# EDGAR Filing Document

**Accession Number:** 0001851077
**File Stem:** 0001099263-25-004584
**Filing Date:** 2025-11
**Character Count:** 342532
**Document Hash:** e95e8d367b35944d0339da760298346c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001099263-25-004584.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001099263-25-004584

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PIMCO Flexible Emerging Markets Income Fund
- **CENTRAL INDEX KEY:** 0001851077

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23648
- **FILM NUMBER:** 251528633

**BUSINESS ADDRESS:**
- **STREET 1:** 1633 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 844-312-2113

**MAIL ADDRESS:**
- **STREET 1:** 1633 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

## Nport-Ex

<br> Schedule of Investments PIMCO Flexible Emerging Markets Income Fund September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** |
|  | PRINCIPAL<br>AMOUNT<br>(000s) | MARKET<br>VALUE<br>(000s) |
| **INVESTMENTS IN SECURITIES 105.4% ¤** |  |  |
| **LOAN PARTICIPATIONS AND ASSIGNMENTS 8.7%**  |  |  |
| **Finance Ministry Angola**<br>13.250% (PRIME + 6.000%) due 12/11/2025 «~ | $850 | $852 |
| **Oi SA**<br>TBD% due 12/30/2050 « | 714 | 7 |
| **Panama Government International Bonds**<br>3.837% (EUR006M + 1.750%) due 03/05/2027 «~ | 500 | 588 |
| **Republic of Cote d'Ivoire**  |  |  |
| 5.153% (EUR006M + 3.050%) due 03/09/2026 «~ | 300 | 352 |
| 5.159% (EUR003M + 2.850%) due 03/18/2026 «~ | 200 | 235 |
| **Republic of Kenya Government International Bonds**<br>12.650% (PRIME + 5.400%) due 04/05/2028 «~ | $400 | 401 |
| **Republic of Senegal Ministry of Finance & Budget**<br>7.871% (EUR006M + 5.800%) due 12/22/2028 «~ | 525 | 557 |
| **SOCAR Turkey Enerji AS**<br>5.535% (EUR006M + 3.450%) due 08/11/2026 «~ | 300 | 353 |
| **Transnet SOC Ltd.**<br>11.125% due 03/02/2028 «~ | 3143 | 180 |
| **Turkiye Government International Bonds**<br>8.343% (EUR006M + 6.210%) due 04/27/2031 «~ | 300 | 381 |
| **Turkiye Vakiflar Bankasi TAO**<br>5.014% (EUR003M + 3.000%) due 12/15/2028 «~ | 300 | 354 |
| **United Republic of Tanzania**<br>10.062% due 04/26/2028 «~ | $333 | 335 |
| **VEON Amsterdam BV**<br>8.548% (TSFR3M + 4.250%) due 03/25/2027 «~ | 200 | 200 |
| Total Loan Participations and Assignments (Cost $4,922) |  | 4795 |
| **CORPORATE BONDS & NOTES 40.5%**  |  |  |
| **BANKING & FINANCE 12.7%**  |  |  |
| **Africa Finance Corp.** <br>2.875% due 04/28/2028 | 200 | 191 |
| **Banco do Brasil SA** <br>8.500% due 07/29/2026 | 3000 | 165 |
| **BOI Finance BV** <br>7.500% due 02/16/2027 | 750 | 906 |
| **CIMA Finance DAC** <br>2.950% due 09/05/2029 | $253 | 237 |
| **Credicorp Capital Sociedad Titulizadora SA**  |  |  |
| 9.700% due 03/05/2045  | 1000 | 305 |
| 10.100% due 12/15/2043  | 1900 | 590 |
| **Gaci First Investment Co.** <br>5.375% due 01/29/2054 (i) | $300 | 284 |
| **ICBC Standard Bank PLC** <br>20.000% due 09/18/2029 « | 3652000 | 303 |
| **IIFL Finance Ltd.** <br>8.750% due 07/24/2028 | $200 | 204 |
| **Interoceanica V Finance Ltd.** <br>0.000% due 05/15/2030 (d) | 211 | 177 |
| **Ipoteka-Bank ATIB** <br>5.500% due 11/19/2025 | 300 | 300 |
| **Muthoot Finance Ltd.** <br>6.375% due 04/23/2029 | 400 | 406 |
| **Panama Infrastructure Receivable Purchaser PLC** <br>0.000% due 04/05/2032 (d) | 1000 | 754 |
| **Peru Payroll Deduction Finance Ltd.** <br>0.000% due 11/01/2029 «(d) | 370 | 328 |
| **SOCAR Turkey Enerji AS via Steas Funding 1 DAC** <br>7.230% due 03/17/2026 | 700 | 699 |
| **Standard Chartered Bank**  |  |  |
| 0.000% due 11/03/2025 «(d)  | 55500 | 179 |
| 0.000% due 12/01/2025 «(d)  | 63300 | 204 |
| **Uzbek Industrial & Construction Bank ATB**  |  |  |
| 8.950% due 07/24/2029  | $200 | 217 |
| 21.000% due 07/24/2027  | 2500000 | 217 |

---

------

<br> Schedule of Investments PIMCO Flexible Emerging Markets Income Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **VB** **DPR Finance Co.** <br>6.833% due 03/15/2035 «(h) | $300 | 309 |
|  |  | 6975 |
| **INDUSTRIALS 20.6%**  |  |  |
| **Aeropuerto Internacional de Tocumen SA** <br>5.125% due 08/11/2061 | 200 | 160 |
| **Beignet** <br>6.850% due 06/01/2049 «(a) | 1000 | 1000 |
| **Corp. Nacional del Cobre de Chile** <br>6.780% due 01/13/2055 | 200 | 215 |
| **CSN Resources SA** <br>4.625% due 06/10/2031 | 200 | 163 |
| **Czechoslovak Group AS** <br>5.250% due 01/10/2031 | 100 | 122 |
| **Ecopetrol SA** <br>5.875% due 05/28/2045 | $1200 | 919 |
| **Fideicomiso PA Pacifico Tres** <br>8.250% due 01/15/2035 | 563 | 595 |
| **First Quantum Minerals Ltd.** <br>7.250% due 02/15/2034 | 300 | 310 |
| **Fortune Star BVI Ltd.** <br>3.950% due 10/02/2026 | 400 | 468 |
| **IRB Infrastructure Developers Ltd.** <br>7.110% due 03/11/2032 | $200 | 208 |
| **KazMunayGas National Co. JSC** <br>6.375% due 10/24/2048 | 600 | 598 |
| **Metalsa SAPI de CV** <br>3.750% due 05/04/2031 | 300 | 267 |
| **Montego Bay Airport Revenue Finance Ltd.** <br>6.600% due 06/15/2035 | 300 | 307 |
| **OCP SA** <br>7.500% due 05/02/2054 | 200 | 222 |
| **Petroleos de Venezuela SA** <br>9.750% due 05/17/2035 ^(b) | 600 | 110 |
| **Petroleos del Peru SA**  |  |  |
| 4.750% due 06/19/2032  | 300 | 261 |
| 5.625% due 06/19/2047  | 400 | 296 |
| **Petroleos Mexicanos**  |  |  |
| 6.375% due 01/23/2045  | 900 | 732 |
| 6.950% due 01/28/2060 (i)  | 1200 | 988 |
| **Saudi Arabian Oil Co.** <br>6.375% due 06/02/2055 | 500 | 533 |
| **Stillwater Mining Co.** <br>4.000% due 11/16/2026 | 200 | 198 |
| **Turkcell Iletisim Hizmetleri AS** <br>7.450% due 01/24/2030 | 200 | 209 |
| **Turkish Airlines Pass-Through Trust** <br>4.200% due 09/15/2028 | 253 | 249 |
| **Uzbekneftegaz JSC** <br>4.750% due 11/16/2028 | 300 | 287 |
| **Vale SA** <br>0.000% due 12/29/2049 ~(f) | 14500 | 978 |
| **Yinson Bergenia Production BV** <br>8.498% due 01/31/2045 | $300 | 322 |
| **Yinson Boronia Production BV** <br>8.947% due 07/31/2042 | 491 | 547 |
|  |  | 11264 |
| **UTILITIES 7.2%**  |  |  |
| **Chile Electricity Lux MPC II SARL** <br>5.672% due 10/20/2035 | 500 | 516 |
| **Comision Ejecutiva Hidroelectrica del Rio Lempa** <br>8.650% due 01/24/2033 | 300 | 314 |
| **Eskom Holdings** <br>6.350% due 08/10/2028 | 200 | 206 |
| **LLPL Capital Pte. Ltd.** <br>6.875% due 02/04/2039 (i) | 1053 | 1097 |
| **Mong Duong Finance Holdings BV** <br>5.125% due 05/07/2029 | 576 | 570 |
| **Peru LNG SRL** <br>5.375% due 03/22/2030 | 150 | 144 |
| **Poinsettia Finance Ltd. SARL** <br>6.625% due 06/17/2031 (i) | 664 | 653 |
| **Tierra Mojada Luxembourg II SARL** <br>5.750% due 12/01/2040 (i) | 477 | 470 |
|  |  | 3970 |
| Total Corporate Bonds & Notes (Cost $21,442) |  | 22209 |
| **U.S. TREASURY OBLIGATIONS 0.7%**  |  |  |
| **U.S. Treasury Bonds**  |  |  |
| 1.750% due 08/15/2041 | 600 | 407 |

---

------

<br> Schedule of Investments PIMCO Flexible Emerging Markets Income Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Total U.S. Treasury Obligations (Cost $430) |  | <br> 407 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.1%**  |  |  |
| **Stratton BTL Mortgage Funding PLC** <br>4.783% due 01/20/2054 •  | 30 | 40 |
| Total Non-Agency Mortgage-Backed Securities (Cost $39) |  | 40 |
| **ASSET-BACKED SECURITIES 0.5%**  |  |  |
| **OTHER ABS 0.5%**  |  |  |
| **IFC Emerging Markets Securitization Ltd.** <br>5.454% due 12/31/2035 •  | $250 | 250 |
| Total Asset-Backed Securities (Cost $250) |  | 250 |
| **SOVEREIGN ISSUES 46.7%**  |  |  |
| **Angola Government International Bonds** <br>8.750% due 04/14/2032 | 200 | 191 |
| **Argentina Republic Government International Bonds**  |  |  |
| 0.750% due 07/09/2030 þ  | 320 | 217 |
| 3.500% due 07/09/2041 þ  | 400 | 195 |
| 4.125% due 07/09/2035 þ  | 800 | 422 |
| 5.000% due 01/09/2038 þ  | 400 | 226 |
| **Bank Gospodarstwa Krajowego** <br>6.250% due 07/09/2054 | 200 | 209 |
| **Colombia Government International Bonds**  |  |  |
| 3.000% due 01/30/2030  | 200 | 181 |
| 4.500% due 03/15/2029  | 600 | 592 |
| 5.625% due 02/26/2044  | 300 | 246 |
| 7.500% due 02/02/2034  | 200 | 211 |
| 8.000% due 11/14/2035  | 600 | 645 |
| 8.375% due 11/07/2054  | 200 | 212 |
| 8.500% due 04/25/2035  | 200 | 222 |
| **Development Bank of Kazakhstan JSC** <br>10.950% due 05/06/2026 | 128000 | 225 |
| **Dominican Republic International Bonds**  |  |  |
| 6.600% due 06/01/2036  | $200 | 210 |
| 6.950% due 03/15/2037  | 200 | 214 |
| 7.150% due 02/24/2055  | 200 | 213 |
| 10.500% due 03/15/2037 (i)  | 239600 | 4127 |
| 11.250% due 09/15/2035  | 17100 | 304 |
| 13.625% due 02/03/2033  | 11800 | 229 |
| **Eagle Funding Luxco SARL** <br>5.500% due 08/17/2030 | $800 | 813 |
| **Ecuador Government International Bonds** <br>0.000% due 07/31/2030 (d) | 700 | 540 |
| **Egypt Government Bonds** <br>21.954% due 03/04/2028 | 46200 | 965 |
| **Egypt Government International Bonds**  |  |  |
| 8.750% due 09/30/2051  | $600 | 536 |
| 9.450% due 02/04/2033  | 200 | 214 |
| **Finance Department Government of Sharjah** <br>4.000% due 07/28/2050 | 600 | 415 |
| **Guatemala Government Bonds**  |  |  |
| 6.250% due 08/15/2036  | 200 | 207 |
| 6.875% due 08/15/2055  | 200 | 210 |
| **Hazine Mustesarligi Varlik Kiralama AS** <br>6.750% due 09/01/2030 | 200 | 207 |
| **Ivory Coast Government International Bonds**  |  |  |
| 6.625% due 03/22/2048  | 900 | 907 |
| 7.625% due 01/30/2033  | $200 | 208 |
| 8.075% due 04/01/2036  | 200 | 208 |
| **Jordan Government International Bonds** <br>7.375% due 10/10/2047 | 300 | 288 |
| **KSA Ijarah Sukuk Ltd.** <br>4.875% due 09/09/2035 | 300 | 302 |
| **Kuwait International Bonds** <br>4.652% due 10/09/2035 (a) | 500 | 500 |
| **Mexico Government International Bonds** <br>5.125% due 03/19/2038 | 100 | 120 |
| **Mongolia Government International Bonds** <br>3.500% due 07/07/2027 | $300 | 289 |
| **Nigeria Government International Bonds** <br>7.625% due 11/21/2025 | 200 | 200 |
| **Pakistan Government International Bonds**  |  |  |
| 7.375% due 04/08/2031  | 200 | 196 |
| 8.875% due 04/08/2051  | 200 | 185 |
| **Panama Government International Bonds**  |  |  |
| 4.500% due 05/15/2047  | 400 | 309 |
| 4.500% due 04/01/2056  | 800 | 587 |
| **Paraguay Government International Bonds**  |  |  |
| 6.650% due 03/04/2055  | 200 | 213 |
| 8.500% due 03/04/2035  | 1950000 | 266 |

---

------

<br> Schedule of Investments PIMCO Flexible Emerging Markets Income Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Peru** **Government Bonds**  |  |  |
| 5.400% due 08/12/2034  | 400 | 112 |
| 6.150% due 08/12/2032  | 1100 | 336 |
| 7.300% due 08/12/2033  | 1300 | 418 |
| **Peru Government International Bonds**  |  |  |
| 6.900% due 08/12/2037  | 200 | 60 |
| 6.950% due 08/12/2031  | 480 | 153 |
| **Republic of Angola Via Avenir Issuer II Ireland DAC** <br>6.927% due 02/19/2027 | $300 | 292 |
| **Republic of Cameroon International Bonds** <br>5.950% due 07/07/2032 | 1000 | 965 |
| **Republic of Ghana Government Bonds**  |  |  |
| 8.350% due 02/16/2027  | 2441 | 178 |
| 8.650% due 02/13/2029  | 479 | 31 |
| 8.800% due 02/12/2030  | 2000 | 126 |
| 8.950% due 02/11/2031  | 1834 | 111 |
| **Republic of Kenya Government International Bonds**  |  |  |
| 9.500% due 03/05/2036  | $200 | 206 |
| 9.750% due 02/16/2031  | 700 | 749 |
| **Republic of South Africa Government International Bonds**  |  |  |
| 4.850% due 09/30/2029  | 200 | 198 |
| 5.750% due 09/30/2049  | 300 | 241 |
| **Republic of Uganda Government Bonds** <br>15.800% due 06/23/2039 | 1005000 | 267 |
| **Romania Government International Bonds**  |  |  |
| 2.000% due 04/14/2033 (i)  | 700 | 646 |
| 2.750% due 04/14/2041  | 1000 | 757 |
| 4.000% due 02/14/2051  | $400 | 268 |
| 5.250% due 05/30/2032 (i)  | 100 | 117 |
| 5.625% due 05/30/2037 (i)  | 100 | 112 |
| 6.375% due 09/18/2033 (i)  | 200 | 247 |
| **Senegal Government International Bonds** <br>6.750% due 03/13/2048 | $200 | 125 |
| **Serbia International Bonds** <br>2.050% due 09/23/2036 | 200 | 183 |
| **Sri Lanka Government International Bonds**  |  |  |
| 3.600% due 06/15/2035 þ  | $55 | 40 |
| 3.600% due 05/15/2036 þ  | 38 | 34 |
| 3.600% due 02/15/2038 þ  | 76 | 68 |
| **Ukraine Government International Bonds** <br>0.000% due 02/01/2034 þ(e) | 66 | 27 |
| **Venezuela Government International Bonds**  |  |  |
| 9.250% due 09/15/2027 ^(b)  | 700 | 171 |
| 12.750% due 08/23/2032 ^(b)  | 800 | 189 |
| Total Sovereign Issues (Cost $23,674) |  | 25603 |
|  | SHARES |  |
| **SHORT-TERM INSTRUMENTS 8.2%**  |  |  |
| **MUTUAL FUNDS 1.2%**  |  |  |
| **State Street Institutional U.S. Government Money Market Fund, Premier Class**<br> **4.200% (g)** | 634342 | 634 |
|  | PRINCIPAL<br>AMOUNT<br>(000s) |  |
| **NIGERIA TREASURY BILLS 5.2%**  |  |  |
| 30.500% due 11/11/2025 - 06/12/2026 (c)(d) | 4627031 | 2876 |
| **U.S. TREASURY BILLS 1.8%**  |  |  |
| 4.140% due 10/21/2025 - 01/27/2026 (c)(d)(l) | $1023 | 1016 |
| Total Short-Term Instruments (Cost $4,330) |  | 4526 |
| Total Investments in Securities (Cost $55,087) |  | 57830 |
|  | SHARES |  |
| **INVESTMENTS IN AFFILIATES 10.6%**  |  |  |
| **SHORT-TERM INSTRUMENTS 10.6%**  |  |  |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 10.6%**  |  |  |
| **PIMCO Short-Term Floating NAV Portfolio III** | 594176 | 5787 |

---

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<br> Schedule of Investments PIMCO Flexible Emerging Markets Income Fund (Cont.) September 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| Total Short-Term Instruments (Cost $5,786) | <br> 5787 |
| Total Investments in Affiliates (Cost $5,786) | 5787 |
| Total Investments 116.0% (Cost $60,873) | $63617 |
| **Financial Derivative Instruments (j)(k) (1.6)**%(Cost or Premiums, net $(1775)) | (923) |
| Other Assets and Liabilities, net (14.4)% | (7875) |
| Net Assets 100.0% | $54819 |

---

------

<br> Schedule of Investments PIMCO Flexible Emerging Markets Income Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  |
| **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** |
| **¤** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** |
| **^** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** |
| **«** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** |
| **~** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** |
| **•** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** |
| **þ** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.** |
| **(a)** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** |
| **(b)** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** |
| **(c)** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** |
| **(d)** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** |
| **(e)** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** |
| **(f)** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** |
| **(g)** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** |
| **(h)** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** |
| Issuer Description | Issuer Description | Maturity<br>Date | Acquisition<br>Date | Acquisition<br>Date | Acquisition<br>Date | Cost | Market<br>Value | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
| VB DPR Finance Co. | VB DPR Finance Co. | 03/15/2035 | 01/31/2025 | 01/31/2025 | 01/31/2025 | 300 | 309 | 309 | 0.56% |
| **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** |
| **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** |
| Counterparty | Counterparty | Borrowing Rate<sup>(1)</sup> | Settlement Date | Maturity Date | Maturity Date | Maturity Date | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Reverse<br>Repurchase<br>Agreements |
| MYI | MYI | 3.400%  | 09/19/2025 | TBD<sup>(2)</sup> | TBD<sup>(2)</sup> | TBD<sup>(2)</sup> | (285) | $(286) | (286) |
| SCX | SCX | 2.100  | 06/11/2025 | TBD<sup>(2)</sup> | TBD<sup>(2)</sup> | TBD<sup>(2)</sup> | (440) | (520) | (520) |
|  |  | 4.290  | 09/19/2025 | TBD<sup>(2)</sup> | TBD<sup>(2)</sup> | TBD<sup>(2)</sup> | (616) | (617) | (617) |
|  |  | 4.600  | 09/29/2025 | TBD<sup>(2)</sup> | TBD<sup>(2)</sup> | TBD<sup>(2)</sup> | (3552) | (3553) | (3553) |
| SOG | SOG | 2.050  | 06/11/2025 | TBD<sup>(2)</sup> | TBD<sup>(2)</sup> | TBD<sup>(2)</sup> | (463) | (547) | (547) |
|  |  | 4.370  | 09/19/2025 | TBD<sup>(2)</sup> | TBD<sup>(2)</sup> | TBD<sup>(2)</sup> | (868) | (869) | (869) |
|  |  | 4.740  | 07/08/2025 | 10/08/2025 | 10/08/2025 | 10/08/2025 | (424) | (428) | (428) |
| TDM | TDM | 4.470  | 09/19/2025 | TBD<sup>(2)</sup> | TBD<sup>(2)</sup> | TBD<sup>(2)</sup> | (603) | (604) | (604) |
| **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** |  |  |  |  |  |  | $**(7424)** | **(7424)** |
| **(i)** | **Securities with an aggregate market value of $261,417 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $261,417 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $261,417 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $261,417 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $261,417 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $261,417 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $261,417 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $261,417 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $261,417 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** |
| <sup>(1)</sup> | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(3463) at a weighted average interest rate of 4.458%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(3463) at a weighted average interest rate of 4.458%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(3463) at a weighted average interest rate of 4.458%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(3463) at a weighted average interest rate of 4.458%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(3463) at a weighted average interest rate of 4.458%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(3463) at a weighted average interest rate of 4.458%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(3463) at a weighted average interest rate of 4.458%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(3463) at a weighted average interest rate of 4.458%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(3463) at a weighted average interest rate of 4.458%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. |
| <sup>(2)</sup> | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. |
| **(j)** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** |
| **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** |
| **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** |
|  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset |  | Liability |
| Euro-Bund December Futures  | 12/2025 | 1 | (151) | (151) | $0 | 0 | 0 | $ | $0 |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **0** | **0** | **0** | **$** | **0** |

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<br> Schedule of Investments PIMCO Flexible Emerging Markets Income Fund (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** |
| **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** |
|  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Pay/<br>Receive<br>Floating Rate | Pay/<br>Receive<br>Floating Rate | Floating Rate Index | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/<br>(Received) | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Asset | Asset | Liability |
| Pay | Pay | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.250% | Annual | Annual | 06/18/2029 | 100 | (2) | (2) | 1 | (1) | $0 | 0 | 0 | $0 |
| Pay | Pay | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | Annual | 03/19/2030 | 5200 | (257) | (257) | 138 | (119) | 3 | 3 | 3 | 0 |
| Pay | Pay | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | Annual | 09/17/2030 | 400 | 5 | 5 | 1 | 6 | 0 | 0 | 0 | 0 |
| Pay | Pay | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | Annual | 06/18/2032 | 4000 | (53) | (53) | (16) | (69) | 1 | 1 | 1 | 0 |
| Pay | Pay | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | Annual | 06/18/2034 | 200 | (9) | (9) | 3 | (6) | 0 | 0 | 0 | 0 |
| Pay | Pay | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | Annual | 03/19/2035 | 3000 | (242) | (242) | 131 | (111) | 0 | 0 | 0 | 0 |
| Pay | Pay | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | Annual | 09/17/2035 | 2300 | (11) | (11) | 28 | 17 | 0 | 0 | 0 | 0 |
| Pay | Pay | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | Annual | 09/17/2045 | 400 | (20) | (20) | 8 | (12) | 0 | 0 | 0 | (1) |
| Pay | Pay | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | Annual | 03/19/2055 | 1800 | (242) | (242) | 15 | (227) | 0 | 0 | 0 | (5) |
| Pay | Pay | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | Annual | 09/17/2055 | 2100 | (217) | (217) | 55 | (162) | 0 | 0 | 0 | (7) |
| Pay | Pay | 1-Year BRL-CDI | 1-Year BRL-CDI | 13.030 | Maturity | Maturity | 01/02/2029 | 25400 | 0 | 0 | (19) | (19) | 3 | 3 | 3 | 0 |
| Pay | Pay | 1-Year BRL-CDI | 1-Year BRL-CDI | 13.056 | Maturity | Maturity | 01/02/2029 | 2900 | 0 | 0 | (1) | (1) | 0 | 0 | 0 | 0 |
| Receive | Receive | 3-Month PLN-WIBOR | 3-Month PLN-WIBOR | 4.195 | Annual | Annual | 09/29/2030 | 400 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pay | Pay | 3-Month PLN-WIBOR | 3-Month PLN-WIBOR | 5.155 | Annual | Annual | 10/25/2034 | 700 | 11 | 11 | 4 | 15 | 1 | 1 | 1 | 0 |
| Receive<sup>(1)</sup> | Receive<sup>(1)</sup> | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 2.750 | Annual | Annual | 03/18/2036 | 1500 | 3 | 3 | (5) | (2) | 0 | 0 | 0 | (5) |
| **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **$** | **(1034)** | **$** | **343** | **$** | **8** | **8** | **$** | **(18)** |
| **Cash of $1,144 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $1,144 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $1,144 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $1,144 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $1,144 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $1,144 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $1,144 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $1,144 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $1,144 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $1,144 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $1,144 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $1,144 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $1,144 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $1,144 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $1,144 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $1,144 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $1,144 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** |
| <sup>(1)</sup> | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. |
| **(k)** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** |
| **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** |
|  |  |  |  |  |  |  |  |  |  |  | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | Settlement<br>Month | Settlement<br>Month | Settlement<br>Month |  | Currency to<br>be Delivered | Currency to<br>be Delivered | Currency to<br>be Received | Currency to<br>be Received | Currency to<br>be Received | Asset | Asset | Liability | Liability | Liability |
| &nbsp;&nbsp;&nbsp;&nbsp; BOA | &nbsp;&nbsp;&nbsp;&nbsp; BOA | &nbsp;&nbsp;&nbsp;&nbsp; BOA | 10/2025  | 10/2025  | 10/2025  | DOP | 22981 | 22981 | $358 | 358 | 358 | 0 | 0 | $(8) | (8) | (8) |
|  |  |  | 10/2025  | 10/2025  | 10/2025  | EUR | 373 | 373 | 438 | 438 | 438 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025  | 10/2025  | 10/2025  | JPY | 848 | 848 | 6 | 6 | 6 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025  | 10/2025  | 10/2025  | $ | $3 | 3 | 447 | 447 | 447 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025  | 10/2025  | 10/2025  |  | 55 | 55 | 204 | 204 | 204 | 4 | 4 | 0 | 0 | 0 |
|  |  |  | 11/2025  | 11/2025  | 11/2025  |  | 6 | 6 | 845 | 845 | 845 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 11/2025  | 11/2025  | 11/2025  |  | 159 | 159 | 2944 | 2944 | 2944 | 1 | 1 | 0 | 0 | 0 |
|  |  |  | 12/2025  | 12/2025  | 12/2025  | PYG | 145300 | 145300 | $20 | 20 | 20 | 0 | 0 | (1) | (1) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; BPS | &nbsp;&nbsp;&nbsp;&nbsp; BPS | &nbsp;&nbsp;&nbsp;&nbsp; BPS | 10/2025  | 10/2025  | 10/2025  | CNH | 392 | 392 | 55 | 55 | 55 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025  | 10/2025  | 10/2025  | IDR | 2891495 | 2891495 | 172 | 172 | 172 | 0 | 0 | (1) | (1) | (1) |
|  |  |  | 10/2025  | 10/2025  | 10/2025  | JPY | 983 | 983 | 7 | 7 | 7 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025  | 10/2025  | 10/2025  | PLN | 125 | 125 | 34 | 34 | 34 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025  | 10/2025  | 10/2025  | $ | $589 | 589 | 9735380 | 9735380 | 9735380 | 0 | 0 | (5) | (5) | (5) |
|  |  |  | 10/2025  | 10/2025  | 10/2025  |  | 370 | 370 | 513089 | 513089 | 513089 | 0 | 0 | (4) | (4) | (4) |
|  |  |  | 10/2025  | 10/2025  | 10/2025  |  | 125 | 125 | 3767 | 3767 | 3767 | 0 | 0 | (1) | (1) | (1) |
|  |  |  | 11/2025  | 11/2025  | 11/2025  |  | 7 | 7 | 980 | 980 | 980 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 12/2025  | 12/2025  | 12/2025  |  | 4 | 4 | 1302 | 1302 | 1302 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 12/2025  | 12/2025  | 12/2025  |  | 172 | 172 | 2899811 | 2899811 | 2899811 | 1 | 1 | 0 | 0 | 0 |
|  |  |  | 05/2026  | 05/2026  | 05/2026  |  | 192 | 192 | 59 | 59 | 59 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 05/2030  | 05/2030  | 05/2030  | KWD | 261 | 261 | $900 | 900 | 900 | 31 | 31 | 0 | 0 | 0 |
|  |  |  | 08/2030  | 08/2030  | 08/2030  |  | 288 | 288 | 971 | 971 | 971 | 13 | 13 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BRC | &nbsp;&nbsp;&nbsp;&nbsp; BRC | &nbsp;&nbsp;&nbsp;&nbsp; BRC | 10/2025  | 10/2025  | 10/2025  | $ | $244 | 244 | 4556 | 4556 | 4556 | 5 | 5 | 0 | 0 | 0 |
|  |  |  | 10/2025  | 10/2025  | 10/2025  |  | 509 | 509 | 21979 | 21979 | 21979 | 12 | 12 | 0 | 0 | 0 |
|  |  |  | 11/2025  | 11/2025  | 11/2025  | AUD | 65 | 65 | $43 | 43 | 43 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 12/2025  | 12/2025  | 12/2025  | $ | $1337 | 1337 | 58617 | 58617 | 58617 | 5 | 5 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BSH | &nbsp;&nbsp;&nbsp;&nbsp; BSH | &nbsp;&nbsp;&nbsp;&nbsp; BSH | 10/2025  | 10/2025  | 10/2025  | EUR | 5342 | 5342 | $6206 | 6206 | 6206 | 0 | 0 | (65) | (65) | (65) |
|  |  |  | 11/2025  | 11/2025  | 11/2025  | $ | $109 | 109 | 401 | 401 | 401 | 7 | 7 | 0 | 0 | 0 |
|  |  |  | 12/2025  | 12/2025  | 12/2025  | PEN | 1576 | 1576 | $444 | 444 | 444 | 0 | 0 | (10) | (10) | (10) |
|  |  |  | 12/2025  | 12/2025  | 12/2025  | $ | $118 | 118 | 421 | 421 | 421 | 3 | 3 | 0 | 0 | 0 |
|  |  |  | 01/2026  | 01/2026  | 01/2026  |  | 78 | 78 | 277 | 277 | 277 | 1 | 1 | 0 | 0 | 0 |
|  |  |  | 02/2026  | 02/2026  | 02/2026  | PEN | 503 | 503 | $144 | 144 | 144 | 0 | 0 | (1) | (1) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; CBK | &nbsp;&nbsp;&nbsp;&nbsp; CBK | &nbsp;&nbsp;&nbsp;&nbsp; CBK | 10/2025  | 10/2025  | 10/2025  | AUD | 65 | 65 | 42 | 42 | 42 | 0 | 0 | (1) | (1) | (1) |
|  |  |  | 10/2025  | 10/2025  | 10/2025  | BRL | 1152 | 1152 | 217 | 217 | 217 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025  | 10/2025  | 10/2025  | IDR | 2986315 | 2986315 | 178 | 178 | 178 | 0 | 0 | (1) | (1) | (1) |
|  |  |  | 10/2025  | 10/2025  | 10/2025  | $ | $212 | 212 | 1152 | 1152 | 1152 | 4 | 4 | 0 | 0 | 0 |

---

------

<br> Schedule of Investments PIMCO Flexible Emerging Markets Income Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 10/2025  | 519 | 441 | 0 | (1) |
|  | 10/2025  | 138 | 2269528 | 0 | (2) |
|  | 10/2025  | 2435 | 3142 | 1 | 0 |
|  | 11/2025  | 3366 | $920 | 0 | (48) |
|  | 11/2025  | 3134 | 2435 | 0 | (1) |
|  | 12/2025  | 2013 | 562 | 0 | (16) |
|  | 12/2025  | $35 | 1991 | 5 | 0 |
|  | 12/2025  | 178 | 2994780 | 1 | 0 |
|  | 02/2026  | 276 | $19 | 0 | (1) |
|  | 03/2026  | 3656 | 70 | 0 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; DUB | 10/2025  | 840 | 118 | 0 | 0 |
|  | 10/2025  | 1594 | 467 | 0 | (15) |
|  | 11/2025  | $467 | 1594 | 15 | 0 |
|  | 12/2025  | 261164 | $70 | 0 | (4) |
|  | 12/2025  | $91 | 4599 | 2 | 0 |
|  | 12/2025  | 99 | 53536 | 0 | (4) |
|  | 03/2026  | 187 | 107673 | 0 | (1) |
|  | 09/2026  | 3928 | $70 | 0 | (1) |
|  | 09/2026  | 14631 | 49 | 0 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; GLM | 10/2025  | 2245 | 393 | 0 | (29) |
|  | 10/2025  | 59 | 8 | 0 | 0 |
|  | 10/2025  | 2868760 | 172 | 0 | 0 |
|  | 10/2025  | $413 | 2245 | 9 | 0 |
|  | 10/2025  | 139 | 2289670 | 0 | (1) |
|  | 10/2025  | 272 | 5087 | 6 | 0 |
|  | 11/2025  | 35933 | $565 | 2 | (9) |
|  | 11/2025  | $16 | 716 | 0 | 0 |
|  | 12/2025  | 15 | 759 | 0 | 0 |
|  | 12/2025  | 172 | 2875639 | 0 | 0 |
|  | 01/2026  | 39615 | $641 | 15 | 0 |
|  | 02/2026  | 28597 | 455 | 5 | 0 |
|  | 03/2026  | 55153 | 859 | 3 | (9) |
|  | 03/2026  | 1471 | 28 | 0 | 0 |
|  | 03/2026  | $34 | 2212 | 1 | 0 |
|  | 06/2026  | 2479 | $46 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPM | 10/2025  | 3320 | 577 | 0 | (47) |
|  | 10/2025  | $595 | 3320 | 28 | 0 |
|  | 10/2025  | 371 | 2631 | 0 | (1) |
|  | 10/2025  | 149 | 2453033 | 0 | (2) |
|  | 10/2025  | 36 | 1542 | 1 | 0 |
|  | 11/2025  | 1743 | $124 | 0 | (13) |
|  | 11/2025  | 59200 | 200 | 0 | (9) |
|  | 11/2025  | 523 | 30 | 0 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; MBC | 10/2025  | 427 | 60 | 0 | 0 |
|  | 10/2025  | 120 | 142 | 1 | 0 |
|  | 10/2025  | 487 | 3 | 0 | 0 |
|  | 10/2025  | 3140 | 2448 | 14 | 0 |
|  | 10/2025  | $2 | 17 | 0 | 0 |
|  | 10/2025  | 125 | 18500 | 0 | 0 |
|  | 11/2025  | 17 | $2 | 0 | 0 |
|  | 11/2025  | $3 | 485 | 0 | 0 |
|  | 12/2025  | 159 | 8055 | 5 | 0 |
|  | 03/2026  | 1 | 59 | 0 | 0 |
|  | 09/2026  | 2424 | $44 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; MYI | 10/2025  | 431 | 61 | 0 | 0 |
|  | 10/2025  | 18583 | 124 | 0 | (1) |
|  | 10/2025  | 43 | 12 | 0 | 0 |
|  | 10/2025  | $13 | 1978 | 0 | 0 |
|  | 11/2025  | 124 | 18519 | 1 | 0 |
|  | 12/2025  | 66 | $3 | 0 | 0 |
|  | 10/2026  | $119 | 213 | 1 | 0 |
|  | 10/2027  | 237 | 437 | 0 | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp; SCX | 10/2025  | 642 | $90 | 0 | 0 |
|  | 10/2025  | 2309779 | 138 | 0 | 0 |
|  | 10/2025  | $45 | 34 | 0 | 0 |
|  | 10/2025  | 139 | 2282108 | 0 | (2) |
|  | 10/2025  | 69 | 10129 | 0 | 0 |
|  | 11/2025  | 34 | $45 | 0 | 0 |
|  | 11/2025  | 26830 | 93 | 0 | (2) |
|  | 12/2025  | 22977 | 80 | 0 | (1) |
|  | 12/2025  | 261168 | 70 | 0 | (4) |
|  | 12/2025  | $138 | 2315617 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOG | 10/2025  | 4311 | $808 | 0 | (2) |
|  | 10/2025  | 40470 | 272 | 0 | (2) |
|  | 10/2025  | $811 | 4311 | 0 | (1) |
|  | 10/2025  | 6343 | 5394 | 0 | (11) |
|  | 10/2025  | 646 | 94971 | 0 | (4) |
|  | 11/2025  | 5394 | $6356 | 11 | 0 |
|  | 11/2025  | $272 | 40330 | 2 | 0 |
|  | 12/2025  | 808 | 4373 | 2 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; SSB | 10/2025  | 34 | $46 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; UAG | 10/2025  | 160 | 47 | 0 | (2) |
|  | 10/2025  | 64300 | 436 | 2 | 0 |
|  | 10/2025  | 83 | 23 | 0 | 0 |
|  | 10/2025  | $526 | 1755 | 4 | 0 |
|  | 10/2025  | 246 | 4311 | 4 | 0 |

---

------

<br> Schedule of Investments PIMCO Flexible Emerging Markets Income Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 11/2025  | 11/2025  |  | 47 | 47 | 47 | ILS | 160 | 160 | 160 | 160 |  | 2 | 2 |  |  | 0 | 0 |
|  |  | 11/2025  | 11/2025  |  | 22 | 22 | 22 | TRY | 1042 | 1042 | 1042 | 1042 |  | 2 | 2 |  |  | 0 | 0 |
|  |  | 12/2025  | 12/2025  | MXN | 2962 | 2962 | 2962 | $ | 157 | 157 | 157 | 157 |  | 0 | 0 |  |  | (3) | (3) |
|  |  | 01/2026  | 01/2026  | $ | $265 | 265 | 265 | TRY | 12633 | 12633 | 12633 | 12633 |  | 15 | 15 |  |  | 0 | 0 |
|  |  | 02/2026  | 02/2026  |  | 1043 | 1043 | 1043 |  | 49866 | 49866 | 49866 | 49866 |  | 25 | 25 |  |  | 0 | 0 |
|  |  | 03/2026  | 03/2026  |  | 1693 | 1693 | 1693 |  | 81467 | 81467 | 81467 | 81467 |  | 38 | 38 |  |  | 0 | 0 |
| **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | $**310** | **310** | **310** | **$** | $**(353)** | **(353)** | **(353)** |
| **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** |
| **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** |
| Counterparty | Counterparty | Description | Description | Description | Description | Description |  | Strike<br>Price | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Notional<br>Amount<sup>(1)</sup> | Notional<br>Amount<sup>(1)</sup> | Cost | Cost |  | Market<br>Value | Market<br>Value |
| BOA | BOA | Put - OTC USD versus MXN  | Put - OTC USD versus MXN  | Put - OTC USD versus MXN  | Put - OTC USD versus MXN  | Put - OTC USD versus MXN  | MXN | 18.250 | 18.250 | 18.250 | 11/19/2025 | 1086 | 1086 | 1086 | 8 | 8 | $ | $9 | 9 |
| **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **8** | **8** | **$** | $**9** | **9** |
| **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** |
| **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** | **FOREIGN CURRENCY OPTIONS** |
| Counterparty | Counterparty | Description | Description | Description | Description | Description |  | Strike<br>Price | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Notional<br>Amount<sup>(1)</sup> | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Premiums<br>(Received) |  | Market<br>Value | Market<br>Value |
| UAG | UAG | Put - OTC USD versus TRY  | Put - OTC USD versus TRY  | Put - OTC USD versus TRY  | Put - OTC USD versus TRY  | Put - OTC USD versus TRY  | TRY | 41.600 | 41.600 | 41.600 | 11/12/2025 | 130 | 130 | 130 | (5) | (5) | $ | $0 | 0 |
|  |  | Call - OTC USD versus TRY  | Call - OTC USD versus TRY  | Call - OTC USD versus TRY  | Call - OTC USD versus TRY  | Call - OTC USD versus TRY  |  | 56.900 | 56.900 | 56.900 | 11/12/2025 | 130 | 130 | 130 | (4) | (4) |  | (1) | (1) |
|  |  | Put - OTC USD versus TRY  | Put - OTC USD versus TRY  | Put - OTC USD versus TRY  | Put - OTC USD versus TRY  | Put - OTC USD versus TRY  |  | 42.635 | 42.635 | 42.635 | 01/07/2026 | 546 | 546 | 546 | (18) | (18) |  | (1) | (1) |
|  |  | Call - OTC USD versus TRY  | Call - OTC USD versus TRY  | Call - OTC USD versus TRY  | Call - OTC USD versus TRY  | Call - OTC USD versus TRY  |  | 56.750 | 56.750 | 56.750 | 01/07/2026 | 546 | 546 | 546 | (12) | (12) |  | (5) | (5) |
|  |  | Put - OTC USD versus TRY  | Put - OTC USD versus TRY  | Put - OTC USD versus TRY  | Put - OTC USD versus TRY  | Put - OTC USD versus TRY  |  | 42.800 | 42.800 | 42.800 | 01/08/2026 | 810 | 810 | 810 | (28) | (28) |  | (2) | (2) |
|  |  | Call - OTC USD versus TRY  | Call - OTC USD versus TRY  | Call - OTC USD versus TRY  | Call - OTC USD versus TRY  | Call - OTC USD versus TRY  |  | 56.750 | 56.750 | 56.750 | 01/08/2026 | 810 | 810 | 810 | (19) | (19) |  | (8) | (8) |
|  |  | Put - OTC USD versus TRY  | Put - OTC USD versus TRY  | Put - OTC USD versus TRY  | Put - OTC USD versus TRY  | Put - OTC USD versus TRY  |  | 45.050 | 45.050 | 45.050 | 02/20/2026 | 3814 | 3814 | 3814 | (99) | (99) |  | (57) | (57) |
|  |  | Call - OTC USD versus TRY  | Call - OTC USD versus TRY  | Call - OTC USD versus TRY  | Call - OTC USD versus TRY  | Call - OTC USD versus TRY  |  | 53.640 | 53.640 | 53.640 | 02/20/2026 | 3814 | 3814 | 3814 | (52) | (52) |  | (76) | (76) |
|  |  | Put - OTC USD versus TRY  | Put - OTC USD versus TRY  | Put - OTC USD versus TRY  | Put - OTC USD versus TRY  | Put - OTC USD versus TRY  |  | 45.490 | 45.490 | 45.490 | 03/04/2026 | 5300 | 5300 | 5300 | (143) | (143) |  | (98) | (98) |
|  |  | Call - OTC USD versus TRY  | Call - OTC USD versus TRY  | Call - OTC USD versus TRY  | Call - OTC USD versus TRY  | Call - OTC USD versus TRY  |  | 54.100 | 54.100 | 54.100 | 03/04/2026 | 5300 | 5300 | 5300 | (70) | (70) |  | (111) | (111) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (450) | (450) | $ | $(359) | (359) |
| **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** |
| Counterparty | Counterparty | Description | Floating Rate<br>Index | Floating Rate<br>Index | Floating Rate<br>Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Exercise<br>Rate | Exercise<br>Rate | Expiration<br>Date | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Notional<br>Amount<sup>(1)</sup> | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Premiums<br>(Received) |  | Market<br>Value | Market<br>Value |
| BOA | BOA | Call - OTC 5-Year Interest Rate Swap  | 6-Month HUF-BUBOR | 6-Month HUF-BUBOR | 6-Month HUF-BUBOR | Receive | 6.195% | 6.195% | 6.195% | 12/04/2025 | 12/04/2025 | 97200 | 97200 | 97200 | (2) | (2) | $ | $(2) | (2) |
|  |  | Put - OTC 5-Year Interest Rate Swap  | 6-Month HUF-BUBOR | 6-Month HUF-BUBOR | 6-Month HUF-BUBOR | Pay | 6.195 | 6.195 | 6.195 | 12/04/2025 | 12/04/2025 | 97200 | 97200 | 97200 | (3) | (3) |  | (3) | (3) |
| DBL | DBL | Call - OTC 5-Year Interest Rate Swap  | 6-Month CZK-PRIBOR | 6-Month CZK-PRIBOR | 6-Month CZK-PRIBOR | Receive | 3.890 | 3.890 | 3.890 | 12/29/2025 | 12/29/2025 | 5150 | 5150 | 5150 | (2) | (2) |  | (1) | (1) |
|  |  | Put - OTC 5-Year Interest Rate Swap  | 6-Month CZK-PRIBOR | 6-Month CZK-PRIBOR | 6-Month CZK-PRIBOR | Pay | 3.890 | 3.890 | 3.890 | 12/29/2025 | 12/29/2025 | 5150 | 5150 | 5150 | (2) | (2) |  | (2) | (2) |
| JPM | JPM | Call - OTC 5-Year Interest Rate Swap  | 6-Month HUF-BUBOR | 6-Month HUF-BUBOR | 6-Month HUF-BUBOR | Receive | 6.110 | 6.110 | 6.110 | 12/23/2025 | 12/23/2025 | 62000 | 62000 | 62000 | (2) | (2) |  | (1) | (1) |
|  |  | Put - OTC 5-Year Interest Rate Swap  | 6-Month HUF-BUBOR | 6-Month HUF-BUBOR | 6-Month HUF-BUBOR | Pay | 6.110 | 6.110 | 6.110 | 12/23/2025 | 12/23/2025 | 62000 | 62000 | 62000 | (2) | (2) |  | (2) | (2) |
| MYC | MYC | Call - OTC 5-Year Interest Rate Swap  | 3-Month ZAR-JIBAR | 3-Month ZAR-JIBAR | 3-Month ZAR-JIBAR | Receive | 7.080 | 7.080 | 7.080 | 12/31/2025 | 12/31/2025 | 19450 | 19450 | 19450 | (7) | (7) |  | (10) | (10) |
|  |  | Put - OTC 5-Year Interest Rate Swap  | 3-Month ZAR-JIBAR | 3-Month ZAR-JIBAR | 3-Month ZAR-JIBAR | Pay | 7.080 | 7.080 | 7.080 | 12/31/2025 | 12/31/2025 | 19450 | 19450 | 19450 | (7) | (7) |  | (9) | (9) |
|  |  | Call - OTC 10-Year Interest Rate Swap  | 6-Month PLN-WIBOR | 6-Month PLN-WIBOR | 6-Month PLN-WIBOR | Receive | 4.535 | 4.535 | 4.535 | 11/05/2025 | 11/05/2025 | 1700 | 1700 | 1700 | (5) | (5) |  | (4) | (4) |
|  |  | Put - OTC 10-Year Interest Rate Swap  | 6-Month PLN-WIBOR | 6-Month PLN-WIBOR | 6-Month PLN-WIBOR | Pay | 4.535 | 4.535 | 4.535 | 11/05/2025 | 11/05/2025 | 1700 | 1700 | 1700 | (5) | (5) |  | (3) | (3) |
|  |  | Call - OTC 10-Year Interest Rate Swap  | 6-Month PLN-WIBOR | 6-Month PLN-WIBOR | 6-Month PLN-WIBOR | Receive | 4.445 | 4.445 | 4.445 | 12/18/2025 | 12/18/2025 | 700 | 700 | 700 | (2) | (2) |  | (2) | (2) |
|  |  | Put - OTC 10-Year Interest Rate Swap  | 6-Month PLN-WIBOR | 6-Month PLN-WIBOR | 6-Month PLN-WIBOR | Pay | 4.445 | 4.445 | 4.445 | 12/18/2025 | 12/18/2025 | 700 | 700 | 700 | (2) | (2) |  | (3) | (3) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (41) | (41) | $ | $(42) | (42) |
| **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **(491)** | **(491)** | **$** | $**(401)** | **(401)** |
| **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** |
| **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(2)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Swap Agreements, at Value</u><sup>(5)</sup> | <u>Swap Agreements, at Value</u><sup>(5)</sup> | <u>Swap Agreements, at Value</u><sup>(5)</sup> | <u>Swap Agreements, at Value</u><sup>(5)</sup> |
| Counterparty | Reference Entity | Reference Entity | Fixed <br>Receive Rate | Fixed <br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> |  | Premiums<br>Paid/(Received) | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Asset | Liability |
| BRC | Argentine Republic Government International Bonds  | Argentine Republic Government International Bonds  | 5.000% | 5.000% | Quarterly | 06/20/2026 | 7.132% | 7.132% | 7.132% | 7.132% | $100 | $ | (7) | (7) | $6 | $0 | 0 | 0 | $(1) |

---

------

<br> Schedule of Investments PIMCO Flexible Emerging Markets Income Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| CBK | CBK | Israel Government International Bonds  | 1.000 | Quarterly | 06/20/2030 | 06/20/2030 | 0.745 |  | 25 | 0 |  | 0 | 0 | 0 |  | 0 |
| DUB | DUB | Petroleos Mexicanos « | 4.750 | Monthly | 07/06/2026 | 07/06/2026 | —◆ |  | 294 | 0 |  | 4 | 4 | 4 |  | 0 |
|  |  | Turkiye Government International Bonds  | 1.000 | Quarterly | 06/20/2030 | 06/20/2030 | 2.389 |  | 1100 | (94) |  | 30 | 30 | 0 |  | (64) |
| GST | GST | Argentine Republic Government International Bonds  | 5.000 | Quarterly | 06/20/2027 | 06/20/2027 | 15.081 |  | 100 | (16) |  | 1 | 1 | 0 |  | (15) |
|  |  | Israel Government International Bonds  | 1.000 | Quarterly | 12/20/2025 | 12/20/2025 | 0.299 |  | 300 | 0 |  | 1 | 1 | 1 |  | 0 |
| JPM | JPM | State Oil Company of Azerbaijan  | 5.000 | Quarterly | 06/20/2026 | 06/20/2026 | 1.611 |  | 200 | 2 |  | 3 | 3 | 5 |  | 0 |
| MEI | MEI | South Africa Government International Bonds  | 1.000 | Quarterly | 06/20/2030 | 06/20/2030 | 1.507 |  | 100 | (6) |  | 4 | 4 | 0 |  | (2) |
|  |  | Turkiye Government International Bonds  | 1.000 | Quarterly | 06/20/2030 | 06/20/2030 | 2.389 |  | 1100 | (113) |  | 50 | 50 | 0 |  | (63) |
| MYC | MYC | Argentine Republic Government International Bonds  | 5.000 | Quarterly | 06/20/2027 | 06/20/2027 | 15.081 |  | 200 | (30) |  | 0 | 0 | 0 |  | (30) |
|  |  |  |  |  |  |  |  |  |  | (264) | $ | 99 | 99 | 10 | $ | (175) |
| **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Swap Agreements, at Value</u> | <u>Swap Agreements, at Value</u> | <u>Swap Agreements, at Value</u> |
| &nbsp;&nbsp; Counterparty | &nbsp;&nbsp; Counterparty | Underlying<br>Reference | # of Shares | &nbsp;&nbsp; Financing Rate | &nbsp;&nbsp; Financing Rate | Payment<br>Frequency | Maturity<br>Date |  | Notional<br>Amount |  |  | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Liability |
| &nbsp;&nbsp; MYC | &nbsp;&nbsp; MYC | Sunac Real Estate Group Co., Ltd. « | 0 | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 0.000% | Maturity | 01/30/2033 | CNY | 4000 | 6 | 6 | $(319) | (319) | $0 | 0 | $(313) |
| **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **(258)** | **$** | **(220)** | **(220)** | **10** | **$** | **(488)** |
| **(l)** | **Securities with an aggregate market value of $690 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $690 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $690 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $690 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $690 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $690 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $690 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $690 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $690 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $690 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $690 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $690 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $690 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $690 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $690 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $690 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** |
| <sup>◆</sup> | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. |
| <sup>(1)</sup> | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. |
| <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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
| <sup>(4)</sup> | The maximum potential amount the 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument'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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. |
| **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** |
| **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: |  |
| Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Level 1 | Level 1 | Level 2 | Level 2 | Level 3 | Level 3 | Level 3 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 |  |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |  |
| Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | $0 | 0 | $0 | 0 | $4795 | 4795 | 4795 | $ | 4795 | 4795 |  |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |  |
| Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | 0 | 0 | 5652 | 5652 | 1323 | 1323 | 1323 |  | 6975 | 6975 |  |
| Industrials | Industrials | Industrials | Industrials | Industrials | Industrials | 0 | 0 | 10264 | 10264 | 1000 | 1000 | 1000 |  | 11264 | 11264 |  |
| Utilities | Utilities | Utilities | Utilities | Utilities | Utilities | 0 | 0 | 3970 | 3970 | 0 | 0 | 0 |  | 3970 | 3970 |  |
| U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | 0 | 0 | 407 | 407 | 0 | 0 | 0 |  | 407 | 407 |  |
| Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | 0 | 0 | 40 | 40 | 0 | 0 | 0 |  | 40 | 40 |  |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |  |
| Other ABS | Other ABS | Other ABS | Other ABS | Other ABS | Other ABS | 0 | 0 | 250 | 250 | 0 | 0 | 0 |  | 250 | 250 |  |
| Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | 500 | 500 | 25103 | 25103 | 0 | 0 | 0 |  | 25603 | 25603 |  |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |  |
| Mutual Funds | Mutual Funds | Mutual Funds | Mutual Funds | Mutual Funds | Mutual Funds | 0 | 0 | 634 | 634 | 0 | 0 | 0 |  | 634 | 634 |  |
| Nigeria Treasury Bills | Nigeria Treasury Bills | Nigeria Treasury Bills | Nigeria Treasury Bills | Nigeria Treasury Bills | Nigeria Treasury Bills | 0 | 0 | 2876 | 2876 | 0 | 0 | 0 |  | 2876 | 2876 |  |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | 0 | 0 | 1016 | 1016 | 0 | 0 | 0 |  | 1016 | 1016 |  |
|  |  |  |  |  |  | $500 | 500 | $50212 | 50212 | $7118 | 7118 | 7118 | $ | 57830 | 57830 |  |
| **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** |  |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |  |
| Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | $5787 | 5787 | $0 | 0 | $0 | 0 | 0 | $ | 5787 | 5787 |  |
| Total Investments | Total Investments | Total Investments | Total Investments | Total Investments | Total Investments | $6287 | 6287 | $50212 | 50212 | $7118 | 7118 | 7118 | $ | 63617 | 63617 |  |
| **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **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 | 0 | 0 | 8 | 8 | 0 | 0 | 0 |  | 8 | 8 |  |

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<br> Schedule of Investments PIMCO Flexible Emerging Markets Income Fund (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | 0 | 0 | 0 | 325 | 325 | 4 | 4 |  | 329 |  |  |
|  |  |  |  |  |  |  |  | $0 | 0 | 0 | $333 | 333 | $4 | 4 | $ | 337 |  |  |
| **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** |  |  |
| Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | 0 | 0 | 0 | (18) | (18) | 0 | 0 |  | (18) |  |  |
| Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | 0 | 0 | 0 | (929) | (929) | (313) | (313) |  | (1242) |  |  |
|  |  |  |  |  |  |  |  | $0 | 0 | 0 | $(947) | (947) | $(313) | (313) | $ | (1260) |  |  |
| Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | $0 | 0 | 0 | $(614) | (614) | $(309) | (309) | $ | (923) |  |  |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $6287 | 6287 | 6287 | $49598 | 49598 | $6809 | 6809 | $ | 62694 |  |  |
| **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** |
| Category and Subcategory | Category and Subcategory | Beginning<br>Balance<br>at 06/30/2025 | Beginning<br>Balance<br>at 06/30/2025 | Net<br>Purchases<sup>(1)</sup> | Net<br>Sales/Settlement<sup>s (1)</sup> | Net<br>Sales/Settlement<sup>s (1)</sup> | Accrued<br>Discounts/<br>(Premiums) | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Transfers into<br>Level 3 | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(2)</sup> | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(2)</sup> |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
| Loan Participations and Assignments | Loan Participations and Assignments | $5602 | 5602 | 0 | $ | $(1182) | $ | 4 | $5 | $ | 13 | $353 | 353 | $0 | 0 | 4795 | $ | 8 |
| Corporate Bonds & Notes | Corporate Bonds & Notes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Banking & Finance | Banking & Finance |  | 1155 | 443 |  | (22) |  | 22 | 2 |  | 28 | 0 | 0 | (305) | (305) | 1323 |  | 19 |
| Industrials | Industrials |  | 0 | 1000 |  | 0 |  | 0 | 0 |  | 0 | 0 | 0 | 0 | 0 | 1000 |  | 0 |
|  |  | $6757 | 6757 | 1443 | $ | $(1204) | $ | 26 | $7 | $ | 41 | $353 | 353 | $(305) | (305) | 7118 | $ | 27 |
| **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** |
| Over the counter | Over the counter | $2 | 2 | 0 | $ | $0 | $ | 0 | $0 | $ | 2 | $0 | 0 | $0 | 0 | 4 | $ | 2 |
| **Financial Derivative Instruments** **- Liabilities** | **Financial Derivative Instruments** **- Liabilities** | **Financial Derivative Instruments** **- Liabilities** | **Financial Derivative Instruments** **- Liabilities** | **Financial Derivative Instruments** **- Liabilities** | **Financial Derivative Instruments** **- Liabilities** | **Financial Derivative Instruments** **- Liabilities** | **Financial Derivative Instruments** **- Liabilities** | **Financial Derivative Instruments** **- Liabilities** | **Financial Derivative Instruments** **- Liabilities** | **Financial Derivative Instruments** **- Liabilities** | **Financial Derivative Instruments** **- Liabilities** | **Financial Derivative Instruments** **- Liabilities** | **Financial Derivative Instruments** **- Liabilities** | **Financial Derivative Instruments** **- Liabilities** | **Financial Derivative Instruments** **- Liabilities** | **Financial Derivative Instruments** **- Liabilities** | **Financial Derivative Instruments** **- Liabilities** | **Financial Derivative Instruments** **- Liabilities** |
| Over the counter | Over the counter | $(253) | (253) | 0 | $ | $0 | $ | 0 | $0 | $ | (60) | $0 | 0 | $0 | 0 | (313) | $ | (61) |
| Totals | Totals | $6506 | 6506 | 1443 | $ | $(1204) | $ | 26 | $7 | $ | (17) | $353 | 353 | $(305) | (305) | 6809 | $ | (32) |
| <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | Input Value(s) | Input Value(s) | Weighted Average | Weighted Average |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
| Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | $4434 | 4434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | 3.832 - 15.199 | 3.832 - 15.199 | 7.950 | 7.950 |
|  |  |  |  | 8 | 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Valuation Techniques<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Valuation Techniques<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Valuation Techniques<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Valuation Techniques<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Valuation Techniques<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | - | - |  |  |
|  |  |  |  | 353 | 353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Party Vendor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Party Vendor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Party Vendor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Party Vendor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Party Vendor | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | 100.250 | 100.250 |  |  |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | 637 | 637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | 3.340 - 6.208 | 3.340 - 6.208 | 4.733 | 4.733 |
|  |  |  |  | 383 | 383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Valuation Techniques<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Valuation Techniques<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Valuation Techniques<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Valuation Techniques<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Valuation Techniques<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | - | - |  |  |
|  |  |  |  | 303 | 303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | 100.000 | 100.000 |  |  |
| Industrials | Industrials | Industrials | Industrials | 1000 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | 100.000 | 100.000 |  |  |
| **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** |
| Over the counter | Over the counter | Over the counter | Over the counter | 4 | 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | 0.939 | 0.939 |  |  |
| **Financial Derivative Instruments** **- Liabilities** | **Financial Derivative Instruments** **- Liabilities** | **Financial Derivative Instruments** **- Liabilities** | **Financial Derivative Instruments** **- Liabilities** | **Financial Derivative Instruments** **- Liabilities** | **Financial Derivative Instruments** **- Liabilities** | **Financial Derivative Instruments** **- Liabilities** | **Financial Derivative Instruments** **- Liabilities** | **Financial Derivative Instruments** **- Liabilities** | **Financial Derivative Instruments** **- Liabilities** | **Financial Derivative Instruments** **- Liabilities** | **Financial Derivative Instruments** **- Liabilities** | **Financial Derivative Instruments** **- Liabilities** | **Financial Derivative Instruments** **- Liabilities** | **Financial Derivative Instruments** **- Liabilities** | **Financial Derivative Instruments** **- Liabilities** | **Financial Derivative Instruments** **- Liabilities** | **Financial Derivative Instruments** **- Liabilities** | **Financial Derivative Instruments** **- Liabilities** |
| Over the counter | Over the counter | Over the counter | Over the counter | (313) | (313) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | (55.800) | (55.800) |  |  |
| Total | Total | Total | Total | $6809 | 6809 |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <sup>(1)</sup> | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. |
| <sup>(3)</sup> | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. |
| <sup>(3)</sup> | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund. |

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Notes to Financial Statements

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

**(a) Investment Valuation Policies** The net asset value ("NAV") of the 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 Pacific Investment Management Company LLC ("PIMCO") to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

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

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

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 Fund 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 Fund 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 Fund's and Valuation Designee's policies and procedures are intended to result in a calculation of the Fund's NAV that fairly reflects security values as of the time of pricing, the Fund cannot ensure that fair values accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Fund may differ from the value that would be realized if the securities were sold.

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:

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Notes to Financial Statements (Cont.)

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

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

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

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

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the 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 fair value between fair value Levels of the Fund's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy and, if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for the Fund.

**(c) Valuation Techniques and the Fair Value Hierarchy**

**Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value** The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities, non-U.S. bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

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

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

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

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

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

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

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Notes to Financial Statements (Cont.)

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

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

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

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

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

**2. FEDERAL INCOME TAX MATTERS**

The 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 Manager has reviewed the Fund's tax positions for all open tax years. As of September 30, 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.

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

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Market Value<br>06/30/2025** | **Purchases at<br>Cost** | **Proceeds from<br>Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>09/30/2025** | **Dividend<br>Income**<sup>(1)</sup> | **Realized Net<br>Capital<br>Gain<br>Distributions**<sup>(1)</sup> |
| $3157 | $12729 | $(10100) | $1 | $0 | $5787 | $29 | $0 |

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

<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** |  | (Unaudited) |
| **Counterparty Abbreviations:** | **Counterparty Abbreviations:** |  |  |  |  |
| **BOA** | Bank of America N.A. | **GLM** | Goldman Sachs Bank USA | **MYI** | Morgan Stanley & Co. International PLC |
| **BPS** | BNP Paribas S.A. | **GST** | Goldman Sachs International | **SCX** | Standard Chartered Bank, London |
| **BRC** | Barclays Bank PLC | **JPM** | JP Morgan Chase Bank N.A. | **SOG** | Societe Generale Paris |
| **BSH** | Banco Santander S.A. - New York Branch | **MBC** | HSBC Bank Plc | **SSB** | State Street Bank and Trust Co. |
| **CBK** | Citibank N.A. | **MEI** | Merrill Lynch International | **TDM** | TD Securities (USA) LLC |
| **DBL** | Deutsche Bank AG London | **MYC** | Morgan Stanley Capital Services LLC | **UAG** | UBS AG Stamford |
| **DUB** | Deutsche Bank AG |  |  |  |  |
| **Currency Abbreviations:** | **Currency Abbreviations:** |  |  |  |  |
| **AUD** | Australian Dollar | **HUF** | Hungarian Forint | **PKR** | Pakistani Rupee |
| **AZN** | Azerbaijani Manat | **IDR** | Indonesian Rupiah | **PLN** | Polish Zloty |
| **BRL** | Brazilian Real | **ILS** | Israeli Shekel | **PYG** | Paraguayan Guarani |
| **CNH** | Chinese Renminbi (Offshore) | **JPY** | Japanese Yen | **SGD** | Singapore Dollar |
| **CNY** | Chinese Renminbi (Mainland) | **KRW** | South Korean Won | **TRY** | Turkish New Lira |
| **CZK** | Czech Koruna | **KWD** | Kuwaiti Dinar | **TWD** | Taiwanese Dollar |
| **DOP** | Dominican Peso | **KZT** | Kazakhstani Tenge | **UGX** | Ugandan Shilling |
| **EGP** | Egyptian Pound | **MXN** | Mexican Peso | **USD (or $)** | United States Dollar |
| **EUR** | Euro | **NGN** | Nigerian Naira | **UZS** | Uzbekistani Sum |
| **GBP** | British Pound | **PEN** | Peruvian New Sol | **ZAR** | South African Rand |
| **GHS** | Ghanaian Cedi |  |  |  |  |
| **Exchange Abbreviations:** | **Exchange Abbreviations:** |  |  |  |  |
| **OTC** | Over the Counter |  |  |  |  |
| **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** |  |  |  |  |
| **EUR003M** | 3 Month EUR Swap Rate | **PRIME** | Daily US Prime Rate | **TSFR3M** | Term SOFR 3-Month |
| **EUR006M** | 6 Month EUR Swap Rate | **SOFR** | Secured Overnight Financing Rate |  |  |
| **Other Abbreviations:** | **Other Abbreviations:** |  |  |  |  |
| **ABS** | Asset-Backed Security | **JIBAR** | Johannesburg Interbank Agreed Rate | **TBA** | To-Be-Announced |
| **BRL-CDI** | Brazil Interbank Deposit Rate | **JSC** | Joint Stock Company | **TBD** | To-Be-Determined |
| **BUBOR** | Budapest Interbank Offered Rate | **OIS** | Overnight Index Swap | **TBD%** | Interest rate to be determined when loan settles or at the time of funding |
| **DAC** | Designated Activity Company | **PRIBOR** | Prague Interbank Offered Rate | **WIBOR** | Warsaw Interbank Offered Rate |
| **EURIBOR** | Euro Interbank Offered Rate |  |  |  |  |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** PIMCO Flexible Emerging Markets Income Fund

- **b. Investment Company Act file number:** 811-23648

- **c. CIK number of Registrant:** 0001851077

- **d. LEI of Registrant:** 549300AJA4FNZO83ST90

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1633 Broadway

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10019

  - **Telephone number:** (844) 312-2113

**Item A.2. Information about the Series.**

- **a. Name of Series:** N/A

- **c. LEI of Series:** N/A

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $65343998.83

**Total Liabilities:** $10716693.94

**Net Assets:** $54627304.89

**Delayed Delivery Securities:** $1000000.00

**Cash Not Reported:** $715009.60

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 1071.164800 | **1-Year:** 655.320600 | **5-Year:** 4305.111100 | **10-Year:** 7057.648000 | **30-Year:** 665.716900

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 1603.633400 | **1-Year:** 2022.795400 | **5-Year:** 6713.061800 | **10-Year:** 5048.448000 | **30-Year:** 58.486500

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 1.61%                | 2.36%                | 2.74%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $224221.63               | $204341.03                                 |
| Month 2  | $554540.33               | $176001.39                                 |
| Month 3  | $90297.75                | $981850.31                                 |

**Designated Index Information**

- **Index Name:** JP Morgan EMBI Global Composite Index

- **Index Identifier:** JPEGCOMP

### Schedule of Portfolio Investments

| Name                                                    | Title                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |    Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| N/A                                                     | BOUGHT IDR SOLD USD 20251015                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $-2263.84     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD KWD BOUGHT USD 20300513                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $6229.60      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CREDICORP CAPITAL SOCIEDAD TITULIZADORA SA              | CREDICORP CAPITAL SOCIED LOCAL GOVT G 144A REGS 12/43 1      | CUSIP: 224939AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | PE        |    1900000 | PA      | $589637.25    | 1.08%             | 2043-12-15      | Fixed         | 10.10%                | No            |                  2 | On Loan: No      |
| METALSA SA DE CV                                        | METALSA SA DE CV COMPANY GUAR 144A 05/31 3.75                | CUSIP: 59132VAB4<br>LEI: 549300F2FONGJR575V67 | Long             | DBT              | CORP              | MX        |     300000 | PA      | $266437.50    | 0.49%             | 2031-05-04      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT JPY SOLD USD 20251104                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |          1 | NC      | $31.04        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | REVERSE REPO TORONTO DOMINIO                                 | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |    -602764 | PA      | $-603662.07   | -1.11%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD PYG BOUGHT USD 20251219                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $-628.52      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD KWD BOUGHT USD 20300812                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $12603.25     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | REVERSE REPO MORGAN STANLEY                                  | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |    -285419 | PA      | $-285742.64   | -0.52%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD ILS BOUGHT USD 20251015                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IL        |          1 | NC      | $-14724.94    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| AFRICA FINANCE CORP (AFC)                               | AFRICA FINANCE CORP SR UNSECURED REGS 04/28 2.875            | CUSIP: ACI1X9VZ6<br>LEI: 213800LXFHRRXIJRXW97 | Long             | DBT              | CORP              | N/A       |     200000 | PA      | $190919.50    | 0.35%             | 2028-04-28      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| JORDAN GOVT                                             | KINGDOM OF JORDAN SR UNSECURED REGS 10/47 7.375              | CUSIP: M5269UAJ3<br>LEI: 5493000JZ4MYPVMBVN50 | Long             | DBT              | NUSS              | JO        |     300000 | PA      | $287817.17    | 0.53%             | 2047-10-10      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD DOP BOUGHT USD 20260305                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $-8894.05     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS LTD                              | FIRST QUANTUM MINERALS L COMPANY GUAR 144A 02/34 7.25        | CUSIP: 335934AX3<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |     300000 | PA      | $310385.40    | 0.57%             | 2034-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD IDR BOUGHT USD 20251015                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $-947.94      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC GOVT                                 | DOMINICAN REPUBLIC SR UNSECURED 144A 02/33 13.625            | CUSIP: 25714PES3<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |   11800000 | PA      | $228826.36    | 0.42%             | 2033-02-03      | Fixed         | 13.62%                | No            |                  2 | On Loan: No      |
| N/A                                                     | RFR USD SOFR/3.50000 09/17/25-30Y CME                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |          1 | NC      | $-161901.35   | -0.30%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD GHS BOUGHT USD 20251113                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $-2574.31     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT KZT SOLD USD 20260326                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | KZ        |          1 | NC      | $-290.22      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| KAZMUNAYGAS NATIONAL JSC                                | KAZMUNAYGAS NATIONAL CO SR UNSECURED REGS 10/48 6.375        | CUSIP: Y44709AG1<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |     600000 | PA      | $597809.58    | 1.09%             | 2048-10-24      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD BRL BOUGHT USD 20251002                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $-2238.75     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD GHS BOUGHT USD 20260217                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $-985.35      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | RFR USD SOFR/3.75000 09/17/25-10Y CME                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |          1 | NC      | $17039.63     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| FIDEICOMISO PA PACIFICO TRES                            | FIDEICOMISO PA PACIFICO SR SECURED REGS 01/35 8.25           | CUSIP: P40689AA2<br>LEI: 549300HPHEJ3B6YD5H05 | Long             | DBT              | CORP              | CO        |     563150 | PA      | $594967.98    | 1.09%             | 2035-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| KENYA GOVT                                              | REPUBLIC OF KENYA SR UNSECURED REGS 02/31 9.75               | CUSIP: ACI2MWJ22<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |     700000 | PA      | $749003.84    | 1.37%             | 2031-02-16      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT EUR SOLD USD 20251002                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $-10514.04    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| IVORY COAST GOVT (AKA: COTE D'IVOIRE)                   | REPUBLIC OF COTE DIVOIRE THE 2024 EUR UPSIZE TERM LOAN       | CUSIP: BA0003TP4<br>LEI: 254900ICW11T82O6H590 | Long             | LON              | NUSS              | CI        |     300000 | PA      | $351701.42    | 0.64%             | 2026-03-09      | Floating      | 5.15%                 | No            |                  3 | On Loan: No      |
| UNITED STATES GOVT                                      | US TREASURY N/B 08/41 1.75                                   | CUSIP: 912810TA6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     600000 | PA      | $407285.15    | 0.75%             | 2041-08-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD UGX BOUGHT USD 20251202                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $-4469.07     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| PANAMA INFRASTRUCTURE RECEIVABLE PURCHASER PLC          | PANAMA INFRASTRUCTURE SR SECURED REGS 04/32 0.00000          | CUSIP: G6883RAB8<br>LEI: 213800QSH7EDGMUDJW25 | Long             | DBT              | CORP              | GB        |     200000 | PA      | $150735.00    | 0.28%             | 2032-04-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | ARGENTINA LA SP MYC                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              |  | US        |          1 | NC      | $-29840.06    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| SOCAR TURKEY ENERJI AS VIA STEAS FUNDING 1 DAC          | SOCAR TURK ENRG FUNDING COMPANY GUAR REGS 03/26 7.23         | CUSIP: ACI25FN49<br>LEI: 213800EHE74BZ15ING86 | Long             | DBT              | CORP              | IE        |     700000 | PA      | $699365.57    | 1.28%             | 2026-03-17      | Fixed         | 7.23%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD JPY BOUGHT USD 20251002                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |          1 | NC      | $1586.96      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT KWD SOLD USD 20260505                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $-22.28       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GUATEMALA GOVT                                          | REPUBLIC OF GUATEMALA SR UNSECURED 144A 08/36 6.25           | CUSIP: 401494BA6<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |     200000 | PA      | $206936.00    | 0.38%             | 2036-08-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NIGERIA GOVT                                            | NIGERIA OMO BILL BILLS 12/25 0.00000                         | CUSIP: ACI2SNXW4<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |   54800000 | PA      | $35597.75     | 0.07%             | 2025-12-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | 31750RI41 PIMCO FXVAN CALL USD TRY 53.64000000               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | US        |   -3814000 | NC      | $-75860.46    | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT EUR SOLD USD 20251002                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $84.42        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD JPY BOUGHT USD 20251002                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |          1 | NC      | $-1182.62     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CHILE ELECTRICITY LUX MPC II SARL                       | CHILE ELECTRICITY LUX GOVT GUARANT 144A 10/35 5.672          | CUSIP: 16882LAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     500000 | PA      | $516248.85    | 0.95%             | 2035-10-20      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD DOP BOUGHT USD 20251120                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $891.08       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MONGOLIA GOVT                                           | MONGOLIA INTL BOND SR UNSECURED REGS 07/27 3.5               | CUSIP: Y6142NAF5<br>LEI: N/A                  | Long             | DBT              | NUSS              | MN        |     300000 | PA      | $289118.87    | 0.53%             | 2027-07-07      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | 317UADBA9 PIMCO SWAPTION 6.195 CALL HUF 202512               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |  -97200000 | NC      | $-1629.86     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UZBEK INDUSTRIAL AND CONSTRUCTION BANK ATB              | UZBEK INDUSTRIAL AND CON UZBEK INDUSTRIAL AND CON            | CUSIP: 917935AB4<br>LEI: 213800C2NIFPFTXYIU69 | Long             | DBT              | CORP              | UZ        | 2500000000 | PA      | $216934.42    | 0.40%             | 2027-07-24      | Fixed         | 21.00%                | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD DOP BOUGHT USD 20260206                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $312.48       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD PLN BOUGHT USD 20251022                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | PL        |          1 | NC      | $96.24        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SOUTH AFRICA GOVT                                       | REPUBLIC OF SOUTH AFRICA SR UNSECURED 09/29 4.85             | CUSIP: 836205BA1<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     200000 | PA      | $197969.32    | 0.36%             | 2029-09-30      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT KRW SOLD USD 20251022                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | KR        |          1 | NC      | $-4313.68     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| COLOMBIAN GOVT                                          | REPUBLIC OF COLOMBIA SR UNSECURED 02/34 7.5                  | CUSIP: 195325EG6<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     200000 | PA      | $210650.00    | 0.39%             | 2034-02-02      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | 317UAC0A3 PIMCO SWAPTION 4.535 CALL PLN 202511               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |   -1700000 | NC      | $-4229.88     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD EUR BOUGHT USD 20251104                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $10564.98     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD EUR BOUGHT USD 20251002                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $1227.08      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SHARJAH GOVT                                            | FIN DEPT GOVT SHARJAH SR UNSECURED REGS 07/50 4              | CUSIP: ACI1P3VB1<br>LEI: N/A                  | Long             | DBT              | NUSS              | AE        |     600000 | PA      | $415119.16    | 0.76%             | 2050-07-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                            | ECOPETROL SA SR UNSECURED 05/45 5.875                        | CUSIP: 279158AJ8<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    1200000 | PA      | $918675.60    | 1.68%             | 2045-05-28      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| IIFL FINANCE LIMITED                                    | IIFL FINANCE LTD SR SECURED 144A 07/28 8.75                  | CUSIP: 44964HAA2<br>LEI: 335800CZ46UJRS34JR78 | Long             | DBT              | CORP              | IN        |     200000 | PA      | $203850.00    | 0.37%             | 2028-07-24      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| EAGLE FUNDING LUXCO SA RL                               | EAGLE FUNDING LUXCO SARL SR UNSECURED 144A 08/30 5.5         | CUSIP: 26951TAA8<br>LEI: 894500VDP08MVIZ6OA60 | Long             | DBT              | CORP              | LU        |     800000 | PA      | $812648.00    | 1.49%             | 2030-08-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COLOMBIAN GOVT                                          | REPUBLIC OF COLOMBIA SR UNSECURED 04/35 8.5                  | CUSIP: 195325ES0<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     200000 | PA      | $221800.00    | 0.41%             | 2035-04-25      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| PERU GOVT                                               | REPUBLIC OF PERU SR UNSECURED REGS 08/31 6.95                | CUSIP: 715638BE1<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     480000 | PA      | $153123.60    | 0.28%             | 2031-08-12      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| JSC UZBEKNEFTEGAZ                                       | UZBEKNEFTEGAZ SR UNSECURED REGS 11/28 4.75                   | CUSIP: ACI21QDZ1<br>LEI: 213800LUZJZFLJD4MJ51 | Long             | DBT              | CORP              | UZ        |     300000 | PA      | $286825.99    | 0.53%             | 2028-11-16      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BEIGNET INVESTOR LLC                                    | PROJECT BEIGNET SR SEC 144A PROJECT BEIGNET SR SEC 144A      | CUSIP: 990AAXQG4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1000000 | PA      | $1000000.00   | 1.83%             | 2049-06-01      | Fixed         | 6.85%                 | No            |                  3 | On Loan: No      |
| N/A                                                     | SOLD PEN BOUGHT USD 20251117                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | PE        |          1 | NC      | $-48441.95    | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| UKRAINE GOVT                                            | UKRAINE GOVERNMENT SR UNSECURED 144A 02/34 VAR               | CUSIP: 903724CE0<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      65880 | PA      | $27422.55     | 0.05%             | 2034-02-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | IRS EUR 2.75000 03/18/26-10Y LCH                             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | N/A       |          1 | NC      | $-2096.39     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT TRY SOLD USD 20251204                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |          1 | NC      | $47.53        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NIGERIA GOVT                                            | NIGERIA OMO BILL BILLS 02/26 0.00000                         | CUSIP: ACI2Z9PN6<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |  143000000 | PA      | $89735.35     | 0.16%             | 2026-02-17      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD PKR BOUGHT USD 20251201                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $-1051.85     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD DOP BOUGHT USD 20260206                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $4783.30      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| SRI LANKA GOVT                                          | REPUBLIC OF SRI LANKA SR UNSECURED 144A 02/38 VAR            | CUSIP: ACI2SS6L7<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |      76208 | PA      | $68095.60     | 0.12%             | 2038-02-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | 317UAIUA7 PIMCO SWAPTION 6.11 PUT HUF 20251223               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |  -62000000 | NC      | $-2165.98     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS (PEMEX)                             | PETROLEOS MEXICANOS COMPANY GUAR 01/60 6.95                  | CUSIP: 71654QDF6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    1200000 | PA      | $987762.00    | 1.81%             | 2060-01-28      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD MXN BOUGHT USD 20251217                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | MX        |          1 | NC      | $-3190.53     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD KWD BOUGHT USD 20300509                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $6235.37      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD DOP BOUGHT USD 20251120                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $38.49        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PERU GOVT                                               | BONOS DE TESORERIA SR UNSECURED 08/32 6.15                   | CUSIP: ACI0WBN59<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    1100000 | PA      | $335859.51    | 0.61%             | 2032-08-12      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD IDR BOUGHT USD 20251015                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $-777.19      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UGANDA GOVT                                             | UGANDA GOVERNMENT BOND BONDS 06/39 15.8                      | CUSIP: ACI2QJDV9<br>LEI: 549300NF1DEFHG8XLQ11 | Long             | DBT              | NUSS              | UG        | 1005000000 | PA      | $267159.86    | 0.49%             | 2039-06-23      | Fixed         | 15.80%                | No            |                  2 | On Loan: No      |
| SAUDI ARABIA GOVT                                       | KSA IJARAH SUKUK LTD SR UNSECURED 144A 09/35 4.875           | CUSIP: 50116FAB8<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | KY        |     300000 | PA      | $301839.30    | 0.55%             | 2035-09-09      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT TRY SOLD USD 20251014                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |          1 | NC      | $3923.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| IVORY COAST GOVT (AKA: COTE D'IVOIRE)                   | IVORY COAST SR UNSECURED 144A 01/33 7.625                    | CUSIP: 221625AT3<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     200000 | PA      | $208230.17    | 0.38%             | 2033-01-30      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD KWD BOUGHT USD 20300514                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $6223.82      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ANGOLA GOVT                                             | FINANCE MINISTRY ANGOLA TERM LOAN                            | CUSIP: BA000FS86<br>LEI: 549300QHR2R3J8JSGK83 | Long             | LON              | NUSS              | US        |     850000 | PA      | $851737.30    | 1.56%             | 2025-12-11      | Floating      | 13.25%                | No            |                  3 | On Loan: No      |
| CAMEROON GOVT                                           | REPUBLIC OF CAMEROON SR UNSECURED REGS 07/32 5.95            | CUSIP: ACI1YYV64<br>LEI: 54930021BO6NHYGBBV24 | Long             | DBT              | NUSS              | CM        |    1000000 | PA      | $965010.94    | 1.77%             | 2032-07-07      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD EGP BOUGHT USD 20260921                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | EG        |          1 | NC      | $-279.70      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | REVERSE REPO STANDARD CHARTERE VAR 1                         | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |   -3552385 | PA      | $-3552385.00  | -6.50%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT EGP SOLD USD 20251208                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | EG        |          1 | NC      | $1594.95      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD PKR BOUGHT USD 20251201                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $-197.29      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD AUD BOUGHT USD 20251002                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | AU        |          1 | NC      | $-516.62      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT TRY SOLD USD 20251015                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |          1 | NC      | $762.54       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD PEN BOUGHT USD 20260218                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | PE        |          1 | NC      | $-480.99      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD PLN BOUGHT USD 20251022                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | PL        |          1 | NC      | $21.94        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT SGD SOLD USD 20251002                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | SG        |          1 | NC      | $857.09       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CREDICORP CAPITAL SOCIEDAD TITULIZADORA SA              | CREDICORP CAPITAL SOCIED LOCAL GOVT G 144A 03/45 9.7         | CUSIP: 224939AB4<br>LEI: N/A                  | Long             | DBT              | CORP              | PE        |    1000000 | PA      | $305295.14    | 0.56%             | 2045-03-05      | Fixed         | 9.70%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | 31750RI58 PIMCO FXVAN PUT USD TRY 45.05000000                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | US        |   -3814000 | NC      | $-57026.93    | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD IDR BOUGHT USD 20251015                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $-105.80      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT JPY SOLD USD 20251104                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |          1 | NC      | $1684.85      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC GOVT                                 | DOMINICAN REPUBLIC SR UNSECURED 144A 03/37 6.95              | CUSIP: 25714PFB9<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     200000 | PA      | $213790.00    | 0.39%             | 2037-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| MONTEGO BAY AIRPORT REVENUE FINANCE LIMITED             | MONTEGO BAY AIRPORT REVE SR SECURED 144A 06/35 6.6           | CUSIP: 61238BAA9<br>LEI: 2549008BQQ5ON8H2UC19 | Long             | DBT              | CORP              | KY        |     300000 | PA      | $306937.50    | 0.56%             | 2035-06-15      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT EUR SOLD USD 20251002                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $-1416.74     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| IVORY COAST GOVT (AKA: COTE D'IVOIRE)                   | IVORY COAST SR UNSECURED REGS 04/36 8.075                    | CUSIP: ACI2VZXJ2<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     200000 | PA      | $207627.98    | 0.38%             | 2036-04-01      | Fixed         | 8.07%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT ILS SOLD USD 20251113                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IL        |          1 | NC      | $14501.78     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT BRL SOLD USD 20251202                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $2049.75      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD CNH BOUGHT USD 20251016                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CN        |          1 | NC      | $19.82        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NIGERIA GOVT                                            | NIGERIA OMO BILL BILLS 11/25 0.00000                         | CUSIP: ACI2SNTN9<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |  171520000 | PA      | $112089.36    | 0.21%             | 2025-11-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT BRL SOLD USD 20251002                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $8749.26      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT ILS SOLD USD 20251015                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IL        |          1 | NC      | $2473.07      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | REVERSE REPO SOCIETE GENERALE REVERSE REPO                   | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |    -868275 | PA      | $-869539.79   | -1.59%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD EUR BOUGHT USD 20251002                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $-36.24       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | RFR USD SOFR/3.00000 03/19/25-5Y CME                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |          1 | NC      | $-118887.51   | -0.22%            |  |  |  | No            |                  2 | On Loan: No      |
| PERU GOVT                                               | REPUBLIC OF PERU SR UNSECURED 144A 08/37 6.9                 | CUSIP: 715638AV4<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     200000 | PA      | $60271.60     | 0.11%             | 2037-08-12      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | IRS PLN 4.19500 09/29/25-5Y CME                              | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | PL        |          1 | NC      | $-271.88      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BANCO DO BRASIL SA/LONDON BRANCH                        | BANCO DO BRASIL SA/LONDO SR UNSECURED REGS 07/26 8.5         | CUSIP: ACI2J3525<br>LEI: QE0Q0253K88YAGNPE356 | Long             | DBT              | CORP              | BR        |    3000000 | PA      | $164990.09    | 0.30%             | 2026-07-29      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT TRY SOLD USD 20251027                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |          1 | NC      | $2024.63      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT ZAR SOLD USD 20251020                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ZA        |          1 | NC      | $3590.27      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT TRY SOLD USD 20260305                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |          1 | NC      | $38450.61     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | 317UAJAA7 PIMCO SWAPTION 3.89 CALL CZK 2025122               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |   -5150000 | NC      | $-998.72      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT TRY SOLD USD 20251027                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |          1 | NC      | $2020.76      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BOI FINANCE BV                                          | BOI FINANCE BV GOVT GUARANT REGS 02/27 7.5                   | CUSIP: ACI23L9D4<br>LEI: 724500ZH3H2YACBUNF38 | Long             | DBT              | MUN               | NL        |     750000 | PA      | $906146.85    | 1.66%             | 2027-02-16      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| OI SA (AKA: BRASIL TELECOM S/A)                         | OI S A 2024 FIXED TERM LOAN 2                                | CUSIP: BA0006870<br>LEI: 254900YEMWCRRAGD4978 | Long             | LON              | CORP              | BR        |     657338 | PA      | $6573.38      | 0.01%             | 2050-12-30      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| N/A                                                     | SOLD PKR BOUGHT USD 20251117                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $-1685.73     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GHANA GOVT                                              | GHANA GOVERNMENT BOND UNSECURED 02/27 8.35                   | CUSIP: ACI2DBNN7<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |    2440872 | PA      | $177851.70    | 0.33%             | 2027-02-16      | Fixed         | 8.35%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT IDR SOLD USD 20251015                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $-1301.49     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TURKEY GOVT                                             | HAZINE MUSTESARLIGI VARL SR UNSECURED 144A 09/30 6.75        | CUSIP: 421790AN6<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     200000 | PA      | $207312.70    | 0.38%             | 2030-09-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| COMISION EJECUTIVA HIDROELECTRICA DEL RIO LEMPA         | COMISION EJ HI RIO LEMPA GOVT GUARANT REGS 01/33 8.65        | CUSIP: P3012UAA4<br>LEI: 254900YU43PQQ27Q0E71 | Long             | DBT              | CORP              | SV        |     150000 | PA      | $157035.00    | 0.29%             | 2033-01-24      | Fixed         | 8.65%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD DOP BOUGHT USD 20260320                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $3391.52      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| PERU GOVT                                               | BONOS DE TESORERIA SR UNSECURED 08/34 5.4                    | CUSIP: ACI1CNG93<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     400000 | PA      | $111589.41    | 0.20%             | 2034-08-12      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| VB DPR FINANCE COMPANY                                  | VB DPR FINANCE COMPANY VAKIFBANK DPR 2025 E 4A2 SR SE        | CUSIP: 959DHQII0<br>LEI: 549300Y3LKKHCL3AQW08 | Long             | DBT              | CORP              | US        |     300000 | PA      | $309483.50    | 0.57%             | 2035-03-15      | Fixed         | 6.83%                 | Yes           |                  3 | On Loan: No      |
| N/A                                                     | REV REPO STANDARD CHARTERED BA ZCP                           | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | LU        |    -439968 | PA      | $-519896.57   | -0.95%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | 317UAC1A2 PIMCO SWAPTION 4.535 PUT PLN 2025110               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |   -1700000 | NC      | $-3428.95     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| NIGERIA GOVT                                            | NIGERIA OMO BILL OMO120626                                   | CUSIP: 955PDJII7<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        | 1224904000 | PA      | $726378.48    | 1.33%             | 2026-06-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GHANA GOVT                                              | GHANA GOVERNMENT BOND UNSECURED 02/30 8.8                    | CUSIP: ACI2DBP47<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |    2000000 | PA      | $125601.60    | 0.23%             | 2030-02-12      | Fixed         | 8.80%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT BRL SOLD USD 20251002                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $4491.15      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT PEN SOLD USD 20251217                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | PE        |          1 | NC      | $2785.82      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| PERU LNG SRL                                            | PERU LNG SRL SR UNSECURED REGS 03/30 5.375                   | CUSIP: P7721BAE1<br>LEI: 254900F70J1LOALV5K70 | Long             | DBT              | CORP              | PE        |     150020 | PA      | $144077.53    | 0.26%             | 2030-03-22      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT TRY SOLD USD 20251007                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |          1 | NC      | $821.56       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| VENEZUELAN GOVT                                         | REPUBLIC OF VENEZUELA SR UNSECURED 09/27 9.25                | CUSIP: 922646AS3<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |     700000 | PA      | $170695.00    | 0.31%             | 2027-09-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| TRANSNET                                                | TRANSNET SOC LTD 2015 ZAR TERM LOAN                          | CUSIP: BA000FR04<br>LEI: 378900B07CD6F01EA796 | Long             | LON              | CORP              | ZA        |    3142857 | PA      | $179834.36    | 0.33%             | 2028-03-02      | Floating      | 11.12%                | No            |                  3 | On Loan: No      |
| N/A                                                     | ISRAEL GOVT EM SP CBK                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              |  | US        |          1 | NC      | $282.17       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | RFR USD SOFR/3.25000 03/19/25-30Y LCH                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |          1 | NC      | $-226527.64   | -0.41%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT GBP SOLD USD 20251002                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | GB        |          1 | NC      | $248.18       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PAKISTAN GOVT                                           | ISLAMIC REP OF PAKISTAN SR UNSECURED REGS 04/51 8.875        | CUSIP: ACI1WVNY0<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |     200000 | PA      | $184593.91    | 0.34%             | 2051-04-08      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT KZT SOLD USD 20251215                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | KZ        |          1 | NC      | $-3247.01     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | 31750PJ77 PIMCO FXVAN CALL USD TRY 56.90000000               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BM        |    -130000 | NC      | $-443.82      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | IRS PLN 5.15500 11/05/24-10Y* CME                            | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | PL        |          1 | NC      | $14881.95     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | PEMEX LCDS SP DUB                                            | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              |  | US        |          1 | NC      | $3770.13      | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| NIGERIA GOVT                                            | NIGERIA OMO BILL BILLS 11/25 0.00000                         | CUSIP: ACI2XYZR3<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        | 1041712000 | PA      | $686169.30    | 1.26%             | 2025-11-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT JPY SOLD USD 20251002                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |          1 | NC      | $-189.10      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | RFR USD SOFR/3.25000 06/18/25-9Y LCH                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |          1 | NC      | $-5723.42     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| SENEGAL GOVT                                            | REP OF SEN MINI OF FIN AND BUD 2023 EUR 1ST LIEN TERM LOAN   | CUSIP: BA0000GC3<br>LEI: 549300NP14ZLQGWIUZ97 | Long             | LON              | CORP              | SN        |     525000 | PA      | $557409.68    | 1.02%             | 2028-12-22      | Floating      | 7.87%                 | No            |                  3 | On Loan: No      |
| NIGERIA GOVT                                            | REPUBLIC OF NIGERIA SR UNSECURED REGS 11/25 7.625            | CUSIP: V342A3CA0<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |     200000 | PA      | $200416.95    | 0.37%             | 2025-11-21      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT MXN SOLD USD 20251020                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | MX        |          1 | NC      | $4773.24      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UZBEK INDUSTRIAL AND CONSTRUCTION BANK ATB              | UZBEK INDUSTRIAL AND CON UZBEK INDUSTRIAL AND CON            | CUSIP: 917935AA6<br>LEI: 213800C2NIFPFTXYIU69 | Long             | DBT              | CORP              | UZ        |     200000 | PA      | $217134.44    | 0.40%             | 2029-07-24      | Fixed         | 8.95%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | 317UAD9A2 PIMCO SWAPTION 6.195 PUT HUF 2025120               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |  -97200000 | NC      | $-2500.43     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ESKOM HOLDINGS                                          | ESKOM HOLDINGS GOVT GUARANT REGS 08/28 6.35                  | CUSIP: ACI14B7L1<br>LEI: 3789001900ED06F65111 | Long             | DBT              | CORP              | ZA        |     200000 | PA      | $206074.68    | 0.38%             | 2028-08-10      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD GBP BOUGHT USD 20251002                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | GB        |          1 | NC      | $102.56       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SAUDI ARABIAN OIL COMPANY (SAUDI ARAMCO)                | SAUDI ARABIAN OIL CO SR UNSECURED 144A 06/55 6.375           | CUSIP: 80414L3F0<br>LEI: 5586006WD91QHB7J4X50 | Long             | DBT              | CORP              | SA        |     500000 | PA      | $533362.11    | 0.98%             | 2055-06-02      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT IDR SOLD USD 20251015                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $-1230.30     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | 31750PZ53 PIMCO FXVAN PUT USD TRY 42.63500000                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | LU        |    -546000 | NC      | $-1199.56     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| COLOMBIAN GOVT                                          | REPUBLIC OF COLOMBIA SR UNSECURED 01/30 3                    | CUSIP: 195325DR3<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     200000 | PA      | $180930.00    | 0.33%             | 2030-01-30      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT PEN SOLD USD 20251105                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | PE        |          1 | NC      | $6906.12      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ARGENTINA GOVT                                          | REPUBLIC OF ARGENTINA SR UNSECURED 07/30 VAR                 | CUSIP: 040114HS2<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |     320000 | PA      | $216800.00    | 0.40%             | 2030-07-09      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| COLOMBIAN GOVT                                          | REPUBLIC OF COLOMBIA SR UNSECURED 11/54 8.375                | CUSIP: 195325EQ4<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     200000 | PA      | $212150.00    | 0.39%             | 2054-11-07      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD CNH BOUGHT USD 20251016                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CN        |          1 | NC      | $241.43       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD GBP BOUGHT USD 20251104                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | GB        |          1 | NC      | $-248.15      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OI SA (AKA: BRASIL TELECOM S/A)                         | OI S A 2024 FIXED TERM LOAN 1                                | CUSIP: BA0006862<br>LEI: 254900YEMWCRRAGD4978 | Long             | LON              | CORP              | BR        |      57159 | PA      | $571.59       | 0.00%             | 2050-12-30      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| N/A                                                     | SOLD CNH BOUGHT USD 20251016                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CN        |          1 | NC      | $21.33        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD SGD BOUGHT USD 20251002                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | SG        |          1 | NC      | $13624.87     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MUTHOOT FINANCE LIMITED                                 | MUTHOOT FINANCE LTD SR SECURED 144A 04/29 6.375              | CUSIP: 62828L2D4<br>LEI: 335800HAMJMBFL4RRF02 | Long             | DBT              | CORP              | IN        |     400000 | PA      | $405828.32    | 0.74%             | 2029-04-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD ILS BOUGHT USD 20251015                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IL        |          1 | NC      | $-1549.68     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ROMANIA GOVT                                            | ROMANIA UNSECURED REGS 04/41 2.75                            | CUSIP: ACI1X0DF9<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    1000000 | PA      | $757039.61    | 1.39%             | 2041-04-14      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| VALE SA                                                 | VALE SA SUBORDINATED 12/49 VAR                               | CUSIP: B011X9II2<br>LEI: 254900SMTWBX7RU2SR20 | Long             | DBT              | CORP              | BR        |   14500000 | PA      | $978063.79    | 1.79%             | 2049-12-29      | Variable      | 1.96%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD UGX BOUGHT USD 20251202                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $-4469.13     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED BANK/LONDON BRANCH                   | STANDARD CHARTERED BANK STANDARD CHARTERED BANK              | CUSIP: ACI2SHL67<br>LEI: RILFO74KP1CM8P6PCT96 | Long             | DBT              | CORP              | GB        |   63300000 | PA      | $203747.91    | 0.37%             | 2025-12-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| FORTUNE STAR (BVI) LIMITED                              | FORTUNE STAR BVI LTD COMPANY GUAR REGS 10/26 3.95            | CUSIP: ACI1YV0X5<br>LEI: 2549008CU8NYQQRSNU62 | Long             | DBT              | CORP              | VG        |     400000 | PA      | $468433.09    | 0.86%             | 2026-10-02      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | 317UAHEA7 PIMCO SWAPTION 4.445 PUT PLN 2025121               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |    -700000 | NC      | $-2862.69     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT CNH SOLD USD 20251016                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CN        |          1 | NC      | $-1255.67     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT IDR SOLD USD 20251217                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $1072.66      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ARGENTINA GOVT                                          | REPUBLIC OF ARGENTINA SR UNSECURED 07/35 VAR                 | CUSIP: 040114HT0<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |     800000 | PA      | $421700.00    | 0.77%             | 2035-07-09      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | RFR USD SOFR/3.25000 06/18/25-7Y CME                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |          1 | NC      | $-68692.25    | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT JPY SOLD USD 20251104                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |          1 | NC      | $72.59        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT IDR SOLD USD 20251015                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $-2006.77     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD JPY BOUGHT USD 20251002                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |          1 | NC      | $-19.26       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | REVERSE REPO SOCIETE GENERALE REVERSE REPO                   | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |    -423746 | PA      | $-428488.19   | -0.78%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | RFR USD SOFR/3.25000 03/19/25-10Y CME                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |          1 | NC      | $-111227.62   | -0.20%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | TURKEY EM SP DUB                                             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              |  | US        |          1 | NC      | $-63405.00    | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| PARAGUAY GOVT                                           | REPUBLIC OF PARAGUAY SR UNSECURED 144A 03/35 8.5             | CUSIP: 699149BX7<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        | 1950000000 | PA      | $265836.71    | 0.49%             | 2035-03-04      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT KZT SOLD USD 20260326                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | KZ        |          1 | NC      | $-448.54      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD PLN BOUGHT USD 20251022                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | PL        |          1 | NC      | $16.22        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT JPY SOLD USD 20251002                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |          1 | NC      | $-216.29      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ANGOLA GOVT                                             | REPUBLIC OF ANGOLA SR UNSECURED REGS 04/32 8.75              | CUSIP: ACI24WFG5<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |     200000 | PA      | $191551.03    | 0.35%             | 2032-04-14      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT IDR SOLD USD 20251015                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $-1953.75     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PETROLEOS DEL PERU SA - PETROPERU SA                    | PETROLEOS DEL PERU SA SR UNSECURED 144A 06/47 5.625          | CUSIP: 716564AB5<br>LEI: 549300ZMGDLC9JT2OR80 | Long             | DBT              | CORP              | PE        |     200000 | PA      | $148056.00    | 0.27%             | 2047-06-19      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | SOUTH AFRICA EM SP MEI                                       | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              |  | US        |          1 | NC      | $-2141.35     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PT BANTEN (LLPL CAPITAL PTE LTD)                        | LLPL CAPITAL PTE LTD SR SECURED REGS 02/39 6.875             | CUSIP: Y51478AA6<br>LEI: 254900VXZ8FXTUQNON22 | Long             | DBT              | CORP              | SG        |    1053450 | PA      | $1096547.69   | 2.01%             | 2039-02-04      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SOUTH AFRICA GOVT                                       | REPUBLIC OF SOUTH AFRICA SR UNSECURED 09/49 5.75             | CUSIP: 836205BB9<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     300000 | PA      | $240770.22    | 0.44%             | 2049-09-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | REVERSE REPO STANDARD CHARTERE VAR 1                         | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |    -615747 | PA      | $-616627.31   | -1.13%            |  |  |  | No            |                  2 | On Loan: No      |
| PAKISTAN GOVT                                           | ISLAMIC REP OF PAKISTAN SR UNSECURED REGS 04/31 7.375        | CUSIP: ACI1WVNF1<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |     200000 | PA      | $196439.70    | 0.36%             | 2031-04-08      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| VB DPR FINANCE COMPANY                                  | TURKIYE VAKIFLAR BANKASI TAO I 2024 EUR DDTL                 | CUSIP: BA0008CR7<br>LEI: 549300Y3LKKHCL3AQW08 | Long             | LON              | CORP              | TR        |     300000 | PA      | $353768.41    | 0.65%             | 2028-12-15      | Floating      | 5.01%                 | No            |                  3 | On Loan: No      |
| PANAMA GOVT                                             | REPUBLIC OF PANAMA SR UNSECURED 05/47 4.5                    | CUSIP: 698299BG8<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     400000 | PA      | $309500.00    | 0.57%             | 2047-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS (PEMEX)                             | PETROLEOS MEXICANOS COMPANY GUAR 01/45 6.375                 | CUSIP: 71654QBR2<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     900000 | PA      | $732091.59    | 1.34%             | 2045-01-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT IDR SOLD USD 20251015                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $-1786.02     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GHANA GOVT                                              | GHANA GOVERNMENT BOND UNSECURED 02/29 8.65                   | CUSIP: ACI2DBNY3<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     479345 | PA      | $31252.91     | 0.06%             | 2029-02-13      | Fixed         | 8.65%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT PEN SOLD USD 20260105                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | PE        |          1 | NC      | $1480.56      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT EGP SOLD USD 20251202                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | EG        |          1 | NC      | $812.26       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TIERRA MOJADA LUXEMBOURG II SARL                        | TIERRA MOJADA LUX II SRL SR SECURED REGS 12/40 5.75          | CUSIP: L3500LAA7<br>LEI: 254900H2U8PBIY32VI94 | Long             | DBT              | CORP              | LU        |     476737 | PA      | $469764.82    | 0.86%             | 2040-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT JPY SOLD USD 20251104                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |          1 | NC      | $19.25        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JOINT STOCK COMPANY DEVELOPMENT BANK OF KAZAKHSTAN      | DEVELOPMENT BANK OF KAZA SR UNSECURED REGS 05/26 10.95       | CUSIP: ACI1XHM39<br>LEI: 213800LCDPGJ1BI7KX98 | Long             | DBT              | CORP              | KZ        |  128000000 | PA      | $225426.71    | 0.41%             | 2026-05-06      | Fixed         | 10.95%                | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT TWD SOLD USD 20251022                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TW        |          1 | NC      | $-1211.40     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT BRL SOLD USD 20251002                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $23895.76     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD ZAR BOUGHT USD 20251120                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ZA        |          1 | NC      | $-530.65      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TURKEY GOVT                                             | REPUBLIC OF TURKEY EUR TERM LOAN A                           | CUSIP: BA0004GP6<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | LON              | NUSS              | TR        |     300000 | PA      | $381347.47    | 0.70%             | 2031-04-27      | Floating      | 8.34%                 | No            |                  3 | On Loan: No      |
| PANAMA INFRASTRUCTURE RECEIVABLE PURCHASER PLC          | PANAMA INFRASTRUCTURE SR SECURED 144A 04/32 0.00000          | CUSIP: 69828QAD9<br>LEI: 213800QSH7EDGMUDJW25 | Long             | DBT              | CORP              | GB        |     800000 | PA      | $602940.00    | 1.10%             | 2032-04-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CORP NACIONAL DEL COBRE DE CHILE CODELCO (CODELCO)      | CODELCO INC SR UNSECURED 144A 01/55 6.78                     | CUSIP: 21987BBM9<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | CORP              | CL        |     200000 | PA      | $215060.00    | 0.39%             | 2055-01-13      | Fixed         | 6.78%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | RFR USD SOFR/3.75000 09/17/25-5Y CME                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |          1 | NC      | $6513.94      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT IDR SOLD USD 20251217                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $157.25       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SERBIA GOVT                                             | REPUBLIC OF SERBIA SR UNSECURED REGS 09/36 2.05              | CUSIP: ACI20JKL1<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |     200000 | PA      | $183504.12    | 0.34%             | 2036-09-23      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC GOVT                                 | DOMINICAN REPUBLIC SR UNSECURED 144A 03/37 10.5              | CUSIP: 25714PFD5<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |  239600000 | PA      | $4126805.10   | 7.55%             | 2037-03-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT TRY SOLD USD 20251020                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |          1 | NC      | $1009.86      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PERU GOVT                                               | BONOS DE TESORERIA SR UNSECURED 144A REGS 08/33 7            | CUSIP: ACI2GGZ75<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    1300000 | PA      | $417562.82    | 0.76%             | 2033-08-12      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| EGYPTIAN GOVT                                           | ARAB REPUBLIC OF EGYPT SR UNSECURED 144A 02/33 9.45          | CUSIP: 03846JAG5<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     200000 | PA      | $213726.56    | 0.39%             | 2033-02-04      | Fixed         | 9.45%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | ISRAEL GOVT EM SP GST                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              |  | US        |          1 | NC      | $543.03       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD CNH BOUGHT USD 20251016                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CN        |          1 | NC      | $77.08        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | RFR USD SOFR/3.25000 06/18/25-4Y LCH                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |          1 | NC      | $-669.17      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TURKISH AIRLINES 2015-1 CLASS A PASS THROUGH TRUST      | TURKISH AIRLN 15 1 A PTT PASS THRU CE 144A 09/28 4.2         | CUSIP: 10010YAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | TR        |       5170 | PA      | $5091.92      | 0.01%             | 2028-09-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| PIMCO FUNDS                                             | PIMCO PRV SHORT TERM FLT III MUTUAL FUND                     | CUSIP: 000000000<br>LEI: LWVQWTQCFH3YG7CVH718 | Long             | STIV             | RF                | US        |     592389 | PA      | $5769273.59   | 10.56%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                     | SOLD EUR BOUGHT USD 20251002                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $-65160.98    | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                      | TREASURY BILL 12/25 0.00000                                  | CUSIP: 912797RX7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     105000 | PA      | $104154.34    | 0.19%             | 2025-12-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GHANA GOVT                                              | GHANA GOVERNMENT BOND UNSECURED 02/31 8.95                   | CUSIP: ACI2DBP54<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |    1833575 | PA      | $110579.24    | 0.20%             | 2031-02-11      | Fixed         | 8.95%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD BRL BOUGHT USD 20251002                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $-26632.27    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT JPY SOLD USD 20251002                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |          1 | NC      | $-173.02      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | 31750RL54 PIMCO FXVAN CALL USD TRY 54.10000000               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | US        |   -5300000 | NC      | $-111437.80   | -0.20%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | 317UAHDA8 PIMCO SWAPTION 4.445 CALL PLN 202512               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |    -700000 | NC      | $-1747.11     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CZECHOSLOVAK GROUP AS                                   | CZECHOSLOVAK GROUP SR SECURED 144A 01/31 5.25                | CUSIP: ACI2Y9W17<br>LEI: 315700SWFD7G70AVG768 | Long             | DBT              | CORP              | CZ        |     100000 | PA      | $122097.82    | 0.22%             | 2031-01-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD PLN BOUGHT USD 20251022                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | PL        |          1 | NC      | $51.29        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GACI FIRST INVESTMENT COMPANY                           | GACI FIRST INVESTMENT COMPANY GUAR REGS 01/54 5.375          | CUSIP: ACI2MLFW4<br>LEI: 558600TU1PWGNLZ3XM88 | Long             | DBT              | CORP              | KY        |     300000 | PA      | $284084.93    | 0.52%             | 2054-01-29      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT TRY SOLD USD 20251010                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |          1 | NC      | $1995.26      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK GOSPODARSTWA KRAJOWEGO                             | BANK GOSPODARSTWA KRAJOW GOVT GUARANT 144A 07/54 6.25        | CUSIP: 06237MAD5<br>LEI: 259400BCOV9JJIGLYF05 | Long             | DBT              | MUN               | PL        |     200000 | PA      | $208901.00    | 0.38%             | 2054-07-09      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TANZANIA GOVT                                           | TANZANIA USD TERM LOAN                                       | CUSIP: 949BJZII5<br>LEI: 254900CT4YQ6JKSEXB51 | Long             | LON              | NUSS              | US        |     333333 | PA      | $334795.50    | 0.61%             | 2028-04-26      | Floating      | 10.06%                | No            |                  3 | On Loan: No      |
| N/A                                                     | BOUGHT TRY SOLD USD 20251113                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |          1 | NC      | $2109.32      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT MXN SOLD USD 20251121                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | MX        |          1 | NC      | $991.64       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD KWD BOUGHT USD 20300515                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $6223.82      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT TRY SOLD USD 20260108                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |          1 | NC      | $6002.16      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| COLOMBIAN GOVT                                          | REPUBLIC OF COLOMBIA SR UNSECURED 11/35 8                    | CUSIP: 195325EL5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     600000 | PA      | $645300.00    | 1.18%             | 2035-11-14      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD PLN BOUGHT USD 20251022                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | PL        |          1 | NC      | $-31.79       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | TURKEY EM SP MEI                                             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              |  | US        |          1 | NC      | $-63405.00    | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                      | TREASURY BILL 11/25 0.00000                                  | CUSIP: 912797RM1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     257000 | PA      | $256028.28    | 0.47%             | 2025-11-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | 31750PZM6 PIMCO FXVAN CALL USD TRY 56.75000000               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | US        |    -810000 | NC      | $-7989.84     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT EGP SOLD USD 20251208                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | EG        |          1 | NC      | $354.46       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | 31750PJ85 PIMCO FXVAN PUT USD TRY 41.60000000                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | US        |    -130000 | NC      | $-107.64      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD JPY BOUGHT USD 20251002                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |          1 | NC      | $-72.57       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ARGENTINA GOVT                                          | REPUBLIC OF ARGENTINA SR UNSECURED 01/38 VAR                 | CUSIP: 040114HU7<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |     400000 | PA      | $225600.00    | 0.41%             | 2038-01-09      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD EGP BOUGHT USD 20260922                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | EG        |          1 | NC      | $-541.42      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SENEGAL GOVT                                            | REPUBLIC OF SENEGAL SR UNSECURED REGS 03/48 6.75             | CUSIP: V7691DAY2<br>LEI: 549300NP14ZLQGWIUZ97 | Long             | DBT              | NUSS              | SN        |     200000 | PA      | $125360.35    | 0.23%             | 2048-03-13      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | ARGENTINA LA SP GST                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              |  | US        |          1 | NC      | $-14920.03    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD DOP BOUGHT USD 20251124                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $612.50       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT ILS SOLD USD 20251113                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IL        |          1 | NC      | $1527.66      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD SGD BOUGHT USD 20251104                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | SG        |          1 | NC      | $-909.19      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SRI LANKA GOVT                                          | REPUBLIC OF SRI LANKA SR UNSECURED 144A 05/36 VAR            | CUSIP: ACI2SS751<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |      38088 | PA      | $33799.42     | 0.06%             | 2036-05-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | 31750PZL8 PIMCO FXVAN PUT USD TRY 42.80000000                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | US        |    -810000 | NC      | $-2228.31     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD PEN BOUGHT USD 20251217                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | PE        |          1 | NC      | $-16437.93    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| CIMA FINANCE DESIGNATED ACTIVITY COMPANY                | CIMA FINANCE LTD SECURED REGS 09/29 2.95                     | CUSIP: ACI1SB354<br>LEI: 213800AALTMFR1SJLJ51 | Long             | DBT              | CORP              | IE        |     253278 | PA      | $237123.86    | 0.43%             | 2029-09-05      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| VEON AMSTERDAM BV                                       | VEON AMSTERDAM TERM LOAN                                     | CUSIP: BA000HL48<br>LEI: 549300EPG4HR574L4660 | Long             | LON              | CORP              | NL        |     200000 | PA      | $199857.80    | 0.37%             | 2027-03-25      | Floating      | 8.21%                 | No            |                  3 | On Loan: No      |
| IFC EMERGING MARKETS SECURITIZATION 2025-1 LTD          | IFC EMERGING MARKETS SECURITIZ IFCEMS 2025 1A A 144A         | CUSIP: 45174DAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $249975.80    | 0.46%             | 2035-12-31      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD IDR BOUGHT USD 20251015                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $43.71        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | 31750RL62 PIMCO FXVAN PUT USD TRY 45.49000000                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | US        |   -5300000 | NC      | $-97811.50    | -0.18%            |  |  |  | No            |                  2 | On Loan: No      |
| ROMANIA GOVT                                            | ROMANIA SR UNSECURED REGS 04/33 2                            | CUSIP: ACI1X0BJ3<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     700000 | PA      | $645609.29    | 1.18%             | 2033-04-14      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | REVERSE REPO SOCIETE GENERALE REVERSE REPO                   | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | N/A       |    -462848 | PA      | $-546849.38   | -1.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT JPY SOLD USD 20251104                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |          1 | NC      | $1183.15      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                      | TREASURY BILL 10/25 0.00000                                  | CUSIP: 912797RD1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     167000 | PA      | $166625.27    | 0.31%             | 2025-10-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| OCP SA (AKA: GROUPE OFFICE CHERIFIEN DES PHOSPHATES SA) | OFFICE CHERIFIEN DES PHO SR UNSECURED 144A 05/54 7.5         | CUSIP: 67091TAG0<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |     200000 | PA      | $222221.34    | 0.41%             | 2054-05-02      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| COLOMBIAN GOVT                                          | REPUBLIC OF COLOMBIA SR UNSECURED 02/44 5.625                | CUSIP: 195325BR5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     300000 | PA      | $246015.00    | 0.45%             | 2044-02-26      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| PERU PAYROLL DEDUCTION FINANCE LIMITED                  | PERU PAYROLL DEDUCTION SR SECURED REGS 11/29 0.00000         | CUSIP: ACI01Y8E1<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     370034 | PA      | $327908.05    | 0.60%             | 2029-11-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| NIGERIA GOVT                                            | NIGERIA OMO BILL OMO110626                                   | CUSIP: 955PDHII1<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        | 1226023000 | PA      | $727408.40    | 1.33%             | 2026-06-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MONG DUONG FINANCE HOLDINGS BV                          | MONG DUONG FIN HLDGS BV SR SECURED REGS 05/29 5.125          | CUSIP: N6000DAA1<br>LEI: 549300995KGQFMWSV879 | Long             | DBT              | CORP              | NL        |     575959 | PA      | $570374.39    | 1.04%             | 2029-05-07      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NIGERIA GOVT                                            | NIGERIA OMO BILL BILLS 12/25 0.00000                         | CUSIP: ACI2XBVJ5<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    5500000 | PA      | $3557.17      | 0.01%             | 2025-12-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| STILLWATER MINING COMPANY INC                           | STILLWATER MINING CO COMPANY GUAR 144A 11/26 4               | CUSIP: 86074QAP7<br>LEI: 6354007DPCY4ZN2MRR73 | Long             | DBT              | CORP              | US        |     200000 | PA      | $198137.94    | 0.36%             | 2026-11-16      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD EGP BOUGHT USD 20260318                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | EG        |          1 | NC      | $-191.37      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PETROLEOS DEL PERU SA - PETROPERU SA                    | PETROLEOS DEL PERU SA SR UNSECURED REGS 06/47 5.625          | CUSIP: P7808BAB3<br>LEI: 549300ZMGDLC9JT2OR80 | Long             | DBT              | CORP              | PE        |     200000 | PA      | $148056.00    | 0.27%             | 2047-06-19      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| IVORY COAST GOVT (AKA: COTE D'IVOIRE)                   | IVORY COAST SR UNSECURED REGS 03/48 6.625                    | CUSIP: ACI11JW62<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     900000 | PA      | $906644.19    | 1.66%             | 2048-03-22      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| KENYA GOVT                                              | REPUBLIC OF KENYA SR UNSECURED 144A 03/36 9.5                | CUSIP: 491798AN4<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |     200000 | PA      | $205647.88    | 0.38%             | 2036-03-05      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT PEN SOLD USD 20251031                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | PE        |          1 | NC      | $3494.87      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| PANAMA GOVT                                             | REPUBLIC OF PANAMA SR UNSECURED 04/56 4.5                    | CUSIP: 698299BM5<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     800000 | PA      | $587040.00    | 1.07%             | 2056-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT DOP SOLD USD 20260302                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $717.63       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SOCAR TURKIYE ENERJI AS                                 | SOCAR TURKEY ENERJI AS EUR TERM LOAN                         | CUSIP: 941WJKII0<br>LEI: 789000J4L7UFTRMDR776 | Long             | LON              | CORP              | TR        |     300000 | PA      | $353095.74    | 0.65%             | 2026-08-11      | Floating      | 5.54%                 | No            |                  3 | On Loan: No      |
| N/A                                                     | ARGENTINA LA SP BRC                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              |  | US        |          1 | NC      | $-1356.26     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD DOP BOUGHT USD 20251010                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $-8210.65     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT TRY SOLD USD 20260109                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |          1 | NC      | $9357.33      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT TRY SOLD USD 20251121                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |          1 | NC      | $99.88        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ROMANIA GOVT                                            | ROMANIA SR UNSECURED 144A 09/33 6.375                        | CUSIP: ACI2JSF94<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     200000 | PA      | $246562.38    | 0.45%             | 2033-09-18      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| INTEROCEANICA V FINANCE LIMITED                         | INTEROCEANICA FINANCE V SR SECURED REGS 05/30 0.00000        | CUSIP: G34072AC5<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     210839 | PA      | $177022.40    | 0.32%             | 2030-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TURKISH AIRLINES 2015-1 CLASS A PASS THROUGH TRUST      | TURKISH AIRLN 15 1 A PTT PASS THRU CE REGS 09/28 4.2         | CUSIP: U0567PAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | TR        |     248178 | PA      | $244412.08    | 0.45%             | 2028-09-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| IVORY COAST GOVT (AKA: COTE D'IVOIRE)                   | REPUBLIC OF COTE D IVOIRE THE 2025 EUR 12 M SHRT SYNDCATD TL | CUSIP: BA000JHT4<br>LEI: 254900ICW11T82O6H590 | Long             | LON              | NUSS              | CI        |     200000 | PA      | $234810.13    | 0.43%             | 2026-03-18      | Floating      | 4.92%                 | No            |                  3 | On Loan: No      |
| N/A                                                     | 31750RNK9 PIMCO FXVAN PUT USD MXN 18.25000000                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | LU        |    1086000 | NC      | $9198.42      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD BRL BOUGHT USD 20251002                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $-2289.90     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD JPY BOUGHT USD 20251002                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |          1 | NC      | $-1682.78     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT KZT SOLD USD 20260326                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | KZ        |          1 | NC      | $-734.05      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT JPY SOLD USD 20251002                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |          1 | NC      | $-29.58       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| STRATTON BTL MORTGAGE FUNDING 2022-1 PLC 22-1           | STRATTON BTL MORTGAGE FUNDING STRAB 2022 1 A REGS            | CUSIP: ACI232PZ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | GB        |      29897 | PA      | $40253.54     | 0.07%             | 2054-01-20      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| ROMANIA GOVT                                            | ROMANIA SR UNSECURED REGS 02/51 4                            | CUSIP: ACI1NVRZ3<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     400000 | PA      | $268438.27    | 0.49%             | 2049-02-14      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT AZN SOLD USD 20261029                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $1254.91      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD CNH BOUGHT USD 20251016                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CN        |          1 | NC      | $187.01       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT ILS SOLD USD 20251015                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | IL        |          1 | NC      | $1304.26      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD DOP BOUGHT USD 20260115                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $14947.00     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | STATE OIL COMPANY OF THE AZERB EM SP JPM                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              |  | US        |          1 | NC      | $5072.38      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT HUF SOLD USD 20251217                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | HU        |          1 | NC      | $-18.90       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT EGP SOLD USD 20251217                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | EG        |          1 | NC      | $5233.83      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT IDR SOLD USD 20251217                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $898.58       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD PEN BOUGHT USD 20251202                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | PE        |          1 | NC      | $-9538.22     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT JPY SOLD USD 20251002                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |          1 | NC      | $-3594.34     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT KWD SOLD USD 20260521                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $264.06       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CSN RESOURCES SA                                        | CSN RESOURCES SA COMPANY GUAR REGS 06/31 4.625               | CUSIP: L21779AJ9<br>LEI: 222100ZEX458NMOXZP08 | Long             | DBT              | CORP              | LU        |     200000 | PA      | $162694.82    | 0.30%             | 2031-06-10      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT JPY SOLD USD 20251002                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |          1 | NC      | $-24.01       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| COMISION EJECUTIVA HIDROELECTRICA DEL RIO LEMPA         | COMISION EJ HI RIO LEMPA GOVT GUARANT 144A 01/33 8.65        | CUSIP: 200444AA5<br>LEI: 254900YU43PQQ27Q0E71 | Long             | DBT              | CORP              | SV        |     150000 | PA      | $157035.00    | 0.29%             | 2033-01-24      | Fixed         | 8.65%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC GOVT                                 | DOMINICAN REPUBLIC SR UNSECURED 144A 09/35 11.25             | CUSIP: 25714PEW4<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |   17100000 | PA      | $303857.75    | 0.56%             | 2035-09-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT TRY SOLD USD 20251028                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |          1 | NC      | $405.87       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT KWD SOLD USD 20260518                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $108.40       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD EGP BOUGHT USD 20260324                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | EG        |          1 | NC      | $-521.99      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC GOVT                                 | DOMINICAN REPUBLIC SR UNSECURED 144A 06/36 6.6               | CUSIP: 25714PEZ7<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     200000 | PA      | $209900.00    | 0.38%             | 2036-06-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | TRS RCKM 01/30/33 MYC                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              |  | CN        |          1 | NC      | $-313555.02   | -0.57%            |  |  |  | No            |                  3 | On Loan: No      |
| IRB INFRASTRUCTURE DEVELOPERS LIMITED                   | IRB INFRASTRUCTURE DEVE SR SECURED 144A 03/32 7.11           | CUSIP: ACI2N3K07<br>LEI: 335800XGO3AITGW6AK27 | Long             | DBT              | CORP              | IN        |     200000 | PA      | $207890.56    | 0.38%             | 2032-03-11      | Fixed         | 7.11%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | ZCS BRL 13.0564 09/05/25-01/02/29 CME                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | BR        |          1 | NC      | $-1453.25     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT MXN SOLD USD 20251020                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | MX        |          1 | NC      | $5590.21      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD CNH BOUGHT USD 20251016                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CN        |          1 | NC      | $53.97        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | RFR USD SOFR/3.75000 09/17/25-20Y CME                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |          1 | NC      | $-12234.70    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT AZN SOLD USD 20271029                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $-2490.06     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT TRY SOLD USD 20260223                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |          1 | NC      | $24824.35     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| ROMANIA GOVT                                            | ROMANIA ROMANIA                                              | CUSIP: ACI2P7GX9<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     100000 | PA      | $117318.19    | 0.21%             | 2032-05-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT IDR SOLD USD 20251022                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $-440.05      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC GOVT                                 | DOMINICAN REPUBLIC SR UNSECURED 144A 02/55 7.15              | CUSIP: 25714PFC7<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     200000 | PA      | $212940.00    | 0.39%             | 2055-02-24      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| TURKCELL ILETISIM HIZMETLERI AS                         | TURKCELL ILETISIM HIZMET SR UNSECURED 144A 01/30 7.45        | CUSIP: 900111AC9<br>LEI: 7890003EX1LTLS2FFL84 | Long             | DBT              | CORP              | TR        |     200000 | PA      | $208886.70    | 0.38%             | 2030-01-24      | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| IPOTEKA BANK                                            | IPOTEKA BANK ATIB SR UNSECURED REGS 11/25 5.5                | CUSIP: ACI1SV0S3<br>LEI: 213800UWVX5JSNXJS434 | Long             | DBT              | CORP              | UZ        |     300000 | PA      | $299964.55    | 0.55%             | 2025-11-19      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD GHS BOUGHT USD 20251110                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $-10472.49    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT EGP SOLD USD 20251202                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | EG        |          1 | NC      | $2965.29      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT BRL SOLD USD 20251002                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $4364.04      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT EGP SOLD USD 20260317                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | EG        |          1 | NC      | $149.61       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MEXICO GOVT                                             | UNITED MEXICAN STATES SR UNSECURED 03/38 5.125               | CUSIP: ACI30CT50<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     100000 | PA      | $119632.24    | 0.22%             | 2038-03-19      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD KWD BOUGHT USD 20300516                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $6223.82      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| YINSON BERGENIA PRODUCTION BV                           | YINSON BERGENIA PRODUCTI SR SECURED 144A 01/45 8.498         | CUSIP: 98585VAA6<br>LEI: 549300JDIAWKPMZD5256 | Long             | DBT              | CORP              | NL        |     300000 | PA      | $322348.84    | 0.59%             | 2045-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| COLOMBIAN GOVT                                          | REPUBLIC OF COLOMBIA SR UNSECURED 03/29 4.5                  | CUSIP: 195325DP7<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     600000 | PA      | $591900.00    | 1.08%             | 2029-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT EGP SOLD USD 20251209                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | EG        |          1 | NC      | $1655.46      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| KENYA GOVT                                              | REPUBLIC OF KENYA 2024 TERM LOAN A                           | CUSIP: BA000C8P7<br>LEI: 549300VVURQQYU45PR87 | Long             | LON              | NUSS              | KE        |     400000 | PA      | $400907.62    | 0.73%             | 2028-04-05      | Floating      | 12.65%                | No            |                  3 | On Loan: No      |
| N/A                                                     | SOLD JPY BOUGHT USD 20251002                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |          1 | NC      | $-31.09       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GUATEMALA GOVT                                          | REPUBLIC OF GUATEMALA SR UNSECURED 144A 08/55 6.875          | CUSIP: 401494BB4<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |     200000 | PA      | $210250.00    | 0.38%             | 2055-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                      | TREASURY BILL 12/25 0.00000                                  | CUSIP: 912797QS9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     364000 | PA      | $361480.88    | 0.66%             | 2025-12-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DEL PERU SA - PETROPERU SA                    | PETROLEOS DEL PERU SA SR UNSECURED REGS 06/32 4.75           | CUSIP: P7808BAA5<br>LEI: 549300ZMGDLC9JT2OR80 | Long             | DBT              | CORP              | PE        |     300000 | PA      | $261130.50    | 0.48%             | 2032-06-19      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| EGYPTIAN GOVT                                           | EGYPT GOVERNMENT BOND BONDS 03/28 21.954                     | CUSIP: ACI2VM0V0<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |   46200000 | PA      | $965304.83    | 1.77%             | 2028-03-04      | Fixed         | 21.95%                | No            |                  2 | On Loan: No      |
| NIGERIA GOVT                                            | NIGERIA OMO BILL BILLS 12/25 0.00000                         | CUSIP: ACI2SN0R1<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |  759572000 | PA      | $495247.98    | 0.91%             | 2025-12-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD EGP BOUGHT USD 20260623                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | EG        |          1 | NC      | $-364.11      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SRI LANKA GOVT                                          | REPUBLIC OF SRI LANKA SR UNSECURED 144A 06/35 VAR            | CUSIP: ACI2SS7V4<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |      54880 | PA      | $40233.59     | 0.07%             | 2035-06-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD PKR BOUGHT USD 20260930                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $-712.01      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AEROPUERTO INTERNACIONAL DE TOCUMEN SA                  | AEROPUERTO INTL TOCUMEN SR SECURED REGS 08/61 5.125          | CUSIP: P0092AAG4<br>LEI: 254900FO1PHX49ZIGB14 | Long             | DBT              | CORP              | PA        |     200000 | PA      | $159611.00    | 0.29%             | 2061-08-11      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                      | TREASURY BILL 11/25 0.00000                                  | CUSIP: 912797RN9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     128000 | PA      | $127403.78    | 0.23%             | 2025-11-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD BRL BOUGHT USD 20251002                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |          1 | NC      | $-46629.88    | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA SA (PDVSA)                       | PETROLEOS DE VENEZUELA S COMPANY GUAR REGS 05/35 9.75        | CUSIP: P7807HAQ8<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |     600000 | PA      | $109500.00    | 0.20%             | 2035-05-17      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | 317UAJBA6 PIMCO SWAPTION 3.89 PUT CZK 20251229               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |   -5150000 | NC      | $-1775.47     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD CZK BOUGHT USD 20251217                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CZ        |          1 | NC      | $4.75         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT TRY SOLD USD 20251203                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |          1 | NC      | $4479.05      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | ZCS BRL 13.03 08/12/25-01/02/29 CME                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | BR        |          1 | NC      | $-19194.71    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD CNH BOUGHT USD 20251016                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CN        |          1 | NC      | $144.05       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | EURO-BUND FUTURE  DEC25 XEUR 20251208                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | DE        |         -1 | NC      | $233.80       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PANAMA GOVT                                             | REPUBLIC OF PANAMA EUR TERM LOAN                             | CUSIP: BA000GRH5<br>LEI: 549300SHS4T08CL0LP14 | Long             | LON              | CORP              | IE        |     500000 | PA      | $587981.99    | 1.08%             | 2027-03-05      | Floating      | 3.84%                 | No            |                  3 | On Loan: No      |
| N/A                                                     | SOLD DOP BOUGHT USD 20251124                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $-8889.54     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | 31750PZ46 PIMCO FXVAN CALL USD TRY 56.75000000               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | US        |    -546000 | NC      | $-5265.62     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ROMANIA GOVT                                            | ROMANIA ROMANIA                                              | CUSIP: ACI2P7GW1<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     100000 | PA      | $112394.22    | 0.21%             | 2037-05-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED BANK/LONDON BRANCH                   | STANDARD CHARTERED BANK SR UNSECURED 144A 11/25 0.0000       | CUSIP: ACI2S0FQ7<br>LEI: RILFO74KP1CM8P6PCT96 | Long             | DBT              | CORP              | GB        |   55500000 | PA      | $179422.81    | 0.33%             | 2025-11-03      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| EGYPTIAN GOVT                                           | ARAB REPUBLIC OF EGYPT SR UNSECURED REGS 09/51 8.75          | CUSIP: ACI20PYL2<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     600000 | PA      | $536167.28    | 0.98%             | 2051-09-30      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ARGENTINA GOVT                                          | REPUBLIC OF ARGENTINA SR UNSECURED 07/41 VAR                 | CUSIP: 040114HV5<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |     400000 | PA      | $194850.00    | 0.36%             | 2041-07-09      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| ECUADOR GOVT                                            | REPUBLIC OF ECUADOR SR UNSECURED REGS 07/30 0.0000           | CUSIP: ACI1Q6QQ6<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |     700000 | PA      | $540548.75    | 0.99%             | 2030-07-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ICBC STANDARD BANK PLC                                  | ICBC STANDARD BANK PLC SR UNSECURED 144A 09/29 20            | CUSIP: 85312EER0<br>LEI: F01VVKN4DRF2NWKGQ283 | Long             | DBT              | CORP              | GB        | 3652000000 | PA      | $302624.51    | 0.55%             | 2029-09-18      | Fixed         | 20.00%                | No            |                  3 | On Loan: No      |
| REPUBLIC OF ANGOLA VIA AVENIR ISSUER II IRELAND DAC     | REP OF ANGOLA(AVENIR IS) SR SECURED REGS 02/27 6.927         | CUSIP: ACI1KDXD8<br>LEI: 635400VEZIQKZPR7KU35 | Long             | DBT              | NUSS              | IE        |     300000 | PA      | $292527.17    | 0.54%             | 2027-02-19      | Fixed         | 6.93%                 | No            |                  2 | On Loan: No      |
| YINSON BORONIA PRODUCTION BV                            | YINSON BORONIA PRODUCTIO SR SECURED 144A 07/42 8.947         | CUSIP: 98584XAA3<br>LEI: 5493007X12FTT746N678 | Long             | DBT              | CORP              | NL        |     490545 | PA      | $546787.27    | 1.00%             | 2042-07-31      | Fixed         | 8.95%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT IDR SOLD USD 20251015                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $-1313.71     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT KZT SOLD USD 20251226                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | KZ        |          1 | NC      | $-185.29      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PARAGUAY GOVT                                           | REPUBLIC OF PARAGUAY SR UNSECURED 144A 03/55 6.65            | CUSIP: 699149BY5<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |     200000 | PA      | $213190.00    | 0.39%             | 2055-03-04      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| POINSETTIA FINANCE LIMITED SA RL                        | POINSETTIA FINANCE LTD SR SECURED REGS 06/31 6.625           | CUSIP: G7150PAA8<br>LEI: 549300P2JTF5JKW10Z65 | Long             | DBT              | CORP              | KY        |     664312 | PA      | $652892.97    | 1.20%             | 2031-06-17      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD PKR BOUGHT USD 20251112                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $-9286.73     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | SOLD DOP BOUGHT USD 20260223                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $-351.91      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | 317UAIVA6 PIMCO SWAPTION 6.11 CALL HUF 2025122               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |  -62000000 | NC      | $-967.51      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT IDR SOLD USD 20251217                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |          1 | NC      | $-1.99        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | BOUGHT KWD SOLD USD 20260504                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |          1 | NC      | $-3.23        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-26

**Name of Applicant:** PIMCO Flexible Emerging Markets Income Fund

**Signature:** /s/ Bijal Parikh

**Name of Signer:** Bijal Parikh

**Title:** Treasurer