate requirements applying to the Covered Persons and others, and are not part of this Code.

This Code will not be interpreted or applied in any manner that would violate the legal rights of any Covered Person as an employee under applicable law. For example, nothing in this Code or the Exhibits attached hereto prohibits or in any way restricts any Covered Person from reporting possible violations of law or regulation to, otherwise communicating directly with, cooperating with or providing information to any governmental or regulatory body or any self-regulatory organization or making other disclosures that are protected under applicable law or regulations of the SEC or any other governmental or regulatory body or self-regulatory organization. A Covered Person does not need prior authorization of PIMCO, a Fund or a PIMCO-Affiliated Service Provider before taking any such action and is not required to inform PIMCO, a Fund or a PIMCO-Affiliated Service Provider if he or she chooses to take such action.

**VII. Amendments** 

Any material amendments to this Code must be approved or ratified by a majority vote of the Board of Trustees.

**VIII. Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone except as permitted by the Board of Trustees.

**IX. Internal Use** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

------

Sarbanes-Oxley Code of Ethics

**History of Amendments** 

<u>History of adoptions and amendments:</u> 

---

| | |
|:---|:---|
| Adopted: | September 29, 2004 |
| Effective: | October 5, 2004 |
| Amended: | April 1, 2005 |
| Amended: | May 24, 2005 |
| Amended: | February 24, 2009 (added ETF) |
| Amended: | March 31, 2009 |
| Amended: | August 11, 2009 |
| Amended: | March 30, 2010 (added PES and PESVIT) |
| Amended: | March 1, 2011 |
| Amended: | February 27, 2013 |
| Amended: | November 7, 2013 (non-material changes) |
| Amended: | February 26, 2014 (non-material changes) |
| Amended: | August 14, 2014 (added PIMCO Managed Accounts Trust and PIMCO Sponsored Closed-End Funds) |
| Amended: | January 17, 2015 |
| Amended: | December 14, 2016 (added PIMCO Sponsored Interval Funds) |
| Amended: | February 15, 2017 (Open-End Funds Boards); March 23, 2017 (Approved by PIMCO Managed Accounts Trust, PIMO Sponsored Closed-End Funds and PIMCO Sponsored Interval Funds) |
| Amended: | May 28, 2019 (updated Exhibit A for PIMCO Managed Accounts Trust, PIMO Sponsored Closed-End Funds and PIMCO Sponsored Interval Funds) |
| Amended: | June 15, 2019 (updated Exhibit A for OEF/ETF) |
| Amended: | January 1, 2021 (updated PFO/PAO in Exhibit A) |
| Amended: | June 22, 2022 (added Boards of Real Estate/Private Credit Funds) |
| Amended: | February 14, 2024 (Open-End Funds Boards); February 28, 2024 (Boards of Real Estate/Private Credit Funds); March 14, 2024 (PIMCO Managed Accounts Trust and PIMCO Sponsored Interval Funds Boards) (Updated Exhibit A) |

---

------

**Exhibit A** 

<u>Persons Covered by this Code of Ethics</u> 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Trust**<br>| **Principal Executive**<br> **Officer**<br>| **Principal Financial**<br> **Officer**<br>| **Principal Accounting<br>Officer**<br>|
| &nbsp;&nbsp;&nbsp;PIMCO Funds | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PVIT | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;ETF | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PES | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PESVIT | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PIMCO Managed Accounts Trust | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PIMCO Sponsored Closed-End Funds | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PIMCO Sponsored Interval Funds | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PIMCO Sponsored BDCs | John W. Lane | Crystal Porter | Crystal Porter |

---

Note that a listed officer is only a "Covered Person" of the Fund(s) for which he or she serves as a Principal Executive Officer, Principal Financial Officer or Principal Accounting Officer.

------

**Exhibit B** 

<u>PIMCO-Affiliated Service Providers</u>\*

---

| | |
|:---|:---|
| &nbsp;&nbsp; Investment Adviser<br>| Pacific Investment Management Company LLC ("PIMCO")<br>|
| &nbsp;&nbsp;&nbsp;Principal Underwriter\*\* | PIMCO Investments LLC<br>|
| &nbsp;&nbsp; Administrator\*\*\*<br>| PIMCO<br>|

---

\* None of the PIMCO-Affiliated Service Providers are publicly traded companies.

\*\* PIMCO Investments LLC does not serve as the principal underwriter for the Closed-End Funds or the BDC.

\*\*\* Each Fund retains PIMCO to provide administrative services, either under separate administration agreements or under their advisory or management agreements.

------

**Exhibit C** 

ANNUAL CERTIFICATION OF COMPLIANCE

I hereby certify that I have complied with the requirements of the Code of Ethics Pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 for Principal Executive and Senior Financial Officers (the "Code") for the year ended December 31, . I also agree to cooperate fully with any investigation or inquiry as to whether a possible violation of the foregoing Code has occurred.

Date: <br> Signature

## Ex-99.Cert

**Exhibit 99.CERT** 

**<u>Certification Under Rule 30a-2(a)</u>**

**CERTIFICATION** 

I, Joshua D. Ratner, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of PIMCO Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and
have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | June 5, 2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Signature: | /s/ Joshua D. Ratner<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Title: | President (Principal Executive Officer) <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

------

**Exhibit 99.CERT** 

**<u>Certification Under Rule 30a-2(a)</u>**

**CERTIFICATION** 

I, Bijal Y. Parikh, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of PIMCO Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | June 5, 2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Signature: | /s/ Bijal Y. Parikh<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Title: | Treasurer (Principal Financial & Accounting Officer)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

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## Exhibit 99.906

**Exhibit 99.906CERT** 

**<u>Certification Under Rule 30a-2(b)</u>**

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350** 

**(as adopted pursuant to Section 906 of the Sarbanes-Oxley Act)** 

In connection with the Report on Form N-CSR to which this certification is furnished as an exhibit (the "Report"), the undersigned officers of PIMCO Funds (the "Registrant") each certify that to his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report on Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report on Form N-CSR fairly presents, in all material respects, the financial
condition and results of operations of the Registrant.

---

| | | | |
|:---|:---|:---|:---|
| By: | /s/ Joshua D. Ratner<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | By: | /s/ Bijal Y. Parikh<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Name: | Joshua D. Ratner<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Name: | Bijal Y. Parikh<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Title: | President (Principal Executive Officer)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Title: | Treasurer (Principal Financial & Accounting Officer)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Date: | June 5, 2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Date: | June 5, 2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

**A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.** 

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report.